Alternatively, you can approach it with reduce() and filter():
>>> from operator import mul
>>> from functools import reduce # needed if Python 3.x
>>>
>>> l = [-1, 2, 4, 1, -3]
>>> reduce(mul, filter(lambda x: x < 0, l), 1)
3
A related tip: one of the indicators for using reduce() is that you have multiple values, but need to produce a single value out of it.