The derivative market, like the insurance industry, does involve gambling. The sizes of the bets in the financial markets however are vastly greater than in the gambling industry. Salomon Brothers had in the recent past derivative contracts for more than $600 billion in securities.
Gloria Stewart, actor James Stewart's wife, who was prominent in animal support groups and other community activities, has died. She was 75. Mrs. Stewart died Wednesday of lung cancer at her Beverly Hills home. Stewart, to whom she was married for 44 years, their twin daughters and her son from a previous marriage were with her at the time of her death. Gloria Stewart was one of our dearest friends for more than 40 years, former President Ronald Reagan said in a statement. She was a very special woman with a wonderful sense of humor and not an ounce of self-pity..
Rod finally divorces Rachel. Rod Stewart has finally divorced his second wife Rachel Hunter after a bitter seven-year legal battle â leaving him free to marry his fiancÃ©e Penny Lancaster. The divorce papers, lodged in a Los Angeles court, were made public today, bringing to an end a 16-year marriage that produced two children.