Saturday, November 4, 2023

How Our Careers Affect Our Children | The business of mining literary estates is booming | The sorry end of Sam Bankman-Fried—and what comes next | How Secure 2.0 Helps Small Businesses Boost Retirement Benefits

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The business of mining literary estates is booming - The Economist   

LORD BYRON intended to publish his memoir, but his literary executor burned it instead. T.S. Eliot is thought never to have wanted songs made about his cats. Terry Pratchett, a British fantasy writer, had imagination: his former assistant honoured Pratchett’s wish to have a steamroller crush a hard drive containing the author’s unfinished stories.

Authors have long tried to control what happens to their works after they die—and mostly failed. Yet Dahl’s legacy represents a new twist in the tale. Huge sums paid in 2021 for his estate by Netflix, a streaming service, have helped spur a gold rush to mine dead authors’ estates. Once it was intrusion by snoopy biographers that worried writers most. Today it is the temptation among heirs to monetise every shred of creative output.

Voracious hunger for new content from streaming services and film studios is driving this new interest in old books. Shrewd video producers, faced with bidding wars for hot new titles, have turned to more affordable options: novels written decades ago. The rights for these “backlist” works generally belong to an estate for 70 years after an author’s death. After that, the work enters the public domain, and estates can no longer profit from or control it. Consider “Winnie the Pooh: Blood and Honey”, a film released this year, in which Pooh and Piglet, A.A. Milne’s loveable, nearly 100-year-old characters, become bloodthirsty killers.

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The sorry end of Sam Bankman-Fried—and what comes next - Fortune Crypto   

Barely four hours. That’s all it took for a jury to convict Sam Bankman-Fried after a month-long trial that exposed the rotten foundations of his one-time crypto empire. Only a year ago, he was hanging out with the likes of Tom Brady and buying luxury villas while telling everyone how he would use his billions to make the world a better place. Now Bankman-Fried’s world is much, much smaller.

In the coming days, he will spend his time at a Brooklyn detention center begging for more Adderall and time on the internet as he awaits a second trial—this one for trying to use customer money to bribe Chinese officials. That will almost certainly lead to additional guilty verdicts and add yet more years to the decades Bankman-Fried is poised to serve when he is sentenced on March 28. After that, he will don his prison clothes and be transported to a federal prison in upstate New York or elsewhere.

Around this time, Apple and other streaming services will begin dropping a series of mini-series that will offer a sensationalized tale of how Bankman-Fried evolved from a privileged math nerd to the perpetrator of one of the largest financial frauds in U.S. history. This will be his last flicker of fame before he settles into a tedious regime of awaiting the outcome of long-shot appeals, and then counting the thousands of days until he becomes a free man again in his 50s or 60s—or possibly not at all if the judge hits him with a Madoff-style life sentence.

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