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MFS operated as a non-bank lender—often termed a “shadow bank”—that borrowed funds from institutional investors to finance property loans for its clients.
The company experienced rapid expansion prior to its collapse, with its loan book reaching approximately £2.4 billion ($3.2 billion) by the end of 2024. Its creditors included major international financial institutions and private equity firms.
In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.
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A similar scenario is playing out on the back of the MLB index introduction. Both LeagueShares and RexShares filed plans for ETFs tied to the FutureSports MLB indexes.
If approved, the funds would hold baskets of the CME-traded derivatives. LeagueShares went a step further by adding a filing for 2x leveraged MLB futures funds.
“Of course there’s already a filing for daily leveraged futures baseball ETFs — which are basically the equivalent of a corked bat with eight holes drilled in the handle that’s been dipped in pine tar,” wrote Ben Johnson, head of client solutions at Morningstar, on X.
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In the 1960s, back when Las Vegas’ Meadows Addition neighborhood was nice, showgirls lived there. They liked to sunbathe au naturel at their apartment pools because they didn’t like tan lines.
That’s the commonly told story of how the Naked City, a community of low-rent apartment buildings and houses in the shadow of the Stratosphere just north of the Las Vegas Strip, got its nickname.
Not a single newspaper reference to Naked City appears in a Las Vegas newspaper before a June 20, 1982, Las Vegas Review-Journal cover story headlined: “’Naked City’ a Las Vegas Battleground.”