Romney on the Attack

Charges Escalate as Polls Show Gingrich in Front in Florida

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- POLITICS

- JANUARY 24, 2012

Romney on the Attack

Charges Escalate as Polls Show Gingrich in Front in Florida

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

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Romney on the Attack

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

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Justices Rein In Police on GPS Trackers

By JESS BRAVIN

WASHINGTON—The Supreme Court ruled Monday that police violated the Constitution when they attached a Global Positioning System tracker to a suspect's vehicle without a valid search warrant, voting unanimously in one of the first major cases to test privacy rights in the digital era.

The decision offered a glimpse of how the court may address the flood of privacy cases expected in coming years over issues such as cellphones, email and online documents. But the justices split 5-4 over the reasoning, suggesting that differences remain over how to apply age-old principles prohibiting "unreasonable searches."

The minority pushed for a more sweeping declaration that installing the GPS tracker not only trespassed on private property but violated the suspect's "reasonable expectation of privacy" by monitoring his movements for a month. The majority said it wasn't necessary to go that far, because the act of putting the tracker on the car invaded the suspect's property in the same way that a home search would.

Justice Antonin Scalia, writing for the majority, said that as conceived in the 18th century, the Fourth Amendment's protection of "persons, houses, papers, and effects, against unreasonable searches and seizures" would extend to private property such as an automobile.

"The Government physically occupied private property for the purpose of obtaining information. We have no doubt that such a physical intrusion would have been considered a 'search' within the meaning of the Fourth Amendment when it was adopted," Justice Scalia wrote, joined by Chief Justice John Roberts and Justices Anthony Kennedy, Clarence Thomas and Sonia Sotomayor.

Advocates for privacy said that despite the differences, the court's unanimity on the outcome sent a strong message.

"This is a signal event in Fourth Amendment history," said Walter Dellinger, a former acting solicitor general who represented the defendant, Antoine Jones.

The government said Federal Bureau of Investigation agents use GPS tracking devices in thousands of investigations each year. It argued that attaching the tiny tracking device to a car's undercarriage was too trivial a violation of property rights to matter, and that no one who drove in public streets could expect his movements to go unmonitored. Police were free to employ the tactic for any reason without showing probable cause to a magistrate and getting a search warrant, the government said.

The justices seemed troubled by that position at arguments in November, where the government acknowledged it would also allow attaching such trackers to the justices' own cars without obtaining a warrant.

The Supreme Court ruled that police must obtain a warrant before attaching a GPS tracker to a suspect's vehicle, voting unanimously in one of the first major cases to test constitutional privacy rights in the digital age, Jess Bravin reports on digits. Photo: Getty Images.

Emphasizing the Fourth Amendment's "close connection to property," Justice Scalia wrote that even a small trespass, if committed in "an attempt to find something or to obtain information," constituted a "search" under the Fourth Amendment.

In a surprising departure from the majority, Justice Samuel Alito, a former prosecutor usually known for his law-and-order views, split from fellow conservatives to argue that the search violated an individual's "reasonable expectation of privacy."

The court has used that test since 1967, when it held that warrants were required before police could wiretap a call made from a public telephone booth because "the Fourth Amendment protects people, not places."

Limiting Fourth Amendment protections to trespassing property as understood in 1791 "is unwise" and "highly artificial," Justice Alito wrote in a concurring opinion, joined by Justices Ruth Bader Ginsburg, Stephen Breyer and Elena Kagan. "It is almost impossible to think of late-18th-century situations" analogous to placing a GPS tracker on a car, Justice Alito wrote, unless one imagined "a gigantic coach, a very tiny constable, or both."

With such rapidly advancing technology, the Scalia approach left open "particularly vexing problems," Justice Alito wrote, particularly when police don't have to physically touch a vehicle to conduct surveillance. He mentioned automatic toll-collection systems and smartphones that continuously track their own location as examples.

Justice Alito's concurring opinion suggested that the GPS case had provoked a robust debate within the court over the extent to which the 1967 case, Katz v. U.S., remained good law.

Justice Scalia declined to apply the 1967 standard to this case, but emphasized that the broader approach remained in force.

Justice Scalia wrote that even surveillance without physical trespass may be "an unconstitutional invasion of privacy"—but, he added, there was no need to speculate on such problems until a specific case presented them to the court.

Monday's decision stems from a narcotics operation that turned up nearly 100 kilograms of cocaine and $1 million when authorities raided a house in suburban Fort Washington, Md., in 2005.

District of Columbia police and FBI agents watched Mr. Jones, a nightclub owner, for months with an array of surveillance techniques, including tapping his cellphone under a warrant from a federal judge.

A federal appeals court in Washington voided Mr. Jones's conviction, however, because police followed his movements for four weeks by putting a GPS tracker on his Jeep Grand Cherokee without a valid warrant. Police had a warrant for the District of Columbia, but it had expired before the GPS device was installed in Maryland.

In an effort to preserve Mr. Jones's conviction, the government argued that no warrant was needed in the first place.

Monday, law-enforcement officials said the decision would primarily affect major narcotics investigations, like that which snared Mr. Jones.

Patricia Lykos, the district attorney in Houston, said police conducting drug investigations often don't have time to obtain a warrant before attaching a tracking device.

"When you need a warrant, it's usually like 3 o'clock in the morning," she said. "You can imagine the danger that law enforcement is in when they try to plant one of these devices in the first place."

But Vernon Herron, a former Maryland state police commander, said investigators rarely have trouble obtaining warrants.

"Courts have been very liberal with allowing the use of these devices," said Mr. Herron, now a policy analyst with the Center for Health and Homeland Security at the University of Maryland.

Justice Sotomayor, while joining the Scalia opinion, wrote separately to set out various privacy issues that emerging technology was presenting, citing the fact that so many routine actions now are tracked by private websites.

Court precedents generally provide no protection against third parties, such as telephone companies, voluntarily turning over information they collect about an individual to the government. In the digital age, however, "I for one doubt that people would accept without complaint the warrantless disclosure to the Government of a list of every website they had visited in the last week, or month, or year," she wrote.

Write to Jess Bravin at jess.bravin@wsj.com

End of Era for Japan's Exports

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- ECONOMY

- JANUARY 24, 2012

End of Era for Japan's Exports

BY PHRED DVORAK AND TAKASHI NAKAMICHI

TOKYO—One of the world's greatest export engines is running out of steam.

For decades, Japan used the combination of manufacturing might and an export-oriented trade policy to shower markets around the world with its cars and consumer electronics and semiconductors.

No longer.

The Japanese government is expected to announce Wednesday that the country recorded its first annual trade deficit since 1980. If the yen remains strong and global demand weak, economists warn that Japan could run trade deficits for years to come.

The startling change is partly a result of one-time factors like the disastrous earthquake and tsunami last March, ...

BY PHRED DVORAK AND TAKASHI NAKAMICHI

TOKYO—One of the world's greatest export engines is running out of steam.

For decades, Japan used the combination of manufacturing might and an export-oriented trade policy to shower markets around the world with its cars and consumer electronics and semiconductors.

No longer.

The Japanese government is expected to announce Wednesday that the country recorded its first annual trade deficit since 1980. If the yen remains strong and global demand weak, economists warn that Japan could run trade deficits for years to come.

The startling change is partly a result of one-time factors like the disastrous earthquake and tsunami last March, ...

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Exercise in Utility: Cleaning House the Aerobic Way for Fun and Profit

Stevie Markovich Keeps Fit, but DVDs Have Been Slow to Move

By JAMES R. HAGERTY

CRESCENT SPRINGS, Ky.—If house cleaning were an Olympic sport, Stevie Markovich would be in the running for a medal.

Without resorting to gym fees or spandex, the 57-year-old Mr. Markovich has kept himself fit for the past 16 years by using the "aerobic house cleaning" exercises he devised.

Stevie Markovich's "Aerobic Housecleaning Lifestyle" video came out in 2002, but now it has some stiff competition: Carolyn Barnes' "Clean Momma Program," complete with her signature move, the Rag Drag. WSJ's James R. Hagerty reports.

He does squats while washing windows. He performs lunges and hip twists while using the vacuum cleaner, "the most versatile exercise machine" he knows. He burns so many calories that he can forgive himself for occasional indulgences, such as vanilla ice cream slathered with peanut butter.

Turning housework into a heart-pumping, sweat-inducing frenzy could help cure America's plague of obesity, Mr. Markovich believes. He also hopes to make a little money from it someday.

After doing the splits on his beige family-room carpeting, Mr. Markovich exults: "57 years old! Come on now. There's something working!"

But now he has a younger rival. Taking a short break from his exertions, Mr. Markovich opens his iPad and gazes at the website of Carolyn Barnes, 40, who calls herself Clean Momma. Her slogan: "Get lean while you clean." Ms. Barnes, who lives near Los Angeles, discovered her signature exercise, the Rag Drag, while wiping her infant son's vomit off the kitchen floor.

"My brain went, 'Woo! I'm onto something,'" she says of that epiphany. Now she has a $19.95 DVD out and is working on a book.

"Boy," Mr. Markovich says softly, "she's got a good body." Though in excellent shape for his age, Mr. Markovich has a modest paunch. His challenger has another edge: "She's got a much better site, slicker than I have," Mr. Markovich says. "She's going to make some money off hers. She's going to make a mint—and good for her."

Mr. Markovich, who grew up near Chicago, studied kick boxing and other martial arts in his teens and twenties. After the first of his two daughters was born in 1995, he found little time for exercise. One day, while racing around to pick up toys, he had a revelation: "Hey, I'm sweating."

He began developing his routines. With one hand, he hoists his sofa off the floor while vacuuming underneath with the other. He kicks high enough to close a kitchen cabinet with his toes. He puts on steel-toed boots and a backpack loaded with books while mowing the lawn to make it a sweatier chore.

"I look ridiculous," he says.

When he was laid off from an advertising-sales job in 2002, Mr. Markovich produced a video of his routines and tried selling copies from his website for $20. Sales were meager, even after he appeared on a cable-TV show called "Talking Dirty With the Queen of Clean." He eventually went back to less-glamorous work, including a stint as an airport baggage handler. "It was a brutal physical job," Mr. Markovich says. He loved it. But he felt that some of his co-workers were cheating themselves by tipping suitcases onto the conveyor belts rather than hoisting them off the floor.

His latest job, a clerical position at a call center, provides little physical stimulus. In his free time at home, though, he still cleans frantically and performs dips with one hand on the kitchen countertop, the other on the island.

He has written a 176-page unpublished book extolling exercise and a healthy diet. It isn't entirely a feel-good tome. Sample chapter title: "There Are No Excuses." Sample photo: A foot with amputated toes as a warning against the risks of diabetes.

Carol Torgan, a physiologist in Bethesda, Md., likes the idea of transforming daily drudgery into exercise. She suggests "doing toe raises to strengthen the calves while vacuuming, washing dishes or brushing your teeth." Still, she warns that the overzealous could hobble themselves with such ailments as knee bursitis—also known as housemaid's knee—or suffer from "increased inhalation of chemical fumes from cleaning agents."

Searching the Internet for fitness regimes, Kathleen Burke of northern Illinois found Mr. Markovich's site a couple of years ago and bought a DVD from him. She liked his ideas but says she has since "dropped the ball" and doesn't use them much. She also fretted she would wear out the legs of her sofa if she used it as a weight machine.

Mr. Markovich's wife, Charlotte, gets her exercise at the gym. She occasionally hires a professional cleaner when she wants to get the house ready for a holiday. Her husband is "good at the big stuff," like scrubbing floors, Mrs. Markovich says, "but, like most men, not as good at putting all the little things away."

Mrs. Markovich, who works 70-hour weeks as the marketing and finance chief for a pizza chain, doesn't want to wait for her husband to finish the entire house, a process that can be interrupted by extraneous kicks and sofa-lifts. He counters that it is insane to hire a cleaner for chores he thinks he can do better.

Another point of contention is whether aerobic house cleaning will ever reap any financial rewards—a question that came up one recent evening at Pee Wee's, a neighborhood bar and grill where Mr. Markovich likes the wings doused in Frank's RedHot sauce.

"I always thought it was cute," Mrs. Markovich says of the aerobic cleaning, "and it kept him in shape. But I was always hesitant about bringing it to the next level," profitability. "We've spent an awful lot of time over an awful lot of years working on that website without getting much out of it," she says.

Mr. Markovich stabs a french fry into a pool of hot sauce. "I still like doing it," he says, "and if I can help people, fine."

He thinks there still might be ways to make money from his program. He might try to endorse cleaning products. Or, he says, he could team up with Ms. Barnes and create a reality television show called "Mr. and Mrs. Clean."

Mrs. Markovich has a one-word reaction to that notion: "Hah."

But Ms. Barnes, reached later by telephone, doesn't rule it out. "That's hysterical," she says. After a pause, she adds: "I always say I'm open to anything."

Write to James R. Hagerty at bob.hagerty@wsj.com

Charges Brought in CIA Leak

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- U.S. NEWS

- JANUARY 24, 2012

Charges Brought in CIA Leak

BY EVAN PEREZ

WASHINGTON—Federal authorities arrested a former Central Intelligence Agency officer and charged him with leaking to reporters the identity of agency employees as well as classified information about an interrogation program.

John Kiriakou served 14 years as a CIA officer and later became a commentator who described in a 2007 television interview the use of waterboarding, a technique intended to simulate drowning, in the interrogation of alleged al Qaeda operative Abu Zubaydah.

A Federal Bureau of Investigation affidavit filed in U.S. District Court in Alexandria, Va., alleges that Mr. Kiriakou was the source of classified information provided to reporters, including ...

BY EVAN PEREZ

WASHINGTON—Federal authorities arrested a former Central Intelligence Agency officer and charged him with leaking to reporters the identity of agency employees as well as classified information about an interrogation program.

John Kiriakou served 14 years as a CIA officer and later became a commentator who described in a 2007 television interview the use of waterboarding, a technique intended to simulate drowning, in the interrogation of alleged al Qaeda operative Abu Zubaydah.

A Federal Bureau of Investigation affidavit filed in U.S. District Court in Alexandria, Va., alleges that Mr. Kiriakou was the source of classified information provided to reporters, including ...

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Marine's Plea Ends Iraq Massacre Case

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- MIDDLE EAST NEWS

- JANUARY 24, 2012

Marine's Plea Ends Iraq Massacre Case

BY JULIAN E. BARNES

A Marine Corps staff sergeant charged with manslaughter and assault for his role in a 2005 massacre of Iraqi civilians has pleaded guilty to the lesser offense of negligent dereliction of duty, military officials said Monday.

The plea deal, which results in manslaughter charges being dropped, brings to a close a lengthy series of high-profile investigations and court proceedings stemming from the deaths of 24 civilians, including women and ...

BY JULIAN E. BARNES

A Marine Corps staff sergeant charged with manslaughter and assault for his role in a 2005 massacre of Iraqi civilians has pleaded guilty to the lesser offense of negligent dereliction of duty, military officials said Monday.

The plea deal, which results in manslaughter charges being dropped, brings to a close a lengthy series of high-profile investigations and court proceedings stemming from the deaths of 24 civilians, including women and ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Ruling Spurs Debate on Digital Tracking

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- U.S. NEWS

- JANUARY 24, 2012

Ruling Spurs Debate on Digital Tracking

BY JULIA ANGWIN

The Supreme Court's decision is a watershed in the debate over electronic surveillance. Although the ruling focused on police use of GPS devices to monitor a vehicle's location, the justices opened the door to further debate about the use of technology to track people's movements.

In his concurring opinion, Justice Samuel Alito suggested that Congress weigh in to ...

BY JULIA ANGWIN

The Supreme Court's decision is a watershed in the debate over electronic surveillance. Although the ruling focused on police use of GPS devices to monitor a vehicle's location, the justices opened the door to further debate about the use of technology to track people's movements.

In his concurring opinion, Justice Samuel Alito suggested that Congress weigh in to ...

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Probing the Brain's Mysteries

New Research Seeks to Map Billions of Neural Links That Make the Mind Work

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- LIFE & CULTURE

- JANUARY 24, 2012

Probing the Brain's Mysteries

New Research Seeks to Map Billions of Neural Links That Make the Mind Work

BY ROBERT LEE HOTZ

Researchers for the first time are documenting the basic wiring of the brain, the complex relationships among billions of neurons that are responsible for reason, memory and emotion. The work eventually could lead to better understanding of schizophrenia, autism, multiple sclerosis and other disorders.

"It may be the first new perspective on neuroanatomy in 100 years," said Bruce Rosen, director of the Martinos Center for Biomedical Imaging at Massachusetts General Hospital. "There may be some real surprises."

For years, researchers have probed the brain with imaging techniques that can pick up simple changes in neural activity, but the fundamental anatomy ...

BY ROBERT LEE HOTZ

Researchers for the first time are documenting the basic wiring of the brain, the complex relationships among billions of neurons that are responsible for reason, memory and emotion. The work eventually could lead to better understanding of schizophrenia, autism, multiple sclerosis and other disorders.

"It may be the first new perspective on neuroanatomy in 100 years," said Bruce Rosen, director of the Martinos Center for Biomedical Imaging at Massachusetts General Hospital. "There may be some real surprises."

For years, researchers have probed the brain with imaging techniques that can pick up simple changes in neural activity, but the fundamental anatomy ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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Article Excerpt

Probing the Brain's Mysteries

BY ROBERT LEE HOTZ

Researchers for the first time are documenting the basic wiring of the brain, the complex relationships among billions of neurons that are responsible for reason, memory and emotion. The work eventually could lead to better understanding of schizophrenia, autism, multiple sclerosis and other disorders.

"It may be the first new perspective on neuroanatomy in 100 years," said Bruce Rosen, director of the Martinos Center for Biomedical Imaging at Massachusetts General Hospital. "There may be some real surprises."

For years, researchers have probed the brain with imaging techniques that can pick up simple changes in neural activity, but the fundamental anatomy ...

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Sen. Kirk Faces Difficult Recovery

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- POLITICS

- JANUARY 24, 2012

Sen. Kirk Faces Difficult Recovery

BY NAFTALI BENDAVID

Sen. Mark Kirk, an Illinois Republican who captured President Barack Obama's former U.S. Senate seat in 2010, faces a difficult recovery from a stroke he suffered over the weekend.

Mr. Kirk, 52 years old, was expected to recover neurologically, but prospects for a full physical recovery are less certain, said a surgeon who operated on him.

Mr. Kirk checked himself into a hospital Saturday complaining of dizziness. Doctors discovered he had suffered an ischemic stroke, which is caused by a blockage of blood going to the brain.

Mr. Kirk's absence is likely to have little direct impact on legislation in ...

BY NAFTALI BENDAVID

Sen. Mark Kirk, an Illinois Republican who captured President Barack Obama's former U.S. Senate seat in 2010, faces a difficult recovery from a stroke he suffered over the weekend.

Mr. Kirk, 52 years old, was expected to recover neurologically, but prospects for a full physical recovery are less certain, said a surgeon who operated on him.

Mr. Kirk checked himself into a hospital Saturday complaining of dizziness. Doctors discovered he had suffered an ischemic stroke, which is caused by a blockage of blood going to the brain.

Mr. Kirk's absence is likely to have little direct impact on legislation in ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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]]>

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He Supplied the Gadgets to Scientists of All Ages

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- REMEMBRANCES

- JANUARY 24, 2012

| Norman Edmund 1916-2012

He Supplied the Gadgets to Scientists of All Ages

BY STEPHEN MILLER

Norman Edmund founded a mail-order operation that for decades was the go-to source for telescopes, microscopes and science toys and gadgets of every description.

Mr. Edmund, who died Jan. 16 at age 95, founded the company during World War II that later became Edmund Scientific, a reseller of military lenses rendered obsolete by the invention of radar. The company grew into a supplier for schools and industry, and especially for hobbyists.

The Edmund catalog featured boomerangs, lenses, sextants, chemistry kits, robot parts, gyroscopes and the famous drinking bird, which appeared to be a perpetual-motion machine.

The company's Barrington, N.J., showroom ...

BY STEPHEN MILLER

Norman Edmund founded a mail-order operation that for decades was the go-to source for telescopes, microscopes and science toys and gadgets of every description.

Mr. Edmund, who died Jan. 16 at age 95, founded the company during World War II that later became Edmund Scientific, a reseller of military lenses rendered obsolete by the invention of radar. The company grew into a supplier for schools and industry, and especially for hobbyists.

The Edmund catalog featured boomerangs, lenses, sextants, chemistry kits, robot parts, gyroscopes and the famous drinking bird, which appeared to be a perpetual-motion machine.

The company's Barrington, N.J., showroom ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Counting the Whales, Passing the Time

More Volunteers Tally Sleek Beasts in Slow Economy; 'If Only This Paid'

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- U.S. NEWS

- JANUARY 24, 2012

Counting the Whales, Passing the Time

More Volunteers Tally Sleek Beasts in Slow Economy; 'If Only This Paid'

BY MIRIAM JORDAN

RANCHO PALOS VERDES, Calif.—On a cliff overlooking the Pacific Ocean, a palisade of binoculars was trained on the sea, searching for "flukeprints" on its surface or a burst of mist in the air.

Gerri Teague shouted, "New sighting!" and read out a whale's position from her binoculars' built-in compass. Other gray-whale counters called out "Gotcha!" and "See it!"

The whale fired off a series of heart-shaped blows, vanished behind a lighthouse and became a statistic on a tally sheet of the Gray Whale Census and Behavior Project, which aims to provide insight into behavior and travel patterns. It was the ...

BY MIRIAM JORDAN

RANCHO PALOS VERDES, Calif.—On a cliff overlooking the Pacific Ocean, a palisade of binoculars was trained on the sea, searching for "flukeprints" on its surface or a burst of mist in the air.

Gerri Teague shouted, "New sighting!" and read out a whale's position from her binoculars' built-in compass. Other gray-whale counters called out "Gotcha!" and "See it!"

The whale fired off a series of heart-shaped blows, vanished behind a lighthouse and became a statistic on a tally sheet of the Gray Whale Census and Behavior Project, which aims to provide insight into behavior and travel patterns. It was the ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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U.S. Watch

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- U.S. NEWS

- JANUARY 24, 2012

U.S. Watch

Violent storms including two tornadoes roared across the middlle of the state Monday, killing two people and injuring more than 100 others.

More than 200 homes were destroyed, the Red Cross said, and just as many houses were heavily damaged.

Gov. Robert Bentley, declared a state of emergency for all 67 counties in the state.

The storms flattened homes, knocked down trees and peeled off roofs in the middle of the night in the rural community of Oak Grove, which was among places hit last ...

Violent storms including two tornadoes roared across the middlle of the state Monday, killing two people and injuring more than 100 others.

More than 200 homes were destroyed, the Red Cross said, and just as many houses were heavily damaged.

Gov. Robert Bentley, declared a state of emergency for all 67 counties in the state.

The storms flattened homes, knocked down trees and peeled off roofs in the middle of the night in the rural community of Oak Grove, which was among places hit last ...

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Mad Dash to a February Lull

Three-Week Intermission Will Let Candidates Regroup for Key Contests to Follow

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- POLITICS

- JANUARY 24, 2012

Mad Dash to a February Lull

Three-Week Intermission Will Let Candidates Regroup for Key Contests to Follow

BY PATRICK O'CONNOR

Mitt Romney's supporters recently flocked to a Republican Party meeting in Castle Rock, Colo., to drum up votes for the former Massachusetts governor.

Not that the votes in the nonbinding Feb. 7 Colorado caucus will hold any bearing on who becomes the Republican presidential nominee. But around that time begins a three-week pause in the nominating contest—an unusually long lull in the voting—and Mr. Romney wants to head into that period with as much momentum as possible.

It's a period in which candidates will try to raise money and regroup for the sprint to follow, at the end of February ...

BY PATRICK O'CONNOR

Mitt Romney's supporters recently flocked to a Republican Party meeting in Castle Rock, Colo., to drum up votes for the former Massachusetts governor.

Not that the votes in the nonbinding Feb. 7 Colorado caucus will hold any bearing on who becomes the Republican presidential nominee. But around that time begins a three-week pause in the nominating contest—an unusually long lull in the voting—and Mr. Romney wants to head into that period with as much momentum as possible.

It's a period in which candidates will try to raise money and regroup for the sprint to follow, at the end of February ...

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House Set to Weigh Bill To Secure FAA Funding

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- POLITICS

- JANUARY 24, 2012

House Set to Weigh Bill To Secure FAA Funding

BY ANDY PASZTOR AND SUSAN CAREY

The House plans to consider a short-term funding bill for the Federal Aviation Administration on Tuesday that lawmakers, airline-industry officials and labor leaders expect could quickly pave the way to multiyear funding for the agency.

The decision to take up the issue Tuesday reflects a bipartisan agreement reached last week over controversial labor provisions that have blocked passage of a full-blown FAA bill for years. Once endorsed by the House and Senate, the agreement is expected to result in more-stable FAA budgets and stronger policy direction for the agency.

In particular, it's likely to provide momentum for upgrading the nation's ...

BY ANDY PASZTOR AND SUSAN CAREY

The House plans to consider a short-term funding bill for the Federal Aviation Administration on Tuesday that lawmakers, airline-industry officials and labor leaders expect could quickly pave the way to multiyear funding for the agency.

The decision to take up the issue Tuesday reflects a bipartisan agreement reached last week over controversial labor provisions that have blocked passage of a full-blown FAA bill for years. Once endorsed by the House and Senate, the agreement is expected to result in more-stable FAA budgets and stronger policy direction for the agency.

In particular, it's likely to provide momentum for upgrading the nation's ...

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Romney's Taxes: $3 Million

Candidate Paid a 14% Effective Tax Rate for 2010 on $21.7 Million in Income

By BRODY MULLINS, PATRICK O'CONNOR and JOHN MCKINNON

WASHINGTON—GOP presidential candidate Mitt Romney paid a 14% effective income tax rate in 2010 after making $3 million in tax-deductible charitable donations and drawing most of his income from investments, according to a summary of Mr. Romney's 2010 tax form provided by his campaign.

Mr. Romney reported $21.7 million in income. He paid $3 million in federal taxes, slightly more than the $2.98 million he made in charitable donations. At least $1.5 million of his charitable donations went to the Mormon Church.

Of Mr. Romney's 2010 income, he noted a capital gain of $12.6 million, taxable interest of $3.3 million, ordinary dividends of $4.9 million and smaller sums of gains and losses on business income, refunds and other income.

Mitt Romney addresses the release of his tax returns and describes his plan for tax reform in this clip from the Republican Presidential debate courtesy of NBC.

His 2010 return also showed that he had a financial account in Switzerland that was closed in 2010 and that he generated income from overseas investments. He also reported financial accounts in Bermuda and the Cayman Islands.

Mr. Romney's campaign plans to release his full tax filings for 2010 and an estimate for his 2011 taxes Tuesday. Late Monday, the campaign provided the Wall Street Journal with a preview of those forms.

In an estimate of his 2011 taxes, the Romney campaign said Mr. Romney would pay $3.23 million in federal tax on $20.9 million in total income. He said he would have itemized deductions of $5.7 million, including $4 million in charitable donations. About $2.6 million of the money that Mr. Romney gave to charity in 2011 went to the Mormon Church.

Democrats and Mr. Romney's GOP rivals have long called on the candidate to release his tax forms. During the Republican debate Monday night, after previously resisting, Mr. Romney said that he will make public two years of tax releases and no more. He said two years of forms "will satisfy the interest of the American people."

"I pay all the taxes that are legally required, not a dollar more," he said. "I'm proud of the fact that I pay a lot of taxes." His tax bill is significantly higher than the amount paid by most Americans.

The release of the tax information is unlikely to end a problem that has dogged Mr. Romney on the campaign trail. Rich Galen, a Republican strategist who used to advise Mr. Gingrich, said the Romney release puts him ahead of his rivals' disclosure, "so the number of years isn't the issue; the issue will be the sophisticated use of the existing tax code."

Mr. Romney, who would be one of the richest GOP nominees in history, has stumbled at times when he has tried to show sympathy for struggling Americans. He has joked about being unemployed and recently said he feared getting a pink slip early in his career. In his 2008 run for the nomination, the issue didn't register. Today, his rate has become a proxy for a broader debate about how to revamp the U.S. tax code.

Of Mr. Romney's $21.7 million in 2010 income, he noted a capital gain of $12.6 million, taxable interest of $3.3 million, ordinary dividends of $4.9 million and qualified dividends of $3.3 million. His 2010 tax return indicated he had a "bank account, security account or other financial account" in Switzerland. That account was closed in 2010, aides to Mr. Romney said. It was not clear whether Mr. Romney received any income in 2010 from the Swiss account.

He reported gross income from "various countries" of $1.5 million. He filed more than one Form 8621, which are used for interests in offshore corporations, and at least one Form 8865, for an interest in an offshore partnership.

Mr. Romney received about $500,000 in "author/speaking" fees, according to his tax filing.

The 2010 tax filing lists Mr. Romney's occupation as "executive" and his wife, Ann, is listed as a "homemaker." The address listed is in Belmont, Mass.

The former Massachusetts governor told reporters last week he pays a roughly 15% tax rate because most of his income results from investments, not a salary. The top rate on Income from long-term capital gains and dividends is typically is 15%, considerably less than the top rate of 35% levied on regular salary income.

That preferential rate for investment income, which was instituted as part of the Bush tax cuts to spur investment, is the basic reason why the Mr. Romney and his wife have an effective rate of around 15%.

On the stump, Mr. Romney talks frequently about providing certainty to middle-class families. He wants to eliminate taxes on dividends and capital gains for households that earn less than $200,000 a year.

The Romneys filed five forms in 2010 disclosing transactions relating to investment funds that could raise red flags with the IRS. The government requires taxpayers to report some transactions that have characteristics that might suggest the use of tax shelters, such as generation of a large loss. Not all transactions reported under this requirement are tax shelters.

A Romney spokesman said to his knowledge none of the transactions could "remotely be considered" tax shelters. The transactions were performed by third parties, not by the Romneys.

Mr. Romney is worth between $84.8 million and $264.7 million, according to a financial-disclosure form released by the Romney campaign last year when he entered the presidential campaign. Campaign aides have said the actual figure is near the higher end, between $190 million and $250 million.

Much of that wealth is held in tax-deferred individual retirement accounts. Typically, earnings generated inside IRAs aren't taxable until they're distributed.

An IRA allows investors to defer taxes. Income from the account, when eventually withdrawn, will be taxed at ordinary-income rate, not the lower capital-gains rate that might have applied if Mr. Romney had held the investments outside the fund.

Mr. Romney and his wife still have enough wealth outside their IRAs to generate large amounts of taxable income. Much of that income is from financial investments, including private-equity funds, and takes the form of capital gains and dividends, according to the financial-disclosure form.

Ann Romney, for example, recently held interests in 18 funds run by Bain Capital; several of those holdings were valued at more than $1 million each.

—Laura Saunders contributed to this article.

Write to Brody Mullins at brody.mullins@wsj.com and John McKinnon at john.mckinnon@wsj.com

Spurned Offer Raises Syria Tensions

Rejection of Arab League Plan for Assad to Cede Power Deepens Divisions on Most Viable Way to End Further Violence

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- MIDDLE EAST NEWS

- JANUARY 24, 2012

Spurned Offer Raises Syria Tensions

Rejection of Arab League Plan for Assad to Cede Power Deepens Divisions on Most Viable Way to End Further Violence

BY NOUR MALAS AND BILL SPINDLE

DAMASCUS—Syria's rejection of a surprise Arab League road map to ease President Bashar al-Assad out of power deepened a split between Syrians on the most viable way out of their country's nearly yearlong bloody conflict, with neither international pressure nor domestic overhauls offering much hope for halting further violence, said many Syrians and analysts.

The Arab League plan called on Mr. Assad to hand over power to his deputy and form a national unity government. It marked the first formal call by the Arab world's highest-profile diplomatic body for Mr. Assad to relinquish power.

The League also said it would ...

BY NOUR MALAS AND BILL SPINDLE

DAMASCUS—Syria's rejection of a surprise Arab League road map to ease President Bashar al-Assad out of power deepened a split between Syrians on the most viable way out of their country's nearly yearlong bloody conflict, with neither international pressure nor domestic overhauls offering much hope for halting further violence, said many Syrians and analysts.

The Arab League plan called on Mr. Assad to hand over power to his deputy and form a national unity government. It marked the first formal call by the Arab world's highest-profile diplomatic body for Mr. Assad to relinquish power.

The League also said it would ...

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French Bill's Passage Sparks Turkish Anger

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- EUROPE NEWS

- JANUARY 24, 2012

French Bill's Passage Sparks Turkish Anger

BY NADYA MASIDLOVER AND JOE PARKINSON

PARIS—Turkey vowed to take reprisals against France after the French Senate approved a bill making it a crime to deny that the massacre of Armenians in 1915 was genocide, further straining relations between Paris and Ankara and raising the prospect of a significant diplomatic rift between the two North Atlantic Treaty Organization allies.

The bill, which France's lower house of Parliament overwhelmingly approved in December, was passed Monday by a vote of 127 to 86. It will require President Nicolas Sarkozy's signature in the next 15 days in order to become law.

The proposal is set to make the denial ...

BY NADYA MASIDLOVER AND JOE PARKINSON

PARIS—Turkey vowed to take reprisals against France after the French Senate approved a bill making it a crime to deny that the massacre of Armenians in 1915 was genocide, further straining relations between Paris and Ankara and raising the prospect of a significant diplomatic rift between the two North Atlantic Treaty Organization allies.

The bill, which France's lower house of Parliament overwhelmingly approved in December, was passed Monday by a vote of 127 to 86. It will require President Nicolas Sarkozy's signature in the next 15 days in order to become law.

The proposal is set to make the denial ...

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EU Bans Imports of Iran's Oil, Raising Pressure on Tehran

By FARNAZ FASSIHI and JOHN M. BIERS

The European Union approved a ban on oil imports from Iran, overcoming misgivings about the economic hardship of its members to take its strongest measures yet to press Tehran into concessions on its nuclear program.

News of a coming embargo by Iran's largest oil-export market shocked the country's troubled economy. Iran's currency, the rial, fell 10% to a record low on Monday, while gold prices rose.

The ban is set to take effect on July 1, following a review to ensure the weaker EU economies can find, and afford, new sources of oil. The EU also agreed to freeze the assets of Iran's central bank, the conduit for the country's oil revenue, and ban trade with its petrochemical industry.

"Our message is clear. We have no quarrel with the Iranian people," the leaders of France, Germany and the U.K. said. "But the Iranian leadership has failed to restore international confidence in the exclusively peaceful nature of its nuclear program. We will not accept Iran acquiring a nuclear weapon."

Iran's Deputy Foreign Minister Abbas Araghchi said sanctions made Iran's conflict with the West tougher to resolve.

"The more they go down this path, the more obstacles we will have for reaching a final agreement," Mr. Araghchi told IRNA, Iran's official news agency.

The Obama administration applauded the EU decision on Monday and backed it up by blacklisting Iran's third-largest bank, Bank Tejarat, one of Tehran's few remaining conduits for trade with the West.

The European Union Monday approved an oil embargo on Iran, placing the EU's strongest measures yet to press the Islamic Republic over its nuclear program. Farnaz Fassihi has details on The News Hub. Photo: Getty Images

The move followed President Barack Obama's approval last month of sanctions on Iran's central bank that are due to take effect later this year.

The EU and U.S. see sanctions as a way to force Iran to engage in talks with the international community on its nuclear program.

Tehran has yet to respond to an request in October to return to negotiations, the U.S. and EU said, though the Iranian foreign minister said last week that his country was willing to talk.

Iranian officials have backed away from recent warnings that it would retaliate against sanctions by blocking the Strait of Hormuz, through which one-fifth of the world's traded oil passes, suggesting the threats were more about defiance than policy.

Oil prices rose slightly at news of the embargo. Crude for March delivery closed at $99.58 per barrel in New York trading Monday, up $1.25, or 1.3%.

Europe accounts for about 20% of oil revenue in Iran, the world's fourth-largest oil producer. The embargo could cost Iran $5 billion to $10 billion in oil revenue for 2012, and more in subsequent years, said Trevor Houser, a partner at New York-based economic-research firm Rhodium Group.

Iranians contacted Monday reacted with anger at news of the embargo, saying the people would suffer more than the government, amid rising inflation levels.

"These sanctions are affecting everyone's daily lives. I wish our government would put the good of 75 million people ahead of its pride and compromise," said an engineer in Tehran.

The economic pressure could fuel political dissent ahead of parliamentary elections on March 2, following the government's move last year to reduce public subsidies that had helped secure the support of rural and lower-income voters.

"The impact on Iran's economy is already here and it's hard to see how Iran can turn things back," said Fereydoun Khavand, a Paris-based economist and Iran expert.

Iranian officials have said they would seek to replace Europe's market with buyers in Asia, as U.S. officials call on consumers of Iranian oil in Asia and Africa to find other sources, with mixed success.

China, Iran's No. 2 buyer after the EU, has rejected calls to halt its consumption of Iranian oil. India said Monday it would keep buying crude oil from Iran and is working with Tehran to find a way to settle payments despite sanctions.

The EU imports about 600,000 barrels of Iranian oil daily, more than a quarter of Tehran's daily exports, according to the International Energy Agency. But those imports fall unevenly, with some of Europe's most-stressed economies—Greece, Italy and Spain—among the top customers.

Refiners in Spain and Italy have already begun to phase out Iranian oil purchases in anticipation of the embargo, and Saudi Arabia has offered to help fill the gap. But Greece has sought a slower implementation of the ban to protect its economy.

Under Monday's agreement, the EU said it will review the policy's effects on member states by May 1, a condition sought by Greece. However, any move to reverse or delay the embargo would require the unanimous decision of the EU's 27 members, officials said.

Italian Foreign Minister Giulio Terzi said the impact of the oil embargo on the Italian economy will "be negligible, almost zero."

Greek Foreign Minister Stavros Demas said Greece benefited from favorable financing terms in its Iran purchases, and that it will need help not only to find new suppliers but to also get the favorable financial terms they enjoyed from Iran. Greece has been buying 35% of its oil from Iran.

Mr. Demas said Greece has held talks with Saudi Arabia to replace the Iranian supply.

French Minister of Foreign Affairs Alain Juppé acknowledged some of the skepticism about the effectiveness of the sanctions, but said the EU package would meaningfully hit Iran. "We will paralyze the economic activity of Iran and deprive the country of part of its resources. I know you can be skeptical about sanctions…but it avoids going to war," he said.

—Jay Solomon, Laurence Norman and Benoît Faucon contributed to this article.

Write to Laurence Norman at laurence.norman@dowjones.com

Hague Court Charges Kenya Leaders

Deputy Premier, Former Minister to Face Trial for Post-Election Violence; Wrench in Presidential Race

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- AFRICA NEWS

- JANUARY 24, 2012

Hague Court Charges Kenya Leaders

Deputy Premier, Former Minister to Face Trial for Post-Election Violence; Wrench in Presidential Race

BY SOLOMON MOORE

NAIROBI—The International Criminal Court in The Hague charged four Kenyan leaders, including the country's deputy prime minister, with committing crimes against humanity during the violent aftermath of the country's 2007 election, touching a layer of leadership that for years has struck many Kenyans as above the law.

The hearings inject new uncertainty into East Africa's largest economy as it prepares for a presidential election: Two of the accused are potential contenders in a vote expected in December—Uhuru Kenyatta, who holds deputy prime minister and finance minister posts and is Kenya's richest man, as well as ex-Higher Education Minister William Ruto.

BY SOLOMON MOORE

NAIROBI—The International Criminal Court in The Hague charged four Kenyan leaders, including the country's deputy prime minister, with committing crimes against humanity during the violent aftermath of the country's 2007 election, touching a layer of leadership that for years has struck many Kenyans as above the law.

The hearings inject new uncertainty into East Africa's largest economy as it prepares for a presidential election: Two of the accused are potential contenders in a vote expected in December—Uhuru Kenyatta, who holds deputy prime minister and finance minister posts and is Kenya's richest man, as well as ex-Higher Education Minister William Ruto.

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Sudan Rift Prompts South to Curb Oil

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- BUSINESS

- JANUARY 24, 2012

Sudan Rift Prompts South to Curb Oil

BY SARAH KENT

LONDON—South Sudan has started the process of shutting down its oil production, a government spokesman said on Monday, signaling a further escalation of a longstanding dispute with the North over oil-transit fees.

The government spokesman, who confirmed the shutdown in an email, said he had no specific information about which oil fields would be affected.

South Sudan also said Monday that said it would launch an investigation into allegations that Sudan had diverted "enormous volumes" of the South's crude ...

BY SARAH KENT

LONDON—South Sudan has started the process of shutting down its oil production, a government spokesman said on Monday, signaling a further escalation of a longstanding dispute with the North over oil-transit fees.

The government spokesman, who confirmed the shutdown in an email, said he had no specific information about which oil fields would be affected.

South Sudan also said Monday that said it would launch an investigation into allegations that Sudan had diverted "enormous volumes" of the South's crude ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

IMF Chief Warns Europe Must Fuel Growth

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- ECONOMY

- JANUARY 24, 2012

IMF Chief Warns Europe Must Fuel Growth

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

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Article Excerpt

IMF Chief Warns Europe Must Fuel Growth

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

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Euro Zone Spars Over Solution for Greece

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- MARKETS

- JANUARY 24, 2012

Euro Zone Spars Over Solution for Greece

BY CHARLES FORELLE AND COSTAS PARIS

BRUSSELS—Germany and the International Monetary Fund pressed their case at a meeting of euro-zone finance ministers Monday that Greece's private-sector creditors should agree to receive average interest rates of less than 4% in the planned restructuring of Greek debt, deepening a standoff that has delayed the time-sensitive talks.

Creditors have pushed for a coupon above 4%.

The euro zone's four triple-A-rated countries—Germany, the Netherlands, Finland and Luxembourg—are pushing for average interest rates on the new bonds of no more than 3.5%. After the meeting, Luxembourg Prime Minister Jean-Claude Juncker, who also is chairman of meetings of euro-zone finance ministers, said ...

BY CHARLES FORELLE AND COSTAS PARIS

BRUSSELS—Germany and the International Monetary Fund pressed their case at a meeting of euro-zone finance ministers Monday that Greece's private-sector creditors should agree to receive average interest rates of less than 4% in the planned restructuring of Greek debt, deepening a standoff that has delayed the time-sensitive talks.

Creditors have pushed for a coupon above 4%.

The euro zone's four triple-A-rated countries—Germany, the Netherlands, Finland and Luxembourg—are pushing for average interest rates on the new bonds of no more than 3.5%. After the meeting, Luxembourg Prime Minister Jean-Claude Juncker, who also is chairman of meetings of euro-zone finance ministers, said ...

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Spain Halts Plan to Privatize Main Airports

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- BUSINESS

- JANUARY 24, 2012

Spain Halts Plan to Privatize Main Airports

BY PABLO DOMINGUEZ AND DAVID ROMÁN

MADRID—Spain suspended plans to privatize its two main airports on Monday, presenting a fresh challenge to the government's efforts to improve its stretched finances.

The previous Socialist government had hoped to raise at least €5 billion ($6.46 billion) from the privatization of the Madrid and Barcelona airports, part of its efforts to ease the country's debt burden. But the new conservative government of Prime Minister Mariano Rajoy objected to the plan on the grounds that it could get only fire-sale prices as Europe's sovereign-debt crisis continues to roil financial markets.

"The decline in value could not be recovered," said Public ...

BY PABLO DOMINGUEZ AND DAVID ROMÁN

MADRID—Spain suspended plans to privatize its two main airports on Monday, presenting a fresh challenge to the government's efforts to improve its stretched finances.

The previous Socialist government had hoped to raise at least €5 billion ($6.46 billion) from the privatization of the Madrid and Barcelona airports, part of its efforts to ease the country's debt burden. But the new conservative government of Prime Minister Mariano Rajoy objected to the plan on the grounds that it could get only fire-sale prices as Europe's sovereign-debt crisis continues to roil financial markets.

"The decline in value could not be recovered," said Public ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Fears Mount That Portugal Will Need a Second Bailout

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- MARKETS

- JANUARY 24, 2012

Fears Mount That Portugal Will Need a Second Bailout

BY PATRICIA KOWSMANN

LISBON—Investors, economists and politicians are increasingly concerned that Portugal will need a second bailout as fears mount that it won't be able to return to markets for financing next year.

While the Portuguese government's finances are covered this year as long as it abides by its bailout agreement, Portugal must regain full access to capital markets next year to help repay €9 billion ($11.64 billion) in debt coming due in September 2013.

While that date is still far off, the International Monetary Fund could require Portugal to present its financing plans a full year ahead before releasing more aid, as ...

BY PATRICIA KOWSMANN

LISBON—Investors, economists and politicians are increasingly concerned that Portugal will need a second bailout as fears mount that it won't be able to return to markets for financing next year.

While the Portuguese government's finances are covered this year as long as it abides by its bailout agreement, Portugal must regain full access to capital markets next year to help repay €9 billion ($11.64 billion) in debt coming due in September 2013.

While that date is still far off, the International Monetary Fund could require Portugal to present its financing plans a full year ahead before releasing more aid, as ...

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Putin Rival Faces Vote Snag, Cites Ploy

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- EUROPE NEWS

- JANUARY 24, 2012

Putin Rival Faces Vote Snag, Cites Ploy

BY GREGORY L. WHITE

MOSCOW—Russian liberal opposition leader Grigory Yavlinsky could be blocked from challenging Vladimir Putin for the presidency in March after election officials found problems with his nomination petitions, sparking criticism the Kremlin was trying to further reduce competition.

Mr. Yavlinsky, leader of the Yabloko party, denounced the move as "a totally political decision" aimed at ensuring Mr. Putin wins the 50% of the vote on March 4 needed to avoid a runoff and win a third term.

The Yabloko leader also accused electoral officials of seeking to block his party from mobilizing thousands of observers at polling places during the vote.

BY GREGORY L. WHITE

MOSCOW—Russian liberal opposition leader Grigory Yavlinsky could be blocked from challenging Vladimir Putin for the presidency in March after election officials found problems with his nomination petitions, sparking criticism the Kremlin was trying to further reduce competition.

Mr. Yavlinsky, leader of the Yabloko party, denounced the move as "a totally political decision" aimed at ensuring Mr. Putin wins the 50% of the vote on March 4 needed to avoid a runoff and win a third term.

The Yabloko leader also accused electoral officials of seeking to block his party from mobilizing thousands of observers at polling places during the vote.

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Japan Reviews Disaster Plan Amid New Quake Concerns

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- ASIA NEWS

- JANUARY 24, 2012

Japan Reviews Disaster Plan Amid New Quake Concerns

BY MITSURU OBE

TOKYO—The International Atomic Energy Agency on Monday began a mission to help identify gaps in Japan's safety-check procedure for nuclear plants, to boost reactor resilience to natural disasters, as Tokyo began drawing up emergency plans with local governments.

Underscoring the risks facing Japan, a new research institute investigation has determined there is a 70% chance of a magnitude-7 earthquake striking the Tokyo metropolitan area within the next four years, and 98% over 30 years. The March 2011 earthquake was a magnitude-9.

The latest prediction surprised residents, and grabbed headlines in the local media. The government's forecast, using a different methodology, ...

BY MITSURU OBE

TOKYO—The International Atomic Energy Agency on Monday began a mission to help identify gaps in Japan's safety-check procedure for nuclear plants, to boost reactor resilience to natural disasters, as Tokyo began drawing up emergency plans with local governments.

Underscoring the risks facing Japan, a new research institute investigation has determined there is a 70% chance of a magnitude-7 earthquake striking the Tokyo metropolitan area within the next four years, and 98% over 30 years. The March 2011 earthquake was a magnitude-9.

The latest prediction surprised residents, and grabbed headlines in the local media. The government's forecast, using a different methodology, ...

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World Watch

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- WORLD NEWS

- JANUARY 24, 2012

World Watch

It was a raucous beginning Monday for Egypt's first democratically elected parliament in 60 years.

Islamist lawmakers added religious references to the oath of office. Liberal lawmakers improvised too, adding a pledge to protect the "revolution" that ousted Hosni Mubarak. Some lawmakers wore scarves with words protesting military trials for civilians. Shouting matches erupted. Hundreds massed outside, calling on the ruling generals to step down. And millions of Egyptians watched it all unfold live on TV.

Islamists led by the Muslim Brotherhood, the largest ...

It was a raucous beginning Monday for Egypt's first democratically elected parliament in 60 years.

Islamist lawmakers added religious references to the oath of office. Liberal lawmakers improvised too, adding a pledge to protect the "revolution" that ousted Hosni Mubarak. Some lawmakers wore scarves with words protesting military trials for civilians. Shouting matches erupted. Hundreds massed outside, calling on the ruling generals to step down. And millions of Egyptians watched it all unfold live on TV.

Islamists led by the Muslim Brotherhood, the largest ...

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IMF Chief Warns Europe Must Fuel Growth

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- ECONOMY

- JANUARY 24, 2012

IMF Chief Warns Europe Must Fuel Growth

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

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IMF Chief Warns Europe Must Fuel Growth

BY WILLIAM BOSTON

BERLIN—The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations. "A moment, ultimately, leading to a downward spiral that could engulf the entire world," she said.

Ms. Lagarde has made similar warnings before, but the statements Monday come as Greek debt ...

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Spain Halts Plan to Privatize Main Airports

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- BUSINESS

- JANUARY 24, 2012

Spain Halts Plan to Privatize Main Airports

BY PABLO DOMINGUEZ AND DAVID ROMÁN

MADRID—Spain suspended plans to privatize its two main airports on Monday, presenting a fresh challenge to the government's efforts to improve its stretched finances.

The previous Socialist government had hoped to raise at least €5 billion ($6.46 billion) from the privatization of the Madrid and Barcelona airports, part of its efforts to ease the country's debt burden. But the new conservative government of Prime Minister Mariano Rajoy objected to the plan on the grounds that it could get only fire-sale prices as Europe's sovereign-debt crisis continues to roil financial markets.

"The decline in value could not be recovered," said Public ...

BY PABLO DOMINGUEZ AND DAVID ROMÁN

MADRID—Spain suspended plans to privatize its two main airports on Monday, presenting a fresh challenge to the government's efforts to improve its stretched finances.

The previous Socialist government had hoped to raise at least €5 billion ($6.46 billion) from the privatization of the Madrid and Barcelona airports, part of its efforts to ease the country's debt burden. But the new conservative government of Prime Minister Mariano Rajoy objected to the plan on the grounds that it could get only fire-sale prices as Europe's sovereign-debt crisis continues to roil financial markets.

"The decline in value could not be recovered," said Public ...

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Fears Mount That Portugal Will Need a Second Bailout

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- MARKETS

- JANUARY 24, 2012

Fears Mount That Portugal Will Need a Second Bailout

BY PATRICIA KOWSMANN

LISBON—Investors, economists and politicians are increasingly concerned that Portugal will need a second bailout as fears mount that it won't be able to return to markets for financing next year.

While the Portuguese government's finances are covered this year as long as it abides by its bailout agreement, Portugal must regain full access to capital markets next year to help repay €9 billion ($11.64 billion) in debt coming due in September 2013.

While that date is still far off, the International Monetary Fund could require Portugal to present its financing plans a full year ahead before releasing more aid, as ...

BY PATRICIA KOWSMANN

LISBON—Investors, economists and politicians are increasingly concerned that Portugal will need a second bailout as fears mount that it won't be able to return to markets for financing next year.

While the Portuguese government's finances are covered this year as long as it abides by its bailout agreement, Portugal must regain full access to capital markets next year to help repay €9 billion ($11.64 billion) in debt coming due in September 2013.

While that date is still far off, the International Monetary Fund could require Portugal to present its financing plans a full year ahead before releasing more aid, as ...

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All's Quiet on the Dow. Too Quiet?

After Months of Volatility, Investors Puzzle Over Stocks' Sudden Gentility

By JONATHAN CHENG

It's an eerie calm.

After last year's gut-wrenching swings, U.S. stocks have been surprisingly tranquil in 2012. The Dow Jones Industrial Average has moved less than 100 points on all but one day this year. And most of those moves have been higher.

The upshot has been a 4% gain for the Dow this year. The closely watched "fear gauge," the CBOE Market Volatility Index, has fallen 20%, to levels unseen in six months, and the Nasdaq Composite has risen 6.9%.

The Dow on Monday dipped 11.66 points, or 0.1%, to 12708.82.

So why aren't more traders happy? It is too quiet, says investor Dennis Gartman, author of the widely read Gartman Letter and self-proclaimed market bull.

"We are antsy," Mr. Gartman wrote in his Friday letter. "We are becoming a bit concerned about the too-severe ascent that is taking place."

The recent market moves bear an ominous resemblance to the rally of April 2011, investors say. Back then, investors also were becoming more optimistic about the strength of the U.S. recovery, and worries about Europe for the time being had been shelved. The Dow for the year peaked at the end of April. The months that followed were among the most tumultuous in recent memory.

Blue-chip stocks finished in the red for the first time in five sessions, while the broader market was flat, as investors watched Europe for developments in its debt crisis. Brendan Conway has details on The News Hub. Photo: Reuters

As 2012 approached, there was one thing almost all investors and traders agreed on: Volatility would continue.

Instead, stocks have, for the most part, steadily ticked higher. Again, the U.S. economy appeared to be finding its feet. And many felt they had positioned themselves for future debt troubles in Europe.

Money is again flowing into U.S. stock mutual funds, although at a slow pace, helping nudge stocks higher. The U.S. is benefiting from a flow of money out of Europe. While some of that is moving to emerging markets, many investors are also directing their funds to the U.S.

In the past two weeks, $6.4 billion of global investor cash has flowed into U.S. stock funds, at a time when $1.5 billion has been pulled from European stock funds, carrying on a trend that began in early December, according to fund-flow tracker EPFR Global.

Traders point to one important change in the market: Stocks are again beginning to move independently of one another other. For the past six months many of them moved in lockstep—rising and falling together. But that correlation has dropped to 15%, down from 74% in August, and is the lowest since last April, according to Bank of America Merrill Lynch.

Still, much of the recent gain depends on the U.S. economy continuing to recover and European officials continuing to make progress in easing the region's debt crisis.

Barry Knapp, chief equity strategist at Barclays Capital, says he is concerned the market calm represents the "eye of the storm." He suggests that the best investors can hope for is a "flattish" market.

Economic growth will likely remain tepid, he says. The big risks, though, are further instability in Europe, he says, as well as missteps by China in its attempts to ease an economy some fear may be headed for a hard fall.

Michael Clarfeld, portfolio manager at Legg Mason's ClearBridge Advisors, acknowledges the risks but says he remains optimistic. Mr. Clarfeld says the European Central Bank's decision to offer a three-year lending facility to European banks in mid-December proved a turning point, removing for many investors the possibility of contagion rippling through the global banking system.

"It doesn't mean that there aren't still problems that need to be solved, but the lending facility may take away the panic," Mr. Clarfeld said.

Stock-market strategists at Brown Brothers Harriman are tweaking their approach "to reflect the decline in market volatility," said Sam Burns, an equity strategist there.

Coming into the year, Mr. Burns had focused on companies with relatively low debt, figuring a conservative balance sheet was essential in a rocky market. But he has since shifted course, buying companies with strong sales growth, a more aggressive approach for the calmer market. The firm also has been picking more economically sensitive companies, such as technology and retail stocks.

"We had been focused on more traditional 'quality' metrics, but now volatility's come down," he said. "High volatility and bearishness had been key supports" for his previous preference for "high-quality" companies, "but, as volatility has eased, we no longer see strong evidence to support those factors outperforming."

He says he now expects the lull in volatility to remain for some time: "Investors may have become more thick-skinned. It definitely takes more to move the needle after the turmoil we saw in recent months."

Write to Jonathan Cheng at jonathan.cheng@wsj.com

Diamondback Resolves Case

Hedge Fund to Pay $9 Million but Won't Be Prosecuted in Trading Probe

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- MARKETS

- JANUARY 24, 2012

Diamondback Resolves Case

Hedge Fund to Pay $9 Million but Won't Be Prosecuted in Trading Probe

BY JENNY STRASBURG AND JEAN EAGLESHAM

Hedge fund Diamondback Capital Management agreed to pay the government more than $9 million to resolve insider-trading allegations, while entering into a nonprosecution agreement with the Justice Department in connection with a criminal investigation, federal authorities said Monday.

Last week, the Securities and Exchange Commission accused Diamondback, two of its former employees, another hedge fund and five other individuals of civil insider-trading violations.

Under Diamondback's proposed settlement, the money manager will pay the government more than $6 million in alleged illegal gains and interest from trading in shares of Dell Inc. and Nvidia Corp. in 2008 and 2009, plus a ...

BY JENNY STRASBURG AND JEAN EAGLESHAM

Hedge fund Diamondback Capital Management agreed to pay the government more than $9 million to resolve insider-trading allegations, while entering into a nonprosecution agreement with the Justice Department in connection with a criminal investigation, federal authorities said Monday.

Last week, the Securities and Exchange Commission accused Diamondback, two of its former employees, another hedge fund and five other individuals of civil insider-trading violations.

Under Diamondback's proposed settlement, the money manager will pay the government more than $6 million in alleged illegal gains and interest from trading in shares of Dell Inc. and Nvidia Corp. in 2008 and 2009, plus a ...

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End of Era for Japan's Exports

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- ECONOMY

- JANUARY 24, 2012

End of Era for Japan's Exports

BY PHRED DVORAK AND TAKASHI NAKAMICHI

TOKYO—One of the world's greatest export engines is running out of steam.

For decades, Japan used the combination of manufacturing might and an export-oriented trade policy to shower markets around the world with its cars and consumer electronics and semiconductors.

No longer.

The Japanese government is expected to announce Wednesday that the country recorded its first annual trade deficit since 1980. If the yen remains strong and global demand weak, economists warn that Japan could run trade deficits for years to come.

The startling change is partly a result of one-time factors like the disastrous earthquake and tsunami last March, ...

BY PHRED DVORAK AND TAKASHI NAKAMICHI

TOKYO—One of the world's greatest export engines is running out of steam.

For decades, Japan used the combination of manufacturing might and an export-oriented trade policy to shower markets around the world with its cars and consumer electronics and semiconductors.

No longer.

The Japanese government is expected to announce Wednesday that the country recorded its first annual trade deficit since 1980. If the yen remains strong and global demand weak, economists warn that Japan could run trade deficits for years to come.

The startling change is partly a result of one-time factors like the disastrous earthquake and tsunami last March, ...

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Chesapeake Energy Pulls Back Amid Natural-Gas Glut

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- BUSINESS

- JANUARY 24, 2012

Chesapeake Energy Pulls Back Amid Natural-Gas Glut

BY DANIEL GILBERT AND RYAN DEZEMBER

Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.

The move is an abrupt turnabout by Chesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.

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Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.

The move is an abrupt turnabout by Chesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.

The announcement by Oklahoma City-based Chesapeake was greeted with ...

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Coal Industry Losing Steam

U.S. Firms Face Double Threat of Cheap Natural Gas, Weak European Demand

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- BUSINESS

- JANUARY 24, 2012

Coal Industry Losing Steam

U.S. Firms Face Double Threat of Cheap Natural Gas, Weak European Demand

BY KRIS MAHER

This year's outlook is grim for the U.S coal industry, which after two years of rising profits has begun closing mines, signaling a new wave of production cutbacks and, possibly, another round of industry consolidation.

The country's biggest coal producers, which begin reporting fourth-quarter results on Tuesday with St. Louis-based Peabody Energy Corp., should provide insight into how bad this year could be. Most should meet Wall Street's earnings expectations for the last quarter of 2011 on export gains over a year ago, while tempering investor expectations for 2012, say analysts.

The two biggest threats facing U.S. coal companies are ...

BY KRIS MAHER

This year's outlook is grim for the U.S coal industry, which after two years of rising profits has begun closing mines, signaling a new wave of production cutbacks and, possibly, another round of industry consolidation.

The country's biggest coal producers, which begin reporting fourth-quarter results on Tuesday with St. Louis-based Peabody Energy Corp., should provide insight into how bad this year could be. Most should meet Wall Street's earnings expectations for the last quarter of 2011 on export gains over a year ago, while tempering investor expectations for 2012, say analysts.

The two biggest threats facing U.S. coal companies are ...

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Do we need religion to have ethics? Is it possible that a world without religion can be, on the whole, a better place to live?

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- Libertarians

The image of the bald eagle is outright aggressive and predatory. Perhaps change the national symbol to something along the line of "speak softly and carry a big stick?"

- See all Discussion Groups

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- RIM's New CEO Sticks With Strategy

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]]>

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RIM's New CEO Sticks With Strategy

Investors Don't Take Kindly to BlackBerry Maker's News; Shares Fall 8.5%

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- MANAGEMENT

- JANUARY 24, 2012

RIM's New CEO Sticks With Strategy

Investors Don't Take Kindly to BlackBerry Maker's News; Shares Fall 8.5%

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

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Article Excerpt

RIM's New CEO Sticks With Strategy

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

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Deal Gets Closer on Foreclosures

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- MARKETS

- JANUARY 24, 2012

Deal Gets Closer on Foreclosures

BY RUTH SIMON, JACK NICAS AND NICK TIMIRAOS

CHICAGO—Officials moved closer on Monday to a landmark settlement with five large banks of a government investigation of alleged foreclosure abuses.

State and federal officials hope to announce early next month a deal valued at as much as $25 billion, according to people familiar with the matter.

Housing and Urban Development Secretary Shaun Donovan and Associate U.S. Attorney General Thomas J. Perrelli on Monday briefed Democratic attorneys general at a Chicago hotel on the details of a tentative deal. The five-hour meeting was followed by a teleconference with Republican attorneys general.

The deal presented at Monday's meeting is the product ...

BY RUTH SIMON, JACK NICAS AND NICK TIMIRAOS

CHICAGO—Officials moved closer on Monday to a landmark settlement with five large banks of a government investigation of alleged foreclosure abuses.

State and federal officials hope to announce early next month a deal valued at as much as $25 billion, according to people familiar with the matter.

Housing and Urban Development Secretary Shaun Donovan and Associate U.S. Attorney General Thomas J. Perrelli on Monday briefed Democratic attorneys general at a Chicago hotel on the details of a tentative deal. The five-hour meeting was followed by a teleconference with Republican attorneys general.

The deal presented at Monday's meeting is the product ...

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Macy's Sues Martha Stewart Living

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- BUSINESS

- JANUARY 24, 2012

Macy's Sues Martha Stewart Living

BY CHAD BRAY AND DANA MATTIOLI

Macy's Inc. sued Martha Stewart Living Omnimedia Inc. to block a new licensing agreement with rival J.C. Penney Co., saying the agreement violated its own exclusive arrangement with the brand.

The lawsuit, filed under seal in state court in Manhattan, comes about a month after J.C. Penney inked a deal with the company founded by celebrity homemaker Martha Stewart. Under the deal, J.C. Penney will sell its own line of Martha Stewart-branded home and kitchen items and will create Martha Stewart stores within its department stores beginning in February 2013. Penney also paid $38.5 million for a 16.6% stake in ...

BY CHAD BRAY AND DANA MATTIOLI

Macy's Inc. sued Martha Stewart Living Omnimedia Inc. to block a new licensing agreement with rival J.C. Penney Co., saying the agreement violated its own exclusive arrangement with the brand.

The lawsuit, filed under seal in state court in Manhattan, comes about a month after J.C. Penney inked a deal with the company founded by celebrity homemaker Martha Stewart. Under the deal, J.C. Penney will sell its own line of Martha Stewart-branded home and kitchen items and will create Martha Stewart stores within its department stores beginning in February 2013. Penney also paid $38.5 million for a 16.6% stake in ...

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At BofA, Moynihan Grapples With Past

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- BUSINESS

- JANUARY 24, 2012

At BofA, Moynihan Grapples With Past

BY DAN FITZPATRICK

Bank of America Corp. CEO Brian Moynihan is being dragged back to the past once again.

The 52-year-old chief executive is expected to be deposed in coming months in as many as three civil lawsuits over the bank's handling of its takeover of securities firm Merrill Lynch & Co. on Jan. 1, 2009.

The pending appearances are the latest legal distraction for a CEO trying to shed the wreckage he inherited from the financial crisis. The suits accuse the bank, the second-largest U.S. lender by assets behind J.P. Morgan Chase & Co., and its officers of misleading shareholders about ballooning ...

BY DAN FITZPATRICK

Bank of America Corp. CEO Brian Moynihan is being dragged back to the past once again.

The 52-year-old chief executive is expected to be deposed in coming months in as many as three civil lawsuits over the bank's handling of its takeover of securities firm Merrill Lynch & Co. on Jan. 1, 2009.

The pending appearances are the latest legal distraction for a CEO trying to shed the wreckage he inherited from the financial crisis. The suits accuse the bank, the second-largest U.S. lender by assets behind J.P. Morgan Chase & Co., and its officers of misleading shareholders about ballooning ...

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Two Insurers Sued Over Unclaimed Policies

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- BUSINESS

- JANUARY 24, 2012

Two Insurers Sued Over Unclaimed Policies

BY LESLIE SCISM

A whistleblower lawsuit alleges MetLife Inc. and Prudential Financial Inc. avoided handing over unclaimed life-insurance policies to Illinois's abandoned-property department, and seeks more than $1 billion in damages on behalf of the state.

The lawsuit, filed in January 2011 and unsealed by a Cook County, Ill., state-court judge last week, underlines how litigation stemming from unclaimed policies may continue to dog the life-insurance industry even as some major companies move to settle state-government probes into possible violations.

The plaintiff, Total Asset Recovery Services LLC of Auburn Hills, Mich., is an investigative firm that specializes in unclaimed-property searches. The firm alleges ...

BY LESLIE SCISM

A whistleblower lawsuit alleges MetLife Inc. and Prudential Financial Inc. avoided handing over unclaimed life-insurance policies to Illinois's abandoned-property department, and seeks more than $1 billion in damages on behalf of the state.

The lawsuit, filed in January 2011 and unsealed by a Cook County, Ill., state-court judge last week, underlines how litigation stemming from unclaimed policies may continue to dog the life-insurance industry even as some major companies move to settle state-government probes into possible violations.

The plaintiff, Total Asset Recovery Services LLC of Auburn Hills, Mich., is an investigative firm that specializes in unclaimed-property searches. The firm alleges ...

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Average Silicon Valley Tech Salary Passes $100,000

By PUI-WING TAM

Average annual salaries for Silicon Valley technology workers surpassed the $100,000 mark last year, according to a new survey, pushed higher by the strength of the region's latest boom.

Tech-jobs website operator Dice Holdings Inc. said salaries for software and other engineering professionals in California's Silicon Valley rose 5.2% to an average $104,195 last year, outstripping the average 2% increase, to $81,327, in tech-workers' salaries nationwide. It was the first time since Dice began the salary survey in 2001 that the wage barometer broke the $100,000 barrier, said Tom Silver, a Dice senior vice president.

The findings come amid a Web boom that has fueled companies such as Facebook Inc., Zynga Inc. and Twitter Inc. Last year, several of the companies—including LinkedIn Corp. and Zynga—went public, with Facebook poised for an initial public offering this year. Their success has sparked the creation of numerous new start-ups, which in turn has spurred a hiring war for software engineers and others.

In contrast, job growth elsewhere in the nation has remained relatively slow. U.S. employers added 200,000 jobs in December, and the unemployment rate ticked down to 8.5%, its lowest level since early 2009. But it is unclear how sustainable such gains may be.

"There's a tussle for talent growing in Silicon Valley and employers have to pay up," said Mr. Silver. Overall, tech-job postings in Silicon Valley on Dice rose to 5,026 earlier this month, up 26% from 3,974 a year ago, he said, even as tech-jobs postings nationwide only rose 11% over the same period.

The hiring boom is evident at SmartRecruiters Inc., a San Francisco start-up that offers a free recruiting tool. Itclosed a $5 million venture-capital financing this month and wants to add 40 employees by this summer, said Chief Executive Jerome Ternynck.

But with many job candidates receiving multiple offers, "the limiting factor is the ability to find the right people," said Mr. Ternynck. "We'd hire them all tomorrow if we could."

Silicon Valley's job-market strength has also had a halo effect on bonuses. Silicon Valley tech-worker bonuses jumped 13% last year to an average $12,450, versus an 8% increase to $8,769 nationwide, according to Dice. Meanwhile, hourly contractor rates in Silicon Valley rose 11% last year to an average $74 an hour, compared with $63 an hour nationally, said Dice.

Write to Pui-Wing Tam at pui-wing.tam@wsj.com

Justices Rein In Police on GPS Trackers

By JESS BRAVIN

WASHINGTON—The Supreme Court ruled Monday that police violated the Constitution when they attached a Global Positioning System tracker to a suspect's vehicle without a valid search warrant, voting unanimously in one of the first major cases to test privacy rights in the digital era.

The decision offered a glimpse of how the court may address the flood of privacy cases expected in coming years over issues such as cellphones, email and online documents. But the justices split 5-4 over the reasoning, suggesting that differences remain over how to apply age-old principles prohibiting "unreasonable searches."

The minority pushed for a more sweeping declaration that installing the GPS tracker not only trespassed on private property but violated the suspect's "reasonable expectation of privacy" by monitoring his movements for a month. The majority said it wasn't necessary to go that far, because the act of putting the tracker on the car invaded the suspect's property in the same way that a home search would.

Justice Antonin Scalia, writing for the majority, said that as conceived in the 18th century, the Fourth Amendment's protection of "persons, houses, papers, and effects, against unreasonable searches and seizures" would extend to private property such as an automobile.

"The Government physically occupied private property for the purpose of obtaining information. We have no doubt that such a physical intrusion would have been considered a 'search' within the meaning of the Fourth Amendment when it was adopted," Justice Scalia wrote, joined by Chief Justice John Roberts and Justices Anthony Kennedy, Clarence Thomas and Sonia Sotomayor.

Advocates for privacy said that despite the differences, the court's unanimity on the outcome sent a strong message.

"This is a signal event in Fourth Amendment history," said Walter Dellinger, a former acting solicitor general who represented the defendant, Antoine Jones.

The government said Federal Bureau of Investigation agents use GPS tracking devices in thousands of investigations each year. It argued that attaching the tiny tracking device to a car's undercarriage was too trivial a violation of property rights to matter, and that no one who drove in public streets could expect his movements to go unmonitored. Police were free to employ the tactic for any reason without showing probable cause to a magistrate and getting a search warrant, the government said.

The justices seemed troubled by that position at arguments in November, where the government acknowledged it would also allow attaching such trackers to the justices' own cars without obtaining a warrant.

The Supreme Court ruled that police must obtain a warrant before attaching a GPS tracker to a suspect's vehicle, voting unanimously in one of the first major cases to test constitutional privacy rights in the digital age, Jess Bravin reports on digits. Photo: Getty Images.

Emphasizing the Fourth Amendment's "close connection to property," Justice Scalia wrote that even a small trespass, if committed in "an attempt to find something or to obtain information," constituted a "search" under the Fourth Amendment.

In a surprising departure from the majority, Justice Samuel Alito, a former prosecutor usually known for his law-and-order views, split from fellow conservatives to argue that the search violated an individual's "reasonable expectation of privacy."

The court has used that test since 1967, when it held that warrants were required before police could wiretap a call made from a public telephone booth because "the Fourth Amendment protects people, not places."

Limiting Fourth Amendment protections to trespassing property as understood in 1791 "is unwise" and "highly artificial," Justice Alito wrote in a concurring opinion, joined by Justices Ruth Bader Ginsburg, Stephen Breyer and Elena Kagan. "It is almost impossible to think of late-18th-century situations" analogous to placing a GPS tracker on a car, Justice Alito wrote, unless one imagined "a gigantic coach, a very tiny constable, or both."

With such rapidly advancing technology, the Scalia approach left open "particularly vexing problems," Justice Alito wrote, particularly when police don't have to physically touch a vehicle to conduct surveillance. He mentioned automatic toll-collection systems and smartphones that continuously track their own location as examples.

Justice Alito's concurring opinion suggested that the GPS case had provoked a robust debate within the court over the extent to which the 1967 case, Katz v. U.S., remained good law.

Justice Scalia declined to apply the 1967 standard to this case, but emphasized that the broader approach remained in force.

Justice Scalia wrote that even surveillance without physical trespass may be "an unconstitutional invasion of privacy"—but, he added, there was no need to speculate on such problems until a specific case presented them to the court.

Monday's decision stems from a narcotics operation that turned up nearly 100 kilograms of cocaine and $1 million when authorities raided a house in suburban Fort Washington, Md., in 2005.

District of Columbia police and FBI agents watched Mr. Jones, a nightclub owner, for months with an array of surveillance techniques, including tapping his cellphone under a warrant from a federal judge.

A federal appeals court in Washington voided Mr. Jones's conviction, however, because police followed his movements for four weeks by putting a GPS tracker on his Jeep Grand Cherokee without a valid warrant. Police had a warrant for the District of Columbia, but it had expired before the GPS device was installed in Maryland.

In an effort to preserve Mr. Jones's conviction, the government argued that no warrant was needed in the first place.

Monday, law-enforcement officials said the decision would primarily affect major narcotics investigations, like that which snared Mr. Jones.

Patricia Lykos, the district attorney in Houston, said police conducting drug investigations often don't have time to obtain a warrant before attaching a tracking device.

"When you need a warrant, it's usually like 3 o'clock in the morning," she said. "You can imagine the danger that law enforcement is in when they try to plant one of these devices in the first place."

But Vernon Herron, a former Maryland state police commander, said investigators rarely have trouble obtaining warrants.

"Courts have been very liberal with allowing the use of these devices," said Mr. Herron, now a policy analyst with the Center for Health and Homeland Security at the University of Maryland.

Justice Sotomayor, while joining the Scalia opinion, wrote separately to set out various privacy issues that emerging technology was presenting, citing the fact that so many routine actions now are tracked by private websites.

Court precedents generally provide no protection against third parties, such as telephone companies, voluntarily turning over information they collect about an individual to the government. In the digital age, however, "I for one doubt that people would accept without complaint the warrantless disclosure to the Government of a list of every website they had visited in the last week, or month, or year," she wrote.

Write to Jess Bravin at jess.bravin@wsj.com

What's News: World-Wide

The Supreme Court ruled in a key digital privacy case.The justices said police violated a suspect's rights when they attached a GPS tracker to his vehicle without obtaining a search warrant. The ruling was unanimous, but the court split 5-4 over the reasoning, suggesting that differences remain over application of the ban on unreasonable searches.

The government said FBI agents use GPS tracking devices in thousands of investigations each year.

Romney went on the offensive against Gingrich, blasting his GOP rival's work for Freddie Mac and calling him "erratic." Meanwhile, Romney paid a 14% effective tax rate in 2010, a tax-form summary showed.

The EU approved a ban on oil imports from Iran, the bloc's strongest move yet to press Tehran for concessions on its nuclear program.

An ex-CIA officer was arrested and charged with leaking the identity of agency employees and information about an interrogation program.

Syria's rejection of an Arab League plan to ease Assad out of power deepened a split between Syrians on how best to end their bloody conflict.

A Marine staff sergeant charged with manslaughter for his role in a 2005 massacre of Iraqi civilians pleaded guilty to a lesser offense.

Egypt's first democratic parliament in 60 years had a raucous start. Islamists hold about 70% of the 508 seats.

The French Senate voted to make it a crime to deny the 1915 killing of Armenians was genocide, angering Turkey.

Sen. Mark Kirk faces a difficult recovery from a stroke the Illinois Republican suffered over the weekend.

Russian officials found problems with a Putin rival's nominating petitions. Critics called the move political.

The House plans to consider an FAA funding bill, reflecting bipartisan agreement over labor provisions.

Indian authorities arrested two men in connection with the July bomb blasts in Mumbai that killed 27 people.

The Hague court charged four Kenyan leaders with crimes against humanity over 2007 postelection violence.

Died: Norman Edmund, 95, science-gadget purveyor.

Romney on the Attack

Charges Escalate as Polls Show Gingrich in Front in Florida

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- POLITICS

- JANUARY 24, 2012

Romney on the Attack

Charges Escalate as Polls Show Gingrich in Front in Florida

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

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Romney on the Attack

BY SARA MURRAY, DANNY YADRON AND NEIL KING JR.

TAMPA, Fla.—Mitt Romney sought to regain traction in the Republican presidential race Monday by linking his surging rival, Newt Gingrich, to Florida's ongoing housing crisis and trying to paint the former House speaker as too "erratic" for the party to gamble on as its 2012 nominee.

Mr. Romney also said during a televised debate that his top rival "had to resign in disgrace'' from the job of House speaker and later worked "as an influence peddler in Washington.''

Coming as Mr. Gingrich shows signs of overtaking Mr. Romney in Florida, as he did Saturday in South Carolina's primary, the comments ...

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EU Bans Imports of Iran's Oil, Raising Pressure on Tehran

By FARNAZ FASSIHI and JOHN M. BIERS

The European Union approved a ban on oil imports from Iran, overcoming misgivings about the economic hardship of its members to take its strongest measures yet to press Tehran into concessions on its nuclear program.

News of a coming embargo by Iran's largest oil-export market shocked the country's troubled economy. Iran's currency, the rial, fell 10% to a record low on Monday, while gold prices rose.

The ban is set to take effect on July 1, following a review to ensure the weaker EU economies can find, and afford, new sources of oil. The EU also agreed to freeze the assets of Iran's central bank, the conduit for the country's oil revenue, and ban trade with its petrochemical industry.

"Our message is clear. We have no quarrel with the Iranian people," the leaders of France, Germany and the U.K. said. "But the Iranian leadership has failed to restore international confidence in the exclusively peaceful nature of its nuclear program. We will not accept Iran acquiring a nuclear weapon."

Iran's Deputy Foreign Minister Abbas Araghchi said sanctions made Iran's conflict with the West tougher to resolve.

"The more they go down this path, the more obstacles we will have for reaching a final agreement," Mr. Araghchi told IRNA, Iran's official news agency.

The Obama administration applauded the EU decision on Monday and backed it up by blacklisting Iran's third-largest bank, Bank Tejarat, one of Tehran's few remaining conduits for trade with the West.

The European Union Monday approved an oil embargo on Iran, placing the EU's strongest measures yet to press the Islamic Republic over its nuclear program. Farnaz Fassihi has details on The News Hub. Photo: Getty Images

The move followed President Barack Obama's approval last month of sanctions on Iran's central bank that are due to take effect later this year.

The EU and U.S. see sanctions as a way to force Iran to engage in talks with the international community on its nuclear program.

Tehran has yet to respond to an request in October to return to negotiations, the U.S. and EU said, though the Iranian foreign minister said last week that his country was willing to talk.

Iranian officials have backed away from recent warnings that it would retaliate against sanctions by blocking the Strait of Hormuz, through which one-fifth of the world's traded oil passes, suggesting the threats were more about defiance than policy.

Oil prices rose slightly at news of the embargo. Crude for March delivery closed at $99.58 per barrel in New York trading Monday, up $1.25, or 1.3%.

Europe accounts for about 20% of oil revenue in Iran, the world's fourth-largest oil producer. The embargo could cost Iran $5 billion to $10 billion in oil revenue for 2012, and more in subsequent years, said Trevor Houser, a partner at New York-based economic-research firm Rhodium Group.

Iranians contacted Monday reacted with anger at news of the embargo, saying the people would suffer more than the government, amid rising inflation levels.

"These sanctions are affecting everyone's daily lives. I wish our government would put the good of 75 million people ahead of its pride and compromise," said an engineer in Tehran.

The economic pressure could fuel political dissent ahead of parliamentary elections on March 2, following the government's move last year to reduce public subsidies that had helped secure the support of rural and lower-income voters.

"The impact on Iran's economy is already here and it's hard to see how Iran can turn things back," said Fereydoun Khavand, a Paris-based economist and Iran expert.

Iranian officials have said they would seek to replace Europe's market with buyers in Asia, as U.S. officials call on consumers of Iranian oil in Asia and Africa to find other sources, with mixed success.

China, Iran's No. 2 buyer after the EU, has rejected calls to halt its consumption of Iranian oil. India said Monday it would keep buying crude oil from Iran and is working with Tehran to find a way to settle payments despite sanctions.

The EU imports about 600,000 barrels of Iranian oil daily, more than a quarter of Tehran's daily exports, according to the International Energy Agency. But those imports fall unevenly, with some of Europe's most-stressed economies—Greece, Italy and Spain—among the top customers.

Refiners in Spain and Italy have already begun to phase out Iranian oil purchases in anticipation of the embargo, and Saudi Arabia has offered to help fill the gap. But Greece has sought a slower implementation of the ban to protect its economy.

Under Monday's agreement, the EU said it will review the policy's effects on member states by May 1, a condition sought by Greece. However, any move to reverse or delay the embargo would require the unanimous decision of the EU's 27 members, officials said.

Italian Foreign Minister Giulio Terzi said the impact of the oil embargo on the Italian economy will "be negligible, almost zero."

Greek Foreign Minister Stavros Demas said Greece benefited from favorable financing terms in its Iran purchases, and that it will need help not only to find new suppliers but to also get the favorable financial terms they enjoyed from Iran. Greece has been buying 35% of its oil from Iran.

Mr. Demas said Greece has held talks with Saudi Arabia to replace the Iranian supply.

French Minister of Foreign Affairs Alain Juppé acknowledged some of the skepticism about the effectiveness of the sanctions, but said the EU package would meaningfully hit Iran. "We will paralyze the economic activity of Iran and deprive the country of part of its resources. I know you can be skeptical about sanctions…but it avoids going to war," he said.

—Jay Solomon, Laurence Norman and Benoît Faucon contributed to this article.

Write to Laurence Norman at laurence.norman@dowjones.com

Charges Brought in CIA Leak

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- U.S. NEWS

- JANUARY 24, 2012

Charges Brought in CIA Leak

BY EVAN PEREZ

WASHINGTON—Federal authorities arrested a former Central Intelligence Agency officer and charged him with leaking to reporters the identity of agency employees as well as classified information about an interrogation program.

John Kiriakou served 14 years as a CIA officer and later became a commentator who described in a 2007 television interview the use of waterboarding, a technique intended to simulate drowning, in the interrogation of alleged al Qaeda operative Abu Zubaydah.

A Federal Bureau of Investigation affidavit filed in U.S. District Court in Alexandria, Va., alleges that Mr. Kiriakou was the source of classified information provided to reporters, including ...

BY EVAN PEREZ

WASHINGTON—Federal authorities arrested a former Central Intelligence Agency officer and charged him with leaking to reporters the identity of agency employees as well as classified information about an interrogation program.

John Kiriakou served 14 years as a CIA officer and later became a commentator who described in a 2007 television interview the use of waterboarding, a technique intended to simulate drowning, in the interrogation of alleged al Qaeda operative Abu Zubaydah.

A Federal Bureau of Investigation affidavit filed in U.S. District Court in Alexandria, Va., alleges that Mr. Kiriakou was the source of classified information provided to reporters, including ...

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Spurned Offer Raises Syria Tensions

Rejection of Arab League Plan for Assad to Cede Power Deepens Divisions on Most Viable Way to End Further Violence

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- MIDDLE EAST NEWS

- JANUARY 24, 2012

Spurned Offer Raises Syria Tensions

Rejection of Arab League Plan for Assad to Cede Power Deepens Divisions on Most Viable Way to End Further Violence

BY NOUR MALAS AND BILL SPINDLE

DAMASCUS—Syria's rejection of a surprise Arab League road map to ease President Bashar al-Assad out of power deepened a split between Syrians on the most viable way out of their country's nearly yearlong bloody conflict, with neither international pressure nor domestic overhauls offering much hope for halting further violence, said many Syrians and analysts.

The Arab League plan called on Mr. Assad to hand over power to his deputy and form a national unity government. It marked the first formal call by the Arab world's highest-profile diplomatic body for Mr. Assad to relinquish power.

The League also said it would ...

BY NOUR MALAS AND BILL SPINDLE

DAMASCUS—Syria's rejection of a surprise Arab League road map to ease President Bashar al-Assad out of power deepened a split between Syrians on the most viable way out of their country's nearly yearlong bloody conflict, with neither international pressure nor domestic overhauls offering much hope for halting further violence, said many Syrians and analysts.

The Arab League plan called on Mr. Assad to hand over power to his deputy and form a national unity government. It marked the first formal call by the Arab world's highest-profile diplomatic body for Mr. Assad to relinquish power.

The League also said it would ...

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Marine's Plea Ends Iraq Massacre Case

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- MIDDLE EAST NEWS

- JANUARY 24, 2012

Marine's Plea Ends Iraq Massacre Case

BY JULIAN E. BARNES

A Marine Corps staff sergeant charged with manslaughter and assault for his role in a 2005 massacre of Iraqi civilians has pleaded guilty to the lesser offense of negligent dereliction of duty, military officials said Monday.

The plea deal, which results in manslaughter charges being dropped, brings to a close a lengthy series of high-profile investigations and court proceedings stemming from the deaths of 24 civilians, including women and ...

BY JULIAN E. BARNES

A Marine Corps staff sergeant charged with manslaughter and assault for his role in a 2005 massacre of Iraqi civilians has pleaded guilty to the lesser offense of negligent dereliction of duty, military officials said Monday.

The plea deal, which results in manslaughter charges being dropped, brings to a close a lengthy series of high-profile investigations and court proceedings stemming from the deaths of 24 civilians, including women and ...

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World Watch

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- WORLD NEWS

- JANUARY 24, 2012

World Watch

It was a raucous beginning Monday for Egypt's first democratically elected parliament in 60 years.

Islamist lawmakers added religious references to the oath of office. Liberal lawmakers improvised too, adding a pledge to protect the "revolution" that ousted Hosni Mubarak. Some lawmakers wore scarves with words protesting military trials for civilians. Shouting matches erupted. Hundreds massed outside, calling on the ruling generals to step down. And millions of Egyptians watched it all unfold live on TV.

Islamists led by the Muslim Brotherhood, the largest ...

It was a raucous beginning Monday for Egypt's first democratically elected parliament in 60 years.

Islamist lawmakers added religious references to the oath of office. Liberal lawmakers improvised too, adding a pledge to protect the "revolution" that ousted Hosni Mubarak. Some lawmakers wore scarves with words protesting military trials for civilians. Shouting matches erupted. Hundreds massed outside, calling on the ruling generals to step down. And millions of Egyptians watched it all unfold live on TV.

Islamists led by the Muslim Brotherhood, the largest ...

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French Bill's Passage Sparks Turkish Anger

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- EUROPE NEWS

- JANUARY 24, 2012

French Bill's Passage Sparks Turkish Anger

BY NADYA MASIDLOVER AND JOE PARKINSON

PARIS—Turkey vowed to take reprisals against France after the French Senate approved a bill making it a crime to deny that the massacre of Armenians in 1915 was genocide, further straining relations between Paris and Ankara and raising the prospect of a significant diplomatic rift between the two North Atlantic Treaty Organization allies.

The bill, which France's lower house of Parliament overwhelmingly approved in December, was passed Monday by a vote of 127 to 86. It will require President Nicolas Sarkozy's signature in the next 15 days in order to become law.

The proposal is set to make the denial ...

BY NADYA MASIDLOVER AND JOE PARKINSON

PARIS—Turkey vowed to take reprisals against France after the French Senate approved a bill making it a crime to deny that the massacre of Armenians in 1915 was genocide, further straining relations between Paris and Ankara and raising the prospect of a significant diplomatic rift between the two North Atlantic Treaty Organization allies.

The bill, which France's lower house of Parliament overwhelmingly approved in December, was passed Monday by a vote of 127 to 86. It will require President Nicolas Sarkozy's signature in the next 15 days in order to become law.

The proposal is set to make the denial ...

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Sen. Kirk Faces Difficult Recovery

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- POLITICS

- JANUARY 24, 2012

Sen. Kirk Faces Difficult Recovery

BY NAFTALI BENDAVID

Sen. Mark Kirk, an Illinois Republican who captured President Barack Obama's former U.S. Senate seat in 2010, faces a difficult recovery from a stroke he suffered over the weekend.

Mr. Kirk, 52 years old, was expected to recover neurologically, but prospects for a full physical recovery are less certain, said a surgeon who operated on him.

Mr. Kirk checked himself into a hospital Saturday complaining of dizziness. Doctors discovered he had suffered an ischemic stroke, which is caused by a blockage of blood going to the brain.

Mr. Kirk's absence is likely to have little direct impact on legislation in ...

BY NAFTALI BENDAVID

Sen. Mark Kirk, an Illinois Republican who captured President Barack Obama's former U.S. Senate seat in 2010, faces a difficult recovery from a stroke he suffered over the weekend.

Mr. Kirk, 52 years old, was expected to recover neurologically, but prospects for a full physical recovery are less certain, said a surgeon who operated on him.

Mr. Kirk checked himself into a hospital Saturday complaining of dizziness. Doctors discovered he had suffered an ischemic stroke, which is caused by a blockage of blood going to the brain.

Mr. Kirk's absence is likely to have little direct impact on legislation in ...

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Putin Rival Faces Vote Snag, Cites Ploy

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- EUROPE NEWS

- JANUARY 24, 2012

Putin Rival Faces Vote Snag, Cites Ploy

BY GREGORY L. WHITE

MOSCOW—Russian liberal opposition leader Grigory Yavlinsky could be blocked from challenging Vladimir Putin for the presidency in March after election officials found problems with his nomination petitions, sparking criticism the Kremlin was trying to further reduce competition.

Mr. Yavlinsky, leader of the Yabloko party, denounced the move as "a totally political decision" aimed at ensuring Mr. Putin wins the 50% of the vote on March 4 needed to avoid a runoff and win a third term.

The Yabloko leader also accused electoral officials of seeking to block his party from mobilizing thousands of observers at polling places during the vote.

BY GREGORY L. WHITE

MOSCOW—Russian liberal opposition leader Grigory Yavlinsky could be blocked from challenging Vladimir Putin for the presidency in March after election officials found problems with his nomination petitions, sparking criticism the Kremlin was trying to further reduce competition.

Mr. Yavlinsky, leader of the Yabloko party, denounced the move as "a totally political decision" aimed at ensuring Mr. Putin wins the 50% of the vote on March 4 needed to avoid a runoff and win a third term.

The Yabloko leader also accused electoral officials of seeking to block his party from mobilizing thousands of observers at polling places during the vote.

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

House Set to Weigh Bill To Secure FAA Funding

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- POLITICS

- JANUARY 24, 2012

House Set to Weigh Bill To Secure FAA Funding

BY ANDY PASZTOR AND SUSAN CAREY

The House plans to consider a short-term funding bill for the Federal Aviation Administration on Tuesday that lawmakers, airline-industry officials and labor leaders expect could quickly pave the way to multiyear funding for the agency.

The decision to take up the issue Tuesday reflects a bipartisan agreement reached last week over controversial labor provisions that have blocked passage of a full-blown FAA bill for years. Once endorsed by the House and Senate, the agreement is expected to result in more-stable FAA budgets and stronger policy direction for the agency.

In particular, it's likely to provide momentum for upgrading the nation's ...

BY ANDY PASZTOR AND SUSAN CAREY

The House plans to consider a short-term funding bill for the Federal Aviation Administration on Tuesday that lawmakers, airline-industry officials and labor leaders expect could quickly pave the way to multiyear funding for the agency.

The decision to take up the issue Tuesday reflects a bipartisan agreement reached last week over controversial labor provisions that have blocked passage of a full-blown FAA bill for years. Once endorsed by the House and Senate, the agreement is expected to result in more-stable FAA budgets and stronger policy direction for the agency.

In particular, it's likely to provide momentum for upgrading the nation's ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

What's News: World-Wide

The Supreme Court ruled in a key digital privacy case.The justices said police violated a suspect's rights when they attached a GPS tracker to his vehicle without obtaining a search warrant. The ruling was unanimous, but the court split 5-4 over the reasoning, suggesting that differences remain over application of the ban on unreasonable searches.

The government said FBI agents use GPS tracking devices in thousands of investigations each year.

Romney went on the offensive against Gingrich, blasting his GOP rival's work for Freddie Mac and calling him "erratic." Meanwhile, Romney paid a 14% effective tax rate in 2010, a tax-form summary showed.

The EU approved a ban on oil imports from Iran, the bloc's strongest move yet to press Tehran for concessions on its nuclear program.

An ex-CIA officer was arrested and charged with leaking the identity of agency employees and information about an interrogation program.

Syria's rejection of an Arab League plan to ease Assad out of power deepened a split between Syrians on how best to end their bloody conflict.

A Marine staff sergeant charged with manslaughter for his role in a 2005 massacre of Iraqi civilians pleaded guilty to a lesser offense.

Egypt's first democratic parliament in 60 years had a raucous start. Islamists hold about 70% of the 508 seats.

The French Senate voted to make it a crime to deny the 1915 killing of Armenians was genocide, angering Turkey.

Sen. Mark Kirk faces a difficult recovery from a stroke the Illinois Republican suffered over the weekend.

Russian officials found problems with a Putin rival's nominating petitions. Critics called the move political.

The House plans to consider an FAA funding bill, reflecting bipartisan agreement over labor provisions.

Indian authorities arrested two men in connection with the July bomb blasts in Mumbai that killed 27 people.

The Hague court charged four Kenyan leaders with crimes against humanity over 2007 postelection violence.

Died: Norman Edmund, 95, science-gadget purveyor.

Hague Court Charges Kenya Leaders

Deputy Premier, Former Minister to Face Trial for Post-Election Violence; Wrench in Presidential Race

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- AFRICA NEWS

- JANUARY 24, 2012

Hague Court Charges Kenya Leaders

Deputy Premier, Former Minister to Face Trial for Post-Election Violence; Wrench in Presidential Race

BY SOLOMON MOORE

NAIROBI—The International Criminal Court in The Hague charged four Kenyan leaders, including the country's deputy prime minister, with committing crimes against humanity during the violent aftermath of the country's 2007 election, touching a layer of leadership that for years has struck many Kenyans as above the law.

The hearings inject new uncertainty into East Africa's largest economy as it prepares for a presidential election: Two of the accused are potential contenders in a vote expected in December—Uhuru Kenyatta, who holds deputy prime minister and finance minister posts and is Kenya's richest man, as well as ex-Higher Education Minister William Ruto.

BY SOLOMON MOORE

NAIROBI—The International Criminal Court in The Hague charged four Kenyan leaders, including the country's deputy prime minister, with committing crimes against humanity during the violent aftermath of the country's 2007 election, touching a layer of leadership that for years has struck many Kenyans as above the law.

The hearings inject new uncertainty into East Africa's largest economy as it prepares for a presidential election: Two of the accused are potential contenders in a vote expected in December—Uhuru Kenyatta, who holds deputy prime minister and finance minister posts and is Kenya's richest man, as well as ex-Higher Education Minister William Ruto.

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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He Supplied the Gadgets to Scientists of All Ages

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- REMEMBRANCES

- JANUARY 24, 2012

| Norman Edmund 1916-2012

He Supplied the Gadgets to Scientists of All Ages

BY STEPHEN MILLER

Norman Edmund founded a mail-order operation that for decades was the go-to source for telescopes, microscopes and science toys and gadgets of every description.

Mr. Edmund, who died Jan. 16 at age 95, founded the company during World War II that later became Edmund Scientific, a reseller of military lenses rendered obsolete by the invention of radar. The company grew into a supplier for schools and industry, and especially for hobbyists.

The Edmund catalog featured boomerangs, lenses, sextants, chemistry kits, robot parts, gyroscopes and the famous drinking bird, which appeared to be a perpetual-motion machine.

The company's Barrington, N.J., showroom ...

BY STEPHEN MILLER

Norman Edmund founded a mail-order operation that for decades was the go-to source for telescopes, microscopes and science toys and gadgets of every description.

Mr. Edmund, who died Jan. 16 at age 95, founded the company during World War II that later became Edmund Scientific, a reseller of military lenses rendered obsolete by the invention of radar. The company grew into a supplier for schools and industry, and especially for hobbyists.

The Edmund catalog featured boomerangs, lenses, sextants, chemistry kits, robot parts, gyroscopes and the famous drinking bird, which appeared to be a perpetual-motion machine.

The company's Barrington, N.J., showroom ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

The GOP Deserves to Lose

That's what happens when you run with losers.

- By BRET STEPHENS

- Like this columnist

Let's just say right now what voters will be saying in November, once Barack Obama has been re-elected: Republicans deserve to lose.

It doesn't matter that Mr. Obama can't get the economy out of second gear. It doesn't matter that he cynically betrayed his core promise as a candidate to be a unifying president. It doesn't matter that he keeps blaming Bush. It doesn't matter that he thinks ATMs are weapons of employment destruction. It doesn't matter that Tim Geithner remains secretary of Treasury. It doesn't matter that the result of his "reset" with Russia is Moscow selling fighter jets to Damascus. It doesn't matter that the Obama name is synonymous with the most unpopular law in memory. It doesn't matter that his wife thinks America doesn't deserve him. It doesn't matter that the Evel Knievel theory of fiscal stimulus isn't going to make it over the Snake River Canyon of debt.

Above all, it doesn't matter that Americans are generally eager to send Mr. Obama packing. All they need is to be reasonably sure that the alternative won't be another fiasco. But they can't be reasonably sure, so it's going to be four more years of the disappointment you already know.

As for the current GOP field, it's like confronting a terminal diagnosis. There may be an apparent range of treatments: conventional (Romney), experimental (Gingrich), homeopathic (Paul) or prayerful (Santorum). But none will avail you in the end. Just try to exit laughing.

That's my theory for why South Carolina gave Newt Gingrich his big primary win on Saturday: Voters instinctively prefer the idea of an entertaining Newt-Obama contest—the aspiring Caesar versus the failed Redeemer—over a dreary Mitt-Obama one. The problem is that voters also know that Gaius Gingrich is liable to deliver his prime-time speeches in purple toga while holding tight to darling Messalina's—sorry, Callista's—bejeweled fingers. A primary ballot for Mr. Gingrich is a vote for an entertaining election, not a Republican in the White House.

Then there is Mitt Romney, even now the presumptive nominee. If Mr. Gingrich demonstrated his unfitness to be a serious Republican nominee with his destructive attacks on private equity (a prime legacy of the Reagan years), Mr. Romney has demonstrated his unfitness by—where to start?

Oh, yes, the moment in last week's debate when Mr. Romney equivocated about releasing his tax returns. The former Massachusetts governor is nothing if not a scripted politician, and the least one can ask of such people is that they should know their lines by heart. Did nobody in Mr. Romney's expensive campaign shop tell him that this question was sure to come, and that a decision had to be made, in advance, as to what the answer would be? Great CEOs don't just surround themselves with consultants and advance men. They also hire contrarians, alter egos and at least someone who isn't afraid to poke a finger in their chest. On the evidence of his campaign, Mr. Romney is a lousy CEO.

But it's worse than that. The usual rap on Mr. Romney is that he's robotic, but the real reason he can't gain traction with voters is that they suspect he's concealing some unnameable private doubt. Al Gore and George Bush Sr. were like that, too, and not just because they were all to the proverbial manor born. It's that they were basically hollow men.

Thus the core difference between Mr. Romney and Mr. Obama: For the governor, the convictions are the veneer. For the president, the pragmatism is. Voters always see through this. They usually prefer the man who stands for something.

What about Rick Santorum and Ron Paul? They are owed some respect, especially for the contrast between their willingness to take a stand for principle against the front-runners' willingness to say anything. But Messrs. Santorum and Paul are two tedious men, deep in conversation with some country that's not quite America, appealing to a devoted base but not beyond it. Sorry, gentlemen: You're not going anywhere.

Finally, there are the men not in the field: Mitch Daniels, Paul Ryan, Chris Christie, Jeb Bush, Haley Barbour. This was the GOP A-Team, the guys who should have showed up to the first debate but didn't because running for president is hard and the spouses were reluctant. Nothing commends them for it. If this election is as important as they all say it is, they had a duty to step up. Abraham Lincoln did not shy from the contest of 1860 because of Mary Todd. If Mr. Obama wins in November—or, rather, when he does—the failure will lie as heavily on their shoulders as it will with the nominee.

What should readers who despair of a second Obama term make of all this? Hope ObamaCare is repealed by the High Court, the Iranian bomb is repealed by the Israeli Air Force, and the Senate switches hands, giving America a healthy spell of Hippocratic government.

All perfectly plausible. And the U.S. will surely survive four more years. Who knows? By then maybe Republicans will have figured out that if they don't want to lose, they shouldn't run with losers.

Write to bstephens@wsj.com

Obama Offends the Catholic Left

A contraceptive mandate provokes an unnecessary war.

- By WILLIAM MCGURN

- Like this columnist

When Barack Obama secured his party's nomination for president in 2008, one group of Democrats had special reason to cheer.

These were Democrats who were reliably liberal on policy but horrified by the party's sometimes knee-jerk animosity to faith. The low point may have been the 1992 Democratic convention. There the liberal but pro-life governor of Pennsylvania, Bob Casey Sr., was humiliated when he was denied a speaking slot while a pro-choice Republican activist from his home state was allowed.

With Mr. Obama, all this looked to be in the past. In 2006, the Illinois senator delivered a speech declaring that "secularists are wrong when they ask believers to leave their religion at the door before entering the public square." He followed up by appearing at fund-raisers for the anti-abortion Bob Casey Jr. during Mr. Casey's successful run for Sen. Rick Santorum's senate seat.

Sen. Casey went on to co-chair Mr. Obama's National Catholic Advisory Council. Sixteen years after the snub to his dad, he was given a prime-time speaking slot at the 2008 Democratic convention. And Mr. Obama would go on to capture a majority of the Catholic vote.

Now, suddenly, we have headlines about the president's "war on the Catholic Church." Mostly they stem from a Health and Human Services mandate that forces every employer to provide employees with health coverage that not only covers birth control and sterilization, but makes them free. Predictably, the move has drawn fire from the Catholic bishops.

Less predictable—and far more interesting—has been the heat from the Catholic left, including many who have in the past given the president vital cover. In a post for the left-leaning National Catholic Reporter, Michael Sean Winter minces few words. Under the headline "J'ACCUSE," he rightly takes the president to the woodshed for the politics of the decision, for the substance, and for how "shamefully" it treats "those Catholics who went out on a limb" for him.

The message Mr. Obama is sending, says Mr. Winters, is "that there is no room in this great country of ours for the institutions our Church has built over the years to be Catholic in ways that are important to us."

Mr. Winters is not alone. The liberal Cardinal Roger Mahony, archbishop emeritus of Los Angeles, blogged that he "cannot imagine a more direct and frontal attack on freedom of conscience"—and he urged people to fight it. Another liberal favorite, Bishop Robert Lynch of St. Petersburg, Fla., has raised the specter of "civil disobedience" and vowed that he will drop coverage for diocesan workers rather than comply. They are joined in their expressions of discontent by the leaders of Catholic Relief Services and Catholic Charities, which alone employs 70,000 people.

In the run-up to the ruling, the president of Notre Dame, the Rev. John Jenkins, suggested a modest compromise by which the president could have avoided most of this strife. That would have been by allowing the traditional exemption for religious organizations. That's the same understanding two of the president's own appointees to the Supreme Court just reaffirmed in a 9-0 ruling that recognized a faith-based school's First Amendment right to choose its own ministers without government interference, regardless of antidiscrimination law.

A few years ago Father Jenkins took enormous grief when he invited President Obama to speak at a Notre Dame commencement; now Father Jenkins finds himself publicly disapproving of an "unnecessary government intervention" that puts many organizations such as his in an "untenable position."

Here's just part of what he means by "untenable": Were Notre Dame to drop coverage for its 5,229 employees, the HHS penalty alone would amount to $10 million each year.

The irony, of course, is that the ruling is being imposed by a Catholic Health and Human Services secretary, Kathleen Sebelius, working in an administration with a Catholic vice president, Joe Biden. A few years back the voluble Mr. Biden famously threatened to "shove my rosary beads" down the throat of those who dared suggest that his party's positions on social issues put it at odds with people of faith. Does he now mean to include Mr. Winters, Cardinal Mahony and Father Jenkins?

Catholic liberals appreciate that this HHS decision is more than a return to the hostility that sent so many Catholic Democrats fleeing to the Republican Party these past few decades. They understand that if left to stand, this ruling threatens the religious institutions closest to their hearts—those serving Americans in need, such as hospitals, soup kitchens and immigrant services.

Conservatives may enjoy the problems this creates for Mr. Obama this election year. Still, for those who care about issues such as life and marriage and religious liberty that so roil our body politic, we ought to wish Catholic progressives well in their intra-liberal fight. For we shall never arrive at the consensus we hope for if we allow our politics to be divided between a party of faith and a party of animosity to faith.

Write to MainStreet@wsj.com

We Don't Need More Foreign Oil and Gas

America is poised to be the world's clean energy leader.

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- OPINION

- JANUARY 24, 2012

We Don't Need More Foreign Oil and Gas

America is poised to be the world's clean energy leader.

BY TOM STEYER AND JOHN PODESTA

In the hubbub around the president's decision not to approve the proposed Keystone XL pipeline between Canada and the United States, Americans missed the big picture. While conservatives have been fighting to build a pipeline to import more foreign oil and deepen U.S. dependence, the U.S. is poised to transform its energy portfolio by developing domestic resources—renewable and mineral—that will let it become a net exporter of clean energy and energy technology in this decade.

Under President Obama's leadership, we appear to be at the beginning of a domestic gas and oil boom. After a four-decade decline in oil production, ...

BY TOM STEYER AND JOHN PODESTA

In the hubbub around the president's decision not to approve the proposed Keystone XL pipeline between Canada and the United States, Americans missed the big picture. While conservatives have been fighting to build a pipeline to import more foreign oil and deepen U.S. dependence, the U.S. is poised to transform its energy portfolio by developing domestic resources—renewable and mineral—that will let it become a net exporter of clean energy and energy technology in this decade.

Under President Obama's leadership, we appear to be at the beginning of a domestic gas and oil boom. After a four-decade decline in oil production, ...

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A Hazard of Fortunes

An insider's guide to the world of hedge funds—how they work and why they are likely to do better early on.

By GEORGE MELLOAN

The Federal Reserve policy of holding interest rates low to minimize the cost of federal profligacy is giving managers of pension funds a multi-billion-dollar headache. The return-on-investment targets of 7% to 8% that are structured into pension plans are beyond reach in today's artificial environment. To redeem their promises to retiring teachers, firemen and the like, managers are risking more money with hedge funds in hope of yields higher than those on safer investments.

But that may not be a good answer. Simon Lack, who managed a hedge fund "seeding" operation for J.P. Morgan from 2001 to 2006, certainly doesn't think so. In "The Hedge Fund Mirage," he asserts what he calls—with some justification—an "amazing" finding: "If all the money that's ever been invested in hedge funds had been put in Treasury bills instead, the results would have been twice as good." In other words, don't count on hedge funds to save those pensions.

The author's facility with numbers no doubt served him well when he was scouting for hedge-fund managers who could make money for themselves and J.P. Morgan. He provides plenty of numbers to back up his central thesis that hedge funds have been highly overrated in public discourse, mainly because a few operators like George Soros have built famously huge fortunes. The reason that operators sometimes get filthy rich, he writes, is that they reserve for themselves the lion's share of the profits. He asks that sardonic Wall Street question, "Where are the customers' yachts?"

There is nothing illegal or even immoral about the deal that the hedge-fund operators offer. Hedge funds are open only to professional investors with at least $1 million or so to hazard. So those wanting to ride with a hotshot stock picker know that the fare will be high.

Because this high-stakes game is exempt from SEC reporting requirements, it isn't easy to find out how well hedge funds have performed. Some operators report their results only when they are seeking investors and naturally only when they have racked up a good score. Mr. Lack endeavors to lift the veil with his own research augmented by the HFR Global Hedge Fund Index, published by Hedge Fund Research in Chicago.

He finds that, despite the Long-Term Capital Management debacle in 1998, the hedge-fund industry has expanded enormously. His numbers show that, in 2010, it had $1,694 billion in assets under management, compared with $143 billion in 1998. It would have a lot more today had it not been for the 2008 crash, the seeds for which were planted by federal housing policies that polluted the market with toxic mortgage-backed securities. "In 2008 the hedge fund industry lost more money than all the profits it had generated during the prior 10 years," Mr. Lack asserts.

Alfred Winslow Jones is widely credited with founding the first hedge fund, in 1949. The word "hedge" derives from the strategy of betting both directions, up and down, in search of abnormal profits. The operator buys stocks he thinks will rise and "shorts" those he thinks will fall. Shorting has a higher risk. It's the practice of selling a borrowed stock expecting to buy it back later at a lower price. If the stock rises instead of falling, there's no limit on how high it might go and how much you might lose. There's an old Wall Street cautionary rhyme: "He who sells what isn't his'n, must buy it back or go to prison."

Mr. Lack doesn't say that short selling is the major source of hedge-fund risk. Rather, the risk comes from the difficulty of finding good investments when the money from investors starts rolling in. But he does cite a poignant case of an anonymous San Francisco hedge-fund manager who had gone short on Sanchez Computer when other funds were going long. The stock did finally collapse, but not before the manager had lost everything.

Long-Term Capital Management was the most dramatic example of a hedge fund going belly up. Its Nobel laureates had gone from the old long-short play into more sophisticated ventures, like finely tuned arbitrage—the practice of buying the same security simultaneously in different markets to profit from minute spreads. More momentously, LTCM made the mistake of going long on Russian bonds right before Russia defaulted. Their bad gambles piled up a loss of $4.6 billion. Since most of LTCM's money came from big Wall Street banks, the New York Federal Reserve Bank organized a rescue operation. Yet investors concluded that LTCM's failure was merely a case of "very smart people with oversized egos" and continued putting money into hedge funds, fueling the industry's rapid post-1998 growth.

Mr. Lack has a special perspective on the business because he was, in essence, a talent scout for J.P. Morgan, looking for those rare individuals with the Midas touch. He and his Morgan colleagues knew that the safest way to make money was to own a piece of the management company and thus share in the high fees that investors were charged. They also knew that your chances are much better if you are in at the beginning. That's because hedge funds do better early on, when they are small, than later, when they have to find places to put a lot more money and are more likely to make bad guesses.

This can be a highly personalized game, involving a bet of millions of dollars on the stock-picking ability of an individual. There is always the danger of latching onto a fraudster like Bernie Madoff. To avoid this hazard, Mr. Lack hired an investigator he refers to as "Magnum" to run background checks. Magnum seemed to have an uncanny ability to lay his hands on personnel files.

A healthy streak of paranoia, Mr. Lack notes, can be important when you are picking hedge-fund managers. That sounds like good advice for the pension-fund directors seeking an escape from their current predicaments.

Mr. Melloan, a former columnist and deputy editor of the Journal editorial page, is author of "The Great Money Binge: Spending Our Way to Socialism" (2009).

Do Endorsements Matter?

Despite decades in Congress, Newt Gingrich has only 11 Capitol Hill endorsements—versus 72 for Mitt Romney.

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- OPINION

- JANUARY 24, 2012

Do Endorsements Matter?

Despite decades in Congress, Newt Gingrich has only 11 Capitol Hill endorsements—versus 72 for Mitt Romney.

BY LARRY J. SABATO

Do endorsements matter? Politicians certainly think so, and they spend loads of time courting party elites and opinion-makers. So far, though, 2012 has shown how the politics of anointment and appointment can fail.

South Carolina Gov. Nikki Haley flopped mightily in trying to deliver her state for Mitt Romney. Evangelical leaders held a summit to get the Palmetto State to back their new choice, Rick Santorum, but he fared much worse than Mr. Romney. Newt Gingrich knows the feeling—New Hampshire's supposedly dominant Manchester Union Leader newspaper huffed and puffed for Newt and got him less than 10% of the vote.

BY LARRY J. SABATO

Do endorsements matter? Politicians certainly think so, and they spend loads of time courting party elites and opinion-makers. So far, though, 2012 has shown how the politics of anointment and appointment can fail.

South Carolina Gov. Nikki Haley flopped mightily in trying to deliver her state for Mitt Romney. Evangelical leaders held a summit to get the Palmetto State to back their new choice, Rick Santorum, but he fared much worse than Mr. Romney. Newt Gingrich knows the feeling—New Hampshire's supposedly dominant Manchester Union Leader newspaper huffed and puffed for Newt and got him less than 10% of the vote.

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Internet to Artists: Drop Dead

Contrary to myth, providing consumers with convenient downloads at reasonable prices, as iTunes did, does not appear to have ameliorated piracy at all.

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- OPINION

- JANUARY 24, 2012

Internet to Artists: Drop Dead

Contrary to myth, providing consumers with convenient downloads at reasonable prices, as iTunes did, does not appear to have ameliorated piracy at all.

BY STAN LIEBOWITZ

You may have noticed last Wednesday's blackout of Wikipedia or Google's strange blindfolded-logo screen. These were attempts to kill the Protect IP Act and the Stop Online Piracy Act, proposed legislation intended to hinder piracy and counterfeiting. The laws now before Congress may not be perfect, and they can still be amended. But to do nothing and stay with the status quo is to keep our creative industries at risk by failing to enforce their property rights.

Critics of these proposed laws claim that they are unnecessary and will lead to frivolous claims, reduce innovation and stifle free speech. Those ...

BY STAN LIEBOWITZ

You may have noticed last Wednesday's blackout of Wikipedia or Google's strange blindfolded-logo screen. These were attempts to kill the Protect IP Act and the Stop Online Piracy Act, proposed legislation intended to hinder piracy and counterfeiting. The laws now before Congress may not be perfect, and they can still be amended. But to do nothing and stay with the status quo is to keep our creative industries at risk by failing to enforce their property rights.

Critics of these proposed laws claim that they are unnecessary and will lead to frivolous claims, reduce innovation and stifle free speech. Those ...

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Notable & Quotable

Victor Davis Hanson on marital fidelity and presidential leadership.

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- NOTABLE & QUOTABLE

- JANUARY 23, 2012, 7:03 P.M. ET

Notable & Quotable

Victor Davis Hanson on marital fidelity and presidential leadership.

Historian Victor Davis Hanson writing at PJMedia.com, Jan. 22:

I wish I could believe (because I want to believe) that fidelity is essential in a leader, but unfortunately history tells me that Charles Lindbergh was a better pilot and inspiration than his more moral rivals, that the ...

Historian Victor Davis Hanson writing at PJMedia.com, Jan. 22:

I wish I could believe (because I want to believe) that fidelity is essential in a leader, but unfortunately history tells me that Charles Lindbergh was a better pilot and inspiration than his more moral rivals, that the ...

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Romney and the Burden of Double Taxation

The disclosure of tax returns can be a teachable moment for the GOP candidates.

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- OPINION

- JANUARY 24, 2012

Romney and the Burden of Double Taxation

The disclosure of tax returns can be a teachable moment for the GOP candidates.

BY JOHN BERLAU AND TREY KOVACS

When Mitt Romney releases his tax returns, as he is expected to do on Tuesday, thousands of green eyeshades will pour over every line. One of the most important revelations, however, may be overlooked. When double taxation of investment income is taken into account, Mr. Romney most likely underestimated his effective tax rate on the campaign trail.

The former Bain Capital CEO and Massachusetts governor caused a brouhaha last week when he estimated the tax rate on his investment income at 15%. "How unfair!" pundits exclaimed, noting that the top marginal rate for wage income is more than 30%.

The ...

BY JOHN BERLAU AND TREY KOVACS

When Mitt Romney releases his tax returns, as he is expected to do on Tuesday, thousands of green eyeshades will pour over every line. One of the most important revelations, however, may be overlooked. When double taxation of investment income is taken into account, Mr. Romney most likely underestimated his effective tax rate on the campaign trail.

The former Bain Capital CEO and Massachusetts governor caused a brouhaha last week when he estimated the tax rate on his investment income at 15%. "How unfair!" pundits exclaimed, noting that the top marginal rate for wage income is more than 30%.

The ...

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Article Excerpt

Romney and the Burden of Double Taxation

BY JOHN BERLAU AND TREY KOVACS

When Mitt Romney releases his tax returns, as he is expected to do on Tuesday, thousands of green eyeshades will pour over every line. One of the most important revelations, however, may be overlooked. When double taxation of investment income is taken into account, Mr. Romney most likely underestimated his effective tax rate on the campaign trail.

The former Bain Capital CEO and Massachusetts governor caused a brouhaha last week when he estimated the tax rate on his investment income at 15%. "How unfair!" pundits exclaimed, noting that the top marginal rate for wage income is more than 30%.

The ...

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Anti-Jobs, Anti-Security and Anti-Energy Independence

You are dead right in calling President Obama, in his rejection of the Keystone XL pipeline "The Anti-Jobs President" (Review & Outlook, Jan. 19). However, you don't go far enough because he is also the antinational-security president. With Iran threatening to close the oil lanes in the Strait of Hormuz, the president is signaling that we are not really serious about energy security. President Obama would rather ship oil in by tanker from the Middle East than by pipeline from Canada. You can bet that the mullahs in Iran are smiling.

David Shulman

Berkeley Heights, N.J.

How is it that after more than three years and two recent determinations by the State Department that the Keystone XL pipeline would pose "no significant" environmental impacts, President Obama can claim that there was not enough time to review and approve the project, yet there was plenty of time to determine that it should not go forward?

Nicolas Furlotte

Groton, Conn.

Kudos to President Obama for his courageous decision to deny a permit for the Keystone XL pipeline. As an engineer and former resident of Colorado, I can vouch for the fact that the Ogallala Aquifer that would have been threatened by the pipeline is a crucial source of drinking and agricultural water for much of the Midwest. Keystone 1 built several years ago has had a long and sad history of accidents and spills. With this decision, millions of future Americans will be spared a legacy of pollution.

Jack Kinstlinger, P.E.

Sparks, Md.

I remember the gas lines and high gas prices of the 1970s. While a disruption of oil from the Middle East would cause global price spikes, with a steady supply of oil coming to the U.S. from Canada rather than the Middle East, we would not suffer shortages in addition to those cost increases. The pipeline removes much of the leverage that the Middle East has over the Great Satan. We should allow the Chinese to worry about keeping their Middle East oil suppliers stable.

John Vuksich

Palacios, Texas

You can't legislate the creation of jobs. In order to create jobs you need to have people willing to take risks, and our president is doing everything in his power to create an economy where no one wants to take any risks.

The government needs to get out of the way and let the economy reboot itself and become competitive once again. Job creation will follow.

Morgan Lee Voss

Washington

It occurred to me while reading your editorial that many iconic American engineering projects, including the Golden Gate Bridge, the Hoover Dam, Mount Rushmore, the Transcontinental Railroad and the Erie Canal could not be built today because of the government's inertia and environmental activism. Lest many see this as progress, I am also reminded of the many thousands who died of typhoid in the "good old days" before lakes and rivers were "damaged" by the construction of water and waste-water treatment plants.

Thomas M. Doran, P.E.

Plymouth, Mich.

The energy industry made a fatal error in estimating the number of jobs likely to be created by the Keystone XL pipeline project. It didn't hire the consultants who calculated the ridership numbers for the California high-speed rail project.

Paul Chechak

Rochester, N.Y.

Obama, the Constitution and FDR's Supreme Court

Regarding Bill McGurn's "Obama Brings Back the Constitution" (Main Street, Jan. 17): The last time a U.S. president launched a broadside at generally accepted constitutional limits on government was during President Franklin Roosevelt's re-election campaign in 1936—and the Constitution eventually lost. Each expansion of executive authority and federal power that the Obama administration is pursuing traces its conceptual roots to FDR and the New Deal. In 1936, Congress and most American voters accepted FDR's reinterpretation of constitutional powers in order to get things done; only the Supreme Court objected.

Republicans complained about FDR's "government by executive decree," but there was no tea party to oppose the erosion of checks and balances. President Roosevelt's candid thoughts about the Constitution and Supreme Court were revealed after he won a second term and announced that the nation must "save the Constitution from the Court and the Court from itself." The Constitution that FDR intended to "save" was one that allowed him to do whatever he wanted.

During his second term he had an opportunity to nominate several Supreme Court justices who ushered in a new era of very generous interpretations of federal power.

If economic trends are slightly positive in 2012, as they were in 1936, it will be difficult for the GOP to defeat an incumbent, even though the four-year record is dreadful. In 2013, the five more conservative Supreme Court justices will be, on average, 68 years old, with two turning 77. Unless Mr. McGurn is right that Americans are ready to put Washington back into a constitutional bottle, President Obama could very well complete Franklin Roosevelt's dismantling of constitutional limits.

Jim Fitzpatrick

Hampton, Va.

The Euro Zone Needs a Default Plan

Regarding your editorial "Plan B for Greece" (Jan. 17): What is needed is not a Plan B (for Bailout) but a Plan D (for Default) for the euro zone. The euro zone never had the capacity to bail out the three little PIGs (Portugal, Ireland, Greece) because it has anemic growth of 1% per year or about $100 billion per year. Just the bailouts for the three little PIGs total $160 billion per year, but the situation has become much worse. Italy and Spain now need the European Central Bank to buy their bonds in order to keep interest rates below 7%. That's an additional $500 billion for 2012.

There is no way that the euro zone can keep doling out $660 billion per year with growth of $100 billion per year. Priority No. 1 should be to let the PIGs default and leave the euro zone. This must be done carefully because the total debt of the PIGs is nearly equal to the total bank equity of the euro zone ($900 billion vs. $1 trillion). Spacing the defaults out at three month intervals and protecting the euro zone's banking by printing money if necessary would be a start.

Some of the welfare states of Europe tried borrowing their way to prosperity, and it didn't work. Now the bill is coming due. Europe is going to have to accept a lower standard of living and a lower-valued euro.

William Thayer

San Diego

Smart Will Never Mean 'Not Wrong'

Thanks for Holman Jenkins's "The Meltdown Remains a Whodunit" (Business World, Jan. 18) with its instructive discussion of the ideas of Jeffrey Friedman and Wladimir Kraus. Yes, we have to face a key reality: Well-intentioned but disastrous mistakes are made by very intelligent, well-educated, highly informed people, backed by vast computing power and reams of data, but wrong nonetheless. Just consider how the Federal Reserve's transcripts reveal its complete failure to understand the housing bubble. So the principle indeed applies to central bankers and regulators, in whom the Obama administration (like others before it) places so much faith, as well as to private financial actors and, of course, also to economists commenting from the sidelines. They simply did not, do not and cannot know the future that their own intertwined actions and ideas are creating.

As to why they all make the same mistake at the same time, consider that cognitive herding is a natural response to the inexorable uncertainty of the future. So central bankers, regulators, bankers, investors and academics cluster into the cognitive herd. To paraphrase a line from John Maynard Keynes, a prudent banker is one who goes broke when everybody else goes broke.

Alex J. Pollock

American Enterprise Institute

Washington

The Dead-Wood Concept for States

Joe Queenan may have been too quick to offer up Delaware as the state to go first under his new waiver rule for American society ("Moving Targets: A Sporting Way to Get Rid of Dead Wood," Review, Jan. 14).

The Tax Foundation has ranked New Mexico at the top of the list of states receiving the most federal spending per tax dollar paid. In 2005, New Mexico, whose state motto fittingly enough is "it grows as it goes," collected $2.03 in federal money for each dollar paid by its residents. Delaware, by contrast, ranked No. 44, receiving $0.77 in federal spending for every dollar contributed by its residents.

In the new era of fiscal responsibility, Mr. Queenan should have suggested cutting the biggest tax drag first.

Dan Russell

Rehoboth Beach, Del.

Aon's Move Highlights Bad Tax Incentives

When Aon Corp. announced that it was moving its corporate headquarters from Chicago ("Aon Moving to London," Business & Finance, Jan. 14) it cited increased financial flexibility and improved capital-allocation cash flow. That, of course, is code for the eccentric U.S. policy of taxing profits from foreign operations a second time as they are repatriated.

Since Aon earns most of its profit outside of the U.S., it only makes economic sense for the company to escape this double taxation by decamping to a country that doesn't discourage a domiciled company from bringing already taxed foreign profits back home.

Taxes do indeed affect behavior.

Bob Foys

Chicago

Prayer, Tebow and Lights Under Cover

In response to Jerrold Larsen Buerer's Jan. 19 letter quoting Matthew 6:5 about praying in public: Jesus' message was that prayers should come from the heart and be lived in equal measure through actions, unlike those whose prayers were for display and not lived out in actions. "No one after lighting a lamp hides it under a jar, or puts it under a bed, but puts it on a lampstand, so that those who enter may see the light." (Luke 8:16, NRS translation). I think Tim Tebow is on the right path.

Jeffrey Conover

Lake Forest, Ill.

Big Labor's Wisconsin Vendetta

Walker's reforms are saving money, which unions cannot forgive.

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- REVIEW & OUTLOOK

- JANUARY 24, 2012

Big Labor's Wisconsin Vendetta

Walker's reforms are saving money, which unions cannot forgive.

They swore revenge for his offenses, and last week Wisconsin Democrats delivered what they say are a million signatures for the recall of Republican Governor Scott Walker. If they do make the ballot and cause a recall vote as early as this spring, they'll have to campaign against reforms that have already saved taxpayers tens of millions of dollars and rescued the state from a budget crisis. Game on.

Since last summer, unions have fired every weapon in their arsenal at Mr. Walker and state senators who voted for his collective-bargaining reforms for government workers. Union members must now contribute ...

They swore revenge for his offenses, and last week Wisconsin Democrats delivered what they say are a million signatures for the recall of Republican Governor Scott Walker. If they do make the ballot and cause a recall vote as early as this spring, they'll have to campaign against reforms that have already saved taxpayers tens of millions of dollars and rescued the state from a budget crisis. Game on.

Since last summer, unions have fired every weapon in their arsenal at Mr. Walker and state senators who voted for his collective-bargaining reforms for government workers. Union members must now contribute ...

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Bashar's Russian Pals

What Moscow and Damascus have in common.

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- REVIEW & OUTLOOK

- JANUARY 24, 2012

Bashar's Russian Pals

What Moscow and Damascus have in common.

Bashar Assad is feeling lonely, though not yet lonely enough. First the Turks, Americans and Europeans de-friended him. Now formerly fraternal leaders at the Arab League want him deposed. The Syrian strongman's forces have killed more than 5,400 people in 10 months and turned a peaceful protest movement into a virtual civil war. But he still has a few friends in low places.

The Iranians aren't giving up on him, and in Moscow Vladimir Putin won't abandon the son of the Soviet Union's ...

Bashar Assad is feeling lonely, though not yet lonely enough. First the Turks, Americans and Europeans de-friended him. Now formerly fraternal leaders at the Arab League want him deposed. The Syrian strongman's forces have killed more than 5,400 people in 10 months and turned a peaceful protest movement into a virtual civil war. But he still has a few friends in low places.

The Iranians aren't giving up on him, and in Moscow Vladimir Putin won't abandon the son of the Soviet Union's ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Don't Tread That GPS on Me

The Supreme Court delivers a Fourth Amendment tutorial.

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- REVIEW & OUTLOOK

- JANUARY 24, 2012

Don't Tread That GPS on Me

The Supreme Court delivers a Fourth Amendment tutorial.

This unanimous thing is getting to be a habit. Yesterday, the Supreme Court issued its third 9-0 decision in as many weeks, this time rejecting the government's view of the Fourth Amendment and strengthening the law's protection of property rights.

In U.S. v. Jones, the court was asked to consider whether the Federal Bureau of Investigation and Washington, D.C. law enforcement had violated the rights of nightclub owner Antoine Jones when they attached a GPS device to his car in an attempt to bust him on drug trafficking. While the police initially got a 10-day warrant within the District of ...

This unanimous thing is getting to be a habit. Yesterday, the Supreme Court issued its third 9-0 decision in as many weeks, this time rejecting the government's view of the Fourth Amendment and strengthening the law's protection of property rights.

In U.S. v. Jones, the court was asked to consider whether the Federal Bureau of Investigation and Washington, D.C. law enforcement had violated the rights of nightclub owner Antoine Jones when they attached a GPS device to his car in an attempt to bust him on drug trafficking. While the police initially got a 10-day warrant within the District of ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Corrections & Amplifications

While fee structures vary, private-equity firms often return all annual management fees to investors if the firms achieve sufficient returns enabling them to receive 20% of profits. A graphic accompanying a Jan. 13 Money & Investing article on the private-equity business incorrectly said firms charge both management fees and 20% of profits.

The data lines for the chart with Monday's Heard on the Street article on Wall Street pay were plotted incorrectly. The corrected chart, on page C2, shows the widest gap between the lines in 2006, not 2010.

A photo accompanying a U.S. News article Saturday showed Mitt Romney on a campaign bus driving through Lexington, S.C., en route to a campaign event in Charleston, S.C. The caption incorrectly said it showed Mr. Romney as he was leaving Gilbert, S.C.

Prosecutors in the child sexual-abuse case against former Penn State assistant football coach Jerry Sandusky can still use Joe Paterno's grand-jury testimony after his death, unless the defense successfully objects, according to Wesley Oliver, a professor at the Widener College of Law in Harrisburg, Pa. A U.S. News article Monday failed to include Mr. Oliver's caveat about the defense.

A chart accompanying an Election 2012 article Monday showed religious affiliation as a percentage of the total populations of the indicated states and U.S. The chart may have created the incorrect impression that it showed percentages within the subset of religious citizens.

The Chrysler 300C Luxury Series and its sibling car, the Lancia Thema, are built in Brampton, Ontario. The Rumble Seat car review in Saturday's Off Duty section incorrectly said the Thema was built in Graz, Austria, and the 300C in Windsor, Ontario.

New England Patriots quarterback Tom Brady on Sunday was chasing Joe Montana's record of 16 postseason wins by a quarterback, which he tied. A Heard on the Field item on Friday's sports page incorrectly said Brady was seeking to tie Montana for most postseason wins by a quarterback/coach combination.

Printed in The Wall Street Journal, page A2

Christie Picks For N.J. Court Make History

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- NY POLITICS

- JANUARY 24, 2012

Christie Picks For N.J. Court Make History

BY HEATHER HADDON

TRENTON—Gov. Chris Christie on Monday nominated an openly gay black mayor and a Korean-born law-enforcement official to the state Supreme Court, historic choices that may be difficult for Democrats to oppose.

If confirmed by the Democratic-controlled Senate, Bruce Harris, the 61-year-old mayor of Chatham, would be New Jersey's first openly gay Supreme Court member, and the seventh in the nation to sit on the highest court of a state, Mr. Christie said. The Republican would also be the third African-American to sit on New Jersey's highest court.

Philip Kwon, a 44-year-old assistant state attorney general who once worked for Mr. ...

BY HEATHER HADDON

TRENTON—Gov. Chris Christie on Monday nominated an openly gay black mayor and a Korean-born law-enforcement official to the state Supreme Court, historic choices that may be difficult for Democrats to oppose.

If confirmed by the Democratic-controlled Senate, Bruce Harris, the 61-year-old mayor of Chatham, would be New Jersey's first openly gay Supreme Court member, and the seventh in the nation to sit on the highest court of a state, Mr. Christie said. The Republican would also be the third African-American to sit on New Jersey's highest court.

Philip Kwon, a 44-year-old assistant state attorney general who once worked for Mr. ...

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For Giants, a Raucous Ride Home

By MIKE SIELSKI

Associated Press

New York Giants head coach Tom Coughlin, center, celebrates with players after the NFC Championship

As he, his assistant coaches and his players ambled on to the team plane after their victory in the NFC Championship Game on Sunday night, Giants head coach Tom Coughlin beheld a sight that promised a raucous and rowdy flight home.

The flight attendants were effectively Giants cheerleaders, clad in the team's red-and-blue regalia, and they chanted and clapped in rhythm to welcome the players on to the plane. It was the ideal accelerant for a teamwide celebration. For the early part of their six-hour charter from San Francisco to Newark, the Giants reveled in their second Super Bowl berth in four years. They donned baseball caps commemorating their achievement, exchanged high-fives and handshakes, and congratulated each other with the earnestness and enthusiasm of a religious revival.

"The noise level," Coughlin said in a conference call Monday, "was very loud." And it remained so, he added, until at long last, the dead-of-night party calmed, and people started falling asleep.

It is difficult to deny that the Giants earned the right to enjoy themselves. Having found themselves teetering on the edge of postseason elimination after the regular season's first 15 weeks, they have since won five consecutive games to set up in Super Bowl XLVI a rematch with the New England Patriots—a team that the Giants beat both earlier this season and in Super Bowl XLII in 2008.

They have reached this point, Coughlin and some of his players said, in part because they developed a cohesiveness that carried them beyond the mediocrity of their 9-7 regular-season record. An embarrassing loss to the last-place Washington Redskins on Dec. 18 left them 7-7 and facing the prospect that they might miss the playoffs. Yet the Giants dominated their next four opponents—their average margin of victory in each game was 17.8 points—before Lawrence Tynes's 31-yard field goal Sunday sent them to the franchise's fifth Super Bowl.

"Everything changed when we began playing together as a team," defensive lineman Justin Tuck said. "We were a bunch of individuals at one point. It's very different now, and that's part of what you saw [Sunday]. We battled, we stayed together as a team, and we never got down."

The attitude adjustment that Tuck cited was not the only reason for the Giants' turnaround. They got healthier on defense: Linebacker Michael Boley returned to the lineup after missing two games with a hamstring injury, and as the regular season neared its end, Tuck finally recovered fully from a neck injury. But Coughlin said that he could see on Saturday night, as he monitored the team's pregame meetings, how closely the players had bonded and how diligent they were in their work.

"They were locked in as well as any team I've ever been associated with," he said. "You could hear a pin drop in the meeting rooms. You could literally feel and sense the focus and concentration. Those are the things I appreciate it. I understand young people and all those goes with that, but these guys have been able to create a very strong businesslike approach to what they're doing.…It's that type of feeling that has sustained us over the course of the year."

So confident and calm did Coughlin seem about his team Monday that when asked about preparing to play the Patriots, whom the Giants beat 24-20 on Nov. 6, he betrayed little urgency. He was content to relive Sunday night's win. "We'll have time to study," he said.

Coughlin, of course, had been the Giants' wide receivers coach the last time they beat the 49ers to win an NFC title: 1991. That year, the Super Bowl was held in Tampa on Jan. 27—just one week after the conference championship games, rather than the two-week lapse now. After their 15-13 victory, the Giants flew directly from San Francisco to Tampa. Like the rest of the coaches on Bill Parcells's staff, Coughlin dragged himself into the team hotel sometime after 4 a.m., then was up less than four hours later for an 8 a.m. meeting to devise the Giants' game plan against the Buffalo Bills. If there were cheerleading attendants on that flight, he said, he doesn't remember them.

—Aditi Kinkhabwala contributed to this article.

Owner Says H&H Rolls On

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- NY REGION

- JANUARY 24, 2012

Owner Says H&H Rolls On

BY SUMATHI REDDY

The owner of the once-dominant H&H; Bagel empire, which is on the brink of losing its final property, said he is confident the business will survive despite its financial struggles.

In his first public comments since multiple bankruptcy filings and the loss of both an Upper West Side shop and a New Jersey manufacturing plant, Helmer Toro told The Wall Street Journal he is in preliminary talks with investors. He also said he is actively looking for another Upper West Side location.

"I've been doing this for 40 years and I make the best bagels, according to my customers. And ...

BY SUMATHI REDDY

The owner of the once-dominant H&H; Bagel empire, which is on the brink of losing its final property, said he is confident the business will survive despite its financial struggles.

In his first public comments since multiple bankruptcy filings and the loss of both an Upper West Side shop and a New Jersey manufacturing plant, Helmer Toro told The Wall Street Journal he is in preliminary talks with investors. He also said he is actively looking for another Upper West Side location.

"I've been doing this for 40 years and I make the best bagels, according to my customers. And ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

A Ride Home, Anonymously

By TED MANN

After a series of mishaps that left passengers stranded for hours, the Metropolitan Transportation Authority's commuter rail lines unveiled new proposals Monday that promised better communication with riders—with one notable difference.

A new "Pledge to Customers" for Metro-North says conductors will wear a "visible name badge when on duty." Long Island Railroad, not so much.

Like badges worn by New York City Transit employees, identification for LIRR conductors will continue to share serial numbers, but no names.

"I guess I'm a bit disheartened," MTA board member Jeffrey Kay said at a committee meeting where the proposals were released.

"This just [symbolizes] that we still have a long way to go," Mr. Kay said, adding there "should be no difference" in the customer service standards of each railroad.

But LIRR conductor Vincent Tessitore Jr., a nonvoting board member, said Mr. Kay was overlooking the risks of rowdy passengers.

"I don't think anybody else at this table has dealt with what I deal with on the trains," Mr. Tessitore said, "and I don't want to wear a name badge. Listen, I've been pushed around, I've dealt with stuff on the trains, and I don't need everybody knowing my name as well."

The pledges, which still must be adopted by the full MTA board, grew out of several incidents that enraged riders and drew the ire of officials.

In September, a lightning strike caused power failures on the LIRR, stranding passengers for several hours and prompting a call for a "commuter bill of rights" from Sen. Charles Schumer. In July, a trainload of Metro-North passengers was stranded for about an hour without water or air conditioning near Westport, Conn., after overhead wires fell.

LIRR riders at Manhattan's Penn Station were split on whether name tags would improve their experience.

"If you do have a complaint, it's part of the person's job," said Tamema Cohen, 28 years old, a nursing student from Woodmere.

"Even working at Kentucky Fried Chicken you have a name tag," Ms. Cohen said.

Anthony Imbriano, 23, who lives in New Hyde Park and works construction, at first proclaimed himself "indifferent" but reconsidered.

"I guess at night, I wouldn't want people knowing my name," he said. "You never know what somebody's capable of."

—Alison Fox contributed to this article.

Maestro in Harmony

- By RALPH GARDNER JR.

Lauren Lancaster for The Wall Street Journal

Plácido Domingo conducts students from P.S. 152 and 129 during the Harmony Program's annual gala waltz.

Short of making actual news, the most expeditious way to encourage coverage of your organization, mission, fund-raiser, etc., is to have a celebrity attached. I'm not so cynical as to believe that the typical reporter will more readily show up at a photo-op attended by their favorite star than at a legitimate event without star power. But in the best of all worlds, you'd find a way to combine both: a noble cause, plus the opportunity to bond with Sarah Jessica Parker, Snooki or whoever populates your personal pantheon of greatness.

Just such an opportunity presented itself last week when Plácido Domingo—henceforth known as Maestro Domingo, or simply Maestro—was attending a gala at Gotham Hall for the Harmony Program. Inspired by "El Sistema," Venezuela's celebrated national system of children's orchestras, Harmony is a musical education nonprofit in New York City's public schools.

Kids volunteer for the program, which meets after school for two hours at a time five days a week and sometimes six. It would be great if the program produced the next Yo-Yo Ma. But apparently that's not the point. Instead it's learning how to cooperate and develop social skills through playing together. "The orchestra is the perfect example to teach children how to behave in a society because it's like a little society by itself," explained Julie Desbordes, a trumpet player and conductor from Limoges, France, who teaches the program at P.S. 129 in Harlem.

Harmony focuses on disadvantaged children. I wondered how much of a difference a violin, clarinet or drums, even in an orchestra setting, could make in some of their lives. Well, maybe not the drums. Who doesn't feel vastly improved after pounding on a drum?

"Teachers keep coming to us and saying their attendance and behavior is better," Ms. Desbordes reported. "They learn how to listen. It's a precious skill to have during the school day."

However, their trumpet teacher admitted it took a little while to get the kids' attention when the program started. I don't know how children these days—the ones in the program range from 7 to 11 years old—establish a pecking order. Basketball? Video games? Online poker? I'm fairly certain it's not timpani.

"Last year, when we started the orchestra, they had trouble feeling safe in a big group," Ms. Desbordes acknowledged. "At school they're always teasing each other. Our job is to make them realize they're on the same team. They don't realize they can be even more powerful if they're working together."

But enough of this high-concept, betterment-of-humanity stuff. When were we going to meet Maestro Domingo?

I was told I'd have him to myself—right after he greeted the children backstage, and before he conducted them in the "Hallelujah Chorus" at the gala. While I waited in the VIP lounge where guests had paid $1,000 for the opportunity to rub shoulders with him, I mused about my long relationship with the Maestro.

It began, and pretty much ended, sometime in the early '80s after I heard the opera star was going to be riding a float at the Macy's Thanksgiving Day Parade. My friend Karen had a crush on him (as well as former Yankee third baseman Graig Nettles), and I can't remember whether she asked, or I offered, to snap his picture when he passed below our window.

We have a tradition in our family—formed in adulthood (indeed, perhaps starting on that very day with Plácido) when our childhood interest in circus clowns and giant balloons had frankly started to wane—to scream at celebrities as they pass by.

The Maestro looked up, beaming and waving. That same generosity and lightness of spirit was on display with the Harmony program children he'd be conducting, and even at the VIP photo shoot beforehand.

"I saw you in San Francisco," Maestro Domingo reminded one guest. "Do you remember?"

The other man, younger and long-haired, scoffed at the notion that people meet Plácido Domingo and forget. "No, I don't remember," he joked.

I asked a publicist if he had any idea who the gentleman was, but he didn't. (By the way, when I finally got my 60 seconds with him, Maestro Domingo remembered me, too, as I recalled the blustery morning he floated down Central Park West in the company of Snoopy and Bullwinkle; at least he remembered the parade.)

Down the stairs at Gotham Hall we all went. Several dozen children, resplendent in their tuxes and party dresses, and a not insignificant media contingent awaited the Maestro's arrival. After the children were shushed by their teachers, he spoke.

"I'm so proud and happy to hear you," he stated with absolute sincerity. "I started later than some of you. I was 8 years old. It's more difficult when you sit alone and play the piano.

"You have a beautiful name for the group," he went on. "You know how essential is musical harmony? The harmony is everything. I compliment you for having the discipline and to be all together in great friendship—just like every note."

He offered to lead them through the first few bars of the "Hallelujah Chorus," which they'd be performing after dinner.

"It means you have to watch Maestro Domingo," warned Anne Fitzgibbon, who founded the Harmony program after traveling to Venezuela on a Fulbright Fellowship and studying "El Sistema."

"I recommend the flutes and oboes and clarinets don't try to sing," Mr. Domingo joked.

"There's somebody here, really a good player," he added, pointing to the gentleman he'd reminded upstairs having met in San Francisco. "Joshua Bell," he said.

"When you have this gentleman," the violinist told the kids, returning the compliment, "that's magic."

Then it was on to rehearsal. "I give you four beats and then you go," Maestro Domingo instructed. He launched into the "Hallelujah Chorus," the simple beauty of his own voice leading the way. "I don't think you're going to have any problems," he said when they finished. "If I get lost, you help me."

— ralph.gardner@wsj.com

Connecticut Eyes Pension Overhaul

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- NY REGION

- JANUARY 24, 2012

Connecticut Eyes Pension Overhaul

BY SHELLY BANJO

Connecticut Gov. Dannel Malloy on Monday called for pumping up payments into the State Employees Retirement System, one of the nation's most under-funded public pension funds.

The governor's plan attempts to address one of Connecticut's most dire long-term fiscal problems: a $10 billion pension fund that has less than half the funds it needs to pay retirees, and a payment plan that calls for decades of annual contributions of about $1 billion that balloon to $4.5 billion a year by 2032.

At a Hartford news ...

BY SHELLY BANJO

Connecticut Gov. Dannel Malloy on Monday called for pumping up payments into the State Employees Retirement System, one of the nation's most under-funded public pension funds.

The governor's plan attempts to address one of Connecticut's most dire long-term fiscal problems: a $10 billion pension fund that has less than half the funds it needs to pay retirees, and a payment plan that calls for decades of annual contributions of about $1 billion that balloon to $4.5 billion a year by 2032.

At a Hartford news ...

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Charge Change Sought

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- NY CRIME

- JANUARY 24, 2012

Charge Change Sought

BY SEAN GARDINER

An Army investigator recommended dropping the most serious charge against a U.S. soldier implicated by the military along with others in the death of a private from New York City whose family believes abuse meted out by fellow infantrymen caused him to commit suicide in Afghanistan.

An Army investigation known as an "Article 32" concluded on Sunday with the investigating officer recommending dismissal of a manslaughter charge filed against Spc. Ryan Offutt, 32 years old, in connection with the ...

BY SEAN GARDINER

An Army investigator recommended dropping the most serious charge against a U.S. soldier implicated by the military along with others in the death of a private from New York City whose family believes abuse meted out by fellow infantrymen caused him to commit suicide in Afghanistan.

An Army investigation known as an "Article 32" concluded on Sunday with the investigating officer recommending dismissal of a manslaughter charge filed against Spc. Ryan Offutt, 32 years old, in connection with the ...

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Liu Aiming at Cuomo's Budget Plan

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- NY POLITICS

- JANUARY 24, 2012

Liu Aiming at Cuomo's Budget Plan

BY MICHAEL HOWARD SAUL

ALBANY—City Comptroller John Liu plans Tuesday to criticize Gov. Andrew Cuomo for proposing that the city again be left out of a funding package that delivered more than $700 million to municipalities statewide this fiscal year.

Mayor Michael Bloomberg is also scheduled to testify in Albany on Tuesday about the impact of Mr. Cuomo's proposed state budget. The mayor is expected to release his preliminary budget for the city next week.

According to an advance copy of his testimony, Mr. Liu plans to take aim at Mr. Cuomo's treatment of the city as it relates to Aid and Incentives for ...

BY MICHAEL HOWARD SAUL

ALBANY—City Comptroller John Liu plans Tuesday to criticize Gov. Andrew Cuomo for proposing that the city again be left out of a funding package that delivered more than $700 million to municipalities statewide this fiscal year.

Mayor Michael Bloomberg is also scheduled to testify in Albany on Tuesday about the impact of Mr. Cuomo's proposed state budget. The mayor is expected to release his preliminary budget for the city next week.

According to an advance copy of his testimony, Mr. Liu plans to take aim at Mr. Cuomo's treatment of the city as it relates to Aid and Incentives for ...

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Guilty Plea in Hit-Man Hire

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- NY REGION

- JANUARY 24, 2012

Guilty Plea in Hit-Man Hire

BY TAMER EL-GHOBASHY

A Long Island man serving a prison sentence for a $100 million mortgage-fraud scam pleaded guilty Monday to attempting to plot a hit on a former associate who had testified against him.

Aaron Hand, 40 years old, has been serving an 8 1/3- to 25-year sentence since he was convicted in July 2010 of multiple charges stemming from a scheme to defraud mortgage lenders. While in prison, he allegedly expressed an interest in staging a ...

BY TAMER EL-GHOBASHY

A Long Island man serving a prison sentence for a $100 million mortgage-fraud scam pleaded guilty Monday to attempting to plot a hit on a former associate who had testified against him.

Aaron Hand, 40 years old, has been serving an 8 1/3- to 25-year sentence since he was convicted in July 2010 of multiple charges stemming from a scheme to defraud mortgage lenders. While in prison, he allegedly expressed an interest in staging a ...

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New Spat Over Upper East Side Rent

By LAURA KUSISTO

Rob Bennett for The Wall Street Journal

Janet Nonamaker, above, has lived at 429 East 64th St., one of the city's oldest, privately developed low-income housing complexes, since 1978.

A real-estate developer is seeking to demolish one of the city's oldest, privately developed low-income housing complexes, saying the Upper East Side apartments can each only fetch rent of $600 a month in their current state.

Stahl Real Estate has applied to demolish two early 20th century buildings, but preservationists are firing back, arguing that the 190 rent-stabilized and rent-controlled apartments, which sit between 64th and 65th streets near York Avenue, have played a vital role housing lower- and middle-class tenants for nearly a century.

Stahl has submitted a hardship application to the Landmarks Preservation Commission seeking permission to demolish the buildings "on the grounds that they generate an insufficient economic return," according to Elisabeth de Bourbon, a spokeswoman for the commission.

Brian Maddox, a consultant on the project, said demolishing the two buildings would give the developer more resources to maintain other affordable buildings in the complex.

At a commission hearing on the proposal to be held Tuesday, neighborhood preservationists are planning to take aim at Stahl's application based on economic need.

An expert working for Stahl wrote in a letter to the landmarks commission that the pre-war, six-story walk-ups could fetch on average $600 a month each, based on the landlord's experience trying to attract tenant to the buildings. Current rents are about $600 to $800 a month in the two buildings, which both have vacancies of more than 24%.

But the Friends of the Upper East Side commissioned a 38-page study that found units in the buildings could fetch at least $1,500 a month based on comparable buildings in the area.

The two buildings, which are part of a massive 15-tenement complex on the Upper East Side, are at the center of a dispute that has raged for more than two decades.

The Landmarks Preservation Commission designated all of the buildings in the complex as landmarks in 1990, but the landmark status of the two buildings at 429 E. 64th St. and 430 E. 65th St. was revoked shortly after.

The landmarks commission redesignated the buildings as landmarks in 2006, but Stahl appealed in court. A New York appeals court ultimately denied the company's petition in 2010.

Stahl says the buildings have little architectural significance. The landlord removed Beaux Arts ornaments from the exterior a number of years ago.

"We did not believe that the facade was of landmark quality," said Mr. Maddox.

Arguments for preserving the buildings rest on their cultural and economic significance to the city.

The buildings were considered pioneers in the "light-court" model of tenement development, intended as an alternative to the dark and unventilated tenements common at the time.

"They were designated primarily for their cultural and social history," said Tara Kelly, executive director of the Friends of the Upper East Side Historic Districts. "It was a full-block complex that was really crucial to the history of tenement development. It was intended to be humane for the city's working poor."

Residents recall the building's early days, when it was filled with blue-collar workers who were beginning to emerge into white-collar prosperity.

"What I saw in the apartment was not the apartment, it was the view. All I saw was the East River," said Jeanne Scott-Monck, a resident in her 70s, who was working at Reader's Digest magazine when she rented a unit in one of the buildings more than 40 years ago.

"I thought I was renting into an apartment, but I was really renting into a community," Ms. Scott-Monck said.

Stahl has pledged to compensate for the affordable units that might be lost if the buildings are demolished.

"Demolition of the York Avenue buildings would enable us to maintain the rest of the buildings for low and moderate income tenants. We will relocate displaced tenants to housing at comparable rents within the remaining landmarked buildings," said Stahl's Mr. Maddox.

Hospital Site's Plan Advances

By JOSEPH DE AVILA

Plans to remake the St. Vincent's Hospital site in the West Village into an $800 million residential project were approved on Monday by the City Planning Commission.

The Rudin family, one of the city's largest landowners, proposes to build up to 450 luxury units at the site of the now-defunct St. Vincent's Hospital, which closed in 2010. Also planned for the site are an elementary school and a 16,500-square-foot park.

In addition, the developers are working with the North Shore-Long Island Jewish Health System to open a new 24-hour medical emergency department at the O'Toole building on Seventh Avenue, which was part of the closed St. Vincent's complex.

With the planning board approval, the Rudins next will have to win over the City Council, including Speaker Christine Quinn, who represents the West Village. Ms. Quinn will soon begin reviewing the proposal, after which she will take a public position, according to City Council spokesman Justin Goodman.

In a statement, William Rudin, chief executive of Rudin Management said the family-run real-estate company looked forward "to working with Speaker Quinn and the rest of the City Council to gain final passage."

The Rudins began discussions in 2007 to acquire the hospital, which in recent years had faced severe financial troubles. A federal bankruptcy judge approved the sale of St. Vincent's to the Rudins for $260 million in 2011. The family hopes to complete the project by 2015.

The development plans are among the most ambitious new projects planned in Manhattan and have been met with opposition from community groups. The local community board voted unanimously to disapprove the project in October

Mr. Rudin says his family's plan will result in the "significant revitalization of the St. Vincent's campus and its surrounding area."

Alex Rodriguez Slides Out of Condo

By JOSH BARBANEL

After owning a condo at the Rushmore, a new 41-story condominium tower on the West Side, for less than a single baseball season, Alex Rodriguez, has made a deal to sell his four-bedroom apartment at a substantial profit, brokers said.

The Yankees third baseman paid $5.5 million for the glass-walled apartment with 360-degree views on the 35th floor at the Rushmore on Riverside Boulevard in March, public records show.

The deal closed just two days before the opening-day game against the Detroit Tigers at Yankee Stadium.

Six days after the Yankees were eliminated in the divisional playoffs by the Tigers in the Bronx in October, he quietly put it back on the market with an $8 million asking price.

Last week, Mr. Rodriguez signed a contract to sell the 3,600-square-foot four-bedroom apartment, according to listing records.

Several brokers familiar with the sale said the contract price was high enough for the Yankee star to lock in a significant profit.

It wasn't immediately clear why Mr. Rodriguez decided to flip the apartment so quickly after purchasing it.

But brokers say that the Yankee slugger's well-publicized purchase at the Rushmore helped spur sales there, which soared last year, nudging up prices. A spokesman for Mr. Rodriguez declined to comment.

The listing of the A-Rod apartment by Adam Modlin, a broker who has had many celebrity clients over the years, doesn't mention him by name.

The apartment includes Warhol prints of Marilyn Monroe in an entry-hallway, and white wood floors and white walls and ceilings, according to the listing.

The listing shows a spacious wide-open layout and includes a pool table, dark leather couches in a 60-foot-long living room and a dining room looking out over the Hudson River.

Mr. Modlin declined to discuss the terms of the sale.

Come for the Movies, Stay for the Swag

- By MARSHALL HEYMAN

PARK CITY, Utah—Overall, this year's Sundance Film Festival feels kind of muted.

In years past, many of the independent film arms (Fox Searchlight, Focus) have used it as a launching pad for their edgier fare. This week, very few films came with distributors already attached.

The celebrities in town aren't of the A-list variety. There are newcomers like Aubrey Plaza (who appears in the sweet time-travel comedy "Safety Not Guaranteed") and Ari Graynor (who appears in the sweet phone-sex comedy "For a Good Time Call…"). They're good performers, but they don't get the hearts fluttering and the flashbulbs popping yet.

The lowered noise level is also, in part, because so far the films screened haven't been all that great. That's a complaint you hear out at night and again in the morning, when you're trying to get a breakfast crepe and a vanilla latte at Java Cow, the local coffee shop slash ice creamery.

The gifting suites of years past are still around, but in lieu of indiscriminatory swagging, companies are now trying to keep their freebie-giving under the radar. There are still free boots to be had—Sorels, Timberlands—but the brands seem to come here more for "activations" and to create "awareness," two words you hear more in passing conversation than "I'm on my way to a screening."

Last year, the presence of Continental Tires seemed strange. Now, the connection with driving, snow and big wheels makes a lot of sense. At least in comparison to the more—shall we be kind and say—eccentric brands jockeying for attention.

Take, for instance, Advance Pierre Foods, which was trying to drum up tastemaker "awareness" for its microwaveable frozen mini-cheeseburgers, Steak-Eze sirloin cheese steaks and Chicken Cordon Bleu. (They were placed adjacent to Udi's Gluten Free Granola. Hollywood types, apparently, are really into that kind of diet.)

A block away, Bertolli Meal Soup sponsored an entire "chalet," as the company called it, showing off its line of olive oils and other products. In said "chalet," celebrities could grab a bowl of Tomato Florentine, some TicTacs and a pair of sunglasses at a mini-Solstice boutique. A spokesperson said that more than 1,000 bowls of soup had been ladeled to visitors. The new thing now is to counterbalance the blatant promotion (which, in turn, attracts more photo-friendly stars to pop by) with a charitable component. This one benefited Feeding America.

When a brand manager starts to explain why her company has come to a film festival, you can start to connect the dots. The logic goes: It's Park City, people want hot soup. They might also like some warm, instant Cream of Wheat. "It's perfect for Sundance, it's cold," said a publicist serving a new chocolate variety, which tasted surprisingly good.

At Sundance, skiers and filmgoers get hungry. They need snacks. That's why Sabra brought its hummus. They get tired. That's supposedly what the Sheet's Brand energy strips are for. People get chapped; hence the Burt's Bees lip balm and body lotion.

But why did the frozen yogurt purveyor Yogurtland ship two of its heavy, cumbersome dispensing machines? "We have to make brand noise outside of our openings, and our brand can't afford expensive, traditional media," explained Alexis Eldridge, the vice president of marketing for the company. "People know us from L.A. This is our audience." And they'll eat fro-yo in the freezing cold? "Well, it's more of a snack in this market," said Ms. Eldridge. PS: Falling snow is actually not a bad topping.

Getty Images

Jon Heder at the Nintendo lounge

Why did the city of Miami sponsor a gifting Oasis at the Village at the Lift? To drum up business, too. "There's so much going on in Miami in terms of film production these days," said Jennifer Diaz of the Greater Miami Convention and Visitors Bureau. "We have major incentives in the state of Florida right now." Roger that.

Over at Kari Feinstein's Sundance Style Lounge, James Sinclair was trying to get celebrities excited about his new social-media app and network, Can We Meet. If he felt that people were willing to "take their blinders off" and have a conversation about making more online connections, an iPad could be in it for them. When we suggested we might prefer an app that actually stops people from getting in touch, he asked, "Do you want an Altoid? We're gifting."

Meanwhile, back at the Miami Oasis, Jason Hoodrich, a 30-year-old tattoo artist from Chicago, was giving free tattoos to patrons. Of the 16 tattoos Mr. Hoodrich inked, the most elaborate was an inner lip that read "SD20" to celebrate Sundance's 20th anniversary. It would normally cost $60. Gross, right?

Why did he come to Sundance anyway? "It's a fun thing to do," Mr. Hoodrich said, as he put on a pair of sanitary gloves. "You meet a lot of people and you get out of town."

Write to Marshall Heyman at marshall.heyman@wsj.com

Comedian Gets Serious, Collapses

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- NY CULTURE

- JANUARY 24, 2012

Comedian Gets Serious, Collapses

BY RACHEL DODES

In the fourth season of "30 Rock," the fictitious variety-show host Tracy Jordan, played with verve by comedian Tracy Morgan, has an emotional epiphany after shooting "Garfield 3," in which he starred as a motion-capture cat.

"All my life I've tried to forget the things I've seen: A crackhead breastfeeding a rat. A homeless man cooking a Hot Pocket on a third rail of the G Train. The G Train, Nermal!" he memorably says in one of the funniest ...

BY RACHEL DODES

In the fourth season of "30 Rock," the fictitious variety-show host Tracy Jordan, played with verve by comedian Tracy Morgan, has an emotional epiphany after shooting "Garfield 3," in which he starred as a motion-capture cat.

"All my life I've tried to forget the things I've seen: A crackhead breastfeeding a rat. A homeless man cooking a Hot Pocket on a third rail of the G Train. The G Train, Nermal!" he memorably says in one of the funniest ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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From the Dugout To the Cellar

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- NY CULTURE

- JANUARY 24, 2012

From the Dugout To the Cellar

BY MELANIE GRAYCE WEST

Rusty Staub wants you to open a bottle of wine and toast to a good cause.

The Major League veteran, who played with the Mets in the early 1970s and once owned restaurants in New York, is once again lending his name and a few good bottles in support of the annual Naples Winter Wine Festival.

The festival and auction supports the Naples Children & Education Foundation which provides funds to some 23 organizations that serve underprivileged children in Collier County, Fla. The festival, now in its 12th year and to be held Jan. 27-29 in Naples, Fla., is one ...

BY MELANIE GRAYCE WEST

Rusty Staub wants you to open a bottle of wine and toast to a good cause.

The Major League veteran, who played with the Mets in the early 1970s and once owned restaurants in New York, is once again lending his name and a few good bottles in support of the annual Naples Winter Wine Festival.

The festival and auction supports the Naples Children & Education Foundation which provides funds to some 23 organizations that serve underprivileged children in Collier County, Fla. The festival, now in its 12th year and to be held Jan. 27-29 in Naples, Fla., is one ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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Getting Into Character in Greenwich Village

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- NY CULTURE

- JANUARY 24, 2012

Getting Into Character in Greenwich Village

BY MIKE VILENSKY

Among this year's buzzy Sundance flicks is Ira Sachs's "Keep the Lights On," a gentle, semi-autobiographical film about a long-term gay relationship based in the New York City of the late-'90s and early aughts. Before the film even hit the Sundance slopes, it screened in the Greenwich Village, where much of it takes place.

"I'd ask Ira all these questions that you always want to ask people ...

BY MIKE VILENSKY

Among this year's buzzy Sundance flicks is Ira Sachs's "Keep the Lights On," a gentle, semi-autobiographical film about a long-term gay relationship based in the New York City of the late-'90s and early aughts. Before the film even hit the Sundance slopes, it screened in the Greenwich Village, where much of it takes place.

"I'd ask Ira all these questions that you always want to ask people ...

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Time Travel? Check. Script? Not So Much

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- CURTAIN RAISERS

- JANUARY 24, 2012

Time Travel? Check. Script? Not So Much

BY LIZZIE SIMON

Each week in Curtain Raisers, we invite a local theater artist to attend a show of his or her choosing and discuss the results. Recently, the 23-year-old actress Sarah Steele opted to see the historical mash-up "Mission Drift," by the New York-based experimental ensemble the TEAM (Theatre of the Emerging American Moment). Ms. Steele, whose breakout performance came in the 2004 Adam Sandler film "Spanglish," has appeared onstage in "The Prime of Miss Jean Brodie," "Speech and Debate" and, most recently, "All-American," at Lincoln Center Theater. She's currently appearing in the New Group's premiere production of "Russian Transport," Erika Sheffer's ...

BY LIZZIE SIMON

Each week in Curtain Raisers, we invite a local theater artist to attend a show of his or her choosing and discuss the results. Recently, the 23-year-old actress Sarah Steele opted to see the historical mash-up "Mission Drift," by the New York-based experimental ensemble the TEAM (Theatre of the Emerging American Moment). Ms. Steele, whose breakout performance came in the 2004 Adam Sandler film "Spanglish," has appeared onstage in "The Prime of Miss Jean Brodie," "Speech and Debate" and, most recently, "All-American," at Lincoln Center Theater. She's currently appearing in the New Group's premiere production of "Russian Transport," Erika Sheffer's ...

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A Lost Gem Gets a Callback

One-Night Reprieve for a Film That Scandalized the City

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- NY CULTURE

- JANUARY 24, 2012

A Lost Gem Gets a Callback

One-Night Reprieve for a Film That Scandalized the City

BY BRUCE BENNETT

"My career spans a lot of areas of the business," Merv Bloch said recently in the study of his Central Park West apartment. All around him were still photos taken on Alfred Hitchcock and Woody Allen movie sets; testimonials from Orson Welles, Mr. Allen and others; and iconic original art from scores of ad campaigns and posters that Mr. Bloch created from the 1960s into the '80s—confirming that "the business" is the movies.

As an advertiser who built his career from his love of cinema, Mr. Bloch was the creative force behind the marketing campaigns and trailers for countless films ...

BY BRUCE BENNETT

"My career spans a lot of areas of the business," Merv Bloch said recently in the study of his Central Park West apartment. All around him were still photos taken on Alfred Hitchcock and Woody Allen movie sets; testimonials from Orson Welles, Mr. Allen and others; and iconic original art from scores of ad campaigns and posters that Mr. Bloch created from the 1960s into the '80s—confirming that "the business" is the movies.

As an advertiser who built his career from his love of cinema, Mr. Bloch was the creative force behind the marketing campaigns and trailers for countless films ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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Who Needs a 'Top Chef' or Gordon Ramsay?

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- NY CULTURE

- JANUARY 24, 2012

Who Needs a 'Top Chef' or Gordon Ramsay?

BY ALEXANDRA CHENEY

French-born chef Sebastien Agez has a habit of replacing contestants from the competitive cooking show "Top Chef." Recently, he was introduced as the executive chef at the TriBeCa brasserie Plein Sud, after Season 7 competitor Ed Cotton packed his knives and left. After being eliminated on Season 3, Joey Paulino returned to Café des Artistes as executive chef but was replaced by Mr. Agez in 2009.

Mr. Agez's tendency to resist the limelight is in stark contrast to more brand-driven colleagues. "Chefs have a reputation to go crazy in the kitchen and want all this attention," he said. "My everyday ...

BY ALEXANDRA CHENEY

French-born chef Sebastien Agez has a habit of replacing contestants from the competitive cooking show "Top Chef." Recently, he was introduced as the executive chef at the TriBeCa brasserie Plein Sud, after Season 7 competitor Ed Cotton packed his knives and left. After being eliminated on Season 3, Joey Paulino returned to Café des Artistes as executive chef but was replaced by Mr. Agez in 2009.

Mr. Agez's tendency to resist the limelight is in stark contrast to more brand-driven colleagues. "Chefs have a reputation to go crazy in the kitchen and want all this attention," he said. "My everyday ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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Target Fights 'Showrooming'

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When Lawyers Become 'Trolls'

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Opinion: O'Grady: Obama's Keystone Delay Flouts the Law

- 1.
Steven Tyler's New $4.8 Million Maui Home

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How the Brain's Wiring Forms Thoughts and Emotions

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A Classic House With Two Front Doors

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Romney and Gingrich Spar at GOP Debate

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The New American Divide960 comments

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- Matilda Anders 245 Recommendations

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- 3.
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- Rick Williams 140 Recommendations

- 4.
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- James Thomas 124 Recommendations

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- Keith Brainard 101 Recommendations

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1547 Recommendations

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874 Recommendations

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Do we need religion to have ethics? Is it possible that a world without religion can be, on the whole, a better place to live?

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- Question of the Day

What impact do Newt Gingrich’s past relationships have on his chances for the GOP presidential nomination?

- Question of the Day

Should everyone be required to purchase health insurance?

- Libertarians

The image of the bald eagle is outright aggressive and predatory. Perhaps change the national symbol to something along the line of "speak softly and carry a big stick?"

- See all Discussion Groups

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- Time Travel? Check. Script? Not So Much

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Baron Davis Practices But Says He's Rusty

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Baron Davis

Baron Davis, the Knicks' point guard who signed in December while hampered with a herniated disc, made his practice debut on Monday and the results were mixed. Davis said he was "rusty" and said he wouldn't specify which game he'll make his return in. Knicks coach Mike D'Antoni said he's willing to play Davis limited minutes to start with. Davis, who said stamina was an issue, will likely make his debut at some point in the team's upcoming four-game road trip.

—Kevin Clark

Ann Mara's Feistiness Impresses Coughlin

After a feisty great-grandmother walked into his locker room and gave Fox announcer Terry Bradshaw a piece of her mind, Giants coach Tom Coughlin couldn't suppress a chuckle talking about it the next day.

Bradshaw, a former Steelers quarterback, was readying to interview Victor Cruz in the aftermath of the Giants' win Sunday night in San Francisco, when Ann Mara, widow of the late Giants owner Wellington Mara, interrupted. Bradshaw, she angrily told him, never picked her Giants to win. Her son John, the Giants' current co-owner and president, tried to shush his mother, but Monday, Coughlin admitted he got a kick out of hearing the story.

"I know that in many ways, many times Mrs. Mara's attitude is kind of reflective in the way that we would hope our team played," he said, before laughing, "She's got great energy."

—Aditi Kinkhabwala

Associated Press

Brian Schottenheimer

Rams Turn Offense Over to Schottenheimer

The St. Louis Rams announced Monday that they'd hired former Jets offensive coordinator Brian Schottenheimer to take the same role in their organization. Schottenheimer resigned from his post with the Jets two weeks ago, after the team's underachieving offense finished 25th in the league.

Schottenheimer, a 38-year-old who spent six seasons with the Jets, will coach under Jeff Fisher, who became the Rams head coach earlier this month.

—Chris Herring

AL East Is Armed and Dangerous

Which of the East Coast Juggernauts Has the Best Rotation? Cashman: We're Deeper and Better

By DANIEL BARBARISI

Call it the great arms race of 2012.

After a winter of stockpiling pitching arms and adding pieces, the three top contenders in the AL East—the Yankees, Red Sox, and Rays—enter the year with stacked pitching rotations among the best in all of baseball, and they're still clambering over one another to add more.

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The Yankees' Michael Pineda, formerly of Seattle, is an integral part of the team's' rotation.

"Everyone talks about the Phillies and Angels—and they should—but the East teams aren't far behind, especially with what the younger arms in Tampa could do this season," said an American League scout who scouted the AL East this past season.

Last season, the Rays were second in the AL in ERA, and the Yankees fourth, while the much-heralded Red Sox staff fell into the middle of the pack thanks to injuries and ineffectiveness.

Now all three are reloading their already powerful rotations with signings, minor leaguers and converted relievers, creating a trio of deep, loaded staffs that could undo the AL East's longstanding reputation as a division dominated by big bats.

Each team has its strength. Last year, the Yankee staff dominated in strikeouts, punching out more batters than any team in the league. And they've added to that edge by trading for Michael Pineda, who struck out a batter per inning in his rookie year and should enter as the No. 2 or No. 3 starter behind CC Sabathia.

"I never thought I would become a New York Yankee so early into my career," Pineda said yesterday as his trade to NY became official. "This is the best thing in the world. Pitching alongside CC Sabathia, I'm speechless."

The Rays trot out ground ball pitchers who induce weak contact, giving up the fewest hits of any AL team. Tampa's pitchers try to let their superlative fielders and spacious home ballpark do the work for them, and that philosophy has paid dividends, as they gave up 7.8 hits per 9 innings—dramatically ahead of the next best AL team, the Seattle Mariners, at 8.3 hits per 9.

The Red Sox lack the gaudy overall numbers, as injuries and inconsistency ruined their 2011 season. But what they have is cream at the top. Among the candidates for their starting rotation are Jon Lester, Josh Beckett, Clay Buchholz, Daniel Bard, and Alfredo Aceves who all boasted ERA's under 4.00 in 2011.

But who's the best? All three teams boasted good rotations last season, New York and Tampa in particular. The Yankees have added the phenom Pineda and veteran Hiroki Kuroda to that mix, giving them perhaps the strongest group based on 2011 track record. They are also potentially the deepest group, with Phil Hughes, Freddy Garcia and A.J. Burnett also standing by as rotation options, to the delight of general manager Brian Cashman.

"I just know we're deeper, and that means we're better," Cashman said. "There's obviously power in numbers. When you start to feel like you have enough, the baseball gods really come down on you."

The Rays have made additions as well, giving them perhaps the greatest upside.

All Stars David Price and James Shields, aged 26 and 30, serve as the old men alongside Rookie of the Year Jeremy Hellickson and top minor-league prospect Matt Moore, whom the Rays signed to a six-year deal after he pitched all of nine major-league innings in 2011.

For the Rays to make that kind of commitment speaks to the kind of prospect Moore is—a rare talent with excellent maturity, one expected to win immediately.

"He's got a great arm, absolutely. But it's the makeup that carries you through those moments, and it's the makeup that makes you a very successful pitcher in the American League East," said Rays manager Joe Maddon in an interview at the end of the season.

Then there are the Red Sox, with top-tier talent at the front of the rotation in Beckett, Lester, and Buchholz, but uncertainty beyond that, acknowledged general manager Ben Cherington.

"I think we have, you know, more questions right now than Tampa and New York, for example. Those teams, there's probably less competition for the rotation on those two teams. The Yankees made some moves to strengthen their rotation. Tampa has had a strong rotation. Ultimately the answer will be written on the field," Cherington said.

The Yankees, interestingly enough, provide the blueprint for what the Red Sox are trying to do. Their 2011 rotation got by on smoke and mirrors, personified by Garcia and Bartolo Colon, to great success. The Red Sox are trying to duplicate that success this year.

"There have been very recent examples of teams that looked like they were going to be struggling for depth at this point in the offseason and found some ways to put it together and did a good job buying low on some guys and they figured it out," Cherington said.

What's remarkable about all three teams is their potential fifth starters. Usually teams are happy to put innings-eaters in that spot. These teams could insert pitchers who could be No. 3 pitchers in other rotations.

In New York, Freddy Garcia and his 12 wins and 3.62 ERA will look to stave off Burnett and Hughes. In Tampa, Wade Davis (4.45 ERA) and Jeff Niemann (4.05 ERA) will fight it out for the final spot. And in Boston, converted relievers Bard (3.33 ERA) and Aceves (2.61 ERA between starting and relief) will be in the mix against veterans Aaron Cook and Vicente Padilla, among others, with Daisuke Matsuzaka slated to return midseason.

And free agent Roy Oswalt, once one of the best pitchers in baseball, could still join that Boston group, as these clubs try to prove that in the new AL East, too much pitching is never enough.

Giants Need a Crash Course on Stopping Tight Ends

Sacramento Bee/Zuma Press

Vernon Davis

The Giants barely survived the NFC Championship game after failing to contain 49ers tight end Vernon Davis (112 receiving yards and two touchdowns). Now things will get twice as tough, as they prepare to meet the most productive tight end duo in NFL history.

The last time the Giants squared off against New England's Rob Gronkowski and Aaron Hernandez, the pair caught 12 of 20 passes thrown to them for 136 yards and two touchdowns. That's not surprising, given how they helped the Patriots set an NFL record for completions (169), yards (2,237) and touchdowns (24) to tight ends. Deon Grant was the unlikely defensive hero in the 24-20 Giants victory, not allowing a completion to either in five targets and adding an interception on a deep heave targeted to Gronkowski (who injured his ankle in Sunday's victory).

After smothering Atlanta's Tony Gonzalez and Green Bay's Jermichael Finley, San Francisco tight ends accounted for 75% of the passing game. That raised the stat line for opposing tight ends versus the Giants to 95 catches for 1,172 and nine touchdowns (versus just three picks). That gives opponents a passer rating of 94.7 when throwing to tight ends, worse than the NFL average of 82.5 and worse than the 85.2 rating the Giants allowed to all receivers this year.

If pass success is the best test, then the key coverage assignments should be given to Grant and linebacker Chase Blackburn. Since being signed midseason, Blackburn has allowed a paltry passer rating of 7.0 to tight ends he's covered (11 targets). But expect Tom Brady to employ his dynamic duo against New York's starting safeties—Antrel Rolle (117.4 passer rating on 22 TE targets) and Kenny Phillips (101.6 on 18).

—Michael Salfino

The Patriots Don't Have Eli

The Giants' Manning Is Cut From the Same Cloth as Yankees Captain Derek Jeter

By ADITI KINKHABWALA

Eli Manning didn't yell at Hakeem Nicks. He didn't scold, he didn't gesture wildly, he didn't even say anything about Nicks reading the 49ers' defense wrong, running the wrong route and letting Manning's ball hang on the very first pass of the Giants' biggest game all year.

European Pressphoto Agency

The Giants' Eli Manning passed for more than 300 yards in the playoff win over San Francisco on Sunday to punch their ticket to the Super Bowl.

"Yell?" Nicks said. "How long have you known 'E'?"

Years, it would seem, as Peyton's goofy little brother and wingman to a suffocating, Super Bowl-winning Giants defense. But now, this season, after Sunday night's gutsy 20-17 overtime takedown of the 49ers in the NFC Championship game and with this march for a second Super Bowl in five seasons, the masses may finally see Manning as Eli alone, without an appositive shadowing his name.

Go past the yards, the touchdowns and the Howdy Doody smile and the Giants quarterback proved on a sodden Candlestick Park field Sunday he is one of the game's best. Because he makes the great play when it absolutely needs to be made. Because he makes everyone around him better. Because he is, Nicks said, "an assassin."

These Giants (12-7) are flying into Indianapolis perched atop Manning's wings for a Super Bowl XLII rematch with the Patriots (15-3). He was better than Tom Brady on Sunday, he was better than Brady four years ago in Glendale and he is why the Giants are so high in the face of whatever the Patriots try in their revenge rematch.

"We have Eli," kicker Lawrence Tynes said.

Of course, these Giants are a true 53-man roster; rookie linebacker Jacquian Williams, whose aggressiveness led to a key Green Bay completion in a last-second December loss, forced the game-changing fumble on 49er Kyle Williams's final punt return, and Redskins castoff Devin Thomas pounced on it for his second recovery of the night. But for all the ways Nos. 2 through 53 have put the Giants in the Super Bowl, Manning was the indispensable No. 1. Sunday night. When San Francisco's Dashon Goldson was asked about Victor Cruz's 10-catch night, the safety said, "We take our hats off to Eli."

Manning is cut from the mold of Derek Jeter, the Yankees captain who patiently waits out reporters' queries and yet manages to never reveal anything of consequence. There are no pictures of Manning's infant daughter in his locker, he offers no stories about changing diapers and once, when told even Coughlin outed him as one of the team's funniest players, he brusquely said, "He's just being nice."

This is Manning. A year ago, as then back-up quarterback Sage Rosenfels struggled to explain why the Giants locker room was the best he'd ever been in, he finally said it was Manning. That if the highest-paid player on the team had no ego, Rosenfels said, how could anyone else?

And yet, there is an ego, one strong enough to say in the preseason that, yes, he was in Brady's class and then to refuse his father Archie's suggestion to retract the statement. There is an ego—last year's 25 interceptions stuck in his craw, such that even as he never called out his receivers for running wrong routes or tipping balls, he still gathered them this summer, several times, during the league's labor impasse. And there's been an ego in going to offensive coordinator Kevin Gilbride and saying, as he admitted last week, that teams can't stop him from throwing so please keep calling passes.

Manning wanted to throw Sunday, even in the drenching rain and on a sloppy field. He was sure he could play his game, deafening crowd be damned, and he did, throwing for 316 yards and both Giants' touchdowns, the second a marvel of a 17-yard laser to Mario Manningham, on a third-and-15, with the 49ers flooding the field and the Giants desperately needing more than a field goal.

"It's almost like he doesn't know or care that we're on the road," Cruz said afterward.

Praise of Manning's even keel and mental toughness are always at the forefront, but Sunday his physical toughness was even more impressive. His teammates tease him for his questionable athleticism, and yet there he was, throwing the ball 58 times, taking hit after hit and getting up each time. He was sacked six times, he was knocked down at least 20 and not once, right guard Chris Snee said, did he look askance at a lineman.

"He stands in there and he'll take the blows, he'll get right back up, he gets right back in the huddle, he's the same positive influence around everybody around him," Coughlin said Monday. "He doesn't get real upset and point the finger or want to know what the deal is, I'm sure he does in his mind, but he's never going to show that."

Last week, Vegas laid odds on the number of times Peyton Manning's name would be uttered during the NFC Championship broadcast. One more win and maybe next year's odds will be the reverse.

This Game Won't Be Super Bowl XLII, Part II

- By JASON GAY

Hey New York sports fans! Who wants to talk some Tuesday night NBA basketball?! The 6-10 Knicks versus the 3-14 Bobcats—an early-season battle for lottery ping-pong balls! Who's with me?

Getty Images

The Giants are back in the Super Bowl, and the city is amid a syrupy football swoon.

Kidding of course. The Giants are back in the Super Bowl, and the city is amid a syrupy football swoon. Quiet Eli Manning has nudged Jay-Z aside as the new Sinatra, Kelly Ripa ought to ask Victor Cruz to step in for Regis and Tom Coughlin could run for mayor or at least President of the Meadowlands. New England looms in less than two weeks, and the Empire State Building is headed to Brooks Brothers to pick out a crisp blue suit.

You know the Giants are The Thing when the pols start demanding the name change again, to the New Jersey Giants. Didn't hear that much when Big Blue had lost four in a row and was marinating in flop sweat at 6-6.

But whatever. Give the Giants to Yonkers, to Bergen County, to Poughkeepsie, to Bayonne, to Brooklyn, to Atlantic City and Alexandria Bay. Stretch the border from the St. Lawrence River to Delaware. Drop a rope ladder to the envious Jets fans, still fuming from an exasperating season and another Rex Ryan prediction that came up short.

The Patriots are on the menu, and the game is a rematch of a classic, that 2008 shocker in Arizona in which the Giants spoiled a perfect 18-0 season.

Is this XLVI in Indy really XLII Part II?

Let's just stop that right now. This game is not That Game, and because of the circumstances, will never be. The hype entering 2008 bordered on absurd. The Patriots were chasing a place as the Supreme Team of All-Ever Awesomeness, and that 17-14 Giants upset was a slingshot rock right into whatever weepy eyeball cliche you want to employ.

Sure, the Patriots may be seeking a kind of cosmic revenge. "I still can't watch highlights from that game," Tom Brady said Monday morning on Boston's WEEI radio, during an interview in which his toddler son cutely fussed in the background. "We had a great opportunity there and really squandered it."

But a Patriots win in Indianapolis doesn't vaporize that crushing loss, and the Giants don't get a trophy for clinching best-out-of-three.

The XLII backstory is compelling, but what elevates this Super Bowl is how unpredictable it appears. Despite a 24-20 Giants win in the regular season, there's no obvious favorite. Vegas installed New England as a cautious 3-point favorite, but it feels like a hedge. The Giants are flawed but confident. The Patriots are wary, but they're also the Patriots.

But before the pre-game bluster truly kicks off, let's step back into the other, more recent backstory—where these current New York Giants have risen from.

Step back a year ago, when the Giants were lost in the maddening fog of a 10-6, playoff-denied season, visions of a DeSean Jackson punt return still tormenting Coughlin's dreams.

Step back to August, when the Jets were pumping their Super chances, the Eagles had pronounced themselves America's Talons, and the Giants were getting pilloried for a lack of free-agent signings and letting players like Steve Smith escape.

Step back to Giants general manager Jerry Reese saying, "We'll get into the playoffs and we'll make a run." Step back to everyone kind of rolling their eyes at Jerry Reese.

Reese is redeemed; his Giants are making a run as the undisputed hot team. But remember the chilly moments. That four-game skid. Five losses out of six. The season sweep by the Washington Redskins. A stinker to the Seahawks at home. A blowout in New Orleans. The annual fury of finger-pointing and calls for Coughlin's dismissal.

The Giants have recovered to write another remarkable script—maybe not as dramatic as 2008's perfection interrupted—but one that's equally improbable, and ending once more with New England.

Ticket Lottery Leaves Some Fans Flummoxed

By JOSHUA ROBINSON

Within hours of Lawrence Tynes's sending the Giants to the Super Bowl, tens of thousands of Giants season-ticket holders found out whether they would have the opportunity to make the same trip.

From Sunday night to Monday morning, the Giants sent out email blasts informing their season-ticket holders of the results of their Super Bowl ticket draw, a random computer selection process that determined who would have the opportunity to buy tickets for Indianapolis.

But the way the Giants structured the draw meant that not every season-ticket holder was entered with the same chances. Each entry was weighted by seniority and further helped if the season tickets were for the higher-priced seats in the Mezzanine Club and Coaches Club, leaving many fans frustrated at the Giants' lack of transparency.

Dan Cillié, whose family has held tickets since the 1940s but did not win the Super Bowl lottery, said he didn't even know how a lottery would unfold until his result came in an email Sunday night.

"It should have been more explicitly laid out how it worked for different classes of licensees," he said in a telephone interview. "It's their prerogative to do it, but it should be explained."

The criteria were detailed in separate emails to club seat holders and non-club seat holders after the selection occurred. The message did not inform non-club seat holders the club seat holders would carry any extra weight.

"For each year that you have held tickets in your name," the email to club seat holders said, "your account number was entered one time. That number was then multiplied by the number of Club Seats you own."

The rest of the season-ticket holders only had their entries multiplied by the number of years they had owned the tickets, regardless of how many seats they held. In other words, someone who has held five club seats for three years would be entered in the lottery 15 times, the same number as a fan with any number of non-club tickets for the last 15 years.

When the team last went to the Super Bowl, in 2008, the process only took into account seniority, according to the Giants.

The league makes 17.5% of the tickets available to each of the participating teams, which translates to roughly 12,250 tickets each based on the stated capacity of Indianapolis's Lucas Oil Stadium. From that allotment, the Giants also hold back a number of tickets for their players and staff.

Because of the unique distribution—with an outsize proportion going to sponsors, the league and team affiliates—the volume of tickets available on secondary markets is roughly half of what it was for the conference championship games.

According to SeatGeek, a website that tracks and forecasts ticket prices across secondary markets, there are roughly 7,000 Super Bowl tickets around, a steep drop compared the 15,000 that were available in the buildup to the NFC Championship game between the Giants and the 49ers. As of Monday afternoon, the average price for a Super Bowl ticket was $3,207.

Corrections & Amplifications

While fee structures vary, private-equity firms often return all annual management fees to investors if the firms achieve sufficient returns enabling them to receive 20% of profits. A graphic accompanying a Jan. 13 Money & Investing article on the private-equity business incorrectly said firms charge both management fees and 20% of profits.

The data lines for the chart with Monday's Heard on the Street article on Wall Street pay were plotted incorrectly. The corrected chart, on page C2, shows the widest gap between the lines in 2006, not 2010.

A photo accompanying a U.S. News article Saturday showed Mitt Romney on a campaign bus driving through Lexington, S.C., en route to a campaign event in Charleston, S.C. The caption incorrectly said it showed Mr. Romney as he was leaving Gilbert, S.C.

Prosecutors in the child sexual-abuse case against former Penn State assistant football coach Jerry Sandusky can still use Joe Paterno's grand-jury testimony after his death, unless the defense successfully objects, according to Wesley Oliver, a professor at the Widener College of Law in Harrisburg, Pa. A U.S. News article Monday failed to include Mr. Oliver's caveat about the defense.

A chart accompanying an Election 2012 article Monday showed religious affiliation as a percentage of the total populations of the indicated states and U.S. The chart may have created the incorrect impression that it showed percentages within the subset of religious citizens.

The Chrysler 300C Luxury Series and its sibling car, the Lancia Thema, are built in Brampton, Ontario. The Rumble Seat car review in Saturday's Off Duty section incorrectly said the Thema was built in Graz, Austria, and the 300C in Windsor, Ontario.

New England Patriots quarterback Tom Brady on Sunday was chasing Joe Montana's record of 16 postseason wins by a quarterback, which he tied. A Heard on the Field item on Friday's sports page incorrectly said Brady was seeking to tie Montana for most postseason wins by a quarterback/coach combination.

Printed in The Wall Street Journal, page A2

Chesapeake Energy Pulls Back Amid Natural-Gas Glut

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- BUSINESS

- JANUARY 24, 2012

Chesapeake Energy Pulls Back Amid Natural-Gas Glut

BY DANIEL GILBERT AND RYAN DEZEMBER

Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.

The move is an abrupt turnabout by Chesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.

The announcement by Oklahoma City-based Chesapeake was greeted with ...

BY DANIEL GILBERT AND RYAN DEZEMBER

Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.

The move is an abrupt turnabout by Chesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.

The announcement by Oklahoma City-based Chesapeake was greeted with ...

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RIM's New CEO Sticks With Strategy

Investors Don't Take Kindly to BlackBerry Maker's News; Shares Fall 8.5%

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- MANAGEMENT

- JANUARY 24, 2012

RIM's New CEO Sticks With Strategy

Investors Don't Take Kindly to BlackBerry Maker's News; Shares Fall 8.5%

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

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RIM's New CEO Sticks With Strategy

BY WILL CONNORS

TORONTO—Thorsten Heins, the new chief of Research In Motion Ltd., didn't win an endorsement from shareholders on his first day on the job, but executives who know him say his reputation for execution may be just what the BlackBerry maker needs as it rolls out a make-or-break new operating system later this year.

Mr. Heins has worked at RIM since 2007, most recently as the senior of two chief operating officers. On a conference call Monday, he immediately emphasized that he will mostly follow the path set by his predecessors, co-Chairmen and co-Chief Executives Jim Balsillie and Mike Lazaridis.

He ...

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Inundated Companies Resort to Software to Sift Job Applications for Right Skills

By LAUREN WEBER

Many job seekers have long suspected their online employment applications disappear into a black hole, never to be seen again. Their fears may not be far off the mark, as more companies rely on technology to winnow out less-qualified candidates.

Recruiters and hiring managers are overwhelmed by the volume of résumés pouring in, thanks to the weak job market and new tools that let applicants apply for a job with as little as one mouse click. The professional networking website LinkedIn recently introduced an "apply now" button on its job postings that sends the data in a job seeker's profile directly to a potential employer.

While job boards and networking websites help companies broadcast openings to a wide audience, potentially increasing the chance the perfect candidate will reply, the resulting flood of applications tends to include a lot of duds. Most recruiters report that at least 50% of job hunters don't possess the basic qualifications for the jobs they are pursuing.

To cut through the clutter, many large and midsize companies have turned to applicant-tracking systems to search résumés for the right skills and experience. The systems, which can cost from $5,000 to millions of dollars, are efficient, but not foolproof.

Ed Struzik, an International Business Machines Corp. expert on the systems, puts the proportion of large companies using them in the "high 90%" range, and says it would "be very rare to find a Fortune 500 company without one."

At many large companies the tracking systems screen out about half of all résumés, says John Sullivan, a management professor at San Francisco State University.

No wonder: Starbucks Corp. attracted 7.6 million job applicants over the past 12 months for about 65,000 corporate and retail job openings; Procter & Gamble Inc. got nearly a million applications last year for 2,000 new positions plus vacant jobs. Both companies use the systems.

Although they originally evolved to help employers scan paper résumés into a database, do basic screening and trace an applicant's path through the interview and hiring process, today's tracking systems are programmed to scan for keywords, former employers, years of experience and schools attended to identify candidates of likely interest. Then, they rank the applicants. Those with low scores generally don't make it to the next round.

The screening systems are one way companies are seeking to cut the costs of hiring a new employee, which now averages $3,479, according to human-resources consulting firm Bersin & Associates. Big companies, many of which cut their human-resources staffs during the recession, now spend about 7% of their external recruitment budgets on applicant-tracking systems, the firm says.

At PNC Financial Services Group, which has used the tracking software for 15 years, an applicant for a bank-teller job is filtered out if his résumé doesn't indicate that he has two to three years of cash-handling experience. PNC emails rejected applicants within a day, suggesting they search its website for jobs for which they are better qualified, says Jillian Snavely, senior recruiting manager.

A recruiter reviews applicants who make it through the first cut, which includes the résumé screening and a brief questionnaire about relevant skills. Those applicants get a live or automated phone interview.

Tracking software has its pitfalls. It may miss the most-qualified applicant if that person doesn't game the system by larding his or her résumé with keywords from the job description, according to Mark Mehler, co-founder of consulting firm Career Xroads, which advises companies on staffing.

But the idea isn't to replace human screeners entirely. Experts say the systems simply narrow the field to a size hiring managers can handle. They also stress that, despite advances in the software, the single best method of getting a job remains a referral from a company employee.

One small error, such as listing the name of a former employer after the years worked there, instead of before, can ruin a great candidate's chances.

"There are some things parsers are just too stupid to figure out," says Bersin & Associates Chief Executive Josh Bersin. And they do add to job seekers' impression that submitting applications online is largely futile, even after that person customizes a résumé for a job that seems a natural fit.

"I kind of wonder if some of the jobs I'm applying to even exist," says Asa Denton, a 31-year-old software programmer in Reno, Nev., who has been job hunting for four months.

Elaine Orler, president of Talent Function Group LLC and an expert on the tracking systems, says they should be more candidate-friendly. In the future, she says, forward-thinking companies will allow applicants to check the status of their applications online. The bottom line, she adds: "Candidates deserve respect."

For all their flaws, recruiters generally prefer the automated systems. Texas Roadhouse Inc., a restaurant operator with 350 locations, plans to adopt a tracking system this year to handle the flow of applications for hourly jobs.

Julie Juvera, head of human resources at the chain's headquarters in Louisville, Ky., says she gets as many as 400 résumés for a job opening within 24 hours after listing it online. "We used to hand-write a postcard to every single applicant saying 'thank you so much for applying.' But that's become too overwhelming and tedious."

Now the company sends an automated email to an applicant to tell him his résumé is being reviewed, and that it will contact him if it considers him for a job.

Anthoy Freda

Résumé overload isn't just a big-company problem. Job seekers often are surprised when they don't hear back from small businesses. These businesses rarely hire enough people to make an applicant-tracking system cost-effective, but even a one-time posting on a well-trafficked job board like Monster.com can garner hundreds of responses.

Only 19% of hiring managers at small companies look at a majority of the résumés they receive, and 47% say they review just a few, according to a recent survey by Information Strategies Inc., publisher of Your HR Digest, an online newsletter.

When Mr. Denton, the software programmer, sent his résumé to Google, Inc. and Walt Disney Co., he wasn't terribly surprised when he received nothing but an email acknowledgment, but he expected a more personal response from a small Reno company.

When he called to ask for an update on his application, he was told the company's vice president was in charge of hiring, and surmised that the executive was too busy to read through the submissions. "What I'm going to do is turn up on their doorstep," says Mr. Denton. "I really have nothing to lose."

— Rachel Emma Silverman contributed to this article.

The Web's Growing Muscle

Tech Industry Rises in Washington by Combining Cash, User Clout

By AMY SCHATZ, GEOFFREY A. FOWLER and ERICA ORDEN

Google Inc. held a holiday bash in December on a rooftop overlooking the Capitol, where congressional staffers and other Washington denizens nibbled on minipizzas and received a gift of red Google mittens.

The party wasn't very different from those held by other Washington powerhouses during the holidays. But, as lawmakers soon learned, Internet companies can also wield a tool the others usually can't. Last week, Web users flooded Congress with messages of protest against antipiracy legislation, forcing backers to abandon their bills almost as quickly as they could say "Wikipedia blackout."

The Internet industry has found a rare sweet spot in Washington. With Google in the lead, the companies have begun building a strong traditional lobbying force in Washington. And, to complement that inside game, websites' millions of users have become a powerful outside weight on Congress.

Eric Schmidt

What's more, in a rare Washington double play, the concerns of Internet companies have found a sympathetic ear both in the Democratic White House and among Republican presidential candidates who otherwise can't agree with Barack Obama on anything.

"There is no question that the influence of the Internet community is at its apex," says Leslie Harris, chief executive of the Washington-based nonprofit Center for Democracy and Technology, which is backed in part by tech companies including Google and Facebook Inc.

"I believe that something profound happened," she says of last week's revolt against bills in the House and Senate aimed at combating foreign pirate sites. "It was not just the tech companies—it was the users."

It isn't that traditional media and entertainment companies have abandoned the field in Washington. According to the Center for Responsive Politics, television companies, Hollywood, and the recording industry spent more than $91 million on lobbying efforts through the 2011 third quarter.

But they now realize their outside game doesn't match their inside muscle.

"Where's the [film industry's] Facebook campaign?" producer and director Adam Lipsius asked in an interview at the Sundance Film Festival in Park City, Utah. "Why aren't they taking every movie out of the theaters on some Friday or Saturday and saying, 'This is the future'?"

At Sundance, Weinstein Co.'s Bob Weinstein got a first-hand taste of the challenge facing the studios when a technician fixing a television set in his hotel room recommended the film "Apollo 18." Mr. Weinstein, whose company distributed the film, says he was thrilled—until the man added that he had downloaded a free copy and could do the same for Mr. Weinstein within 20 minutes.

"That's my movie!" Mr. Weinstein says he exclaimed. "You're arrested!"

Speaking at a panel discussion at the festival Monday morning, Motion Picture Association of America Chairman Chris Dodd blamed the movie industry's problems in part on technology companies' ability to lobby the public directly. As a result, Mr. Dodd argued, "now you've got to lower the level of emotionalism about this issue that's blown up in ways that we haven't seen before."

The MPAA has devoted years to fighting piracy in Washington, often holding private movie screenings of soon-to-be-released titles for Capitol Hill staffers at the studios' plush theater just a few blocks from the White House. Until a few years ago, Internet companies couldn't dream of having that kind of inside access.

Last year, though, Google spent $9.68 million on lobbying, up from $1.52 million four years earlier. Facebook, which had a one-man operation in Washington as recently as 2007, set a new lobbying record for itself, spending $1.35 million.

According to public records, Google has hired at least 13 lobbying and communications firms—with ties to both Republicans and Democrats—since May 2011, when the Federal Trade Commission ramped up its antitrust probe of the Internet giant.

Much of Google's spending on lobbying is aimed at fending off antitrust allegations, but it has also given the company a major voice on piracy issues. The company's executive chairman, Eric Schmidt, and a Facebook representative were among those given the chance to make their case to White House Chief of Staff William Daley in December, helping to prompt the recent White House statement nodding to Google's concerns about excessive regulation of the Internet.

Silicon Valley has also developed into a major source of political contributions for President Obama and other lawmakers, rivaling traditional media companies. In 2008, employees of Google and Microsoft Corp. were No. 4 and No. 5, respectively, as sources of campaign donations for Mr. Obama's presidential campaign, giving a combined total of about $1.7 million, according to the nonpartisan Center for Responsive Politics. Time Warner Inc., the top media company, trailed behind, with its employees ranking as the No. 8 source of donations to the Obama campaign that year.

Through September 2011, Microsoft employees ranked as the top supporters of the president's re-election campaign, and Google employees were No. 5. Time Warner employees had slipped to No. 10.

Google's political action committee is only six years old, but it has grown steadily, from just $31,000 in donations during the 2006 election cycle to $336,000 in 2010, according to the Center for Responsive Politics. The company's PAC splits its donations almost equally between Democratic and Republican candidates.

What ultimately pushed the Internet cause over the top in the piracy battle was supporting fire from nonprofit groups like the foundation behind Wikipedia, which says it didn't coordinate with Google or other companies.

"People really don't like Congress. They think Congress is bought. They think they own the Internet, and they don't want Congress to mess with it," says Gary Shapiro, president of the Consumer Electronics Association, a frequent combatant against the movie studios and an opponent of the piracy legislation.

Ms. Harris of the Center for Democracy and Technology cautioned that the activists leading the revolt may not always be in lock step with the views of large Internet companies. "It still remains to be seen whether you can organize users for something and not just against something," she says.

That nonprofit Wikipedia found itself on the same side of the issue as Google and other big tech companies was coincidence, adds Geoff Brigham, general counsel for Wikimedia Foundation Inc. "We are doing the bidding for open and free knowledge," he says. "To the extent that the interests are shared with other companies, so be it. But that is not our strategy."

Media executives are cautious about reintroducing any antipiracy legislation this year after last week's debacle, but when they do they say it will require a larger lobbying push, from grass-roots operations to rapid-response teams.

"People are looking at what Google spent on lobbying and wondering, 'Can we match that?'" a media executive says. "It has to be a big spend."

—Christopher S. Stewart and Amir Efrati contributed to this article.

Write to Amy Schatz at Amy.Schatz@wsj.com, Geoffrey A. Fowler at geoffrey.fowler@wsj.com and Erica Orden at erica.orden@wsj.com

New Steel Rolled Out for Cars

Lighter, Pliable Fare Counters Rival Products Aimed at Meeting Fuel-Efficiency and Design Demands

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- AUTOS

- JANUARY 24, 2012

New Steel Rolled Out for Cars

Lighter, Pliable Fare Counters Rival Products Aimed at Meeting Fuel-Efficiency and Design Demands

BY JOHN W. MILLER

DETROIT—To understand what the steel industry is up against in dominating the car market, consider seven cubes displayed by German auto-parts giant ZF Friedrichshafen AG at the Detroit auto show, which ended Sunday. Each cube represented a prominent material now used to make car parts, a $1 billion market and one that steelmakers have prevailed in since the Model T.

The heaviest cube? Steel. The lightest: sponge injection molding. "We're tinkering more and more with all kinds of metals and plastics for every part," says Dieter Eulenbach, director of sales and engineering at ZF, a $20-billion-a-year-company. "Always trying to find ...

BY JOHN W. MILLER

DETROIT—To understand what the steel industry is up against in dominating the car market, consider seven cubes displayed by German auto-parts giant ZF Friedrichshafen AG at the Detroit auto show, which ended Sunday. Each cube represented a prominent material now used to make car parts, a $1 billion market and one that steelmakers have prevailed in since the Model T.

The heaviest cube? Steel. The lightest: sponge injection molding. "We're tinkering more and more with all kinds of metals and plastics for every part," says Dieter Eulenbach, director of sales and engineering at ZF, a $20-billion-a-year-company. "Always trying to find ...

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T-Mobile, AT&T Seek Approval Of Spectrum Transfer

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- TECHNOLOGY

- JANUARY 24, 2012

T-Mobile, AT&T Seek Approval Of Spectrum Transfer

BY GREG BENSINGER

T-Mobile USA and AT&T; Inc. filed a request with the U.S. Federal Communications Commission for approval of the transfer of $1 billion in wireless airwaves AT&T; promised as a result of the failure of its $39 billion bid to take over its smaller rival.

AT&T; said it would turn over the airwaves, ...

BY GREG BENSINGER

T-Mobile USA and AT&T; Inc. filed a request with the U.S. Federal Communications Commission for approval of the transfer of $1 billion in wireless airwaves AT&T; promised as a result of the failure of its $39 billion bid to take over its smaller rival.

AT&T; said it would turn over the airwaves, ...

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AMR Reassures Employees on Pensions

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- BUSINESS

- JANUARY 23, 2012, 8:44 P.M. ET

AMR Reassures Employees on Pensions

BY SUSAN CAREY

AMR Corp.'s American Airlines tried Monday to reassure employees by saying that if their pension plans are terminated or frozen that workers who have vested benefits will continue to be protected.

Jeff Brundage, the airline's senior vice president of human resources, said in a message to AMR workers that even if the company terminates its existing defined-benefit pension plans or freezes them and makes no more contributions, plan participants for the most part will see "no reduction" in their pension benefits accrued before the company entered bankruptcy-court protection in late November.

For those whose pension benefits have vested, Mr. Brundage ...

BY SUSAN CAREY

AMR Corp.'s American Airlines tried Monday to reassure employees by saying that if their pension plans are terminated or frozen that workers who have vested benefits will continue to be protected.

Jeff Brundage, the airline's senior vice president of human resources, said in a message to AMR workers that even if the company terminates its existing defined-benefit pension plans or freezes them and makes no more contributions, plan participants for the most part will see "no reduction" in their pension benefits accrued before the company entered bankruptcy-court protection in late November.

For those whose pension benefits have vested, Mr. Brundage ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

TI Chief Calls Chip 'Bottom'

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- EARNINGS

- JANUARY 24, 2012

TI Chief Calls Chip 'Bottom'

BY DREW FITZGERALD

Texas Instruments Inc.'s chief executive called a bottom in the chip-industry's downturn even as his company unveiled plans to close two older semiconductor manufacturing plants.

The Dallas company will close plants in Houston and Hiji, Japan, over the next 18 months. Each employs about 500 people.

Texas Instruments reported fourth-quarter profit fell 68%, though its sales decline was less severe than it feared.

"Revenue in the fourth ...

BY DREW FITZGERALD

Texas Instruments Inc.'s chief executive called a bottom in the chip-industry's downturn even as his company unveiled plans to close two older semiconductor manufacturing plants.

The Dallas company will close plants in Houston and Hiji, Japan, over the next 18 months. Each employs about 500 people.

Texas Instruments reported fourth-quarter profit fell 68%, though its sales decline was less severe than it feared.

"Revenue in the fourth ...

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Macy's Sues Martha Stewart Living

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- BUSINESS

- JANUARY 24, 2012

Macy's Sues Martha Stewart Living

BY CHAD BRAY AND DANA MATTIOLI

Macy's Inc. sued Martha Stewart Living Omnimedia Inc. to block a new licensing agreement with rival J.C. Penney Co., saying the agreement violated its own exclusive arrangement with the brand.

The lawsuit, filed under seal in state court in Manhattan, comes about a month after J.C. Penney inked a deal with the company founded by celebrity homemaker Martha Stewart. Under the deal, J.C. Penney will sell its own line of Martha Stewart-branded home and kitchen items and will create Martha Stewart stores within its department stores beginning in February 2013. Penney also paid $38.5 million for a 16.6% stake in ...

BY CHAD BRAY AND DANA MATTIOLI

Macy's Inc. sued Martha Stewart Living Omnimedia Inc. to block a new licensing agreement with rival J.C. Penney Co., saying the agreement violated its own exclusive arrangement with the brand.

The lawsuit, filed under seal in state court in Manhattan, comes about a month after J.C. Penney inked a deal with the company founded by celebrity homemaker Martha Stewart. Under the deal, J.C. Penney will sell its own line of Martha Stewart-branded home and kitchen items and will create Martha Stewart stores within its department stores beginning in February 2013. Penney also paid $38.5 million for a 16.6% stake in ...

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Coal Industry Losing Steam

U.S. Firms Face Double Threat of Cheap Natural Gas, Weak European Demand

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- BUSINESS

- JANUARY 24, 2012

Coal Industry Losing Steam

U.S. Firms Face Double Threat of Cheap Natural Gas, Weak European Demand

BY KRIS MAHER

This year's outlook is grim for the U.S coal industry, which after two years of rising profits has begun closing mines, signaling a new wave of production cutbacks and, possibly, another round of industry consolidation.

The country's biggest coal producers, which begin reporting fourth-quarter results on Tuesday with St. Louis-based Peabody Energy Corp., should provide insight into how bad this year could be. Most should meet Wall Street's earnings expectations for the last quarter of 2011 on export gains over a year ago, while tempering investor expectations for 2012, say analysts.

The two biggest threats facing U.S. coal companies are ...

BY KRIS MAHER

This year's outlook is grim for the U.S coal industry, which after two years of rising profits has begun closing mines, signaling a new wave of production cutbacks and, possibly, another round of industry consolidation.

The country's biggest coal producers, which begin reporting fourth-quarter results on Tuesday with St. Louis-based Peabody Energy Corp., should provide insight into how bad this year could be. Most should meet Wall Street's earnings expectations for the last quarter of 2011 on export gains over a year ago, while tempering investor expectations for 2012, say analysts.

The two biggest threats facing U.S. coal companies are ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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- Keith Brainard 101 Recommendations

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Canadian National Railway Files Case Against Former CEO

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- BUSINESS

- JANUARY 23, 2012, 8:31 P.M. ET

Canadian National Railway Files Case Against Former CEO

BY BEN DUMMETT

TORONTO—Canadian National Railway Co. said it suspended the pension benefits of former Chief Executive Hunter Harrison and was seeking court approval to cancel them, ratcheting up pressure on the executive to end his pursuit of the top job at Canadian Pacific Railway Ltd.

Activist investor Bill Ackman, who last month disclosed he held a 14.2% stake in Canadian Pacific, has pushed to install Mr. Harrison at the railroad's helm to succeed current CEO Fred Green.

Mr. Ackman is seeking a proxy vote, which will take ...

BY BEN DUMMETT

TORONTO—Canadian National Railway Co. said it suspended the pension benefits of former Chief Executive Hunter Harrison and was seeking court approval to cancel them, ratcheting up pressure on the executive to end his pursuit of the top job at Canadian Pacific Railway Ltd.

Activist investor Bill Ackman, who last month disclosed he held a 14.2% stake in Canadian Pacific, has pushed to install Mr. Harrison at the railroad's helm to succeed current CEO Fred Green.

Mr. Ackman is seeking a proxy vote, which will take ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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- Battle of the Housecleaning Workouts

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“This is a very thought provoking...;”

- Rick Williams 140 Recommendations

- 4.
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- James Thomas 124 Recommendations

- 5.
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- Keith Brainard 101 Recommendations

- Matilda Anders

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1960 Recommendations

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1547 Recommendations

- Jonathan Murray

1183 Recommendations

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874 Recommendations

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Do we need religion to have ethics? Is it possible that a world without religion can be, on the whole, a better place to live?

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What impact do Newt Gingrich’s past relationships have on his chances for the GOP presidential nomination?

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Should everyone be required to purchase health insurance?

- Libertarians

The image of the bald eagle is outright aggressive and predatory. Perhaps change the national symbol to something along the line of "speak softly and carry a big stick?"

- See all Discussion Groups

More in Business

- RIM's New CEO Sticks With Strategy

- End of Era for Japan's Exports

- At BofA, Moynihan Grapples With Past

- Siemens Profit Slips

- Chesapeake Pulls Back Amid Glut

]]>

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$1 Billion Play: L.A. Dodgers Draw First Bids

By MATTHEW FUTTERMAN

Bankers handling the sale of the Los Angeles Dodgers received multiple bids in excess of $1 billion on Monday, people familiar with the matter said.

Among those submitting bids on Monday were media investor Leo Hindery and financier Marc Utay, and a separate joint bid by developer Rick Caruso and former Dodgers manager Joe Torre, and one that includes former baseball executive Stan Kasten and former Los Angeles Laker Magic Johnson.

Initial bids for the team were due Monday, but people involved with the sale said during this preliminary stage bankers and team officials wouldn't exclude any qualified bidders who emerged later so long as they could pass muster with Major League Baseball.

Bankers didn't require the bids to be binding or ask for bidders to submit a deposit with their offers. Bidders also didn't have to provide firm promises of financing. As a result, several bidders said, there was little reason for them to not submit high offers with hopes of surviving to a second round.

More than 20 individuals, who make up more than a dozen bidding groups, signed non-disclosure agreements with Blackstone Group, which is handling the sale for Dodgers owner Frank McCourt. Mr. McCourt is looking for as much as $2 billion for the bankrupt franchise, whose next owner will be able to negotiate a new television broadcast agreement later this year.

Several bidders said they expect no more than 10 groups to survive to a second round, when the financial requirements for the bids are expected to be far more extensive.

Write to Matthew Futterman at matthew.futterman@wsj.com

Average Silicon Valley Tech Salary Passes $100,000

By PUI-WING TAM

Average annual salaries for Silicon Valley technology workers surpassed the $100,000 mark last year, according to a new survey, pushed higher by the strength of the region's latest boom.

Tech-jobs website operator Dice Holdings Inc. said salaries for software and other engineering professionals in California's Silicon Valley rose 5.2% to an average $104,195 last year, outstripping the average 2% increase, to $81,327, in tech-workers' salaries nationwide. It was the first time since Dice began the salary survey in 2001 that the wage barometer broke the $100,000 barrier, said Tom Silver, a Dice senior vice president.

The findings come amid a Web boom that has fueled companies such as Facebook Inc., Zynga Inc. and Twitter Inc. Last year, several of the companies—including LinkedIn Corp. and Zynga—went public, with Facebook poised for an initial public offering this year. Their success has sparked the creation of numerous new start-ups, which in turn has spurred a hiring war for software engineers and others.

In contrast, job growth elsewhere in the nation has remained relatively slow. U.S. employers added 200,000 jobs in December, and the unemployment rate ticked down to 8.5%, its lowest level since early 2009. But it is unclear how sustainable such gains may be.

"There's a tussle for talent growing in Silicon Valley and employers have to pay up," said Mr. Silver. Overall, tech-job postings in Silicon Valley on Dice rose to 5,026 earlier this month, up 26% from 3,974 a year ago, he said, even as tech-jobs postings nationwide only rose 11% over the same period.

The hiring boom is evident at SmartRecruiters Inc., a San Francisco start-up that offers a free recruiting tool. Itclosed a $5 million venture-capital financing this month and wants to add 40 employees by this summer, said Chief Executive Jerome Ternynck.

But with many job candidates receiving multiple offers, "the limiting factor is the ability to find the right people," said Mr. Ternynck. "We'd hire them all tomorrow if we could."

Silicon Valley's job-market strength has also had a halo effect on bonuses. Silicon Valley tech-worker bonuses jumped 13% last year to an average $12,450, versus an 8% increase to $8,769 nationwide, according to Dice. Meanwhile, hourly contractor rates in Silicon Valley rose 11% last year to an average $74 an hour, compared with $63 an hour nationally, said Dice.

Write to Pui-Wing Tam at pui-wing.tam@wsj.com

Two on RIM's Rescue Team

New Chair Helped Modernize Toronto Exchange; Investor Could Be Change Agent

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- MANAGEMENT

- JANUARY 24, 2012

Two on RIM's Rescue Team

New Chair Helped Modernize Toronto Exchange; Investor Could Be Change Agent

BY CAROLINE VAN HASSELT AND BEN DUMMETT

In his bid to revive Research In Motion Ltd., Thorsten Heins, the new CEO, will lean on both a woman who helped bring the Toronto Stock Exchange into the modern age and a man who is often called Canada's version of Warren Buffett.

Barbara Stymiest steps in as RIM's new nonexecutive chairwoman after the company announced its longtime co-chief executives and co-chairmen Jim Balsillie and Mike Lazaridis were stepping down. Her stint as chief executive of the Toronto exchange, beleaguered by technology shortcomings at the time, won her a reputation as a turnaround artist and a force in the city's ...

BY CAROLINE VAN HASSELT AND BEN DUMMETT

In his bid to revive Research In Motion Ltd., Thorsten Heins, the new CEO, will lean on both a woman who helped bring the Toronto Stock Exchange into the modern age and a man who is often called Canada's version of Warren Buffett.

Barbara Stymiest steps in as RIM's new nonexecutive chairwoman after the company announced its longtime co-chief executives and co-chairmen Jim Balsillie and Mike Lazaridis were stepping down. Her stint as chief executive of the Toronto exchange, beleaguered by technology shortcomings at the time, won her a reputation as a turnaround artist and a force in the city's ...

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IKEA Remains Wary of Entering India

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- BUSINESS

- JANUARY 24, 2012

IKEA Remains Wary of Entering India

BY AMOL SHARMA

NEW DELHI—IKEA Group expressed concerns about conditions India placed on foreign retailers but the Swedish housewares company said it remains hopeful that it can open stores in the country eventually.

The Indian government this month allowed foreign companies to own 100% of single-brand retail ventures, up from the earlier cap of 51%. IKEA Chief Executive Mikael Ohlsson previously expressed interest in entering India if the government lifted the cap.

But the rule change came with restrictions ...

BY AMOL SHARMA

NEW DELHI—IKEA Group expressed concerns about conditions India placed on foreign retailers but the Swedish housewares company said it remains hopeful that it can open stores in the country eventually.

The Indian government this month allowed foreign companies to own 100% of single-brand retail ventures, up from the earlier cap of 51%. IKEA Chief Executive Mikael Ohlsson previously expressed interest in entering India if the government lifted the cap.

But the rule change came with restrictions ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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Auditing Chief Seeks Balance as Industry's Woes Add Up

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- BOSS TALK

- JANUARY 24, 2012

Auditing Chief Seeks Balance as Industry's Woes Add Up

BY LESLIE KWOH

Ernst & Young LLP and its fellow auditors have spent some uncomfortable time in the spotlight.

The company has been under scrutiny since October for its role in the $1.7 billion accounting scandal at Olympus Corp. A panel appointed by Olympus cleared Ernst & Young and KPMG Azsa LLC of any wrongdoing last week, but Japanese regulators continue to investigate the matter.

Meanwhile, a U.S. watchdog said in December it found deficiencies in one-fifth of the audits it inspected at Ernst & Young as part of a broader inspection that found flaws at all the Big Four audit firms. The ...

BY LESLIE KWOH

Ernst & Young LLP and its fellow auditors have spent some uncomfortable time in the spotlight.

The company has been under scrutiny since October for its role in the $1.7 billion accounting scandal at Olympus Corp. A panel appointed by Olympus cleared Ernst & Young and KPMG Azsa LLC of any wrongdoing last week, but Japanese regulators continue to investigate the matter.

Meanwhile, a U.S. watchdog said in December it found deficiencies in one-fifth of the audits it inspected at Ernst & Young as part of a broader inspection that found flaws at all the Big Four audit firms. The ...

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Auditing Chief Seeks Balance as Industry's Woes Add Up

BY LESLIE KWOH

Ernst & Young LLP and its fellow auditors have spent some uncomfortable time in the spotlight.

The company has been under scrutiny since October for its role in the $1.7 billion accounting scandal at Olympus Corp. A panel appointed by Olympus cleared Ernst & Young and KPMG Azsa LLC of any wrongdoing last week, but Japanese regulators continue to investigate the matter.

Meanwhile, a U.S. watchdog said in December it found deficiencies in one-fifth of the audits it inspected at Ernst & Young as part of a broader inspection that found flaws at all the Big Four audit firms. The ...

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No More Résumés, Say Some Firms

By RACHEL EMMA SILVERMAN

Union Square Ventures recently posted an opening for an investment analyst.

Instead of asking for résumés, the New York venture-capital firm—which has invested in Twitter, Foursquare, Zynga and other technology companies—asked applicants to send links representing their "Web presence," such as a Twitter account or Tumblr blog. Applicants also had to submit short videos demonstrating their interest in the position.

Union Square says its process nets better-quality candidates —especially for a venture-capital operation that invests heavily in the Internet and social-media—and the firm plans to use it going forward to fill analyst positions and other jobs.

Companies are increasingly relying on social networks such as LinkedIn, video profiles and online quizzes to gauge candidates' suitability for a job. While most still request a résumé as part of the application package, some are bypassing the staid requirement altogether.

A résumé doesn't provide much depth about a candidate, says Christina Cacioppo, an associate at Union Square Ventures who blogs about the hiring process on the company's website and was herself hired after she compiled a profile comprising her personal blog, Twitter feed, LinkedIn profile, and links to social-media sites Delicious and Dopplr, which showed places where she had traveled.

"We are most interested in what people are like, what they are like to work with, how they think," she says.

John Fischer, founder and owner of StickerGiant.com, a Hygiene, Colo., company that makes bumper and marketing stickers, says a résumé isn't the best way to determine whether a potential employee will be a good social fit for the company. Instead, his firm uses an online survey to help screen applicants.

Questions are tailored to the position. A current opening for an Adobe Illustrator expert asks applicants about their skills, but also asks questions such as "What is your ideal dream job?" and "What is the best job you've ever had?" Applicants have the option to attach a résumé, but it isn't required. Mr. Fischer says he started using online questionnaires several years ago, after receiving too many résumés from candidates who had no qualifications or interest. Having applicants fill out surveys is a "self-filter," he says.

A previous posting for an Internet marketing position had applicants rate their marketing and social-media skills on a scale of one to 10 and select from a list of words how friends or co-workers would describe them. Options included: high energy, type-A, laid back, perfect, creative or fun.

In times of high unemployment, bypassing résumés can also help companies winnow out candidates from a broader labor pool.

IGN Entertainment Inc., a gaming and media firm, launched a program dubbed Code Foo, in which it taught programming skills to passionate gamers with little experience, paying participants while they learned. Instead of asking for résumés, the firm posted a series of challenges on its website aimed at gauging candidates' thought processes. (One challenge: Estimate how many pennies lined side by side would span the Golden Gate Bridge.)

It also asked candidates to submit a video demonstrating their love of gaming and the firm's products.

IGN is a unit of News Corp., which also owns The Wall Street Journal.

Nearly 30 people out of about 100 applicants were picked for the six-week Code Foo program, and six were eventually hired full-time. Several of the hires were nontraditional applicants who didn't attend college or who had thin work experience.

"If we had just looked at their résumés at the moment we wouldn't have hired them," says Greg Silva, IGN's vice president of people and places. The company does require résumés for its regular job openings.

At most companies, résumés are still the first step of the recruiting process, even at supposedly nontraditional places like Google Inc., which hired about 7,000 people in 2011, after receiving some two million résumés. Google has an army of "hundreds" of recruiters who actually read every one, says Todd Carlisle, the technology firm's director of staffing.

But Dr. Carlisle says he reads résumés in an unusual way: from the bottom up.

Candidates' early work experience, hobbies, extracurricular activities or nonprofit involvement—such as painting houses to pay for college or touring with a punk rock band through Europe—often provide insight into how well an applicant would fit into the company culture, Dr. Carlisle says.

Plus, "It's the first sample of work we have of yours," he says.

Write to Rachel Emma Silverman at rachel.silverman@wsj.com

Bringing Sexy Back to Golf?

Justin Timberlake, Callaway's Creative Voice, Sees Vegas Stunts Adding Young Tone

By SUZANNE VRANICA

Justin Timberlake has proved he can act as well as sing. Now Callaway Golf Co. is about to discover whether he has a flair for advertising too.

Mr. Timberlake, named in December as Callaway's creative director, helped craft a new marketing campaign for the golf-equipment maker that tees off this weekend. Timed to coincide with the Farmers Insurance Open, a PGA Tour tournament that begins this week, Callaway is hoping the campaign will get it out of the rough it has been in since the 2008 recession.

The marketing effort features golf pros such as Phil Mickelson and Annika Sorenstam using Callaway products to perform jaw-dropping golf feats on the Las Vegas Strip. One TV ad shows golfer Alvaro Quiros on a floating platform on the strip, hitting a golf ball 310 yards over the Bellagio fountain.

Calloway Golf/Associated Press

Justin Timberlake is Callaway's creative director; new ads feature professional players performing extreme feats in Las Vegas.

In another, several golfers including Ms. Sorenstam hit balls from rooftop to rooftop along the strip. Helicopters fill in for golf carts.

"We wanted to make a statement that was more rock 'n' roll," said Mr. Timberlake, who has been a paid endorser for Callaway for several years but isn't in any of the new ads. Mr. Timberlake worked with Factory Design Labs, a Denver ad agency that began creating the new pitch in April 2011.

A surge of young players has lately been getting attention on the PGA Tour, such as last year's U.S. Open winner, Rory McIlroy, who was 22 years old at the time. Callaway—whose average customer is about 55 years old—is hoping the ads will help it take advantage of that "youth movement" and attract younger consumers.

"Being hip and contemporary has to be part of the marketing plan" in order to attract new and younger golfers to the brand, says Jeff Colton, Callaway's senior vice president of global brand and product.

Callaway, based in Carlsbad, Calif., reported losses in both 2009 and 2010 as well as for the first nine months of last year. It reports fourth-quarter results on Wednesday, with losses expected to continue. It is losing market share to competitors such as Adidas AG's TaylorMade, according to Wall Street analysts.

After suffering during the recent recession, golf-equipment sales have begun to come back in the past year. Sales of clubs and other hard equipment—balls, clubs, bags, gloves and footwear increased 1.2% to $2.4 billion over the past 12 months at golf-course and specialty stores, according to Golf Datatech LLC, a market-research firm. But Callaway has yet to benefit. Its net sales fell slightly in the first nine months of 2011.

Tony Thornley, who was named Callaway's interm chief executive last June—after the previous CEO stepped down—has blamed past marketing efforts for some of the company's woes.

Dan Wewer, an analyst with Raymond James, in a note to investors, said: "Callaway strayed too far from its golfing roots with a marketing message that focused on styling and too little on the benefits of its equipment for the golfers." Mr. Wewer was referring to a marketing campaign that talked about a strategic alliance with Lamborghini, which involved the two working together to develop composite materials that were used in both the cars and a golf club.

Nor has the company kept up with rivals in terms of advertising. Callaway spent $30 million on U.S. ads during the first nine months of 2011, according to WPP PLC's Kantar Media. During the same period, Titleist and TaylorMade shelled out $41.1 million and $38.4 million, respectively. Titleist is owned by a consortium led by Fila Korea.

Callaway has promised investors that it would spend $25 million more on advertising and marketing this year.

Even as Callaway tries to attract younger golfers, it must be careful not to alienate its core older customers. Mr. Colton says he doesn't think that will be a problem. "Even aging golfers want to act younger," he adds.

Mr. Timberlake hopes the new marketing will give the sport a "nice injection of kickassery."

Write to Suzanne Vranica at suzanne.vranica@wsj.com

St. Louis Post-Dispatch Publisher Set to Exit Chapter 11

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- JANUARY 24, 2012

St. Louis Post-Dispatch Publisher Set to Exit Chapter 11

BY PEG BRICKLEY

Newspaper publisher Lee Enterprises Inc. on Monday won court permission to exit bankruptcy under a plan that puts off the day of reckoning on hundreds of millions of dollars in debt.

"I am satisfied that this case has really been an extraordinary one," Judge Kevin Gross said at a hearing in the U.S. Bankruptcy Court in Wilmington, Del., ...

BY PEG BRICKLEY

Newspaper publisher Lee Enterprises Inc. on Monday won court permission to exit bankruptcy under a plan that puts off the day of reckoning on hundreds of millions of dollars in debt.

"I am satisfied that this case has really been an extraordinary one," Judge Kevin Gross said at a hearing in the U.S. Bankruptcy Court in Wilmington, Del., ...

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Yucaipa Buys Stake in Relativity Media

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Yucaipa Buys Stake in Relativity Media

BY ETHAN SMITH

Yucaipa Cos., billionaire Ron Burkle's investment firm, said Monday it acquired a "significant equity stake" in Relativity Media LLC, a small movie studio that has experienced financial difficulties, while helping produce or distribute "Bridesmaids," ...

BY ETHAN SMITH

Yucaipa Cos., billionaire Ron Burkle's investment firm, said Monday it acquired a "significant equity stake" in Relativity Media LLC, a small movie studio that has experienced financial difficulties, while helping produce or distribute "Bridesmaids," ...

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Local Police Knew Tabloid Had Girl's Voice Mails

By JEANNE WHALEN And PAUL SONNE

LONDON—Staff from News Corp.'s now-closed News of the World tabloid made it clear to British police in 2002 that they had access to voice mails from the mobile phone of a missing teenager, but police failed to arrest or charge anyone at the tabloid for phone hacking, according to a report by the police force that handled the case.

The report by Surrey police, which details a seminal episode in the phone-hacking scandal—the voice-mail interception of 13-year-old murder victim Milly Dowler—quickly brought new criticism of both police and the closed tabloid's reporting tactics.

Keith Vaz, a member of Parliament, said the report, which was prepared at the request of a parliamentary committee investigating phone hacking, raises "serious questions" about whether Surrey police could have "prevented the culture of hacking from becoming endemic" at the paper by investigating News of the World's possession of the voice mails at the time.

A spokeswoman for the Surrey Police said the force couldn't comment on that because of an investigation into the matter. In a statement, the force confirmed sending the report and said it is cooperating with inquiries.

News International, News Corp.'s U.K. newspaper unit, issued a statement on Monday reiterating that the interception of the girl's voice mails was "shocking" and noting that phone hacking continues to be the subject of a criminal investigation by London police. News Corp. also owns The Wall Street Journal.

Reports that the tabloid had hacked the teenager's mobile phone surfaced last summer, causing the long-simmering phone-hacking scandal to boil over and prompting News Corp. to shut down the News of the World.

The Surrey police narrative released Monday indicates that, in a series of April 2002 phone calls, the News of the World told police that it possessed recordings of Ms. Dowler's voice-mail messages. News of the World staffers, whose names are redacted throughout the report, told police that the paper had obtained the girl's mobile-phone number and PIN code from schoolchildren. The Surrey police account indicates a News of the World staffer even played a recording of the girl's voice mail to police.

Detail about Ms. Dowler's voice mail "wasn't provided to [the tabloid] by Surrey Police," the police report says. The tabloid "obtained that information by accessing Milly Dowler's voice mail."

Testifying before a parliamentary committee last fall, Tom Crone, the tabloid's former lawyer, said that while he had no recollection of being involved with the tabloid's April 14 story that mentioned Ms. Dowler's voice mails, he suggested that the paper may have obtained the voice mails from police. On Monday, Mr. Crone said he had merely been speculating.

The Surrey police narrative also casts new light on News of the World's reporting tactics, which switched into overdrive after the paper found out an employment agency had left a message on Ms. Dowler's phone. A News of the World reporter attempted to obtain information about the teenager over the phone from the employment agency by pretending to be the girl's friend or mother, the report says.

A News of the World reporter also told a person at the employment agency that he was working with the police in an effort to gain more information about Ms. Dowler, the report says. The police department Monday described that assertion as "untrue" and said police hadn't been working with that reporter.

The News of the World appears to have initially kept quiet about information it gleaned from the phone. The Wall Street Journal reported in August that the tabloid on April 11, 2002, scrambled reporters to investigate the theory that the teenager was working at a factory, tipped off by one of her voice-mail messages. According to the police report, the newspaper didn't discuss details of her voice mails with police until two days later, on April 13.

The report says police investigators also accessed Milly Dowler's voice mail twice in the immediate aftermath of her March 21, 2002, disappearance. The first time was on March 26, the second time on April 17. The police had a court's permission to get into the voice mail..

The report fails to answer a key question—who if anyone was responsible for deleting messages from the girl's phone. Milly Dowler's mother has said the deletions gave the girl's family false hope that the girl was still alive and checking her messages in the immediate aftermath of her disappearance. According to the Metropolitan Police, that moment of false hope came on March 24, 2002, when Milly's mother dialed her daughter's number and found the voice mail box, unlike before, had started accepting messages.

The Guardian newspaper last summer reported that News of the World was responsible for deleting the messages. But police in December said they had no evidence that the tabloid was responsible for these deletions.

The police report Monday said the deletions were still a matter of investigation.

The report from the Surrey police came as a frequent News Corp. critic, Labour MP Tom Watson, sent a letter to London's Metropolitan Police requesting that they investigate possible computer hacking at the company's Times of London newspaper, where News Corp. executives admit that in 2009 a reporter hacked into the email account of a police officer who was writing an anonymous blog. In testimony last week to a public inquiry into U.K. press standards, Times editor James Harding said the paper had "never used or commissioned anyone who used computer hacking to source stories" but acknowledged the episode had occurred and said the reporter had been disciplined. The reporter was later dismissed from the paper in an unrelated matter.

A spokesman for the Metropolitan Police said investigators from an existing probe into possible tabloid computer hacking are in touch with Mr. Watson to address his concerns.

A spokeswoman for News International, News Corp.'s U.K. newspaper unit, declined comment beyond its executives' public statements.

Write to Jeanne Whalen at jeanne.whalen@wsj.com and Paul Sonne at paul.sonne@wsj.com

Fox Sports to Launch Channel in Brazil

By ROGERIO JELMAYER

The Fox Sports television network said Monday that it will launch a new, all-sports TV channel in Brazil as part of a planned expansion in Latin America's largest country.

Fox Sports will officially kick off its Fox Sports Brasil channel Feb. 5. Among other attractions, Fox Sports Brasil will broadcast the soccer club competition known as the Libertadores da America Cup.

The new channel will have a total of 120 employees.

"Fox Sports is already the No. 1 sports channel elsewhere in Latin America, in terms of viewers, and we are confident that it will be in Brazil too," said Carlos Martinez, president of Fox International Channels in Latin America, at a news conference.

Questioned on the sidelines of the news conference, Mr. Martinez denied that Fox Sports is in talks to acquire Brazilian sports channel BandSports.

"We have engaged in talks with BandSports and others regarding television programming and various other projects that we can carry on together as part of our expansion in Brazil," Mr. Martinez said. But he said the talks didn't involve any acquisitions by Fox Sports.

Last week, local media website Meio & Mensagem reported that Fox Sports had agreed to buy BandSports.

Fox executives said they were in talks with local cable television distributors on agreements to pick up the new Fox Sports Brasil channel.

"We expect to announce soon the distribution of our channel," said Gustavo Leme, general director of Fox International Channels in Brazil. "Our relations with the cable TV networks in Brazil are good and we are confident we will be able to reach agreements."

Fox Sports is a unit of News Corp., which also owns The Wall Street Journal.

Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com

Corrections & Amplifications

While fee structures vary, private-equity firms often return all annual management fees to investors if the firms achieve sufficient returns enabling them to receive 20% of profits. A graphic accompanying a Jan. 13 Money & Investing article on the private-equity business incorrectly said firms charge both management fees and 20% of profits.

The data lines for the chart with Monday's Heard on the Street article on Wall Street pay were plotted incorrectly. The corrected chart, on page C2, shows the widest gap between the lines in 2006, not 2010.

A photo accompanying a U.S. News article Saturday showed Mitt Romney on a campaign bus driving through Lexington, S.C., en route to a campaign event in Charleston, S.C. The caption incorrectly said it showed Mr. Romney as he was leaving Gilbert, S.C.

Prosecutors in the child sexual-abuse case against former Penn State assistant football coach Jerry Sandusky can still use Joe Paterno's grand-jury testimony after his death, unless the defense successfully objects, according to Wesley Oliver, a professor at the Widener College of Law in Harrisburg, Pa. A U.S. News article Monday failed to include Mr. Oliver's caveat about the defense.

A chart accompanying an Election 2012 article Monday showed religious affiliation as a percentage of the total populations of the indicated states and U.S. The chart may have created the incorrect impression that it showed percentages within the subset of religious citizens.

The Chrysler 300C Luxury Series and its sibling car, the Lancia Thema, are built in Brampton, Ontario. The Rumble Seat car review in Saturday's Off Duty section incorrectly said the Thema was built in Graz, Austria, and the 300C in Windsor, Ontario.

New England Patriots quarterback Tom Brady on Sunday was chasing Joe Montana's record of 16 postseason wins by a quarterback, which he tied. A Heard on the Field item on Friday's sports page incorrectly said Brady was seeking to tie Montana for most postseason wins by a quarterback/coach combination.

Printed in The Wall Street Journal, page A2

All's Quiet on the Dow. Too Quiet?

After Months of Volatility, Investors Puzzle Over Stocks' Sudden Gentility

By JONATHAN CHENG

It's an eerie calm.

After last year's gut-wrenching swings, U.S. stocks have been surprisingly tranquil in 2012. The Dow Jones Industrial Average has moved less than 100 points on all but one day this year. And most of those moves have been higher.

The upshot has been a 4% gain for the Dow this year. The closely watched "fear gauge," the CBOE Market Volatility Index, has fallen 20%, to levels unseen in six months, and the Nasdaq Composite has risen 6.9%.

The Dow on Monday dipped 11.66 points, or 0.1%, to 12708.82.

So why aren't more traders happy? It is too quiet, says investor Dennis Gartman, author of the widely read Gartman Letter and self-proclaimed market bull.

"We are antsy," Mr. Gartman wrote in his Friday letter. "We are becoming a bit concerned about the too-severe ascent that is taking place."

The recent market moves bear an ominous resemblance to the rally of April 2011, investors say. Back then, investors also were becoming more optimistic about the strength of the U.S. recovery, and worries about Europe for the time being had been shelved. The Dow for the year peaked at the end of April. The months that followed were among the most tumultuous in recent memory.

Blue-chip stocks finished in the red for the first time in five sessions, while the broader market was flat, as investors watched Europe for developments in its debt crisis. Brendan Conway has details on The News Hub. Photo: Reuters

As 2012 approached, there was one thing almost all investors and traders agreed on: Volatility would continue.

Instead, stocks have, for the most part, steadily ticked higher. Again, the U.S. economy appeared to be finding its feet. And many felt they had positioned themselves for future debt troubles in Europe.

Money is again flowing into U.S. stock mutual funds, although at a slow pace, helping nudge stocks higher. The U.S. is benefiting from a flow of money out of Europe. While some of that is moving to emerging markets, many investors are also directing their funds to the U.S.

In the past two weeks, $6.4 billion of global investor cash has flowed into U.S. stock funds, at a time when $1.5 billion has been pulled from European stock funds, carrying on a trend that began in early December, according to fund-flow tracker EPFR Global.

Traders point to one important change in the market: Stocks are again beginning to move independently of one another other. For the past six months many of them moved in lockstep—rising and falling together. But that correlation has dropped to 15%, down from 74% in August, and is the lowest since last April, according to Bank of America Merrill Lynch.

Still, much of the recent gain depends on the U.S. economy continuing to recover and European officials continuing to make progress in easing the region's debt crisis.

Barry Knapp, chief equity strategist at Barclays Capital, says he is concerned the market calm represents the "eye of the storm." He suggests that the best investors can hope for is a "flattish" market.

Economic growth will likely remain tepid, he says. The big risks, though, are further instability in Europe, he says, as well as missteps by China in its attempts to ease an economy some fear may be headed for a hard fall.

Michael Clarfeld, portfolio manager at Legg Mason's ClearBridge Advisors, acknowledges the risks but says he remains optimistic. Mr. Clarfeld says the European Central Bank's decision to offer a three-year lending facility to European banks in mid-December proved a turning point, removing for many investors the possibility of contagion rippling through the global banking system.

"It doesn't mean that there aren't still problems that need to be solved, but the lending facility may take away the panic," Mr. Clarfeld said.

Stock-market strategists at Brown Brothers Harriman are tweaking their approach "to reflect the decline in market volatility," said Sam Burns, an equity strategist there.

Coming into the year, Mr. Burns had focused on companies with relatively low debt, figuring a conservative balance sheet was essential in a rocky market. But he has since shifted course, buying companies with strong sales growth, a more aggressive approach for the calmer market. The firm also has been picking more economically sensitive companies, such as technology and retail stocks.

"We had been focused on more traditional 'quality' metrics, but now volatility's come down," he said. "High volatility and bearishness had been key supports" for his previous preference for "high-quality" companies, "but, as volatility has eased, we no longer see strong evidence to support those factors outperforming."

He says he now expects the lull in volatility to remain for some time: "Investors may have become more thick-skinned. It definitely takes more to move the needle after the turmoil we saw in recent months."

Write to Jonathan Cheng at jonathan.cheng@wsj.com

At BofA, Moynihan Grapples With Past

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- BUSINESS

- JANUARY 24, 2012

At BofA, Moynihan Grapples With Past

BY DAN FITZPATRICK

Bank of America Corp. CEO Brian Moynihan is being dragged back to the past once again.

The 52-year-old chief executive is expected to be deposed in coming months in as many as three civil lawsuits over the bank's handling of its takeover of securities firm Merrill Lynch & Co. on Jan. 1, 2009.

The pending appearances are the latest legal distraction for a CEO trying to shed the wreckage he inherited from the financial crisis. The suits accuse the bank, the second-largest U.S. lender by assets behind J.P. Morgan Chase & Co., and its officers of misleading shareholders about ballooning ...

BY DAN FITZPATRICK

Bank of America Corp. CEO Brian Moynihan is being dragged back to the past once again.

The 52-year-old chief executive is expected to be deposed in coming months in as many as three civil lawsuits over the bank's handling of its takeover of securities firm Merrill Lynch & Co. on Jan. 1, 2009.

The pending appearances are the latest legal distraction for a CEO trying to shed the wreckage he inherited from the financial crisis. The suits accuse the bank, the second-largest U.S. lender by assets behind J.P. Morgan Chase & Co., and its officers of misleading shareholders about ballooning ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Next Stage of Crisis Grief: Acceptance

- By FRANCESCO GUERRERA

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- CURRENT ACCOUNT

- JANUARY 24, 2012

Next Stage of Crisis Grief: Acceptance

- By FRANCESCO GUERRERA

BY FRANCESCO GUERRERA

Call a lawyer and sue me/ Sue me/ What can you do me?

You can almost hear the catchy notes from the musical "Guys and Dolls" as the U.S. banking sector struggles to put its troubled past behind it.

More than four years have elapsed since the bursting of a housing bubble that caused a devastating financial crisis, but its alleged victims and perpetrators—there is overlap between the categories—are still fighting over the spoils.

Federal and state regulators, consumer groups, large investors and government-owned agencies are pursuing multibillion-dollar claims against banks over the mortgage mess.

"I have never seen anything ...

BY FRANCESCO GUERRERA

Call a lawyer and sue me/ Sue me/ What can you do me?

You can almost hear the catchy notes from the musical "Guys and Dolls" as the U.S. banking sector struggles to put its troubled past behind it.

More than four years have elapsed since the bursting of a housing bubble that caused a devastating financial crisis, but its alleged victims and perpetrators—there is overlap between the categories—are still fighting over the spoils.

Federal and state regulators, consumer groups, large investors and government-owned agencies are pursuing multibillion-dollar claims against banks over the mortgage mess.

"I have never seen anything ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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]]>

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

SEC Sees Bitter Pill at Drug Maker

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- HEALTH INDUSTRY

- JANUARY 24, 2012

SEC Sees Bitter Pill at Drug Maker

BY SCOTT THURM

Longtime employees of Stiefel Laboratories Inc. once compared the drug maker to an extended family, with CEOs hosting company parties at home and greeting employees by name.

Now, some current and former employees and securities regulators are alleging that Stiefel family members, including its former chairman and chief executive, Charles Stiefel, plotted to buy private shares from employees on the cheap—boosting the family's ownership stake—shortly before selling the company to GlaxoSmithKline PLC for $2.9 billion in 2009.

In a rare case involving private stock, the Securities and Exchange Commission in a civil case last month said current and former Stiefel ...

BY SCOTT THURM

Longtime employees of Stiefel Laboratories Inc. once compared the drug maker to an extended family, with CEOs hosting company parties at home and greeting employees by name.

Now, some current and former employees and securities regulators are alleging that Stiefel family members, including its former chairman and chief executive, Charles Stiefel, plotted to buy private shares from employees on the cheap—boosting the family's ownership stake—shortly before selling the company to GlaxoSmithKline PLC for $2.9 billion in 2009.

In a rare case involving private stock, the Securities and Exchange Commission in a civil case last month said current and former Stiefel ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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]]>

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Apple Looks to Put Shine Back on Results

- By KELLY EVANS

- Like this columnist

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- AHEAD OF THE TAPE

- JANUARY 24, 2012

Apple Looks to Put Shine Back on Results

- By KELLY EVANS

- Like this columnist

BY KELLY EVANS

The State of the Union won't receive as much scrutiny Tuesday as the state of Apple.

At least, that is, on Wall Street. Tuesday's report marks the first full earnings period since co-founder Steve Jobs stepped down as chief executive. It also will be the first since a rare earnings miss in the third quarter of 2011. It should finally put to rest early speculation that the iPhone 4S launch was a dud. It could help vault ...

BY KELLY EVANS

The State of the Union won't receive as much scrutiny Tuesday as the state of Apple.

At least, that is, on Wall Street. Tuesday's report marks the first full earnings period since co-founder Steve Jobs stepped down as chief executive. It also will be the first since a rare earnings miss in the third quarter of 2011. It should finally put to rest early speculation that the iPhone 4S launch was a dud. It could help vault ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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- Keith Brainard 101 Recommendations

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]]>

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Two Insurers Sued Over Unclaimed Policies

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- BUSINESS

- JANUARY 24, 2012

Two Insurers Sued Over Unclaimed Policies

BY LESLIE SCISM

A whistleblower lawsuit alleges MetLife Inc. and Prudential Financial Inc. avoided handing over unclaimed life-insurance policies to Illinois's abandoned-property department, and seeks more than $1 billion in damages on behalf of the state.

The lawsuit, filed in January 2011 and unsealed by a Cook County, Ill., state-court judge last week, underlines how litigation stemming from unclaimed policies may continue to dog the life-insurance industry even as some major companies move to settle state-government probes into possible violations.

The plaintiff, Total Asset Recovery Services LLC of Auburn Hills, Mich., is an investigative firm that specializes in unclaimed-property searches. The firm alleges ...

BY LESLIE SCISM

A whistleblower lawsuit alleges MetLife Inc. and Prudential Financial Inc. avoided handing over unclaimed life-insurance policies to Illinois's abandoned-property department, and seeks more than $1 billion in damages on behalf of the state.

The lawsuit, filed in January 2011 and unsealed by a Cook County, Ill., state-court judge last week, underlines how litigation stemming from unclaimed policies may continue to dog the life-insurance industry even as some major companies move to settle state-government probes into possible violations.

The plaintiff, Total Asset Recovery Services LLC of Auburn Hills, Mich., is an investigative firm that specializes in unclaimed-property searches. The firm alleges ...

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Diamondback Resolves Case

Hedge Fund to Pay $9 Million but Won't Be Prosecuted in Trading Probe

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- MARKETS

- JANUARY 24, 2012

Diamondback Resolves Case

Hedge Fund to Pay $9 Million but Won't Be Prosecuted in Trading Probe

BY JENNY STRASBURG AND JEAN EAGLESHAM

Hedge fund Diamondback Capital Management agreed to pay the government more than $9 million to resolve insider-trading allegations, while entering into a nonprosecution agreement with the Justice Department in connection with a criminal investigation, federal authorities said Monday.

Last week, the Securities and Exchange Commission accused Diamondback, two of its former employees, another hedge fund and five other individuals of civil insider-trading violations.

Under Diamondback's proposed settlement, the money manager will pay the government more than $6 million in alleged illegal gains and interest from trading in shares of Dell Inc. and Nvidia Corp. in 2008 and 2009, plus a ...

BY JENNY STRASBURG AND JEAN EAGLESHAM

Hedge fund Diamondback Capital Management agreed to pay the government more than $9 million to resolve insider-trading allegations, while entering into a nonprosecution agreement with the Justice Department in connection with a criminal investigation, federal authorities said Monday.

Last week, the Securities and Exchange Commission accused Diamondback, two of its former employees, another hedge fund and five other individuals of civil insider-trading violations.

Under Diamondback's proposed settlement, the money manager will pay the government more than $6 million in alleged illegal gains and interest from trading in shares of Dell Inc. and Nvidia Corp. in 2008 and 2009, plus a ...

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Deal Gets Closer on Foreclosures

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- MARKETS

- JANUARY 24, 2012

Deal Gets Closer on Foreclosures

BY RUTH SIMON, JACK NICAS AND NICK TIMIRAOS

CHICAGO—Officials moved closer on Monday to a landmark settlement with five large banks of a government investigation of alleged foreclosure abuses.

State and federal officials hope to announce early next month a deal valued at as much as $25 billion, according to people familiar with the matter.

Housing and Urban Development Secretary Shaun Donovan and Associate U.S. Attorney General Thomas J. Perrelli on Monday briefed Democratic attorneys general at a Chicago hotel on the details of a tentative deal. The five-hour meeting was followed by a teleconference with Republican attorneys general.

The deal presented at Monday's meeting is the product ...

BY RUTH SIMON, JACK NICAS AND NICK TIMIRAOS

CHICAGO—Officials moved closer on Monday to a landmark settlement with five large banks of a government investigation of alleged foreclosure abuses.

State and federal officials hope to announce early next month a deal valued at as much as $25 billion, according to people familiar with the matter.

Housing and Urban Development Secretary Shaun Donovan and Associate U.S. Attorney General Thomas J. Perrelli on Monday briefed Democratic attorneys general at a Chicago hotel on the details of a tentative deal. The five-hour meeting was followed by a teleconference with Republican attorneys general.

The deal presented at Monday's meeting is the product ...

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]]>

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Fungus Fears Push Orange Juice Up

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- COMMODITIES

- JANUARY 24, 2012

Fungus Fears Push Orange Juice Up

BY ALEXANDRA WEXLER

NEW YORK—Orange-juice prices settled at a new high Monday, as anxiety over Brazilian imports and Florida weather shook the normally quiet futures market.

On Monday, the March contract reached $2.2695 a pound before pulling back to settle up 4.4% at $2.1995 on the ICE Futures U.S. exchange. It was the front-month contract's highest settlement ever.

Last week, futures gained after the U.S. Food and Drug Administration said it was testing all frozen-concentrate orange-juice imports for a fungicide that isn't approved for use on oranges in the U.S.

Although the FDA released the ...

BY ALEXANDRA WEXLER

NEW YORK—Orange-juice prices settled at a new high Monday, as anxiety over Brazilian imports and Florida weather shook the normally quiet futures market.

On Monday, the March contract reached $2.2695 a pound before pulling back to settle up 4.4% at $2.1995 on the ICE Futures U.S. exchange. It was the front-month contract's highest settlement ever.

Last week, futures gained after the U.S. Food and Drug Administration said it was testing all frozen-concentrate orange-juice imports for a fungicide that isn't approved for use on oranges in the U.S.

Although the FDA released the ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

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]]>

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The Euro Climbs, Topping $1.30

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- FOREIGN EXCHANGE

- JANUARY 24, 2012

The Euro Climbs, Topping $1.30

BY STEPHEN L. BERNARD

NEW YORK—The euro climbed back above $1.30 for the first time in nearly three weeks, though renewed uncertainty about Greece's debt problems slowed the common currency's momentum.

The euro has risen in four of the past five sessions, and market participants said the latest climb reflected growing confidence in the region's ability to find a solution to its debt crisis. That has prompted some investors to unwind massive anti-euro bets, helping the currency make gains even amid disappointment over stalled Greek debt restructuring talks.

The euro was at $1.3035 in late New York trading, from $1.2931 late Friday. Earlier, the ...

BY STEPHEN L. BERNARD

NEW YORK—The euro climbed back above $1.30 for the first time in nearly three weeks, though renewed uncertainty about Greece's debt problems slowed the common currency's momentum.

The euro has risen in four of the past five sessions, and market participants said the latest climb reflected growing confidence in the region's ability to find a solution to its debt crisis. That has prompted some investors to unwind massive anti-euro bets, helping the currency make gains even amid disappointment over stalled Greek debt restructuring talks.

The euro was at $1.3035 in late New York trading, from $1.2931 late Friday. Earlier, the ...

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The Euro Climbs, Topping $1.30

BY STEPHEN L. BERNARD

NEW YORK—The euro climbed back above $1.30 for the first time in nearly three weeks, though renewed uncertainty about Greece's debt problems slowed the common currency's momentum.

The euro has risen in four of the past five sessions, and market participants said the latest climb reflected growing confidence in the region's ability to find a solution to its debt crisis. That has prompted some investors to unwind massive anti-euro bets, helping the currency make gains even amid disappointment over stalled Greek debt restructuring talks.

The euro was at $1.3035 in late New York trading, from $1.2931 late Friday. Earlier, the ...

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Whack to Estimate for Natural Gas

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- MARKETS

- JANUARY 24, 2012

Whack to Estimate for Natural Gas

BY TENNILLE TRACY

WASHINGTON—U.S. energy officials have cut their natural-gas-resource estimates, saying there is far less gas in a region known as the Marcellus Shale than previously thought.

The Energy Information Administration also predicted oil will reach $146 a barrel in 2035 as developing economies in China, India and the Middle East consume more energy.

The findings come from the annual report of the EIA, which released a sneak peek Monday of price and production forecasts. While the EIA doesn't develop policies or rules, its estimates and predictions play a big role in shaping U.S. energy policy.

Despite the downward revision in the ...

BY TENNILLE TRACY

WASHINGTON—U.S. energy officials have cut their natural-gas-resource estimates, saying there is far less gas in a region known as the Marcellus Shale than previously thought.

The Energy Information Administration also predicted oil will reach $146 a barrel in 2035 as developing economies in China, India and the Middle East consume more energy.

The findings come from the annual report of the EIA, which released a sneak peek Monday of price and production forecasts. While the EIA doesn't develop policies or rules, its estimates and predictions play a big role in shaping U.S. energy policy.

Despite the downward revision in the ...

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The Battle Over Brokers' Duty to Their Clients Reaches a Standstill

By SARAH MORGAN

It may not be a household word, but the battle over your broker's "fiduciary" role has moved in a new direction—away, some say, from a lot of clients' best interests.

A major push by consumer advocates to hold stockbrokers to the same client-comes-first standard of care required of investment advisers—the so-called fiduciary standard—seemed close to success only a year ago. That was after a study by the Securities and Exchange Commission had called for the new rules, despite brokers arguing that dispensing advice was only a part of their business model and they shouldn't be held to the same standard as advisers in all situations.

The five SEC commissioners, however, never voted to change the rules. Now, the SEC is saying it won't write any new rules until it studies how much they might cost the industry.

The shift largely is due to an unrelated case from last year, in which the U.S. Court of Appeals for the District of Columbia struck down an SEC rule on "proxy access" that would have allowed shareholder groups to put up their own proposals and board-of-directors candidates on company-distributed proxy ballots. The court said that the agency hadn't done a thorough review of the rule's potential costs.

That changed the climate for all future SEC rule making, says David Tittsworth, the executive director of the Investment Advisor Association. "The SEC doesn't want to be proposing rules that will just be struck down," he says.

Indeed, this month SEC Chairman Mary Schapiro wrote to Congress to confirm that three staff economists were studying the issue and drafting another request for data on the market for retail financial advice.

The SEC declined to comment further.

Though the fiduciary issue is hotly contested among some groups, surveys conducted on behalf of the SEC showed a majority of investors don't understand what fiduciary means, nor do they realize brokers and investment advisers offer different levels of care.

Investment advisers and financial planners typically offer year-round planning services and portfolio management. Most charge a percentage of assets, usually 1% or so for up to $1 million, but some also charge a straight hourly rate or a fixed fee for whatever help they provide.

Brokers, meanwhile, provide not only advice, but act as agents for clients in securities transactions. They are generally paid commissions or other transaction-based fees.

Under current rules, brokers only need to ensure the products they sell their clients are "suitable," and not necessarily the best possible or least expensive option. For example, a broker can sell a client a variable annuity that comes with a generous commission over a cheaper product, says Andrew Stoltmann, a Chicago-based securities lawyer who represents investors in arbitration and litigation. Advisers, on the other hand, are held to a fiduciary standard that requires them to recommend the less-pricey option, he says.

Investor advocates say new rules would be an important step forward. "It's simply good policy, wise and fair. It will give retail customers greater protection," says Harvey Goldschmid, a professor at Columbia University Law School and a former SEC commissioner.

For their part, brokers say they support the uniform fiduciary standard, but only if it is applied solely to personalized investment advice—and not when they are selling products or executing trades. "The SEC should not take a statute that applies to a different business model and apply that to the broker-dealer business," says Ira Hammerman, the general counsel for the Securities Industry and Financial Markets Association, an industry trade group.

Write to Sarah Morgan at sarah.morgan@dowjones.com

BlackBerry Reset Needs Sure Touch

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- HEARD ON THE STREET

- JANUARY 24, 2012

BlackBerry Reset Needs Sure Touch

BY ROLFE WINKLER

For Research In Motion, this weekend was all about research in demotion.

Unfortunately for investors, the departure of Co-Chief Executives Mike Lazaridis and Jim Balsillie came with no obvious shift in the BlackBerry maker's strategy. Ultimately, to save the company, new CEO Thorsten Heins may have to get more radical and exit from handsets completely.

With a change at the top, investors were excited the door might even be open for a possible sale of the company. Yet shares dropped about 7%, to below $16, in Monday trading after Mr. Heins said he doesn't plan a ...

BY ROLFE WINKLER

For Research In Motion, this weekend was all about research in demotion.

Unfortunately for investors, the departure of Co-Chief Executives Mike Lazaridis and Jim Balsillie came with no obvious shift in the BlackBerry maker's strategy. Ultimately, to save the company, new CEO Thorsten Heins may have to get more radical and exit from handsets completely.

With a change at the top, investors were excited the door might even be open for a possible sale of the company. Yet shares dropped about 7%, to below $16, in Monday trading after Mr. Heins said he doesn't plan a ...

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Article Excerpt

BlackBerry Reset Needs Sure Touch

BY ROLFE WINKLER

For Research In Motion, this weekend was all about research in demotion.

Unfortunately for investors, the departure of Co-Chief Executives Mike Lazaridis and Jim Balsillie came with no obvious shift in the BlackBerry maker's strategy. Ultimately, to save the company, new CEO Thorsten Heins may have to get more radical and exit from handsets completely.

With a change at the top, investors were excited the door might even be open for a possible sale of the company. Yet shares dropped about 7%, to below $16, in Monday trading after Mr. Heins said he doesn't plan a ...

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]]>

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Overheard

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- HEARD ON THE STREET

- JANUARY 24, 2012, 1:56 A.M. ET

Overheard

In 2008, American International Group's near-collapse hit financial markets like a hurricane. Four years later, it is providing a tailwind for earnings growth.

S&P; 500 companies are on track to boost earnings by 9.5% year-on-year ...

In 2008, American International Group's near-collapse hit financial markets like a hurricane. Four years later, it is providing a tailwind for earnings growth.

S&P; 500 companies are on track to boost earnings by 9.5% year-on-year ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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- 1.
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Gingrich Wins in South Carolina866 comments

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Opinion: My Fight for Life492 comments

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Do we need religion to have ethics? Is it possible that a world without religion can be, on the whole, a better place to live?

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What impact do Newt Gingrich’s past relationships have on his chances for the GOP presidential nomination?

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The image of the bald eagle is outright aggressive and predatory. Perhaps change the national symbol to something along the line of "speak softly and carry a big stick?"

- See all Discussion Groups

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- BlackBerry Revival Requires Sure Touch

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]]>

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ACAP Enabled Copyright ©2012 Dow Jones & Company, Inc. All Rights Reserved

Oil Stocks Cushion Risk of Hormuz

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- HEARD ON THE STREET

- JANUARY 24, 2012

Oil Stocks Cushion Risk of Hormuz

BY LIAM DENNING

Alan Greenspan and the Strait of Hormuz: One is an ancient feature of the global landscape and the other is a bottleneck in the Persian Gulf.

But there is a deeper link. Back in the day, bulls spoke fondly of the "Greenspan put": the notion that any time markets fell, the former chief of the Federal Reserve would cut rates to ...

BY LIAM DENNING

Alan Greenspan and the Strait of Hormuz: One is an ancient feature of the global landscape and the other is a bottleneck in the Persian Gulf.

But there is a deeper link. Back in the day, bulls spoke fondly of the "Greenspan put": the notion that any time markets fell, the former chief of the Federal Reserve would cut rates to ...

Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

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ECB May Hold Key to Exiting From Greece's Debt Labyrinth

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- HEARD ON THE STREET

- JANUARY 24, 2012

ECB May Hold Key to Exiting From Greece's Debt Labyrinth

BY RICHARD BARLEY

The European Central Bank could help solve Greece's debt puzzle. Talks with private bondholders on a "voluntary" deal to cut €100 billion ($129.3 billion) off Greece's debt have faltered, with banks arguing they have made the best offer they possibly can. It is increasingly likely that euro-zone governments will need to take a loss, too, to make Greece's debt profile look sustainable. A move to restructure the ECB's estimated €45 billion-€50 billion holding of Greek bonds could unlock the process.

The ECB isn't involved in the Greek private-sector debt-restructuring process, which covers ...

BY RICHARD BARLEY

The European Central Bank could help solve Greece's debt puzzle. Talks with private bondholders on a "voluntary" deal to cut €100 billion ($129.3 billion) off Greece's debt have faltered, with banks arguing they have made the best offer they possibly can. It is increasingly likely that euro-zone governments will need to take a loss, too, to make Greece's debt profile look sustainable. A move to restructure the ECB's estimated €45 billion-€50 billion holding of Greek bonds could unlock the process.

The ECB isn't involved in the Greek private-sector debt-restructuring process, which covers ...

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When Stress Is Good for You

It's Disparaged as Dangerous, but Healthy Levels of Stress Can Pump Up Both Mind and Body

- By SUE SHELLENBARGER

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Stress: It can propel you into "the zone," spurring peak performance and well-being. Too much of it, though, strains your heart, robs you of memory and mental clarity and raises your risk of chronic disease.

A little stress is helpful for peak performance, but too much can literally shut down the brain. Sue Shellenbarger on Lunch Break looks at how you stay in the good stress zone and tell if you're tipping into bad.

How do you get the benefits—and avoid the harmful effects?

By learning to identify and manage individual reactions to stress, people can develop healthier outlooks as well as improve performance on cognitive tests, at work and in athletics, researchers and psychologists say.

The body has a standard reaction when it faces a task where performance really matters to goals or well-being: The sympathetic nervous system and the hypothalamus, pituitary and adrenal glands pump stress hormones, adrenaline and cortisol, into the bloodstream. Heartbeat and breathing speed up, and muscles tense.

What happens next is what divides healthy stress from harmful stress. People experiencing beneficial or "adaptive" stress feel pumped. The blood vessels dilate, increasing blood flow to help the brain, muscles and limbs meet a challenge, similar to the effects of aerobic exercise, according to research by Wendy Mendes, an associate professor in the department of psychiatry at the University of California, San Francisco, and others.

The body tends to respond differently under harmful or threatening stress. The blood vessels constrict, and "you may feel a little dizzy as your blood pressure rises," says Christopher Edwards, director of the behavioral chronic pain management program at Duke University Medical Center. Symptoms are often like those you feel in a fit of anger. You may speak more loudly or experience lapses in judgment or logic, he says. Hands and feet may grow cold as blood rushes to the body's core. Research shows the heart often beats erratically, spiking again and again like a seismograph during an earthquake.

Another hallmark: "Can you turn it off? Or are you a prisoner of your mind?" says Martin Rossman, an author on healing and stress and a clinical instructor at the University of California, San Francisco, Medical School. People under harmful stress lose the ability to re-engage the parasympathetic nervous system, which drives the body's day-to-day natural functions, including digestion and sleep. While individuals vary in how long they can tolerate chronic stress, research shows it sharply increases the risk of insomnia, chronic disease and early death.

Home builder Carl Weissensee used to be "addicted to stress," he says. Managing thousands of details and multiple risks for each of the multimillion-dollar houses he builds, he spent years rushing around with "one foot off the ground 20 hours a day, running the same scenarios through my mind time and time again, and being unable to put it aside," says Mr. Weissensee, 58, of Mill Valley, Calif.

In an important marker of harmful stress levels, his agitation disrupted his life. "I would sleep four to six hours a night, and even that wasn't good sleep." His wife complained, and his young daughter painted a small rock for him with the words, "You work too much."

A heart attack, followed by problems with cardiac arrhythmia, forced him to find the line between good stress and bad. "I don't believe it's possible to do a good job without a certain amount of stress. It's necessary to get things done," he says.

He has brought it down to a healthy level by using relaxation techniques, including deep breathing and guided imagery—lying still and imagining stressful tasks turning out well. After seeing Dr. Rossman, reading his book and doing one of his relaxation CDs daily, Mr. Weissensee learned to acknowledge his worries instead of recycling them in his head, then practice "skipping over" them and telling himself that "everything works out in the end," he says. He has managed to stabilize his heart condition without large doses of medication.

"By practicing over and over, I seem to be changing the path my thoughts take from, 'I'm doomed,' to, 'Things will be OK,' " he says. "My goal is to worry just enough to do my job well."

That kind of positive attitude tends to produce good stress, based on research by Dr. Mendes and others. In a study of 50 college students, some were coached to believe that feeling nervous or excited before a presentation could improve performance. A control group didn't receive the coaching. When the students were asked to make a speech about themselves while receiving critical feedback, those who received the coaching showed a healthier physiological response, leading to increased dilation of the arteries and smaller rises in blood pressure than the control group.

In a similar study, students who received the same coaching before taking graduate-school entrance exams posted higher scores on a mock test in the lab and also on the actual exam three months later, compared with controls, according to a study co-authored by Dr. Mendes and published last year in the Journal of Experimental Social Psychology. They also posted higher levels of salivary amylase, a protein marker for adrenaline that is linked to episodes of beneficial stress.

People react differently to everyday stress. At-home or mobile biofeedback devices can detect spikes in the heart rate. Hand-held thermometers also can be used to note when the temperature of one's hands falls below 95 degrees, says Kenneth Pelletier, a clinical professor of medicine at both the University of Arizona School of Medicine and the University of California School of Medicine, San Francisco.

Illustration by Mike Right

Toronto psychologist Kate Hays tells patients to imagine a stress scale "ranging from 1, where you're practically asleep, to 10, where you're climbing off the ceiling." Then, she asks them to recall a past peak performance and figure out where their stress at that moment would have ranked. Many people say 4 to 6, but responses range from 2 to 8, says Dr. Hays, who specializes in sports and performance psychology. That becomes their personal stress-management target.

For most people, hitting that target requires new skills. With practice, though, they can learn to relax completely in a few seconds, says Dr. Pelletier.

In addition to thinking positively about stressors, deep abdominal breathing and training in meditation and mindfulness, or regulating one's own mental and physical states, help moderate stress.

All have been shown in research to help heal such chronic problems as heart disease, according to a 2010 research review co-authored by Bonnie Horrigan, director of public education for the Bravewell Collaborative, Minneapolis, a nonprofit that advocates integrating health and medical care. When Ford Motor Co. tested various ways of helping employees with chronic back pain several years ago, corporate medical director Walter Talamonti says, training in reducing harmful stress to healthy levels was linked to reductions in employees' pain and medication use.

Dr. Edwards is seeing 15% to 20% annual increases in patients at his pain clinic seeking biofeedback and other help with stress and stress-related ailments. As many as 35% of them actually want to generate more good stress; many are referred by counselors, parents or coaches.

Many workplace wellness programs have also begun coaching people to hit "the optimal performance zone"—with enough stress "to be stimulating, to focus you, to challenge you" without taking a physical toll, says Dr. Pelletier.

Write to Sue Shellenbarger at sue.shellenbarger@wsj.com

New Scrutiny for Popular Breast-Cancer Treatment

By RON WINSLOW

An increasingly popular strategy that shortens radiation treatment for patients with early-stage breast cancer is drawing scrutiny from researchers concerned that it is being rapidly adopted before important questions are answered about its efficacy.

Known as accelerated partial-breast irradiation, the treatment involves five days of twice-daily doses of radiation delivered to a targeted area of the breast. By comparison, whole-breast irradiation, considered the standard of care, requires six to eight weeks of daily treatment.

Both treatments are given after patients undergo a lumpectomy to remove cancerous tissue and to avoid losing the entire breast to a mastectomy.

Proponents say the partial-breast approach not only significantly shortens treatment time—a big drawing card for patients—but also reduces radiation exposure to the breast, lung and heart. It also avoids the fatigue that often comes with several weeks of radiation therapy.

These advantages have attracted growing numbers of patients. Last year, about 20,000 patients in the U.S. underwent the partial-breast treatment, up 33% from 15,000 four years earlier, according to Frost & Sullivan, a market-research firm in Mountain View, Calif. About 60,000 U.S. patients each year are potential candidates, the firm says.

Two recent studies raise a caution flag about the approach. One of the reports links the technique with a higher risk of mastectomy within five years. Although both papers have important limitations and neither proves actual harm from the procedure, researchers say they underscore the importance for women to be aware of the potential downside when weighing the option of the partial-breast technique.

"We don't know if these patients are going to [have a recurrence] five to 10 years later from part of the breast you didn't treat," says Jona A. Hattangadi, a radiation oncologist at Brigham and Women's Hospital, in Boston. "If the whole point is to conserve your breast and you end up needing a mastectomy, the benefit isn't there."

Cheryl Lipshutz of Houston, 56 years old and a senior vice president for an international energy company, says she thoroughly discussed the benefits and risks of partial-breast irradiation with her doctor at MD Anderson Cancer Center before opting for the technique. Confidence in her doctor and frequent global travel for her job were big factors. "The idea of being out of pocket for six weeks would be very disruptive to my profession," she said, referring to the course of treatment for whole-breast irradiation. "I feel like I made the right decision for me."

Partial-breast irradiation is typically delivered by a catheter inserted directly into the cavity in the breast created by the lumpectomy. The shortened treatment regimen means higher radiation doses are required. Proponents say recent technology advances enable a more precise administration of the treatment compared to the first device marketed, which was approved by the Food and Drug Administration in 2002.

Mastectomy was the standard of care until the early 1980s. It was gradually replaced by lumpectomy and whole-breast irradiation after several long-term, randomized trials showed this treatment was as effective as removing the entire breast in preventing cancer recurrence and prolonging survival.

Later studies showed that when breast cancer recurs, it comes back about 90% of the time close to where the original tumor was. "That led to the idea that one could give most or all of the radiation closer to the original tumor bed and that would solve the problem," says George Sledge, a past president of the American Society of Clinical Oncology and co-director of the breast-cancer program at Indiana University Simon Cancer Center, in Indianapolis.

But after a decade of experience, it's still uncertain whether partial-breast irradiation is as effective in preventing recurrence and prolonging survival as whole-breast irradiation. Results of a study comparing the two strategies in nearly 5,000 patients aren't expected until at least 2014.

"Partial-breast irradiation is a very promising approach, but there's a lot we have to learn," says Lori Pierce, professor of radiation oncology at University of Michigan Comprehensive Cancer Center. "Too many people are offering this without enough data to substantiate its use."

Last month, MD Anderson researchers who analyzed a big Medicare-claims database reported that 4% of women treated with the new technique underwent a mastectomy within five years. The team, led by radiation oncologist Benjamin Smith, said that was nearly double the 2.2% of women who received whole-breast irradiation.

Another recent study, published in the Journal of the National Cancer Institute and led by Dr. Hattangadi, suggested that only about one-third of women treated with the technique were considered "suitable" under guidelines issued in 2009 by the American Society for Radiation Oncology. Suitable candidates include women 60 and older with well-defined tumors two centimeters or less in size. Younger women are considered unsuitable because breast tumors in women under 50 tend to be more aggressive.

The studies covered seven years' of claims data ending in 2007. Proponents of partial-breast irradiation say technology has changed significantly since then, potentially improving outcomes. Among other limitations of the studies: Patients whose claims were analyzed in the MD Anderson study weren't randomized to either treatment, nor did researchers know why patients had mastectomies.

The studies "aren't substantial enough or rigorous enough to enable doctors to use in making decisions for their patients," says Connie Manz, chief medical officer for closely held 21st Century Oncology, a large provider of radiation-therapy services based in Fort Myers, Fla.

Robert Kuske, a radiation oncologist in Scottsdale, Ariz., and a pioneer of partial-breast irradiation, disputes that adoption of the technique has taken off too fast. Still, he is co-leader of the major study comparing it to whole-breast irradiation.

Proponents and skeptics alike agree on the need for data from randomized controlled trials to provide better information to guide use of the new procedure.

"This is your classic case of where there's no data, everyone is right," says Dr. Sledge.

Write to Ron Winslow at ron.winslow@wsj.com

Stricter Thinking on Alcohol During Pregnancy

- By MELINDA BECK

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In the sixth to 12th week of pregnancy, a fetus's bones, brain and central nervous system are forming. Buds blossom into arms and legs, and internal organs start to function. A face with eyelids, lips and other features appears.

Melinda Beck on Lunch Break looks at the latest in warnings for pregnant women on drinking alcohol during their pregnancies.

This is also the time when a mother's alcohol consumption poses the greatest risk of doing lifelong physical damage to her baby, according to a new study of nearly 1,000 women who drank at least once in their pregnancies.

On average, the women drank a small fraction of a drink a day. But some downed as many as 12 drinks a day—well above the amount considered safe for the women's own health—and binged frequently.

For each drink consumed each day over the daily average in the second half of the first trimester, the women's babies were 12% more likely to have a small head circumference, 16% more likely to have low birth weight and over 20% more likely to have a very thin upper lip or lack a vertical indentation between their noses and lips. While seemingly minor, those characteristics are typical of fetal alcohol syndrome, or FAS, and frequently presage cognitive and behavior problems later in life.

Overall, the more the women drank, the more likely their babies were to have such problems, according to the study published last week in the journal Alcoholism: Clinical and Experimental Research. Some who averaged less than one drink a day still had babies with some FAS characteristics.

"We found that there is no safe amount of alcohol to drink during pregnancy," says lead author Haruna Sawada Feldman, a postdoctoral student at the University of California, San Diego.

A few studies have found a drink or two a week seemed to have little effect on babies. But most of those relied on mothers' recall after giving birth, while the UC San Diego researchers interviewed subjects throughout their pregnancies.

Fetal alcohol syndrome—an array of physical and mental abnormalities including learning disabilities, language delays, poor concentration and low IQ—was first recognized in the early 1970s. Experts have never pinpointed how much alcohol it takes to cause damage, so the U.S. Surgeon General, the Centers for Disease Control and Prevention and the March of Dimes all urge women not to drink at all if they are or might become pregnant.

Some women drink anyway—in part because friends, family members and even some obstetricians say an occasional drink isn't likely to cause harm.

"We know that alcohol crosses the placenta; we know that it's linked to mental and physical problems; so why risk it?" says Tom Donaldson, president of the National Organization for Fetal Alcohol Syndrome, or NOFAS, a nonprofit advocacy group.

In government surveys, about 12% of pregnant women in the U.S. report drinking some alcohol in the past 30 days and about 2% report drinking five or more drinks at a time. The CDC estimates that of approximately four million U.S. infants born each year, between 1,000 and 6,000 fit the criteria for FAS. Experts think as many as 40,000 a year have some neurological or behavior issues caused by prenatal alcohol exposure, a broader, less well-defined range of conditions known as fetal alcohol spectrum disorder, or FASD.

Why alcohol seemingly affects some unborn babies but not others remains a mystery.

"There's a huge amount that we still don't know about this disorder," says Kenneth Lyons Jones, one of the physicians who first recognized the danger of alcohol in pregnancy when he and a colleague noticed that eight children in a Seattle clinic all had similar facial features and developmental problems and discovered that all had been born to alcoholic mothers.

Dr. Jones, now a professor of pediatrics at UC San Diego and a co-author of the study, speculates that genetic differences may at least partly explain why some babies are more affected than others. He and other researchers are also investigating whether a mother's health and nutrition may play a role, studying pregnant women in Ukraine where the incidence of FAS is high.

In the U.S., experts say most children who fit the criteria for FAS or FASD never get a formal diagnosis. Many of the cognitive and behavioral problems are common in the general population and some are subtle enough to go unrecognized. Mothers who drank during pregnancy are often reluctant to admit it and physicians are often loath to voice suspicions, experts say. What's more, there are no blood tests or other biomarkers to show alcohol exposure in the womb.

But the damage can last a lifetime.

Researchers at Emory University in Atlanta have been following a group of alcohol-affected children born between 1980 and 1986 into young adulthood. ("In those days, mothers told us everything," says Claire Coles, a professor of psychiatry at Emory and the project leader.)

Not all those whose mothers drank have suffered physical or cognitive damage. One recently graduated from Princeton University, says Dr. Coles. But many have visual and spatial difficulties and trouble encoding memories. Functional MRI studies have found that corresponding areas of their brains are abnormal. Many also have trouble with math concepts, starting around age 5. "You can get them to say that 2 plus 2 equals 4, but they don't know what means," says Dr. Coles.

She and others have designed learning programs that address the specific needs FAS children have—but she stresses that it's important to identify them early, when their brains are most adaptable. Other experts agree. The American Academy of Pediatrics plans to issue new guidelines this year urging pediatricians to look for signs of FAS and FASD in their young patients and urge parents to seek help.

Admitting that their drinking may have caused their children's problems can be difficult for mothers, however.

"It takes a lot of courage to own this and tell people, 'Yes, I drank while I was pregnant,'" says Kathy Mitchell, who had three children by the time she was 20 years old in the 1970s and drank wine with each pregnancy. Two of them are healthy, but one daughter, now 37, has severe FAS. Two other children died in infancy, which Ms. Mitchell also attributes to her drinking.

Now a recovering alcoholic and spokeswoman for NOFAS, Ms. Mitchell works with families who have adopted FAS children, knowingly or unknowingly, as well as birth mothers who are "stunned and remorseful and full of guilt," she says.

"No one intentionally sets out to harm her children," says Ms. Mitchell. "Most birth families who receive the diagnosis don't tell anyone. But it's not going to get prevented if we call it something else."

Write to Melinda Beck at HealthJournal@wsj.com

It's Tough Exercise to Look Tough on a Bike

By JEN MURPHY

Peter Earl McCollough for The Wall Street Journal

Michael Quinn with his BMW motorcycle near Mount Tamalpais in Marin County, Calif.

Riding a motorcycle may not seem like a workout, but Michael Quinn would dare skeptics to try standing on the pegs of an off-road bike while riding for 12 hours in the heat of the Atacama desert.

Mr. Quinn, 49 years old, is a partner and managing director for CreativeFeed, an agency that handles marketing for luxury brands like Bordeaux and Sisley beauty products. He travels between the company's New York and San Francisco offices about every two weeks and keeps homes in Manhattan and Sausalito, Calif.

Mr. Quinn had given up riding motorcycles nearly 15 years ago. In 2010 a good friend encouraged Mr. Quinn to buy a motorcycle and train to ride alongside the Dakar Rally. The Rally originated in 1978 and was an off-road endurance race of motorcycles, cars, buggies and trucks that went from Paris to Dakar, Senegal. In 2009 the race moved to South America and now goes through the Atacama desert.

Mr. Quinn bought a 10-year-old BMW off-road bike and signed up for lessons at RawHyde Adventures, a motorcycle school an hour north of Los Angeles. "Off-road riding is different from riding on the highways. You need to learn things like how to crash properly and how to pick up your bike and not have it be a big blow to your body or ego," he says.

Peter Earl McCollough for The Wall Street Journal

Michael Quinn

After six months of preparation Mr. Quinn and a friend flew to Buenos Aires last Januaryand spent two weeks riding alongside the Dakar race with a group from RawHyde Adventures. "We were typically riding 10 to 12 hours a day going about 80 miles per hour. It was exhausting," he says. "We were riding on mountains and dunes of desert and going on paved and unpaved roads." The route covered 5,968 miles through Argentina and Chile. Mr. Quinn's group rode along "liaison" sections, un-timed sections of public roads and terrain that connect the different segments of the timed race course. The route was less extreme than the race route proper.

The Workout

In off-road riding the rider stands rather than sits on the bike. A rider must learn to steer with the knees and feet, he says. All that standing requires Mr. Quinn to have a strong core and good balance.

Mr. Quinn has practiced tai chi and kung fu for the last 10 years. "I can do it in my hotel room, a gym, or recently I was in Phoenix and found a little patch of grass to practice while the sun came up." Mr. Quinn usually practices two mornings a week, for about 40 minutes.

He belongs to Equinox fitness center and worked with a trainer once a week for about six months leading up to Dakar. "She designed a program that used off-balance core-muscle conditioning to help me respond to moving myself and a heavy bike through difficult terrain," he says.

Mr. Quinn now incorporates the exercises he learned into a solo weekly routine. He goes to spin classes at Equinox one to two days a week.

The Diet

"I don't eat very well," says Mr. Quinn. "I hide behind my Lipitor." "I have the New York City diet. I need a few cups of coffee to get onto the on ramp of the day in Manhattan and then decelerate with a cocktail at the end of the day."

Mr. Quinn eats Grape-Nuts and a banana for breakfast. He picks up a lunch of soup or sushi near his office. "It's really hard to find time to cook with my lifestyle so I usually pop into someplace fairly inexpensive and grab a light bite for dinner and do a little more work before heading home." At the airport, he'll eat ramen noodles.

Gear & Cost

"A good friend of mine just bought his first bike for $800. The price of entry does not have to be high," says Mr. Quinn. "But very high performance bikes can well exceed $20,000." He spends about $200 for knee pads, $1,500 for a riding jacket and pants, $500 for a helmet and around $150 for gloves.

The Draw

"I look at my bike as my country club or golf clubs. It's a great way to meet people and chat about something that has nothing to do with work. It's bonding over a shared interest and a shared appreciation. A huge part is the social aspect for me."

The Dangers

"Crashing is inevitable," says Mr. Quinn. "It's important to have the proper safety equipment and be prepared for any situation." During the Dakar ride last year, Mr. Quinn crashed on top of the Paso de San Francisco in the Andes mountains. "I was in front of a long line of speeding race trucks and crashed into a sand pit that I didn't see. The race truck behind me narrowly missed hitting me. It was a lesson in humility."

A Motorcyclist's Joy Rides

Michael Quinn, an executive who splits his time between New York and California, shares his favorite spots for motorcycle riding.

The Pine Barrens, N.J.

This area, also called the Pinelands, offers acres of sand, pine trees, rivers, roads, and small towns to ride through. "It's very rural yet surprisingly close to Manhattan so it's a good nature escape. It's also a good way to hone sand-riding skills on large bikes to prepare for larger, more adventurous rides."

Pacific Coast Highway 1, Northern California

"This stretch of road takes you past beautiful places in Marin like Point Reyes, Tomales, and Marshall. There are also excellent bakeries in Northern California. On weekends you see all of the bikers hanging out at them."

Lake Berryessa Loop, Calif.

This 50-plus mile ride goes all through wine country and the towns of Calistoga, Healdsburg, Middletown and Napa. "It has wonderful twisty roads through stunning and fragrant countryside. Combine that with no traffic and the focus demanded by little speed, and you have a very meditative experience."

Write to Jen Murphy at workout@wsj.com

An Energy Shot for the Brain

By LAURA JOHANNES

For people looking for a dose of mental edge, a purported brain enhancer called citicoline is popping up in beverages and dietary supplements.

"What you drink when you want to think," says the label of Nawgan, a drink from Nawgan Products LLC. The St. Louis company's website invites consumers to track their mental performance with an online memory and focus test.

F. Martin Ramin for The Wall Street Journal

11.5 ounce cans of Nawgan

Go GungHo Inc.'s gel packets carry the slogan, "Ninja like focus" and the Orem, Utah, company hopes its newly introduced product will be popular with gamers.

Citicoline is an organic molecule found naturally in the body, particularly the brain. Scientists believe citicoline speeds up formation of brain cell membranes and may boost production of neurotransmitters essential to brain function.

In some countries, citicoline is sold as a prescription drug to help regenerate the brain after a stroke. But efforts to gain Food and Drug Administration approval in U.S. were stymied when clinical trials found citicoline was no more effective than a placebo.

In October, citicoline hit the U.S. market in liquid form as a "medical food" called CerAxon for use in patients with stroke and traumatic brain injury. Medical foods don't require FDA approval but their labels must be truthful and they can be subject to a post-market review, the FDA says. CerAxon, which is sold by Ferrer Group of Barcelona, comes in two daily doses of 1,000 milligrams each. It doesn't require a prescription, but is intended to be used under a doctor's direction, Ferrer says.

Among a bevy of dietary supplements and energy drinks aimed at healthy people, citicoline is frequently found under the brand name Cognizin, sold by Kyowa Hakko USA, a unit of Japan's Kirin Holdings. Healthy Origins brand sells 250 milligram Cognizin capsules for "memory function and health cognition." It is currently selling for $48 for 150 capsules. The popular 5-Hour Energy drink from Living Essentials LLC, Farmington Hills, Mich., contains citicoline in a "proprietary energy blend," but the company won't say how much. The company's website says it helps "recapture the bright, alert feeling you need to power through your day." The 1.93-ounce 5-Hour Energy shot sells for $3 to $5.

You'll find 250 milligrams of Cognizin in each shot of Go GungHo, now on sale for $30 for a box of 12; and each 11.5-ounce can of Nawgan, which sells for $2.39.

Citicoline so far appears safe—with an occasional mild gastrointestinal upset being the main reported side effect. As for whether it works for sharpening the brain or minimizing damage from a stroke "the jury is out," says Catherine Ulbricht, co-founder of Natural Standard Research Collaboration, a Cambridge, Mass., scientist-owned group that evaluates natural therapies. For treating memory loss, the group gives citicoline a grade of "C" or "unclear scientific evidence"; for stroke it gets a "B" for "positive scientific evidence."

Lee H. Schwamm, vice chairman of the neurology department at Massachusetts General Hospital, says despite inconclusive results so far, citicoline is a "reasonable" option for stroke patients because clinical trials have showed promise—such as improvement in brain scans in some patients.

Doctors say a study of more than 2,000 people funded by Ferrer—the largest ever on citicoline for stroke—may provide definitive evidence. The results will be announced in May, Ferrer says.

A Cochrane Collaboration review, last updated in 2010, looked at 14 studies and concluded there is evidence that citicoline "has a positive effect on memory and behavior at least in the medium term." The review found the most benefit in patients whose memory loss was caused by tiny strokes.

But a new Kyowa-funded study of 60 healthy women found a monthlong regime of daily doses of citicoline resulted in improved attention and fewer errors on a cognitive test compared with placebo, says co-author Deborah Yurgelun-Todd, a scientist at the Brain Institute at University of Utah in Salt Lake City, who is a paid consultant to Kyowa. The study was presented at a medical conference in June.

For memory loss, "I would urge caution but it might be worth a try," says Gary Small, director of the Longevity Center at the University of California, Los Angeles, who has no connection with any company selling citicoline. Exercise and a diet rich in antioxidants are likely more important for healthy people simply interested in boosting their brain function, adds Dr. Small.

—Email aches@wsj.com

Work & Family Mailbox

Sue Shellenbarger answers readers' questions

By SUE SHELLENBARGER

Q:When I extend my hand for a traditional handshake, the other man sometimes wraps his hand around mine, covering it with his fingers rather than gripping it firmly. I find this demeaning. —D.L., Chatham, N.Y.

A: Covering your entire hand may be a misguided attempt by the other person to convey warmth and caring, says Daniel Post Senning, an author and spokesman for the Emily Post Institute in Burlington, Vt. He may not realize that many people resent that kind of grasp as "controlling and dominating," he says. You mention elsewhere in your email that you are 68 years old; another possible explanation is that the other person may "not want to be too pushy," Mr. Senning says. Or perhaps he lacks confidence, or is timid about making physical contact.

Try to head off the hand-grab by "modeling the behavior you'd like to see," Mr. Senning says. Take control by extending your hand to intercept the other person's in a firm traditional handshake; assert yourself by standing straight, looking him in the eye, smiling and saying his name. If that doesn't work, try laughing and making a humorous comment about the other person's off-center grasp, saying, "Oh, I missed you with that. Let's try that again," he says. If that fails, consider talking with the offender later, explaining without blaming or criticizing him how the oddball handshake makes you feel.

Write to Sue Shellenbarger at sue.shellenbarger@wsj.com

Bringing 'Downtown' to Midtown

By JOANNE KAUFMAN

New York

Petula Clark isn't much for hanging out in the past. This may explain why the 1960s British pop star long ago chucked the miniskirts and trumpet-sleeved baby-doll dresses that were part of her mod, mod, mod, mod world.

"My daughters are furious because I haven't kept any of that stuff. They would love to have go-go boots or some of the other things I used to wear," said Ms. Clark, 79, whose children will have to content themselves with mementos like mom's two Grammy Awards and her 10 gold records for such hits as "This Is My Song," "My Love" "I Can't Live Without Your Love" and, of course, the catchy little ditty that started it all, "Downtown."

"I have been criticized for not being nostalgic enough," Ms. Clark said. "I will, of course, talk about those days. But I don't sit around listening to my old records or watching my old movies—the Norma Desmond syndrome." Though she did play Norma in a U.S. touring production of the Andrew Lloyd Webber musical "Sunset Boulevard," as well as in London's West End.

Now she's going from downtown to midtown. On Tuesday she begins a two-week engagement here at the nightclub Feinstein's. "I haven't done cabaret in years," said Ms. Clark, who was just off a plane from Paris, where she's recording her first studio album in a while, and who despite jet lag was in very good voice as she sang with a reporter an impromptu duet of "This Is My Song" and the Vogues' "You're the One."

"I don't have my act together," she admitted as she pantomimed writing a list of musical numbers on the coffee table in front of her. "I never do a show of just old material. . . . I like to keep it fresh for myself. But I'll be singing the songs people expect me to sing. I am fortunate because I have some good songs. They still are good songs."

Those numbers helped make Ms. Clark a "crossover" artist, a performer who appealed not only to teens but to their Beatle-buffeted elders. "I was the reassuring young woman who was singing songs that even the parents quite liked," she said. "Was I prim? Compared to Marianne Faithfull? Yes. I wasn't into drugs or drink. I wasn't swinging around."

Still, Ms. Clark made waves and headlines in 1968 during the taping of an NBC special. With her guest Harry Belafonte, she sang the antiwar song "On the Path of Glory," spontaneously touching Mr. Belafonte's arm at the end of the duet. An executive from Chrysler, the show's sponsor, fearing such interracial contact would offend Southern viewers, insisted on an alternate take. Ms. Clark insisted that the show air intact or not at all, and prevailed.

She knows just how to keep calm and carry on. Her career began in 1940 at a BBC studio where she'd come to record a message for an uncle in the armed forces. As an air raid rocked London's Criterion Theater, site of the broadcast, the producer asked for volunteers to distract the audience with a poem or song. Eight-year-old Petula stepped forward and a star was born. When she went on tour to entertain the troops, she was one of a pair of young songbirds. Perhaps you've heard of the other one: Julie Andrews.

Inevitably, a movie contract followed, with Ms. Clark being billed as England's answer to Shirley Temple. "But Temple was very cute and dimpled," she said. "And I wasn't."

Then again, Ms. Temple was a has-been at 16. The elfin Ms. Clark, meanwhile, rebooted, becoming a singing sensation in France—"La Petite Anglaise," she was called—and, in 1964, a global sensation with the release of the buoyant "Downtown." Sales of her records total some 70 million.

Along the way, she became the object of an over-the-top essay—"The Search for Petula Clark"—by the eccentric classical pianist Glenn Gould, who after an exhaustive analysis of timbre, tone and chord progressions pronounced Ms. Clark far superior to the Beatles. She sang background vocals on John Lennon's "Give Peace a Chance," was invited to tea with Charlie Chaplin after she made a hit of his composition "This Is My Song," and starred with Fred Astaire in the screen adaptation of "Finian's Rainbow."

"I was very nervous about dancing with Fred," Ms. Clark said, "but he made it so easy." Apparently, Astaire had his own worries about singing with Pet. "We went into the studio to record our duet 'Look to the Rainbow,'" she recalled. "And after the first take, he leapt up as only he could leap and yelled out, 'I sang. With her!' "

No dancing in the dark with Elvis, but there was every opportunity. She and her young discovery Karen Carpenter went to see Presley perform in Las Vegas, and he invited them back to his dressing room after the show. "Suddenly it was just Karen and me and Elvis. And it was starting to be—how can I put this?—he had his eye on both of us. I felt sort of responsible for Karen and turned into the nanny and said, 'We have to get out. We have that thing to do in the morning.' And Karen said 'what thing?' When we walked out, she turned to me and said 'why did we leave?'"

Ah, those were the days. But this is certainly not what Ms. Clark wants to hear. Her warmth drops a few degrees when a reporter imprudently mentions the words "1960s" and "heyday" in the same sentence.

"That was a shining moment. But I've had many shining moments since then that have not been so heralded. It's not like it's been a wasteland between then and now," she said, mentioning the lyrics she devised for a tune by Bach; the melody she recently wrote with words supplied by Charles Aznavour; her starring role in the 1981 revival of "The Sound of Music" in the West End; in "Blood Brothers" (1993) on Broadway; and her work in "Sunset Boulevard" (in 1995 and 1999). "Just being on Broadway and working on stage with good performers—those were moments I didn't know in the '60s," she said.

And now, Ms. Clark is thinking more about what's behind the notes. "In those days I just thought I was singing a good pop song," she said of "Downtown." "But 'when you're alone and life is making you lonely….' It's not a jolly song about let's go out and have fun. I've had times when I've felt down and depressed and found that getting out of your environment can make you see things differently. I think the song has a lot of that in it."

It's true, she agreed, that most of the people who will be coming to see her at Feinstein's are those who knew and loved her you-know-when. But some parents do bring kids along to her concerts, and she'd love to see more of them.

"A new hit record would do the trick," Ms. Clark said. "But I'm not banking on that."

Ms. Kaufman writes about culture and the arts for the Journal.

The Edge of a New Frontier

By PETER PLAGENS

Los Angeles

On a late winter afternoon in Los Angeles there's a kind of shadowless gray glare that's both heavy in mood and bright on the eyes. It's warm, but you can feel a damp coolness starting to settle in for the evening. At the intersection of La Cienega Boulevard and Washington Boulevard, where Los Angeles ends and Culver City begins, the effect is exacerbated by the low buildings and wide streets. Los Angeles is my hometown, but I left it decades ago for a denser, vertical place—New York. Fading sunshine and that creeping "marine layer" always rouse in me a bit of wistfulness but, because this particular borderland is Los Angeles's new gallery neighborhood, I feel a little pulse of anticipation, too.

"You're here for the early rounds," says Whitney Carter, whose small gallery, Carter & Citizen, opened last September. "Tonight there are lots of openings at the galleries because this is kind of the start of the second half of the season."

In Los Angeles, gallery location is a lot about automobiles: How quickly can you get there in them and where can you park? Bergamont Station on the eastern edge of Santa Monica—long ago a railroad-car storage yard—became Los Angeles's instant Chelsea in the mid-1990s. It boasts a couple of dozen galleries arranged around a huge parking lot. But Bergamont isn't all that close to a freeway, and seems slightly prefabricated. Some gallery owners prefer a less gated-community feel. And there's always the search for bigger, cheaper spaces.

Early in the new millennium, art galleries started to migrate into, and adjacent to, Culver City, taking over storefronts and warehouses and slicking them up with de rigueur tall white walls, elegant track lighting and smooth concrete floors. The new gallery neighborhood amounts to a horizontal version of New York's former gallery central, SoHo. Last June's Sixth Annual "Art Walk Culver City" brochure listed about 40 galleries. And, judging from my brief recent sampling, there's proportionately more variety, and less self-congratulatory exhibitionism, than in New York's Chelsea.

The centripetal abstract sculptures in David McDonald's "Self Portraits" (Carter & Citizen Gallery, 2648 La Cienega Ave., 213-359-2504, through Feb. 18) sit on the floor. They are agglomerations, about a yard tall, of unglamorous materials (cement, scrap wood, rebar, wire) with a vertical—dare we say phallic?—core. You look down at them as you would at friendly dogs. Good, concise sculpture is relatively rare these days, and Mr. McDonald succeeds by taking a risk with physical modesty. His pieces aren't flashy, but are astutely assembled and intriguing in their confined manner. But are these "self portraits" really, as the gallery claims, his "most personal" works? He deserves the benefit of the doubt.

The best thing about Brian Bress's "Under Performing" (Cherry and Martin Gallery, 2712 S. La Cienega Blvd., 310-559-0100, through Feb. 25)—and I'm not being snide here—is the title of this show. A 20-minute video—a kind of "Drive, She Said" movie with a Kathy Bates lookalike reciting snippets of wisdom from the writings of the late minimalist painter Agnes Martin—plays in the front gallery. In the rear, eight flat-screen monitors display digital portraits of grotesque cyberpuppets that move very, very slightly. So, does "underperforming" imply that Mr. Bress isn't doing his best, or that he is doing his best in depicting somebody else underperforming, or that his art should fall "under" the heading of "performing"? I'd choose the middle possibility, but I'm unsure enough to have taken three turns through the show to try to make up my mind. And I more or less enjoyed doing so.

For Adam Ross's "In an Indeterminate Place" (Angles Gallery (2754 S. La Cienega Blvd., 310-396-5019, through Feb. 18), the artist makes semigeometric abstract paintings in which spatial ambiguity—trickery—is the subject. On bright, primary-color canvas-over-panel formats, he superimposes tilting, illusionistic white framing bars over a dark mottling—somewhere between the looks of Clyfford Still and Gerhard Richter—in the bright red, yellow or blue grounds. The effect is arresting, but little more than that. Mr. Ross's good work is brainy in a moderately beautiful way, but it would be better if it were really beautiful in a more moderately brainy way.

Italian-born Gusmano Cesaretti (Roberts & Tilton Gallery (5801 Washington Blvd., 323-549-0223, through Feb. 18) photographed Latino residents of East Los Angeles in the 1970s. While his black-and-white pictures—more flattering than Diane Arbus's work, less glamorizing than Richard Avedon's—might seem a little tame in an age when it's hard to avoid photographic celebrations of plucky graffitists, defiant gang-bangers and regular folk who live around them, they had a real edge back then. Come to think of it, they still do.

There's still a species of figurative painter who travels to exotic locales and rather accurately depicts what he sees there in architectonically sturdy urban compositions, muted colors and cautious brushstrokes. Kenny Harris's most recent such paintings are the result of a seven-week swing through China (and Hong Kong and Taiwan) with a friend whose job as a State Department interpreter got them off the usual tourist trails. But Mr. Harris couldn't take along anything but pencil and paper. "China" (Koplin Del Rio Gallery 6031 Washington Blvd., 310-836-9055, through Feb. 18), somewhat capitalizes on this by showing sketches and even journal snippets to augment Mr. Harris's skillful oils—painted back in the U.S.—of unpopulated interiors and alleyways. If select visual reporting embellished with a bit of gracefulness is enough for you, then these pictures are really pretty good.

Ingrid Calame is one of Los Angeles's most important midcareer artists, yet it's been a decade since she had a solo show in town. Her trademark procedure—it's more profound than a shtick—is to trace found spills and stains and then carefully render them, often on aluminum, in flat, bright color. In "From the L.A. River to Lackawanna" (Susanne Vielmetter Los Angeles Projects, 6006 Washington Blvd., 310-837-2117, through Feb. 11), she ups the ante—especially in the exhibition's centerpiece, a 14-by-50-foot wall drawing traced, her dealer says, from the largest continuous graffiti tag on the cement walls of the Los Angeles River. Assistants made the tracings, and Ms. Calame turned them into a rainbow-tinted mural via the Renaissance technique of a "pounce pattern." (A pizza-cutter-size spiked wheel courses over the tracing, taped to the wall, followed by a big powder puff applying the color through the resultant holes.) Other similarly produced works include huge framed drawings whose configurations were lifted from an abandoned wading pool near Buffalo, N.Y.

It's hard to figure what it all means—Ms. Calame lives in the city where her river flows, and her father worked in a steel mill in upstate N.Y.—but it is gorgeous.

Mr. Plagens is a New York-based painter and writer. He writes the bi-weekly gallery-review column for the Journal.

Constant Troublemaker

By WILL FRIEDWALD

Etta James, one of the most influential female blues and soul singers of the past 50 years, was famously mimicked by Beyoncé Knowles both in the 2008 film "Cadillac Records" and, a year later, at the Inaugural Ball. YouTube and iTunes are so rife with imitators of James and the beneficiaries of her enormous musical legacy that it becomes difficult to find the real thing.

Getty Images

James played the role of the bad girl, the kind your mother warned you about.

Her publicized diva-style hissy fit, in which she fretted over Ms. Knowles's ultimately flattering imitation, seemed to indicate a fit of insecurity, as if her imitators could somehow overshadow the original. But the real Etta James, the legendary Los Angeles diva (born Jamesetta Hawkins) whose career spanned more than five decades (before her death last week at the age of 73) and multiple generations of successive musical genres, was most recently documented in a new boxed set from Universal Musical. "Heart & Soul: A Retrospective," containing 84 tracks on four discs, is the first comprehensive anthology of James's prodigious output, and it shows how her work helped define American music in the second half of the 20th century.

From 1955's "The Wallflower" (her breakthrough hit and the set's opening track) to the most recent song in the collection, "Ashes by Now" (recorded in 2008, the year that James turned 70), her sound is remarkably consistent: strong, direct, intense; saturated with the spirit of the blues (even when she's singing of good times or romance); a deep, throaty contralto full of passion and fire. But while her sound barely changed over that 53-year span, the music around her was continually shifting: The tracks recorded early in her career, when she worked for Modern Records and with bandleader and talent scout Johnny Otis (who, coincidentally, also died last week), are mostly in a classic rhythm-and-blues style comparable to Louis Jordan's—even in "W.O.M.A.N.," a 1956 single clearly based on Muddy Waters. "Tough Lover" is nascent rock 'n' roll, with wailing tenor, hand claps like Little Willie John, and James whooping and growling like Little Richard.

From the beginning, James contributed to her consistency by playing the role of a bad girl, a troublemaker, the kind of woman your mother warned you about, the one who might respond favorably to the advances of the charmer seducing her via saxophone in "The Pick Up." As the title of a 1997 album proclaimed, "Love's Been Rough on Me." The parallels between James and Billie Holiday were noted by Buzzy Jackson in her book "A Bad Woman Feeling Good." Both women were "children raised by children" (her mother was 14 at the time James was born) and had comparable heroin habits. (James recorded one of the best-ever tribute albums to Holiday, 1994's "Mystery Lady," from which "Don't Explain" is included in the new box). Yet where Holiday always came across as a victim, James presents herself as anything but—defiant and unrepentant, even if that wasn't always the case in real life.

At the time that James switched from Modern Records to Chess Records in Chicago, she rode the wave of blues divas recording traditional love songs with orchestrations that combined high-pitched strings and doo-wop-style 16th-note triplets. Dinah Washington launched the trend with "What a Diff'rence a Day Makes" in 1959, but James capped it with "At Last" two years later. The delightful surprise is that James recorded a whole album's worth of similarly soulful standards, like "Trust in Me" and the surprisingly tranquil "A Sunday Kind of Love."

By the late 1960s—when James was barely 30—most of her colleagues from 10 years earlier were no longer relevant, yet James continued to land hits, now with a distinctly Motownlike flavor; "The Soul of a Man," "Miss Pitiful" and "Tell Mama" sound exactly like what Gladys Knight and Diana Ross were concurrently cutting in Detroit. However, some of the most rewarding moments are on the set's final disc: Between 1989 and 2006, James released 14 generally excellent albums, many of which could be considered "jazz" and nearly all of which draw on the Great American Songbook. Like Bing Crosby in his final years, James no longer sought to compete in the pop stakes—she wasn't going Gaga for a hit single—but was, admirably, trying to make the best music she could, with quality arrangements of first-rate songs.

Many of the most rewarding moments on the box come from James's later period. The compilers left out my favorite track (her essential reading of Bob Dylan's "Gotta Serve Somebody" from 2000) but compensate with an amazing "St. Louis Blues," clearly patterned after Bessie Smith's 1929 choral arrangement. More than any diva of comparable stature or other generation—Aretha Franklin, Barbra Streisand, Nancy Wilson—James did much of her very best work in her 50s and 60s. Thankfully, the new package is more than a "greatest hits" collection. It's a true career overview.

The set ends with a previously unreleased track from three years ago, in which she sings "I should be ashes by now."

Her legacy was indelibly established long before anyone had heard of Ms. Knowles, and will remain a permanent monument in American culture. Etta James never had to worry about any competition, either from her fellow living legends or from her copious professional progeny.

Mr. Friedwald writes about jazz for the Journal.

Danica Patrick to Skip Indy 500 This Year

Danica Patrick will skip the Indianapolis 500 this season. Instead, she'll drive in Nascar's Coca-Cola 600 at Charlotte Motor Speedway. Both races are run May 27. "I hope to do it in the future, the Indy 500 that is, and maybe it will be a double," Patrick said Monday. Tony Stewart, Robby Gordon and John Andretti have all tried to run both events on the same day.

— Associated Press

Martina's No. 1 Request: Tweaking the Rankings

Martina Navratilova doesn't think Caroline Wozniacki needs to explain why she is currently ranked No. 1. But Navratilova suggests the WTA should reconsider how it ranks its players. "Clearly nobody feels that Wozniacki is a true No. 1," Navratilova said during a news conference at the Australian Open on Monday. "If we still had the same ranking system we were using six years ago when they were giving bonus points for beating [top] players, [Petra] Kvitova would have ended up No. 1," Navratilova said. "Petra (pictured) really imposes herself on the match and any player."

—Gillian Tan

Titletown = Beantown? Even Obama Thinks So

President Barack Obama saluted the NHL's Boston Bruins for their 2011 Stanley Cup win Monday, citing the city's run of titles in recent years. "The Bruins, the Sox, the Celtics, now the Patriots. Enough already, Boston," Obama joked during a ceremony in the East Room of the White House. Goalie Tim Thomas, who was last season's playoff MVP, chose not to attend the event, a team spokesman said.

— Associated Press

OK, Now That Was a Defense

By REED ALBERGOTTI

Reuters

San Francisco 49ers free safety Dashon Goldson (No. 38) and Carlos Rogers knock down a pass intended for Giants wide receiver Victor Cruz in overtime of the NFC Championship.

As thrilling as the games turned out to be, the NFL's championship weekend did produce one intense disappointment: The world won't get to see any more of San Francisco's bone-rattling defense.

Before we join the rest of the sports media in a two-week all-you-can-eat prediction buffet ahead of the upcoming Super Bowl between the New England Patriots and New York Giants, we've allowed ourselves a moment to look back. And after rewinding the film and watching it without any adrenaline to threaten our objectivity, it became pretty clear that during this year of epic passing, San Francisco played one of the greatest defensive games in playoff history.

By the time it was over, the 49ers defense had spent 58% of the game on the rainy field at Candlestick Park in San Francisco. With the 49ers offense sputtering badly (the team didn't convert a single meaningful third down all game), they stayed on the field as the Giants ran 93 plays, the most it had run all season (the average is 69 per game).

That number also included a fatiguing 58 pass attempts, which is also a season high for the Giants and 44% more than you'd see in a typical game.

While Giants quarterback Eli Manning threw for 316 yards in total, his 5.45 yards per attempt was his worst mark of the season and his quarterback rating (82.3) was also one of his lowest this season.

The 49ers sacked Manning six times, hit him seven more times and pressured him 13 times, according to numbers compiled by Pro Football Focus. This explains why after the game, Manning had to find someone to help him remove his chin strap from his forehead. The 49ers secondary was so good that on two occasions, two of its defensive backs had such a clear shot at an interception that they actually collided in mid-air.

And even as the Niners stifled the pass, they also stopped the Giants from running—holding Ahmad Bradshaw to just 74 yards, or 3.3 per carry.

But here's the really baffling part: At the end of the game, when the 49ers defense was so tired that some of its players thought they were having conversations with Bill Walsh on the sidelines, they forced the Giants to punt five times in a row. The Giants were knocking on the door of the Super Bowl and couldn't muster so much as a field goal in five straight drives.

If the 49ers hadn't fumbled a punt in overtime and handed the game to the Giants, it might have been the longest football game in history.

The tape shows that the 49ers didn't dominate the Giants with an onslaught of overwhelming blitzes. Most of the time, the Niners only sent the standard four men chasing after Manning on passing plays. Their secret, instead, was that they rarely gave the Giants a clear picture of who was bringing pressure and when.

They also excelled at stunts—plays where their defensive linemen slanted, weaved and looped around each other to create confusion and wreak havoc on the offense. Every NFL team uses stunts and disguises its pressure packages from time to time, but the 49ers were relentless with it. It makes you wonder why teams don't use the tactic on every play.

It was more than just tactics, of course. The 49ers defense, anchored by players like defensive tackle Justin Smith, linebacker Patrick Willis and safety Donte Whitner, physically outplayed the Giants. And rookie Aldon Smith, who came in for passing situations, has become a frightening figure for offenses.

The best example of the fearsome nature of the 49ers defense came with 3:04 left in the 4th quarter. The Giants had the ball on their own 26-yard line after a San Francisco punt. On first-and-10, Manning lined up in the shotgun flanked by Bradshaw and tight end Jake Ballard. The 49ers were blitzing the linebacker Willis and the safety Whitner, but that wasn't entirely apparent until after the ball was snapped. (Willis was in pass coverage, pretending to cover the underneath routes and take away the possibility of a quick slant.)

The 49ers defensive line began twisting and turning and pulling their blockers horizontally, forcing them to turn their shoulders. It was all choreographed to create a perfect hole on the right side of the Giants line for Willis, who was hunched over, sneaking closer to the line of scrimmage. At the perfect moment, Willis shot full speed through the hole, sacking Manning 2.9 seconds after the snap. The Giants punted two plays later.

The final punt forced by the 49ers defense was incredible, not because of nuanced tactics employed by San Francisco, but for the brute force still left in the bodies of the 49ers players so late in the game.

After driving to the San Francisco 45-yard line, the Giants were only 10 yards away from field-goal range. It was third down and the Giants just needed three yards to move the chains. This was the sort of moment in an NFL game when a tired defense folds.

The Giants loaded up the line with two extra blockers and sent only three receivers out into patterns. There would be only four 49ers rushers. But after the snap, Manning's pocket shrank quickly, and he began looking for an escape route.

There was nowhere to go. San Francisco defensive tackle Justin Smith bull-rushed Giants left tackle David Diehl and managed to grab Manning's left shoulder, yanking his jersey and spinning him to the ground. The Giants would punt for the fifth time in a row.

We'll never know what would have happened had the 49ers not fumbled the ensuing punt. Had the 49ers been given a chance to score, it's possible that we might have been treated to a Super Bowl that would have pitted this defense against Tom Brady's New England offense.

Watching football's mad genius, Bill Belichick, try to think his way around San Francisco's ball-hawking beasts would have been the football equivalent of a particle accelerator. It might very well have become a football tactician's wildest dream. Mysteries that have plagued coaches for centuries might finally have been solved. Route combinations from future civilizations could have resulted. Advanced football theorems may finally have been proven.

The next best thing, we guess, is hoping for another Giants-Pats thriller in Indy.

The Greatest Weekend in Playoff History

The problem with the NFL playoffs is that the quality of the games rarely matches the hype. That's what made Sunday's conference-title games so unique: Both were decided by field goal and came down to the final play.

In fact, Sunday arguably was the greatest day of playoff football ever. The combined point differential of six points is easily the smallest ever in the conference championship round, surpassing the previous mark of 12 points, which was most recently achieved last season. Most conference-championship games aren't nail-bitingly close: In the 84 title games since the 1970 season, only 28 have been decided by seven points or fewer.

But it wasn't just that the games were exciting—they were also bizarre. The 13 combined sacks in the two games were the most in the post-merger era, while the 28 total punts tied for fourth. There were 22 punts in the Giants-49ers game alone, the most in a conference-championship game.

Although turnovers played a huge role in both games, there were only six turnovers total—the fifth fewest of any championship weekend. The New England Patriots were actually minus-2 in the turnover battle against the Baltimore Ravens but still managed to win. Meanwhile, the 1,408 combined offensive yards ranked ninth all-time.

None of this guarantees an exciting Super Bowl next month. But considering how these playoffs have gone so far, there's plenty to look forward to.

—Jared Diamond

Table of Contents

Front Section

Romney on the Attack [A1]

Justices Rein In Police on GPS Trackers [A1]

End of Era for Japan's Exports [A1]

Exercise in Utility: Cleaning House the Aerobic Way for Fun and Profit [A1]

Charges Brought in CIA Leak [A2]

Marine Pleads Guilty in Iraqi Deaths [A2]

Ruling Spurs Debate on Digital Tracking [A2]

Probing the Brain's Mysteries [A3]

Sen. Kirk Faces Difficult Recovery [A3]

Edmund, Supplier of Scientific Gadgets, Dies at 95 [A4]

Counting the Whales, Passing the Time [A4]

U.S. Watch [A4]

Mad Dash to a February Lull [A8]

Deal to Fund FAA Advances [A8]

Romney Paid $3 Million in Taxes in 2010 [A6]

Spurned Offer Raises Syria Tensions [A10]

French Bill Sparks Turkish Anger [A11]

EU Sets Embargo on Iranian Oil [A11]

Hague Court Charges Kenya Leaders [A12]

Sudan Rift Prompts South to Curb Oil [A12]

IMF's Lagarde Warns Europe Must Fuel Growth [A13]

Euro Zone Spars Over Greece [A13]

Spain Halts Airports-Sale Plan [A13]

Second Portugal Rescue Seen More Likely [A13]

Putin Rival Faces Vote Snag, Cites Ploy [A13]

Japan Reviews Disaster Plan Amid New Quake Concerns [A14]

World Watch [A14]

What's News

The IMF's Lagarde warned

Spain suspended plans to

Investors, economists and politicians

U.S. stocks have been

Diamondback agreed to pay

Japan's government is expected

Chesapeake Energy will slash

The U.S. coal industry

RIM's new chief emphasized

Officials moved closer to

Macy's sued Martha Stewart

BofA's Brian Moynihan is

A whistleblower suit alleges

Average annual salaries for

The Supreme Court ruled

The government said FBI

Romney went on the

The EU approved a

An ex-CIA officer was

Syria's rejection of an

A Marine staff sergeant

Egypt's first democratic parliament

The French Senate voted

Sen. Mark Kirk faces

Russian officials found problems

The House plans to

Indian authorities arrested two

The Hague court charged

Died: Norman Edmund, 95,

Opinion

Stephens: The GOP Deserves to Lose [A17]

McGurn: Obama Offends the Catholic Left [A17]

Steyer and Podesta: We Don't Need More Foreign Oil and Gas [A17]

A Hazard of Fortunes [A17]

Larry Sabato: Do Endorsements Matter? [A19]

Stan Liebowitz: Internet to Artists: Drop Dead [A19]

Notable & Quotable [A19]

Berlau and Kovacs: Romney and the Burden of Double Taxation [A19]

Anti-Jobs, Anti-Security and Anti-Energy Independence [A18]

Obama, the Constitution and FDR's Supreme Court [A18]

The Euro Zone Needs a Default Plan [A18]

Smart Will Never Mean 'Not Wrong [A18]

The Dead Wood Concept for States [A18]

Aon's Move Highlights Bad Tax Incentives [A18]

Prayer, Tebow and Lights Under Cover [A18]

Big Labor's Wisconsin Vendetta [A18]

Bashar's Russian Pals [A18]

Don't Tread That GPS on Me [A18]

Corrections & Amplifications

Greater New York

Christie Picks for N.J. Court Make History [A21]

For Giants, a Raucous Ride Home [A21]

Owner Says H&H; Rolls On [A21]

A Ride Home, Anonymously [A21]

Maestro in Harmony [A22]

Connecticut Eyes Pension Overhaul [A22]

Charge Change Sought in Danny Chen Case [A23]

Liu Aiming at Cuomo's Budget Plan [A23]

Guilty Plea in Hit-Man Hire [A23]

New Spat Over Upper East Side Rent [A24]

Hospital Site's Plan Advances [A24]

Alex Rodriguez Slides Out of Condo [A24]

Come for the Movies, Stay for the Swag [A25]

Comedian Gets Serious, Collapses [A25]

From the Dugout To the Cellar [A25]

Getting Into Character in Greenwich Village [A25]

Time Travel? Check. Script? Not So Much [A26]

A Lost Cinema Gem Gets a Callback [A26]

Who Needs a 'Top Chef' or Gordon Ramsay? [A26]

Davis Practices But Says He's Rusty [A27]

The AL East Is Armed and Dangerous [A27]

Giants Need a Crash Course on Stopping Tight Ends [A27]

The Patriots Don't Have Eli [A28]

This Game Won't Be Super Bowl XLII, Part II [A28]

Ticket Lottery Leaves Some Fans Flummoxed [A28]

Corrections & Amplifications

Marketplace

Chesapeake Pulls Back Amid Glut [B1]

RIM's New CEO Sticks With Strategy [B1]

Your Résumé vs. Oblivion [B1]

The Web's Growing Muscle [B1]

New Steel Rolled Out for Cars [B8]

T-Mobile, AT&T; Seek Approval Of Spectrum Transfer [B8]

AMR Reassures Employees on Pensions [B2]

TI Chief Calls Chip 'Bottom' [B2]

Macy's Sues Martha Stewart Living [B3]

U.S. Coal Industry Losing Steam [B3]

Canadian Railroad Challenges Ex-CEO [B3]

Dodgers Draw First Bids [B3]

Average Silicon Valley Tech Salary Passes $100,000 [B3]

Two on RIM's Rescue Team [B4]

IKEA Still Wary of India [B4]

Ernst Chief Seeks Balance as Industry's Woes Add Up [B5]

No More Résumés, Say Some Firms [B6]

Bringing Sexy Back to Golf [B7]

Newspaper Publisher to Exit Chapter 11 [B7]

Yucaipa Buys Stake in Relativity Media [B7]

Police Knew Tabloid Had Voice Mails [B7]

Fox Sports in Brazil [B7]

Corrections & Amplifications

Money & Investing

Quiet on the Dow. Too Quiet? [C1]

At BofA, Moynihan Grapples With Past [C1]

Time to Move to Next Stage of Postcrisis Grief [C1]

Stiefel Family Accused of Fraud [C1]

Apple Looks to Put Shine Back on Results [C1]

Two Insurers Sued Over Unclaimed Policies [C2]

Diamondback Capital to Pay $9 Million in Insider-Trading Settlement [C3]

Deal Gets Closer On Foreclosures [C3]

Fungus Fears Push Orange Juice Up [C4]

Euro Rises Above $1.30 [C4]

EIA Sees Less Gas Than Thought in Marcellus [C4]

Battle Over a Broker's Duty Reaches a Standstill [C7]

BlackBerry Revival Requires Sure Touch [C8]

Overheard [C8]

Cushioning Blow From Hormuz Blockade [C8]

ECB May Hold Key to Greek Debt Labyrinth [C8]

Personal Journal

When Stress Is Good for You [D1]

New Scrutiny for Breast-Cancer Treatment [D1]

New Risks of Alcohol During Pregnancy [D2]

Tough Exercise to Look Tough on a Bike [D3]

An Energy Shot for the Brain [D3]

Work & Family Mailbox [D5]

Petula Clark: Bringing 'Downtown' to Midtown [D7]

The Edge of a New Frontier [D7]

Etta James: Constant Troublemaker [D7]

Danica Patrick to Skip Indy 500 [D8]

Niners Defensive Effort Falls Short [D8]

The Greatest Weekend in Playoff History [D8]