SUBJECT: VISUAL & PERFORMING ARTS (79%); DANCE (79%); MUSICAL THEATER (79%); ARTISTS & PERFORMERS (79%); FESTIVALS (78%); BALLET (69%); MUSIC (69%); THEATER (59%); WORLD WAR II (51%)
COMPANY: BOEING CO (52%); WALT DISNEY CO (51%)
TICKER: BOE (LSE) (52%); BAB (BRU) (52%); BA (NYSE) (52%); DIS (NYSE) (51%)
INDUSTRY: NAICS336414 GUIDED MISSILE & SPACE VEHICLE MANUFACTURING (52%); NAICS336412 AIRCRAFT ENGINE & ENGINE PARTS MANUFACTURING (52%); NAICS336411 AIRCRAFT MANUFACTURING (52%); SIC3761 GUIDED MISSILES & SPACE VEHICLES (52%); NAICS713110 AMUSEMENT & THEME PARKS (51%); NAICS515112 RADIO STATIONS (51%); NAICS512110 MOTION PICTURE & VIDEO PRODUCTION (51%); NAICS453220 GIFT, NOVELTY & SOUVENIR STORES (51%)
PERSON:KATIE HOLMES (54%); ELTON JOHN (53%)
GEOGRAPHIC: NEW YORK, NY, USA (92%) NEW YORK, USA (92%) UNITED STATES (92%)
LOAD-DATE: December 26, 2008
Copyright 2008 The New York Times Company
25 of 1231 DOCUMENTS
The New York Times
December 26, 2008 Friday
Late Edition - Final
Inside the Times, Dec. 26, 2008
SECTION: Section A; Column 0; Metropolitan Desk; Pg. 2
LENGTH: 1754 words
FOR TURKEY'S RELIGIOUS MERCHANTS,
Wealth Comes with Spiritual Costs
While other Muslim societies are wrestling with radicals, Turkey's religious merchant class is struggling instead with riches. Observant Muslims in one of the world's most self-consciously secular states have become a new elite. ''Muslims here used to be tested by poverty,'' said Sehminur Aydin, an observant Muslim businesswoman and the daughter of a manufacturing magnate. ''Now they're being tested by wealth.'' PAGE A6
A FILMIC SAFE HAVEN IN MARSEILLE
France's second-largest city, Marseille, prides itself on being a rough melting pot of differences, but with unemployment rising quickly and nearly 40 percent of the population under the poverty line, unrest is near the surface of this port city. Some of the toughest districts are in the hills above L'Estaque where the city-owned L'Alhambra, a movie palace of the 1930s, has become an unexpected safe harbor for the community. PAGE A6
LEBANON ARMY DEFUSES 8 ROCKETS
Lebanese Army soldiers found and dismantled eight Katyusha rockets that were pointed south toward Israel. The rockets were found near the southern town of Naqura, where an expanded United Nations peacekeeping force has been monitoring an uneasy truce since the war in the summer of 2006 between Israel and Hezbollah, the Shiite militant group. PAGE A8
In Sudan, Feud Puts Treaty at Risk A10
POPE DELIVERS PEACE MESSAGE
Delivering his annual ''Urbi et Orbi'' message from the balcony of St. Peter's Basilica, Pope Benedict XVI called for peace in the Middle East, Darfur and Zimbabwe and stability in other war-torn lands in a particularly politically pointed Christmas greeting to Rome and the rest of the world. PAGE A10
In one fell swoop, most of the top politicians in Guinea surrendered themselves to the cadre of junior officers who began seizing power on Tuesday after the death of the country's longstanding ruler. ''We're all happy,'' said Mamadou Bah, a tailor in Conakry, the impoverished West African country's steamy, seaside capital. He said that if the junior officers did what they promised -- namely, wipe out corruption and hold elections within two years -- the people would support them. PAGE A14
CHRISTMAS MASS IN WAR-TORN MOSUL
The northern city of Mosul remains one of the most dangerous places in Iraq and a stubborn holdout of the insurgency, but Iraqi Christians braved embattled streets and biting cold and rain to attend Christmas Masses and pray for their safety. PAGE A14
TALKING TO FEDERAL PROSECUTORS
An Easy Choice for Obama
It is not exactly the ideal way to begin a presidency -- or a presidency in waiting -- talking to federal prosecutors. But President-elect Barack Obama's meeting with investigators looking into charges that his former Senate seat was up for sale was probably not a hard choice to make for several reasons. PAGE A20
A BONANZA FOR ANIMALS
It is so legendary in nonprofit circles that it has its own reverential name, ''the Ad,'' a television advertisement for the American Society for the Prevention of Cruelty to Animals that has raised about $30 million since it started running in early 2007. And it came about more or less by accident. PAGE A20
SEEING BETTER IN THE DARK
The International Dark-Sky Association has a slogan for it: ''Carpe Noctem,'' an edict of value to more than just vampires. The fact is, the increasing use of lighting has rendered the night sky unsuitable, in many places, for viewing stars. The glare of Las Vegas, for example, is intruding upon the darkness of Death Valley National Park. In response, the park has set an ambitious goal: to become the first official dark-sky national park. PAGE A22
The complex connections between Robert Toussie and his son Isaac go beyond the political contributions by the father that led to the revoked presidential pardon for the son. The links include business, lawsuits anda chain fence. PAGE A22
SHORT ON AMENITIES,
But the Price Is Right
It used to shuttle passengers between Martha's Vineyard and New Bedford, Mass. These days it makes an acceptable residence for those concerned more with price (free) than conveniences (patchy heating, nonworking showers, do-it-yourself toilets). Oh, and it may not be legal. PAGE A26
The $500,000 that federal prosecutors say Bryant Rodriguez bilked out of members of the El Camino Church pales in comparison to the billions of dollars vanished in some other schemes. But everything is relative. And for the people whose money is missing, it hurts. PAGE A26
A MYSTERIOUS DISPLAY
The elaborate annual display, in the Baychester neighborhood of the Bronx, has saints religious (the Virgin Mary, St. Theresa) and secular ( Rita Hayworth and Brigitte Bardot, among others). Big City, Susan Dominus. PAGE A29
IN FRANCE, DOWNTURN
Costs Unions Influence
Union workers at a Peugeot car plant in eastern France once had enough clout to win shorter workweeks and longer vacations -- during the Great Depression. But in the current global financial crisis, the famously vociferous European workers have been relatively quiet, demonstrating in part how fragmented labor has become. PAGE B1 China's Changing Job Picture B1
OPPORTUNITY AMID THE DOWNTURN
China's closed financial sector has been largely untouched by the mortgage-backed securities that brought down many of the world's banks. But its insular nature has also kept it undeveloped, and companies are looking to take advantage of the worldwide financial downturn by hiring some of the newly unemployed to diversify and upgrade their own staffs. PAGE B1
Argentina's Entrepreneurial Spirit B1
EXPANDING CHANCES FOR WOMEN
Ngozi Okoli-Owube had a preschool for learning-disabled children in Lagos, Nigeria, but lacked training in running a business. A global program run by Goldman Sachs gave her and about 100 other women a chance to learn management. It is the kind of corporate approach helping to increase opportunities for women in emerging countries. PAGE B3
Anticipating a return of high fuel prices, Japan is exploring high-tech solutions for the commercial fishing industry. Among the approaches is a hybrid fishing trawler that switches between oil and electric-powered propulsion, biofuel-powered marine engines and computer-engineered propeller designs. The government is subsidizing the efforts; an international market is interested in the solutions. PAGE B3
SEEKING GOLD IN INFIRMITIES
Americans have known Royal Philips Electronics -- if at all -- as the maker of Magnavox televisions and Norelco shavers. But now it wants to focus more on items like hospital scanning and monitoring equipment, counting on an aging world population and chronic diseases to provide money in the bank. PAGE B4
Asian Stocks Rise as Oil Falls B4
BROADWAY GOES VIRAL
Broadway is trying to expand its online presence beyond sites with the standard cast bios and ticket-buying links to include a concept known as viral marketing. Productions are using social networking sites to offer updates, widgets for fans to embed in their own pages, music videos -- anything to produce word of mouth. PAGE B5
TURNING BACK THE CLOCK
To an Earlier Hawaii
Molokai is the least visited of the major Hawaiian islands; tourist amenities are scarce (with each factor probably sharing time as cause and effect). But, with a lifestyle more traditionally Polynesian and development discouraged, it is a good place to see what things were like before everything went the way of Oahu.PAGE D1
THE LESSER-KNOWN GULF COAST
Of the five states fronting the Gulf of Mexico, Alabama has the least amount of shoreline. But what's there includes Gulf Shores and Orange Beach and various housing options for the water-or-golf crowd. PAGE D3
Trying to Avoid Skier's Knee D4
A Roman Holiday in New York D4
SOONERS GET A RECRUITING GIFT
On Christmas Day, one of the biggest recruiting targets for Oklahoma and Texas, Jamarkus McFarland, a defensive tackle considered one of the nation's most promising players, gave himself as a present to the Sooners. PAGE B1
GIANTS KNOW THE DRILL
The Giants head into the last game of the regular season with no pressing need for a victory. But somewhere the lessons of last year's December game against the Patriots must be circulating. Harvey Araton, Sports of The Times. PAGE B1
LAKERS STOP CELTICS' STREAK
The Celtics had won a franchise-record 19 games. But the Lakers, in the first meeting of the teams since the Celtics won the N.B.A. championship in June, gave Coach Phil Jackson his 1,000th N.B.A. victory, 92-83. PAGE B10
ANOTHER WAY TO MAKE A MARK
Don Wakamatsu wanted to bring recognition of his Asian-American heritage to the major leagues, but lasted only 18 games for the Chicago White Sox in 1991. But now he has another chance, as manager of the Seattle Mariners, the first of Asian descent in the majors. PAGE B12
GETTING IMMIGRATION RIGHT
If you uphold workers' rights, even for people here illegally, you uphold them for all working Americans. If you ignore the rights of illegal immigrants, you encourage the exploitation that erodes working conditions everywhere. In a time of economic darkness, the stability and dignity of the work force is especially vital. PAGE A38
A PARTING SHOT AT WOMEN'S RIGHTS
As a parting gift to the far right, the Bush administration has proposed a regulation that aims to hinder women's access to abortion, contraceptives and information necessary to make decisions about their own health -- all wrapped up in a phony claim to safeguard religious freedom. PAGE A38
WELFARE AS WE KNEW IT
A politically acclaimed reform of the 1990s -- ''the end to welfare as we know it'' in favor of ''workfare'' -- is fast fraying at the edges. The emphasis on shunting the poor toward low-paying, start-up jobs is becoming increasingly pointless as the job market ossifies. PAGE A38
Franklin Roosevelt simultaneously made government much bigger and much cleaner. Barack Obama needs to do the same thing. PAGE A39
BOXING DAY IS FOR GIVING
Op-Ed contributor Judith Flanders, the author of ''Inside the Victorian Home'' and ''A Circle of Sisters,'' calls for a new way of celebrating a very British holiday -- one that even Americans would be wise to embrace. PAGE A39
SUBJECT: RELIGION (94%); MUSLIMS & ISLAM (90%); WAR & CONFLICT (90%); CHRISTIANS & CHRISTIANITY (88%); CHRISTMAS (86%); PEACEKEEPING (79%); INTERNATIONAL RELATIONS (79%); CATHOLICS & CATHOLICISM (78%); POOR POPULATION (76%); ARMIES (74%); REBELLIONS & INSURGENCIES (72%); COUPS (71%); POVERTY RATES (71%); HEADS OF STATE & GOVERNMENT (70%); ARMED FORCES (67%); JUSTICE DEPARTMENTS (67%); LOW INCOME PERSONS (76%)
ORGANIZATION:UNITED NATIONS (55%); HEZBOLLAH (54%)
PERSON: BARACK OBAMA (50%)
GEOGRAPHIC: ROME, ITALY (68%) GUINEA (93%); TURKEY (92%); IRAQ (92%); LEBANON (92%); ISRAEL (92%); FRANCE (88%); MIDDLE EAST (79%); SUDAN (79%); WEST AFRICA (79%); ZIMBABWE (79%); HOLY SEE (74%); ITALY (68%)
LOAD-DATE:December 26, 2008
Copyright 2008 The New York Times Company
26 of 1231 DOCUMENTS
The New York Times
December 25, 2008 Thursday
Late Edition - Final
Your Friends Need Money. Do They Have References?
BYLINE: By LAURA M. HOLSON
SECTION: Section E; Column 0; Style Desk; Pg. 1
LENGTH: 1453 words
AS a financial planner in Carlsbad, Calif., Candace Bahr tells clients to think twice before lending money to friends and family.
But when her manicurist, Melissa Pryor, asked to borrow $3,000 last month, Ms. Bahr couldn't say no. Ms. Pryor was being evicted because bankers had foreclosed on the house she was renting in nearby Oceanside. Needing the money to hire a lawyer, she turned to Ms. Bahr, a client she had spoken with every other week for a decade though they were not friends socially.
''It was devastating, humbling,'' Ms. Pryor said. ''To be in that situation, with all the different factors involved, you are helpless.''
Ms. Bahr asked Ms. Pryor to sign a note promising to repay the loan in a year. Despite her professional skepticism, Ms. Bahr recognized that some decisions, even about money, can't be judged on business alone.
''You can talk about it all day long,'' she said, ''but on an emotional level we are all still people.''
With the economy spiraling deeper into recession, friends, family and even unlikely acquaintances like the manicurist are increasingly turning to each other with a hand out. More often than not, these exchanges arouse feelings of guilt and worries that if anything goes awry, friendships and family bonds will be frayed.
In the best case, psychologists and financial planners say, giving money to a pal or a sibling in need can strengthen already close bonds. But there is inherent danger, too, that a loan will put an unspoken price tag on friendship. Then the lender feels guilty, no matter the decision, and the borrower chastened for having asked at all.
''The rules of friendship are tacit, unconscious; they are not rational,'' said Steven Pinker, a professor of psychology at Harvard University who has studied language, relationships and human nature. ''In business, though, you have to think rationally. The question is how do you switch over without feeling like you are keeping track?''
With bank loans harder to get and more Americans losing their jobs, such emotionally fraught transactions are only likely to become more common. Virgin Money USA, which administers loans among friends and family members, said the dollar value of loans outstanding has soared in the last 13 months to $370 million at the end of November from $200 million in October 2007. Credit counseling companies like InCharge Debt Solutions in Orlando, Fla., are seeing a sharp increase of customers interested in borrowing from friends and relatives.
And financial planners say some clients gave thousands of dollars as gifts this holiday season instead of Burberry jackets or big-screen television sets, to thwart relatives from asking for money later.
Few understand the benefits of sharing among friends as well as Elizabeth Dunn, an assistant professor of psychology at the University of British Columbia. She recently published the findings of a study that showed giving -- buying a pal a cup of coffee or purchasing the occasional trinket -- made people feel good about themselves and their relationships.
But when a friend asked Ms. Dunn if she would lend her several hundred dollars for expenses not long ago, the professor's warm feelings turned cool. The loan stirred up feelings of guilt; Ms. Dunn wanted to say no. She knew if it was not repaid, it could damage the friendship forever.
''If you really need help and someone helps you, there is gratitude,''' said Ms. Dunn, 31, who ultimately declined to lend her friend the cash. ''But at the same time, there is no shortage of stories about how relationships end or crumble over financial disagreements.''
In an effort to avoid such problems, some people making personal loans are using a middleman. In October, Josh Berry, a 32-year-old operations manager at Maxx Productions, an audio and lighting company for large events near Nashville, wanted to sell his 2004 Chevrolet Avalanche to Jason Barnhill, a colleague.
Mr. Berry's only option was to finance the purchase himself because the buyer's credit score made it hard to get a $14,000 loan from a bank. At first, Mr. Barnhill refused; a friend had failed to repay a loan several years ago. Mr. Barnhill lost the money and the friendship. ''I could never trust him,'' he said.
The two men spent afternoons debating different situations, like what would happen if Mr. Barnhill lost his job. Mr. Barnhill didn't want to be beholden to his friend and Mr. Berry ''didn't want to beat down his door to get the money,'' he said. Both agreed that a personal loan was a bad idea if they were to remain friends.
Finally Mr. Berry suggested the two use Virgin Money, the third-party service based in Waltham, Mass., that was started by the entrepreneur Richard Branson, to collect monthly payments from Mr. Barnhill and transfer them to Mr. Berry.
The distance was a comfort. If Mr. Barnhill defaults, the agreement states Mr. Berry gets his truck back. And if Mr. Barnhill can't pay at all? ''It would be them coming after me instead of him coming after me,'' Mr. Barnhill said.
Mr. Berry was forced to face his own feelings about which friends were deserving. ''I would not loan money to a person who has a low work ethic or simply is not responsible,'' he said. ''If they haven't proved themselves in their personal life, I'm not going to extend my hand.''
The shifting power in a relationship -- and feelings that ensue -- can be particularly uncomfortable among family members who often have convoluted histories. In some cases, an older brother or sister unwittingly steps into the role of surrogate parent, bailing out siblings at the slightest hint of trouble. In other cases, unresolved childhood rivalries take center stage.
''If there is a way to keep money out of the family dynamic it should be considered,'' said Charles Lowenhaupt, chief executive of St. Louis-based Lowenhaupt Global Advisors, which works with wealthy families on financial matters. A wealthy client recently approached Mr. Lowenhaupt about what how to handle a situation with a sister who had lost her job and was in jeopardy of losing her home. The brother wanted to help -- she was asking for about $400,000 -- and he could afford to give it. At the same time, Mr. Lowenhaupt said, ''He knew that she'd come back for more.''
What the brother needed was a buffer. The brother told his sister that he would ask his lawyer to help her get a $400,000 loan at a local bank. What the brother did not say was that he would put up the collateral for the loan. The sister ultimately got the loan, saved her house and was none the wiser about her brother's help.
''It was a screen between him and his sister so they could have Thanksgiving dinner without incident,'' Mr. Lowenhaupt said. ''The lender didn't want to feel beholden to the other. And, if it was just a gift, it could affect the self esteem of the person getting it.''
Few people have an army of advisers to cloak their intentions. Instead, financial planners say, truthfulness is the best defense in dealing with friends and relatives, no matter how painful the conversation. ''Someone without confidence may avoid the person or plead poverty,'' said Myra Salzer, a financial adviser to wealthy individuals who is based in Boulder, Colo.. ''That's not the way to go.''
A wealthy lawyer from San Francisco said she and her husband have helped two family members in recent months. (She spoke anonymously because she did not want to embarrass her relatives.) In one case, the lawyer gave a family member who was going through a bitter divorce a gift of $100,000. In the other, a family member who lost a job was lent $25,000 in recent weeks with the proviso it would be paid back in three to five years.
In both cases, the lawyer laid out for both siblings exactly what was expected of them. And she did not feel compelled to treat them equally even though each knew what the other received. ''Quite honestly, the amount was dependent on the degree of closeness I had with each,'' she said. ''It is difficult not to be judgmental when you see someone in need. We want to blame someone.''
Unlike Ms. Bahr, the financial planner, the lawyer did not ask the family member borrowing $25,000 to sign a note agreeing to repay it. ''The person was in such a low state,'' she said. ''There was no reason to distrust. It would have added insult to injury.''
But that doesn't mean she wouldn't feel any less angry if her relative reneged on repayment. ''If they are driving a big fancy car and can't pay me, I'd be mad,'' the lawyer said. ''But if they are doing what they need to get their life in order and still can't pay me, I guess that's O.K. I just don't want someone to think I have a blank checkbook.''
SUBJECT: PSYCHOLOGY (86%); FORECLOSURE (78%); BANKING & FINANCE (78%); FAMILY (78%); EVICTION (77%); LAWYERS (75%); RECESSION (71%); ECONOMIC NEWS (71%); CONSUMER CREDIT COUNSELING (69%); COLLEGE & UNIVERSITY PROFESSORS (62%); DISMISSALS (50%)
COMPANY: VIRGIN MONEY PERSONAL FINANCIAL SERVICE LTD (52%)
GEOGRAPHIC: ORLANDO, FLORIDA, USA (79%) CALIFORNIA, USA (90%); FLORIDA, USA (79%) UNITED STATES (90%)
LOAD-DATE: December 25, 2008
GRAPHIC: PHOTOS: HELPING HANDS: Melissa Pryor, above left, is receiving help from Candace Bahr. At left, Jake Barnhill bought a truck with some personal financing from Josh Berry. (PHOTOGRAPHS BY SANDY HUFFAKER FOR THE NEW YORK TIMES, TOP
ALAN POIZNER FOR THE NEW YORK TIMES) (pg.E7) DRAWING (DRAWING BY SERGE BLOCH) (pg.E1)
Copyright 2008 The New York Times Company
27 of 1231 DOCUMENTS
The New York Times
December 25, 2008 Thursday
Late Edition - Final
How Do You Run a Hedge Fund? Colleges Are Showing How
BYLINE: By STEPHANIE STROM
SECTION: Section B; Column 0; Business/Financial Desk; Pg. 3
LENGTH: 713 words
Jaison Ipe was about two minutes into his introduction of Silk L.L.C., a mock hedge fund, when the questions started flying.
Why was the fund focusing only on biotechnology and not specialty pharmaceuticals? What was behind its name? Who were the scientists the fund planned to work with?
Mr. Ipe, a second-year student at the Yale School of Management, gamely gave answers, but the panel of bona fide hedge fund insiders gathered to judge his team's presentation kept peppering them with questions.
''Twenty minutes went by in what felt like 45 seconds,'' said Michael Shay, who led the Silk team.
The exercise was an unusual example of increasing efforts by business schools to educate students in the skills and knowledge most relevant to running hedge funds.
''Hedge funds have become such a big factor in financial markets that in order to make sure your students' knowledge base is current, you really have to cover hedge funds somewhere in the curriculum,'' said Andrew W. Lo, professor at the M.I.T. Sloan School of Management and director of the M.I.T. Laboratory for Financial Engineering.
Students at Sloan and other major business schools encounter aspects of hedge funds in classes like investment management, financial engineering, endowment management, even entrepreneurship.
But Yale is among a handful of colleges in the New York area, including New York University, Columbia and Cornell, that go a step further and offer a course in hedge fund administration and operations taught by someone with real-world experience, Leon M. Metzger.
''Members who are looking to learn the secrets of moneymaking are advised to register for other investment management courses,'' Mr. Metzger writes in the syllabus, which is styled after an offering memorandum for a hedge fund.
Mr. Metzger worked for 18 years at Paloma Partners, one of the granddaddies of the hedge fund industry, and he likes to remind people that more hedge funds blow up because of poor administrative controls than poor investments.
Regardless of the investment strategy, Mr. Metzger said, ''if the firm lacks sound risk management, best valuation practices and top-notch operational controls, it is a candidate for failure.''
Sharon M. Oster, dean of the Yale School of Management, says teachers with real-life experience offer a valuable complement to the academic curriculum.
As a former practitioner, Mr. Metzger grounds the class in current events and practical application of theory. For instance, the class devoted to valuation involved a three-hour discussion of Merrill Lynch's sale of $30 billion of collateralized debt obligations to the Lone Star Funds for 22 cents on the dollar and financing support.
''Talking about valuations is slightly more interesting than watching grass grow or paint dry, but talking about this sale brings the topic to life,'' Mr. Metzger said.
Jacob Navon, an executive recruiter who was among the nine judges who bombarded the Silk team and another group of students presenting their mock hedge fund, said he thought schooling them in presentation and other practical skills was invaluable.
''That's an angle not uniformly taught,'' Mr. Navon said.
Interestingly, few of the students in the class planned to pursue a career in hedge funds.
''I knew a long time ago what I was going to be doing, and it wasn't hedge funds,'' said Yulee Newsome, who will be joining Dow Chemical when he graduates. ''But it seemed to me that I would be pretty remiss if I left business school and didn't know about one of the more important aspects of finance.''
Mr. Newsome, whose first career was as a nuclear engineer aboard a Navy submarine, was a member of a team that tried to sell the judges on a strategy that played investments in oil off against investments in alternative energy.
''We emphasized one type of trade in our presentation, so I was a little concerned that they were going to look at us as a one-trick pony, though I thought the judges quite liked what we presented,'' said Jonathan Morris, who used his experience on a commodities trading desk last summer to shape the concept.
''Learning that I can get in front of a group like that and impress them gives me added confidence as I look to move into the hedge fund industry.''