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Weekend
humANS: Jay McInerney
why they
(l-r) Masterfile; iStockphoto; Getty Images
triumphed Chardonnay
for the Skeptic
SATURDAY/SUNDAY, MAY 22 - 23, 2010
VO L . C C LV N O. 1 1 9 * * * * * * * * * H H H H $ 2 .0 0
WSJ.com
What’s News–
Let the Dance Begin: Wall Street Frets
As the Washington Two-Step Starts HollywoodEyes
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Business & Finance
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World-Wide
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ShortcuttoTV
T op Democrats met with
President Obama to plan
n An Air India Express
plane crashed at Mangalore
NewFilmsWouldHitHomesin30Days
for pushing a final financial- airport Saturday morning,
overhaul package through with major loss of life feared BY LAUREN A.E. SCHUKER the year or early 2011.
Congress, while critics and among the more than 160 on AND ETHAN SMITH Among the studios who have
supporters of the legislation board, according to reports. reviewed the proposal are Time
geared up for a lobbying The plane, arriving from Major Hollywood studios and Warner Inc.’s Warner Bros.,
showdown. A5, B1 Dubai, overshot the runway one of the country’s largest cable Walt Disney Co.’s Disney Stu-
at the southern Indian air- operators are in discussions to dios, General Electric Co.’s Uni-
n Blue chips were up 125.38
port at about 6 a.m. local send movies to people’s living- versal Pictures, Sony Corp.’s
points, or 1.3%, at 10193.39,
time, and burst into flames, room TVs just weeks after films Sony Pictures, Viacom Inc.’s Par-
on late buying; the DJIA was
according to TV reports. hit the multiplex, a step that amount Pictures and News
off 4% for this week. B1
There were believed to be would shake up film distribution. Corp.’s Twentieth Century Fox.
n U.S. prosecutors won’t few survivors. A6, WSJ.com During a cable industry con- News Corp. is the parent com-
set criminal charges against Air India is the national vention last week, executives pany of The Wall Street Journal.
current and former AIG ex- carrier that is in the midst from Time Warner Cable Inc. While the plan could be a
ecutives over contracts that of a major restructuring made the first formal pitch to boon for consumers, it stands to
nearly sank the insurer. B3 designed to stem years of the Hollywood studios for what be highly disruptive for the
large losses. is known as “home theater on movie business, particularly the-
n State data show the labor
demand.” The cable company ater owners. Hollywood would
market is improving, but a n BP stepped up efforts to
presented a variety of scenarios. essentially be overhauling the
majority of states had higher shift blame for the oil spill.
But the main one, which has re- “windowing” system which has
unemployment rates this Officials with BP pressed ef-
ceived early support from some sustained the industry for years.
April than a year earlier. A5 forts to blame Transocean
studio executives, would allow Studios now maximize reve-
for the giant oil spill in the
Agence France-Presse/Getty Images
n The Bank of Japan’s pol- consumers to watch a movie at nue by staggering a movie’s the-
Gulf of Mexico, as the rela-
icy board unveiled an outline home just 30 days after its the- atrical release date and the win-
tionship between the part-
to encourage banks to lend atrical release—far earlier than dow, or time period, when it is
ners continued to sour. A4
more to companies. A7 the usual four months—for released later on DVD or cable
n Pakistan arrested four roughly $20 to $30 a pop. TV. DVD sales don’t diminish a
n Legg Mason named a suc-
people in connection with the That proposal is still being movie’s box-office take, since the
cessor to Bill Miller, its one-
Times Square bomb plot, in- debated and talks are fluid. Peo- discs are sold long after a theat-
time star mutual-fund man-
cluding an executive at a firm ple close to the matter say that rical run.
ager whose dismal perform-
that served meals at the U.S. several studios could sign on to But maintaining windows has
ance in recent years led in-
Embassy in Islamabad. A1 Rep. Barney Frank and Sen. Chris Dodd began planning how to reconcile a version of it as soon as the fall, grown more difficult as consum-
vestors to flee his fund. B1
House and Senate finance-overhaul bills as Wall Street geared up for making the first movies available ers have grown accustomed to
n Rand Paul said Obama’s
n Key movie studios and battle over some of the proposals. B1 on such a system by the end of Please turn to page A4
criticism of BP and of its oil-
one of the largest cable op-
spill response was un-Ameri-
erators are weighing a plan
can. The Kentucky Republi-
Caterer Arrested in New York Plot
to send movies directly to
can Senate candidate has
homes just weeks after films
voiced unorthodox views on
are released at theaters. A1
the 1964 Civil Rights Act. A3
n The FTC cleared Google’s
n Thailand’s finance chief BY ZAHID HUSSAIN pany as cover for an attack in stanis who want to carry out ji- that terrorist groups might have
proposed $750 million acqui-
accused ousted leader Thak- AND TOM WRIGHT Pakistan. hadist operations. Still, U.S. offi- “established links” with the ca-
sition of mobile-advertising
sin of fomenting protests in The arrests begin to fill in the cials said they don’t believe the tering company and instructed
company AdMob. B5
a bid to return to power. A6 ISLAMABAD—Pakistani au- picture of Times Square suspect arrested men represented a di- U.S. government personnel to
n GM reached a labor deal thorities have arrested four peo- Faisal Shahzad’s contacts in Paki- rect threat to the U.S. avoid using it. Another U.S. of-
n South Korea’s Lee criti-
critical to the restructuring ple in connection with the failed stan, where he spent several Law-enforcement agencies ar- ficial said the Times Square in-
cized Pyongyang for sinking
of Opel in Europe but contin- Times Square bomb plot, includ- months last year and, according rested Salman Ashraf Khan, a 35- vestigation led Pakistani authori-
a patrol boat. Seoul is ex-
ues to face uncertainty in its ing an executive at a catering to U.S. investigators, received year-old vice president of Islam- ties to the catering company, and
pected to request a review by
bid for German aid. B5 company that its owner said of- training from local militants. abad-based Hanif Rajput Cater- they found ties between the
the U.N. Security Council. A7
ten served meals for staff of the The development sketches a ing Services, this month in con- company and the Pakistani Tali-
n The investors aiming to
n U.S. courts can’t be used U.S. Embassy in Islamabad. picture—still poorly under- nection with the May 1 bombing ban. The company is a “well-
finance General Growth’s
by detainees in Afghanistan A U.S. official in Washington stood—of additional support attempt, a senior Pakistani intel- known organization,” and “the
exit from bankruptcy as a
to challenge their imprison- said Friday that there were indi- from an urban, middle-class seg- ligence official said Friday. Pakistanis were worried about
stand-alone company are
ment the way detainees at cations terrorists might have ment of Pakistani society that The U.S. Embassy in Islama- that,” the U.S. official said.
close to adding Blackstone
Guantanamo Bay have, a fed- been planning to use the com- could be helping expatriate Paki- bad warned Americans on Friday Please turn to page A5
to their consortium. B5
eral appeals court ruled. A5
n Pepsi plans to invest $2.5
n British Airways said it
billion in China over the next
three years, on top of $1 bil-
found no evidence of volcanic
ash in its engines during re-
Hawaii Feels
lion invested since 2008. B6
n Goldman Sachs’s buyout
cent weeks. Other airlines is-
sued similar statements. A6
‘Lost’ Without
arm agreed to purchase
Michael Foods in a $1.7 bil-
lion deal, the unit’s first
n The Texas board of educa-
tion set a social-studies cur-
That TV Show
riculum amending teaching of
large private-equity transac-
such issues as slavery and Fake Lava Makers,
tion in about two years. B4
the civil-rights era. WSJ.com
Tour Guides Sweat
n Ethiopia’s voters are ex-
–Markets– pected to return to power As Hit Series Ends
Stocks (Friday): the ruling regime, accused of
DJIA 10193.39, À 125.38; alleged abuses. A14
Nasdaq 2229.04, À 25.03;
n A plan to eradicate polio BY TAMARA AUDI
S&P 500 1087.69, À 16.10.
was approved by the World
Bonds: 10-year Treas.
Health Organization. A8 HONOLULU—For legions of
À 17/32, yield 3.202%;
obsessed fans, the final episode
30-year Treas. À 1 8/32, n The U.S. lifted sanctions
of the ABC television series
yield 4.063%. against four Russian groups
“Lost” Sunday is a catastrophic
Dollar: 89.99 yen, +0.32; that had been accused of
event. “There’s a distinct sense
euro $1.2574, +0.63 cent vs. helping Syrian and Iranian
of panic,” says Ryan Ozawa, who
the dollar. weapons programs. A7
runs a podcast dedicated to the
Getty Images
Commodities: Oil $70.04 n Britain will hold an in- show.
a barrel, g $0.76; quiry into whether its gov- But for Bernie Coleman, the
Gold (Comex) $1175.70 ernment and spy agencies end of “Lost” means a lot less
per troy ounce, g 12.10; colluded in torturing terror- The deaths of three Greeks in a protest May 5 are turning the nation against radical demonstrations. foam.
DJ-UBS 123.3455, À 0.3394. ism suspects overseas. A8 During its six-season run, the
In Greece, Anarchy
show paid Mr. Coleman’s Oahu
foam-making company about
$450,000 for 1.2 million feet of
—Inside— foam used to make sets, from
hundreds of lava rocks to a ma-
A gorgeous
RUMBLE SEAT Yields to Soul-Searching rooned ship called the Black
Rock. The show consumed so
much foam that it prompted a
spike in resin imports to Hawaii.
BY MARCUS WALKER told the shadowy conclave. “In marches of this “It was crazy. [“Lost”] sud-
and kind there could be violent incidents,” she told denly became our second-biggest
Nick Dimbleby
ATHENS—At a nocturnal meeting of 300 the gathering, held in a graffiti-covered univer- client” after the construction in-
impractical black-clad anarchists here several days ago, rad- sity auditorium the anarchists had occupied. dustry, said Mr. Coleman, presi-
icals were plotting a demonstration against gov- The continued agonizing over the May 5 kill- dent of Pacific Allied Products,
car W4 Aston Martin Rapide ernment austerity measures. But the air was ings was apparent during Greece’s latest general Ltd. “We hate to see them go.”
thick with something other than the usual ciga- strike on Thursday. Roughly 20,000 union mem- Crews are busy dismantling
rette smoke and revolution: self-doubt. bers marched through Athens, a fraction of the the show. The foam lava rocks
An anti-government demonstration involving more than 100,000 who took to the streets the are being turned into mulch. The
Peggy Noonan: On privacy| A13 radicals earlier this month had turned ugly. Un- day of the murders. In the end, the anarchists Black Rock exploded in a recent
known assailants firebombed a bank building on also took part in Thursday’s protests, but turn- episode.
May 5, leading to the deaths of three bank em- out was modest, and those who did participate Some pieces, like a bomb
ployees, including a pregnant young woman. were peaceful. nicknamed “Jughead” that fig-
Why a legendary investor is Authorities haven’t named any suspects but are “It’s a shock. We always thought of ourselves ured prominently in the show’s
more worried than ever | B7 investigating whether the culprits were among as people who are victims, not people who cre- plot, were shipped to New York
the anarchist youths who rampaged that day. ate victims,” says Panagiotis, an edgy 30-year- for an exhibit. Others, including
The killings shocked Greece, and are, at old who helps organize cultural events within a lottery ticket that belonged to
CONTENTS Leisure & Arts...... W14 least for now, prompting soul-searching among the anarchist scene and condemns the killings. the character Hurley, will be
>
Books......................... W8,9 Opinion................... A11-13
the country’s militant fringe and the many ordi- Like most members of the movement, he would auctioned off.
The Buzz.................... B3,4 Sports............................ W6
Cars................................. W4 Travel............................... W5 nary Greeks who long have quietly sympathized only gave his first name. “Lost,” which centers on a
Corporate News... B5,6 U.S. News................. A2-5 with it. The specter of chaos in the streets is stalk- group of plane-crash survivors
Financial Overhaul.. B2 Wknd. Investor.. B7-10 “We should think about canceling” participa- ing Europe as the continent pushes sharp cut- trying to escape a mysterious is-
Food & Drink............. W7 World News..... A6-8,14
tion in the next demonstration, a young woman Please turn to page A10 land, was a TV sensation. Its
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