The Real Price Of Fame

Celebrity bonds are designed to turn hot talent into a great investment. But will Wall Street bite?

Rock star David Bowie performed for a sellout crowd last year on Wall Street, and now dozens of impressed entertainers want to play that venue. Don't look for them in any concert hall, though. The show consists of a financial maneuver that, if bankers get their way, will explode in popularity in the next year or two. It could spawn a new type of mutual fund that fans might find hard to resist.

What is this fancy money move? By pledging future royalties on things like record sales and publishing fees, celebrities can get their money up front. They literally issue...

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