Dan Ariely Talks Creativity And Dishonesty

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Fewer US banks failing as industry strengthens

WASHINGTON (AP) — U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They’re helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.

As the economy heals from the worst financial crisis since the Great Depression, more people and businesses are taking out — and repaying — loans.

And for the first time since 2009, banks’ earnings growth is being driven by higher revenue — a healthy trend. Banks had previously managed to boost earnings by putting aside less money for possible losses.

Signs of the industry’s gains:

— Banks are earning more. In the July-September quarter, the industry’s earnings reached $ 37.6 billion, up from $ 35.3 billion a year earlier. It was the best showing since the July-September quarter of 2006, long before the financial meltdown. By contrast, at the depth of the Great Recession in the last quarter of 2008, the industry lost $ 32 billion.

— Banks are lending a bit more freely. The value of loans to consumers rose 3.2 percent in the 12 months that ended Sept. 30 compared with the previous 12 months, according to data from the Federal Deposit Insurance Corp. More lending fuels more consumer spending, which drives about 70 percent of economic activity. At the same time, overall lending remains well below levels considered healthy over the long run.

— Fewer banks are considered at risk of failure. In July through September, the number of banks on the FDIC‘s confidential “problem list” fell for a sixth straight quarter. These banks numbered 694 as of Sept. 30 — about 9.6 percent of all federally insured banks. At its peak in the first quarter of 2011, the number of troubled banks was 888, or 11.7 percent of all federally insured institutions.

— Bank failures have declined. In 2009, 140 failed. In 2010, more banks failed — 157 — than in any year since the savings and loan crisis of the early 1990s. In 2011, regulators closed 92. This year, the number of failures has trickled to 51. That’s still more than normal. In a strong economy, an average of only four or five banks close annually. But the sharply reduced pace of closings shows sustained improvement.

— Less threat of loan losses. The money banks had to set aside for possible losses fell 15 percent in the July-September quarter from a year earlier. Loan portfolios have strengthened as more customers have repaid on time. Losses have fallen for nine straight quarters. And the proportion of loans with payments overdue by 90 days or more has dropped for 10 straight quarters.

“We are definitely on the back end of this crisis,” says Josh Siegel, chief executive of Stonecastle Partners, a firm that invests in banks.

The biggest boost for banks is the gradually strengthening economy. Employers added nearly 1.7 million jobs in the first 11 months of 2012. More people employed mean more people and businesses can repay loans. And after better-than-expected economic news last week, some analysts said the economy could end up growing faster in the October-December quarter — and next year — than previously thought.

That assumes Congress and the White House can strike a budget deal to avert the “fiscal cliff” — the steep tax increases and spending cuts that are set to kick in Jan. 1. If they don’t reach a deal, those measures would significantly weaken the economy.

Banks have also been bolstered by higher capital, their cushion against risk. Banks boosted capital 3.8 percent in the third quarter, FDIC data show. And the industry’s average ratio of capital to assets reached a record high.

On the other hand, many banks are no longer benefiting from record-low interest rates. They still pay almost nothing to depositors and on money borrowed from other banks or the government. But steadily lower rates on loans other than credit cards have reduced how much banks earn.

“This interest-rate pressure on the banks becomes very difficult to overcome,” says Fred Cannon, chief equity strategist and director of research at Keefe, Bruyette & Woods. “It’s a big headwind for banks.”

Many banks have reported lower net interest margin — the difference between the income they receive from loans and the interest they pay depositors and other lenders. It’s a key measure of a bank’s profitability.

The industry’s average net interest margin fell to 3.43 percent in the third quarter from 3.56 percent a year earlier.

Some big banks have also cautioned that their earnings are up mainly because they’ve shed jobs, bad loans and weak businesses rather than because of an improved economy. They include JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. All managed to recover from the financial crisis in part because of federal aid.

Small and midsize banks have taken longer to rebound. They held risky commercial real estate loans used to develop malls, industrial sites and apartment buildings. Many such loans weren’t repaid. But as the economy has strengthened, fewer such loans have soured, and many small and medium-size banks have recovered.

For example, at M&T Bank Corp., a regional institution based in Buffalo, N.Y., net income soared in the third quarter. M&T attributed its gain to reduced loan losses and higher mortgage revenue. The bank repaid the remaining $ 381 million of the $ 600 million in bailout aid it had received during the crisis.

Yet analysts say regional banks are still feeling squeezed from reduced borrowing by companies.

Many banks complain they’ve been hampered by new regulations, especially stricter requirements for the capital they must hold to protect against unexpected losses. Rules enacted after the crisis have compelled some banks to move more capital into reserves and reduce the amount available to lend.

Some of the biggest banks say their customers have held off on borrowing in part because of slower global growth and concern about the “fiscal cliff.”

To avoid a collapse, some weak banks have sought mergers with larger institutions. In the July-September quarter, 49 banks were absorbed in mergers, up from 45 in the April-June quarter, FDIC data show.

The torrent of failures after the crisis and the increased mergers have thinned the number of banks to 7,181 with about 2.1 million employees as of Sept. 30. That compares with 8,451 banks with 2.2 million employees in the second quarter of 2008.

“The pressure is on to consolidate the industry,” says Siegel of Stonecastle Partners. He thinks more than 1,000 banks will be absorbed within five to seven years.

Consider BancTrust Financial Group Inc., based in Mobile, Ala., with around $ 1.3 billion in assets. Burdened with bad loans tied to Florida real estate, the bank couldn’t repay $ 50 million in federal bailout aid it received during the meltdown, and it struggled to stay profitable. So it decided to put itself up for sale.

It’s now being acquired by Trustmark Corp in Mississippi, which has about $ 9.9 billion in assets. The acquisition will help Trustmark expand in Florida and Alabama.

“Some of the smaller (banks) are just throwing up the flag,” says Cornelius Hurley, a former counsel to the Federal Reserve Board who heads Boston University’s Center for Finance, Law and Policy.

___

To see a list of Bank failures in 2012, view this interactive: http://hosted.ap.org/interactives/2012/banks/

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C. African Republic neighbors to send help

BANGUI, Central African Republic (AP) — Central African Republic’s neighbors agreed on Friday to dispatch a contingent of soldiers to intervene in the troubled country, where a coalition of rebel groups is seeking to overthrow the president of nearly a decade.

Representatives from the 10-nation Economic Community of Central African States meeting in Gabon, though, did not specify how many troops they could contribute nor did they outline how quickly the military assistance would arrive.

President Francois Bozize had pleaded for international help Thursday as fears grew that the rebels would attack the capital of 600,000 next. Former colonial power France already has said that its forces in the country are there to protect French interests and not Bozize’s government.

“We are now thinking about the arrangements to make so that this mission can be deployed as quickly as possible, said Gabon’s Foreign Affairs Minister Emmanuel Issoze-Ngondet.

The announcement came as military officials in Central African Republic reported renewed fighting in the third largest city of Bambari, which fell under rebel control five days ago.

The military said it had taken country of the town, located about 385 kilometers (240 miles) from the capital, a claim that could not be immediately corroborated.

The ongoing instability prompted the United States to evacuate about 40 people, including the U.S. ambassador, on an U.S. Air Force plane bound for Kenya, said U.S. officials who insisted on anonymity because they weren’t authorized to discuss the operation.

The United States has special forces troops in the country who are assisting in the hunt for Joseph Kony, the fugitive rebel leader of another rebel group known as the Lord’s Resistance Army. The U.S. special forces remain in the country, the U.S. military’s Africa Command said from its headquarters in Stuttgart, Germany.

The evacuation of the U.S. diplomats came in the wake of criticism of how the U.S. handled diplomatic security before and during the attack on its consulate in Benghazi, Libya, on Sept. 11. The ambassador and three other Americans were killed in that attack.

French diplomats are staying despite a violent demonstration outside its embassy earlier this week. Dozens of protesters, angry about a lack of help against rebel forces, threw rocks at the French Embassy in Bangui and stole a French flag. French Foreign Minister Laurent Fabius spoke via phone with Bozize, asking him to take responsibility for the safety of French nationals and diplomatic missions in Central African Republic.

Bozize on Thursday urgently called on former colonial ruler France and other foreign powers to help his government fend off rebels who are quickly seizing territory and approaching the capital. But French President Francois Hollande said France wants to protect its interests in Central African Republic and not Bozize’s government.

This landlocked nation of some 4.4 million people has suffered decades of army revolts, coups and rebellions since gaining independence in 1960 and remains one of the poorest countries in the world. The current president himself came to power nearly a decade ago in the wake of a rebellion in this resource-rich yet deeply poor country.

Speaking to crowds in Bangui, a city of some 600,000, Bozize pleaded with foreign powers to do what they could. He pointed in particular to France. About 200 French soldiers are already in the country, providing technical support and helping to train the local army, according to the French defense ministry.

“France has the means to stop (the rebels) but unfortunately they have done nothing for us until now,” Bozize said.

Bozize’s government earlier reached out to longtime ally Chad, which pledged to send 2,000 troops to bolster Central African Republic’s own forces.

The rebels behind the most recent instability signed a 2007 peace accord allowing them to join the regular army, but insurgent leaders say the deal wasn’t fully implemented. The rebel forces have seized at least 10 towns across the sparsely populated north of the country, and residents in the capital now fear the insurgents could attack at any time, despite assurances by rebel leaders that they are willing to engage in dialogue instead of attacking Bangui.

The rebels have claimed that their actions are justified in light of the “thirst for justice, for peace, for security and for economic development of the people of Central African Republic.”

Despite Central African Republic’s wealth of gold, diamonds, timber and uranium, the government remains perpetually cash-strapped.

The rebels also are demanding that the government make payments to ex-combatants, suggesting that their motives may also be for personal financial gain.

Paris is encouraging peace talks between the government and the rebels, with the French Foreign Ministry noting in a statement that negotiations are due to “begin shortly in Libreville (Gabon).” But it was not immediately clear if any dates have been set for those talks.

The U.N.’s most powerful body condemned the recent violence and expressed concern about the developments.

“The members of the Security Council reiterate their demand that the armed groups immediately cease hostilities, withdraw from captured cities and cease any further advance towards the city of Bangui,” the statement said.

___

Goma reported from Libreville, Gabon. Associated Press writers Krista Larson in Dakar, Senegal; and Jason Straziuso in Nairobi, Kenya contributed to this report.

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Twitter Fans Marvel at Stan Lee’s 90th Birthday

William Shatner

Another legend of nerd culture, Shatner was one of the first on Twitter to wish Lee a happy birthday.

Click here to view this gallery.

[More from Mashable: What to Do With Your New Android]

Comics icon Stan Lee celebrated his 90th birthday Friday, inspiring a flood of congratulations on Twitter, where he posts as @TheRealStanLee. Fans, celebrities, colleagues and even a few superheroes sent their love to Marvel Comics’ “Generalissimo,” and Lee’s trademark catchphrase, “Excelsior,” got the hashtag treatment.

This was a busy year for Lee: The legendary co-creator of classic characters like the X-Men, Iron Man and the Hulk launched a YouTube channel, Stan Lee’s World of Heroes, this summer. He also hosted his own comic convention, Comikaze, in September. This year also marked the 50th birthday of perhaps Lee’s most famous creation: the friendly neighborhood Spider-Man.

[More from Mashable: Airbnb’s Quest to Make Traveling Less Touristy]

Mashable talked with Stan “The Man” twice this year about his ongoing web projects: once at the launch of his YouTube channel, and again at New York Comic-Con. Check out the gallery above to see who else was talking about Lee on his big day.

Can you remember all of Lee’s cameos in Marvel movies? Who is your favorite superhero or heroine? Let us know in the comments section below.

Thumbnail image courtesy of Flickr, Gage Skidmore

This story originally published on Mashable here.

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Stahl arrested for investigation of lewd conduct

LOS ANGELES (AP) — Los Angeles police say actor Nick Stahl has been arrested for investigation of lewd conduct.

The 33-year-old “Terminator 3″ star was arrested about 8 p.m. Thursday on Hollywood Boulevard. He was booked on a misdemeanor count of lewd conduct and released from custody.

The Los Angeles Times reports (http://lat.ms/YU6uBO) that Stahl was arrested at an adult movie shop during a routine undercover police operation.

In May, Stahl had been reported missing by his wife, but he later turned up.

Stahl was a child star who performed in the 1993 film “The Man Without a Face.” He also has appeared in the 2003-2005 HBO series “Carnivale’” and starred in “Mirrors 2″ in 2010. An email seeking comment from his publicist was not immediately returned Friday.

___

Information from: Los Angeles Times, http://www.latimes.com

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Egypt opposition says Islamists trying to stifle dissent

CAIRO (Reuters) – Egypt’s opposition accused President Mohamed Mursi‘s Islamist allies of trying to muzzle dissent on Friday after prosecutors decided to investigate whether prominent government critics were guilty of sedition.

The probe, which comes a month after Mursi replaced the chief prosecutor, further sours the political climate as the leader and his opponents face off over a new constitution that became law on Wednesday.

Critics of the new charter say it uses vague language, fails to enshrine the rights of women and minorities and does little to champion the rights of Egyptians who rose up last year to overthrow army-backed strongman Hosni Mubarak.

Supporters say it protects personal rights that were often trampled upon during the Mubarak era and a subsequent spell of army rule.

The constitution text won about 64 percent approval in a two-stage referendum but Mursi’s opponents vowed to continue protests and rejected his calls for a national dialogue.

Prosecutors ordered the inquiry into three of the president’s most prominent opponents on Thursday – former Arab League chief Amr Moussa, Nobel Peace Prize laureate Mohamed ElBaradei and leftist Hamdeen Sabahy.

Moussa and Sabahy both challenged Mursi for the presidency in a June election which followed the 2011 uprising.

The prosecutor’s office said the three had been accused of inciting supporters to rise up and overthrow Mursi, the country’s first fairly elected leader.

Mursi’s critics saw an attempt to intimidate them into silence and vowed to continue challenging his rule.

“I believe this is orchestrated by the Brotherhood leadership,” Hussein Abdel Ghani, a spokesman for the country’s main opposition umbrella group, told Reuters. “The Mubarak regime used to order the same tactics.”

“But we are going to use our full rights, our civil tactics, to demonstrate our opposition to this regime,” he said.

The charged atmosphere makes it harder for Mursi to bolster his authority and muster a consensus for unpopular austerity measures vital to preventing a weak economy from collapsing.

AN END TO TURMOIL

Mursi is hoping that the quick adoption of the constitution and holding elections to a permanent new parliament soon will help end the long period of turmoil since Mubarak’s overthrow in February 2011 that has wrecked the economy.

But the Egyptian pound tumbled to its weakest in almost eight years this week after the constitution was approved. People unnerved by the continued political tension rushed to hoard dollars and gold.

The government ordered new restrictions on foreign currency apparently designed to prevent capital flight. Leaving or entering with more than $ 10,000 cash is now banned.

Mursi was propelled into office thanks to the rallying power of his Muslim Brotherhood, the country’s main opposition group under Mubarak that was banned from formal politics for decades.

Ahmed Sobeih, a spokesman for the Brotherhood’s Freedom and Justice Party, dismissed Abdel Ghani’s accusation of an organised legal campaign against Mursi’s opponents.

“We must get away from the language of mutual accusations,” he said, adding that “dozens” of similar complaints had been filed against Brotherhood leaders.

Mursi appointed Chief Public Prosecutor Talaat Ibrahim when he assumed sweeping new powers on November 22. Ibrahim’s predecessor, Abdel Maguid Mahmoud, had served for many years under Mubarak.

Judicial sources said the inquiry against Moussa, ElBaradei and Sabahy followed a complaint from lawyers sympathetic to Mursi.

The trio are part of the National Salvation Front, an alliance of political groups that has spearheaded street protests against the government.

“The mere referral of these complaints to an investigative judge and the accompanying public announcement is already cause enough for serious concern,” said Heba Morayef, Egypt director at New York-based Human Rights Watch.

A spokesman for Moussa said the accusations against him were groundless.

“What we read in the papers are several allegations that we have denied over and over in the past few months,” said Ahmed Kamel, a spokesman for Moussa’s Congress Party. “They are completely unfounded and have no relation to reality.”

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Global shares rise before U.S. budget talks, yen at two-year low

LONDON (Reuters) – World shares and the euro edged higher on Friday as U.S. lawmakers prepared to resume negotiations on avoiding a fiscal crisis, while the yen hit a two-year low on the prospect of drastic monetary easing in Japan.

U.S. President Barack Obama and lawmakers are set to have a last round of talks before a New Year deadline to reach a deal on averting major tax increases and spending cuts which could drag the economy and others around the world into recession.

Obama and Vice President Joe Biden will meet congressional leaders from the Republican and Democrat parties at the White House at 2000 GMT.

The MSCI all world share index was up 0.15 percent shortly after trading opened in Europe. With London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> all just in positive territory, the regional FTSEurofirst 300 <.fteu3> was up just over 0.1 percent and moving towards last week’s 19-month high.</.fteu3></.gdaxi></.fchi></.ftse>

Members of Congress were divided on the odds of success at the budget talks, but IG strategist Stan Shamu noted some hope in the markets. “There is growing optimism that a deal can be knocked (together) before the deadline,” IG strategist Stan Shamu wrote in a note.

In Asia, Japan’s benchmark Nikkei index hit a 21-month high as markets priced in a huge injection of stimulus by the Bank of Japan following the election of a new government. The expectations also pushed the yen to a new two-year low versus the dollar.

The yen has now fallen roughly 10.5 percent versus the dollar in 2012, its biggest annual drop since 2005. At the same time Japan’s benchmark Nikkei is up 22 percent for the year.

“The Japanese equity market has turned positive, providing good sentiment for global investors, with many making money and putting the money into commodity markets such as the oil market,” said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.

The euro edged up past $ 1.325 as trading remained thin as Christmas holidays continued for many investors. It came as France reported its economy had grown 0.1 percent in the third quarter.

European bond markets were largely quiet. German Bund futures rose on concerns that a U.S. budget deal will, after all, remain elusive.

(editing by David Stamp)

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Instagram gains users in December despite recent uproar as Zynga gets pecked to death by rivals

Zynga (ZNGA), the Facebook (FB) app behemoth, still reigns supreme on its most important platform. But the erosion of its dominant position continues as smaller rivals keep chipping away at its market share. On December 26, Zynga-owned Facebook applications had 267 million Monthly Active Users, down 20 million in two weeks. Far behind it followed Microsoft (MSFT) with 70 million MAU, King.com with 65 million MAU and Instagram with 43 million MAU.

[More from BGR: Samsung looks to address its biggest weakness in 2013]

But whereas Zynga lost nearly 7% of its Monthly Active Users in the two-week run-up to Christmas, Microsoft managed to inch up by 700,000 users, King.com by 600,000 users and Instagram by 2.1 million users.

[More from BGR: New purported BlackBerry Z10 specs emerge: 1.5GHz processor, 2GB RAM, 8MP camera]

Of course, the Facebook crackdown on aggressive customer acquisition techniques has limited the growth of all third-party app developers. But the most important of Zynga’s smaller rivals have been able to avoid the kind of MAU erosion that is now plaguing the Facebook app champion.

What really pops out from Christmas Facebook app trends is the way Instagram has been able to ride a wave of negative publicity to perky 5% monthly user growth over the past two weeks.

The tsunami of wrath and sarcasm unleashed on Twitter has not reversed Instagram’s momentum. It might even be possible that floating an outrageous-sounding privacy policy and then quickly reversing it could have simply increased Instagram’s brand recognition and piqued consumer interest among those who are not deeply involved in app trends.

This certainly adds some piquancy to the breathless commentary about Instagram’s “fatal blunder” and “possibly irreversible damage.”

This article was originally published by BGR

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Taylor Swift’s “Red” tops Billboard chart after holiday season

LOS ANGELES (Reuters) – Country pop darling Taylor Swift retained the top spot of the Billboard 200 album chart on Thursday after strong sales during the holiday season that saw her album “Red” mark its sixth week at No. 1 since its release two months ago.

“Red” sold 275,000 copies last week ahead of the holidays, according to figures from Nielsen SoundScan.

Swift, 23, was able to hold off rapper T.I.‘s new album “Trouble Man: Heavy is the Head” from the top spot. The rapper came in at No. 2 after selling 178,000 copies.

T.I.‘s latest record was the only new release by an individual artist to debut in the top 10 this week. The entries comprised holiday favorites such as Michael Buble‘s “Christmas” at No. 5 and some of this year’s chart-toppers, including One Direction’s “Take Me Home” at No. 4 and “Babel” by Mumford & Sons at No. 8.

Two compilation albums rounded out the top 10, with “12-12-12 The Concert for Sandy” at No. 9 and the latest Now Music installment, “Now 44″ at No. 10.

The star-studded “12-12-12″ compilation was released to raise funds for victims of superstorm Sandy following a live concert at New York’s Madison Square Gardens on December 12.

The album features live recordings of songs by Bruce Springsteen, Roger Waters, The Rolling Stones and Alicia Keys.

(Reporting By Piya Sinha-Roy; Editing by Eric Kelsey and David Brunnstrom)

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Program helps veterans reintegrate through music

MONTCLAIR, N.J. (AP) — During stressful times as a combat medic in Afghanistan, Mason Sullivan found solace in Vivaldi. New Jersey native Nairobi Cruz was comforted by country music, a genre she had never heard before joining the Army. For Jose Mercedes, it was an eclectic iPod mix that helped him cope with losing an arm during a tour of duty in Iraq.

These three young veterans all say music played a crucial role in alleviating the stresses of active duty. Now, all three are enrolled in a program that hopes to use music to ease their reintegration into civilian life.

“It’s a therapy session without the ‘sit down, lay down, and write notes,’” Mercedes, 26, of Union City, said of the music program. “It’s different — it’s an alternative that’s way better.”

The pilot program, called Voices of Valor, has veterans work as a group to synthesize their experiences into musical lyrics. Guided by musicians and a psychology mentor, they write and record a song, and then hold a CD release party. The program is currently under way at Montclair State University, where students participate through the school’s veteran affairs program.

Developed by husband and wife team Rena Fruchter and Brian Dallow, it is open to veterans of any age and background. No musical experience is required.

Both accomplished musicians, Fruchter and Dallow created the program as part of Music for All Seasons, an organization they founded which runs musical programs for audiences at places ranging from nursing homes to prisons.

Based on their experiences working with children at shelters for victims of domestic violence, Fruchter and Dallow realized that young people too traumatized to talk about what they had been through were nevertheless willing to bang on an instrument or sing — often leading to communication breakthroughs. They felt the same might be true for veterans, or other populations traditionally averse to more overt forms of ‘talk therapy.’

“We’ve had situations in which veterans have been carrying their burdens deep inside for such a long time, and they come into this group and they begin to talk about things that they’ve never talked about before,” Fruchter said. “They really open up, and it translates into some music that is really amazing and incredible and powerful.”

During a recent session of the eight-week program in Montclair, music facilitators Jennifer Lampert, a former Miss USO, and Julio Fernandez, a musician and member of the band Spyro Gyra, lead a small group of young veterans in brainstorming about their experiences.

“Tired of being angry,” ”Easier not to move on,” ”The war at home,” were phrases Lampert extracted from a discussion among the participants and she wrote each phrase in marker on large notepads fastened to a classroom blackboard. As they spoke, Fernandez strummed an acoustic guitar while Lampert sang some of the phrases the students had come up with, adjusting the beat and tempo at their suggestion. Suddenly, a musical lyric emerged: “Sometimes, I wish the past is where I stayed.”

A few weeks later, the group gathered at a sound studio in Union City, where they donned headphones and clearly relished the opportunity to record their collectively written tune, “Freedom,” in a professional studio.

“To see music heal people in that way, it’s beautiful, and the real incredible part is you don’t have to do anything but give in to the music,” Lampert said. She recounted how, time and again, the facilitators of the program had watched some participants start the class with shoulders slumped, hesitant to make eye contact, and afraid to speak up. Through the process of writing music they changed, she said, into group-focused, smiling, active participants unafraid to stand up and belt out a tune.

7/87/8_____

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