Monthly Journalism Award
The Washington Monthly Journalism Award for march 1994 is presented to: Greg Garland The Baton Rouge (La.) Advocate When Louisiana Governor Edwin Edwards brought his favorite pastime—gambling—to...
...Most of your colleagues, top brass included, are equally baffled...
...Nominations for stories published or aired in June will close July 15...
...Carol J. Loomis Fortune In a careful piece that tries to plumb the murky depths of financial "derivatives," Loomis admits the problem in her first sentence...
...20009...
...And the series offered a way out—steeply graduated fines and license suspensions for sinning casinos...
...The subject can be government in its federal, state, or municipal manifestation...
...The winner will be announced in the October issue...
...Two copies of the article or broadcast text should accompany the nomination...
...Advocate When Louisiana Governor Edwin Edwards brought his favorite pastime—gambling—to his home state, the legislature was only too happy to go along, licensing gaming in both casinos and on riverboats...
...Is this a problem...
...But in deference to the gaming business, lawmakers failed to enact effective penalties for casinos that allow people under 21 to gamble—an omission that opens the door to making Louisiana a magnet not only for underage drinkers (which it has long been) but also for underage gamblers...
...To all generally well-informed business people, a few words of semi-comfort about financial derivatives: First, if you don't understand what these are, don't fret...
...Nominations for any newspaper, magazine, or radio or television station in the country are welcome...
...Fortunately, Rep...
...The Monthly Journalism Award is presented each month to the best newspaper, magazine, television, or radio story (or series of stories) on our political system...
...Garland checked with New Jersey, which reports that Atlantic City casinos turned away 1.6 million juveniles from 1988 to 1992 and caught another 200,000 inside...
...She then goes on to make sense of the complicated subject, explaining what derivatives are—contracts, or bets, whose value is derived from the value of some underlying asset, such as currencies or commodities or indicators like interest rates—and why they are fast becoming the most potentially dangerous feature of the world economy...
...NW, Washington, D.C...
...Right now, the outstanding value of derivatives is $16 trillion—nearly three times the U.S.'s GDR Loomis illustrates the regulatory nightmare of trying to track incredibly complicated deals that put shareholders at risk...
...Jim Leach, the SEC, and the Financial Accounting Standards Board are exploring reforms...
...Garland's series delved into the licensing's fine print to discover that casinos caught letting kids gamble would be fined $500 to $1,000—laughably small penalties considering a casino's overall take...
...Please send nominations to Monthly Journalism Award, 1611 Connecticut Ave...
Vol. 27 • January 1994 • No. 6
