Creative Bonds: Banking On The Stars

A bond can be secured by any dependable stream of revenue--corporate earnings, tax receipts, mortgage payments, Bag of Bones royalties. Bag of Bones? Well, yes, not to mention Carrie, The Shining and The Green Mile. You see, Wall Street financier David Pullman, who in 1997 rocked investors with "Bowie bonds," backed by royalties on the songs of David Bowie, is planning to create securities based on the earnings of authors. And while Pullman won't name the writers he has approached, may we suggest that a Stephen King bond would be an excellent investment opportunity?

Here's how it would work if, for...

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