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Lego Builds
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PERSONAL JOURNAL | D1 BUSINESS & TECH. | B1
* * * * * WEDNESDAY, DECEMBER 30, 2015 ~ VOL. CCLXVI NO. 153 WSJ.com HHHH $3.00
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Midwest Battens Down the Hatches as Floodwaters Rise

What’s Belgium
News Says It
Business & Finance Foiled
S ome Palantir investors
and employees are trying
Attacks
to sell shares to unlock prof- Two arrested on
its from the private tech firm,
moves that reflect a deepen- charges of planning
ing rift in Silicon Valley. A1 terrorist assaults
Fannie and Freddie will during holiday period
ramp up sales of a new type
of security that transfers
BY NATALIA DROZDIAK
costs of mortgage defaults
AND JULIAN E. BARNES
to private investors. C1
Home-price growth
BRUSSELS—Belgian author-
gained strength in October,
ities said Tuesday they ar-
registering an increase of
rested two people on terror-
5.2% from a year earlier. A2
ism charges and broke up a
Biotech shares have out- plan for attacks during the
paced the broader market holiday period, underlining
since an autumn selloff and fears of further mayhem in a
are up 13% for the year. C1 Europe still unsettled over Is-
U.S. stocks staged a broad lamic State’s deadly attacks in
rally, with the Dow rising Paris last month.
GETTY IMAGES
192.71 points to 17720.98. C4 Police seized Islamic State

propaganda and military-style
Big U.S. airlines are facing
clothing but no explosives or
off with low-cost rivals, lead-
arms in a series of raids Sun-
ing to lower fares that help
SHIFTING SANDS: Volunteers load sandbags on the banks of the River Des Peres on Tuesday in St. Louis. The Mississippi River is day and Monday in Brussels,
fliers but weigh on revenue. B1
expected to crest outside St. Louis this week at levels topped only once before, in the record flood of 1993. A6 Liège and the Flanders region
The FAA is looking for of Belgium, prosecutors said.
ways to ensure that drones The arrests were made amid
operating beyond sight stepped-up antiterrorism oper-
avoid manned aircraft. B1 ations by Belgian authorities in
DuPont expects to cut
1,700 jobs in Delaware in early
2016 ahead of its planned tie-
up with Dow Chemical. B3
U.S. SPYING NABS ALLIES the aftermath of the Nov. 13
Paris attacks, which were
planned by a Belgian national
and carried out by a team that
included several others with
Moffett’s departure from Israel, Germany, France, even American lawmakers are swept up in National Security Agency net ties to Belgium, including the
Freeport could toss a wrench fugitive Salah Abdeslam, a
into talks over the fate of a BY ADAM ENTOUS AND DANNY YADRON tanyahu and his aides that inflamed mis- tercepted information could be valuable French citizen who was born
big mine in Indonesia. B2 trust between the two countries and to counter Mr. Netanyahu’s campaign. and lived in Brussels.
President Barack Obama announced planted a political minefield at home They also recognized that asking for it Belgium has conducted doz-
Hong Kong is expected to
two years ago he would curtail eaves- when Mr. Netanyahu later took his cam- was politically risky. So, wary of a paper ens of raids, questioned scores
record its biggest annual drop
dropping on friendly heads of state after paign against the deal to Capitol Hill. trail stemming from a request, the White of people, and arrested nine
in retail sales since 2003. B6
the world learned the reach of long-se- The National Security Agency’s target- House let the NSA decide what to share people in connection with
Bridgestone said it won’t cret U.S. surveillance programs. ing of Israeli leaders and officials also and what to withhold, officials said. “We those attacks.
counter Icahn’s latest bid for But behind the scenes, the White swept up the contents of some of their didn’t say, ‘Do it,’ ” a senior U.S. official Belgian federal prosecutors
auto-parts chain Pep Boys. B2 House decided to keep certain allies un- private conversations with U.S. lawmak- said. “We didn’t say, ‘Don’t do it.’ ” said they hadn’t identified
der close watch, current and former U.S. ers and American-Jewish groups. That Stepped-up NSA eavesdropping re- links between those investiga-
World-Wide officials said. Topping the list was Israel raised fears—an “Oh-s— moment,” one vealed to the White House how Mr. Ne- tions and the two new arrests,
Prime Minister Benjamin Netanyahu. senior U.S. official said—that the execu- tanyahu and his advisers had leaked de- Please see BELGIUM page A9
The U.S., pursuing a nuclear arms tive branch would be accused of spying tails of the U.S.-Iran negotiations—
The White House decided agreement with Iran at the time, cap- on Congress. learned through Israeli spying operations U.S. airstrike kills associate of
to continue surveillance of tured communications between Mr. Ne- White House officials believed the in- Please see SPY page A10 Paris terror ringleader.......... A9
certain allies, including Ne-
tanyahu, after Obama said he
A Victory Walk in Ramadi
would curtail the practice. A1
Belgian authorities said States’ Pension Woes Split
IRAQI PRIME MINISTER’S OFFICE/HANDOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES
they arrested two people on

terrorism charges and broke
up a plan for attacks during
the holiday period. A1 Democrats and Union Allies
A U.S. airstrike in Syria
killed an Islamic State op- BY TIMOTHY W. MARTIN strained government budgets bor officials said. Union offi-
erative who was an associ- AND KRIS MAHER are as obligations for 24 mil- cials said the cuts aimed at
ate of the Paris terror at- lion public workers and retir- current workers violate state
tacks’ ringleader. A9 A $1 trillion U.S. pension ees continue to mount. laws.
gap is dividing two longtime The latest clash is unfolding A spokesman for Mr. Wolf
The FBI is urging tech
allies: Democrats and unions. in Pennsylvania, where Demo- said the governor understands
firms in blunter terms to al-
Left-leaning politicians cratic Gov. Tom Wolf has been that some people would be up-
low investigators to decrypt
from Rhode Island to Califor- seeking to end a six-month set with the pension cuts, but
private communications
nia are increasingly support- budget impasse with a Repub- his priority has been boosting
during terror probes. A3
ing more aggressive overhauls lican-controlled Legislature by education spending. “The gov-
Ten nations in South- of government pension bene- agreeing to approve retire- ernor absolutely wants to
east Asia are launching a fits despite opposition from ment cuts for new state hires make sure state workers have
common market Thursday labor officials, traditionally and current workers. The Key- a secure retirement, but this
in a bid to forge a bloc to one of the Democratic Party’s stone State has $50 billion in was a compromise budget and
rival China and Japan. A7 biggest policy and electoral unfunded pension obligations, he’s dealing with an over-
supporters. one of the deepest retirement whelmingly Republican-led
China dismissed South
The erosion of Democratic holes in the country. Legislature,” the spokesman WINNING SMILE: Iraqi Prime Minister Haider al-Abadi, left, with Lt.
Korea and Japan’s accord
backing for conventional re- “I know you’re not going to said. Gen. Abdel Ghani al-Assadi as the city was declared liberated from
over World War II sex slaves
tirement benefits prized by be happy,” Mr. Wolf told union Since 2009, 25 out of 34 Islamic State. Mr. Abadi vowed to recapture Mosul, Iraq’s second city.
and called on Tokyo to face
teachers, firefighters and po- leaders in private phone calls states that had Democratic
up to wartime crimes. A8
lice officers is a sign of how during recent weeks, those la- Please see UNIONS page A6
Pataki dropped out of
the race for the Republican
presidential nomination. A4
Technology Firm, Investors In Cape Town, a Luxury Hotel Goes to the Dogs
Spain’s Premier Rajoy
i i i
suggested he was willing to
wait for his Socialist rival to
agree to a deal that would
Spar Over How to Cash In Creature comforts abound at former nightclub ; no ‘puppyrazzi’
Palantir Technologies Inc. is and chairman, are seeking to sell
keep him in office. A8
one of the world’s most valuable more than $100 million of their
Israel’s high court over- private companies but has no in- shares in the Palo Alto, Calif., BY PATRICK MCGROARTY ful Bo-Kaap neighborhood. summer here, and a prepon-
turned part of a bribery con- terest in going public. Some of data-mining company, say stock- The tailored experience at derance of South Africans are
viction against ex-Premier its earliest investors, employees brokers and venture capitalists. CAPE TOWN, South Africa— this canine castle can include away for much of the festive
Olmert and cut his jail term. A9 and even Palantir co-founders Another co-founder, Joe Lon- Earlier this month, Yanic Klue dawn walks along Cape Town’s season. As a result, atFrits is
are trying to cash in anyway. sdale, has urged Mr. Thiel to cre- opened what she is calling Atlantic beaches, or an evening booked near its 100-canine ca-
CONTENTS Opinion............... A11-13 Their moves reflect a deepen- ate a large “special-purpose ve- South Africa’s first climb up the slopes pacity.
Business News.. B1-6 Property Report... C8
Crossword................. B6 Sports.......................... D6
hicle” to help facilitate employee luxury dog hotel—a near Table Moun- On a recent afternoon, two
Global Finance........ C3 Technology............... B4 By Elizabeth Dwoskin, and investor stock sales. place to pamper tain. More seden- dozen charges scampered
Heard on Street. C10 U.S. News............. A2-6 Rolfe Winkler And some former and current the pets of this tary mutts can across the upper floor of at-
Home & Digital. D2-3 Weather..................... B6
In the Markets....... C4 World News..... A7-10
and Susan Pulliam Palantir employees have tried to pooch-obsessed watch Animal Frits, seemingly adjusting well.
bundle their tiny stakes in the country. Planet on screens A pair of chocolate and yellow
ing rift in Silicon Valley between company into blocks that likely For as little as mounted in the Labradors frolicked with a
> private companies that want to would be easier to sell in the 250 rand, or lobby and within damp tennis ball as a sweet
stay that way and investors who opaque, ad hoc market for around $17, man each of seven sea breeze drifted through the
want to unlock at least some of shares of closely held technology can treat his best themed suites. room.
the profits from their most suc- companies. friend to an eve- The holidays of Ms. Klue alternated between
cessful investments. Some investors in Palantir ning of luxury at a Christmas and New logging new bookings and pet-
s Copyright 2015 Dow Jones &
Company. All Rights Reserved Investment firms launched by and other private companies are former nightclub in Year’s fall during ting arriving guests. “I func-
Peter Thiel, a Palantir co-founder Please see PRIVATE page A2 Cape Town’s color- Frits the dog days of Please see DOGS page A10
A2 | Wednesday, December 30, 2015 * * THE WALL STREET JOURNAL.
U.S. NEWS
Home-Price Growth For Fed Dove, a Swan Song
Continues to Pick Up BY MICHAEL S. DERBY while. If inflation takes off, de-
spite rate increases, Mr.
BY LAURA KUSISTO in October than in September. Narayana Kocherlakota, Kocherlakota’s arguments will
Chris Suarez, a broker in president of the Federal Re- look misguided. But if inflation
Home-price growth gained Portland, said it would take serve Bank of Minneapolis, stays low, Boston College eco-
strength in October, according less than two months to ex- leaves office this week best nomics professor Peter Ireland
to a report released Tuesday, haust the supply on the mar- known for something that al- said “Narayana’s warnings will
although other indicators sug- ket there, while nationally the most never happens with cen- seem prescient.”
gest the pace of home sales supply of homes stands at tral bankers or economists: a Mr. Ireland said there was a
has lost momentum as the more than five months—a fig- radical shift in policy views. tension between Mr. Kocherla-
JONATHAN CROSBY/REUTERS
year draws to a close. ure that the National Associa- He joined the Fed in 2009 kota’s academic background
The S&P/Case-Shiller Home tion of Realtors considers low. as a vociferous skeptic of its and the clarity of views
Price Index covering the entire Mr. Suarez said recently he easy-money policies, only to needed by a policy maker.
nation rose 5.2% in the 12 launched sales at a subdivision become its strongest advocate “He’s in his element when
months ended in October, with 14 new homes, expecting for aggressive action to boost working through a hard, tech-
stronger than a 4.9% increase them to sell for around the economy. It marked a rare nical problem on the black-
in September. Home price $350,000. Instead, 12 of the 14 shift from hawk to dove, in board,” Mr. Ireland said. “In
growth has steadily acceler- homes sold in two weeks for central-bank parlance, span- Departing Minneapolis Fed President Narayana Kocherlakota thinks the policy arena, though, sim-
ated throughout 2015, under- about $400,000. ning the intense debate over the central bank may have moved too soon on raising rates. ple and consistent messages
scoring that the housing mar- Demand, he said, is being how to respond to the worst tend to be more effective, and
ket is returning to normal as driven by younger people recession in decades. cies—such as holding short- spur job growth. (Inflation has Narayana was never really
the economy improves. moving to the city and earning In a recent interview with term interest rates near zero been below that target, based able to find and deliver that
The 10-city index gained 5.1% more than $100,000 a year. The Wall Street Journal, Mr. and buying bonds to lower on the price index for personal kind of message of his own, or
from a year earlier, compared After years of volatility, Kocherlakota said he changed long-term rates—would do lit- consumption expenditures, for to propose a more attractive
with a 4.9% increase in Septem- home-price growth appears to after reappraising the causes of tle to help while risking exces- 43 consecutive months.) alternative to what the Fed
ber. The 20-city index gained have stabilized at an annual high unemployment following sive inflation. Instead, Fed officials agreed has been doing since 2008.”
5.5% year-over-year compared rate of around 4% to 5%. the financial crisis. A former But over time he came to Dec. 16 to lift the target to Mr. Kocherlakota is return-
with 5.4% a month earlier. “They look much more rea- economics professor with a believe high joblessness re- 0.25%-0.50% and signaled more ing to academia soon, joining
The hottest markets, pri- sonable than the numbers we Ph.D. from the University of Chi- flected a deep shortfall of eco- increases were likely coming. the University of Rochester
marily on the West Coast, con- used to see,” said Svenja cago, he recalled he came into nomic demand, and that ag- Mr. Kocherlakota said in the faculty on Jan. 1.
tinued to show double-digit Gudell, chief economist at Zil- the job with a theoretical bent, gressive Fed efforts could help interview, after the Fed deci- Activists with the left-lean-
price gains, with San Francisco, low. “Overall 2015 was a good but was altered by experience. generate more activity and sion, that raising rates while ing Fed Up Coalition, which has
Denver and Portland, Ore., all year to put a cap on all these “The incentives in academia jobs. “I was just wrong” at the falling short of the inflation been pressing the Fed to hold
reporting 10.9% year-over-year crazy things that had been hap- are to create a set of ideas and start, he said in the interview. target was wrong. He said the off on rate rises, lamented his
gains. Twelve cities saw bigger pening…with people really try- stick to them.…You aren’t re- In the end, Mr. Kocherla- Fed should state its goals exit. Jordan Haedtler said “we
year-over-year price increases ing to bid up values.” sponsible for making decisions kota was more dovish than clearly and then do whatever are sad to see Kocherlakota go”
that affect everyday lives,” any of his colleagues and in- it took to achieve them, rather because his calls for keeping
said Mr. Kocherlakota, whose creasingly out of step with than offering vague guidance rates ultralow “showed he un-
name is pronounced Nahr-ay- them on policy. In October, he about future of rate increases. derstood the impact the recov-
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yah-nah Koach-er-lah-ko-tah. said he would be open to low- He said he “greatly ad- ery has had” on lower-income
I fly Sentient Jet. When he joined the Fed, he
believed that high unemploy-
ering the Fed’s short-term in-
terest rate-target range, which
mires” his Fed colleagues, but
worried “we might have lost
Americans.
Mr. Kocherlakota will be
ment was driven largely by was then zero to 0.25%. He the credibility of our inflation succeeded by Neel Kashkari, a
877.845.0055 structural factors beyond the said the central bank should target” by lifting rates. former Treasury official and
central bank’s control. He do more to drive inflation up The Fed’s recent policy de- unsuccessful California guber-
sentient.com reckoned its ultra-easy poli- toward its 2% target and to bates won’t be settled for a natorial candidate.
PRIVATE Investor Darlings

Valuation of the largest venture-
capital-backed companies
broker estimated that the mar-
ket totaled about $100 million in
2014. Palantir requires buyers
and sellers to notify the com-
vestment committee. The San
Francisco firm wants to sell a
major chunk of its Palantir
shares, according to a person fa-
Continued from Page One pany of any secondary transac- miliar with the matter.
Uber
worried their money could wind tion. Jim O’Neill, Mithril’s manag-
$51.0 billion
up marooned in firms with no “They are trying to be gate- ing director, said it has “no plans
Xiaomi
exit strategy. Some firms have $46.0
keepers,” says someone familiar to sell Palantir.”
grown more leery about going Airbnb
with the market for Palantir Mr. Lonsdale, the Palantir co-
public because of the chilly mar- $25.5 shares. That person says the founder who also is a founder of
ket for tech-related initial public Palantir company is trying to prevent a venture-capital firm Formation 8
offerings and concerns about $20.0 possible flood of stock sales that in San Francisco, has told Mr.
sky-high valuations. Snapchat might hurt Palantir’s ability to Thiel that creating a special-pur-
Many of the fastest-growing $16.0 keep raising capital from outside pose vehicle would be the best
tech firms already were reluc- Didi Kuaidi investors. way to balance Palantir’s lack of
tant about doing an IPO because $16.0 The longer that Palantir re- enthusiasm for an IPO with em-
venture capital has been abun- Flipkart mains private, the more interest ployees’ desire to sell shares at
dant and private companies are $15.0 there is from even loyal inves- prices closer to what insiders
bound by less regulatory red China Internet Plus tors and employees in selling and large investors can sell for,
tape than those that go public. $15.0 some or all of their shares in the according to a person familiar
Palantir was valued at $20 SpaceX company. with the matter. Mr. Lonsdale
billion in a funding round earlier $12.0 “Here is the problem with no also thinks Palantir should go
this year, trailing only Uber Pinterest IPO,” said Robert Ackerman, a public.
NewYork today, L.A. tomorrow, then home to Connecticut...
Technologies Inc., Xiaomi Corp. $11.0 venture-capital investor with “I know the company is work-
and Airbnb Inc. among venture- Sources: Dow Jones VentureSource; $30 million in Palantir shares. ing to make sure it’s handled
My life is always on the go, but I wouldn’t have it any other
backed private companies. Pal- The Wall Street Journal “Palantir has a lot of investment fairly, and I’m very confident in
way. In my line of work, you can’t afford delays or missed antir has raised money from in- THE WALL STREET JOURNAL. funds with limited lives.” its management team,” Mr. Lon-
opportunities. Whether getting to my next meeting or vestors at least 12 times for a Venture-capital funds typi- sdale said in an email.
making it home to the kids for bedtime, I am confident in my total of $1.9 billion since its start vised the company to remain cally have a 10-year lifespan be- Palantir issued shares in its
commitments. And for each and every opportunity... I’m there. in 2004, according to Dow Jones private for as long as it can,” fore their limited partners must latest funding round for $11.38
VentureSource. said Mr. Thiel, a billionaire who be repaid. Some investment apiece. In the secondary market,
I fly to seize the moment. The company is best known also helped start PayPal. Palan- funds already have sold Palantir Palantir shares trade in a range
I fly to make the most of my time. for its software that lets govern- tir’s chief executive, Alex Karp, shares, partly because demand of $7 to $10, brokers say. Palan-
I fly Sentient Jet. ment agencies such as the Cen- wouldn’t comment. in the secondary market is high. tir employees who have banded
tral Intelligence Agency and Fed- Messrs. Thiel and Karp were GSV Capital Corp. sold $7.8 together to sell stock sought
Sensible, intelligent private aviation® eral Bureau of Investigation classmates at Stanford Univer- million in Palantir stock in the $8.75 a share, people familiar
quickly visualize relationships sity who formed Palantir after second half of 2014, said Michael with the group say.
among large amounts of data. envisioning a data-driven strat- Moe, the Woodside, Calif., firm’s —Telis Demos contributed
Palantir’s technology egy to tackle security risks in the chairman, chief executive and to this article.
crunches bank records, phone wake of the Sept. 11, 2001, ter- chief investment officer. At the
numbers, friend lists, license- rorist attacks. end of this year’s third quarter,
plate photos and other records. Palantir is unusual among GSV still held Palantir shares Lucrative Data Mining
Palantir recently has pushed tech companies for having long valued at $54.6 million, securi- Price per share in 12 funding
deeper into the private sector, tried to relieve some of the pres- ties filings show. rounds by Palantir
where the company’s customers sure from investors by helping “Given the fact that there’s an
include banks, oil and gas com- them sell limited quantities of active private market, we’ll con- $12 a share
panies, and chocolate maker stock. An executive at Palantir tinue to look for opportunities to Most recent round:
Hershey Co. even acts as a broker of the sell when appropriate,” said Mr. 9 $11.38 a share
Palantir has said privately company’s shares. Moe.
that its bookings, which measure The company invites employ- The investment funds that 6
the size of customer contracts, ees to sell as much as 10% of are closely tied to Mr. Thiel and
grew to roughly $1.1 billion in their holdings, up to $425,000, trying to sell Palantir shares in- 3
2014 from about $30 million in once a year, according to people clude Founders Fund II, which is
2009, an annual growth rate of familiar with the matter. Em- set to wind down in 2017 and
107%. ployees have used the proceeds had about 20% of its total assets 0
Despite the surge, though, to buy houses and invest in in Palantir shares as of Sept. 30. 1 3 5 7 9 11
Palantir repeatedly has said that startups. Mr. Thiel is a co-founder of Funding rounds
it has no plans for an initial pub- No one keeps track of how Founders Fund. Note: Palantir has raised money from
lic offering. many Palantir shares change Mr. Thiel also helped start investors at least 12 times since 2004.
“I’m committed to Palantir hands, and the company de- Mithril Capital Management, Source: the company
for the long term, and I’ve ad- clined to comment. One stock- where he is chairman of the in- THE WALL STREET JOURNAL.
CORRECTIONS AMPLIFICATIONS
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New York, N.Y. 10036 nior adviser at Comcast Corp. integrating Altera Corp. cir- rors in provider directories.
Published daily except Sundays and general legal
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One hand – two times Letters to the Editor:
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NEED ASSISTANCE WITH Money & Investing article Dec. Milkscreen test strips from
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THE WALL STREET JOURNAL. * * * * Wednesday, December 30, 2015 | A3
U.S. NEWS
FBI Tries Officials Push to Curb Elder Fraud

To Reframe Legislation would
Debate on mandate financial
advisers report abuse;
Encryption brokers cite concerns
BY DEVLIN BARRETT BY JENNIFER LEVITZ
AND ANNA PRIOR
The FBI is issuing a more
direct challenge to technology Grappling with growing fi-
companies in the wake of ter- nancial exploitation of the el-
ror attacks in Paris and Cali- derly, state officials are press-
fornia, urging them in blunter ing for laws that require
terms to allow investigators to financial advisers to report sus-
decrypt private communica- pected “elder fraud” to authori-
tions during terror probes. ties.
Hoping to escape a continu- But the mandate faces push-
ing debate over the technical back from the financial indus-
feasibility of decryption, try, which says it could result
which they fear plays into Sili- in a massive number of reports
con Valley’s hands, Federal Bu- that turn out to be false.
reau of Investigation Director People 60 years and older
James Comey and others are were involved in
pushing executives to move 171,230 fraud complaints
away from a policy they say tracked by the Federal Trade
values customers’ privacy over Commission in 2014, more
public safety. than double the number in
“It is a business-model 2010, although some of that
question,” Mr. Comey said at a jump could come from im-
recent congressional hearing, proved reporting.
adding that executives “have American retirees are exer-
designed their systems and cising greater control over
their devices so that judges’ their finances, given the de-
orders cannot be complied cline in traditional pension
with. … Should they change plans. But the complexity of
AMY STROTH FOR THE WALL STREET JOURNAL

their business model? That is managing and investing sav-
a very, very hard question.” ings poses a challenge, partic-
Challenging tech chief exec- ularly as the U.S. population
utives like Apple Inc.’s Tim ages, resulting in a greater
Cook directly suggests that number of people projected to
Mr. Comey could be laying the get dementia. That has opened
groundwork for a push in Con- up avenues for exploitation.
gress for legislation that The fraud ranges from
would force the companies to sweepstakes scams and bogus
change their products. investment schemes to dishon-
So far, however, there is no est caregivers or family mem-
indication the tech industry is bers skimming funds. In some
retreating from its argument cases, investment advisers or Donald Chambers backs requiring financial advisers to report suspected fraud involving older people.
that strong encryption is nec- stockbrokers churn accounts
essary to protect users’ infor- through unnecessary trades, re- trying to protect the vast vidual,“ said Judith Shaw, NA-
mation, and that providing a sulting in high fees or losses. amount of people,” said Joseph Cheating the Aging SAA’s president and securities
technological “key” or “back- Elder financial abuse is ex- Borg, Alabama’s securities Reports of fraud involving the elderly have been rising as seniors administrator in Maine, which
door” for law enforcement pected to “grow dramatically,” commissioner. He plans to in- become a larger percentage of the population. lacks a mandatory fraud-re-
would simply make the infor- according to Rick Fleming, troduce such legislation early porting law.
mation more vulnerable to head of the Office of the Inves- next year. People age 65 and older as a Fraud complaints by people That troubles Donald Cham-
hackers of all kinds. tor Advocate at the U.S. Securi- But financial-industry trade percentage of the U.S. population age 60 and over† bers, 86, a retired University
ties and Exchange Commis- groups are pushing back of Kansas professor who man-
sion. Older Americans lost at against a key part of the North 25% 180,000 171,230 ages his investments through a
least $2.9 billion to financial American Securities Adminis- 21% broker but said he may not be
150,000
abuse in 2010, up 12% in two trators Association’s proposal. 20 far off from having to delegate
years, according to Metropoli- They say its reporting mandate 120,000 the task to a family member or
tan Life Insurance Co., which would overburden state agen- 15 his lawyer.
tracks issues facing the elderly. cies, while some financial ad- 90,000 If his broker had any suspi-
To help curb the problem, a visers worry they could be 10 cions he was being defrauded,
coalition of state securities reg- sued if they miss an abuse case. 60,000 Mr. Chambers said he would
KEVIN LAMARQUE/REUTERS
ulators in September proposed Roughly 40% to 50% of all 5

feel better knowing that the
a model state law that would “red flags” about suspicious ac- 30,000 broker was obliged to bring
require financial advisers, in- tivity turn out to be false, ac- Projected those hunches to an investiga-
0 0
cluding brokers at large invest- cording to an Oct. 29 letter to tor. It is “simply a wise idea,”
ment houses and independent NASAA from the Securities In- 1950* ’70 ’90 ’10 ’30 ’50 2010 ’11 ’12 ’13 ’14 he said.
advisers, as well as their super- dustry and Financial Markets *1950 excludes Alaska and Hawaii Similarly, Philip Mar-
visors, to report suspected elder Association, the main Wall †Figures are for complaints by consumers who reported their age shall believes mandatory re-
FBI Director James Comey calls financial fraud to both a state Street trade group. A voluntary Sources: Census Bureau; Federal Trade Commission (fraud complaints) porting might have helped his
it a ‘business-model’ question. securities regulator and an reporting system would allow THE WALL STREET JOURNAL. late grandmother, Brooke As-
adult protective-services firms to check out such reports tor, the New York philanthro-
Apple, in response to ques- agency. internally before going to au- professionals. In New York state, which pist. She was financially ex-
tions for this article, said this The bill gives brokers and thorities, it said. Some financial But the laws don’t always doesn’t have a mandatory re- ploited by her son, Mr.
isn’t a new issue, since the advisers civil immunity from firms already have in-house extend specifically to financial porting law, only one in 44 Marshall’s late father, as she
company has used encryption privacy violations for reporting units that monitor for elder advisers. Kansas’ law doesn’t cases of elder financial exploi- suffered from dementia, a jury
for well over a decade as a vi- suspected fraud, and allows confusion or abuse. generally treat brokers as man- tation was reported to authori- found in 2009.
tal way to protect customers’ them to put a temporary hold Laws requiring profession- datory reporters, according to ties in 2008, according to a “Certainly there were irreg-
personal information. on suspicious account disburse- als such as social workers to the state’s securities commis- 2011 study by Cornell Univer- ular patterns in terms of finan-
“As hacking schemes and ments. report elder abuse are com- sioner. Meanwhile, Ohio’s law sity and aging agencies. cial transactions,” said Mr.
cybercrimes against individu- “In the long run we’ve got to mon. Roughly half of the states requires lawyers to report sus- “We’re losing valuable time Marshall, a university professor
als, companies and govern- say the greater good is served also mandate elder fraud re- pected elder financial exploita- that we could provide that and advocate for the preven-
ments have become daily oc- by making it mandatory and porting by certain financial tion, but not financial advisers. safety net for that elderly indi- tion of elder financial abuse.
currences, we have worked
hard to keep pace,” Apple said
Veterans Aim for Class-Action

©T&CO. 2015
in a statement. “We know that

criminals will seek out encryp-
tion techniques or develop
Power in Appeals Over Benefits

their own, so weakening en-
cryption in consumer devices
will only hurt law-abiding citi-
zens who rely on it to protect
their data.”
Still, not all tech companies BY SARA RANDAZZO benefit claims, says it isn’t al- sition on the issue with the WILL YOU TAKE MY RING AND
are equally firm. John Chen, lowed to hear cases that ag- court in January. A VA spokes- MY HAND AND MY HEART AND KNOW THAT
CEO of cellphone maker Black- A group of veterans who gregate complaints of many woman declined to comment.
Berry Ltd., has declared the have each waited more than a veterans. Underlying the current fight EACH OF THEM IS YOURS FOREVER?
company will work with the year to have disability claims The stance is counter to is what critics call an over-
government to be responsive
to court orders, saying, “Our
reviewed say they are being
denied a right granted to most
remedies available in most
state and federal courts, which
congested disability claims
system. While the VA has cut
WILL YOU?
privacy commitment does not Americans—the ability to team allow groups of similarly situ- its backlog of disability claims
extend to criminals.” up and bring class-action law- ated people, such as consum- to 74,955, an 88% drop from its
In the wake of the recent suits to fight grievances. ers of a product, to file a sin- peak in 2013, the number of
mass killings, advocates on The group filed a lawsuit gle suit aimed at resolving an veterans appealing initial dis-
both sides are watching this year in the U.S. Court of alleged injustice. Veterans ability decisions has risen in
closely for a shift in public Appeals for Veterans Claims fighting disability decisions the past two years. In the 12
sentiment that might put more seeking prompt decisions by must wait for their cases to be months ending in September,
pressure on tech companies to the Department of Veterans taken up one by one. veterans initiated 169,068 ap-
allow law enforcement access Affairs for thousands of veter- Now, the U.S. Court of Ap- peals—an appeal rate of 14.6%,
to encrypted information if ans waiting for benefits, say- peals for the Federal Circuit is up from 11% the prior year.
they have a court order. ing the delays are causing fi- considering whether that Going through an appeal
Some lawmakers are high- nancial and medical hardship. should change to allow class takes nearly four years on av-
lighting the terror attacks and But the veterans’ appeals actions in the veterans’ court. erage and can involve several
threatening legislation in an at- court, created by Congress in The Justice Department, rounds of appeals, the VA says.
tempt to pressure companies to 1988 to hear challenges to ini- which represents Veterans Af- “Veterans are demoralized
make changes. Others have tial government decisions on fairs, is expected to file its po- while waiting,” said Kimberly
urged the creation of a blue- Bonner, 42, an Army veteran
ribbon panel to study the issue. who began receiving disability
The FBI’s current reframing benefits last year, 14 years af-
of the issue is a shift from ter starting the process. She
past appeals for software de- said it took several rounds of
signers to find technical solu- appeals to convince the VA she
tions. At the same time, law- had post-traumatic stress dis-
enforcement officials are order.
citing the menace of terror at- In a May ruling, one of the
LARRY DOWNING/REUTERS
tacks rather than emphasizing veterans’ court’s eight active

crimes like child abductions, judges said the court has a
as they’ve done previously. “long-standing declaration
Cindy Cohn, executive di- that it does not have the au-
rector of the Electronic Fron- thority to entertain class ac-
tier Foundation, a privacy tions.” In an oft-cited 1991 de-
group, said the FBI’s shift cision, it found aggregating 800 843 3269 | TIFFANY.COM
“means they realize their first A group wants the ability to team up on challenges to disability claims was “highly unmanage-
strategy wasn’t working.” benefit decisions by the Department of Veterans Affairs. able” and “unnecessary.”
A4 | Wednesday, December 30, 2015 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
Campaign Shows GOP Foreign-Policy Split

BY FELICIA SCHWARTZ a former adviser to Mitt Rom- we’re going to need to use that has had the effect of ben-
ney who served in the George American power…and we need efiting radical Islamic terror-
WASHINGTON—For years, W. Bush administration. Mr. to use it only to defend Ameri- ists,” Mr. Cruz said.
Republican presidential con- Cohen co-founded the John can interests, not to promote In the debate in Las Vegas
tenders debated foreign policy Hay Initiative, which supports democracy and human rights earlier this month, Mr. Rubio
largely within a narrow band a more traditional GOP for- and not for nation-building.” defended his support of Gad-
of how, rather than whether to eign-policy agenda. The foreign policy split is hafi’s ouster, saying he would
deploy American military While Mr. Paul lies the fur- the latest example of how the be removed from power “one
power overseas. thest on the side of non-inter- Republican Party has been way or the other,” and that the
No more. ventionism, Messrs. Trump transformed in recent years. It move lessened instability and
A number of 2016 GOP con- and Cruz have staked out posi- plays out most visibly in the was in support of the Libyan
tenders have ditched a foreign- tions somewhere between back-and-forth between people. The U.S. would have to
policy playbook that has there and what was once Messrs. Rubio and Cruz. In an work with some unsavory gov-
guided the party for years, ad- known as the GOP foreign-pol- interview with Bloomberg late ernments, “but anti-American
vocating a narrower use of icy consensus. last month, Mr. Cruz criticized dictators like Assad, who help
GETTY IMAGES
military force rather than the Mr. Cruz’s campaign said he Mr. Rubio’s support of “mili- Hezbollah, who helped get
muscular use of American advocates targeted use of tary adventurism,” including those IEDs into Iraq, if they go,
power and democracy building. American power. “Cruz is try- his backing of toppling Moam- I will not shed a tear,” he said.
The rhetoric on the cam- ing to bring our foreign policy mar Gadhafi in Libya, and Messrs. Cruz and Rubio
paign trail shows a party grap- U.S. Army trainers at a military base in Taji, Iraq, in April. back to conservative princi- compared his views unfavor- also have clashed on surveil-
pling with an anti-interven- ples,” said Victoria Coates, Mr. ably with those of Mr. Obama lance policy, in what some see
tionism mood fanned by the the U.S. should use its military Complicating matters is Is- Cruz’s senior adviser for for- and former Secretary of State as another departure from the
George W. Bush administra- might narrowly, focused on lamic State and its role in ter- eign policy. Hillary Clinton, the Demo- more hawkish Republican
tion’s operations in Iraq and U.S. interests rather than hu- rorist attacks abroad. Both “Cruz is clearly trying to cratic front-runner. frame.
Afghanistan, as well as his man rights and democracy GOP wings have used its rise draw a distinction between “If you look at President Mr. Cruz backed ending the
championing of democratic promotion. On the other are to justify their prior positions. himself and what you might call Barack Obama and Hillary bulk collection of phone re-
values and confronting auto- Sen. Marco Rubio (R., Fla.), “You’ve got some candi- Republican mainstream foreign Clinton and for that matter cords, which Mr. Rubio has
cratic regimes. former Florida Gov. Jeb Bush dates who really are a depar- policy,” said Elliott Abrams, a some of the more aggressive used to paint Mr. Cruz as weak
On one end of the spectrum and New Jersey Gov. Chris ture from the Republican out- former George W. Bush and Washington neocons, they on national security. Vermont
lies Sen. Rand Paul (R., Ky.), Christie, who argue for a more look on things, from Reagan administration official have consistently misper- Sen. Bernie Sanders, a Demo-
Sen. Ted Cruz (R., Texas) and muscular projection of mili- mainstream American foreign who isn’t backing any of the ceived the threat of radical Is- cratic candidate, is also a
businessman Donald Trump, tary power and the advance- policy from at least 1940, if candidates but has advised sev- lamic terrorism and have ad- strong supporter of revamping
who to varying degrees say ment of democratic values. not before,” said Eliot Cohen, eral. “His formula is to say vocated military adventurism U.S. surveillance.
Pataki Ends Bid for

GOP Presidential Nod
BY HEATHER HADDON Mr. Pataki’s exit made him
the fifth Republican to bow out
Former New York Gov. of the race, leaving 12 others
George Pataki dropped out of competing for the nomination
the race for the GOP presiden- with about a month remaining
tial nomination, ending an un- before the first votes are cast.
derdog bid that saw the cen- He is the fourth governor to
trist barely crack 1% in polls. drop out, joining Rick Perry of
“While tonight is the end of Texas, Scott Walker of Wiscon-
my journey for the White sin and Bobby Jindal of Louisi-
House as I suspend my cam- ana. South Carolina Sen. Lind-
paign for president, I am confi- sey Graham, a respected
dent we can elect the right foreign-policy hawk who also
person,” Mr. Pataki said in a couldn’t break out of the single
two-minute video aired on digits in polls, dropped out
NBC Tuesday night. last week.
Mr. Pataki didn’t go into de- Mr. Pataki, who has trailed
tail about why he was exiting other candidates in fundrais-
NATI HARNIK/ASSOCIATED PRESS

from the race but did take a ing, was expected to hang on
dig at competitor Donald until the Feb. 9 primary in
Trump on the way out. His New Hampshire, where he has
campaign called the business- focused nearly all of his cam-
man’s language “divisive” and paigning.
said that a Republican nomi- He attempted to appeal to
nee who would truly “make voters as a candidate who was
America great again” would tough on terrorism, having
need to focus on terrorism, been New York’s governor at Republican presidential candidate Donald Trump speaking during a campaign event in Council Bluffs, Iowa, on Tuesday.
shrink Washington govern- the time of the Sept. 11, 2001,
TrumpIntensifiesCampaigninIowa
ment and unite the country. terrorist attacks. His cam-
paign-launch video and stump
speeches were heavy with im-
agery from the attacks and
emphasized a need to come to- BY BEN KESLING it’s all “bull—.” about the lever they’ll pull in campaign rally, the campaign
gether as a country to combat AND HEATHER HADDON Sen. Cruz’s campaign could the voting booth. said volunteers would be on
terrorism. not immediately be reached In what appears to be hand to collect contact infor-
The former three-term gov- COUNCIL BLUFFS, Iowa— for comment. preparation for such a shift, mation and enter it into a
ernor also tried to thread the Presidential candidate Donald Mr. Trump isn’t the only Mr. Trump has begun imple- proprietary call-management
needle as a fiscal conservative Trump said he is going to candidate ramping up cam- menting a new strategy platform.
BRIAN SNYDER/REUTERS
with centrist stances on social spend more money in the paigning in Iowa. aimed at ensuring that Io- Mr. Trump’s campaign has
issues. He embraced climate competition to be the GOP Sen. Cruz returns to Iowa wans who say they support largely eschewed town-hall
change as real and something nominee. His campaign has next week for a six-day bus him in polls show up Feb. 1. meetings and other tradi-
that needs to be addressed by launched a new get-out-the- tour. Ahead of him, Florida Some of his rivals have raised tional campaigning tools. Fre-
the market. He also supports vote effort. He even said he Sen. Marco Rubio campaigned doubts about whether Mr. quently covered live on na-
abortion rights and gay mar- would tone down his rhetoric in the state Tuesday, hoping to tional television, Mr. Trump’s
Former Gov. George Pataki riage. if elected president. tamp sniping from rivals that rallies have allowed the can-
With campaigning resum- his campaign efforts had been
Trump says that he didate to run a frugal cam-
ing after the Christmas halfhearted. would tone down his paign. According to the most-
break, businessman Mr. New Jersey Gov. Chris recent Federal Election
Trump, who has rocketed to Christie, also stumping here
rhetoric if elected Commission reports, Mr.
the top of the polls and re- Tuesday, challenged the idea president. Trump has spent less than $2
mained there despite break- that he is overly focused on million of his own money on
ing many of the conventions New Hampshire by testing campaigning.
Custom Interior Protection For Whatever You Drive that used to govern political the message that his govern- Trump is prepared enough in The businessman currently
630-769-1500 • 800-441-6287 campaigns, is starting to ing experience is more impor- the state, where voting in- polls second in Iowa among
sound, just perhaps, like a tant than the antiestablish- volves not just casting a bal- likely GOP caucus voters, fall-
www.WeatherTech.com regular candidate. ment rhetoric of Messrs. lot but the more arduous pro- ing behind Mr. Cruz, accord-
Mr. Trump, in a news con- Trump and Cruz. cess of attending a public ing to a Real Clear Politics
ference on Tuesday aboard Mr. Christie for weeks has caucus meeting that could average of recent state sur-
his campaign jet, said he is said Iowa and New Hamp- last for hours on a cold win- veys.
planning to increase cam- shire voters will lead the ter night. He still leads nationally,
paign spending to $2 million transition from a “showtime” The Trump campaign is with 36% of support of likely
a week, not because he needs Republican primary, where supplementing door-knocking GOP voters and Mr. Cruz in
to but because “I have an ob- people tune in to hear the lat- with a more sophisticated second with 19%, according to
ligation to spend.” est bombast from candidates computerized voter database Real Clear Politics.
Later Tuesday at a rally, such as Mr. Trump, to a to track support. —Reid J. Epstein
volunteers in suits worked the “game time” race where they In an email to supporters and Beth Reinhard
line of people waiting in the will more carefully think ahead of the Council Bluffs contributed to this article.
wintry Iowa night, asking
them to help rally voters to
caucus in February.
“You call all your friends on
Feb. 1 and make sure they get
out and vote,” Mr. Trump
yelled to the crowd as they ap-
plauded and he pledged to
spend much of the next month
Laser Measured in Iowa, at which point the
first actual votes in the 2016
FloorLiner™ contest will be cast.
“I’m going to be here so
much you’re going to get sick
“Factory Direct” Thousands of American made, of me,” he told the crowd. On
custom applications in stock! the way out of the venue,
99.9% shipped within 48 hours more Trump assistants waved
volunteer sign-up sheets at
See our full line of Automotive Accessories people streaming out.
ANDREW HARNIK/ASSOCIATED PRESS
For US Customers : Despite Mr. Trump’s

WeatherTech.com pledge to moderate his tone,
For Canadian Customers : at the rally Tuesday he still
WeatherTech.ca flung insults at opponents,
mocked Texas Sen. Ted Cruz’s
For European Customers : religion, said hecklers at his
WeatherTechEurope.com Made in America rallies are likely high on
©2014 by MacNeil IP LLC drugs and that politicians in
Washington talk about ad-
dressing domestic terror but New Jersey Gov. Chris Christie highlights his governing experience Tuesday in Muscatine, Iowa.
THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | A5
A6 | Wednesday, December 30, 2015 * *** THE WALL STREET JOURNAL.
U.S. NEWS
UNIONS Pension Pullback

Cuts to public worker
Increased employee
contributions for
Proposed higher worker
contributions, cycling new U.S.
times in October 2014. The re-
lease last month of footage of
the shooting has spark calls for
Continued from Page One

benefits are finding
support in states run Reduced annual
state workers hires into 401(k) accounts
Watch changes in policing in Chicago,
leading to the dismissal of the
governors in office have rolled by Democrats as pension increases Minn. police superintendent and the
back retirement benefits for well as Republicans. for retirees Increased worker launch of a Justice Department
public workers, a result that is Lowered the contributions for probe of the police department.
proportionally in line with guaranteed new hires Mr. Van Dyke didn’t speak
State with a
states run by Republicans, ac- Republican or investment Pa. MIDWEST during the brief court appear-
Nevada
cording to a Wall Street Jour- return for ance. His lawyer, Daniel Herbert,
nal analysis of National Asso-
Democratic
governor employee Flooding Threatens said his client looks forward at
Approved W.Va.
ciation of State Retirement Calif. accounts Kansas
cycling
Missouri, Illinois trial to presenting his side of
Administrators data. Most of certain Rare winter flooding hit sec- what happened, adding that Mr.
Raised worker and
those governors also have sur- Okla. workers into Increased tions of the Mississippi River on Van Dyke doesn’t want to be
employer contributions
vived attempts by union inter- for teachers' fund 401(k)-type worker Tuesday, topping levees near St. seen as a “coldblooded killer.”
ests to remove them from of- Ga. contributions Louis, threatening hundreds of Family members of Mr.
fice. At present, 17 states have La. to defined- homes and shutting parts of two McDonald who attended Tues-
Texas contribution
Democratic governors. interstate highways. day’s hearing said they would
Note: Data are for states that plan
Pension-cutting Democrats reduced benefits the past two years
Heavy rains from a storm like to have the trial televised
can come off as the lesser of Source: National Association of Approved contribution Approved a raise in system that devastated towns in from “gavel to gavel” to help en-
two evils for union officials, State Retirement Administrators increases for retirement age to receive Texas over the weekend with sure its integrity.
because they have curtailed THE WALL STREET JOURNAL. education workers normal pension benefits tornadoes caused rivers to rise —Mark Peters
some benefits in an effort to to unusual levels in parts of Mis-
make retirement plans more ment system when he said a its imposed on how much get, by 2020. The state sys- souri and Illinois more accus- ‘AFFLUENZA’ CASE
sustainable. Republicans often proposal to lower investment their pensions can increase in tems cover more than 730,000 tomed to flooding in the spring
pursue more drastic steps targets was irresponsible be- their final years of service, ac- public school and state em- when snows typically melt.
Texas Teen on Lam
such as ditching traditional cause it didn’t go far cording to the proposed law. ployees and retirees. At least 18 deaths have been Detained in Mexico
pensions altogether in favor of enough and would likely re- “Do I have members that The Pennsylvania AFL-CIO blamed on flooding in Missouri A Texas teenager who drew
the 401(k)-like plans common duce the expected rate of re- say Gov. Wolf sold us down and other labor groups who and Illinois. Flooding was ex- widespread criticism after his
in the private sector. turn over a longer period, in the road?” said David Fillman, backed the governor’s cam- pected to continue over the next lawyers argued he suffered from
The amount states and local effect papering over looming executive director of Afscme paign have lobbied hard week, working its way toward a condition known as “affluenza”
governments are paying each deficits. The California Public Council 13, the Pennsylvania against Mr. Wolf’s changes, ar- Arkansas and Mississippi. when he was on trial for alleg-
year to fund retirement sys- Employees’ Retirement System union representing state and guing that workers’ retirement On Tuesday, crews piled sand- edly killing four people in a 2013
tems has risen to 4% of annual said its approach was mea- municipal workers. “Sure, security will be compromised. bags along the Mississippi River, drunken-driving accident was ap-
spending, up from 2.3% in sured and balanced. there are some.” In recent weeks, union mem- which is expected to crest out- prehended in Mexico after weeks
2002, according to U.S. Census Public-sector unions have Pennsylvania’s pension bers have sent more than side St. Louis this week at levels on the lam, authorities said.
data. Meanwhile, large retire- countered by filing lawsuits to problems date at least to the 100,000 emails to state legisla- topped only once before, in the Ethan Couch, now 18, and his
ment systems now have just block cuts, saying the pension early part of the last decade, tors opposing the cuts. record flood of 1993, according mother, Tonya, were detained by
three-quarters of the assets plans have legal protections, when unions won a boost in “It’s a false choice,” said to the National Weather Service. Mexican authorities Monday eve-
they need to fund future obli- and spending big to support benefits that was followed by Rick Bloomingdale, president The Coast Guard closed a por- ning in the town of Puerto Val-
gations, according to consul- alternate political candi- of the Pennsylvania AFL-CIO. tion of the river to all vessels larta. U.S. investigators helped
tant Milliman Inc., leaving a dates. Unions have prevailed “You don’t have to cut pen- Tuesday because of high water track them after Mr. Couch failed
gap of $1 trillion. in reversing pension cuts in
Large public-worker sions in order to get school and fast currents. to meet with his probation offi-
Democrats rarely tried to several states, including Illi- retirement systems funding.” The mayor of West Alton, cer this month and became a fu-
roll back pensions before nois, Oregon and Arizona. The Republican-controlled Mo., outside St. Louis, ordered gitive, Tarrant County Sheriff
2008, according to politicians “If it’s a Democrat under-
now face a funding Senate passed a pension bill the town’s 520 residents to Dee Anderson said Tuesday.
and pension officials. But as mining our members, they’ll gap of $1 trillion. that includes cuts to current evacuate after a levee was The lawyers for Mr. Couch,
deficits surged because of feel the heat as much as if workers’ benefits, and Mr. breached and floodwaters rose Scott Brown and Reagan Wynn,
deep investment losses in the they were a Republican,” said Wolf said he would sign the to some houses. Flooding shut a haven’t spoken to him since he
wake of the financial crisis Steven Kreisberg, the national stretches of economic weak- legislation. But the Republi- wastewater plant, causing sew- was caught in Mexico according
and chronic underfunding of director of research and col- ness and poor investment re- can-controlled House has age to spill into rivers. Some to a representative for Mr.
retirement plans, Democrats lective bargaining at the turns. The plans also suffered failed to pass it. Every Demo- bridges were closed, and sec- Wynn, but planned to release a
said they had little choice but American Federation of State, from chronic underfunding. crat in the chamber voted tions of Interstate 44 in Phelps statement later on Tuesday.
to revamp benefits, leading to County and Municipal Employ- State lawmakers increased re- against the bill, and some Re- County, Mo., were shut. Mr. Couch triggered a national
conflicts with what has usually ees, or Afscme. tirement ages and changed publicans blocked it because it —Kris Maher debate over wealth and justice
been a large and loyal bloc of Mr. Wolf opposed cutting funding formulas in 2010, but was linked to a full budget when he received a 10-year pro-
voters. benefits earlier this year be- the gap widened. that increased taxes. ILLINOIS bation sentence in 2013 after he
In West Virginia, Demo- fore breaking with his party The state is projected to On Tuesday, with public killed four people while driving
cratic Gov. Earl Ray Tomblin and agreeing to numerous spend $2.4 billion out of its schools threatening to close,
Police Officer Pleads drunk. He pleaded guilty to ve-
this year backed pension cuts changes in a swap for more general fund on pensions this Mr. Wolf said he would ap- Not Guilty to Murder hicular manslaughter charges,
that raise mandatory worker spending on education. Those year, up 43% from $1.7 billion prove a stopgap budget that The Chicago police officer but his defense lawyers success-
contributions for new hires changes include higher contri- last year, according to a De- didn’t include pension over- charged with murder in the fully sought rehabilitation and
and block those workers from butions for new hires and put- cember report by the state’s hauls or increased education shooting death of a 17-year-old probation instead of jail, arguing
retiring as young as 55. ting some of those workers’ independent fiscal office. The spending. The governor’s that was captured on video that the then-juvenile suffered
In California, Democratic retirement savings into 401(k)- cost is forecast to hit $3.5 bil- spokesman said Mr. Wolf still pleaded not guilty on Tuesday. from affluenza due to a privi-
Gov. Jerry Brown traded jabs style accounts. Current work- lion, or more than 10% of the wants a full-year budget that Jason Van Dyke is accused of leged upbringing.
with the state’s largest retire- ers would also have more lim- state’s roughly $31 billion bud- includes both items. shooting Laquan McDonald 16 —Miguel Bustillo
Fundamentals of Photography II
Taught by Joel Sartore
N G P
TIME O
ED F
IT
FE
LIM
70%
R
1. Find the Picture

2. Understanding Light
off
3. Working with Light in a Landscape
7
4. Taking Photos under and around Water

OR
RY
D
ER
BY JA N UA 5. Photographing Reflections and Reflectivity
6. Photographing Shadows and Backlighting
7. Big Results from Little Lights
8. Taking Studio Lights Outdoors
9. Human Portrait Photography
10. Animal Photography
11. Night Photography
12. Art Photography: Perspective and Illusions
13. Art Photography: Having Fun
14. Art Photography: Still Life
15. Black-and-White Photography
16. Elevating Your Perspective: Photos from Above
17. Smartphone Photography
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WORLD NEWS
Southeast Asia Launches Economic Bloc
Nations aim to forge pand the bloc to other The bloc’s debut is also
countries that have expressed stoking some fears.
trade rival to China interest, including Indonesia On a recent December day
and Japan but some and the Philippines. The pact on the Philippine “sugar bowl”
was completed in October but island of Negros, men worked
fear lower tariffs faces a difficult vote in Con- 10-hour shifts cutting cane in
gress as early as next year. the scorching sun for just
Ten Southeast Asian na- “The way the United States $2.40.
tions start an ambitious, U.S.- envisions this is you start with Once the Philippine econ-
backed experiment on Thurs- the TPP—you build the ‘gold omy’s motor, the industry has
day: integrating their standard’ for trade—and you been in decline since long be-
economies in a bid to bring slowly build that in Asia to al- fore the trade talks began.
more global sway and prosper- low better integration,” said Now, worries are rising that
ity to the region’s 622 million Carl Baker, Hawaii-based di- the bloc will worsen the plight
citizens. rector of the Pacific Forum of of a sector that still employs
the Center for Strategic and 785,000 people, including
By Ben Otto International Studies. “By 440,000 workers on Negros.
TREFOR MOSS/THE WALL STREET JOURNAL

in Jakarta, Indonesia, working with them as they Like neighboring Indonesia,
and Trefor Moss build the economy community, the Philippines has slashed its
in Negros, Philippines the United States sees that as protective 38% import tariff to
an alternative to balance the 5% in recent years to meet
Their common market— Chinese economic influence.” Asean’s demands.
more than a decade in prog- Both the Chinese and Japa- “Cheap imports will come
ress—aims to forge a promi- nese governments also have in, prices will fall, and our
nent regional bloc to rival expressed support for the workers and farmers will suf-
China and Japan out of a Asean bloc’s integration ef- fer,” said John Lozande, secre-
hodgepodge of economies forts, as both jockey for power tary-general of the National
ranging from rich-and-open and influence among their Federation of Sugar Workers.
Singapore to emerging Myan- Farmworkers load sugar cane in the Philippines, where some worry about lower trade barriers. neighbors. Despite the already lower tar-
mar. The group’s goals mirror iffs, however, he acknowledges
Over time, the countries, all the European Union’s 1950s- this hasn’t happened so far.
members of the Association of Growing Bloc era forerunner, another geopo- Other industries are wary
Southeast Asian Nations, or The populations and incomes of the Association of Southeast Asian Nations' 10 members are forecast to litical bloc whose members too. Trinh Minh Anh, deputy
Asean, plan to boost economic expand substantially in the coming years. suffered decades of strife be- head of a Vietnamese govern-
ties by further lowering tariffs fore uniting. As in Europe, ment panel for international
and allowing a freer flow of la- POPULATION, GROSS DOMESTIC ASEAN TRADE, WORKERS BY SECTOR fuller integration could take economic integration, said this
bor, services and capital IN MILLIONS PRODUCT PER CAPITA BY PARTNER, IN 2014 IN 2013 decades. month that the country’s car-
across a region stretching Total trade: $2.53 trillion Workforce: 300 million The Southeast Asian group assembling industry will suffer
3,900 miles between the Pa- 695 $6,618 doesn’t plan to have a com- due to competition from Indo-
cific and Indian oceans. Intra-Asean Industry mon currency, such as the nesia and Thailand, especially
622 $4,130 trade 19%
The bloc—which also in- euro. It still limits cross-bor- after 2018 when the bloc elim-
cludes Brunei, Cambodia, In- 2014 2025 2014 2025 der travel, unlike the EU’s inates auto import tariffs.
Forecast
q, 1366
donesia, Laos, Malaysia, the Forecast Agriculture passport-free Schengen area. In Indonesia, some busi-
$0.61 Rest of
Philippines, Thailand and Viet- trillion the world 40% Barriers to cross-border ser- nesses worry that the bloc’s
POPULATION YOUNGER FOREIGN DIRECT
nam—is a fast-expanding INVESTMENT IN BILLIONS $1.37 vices—financial and transpor- formation will hasten a brain
THAN 30 IN 2014: $0.35
home to a rising middle class, $136 trillion tation, for example—are a drain to richer countries such
but also to widespread pov- 330 MILLION trillion Services work in progress. And al- as Singapore and Malaysia.
erty and income inequality. $85 41% though Asean members have “I’m worried we could lose our
The group’s leaders hope their 2007 2014 China U.S. $0.20 trillion cut import tariffs in recent best and brightest to better
effort, which formally begins years, other barriers such as salaries overseas,” said Hary-
Thursday but will still take Sources: Asean; Asian Development Bank; World Bank THE WALL STREET JOURNAL. import quotas and language adi Sukamdani, chairman of
years to complete, will bring requirements for foreign the Indonesian Employers As-
economic well-being to more Less than a half century ago policy toward Asia, in part to In the near term, the U.S. workers will take years to dis- sociation. Those kind of con-
people in a region where they some Southeast Asian coun- address China’s increased mili- isn’t likely to clinch major mantle, experts say. cerns could slow integration,
expect a nearly $2.6 trillion tries were still at war, he tary and economic assertive- deals with the Asean commu- “The reality, we tell our some experts say, as countries
combined economy to almost pointed out. “We’ve made a lot ness in the region. The U.S. nity. Instead, American offi- members, is that you need to struggle to ratify measures.
double by 2030. of progress.” has been aiding the effort, for cials hope to launch the Trans- have both an Asean strategy The new trade group “will
“It’s a big milestone for us,” Economic integration example, by helping Asean Pacific Partnership, or TPP, a and 10 individual strategies as not change our strategy dra-
said Le Luong Minh, secretary- within the region is also at the countries to integrate their 12-nation trade accord that in- well for now,” said Alexander matically,” said Eddy Set-
general of the bloc, called the center of the Obama adminis- customs and trading proce- cludes Brunei, Malaysia, Sing- Feldman, who heads the U.S.- iawan, who heads Dow Chemi-
Asean Economic Community. tration’s rebalance of foreign dures. apore and Vietnam, and ex- Asean Business Council. cal Co.’s Southeast Asian unit.
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WORLD NEWS
China Scorns ‘Comfort Women’ Deal Spain’s

BY CHUN HAN WONG
Rajoy by Japan’s notorious Unit 731.
BEIJING—South Korea and

Japan’s move to resolve a de-
China’s communist leaders
have long relied on stoking na-
tionalism to help shore up the
Signals
cades-old dispute over Korean
wartime sex slaves drew a
frosty response from China,
party’s political legitimacy and
further foreign-policy goals.
Japan is the most regular tar-
Coalition
where officials and citizens
alike have long criticized To-
kyo’s stance on its military
get of such publicity cam-
paigns, most recently in Sep-
tember, when Beijing held a
Can Wait
transgressions during World grand military parade to mark
War II. the 70th anniversary of the BY RICHARD BOUDREAUX
A day after Seoul and Tokyo end of World War II. AND DAVID ROMÁN
reached an agreement over Bilateral ties have shown
the issue Monday, China’s for- signs of thawing over the past MADRID—Prime Minister
eign ministry repeated its call year, after a meeting between Mariano Rajoy, battered but
for Japan to face up to its Messrs. Xi and Abe in late not beaten in the Spanish elec-
wartime history. Meanwhile, 2014 paved the way for fur- tion last week, needs a his-
state media dismissed the ac- ther high-level interactions, toric bargain with his party’s
cord as geopolitical puppetry said Akio Takahara, an expert longtime rival to hold on to
by U.S. officials seeking to on Chinese politics at Tokyo his job, but he appears in no
contain Beijing. University. hurry to reach one.
LI XIANG/XINHUA/ZUMA PRESS
“During the Second World Even so, Beijing has often Instead, the Spanish leader
War, Japanese militarism dismissed Mr. Abe’s efforts to suggested at a news confer-
forcefully recruited ‘comfort repair ties as insincere, citing ence on Tuesday that he
women’ across China,” said his efforts to revise Japan’s would simply wait until So-
spokesman Lu Kang, using a pacifist constitution and cialist party leader Pedro Sán-
common euphemism for the strengthen its military. Such chez, who so far has vowed to
wartime sex slaves. “They skepticism surfaced again stand in the way, changes his
have committed a grave crime. Tuesday, when Mr. Lu, the Chi- mind. Such a strategy could
We urge the Japanese side to Visitors attended the opening of a memorial in Nanjing, China, this month to wartime sex slaves. nese foreign-ministry spokes- keep Mr. Rajoy in office during
take seriously the concerns of man, said, “We are looking a postelection political stale-
the relevant parties and deal when it comes to Chinese boosted military spending in bors in the South China Sea forward to seeing whether the mate well into next year.
properly with the issue.” comfort women, you renege on part to bolster its readiness in and Mr. Abe has taken some Japanese side will do what it Mr. Rajoy’s conservative
As part of the agreement your debts,” Chinese writer the region. conciliatory steps. has promised.” Popular Party finished first in
with South Korea, Japanese Liu Xinda wrote on his verified Relations between the Beijing and Tokyo have en- Chinese state media also the Dec. 20 election but lost
Prime Minister Shinzo Abe Weibo microblog. “They are all countries were further dured often-fractious ties raised doubts about Tokyo’s its majority in parliament. The
apologized for the use of Ko- comfort women; on what strained when Mr. Abe became since the end of World War II, sincerity. The official Xinhua Socialists were a distant sec-
rean women in Japanese mili- grounds do you draw distinc- prime minister in late 2012 during and before which Japan News Agency questioned why ond, followed by two up-
tary brothels, some of whom tions between them?” and pushed for a more muscu- held large parts of the main- Mr. Abe’s wife on Monday an- starts—the antiausterity Po-
were teenagers, and provided The official comments echo lar regional stance. Mr. Abe’s land in a brutal occupation. At nounced a recent visit to Yasu- demos party and the centrist
$8.3 million in government China’s long-standing rhetoric visit to the Yasukuni Shrine in the time, Japanese troops kuni. “Taking into consider- Ciudadanos—that broke the
funds for a foundation to help against Japan, which intensi- Tokyo—which honors Japan’s forced many Chinese women ation the mixed nature of two established parties’ de-
the women. fied in 2012 over a territorial war dead—in late 2013, and into sexual slavery, a practice signals sent out by Tokyo in cadeslong domination of the
In China, many social-media dispute between the two over subsequent visits by members that was replicated across recent days, as well as Abe’s 350-seat body.
users denounced Tokyo for uninhabited islands in the East of his cabinet, have also drawn other Japanese-occupied terri- undeniable history of prevari- Since then, Mr. Rajoy has
what they saw as lack of con- China Sea. That led to anti- angry responses from China. tories. China’s antagonism also cation and obfuscation and met separately with his three
trition over similar historical Japanese protests in a number But tensions have since eased, stems from atrocities includ- habit for historical revision- rivals and won implicit sup-
wrongdoings on the mainland. of Chinese cities, including in as Chinese President Xi Jin- ing the 1937 Nanjing massacre ism, people have good reason port only from Ciudadanos. Its
“You can compensate South front of the Japanese Embassy ping shifted focus on territo- and medical experiments con- to remain doubtful,” it said in leader, Albert Rivera, has sig-
Korean comfort women, but in Beijing. Japan has recently rial disputes with other neigh- ducted on Chinese prisoners a Tuesday commentary. naled the party would abstain
rather than vote in parliament
to block Mr. Rajoy’s re-elec-
Brazil’s Rancor Hits Populist Ex-Leader Lula

tion. The incumbent would
need the Socialists to follow
suit to win a second term.
Mr. Sánchez said after
Country’s most charismatic politician admits ‘mistakes’ as he denies corruption allegations meeting Mr. Rajoy last week
that he would instead try to
BY REED JOHNSON Mr. da Silva is far from a Mr. da Silva’s tarnished form “a government of
AND ROGERIO JELMAYER political has-been, and is reputation has prompted change.” But such an outcome
even considering running for public embarrassments that would be impossible as long as
SÃO PAULO—Brazilians president again in 2018. But would have been unthinkable Mr. Sánchez continues to rule
are hearing Luiz Inácio Lula these days his manner is in the past. out a deal with Podemos,
da Silva do something he more contrite than cock- A giant balloon of him whose support for an indepen-
rarely did as president from sure. dressed in prison stripes has dence referendum in the Cata-
2003 to the beginning of Many Brazilians blame made frequent appearances lonia region his party opposes.
MARKUS HEINE/NURPHOTO/ZUMA PRESS
2011: admit mistakes. the PT for mismanaging Bra- at street protests. Demon- Worried a stalemate would
The 70-year-old former zil’s good fortune and driv- strators carry signs calling lead to a new election and
union leader, still Brazil’s ing the nation into its deep- for his incarceration. more uncertainty, Spain’s busi-
best-known and most charis- est downturn since the Great “I know there are people ness and media establishment
matic political figure, is Depression. More than half who do not like us. I know has urged a three-way alliance
fighting to preserve his en- of Brazilians polled in Octo- there’s disagreement,” he among the Popular Party, the
dangered legacy, thwart the ber said they would never told a crowd a few weeks Socialists and Ciudadanos.
impeachment of his hand- vote for Mr. da Silva, a ago in the poor coastal city Mr. Rajoy said he would
picked successor, President marked comedown for a of Salvador, where he was continue his effort to form a
Dilma Rousseff, rally his be- president who left office booed by some in atten- “broad-based consensus gov-
leaguered Workers’ Party— Mr. da Silva spoke earlier this month at a conference in Berlin. with a record 83% approval dance. ernment.” He said a majority
and stay out of jail. rate. Many Brazilians, includ- of voters had backed parties
Mr. da Silva is being in- eff’s administration as well. King’s College, London. “We committed mis- ing voters who once backed that oppose Catalonia’s sepa-
vestigated for allegedly Neither Ms. Rousseff nor Mr. da Silva, who de- takes,” Mr. da Silva re- the PT, express growing dis- ratist movement. “The out-
abusing his influence to help Mr. da Silva has been impli- clined to comment for this cently told a Globo News illusionment with the party come that would best match
Brazilian construction giant cated in the so-called Opera- article, appears to recog- television interviewer, refer- and its signature politician. the will of the majority would
Odebrecht SA obtain over- tion Car Wash probe, and nize that public opinion has ring to some of the PT’s eco- “They should send him to be a government with broad
seas contracts, allega- both deny any wrongdoing. shifted against him and the nomic strategies. jail as soon as they can,” support” of those parties, he
tions both he and the com- But the inquiry has damaged PT. Even as his personal The PT leadership also said Osvaldo de Barros, 51, said. But he made clear Tues-
pany deny. the former president’s credi- troubles have mounted and has taken the brunt of the a São Paulo taxi driver who day that he can afford to wait.
But his biggest concern bility and undermined the his popularity ratings have blame for a massive bribery- said he voted for Mr. da He had offered no concessions
may be a separate corrup- claim of his party, known as slipped, he has stepped up and-graft-ring at Petrobras Silva twice. to Mr. Sánchez, he said, be-
tion scandal centered on the PT, to hold the moral his public appearances to re- that flourished on its watch. Mr. da Silva still has cause their talks so far were
state-run oil giant Petróleo high ground in Brazilian pol- connect with voters and at- Prosecutors say that for at strong support, however, merely “to make contact.”
Brasileiro SA, or Petrobras. itics. tempt to do damage-control least a decade, company ex- among Brazil’s poor and Mr. Rajoy’s supporters and
The widening investigation “It’s gotten embroiled in for Ms. Rousseff. ecutives and suppliers con- working-class constituencies, independent analysts said he
has enmeshed several of Mr. all this corruption and it’s “President Dilma is a spired with politicians to who were the main benefi- is in a strong position in his
da Silva’s close friends and just become part of the sys- manager and not a politi- skim money from inflated ciaries of his presidency. His party and versus rivals. Mr.
Workers’ Party allies, bring- tem that it used to criticize,” cian, so her political support contracts at the oil firm and social programs were widely Sánchez would be more eager
ing the criminal probe said Anthony Pereira, a pro- depends a lot on Lula,” said channel some of that money credited with lifting tens of to avoid a new election, they
steadily closer to Mr. da fessor and director of the Paulo Pimenta, an influential back to the Workers’ Party millions of Brazilians out of said, as his Socialists might
Silva and tainting Ms. Rouss- King’s Brazil Institute at Workers’ Party congressman. and its allies. poverty. lose ground to Podemos.
refused Pyongyang’s demand to cephaly in the week of Dec.

World resume a tourism project that
once provided Pyongyang with
19-26. Tuesday’s figures bring
the total number of suspected
Watch tens of millions of dollars each
year.
cases to 2,975. The number of
Zika-related deaths held steady
The North has disputed that at 40. —Reed Johnson
portrayal of the failed negotia-
tions. UNITED KINGDOM
The state news agency’s re-
Two Convicted of
BILAWAL ARBAB/EUROPEAN PRESSPHOTO AGENCY
NORTH KOREA port lavished praise on Kim Yang

Top Official on South Gon, calling him “the closest Planning Mall Attack
comrade-in-arms” of Kim Jong A British couple who plotted
Korea Relations Dies Un and noting that Kim Jong Un suicide bomb attacks on a popu-
North Korea said Wednesday would chair the funeral commit- lar London shopping mall or the
that its top official on inter-Ko- tee. —Jonathan Cheng city’s subway system were
rean relations had died in a traf- found guilty of terrorism by a
fic accident, in one of the high- PAKISTAN U.K. court, the latest in a string
est-ranking deaths in Pyongyang of prosecutions aimed at home-
since the execution of leader
Suicide Bomber Kills grown Muslim extremists in-
Kim Jong Un’s uncle two years At Least 24 People spired by Islamic State.
ago. A bombing outside a govern- Prosecutors said Mohammed
Kim Yang Gon, the director of ment office in northwest Paki- Rehman, 25, and his wife, Sana
the United Front Department stan on Tuesday killed at least Relatives of a victim of a suicide attack in Pakistan react outside a hospital in the town of Mardan. Ahmed Khan, 24, set about mak-
that oversees Pyongyang’s reuni- 24 people, officials said. ing explosives capable of causing
fication policy, died in a traffic A faction of the Pakistani Tal- tried to enter the compound of BRAZIL increase in the number of sus- mass casualties and were on the
accident on Tuesday at the age iban, a group called Jamaat ul the local office of the National pected Zika-related cases of mi- brink of executing their plans
of 73, Pyongyang’s official Korea Ahrar, claimed responsibility for Database and Registration Au-
Zika Virus Spreading crocephaly, or brain and skull un- when arrested in May. Mr. Reh-
Central News Agency said. the blast at the office in the thority but was stopped at the At Slower Pace derdevelopment in newborns. man and Ms. Ahmed Khan, they
Kim Yang Gon appeared at a town of Mardan. gate by a security guard and he The spread of the mosquito- Many Brazilian and international said, intended to time their at-
high-level meeting with Seoul While attacks in Pakistan detonated explosives there. borne Zika virus, which some health authorities say there is tacks to coincide with the 10th
officials earlier this month after subsided this year after the mili- The Pakistani Taliban faction Brazilian health officials have substantial evidence—although anniversary of the July 7, 2005,
a landmine explosion at the de- tary launched counterterrorism said that Nadra, which maintains linked to thousands of cases of no conclusive proof yet—that the suicide bombings on the London
militarized zone in August led to operations, the Pakistani Taliban an extensive database covering infant brain damage, is growing virus is being transmitted to in- subway that killed 52 people.
a ratcheting up of tensions be- and other groups regularly dem- most Pakistanis, was targeted at a slower pace, according to fants by mothers bitten by in- The two defendants denied
tween the two sides. onstrate their ability to strike. because it helps security forces figures released Tuesday. fected mosquitoes. the charges. They will be sen-
Those talks ended in failure, Saeed Wazir, a senior police identifying their members. Data from Brazil’s Health There were 193 new cases of tenced next year.
with South Korea saying that it officer, said a suicide bomber —Safdar Dawar Ministry showed a 7% one-week suspected Zika-related micro- —Alexis Flynn
WORLD NEWS
Donor Politics Shape Rebuilding of Gaza

Gulf states attach
conditions on how aid Jail Term Cut
money is spent in For Former
Palestinian territory
Israeli Premier
BY RORY JONES
AND ABUBAKR BASHIR Israel’s Supreme Court over-
turned part of a bribery convic-
GAZA CITY, Gaza Strip— tion and reduced the jail sen-
When Abdelraziq and Jihad tence for former Prime
Harara returned to their Minister Ehud Olmert, who will
homes here after last year’s be the first Israeli premier to
Israel-Hamas war, they found go to prison.
only rubble. Mr. Olmert was sentenced in
More than a year later, Ab- May 2014 to six years in
delraziq has nearly rebuilt his prison on two counts of brib-
home, while the lot next door ery. But the Supreme Court re-
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES
where his brother’s house duced the sentence to 18

once stood is still empty. months after acquitting the
The contrasting fortunes of 70-year-old of one of the
the Harara brothers illustrate charges.
how political differences “I never was offered and
among wealthy Gulf Arab never accepted bribery,” Mr. Ol-
states have played a large role mert said outside the court-
in who gets ahead in the room on Tuesday. “My whole
struggle to rebuild their lives. life I have honored the Su-
The war left 11,000 homes preme Court’s decisions.”
destroyed and caused an esti- He is to begin serving his
mated $4.4 billion in damage sentence on Feb. 15.
in the enclave, according to The ruling is the latest twist
the Palestinian Authority. in a seven-year corruption saga
Abdelraziq was among the surrounding Mr. Olmert.
more fortunate few—he re- Workers tear down the remains of a home in the Shujaiyeh area of Gaza. War destroyed 11,000 homes and caused $4.4 billion in damage. —Rory Jones
ceived aid from Qatar. So were
relatives of some of the 2,200 the war ended in late August Hamas from using reconstruc-
Gazans the enclave’s health 2014 with both sides claiming Unfulfilled Promises tion material to rebuild the
ministry says were killed dur- victory, foreign donors met in Much of the money pledged for reconstruction has not reached Gazans tunnel network it employed
ing the war. They got help Cairo and pledged $3.5 billion effectively against Israel dur-
from the United Arab Emir- in reconstruction aid for Gaza. Top 10 Percentage of Amount of financial support ing the 2014.
ates, which is channeling Gulf Arab states, where pro- donor countries funds disbursed pledged, in billions of U.S. dollars Feuding between Hamas
money to Gaza through a for- Palestinian public sentiment is and its rival Fatah, which
mer head of an Arafat-era Pal- strong, promised more than Qatar 10% $1.00 dominates the Palestinian Au-
estinian security force. half the amount—$1.9 billion. thority, has also impeded the
Jihad is one of the many To date, however, $1.2 bil- Saudi Arabia 10% 0.50 aid effort.
unlucky ones. He is still wait- lion of the $3.5 billion has Total amount Abdelraziq Harara, 53, was
ing for relief funds promised been delivered, with Gulf EU 72% 0.35 one of the luckier ones,
of funds pledged:
by Kuwait. states dispensing only about $3.5 billion though. He was one of the
Officials of Hamas, the Isla- $170 million. U.S. 94% 0.28 first 1,000 Gazans promised
mist group that rules Gaza, Like other donors, Gulf gov- help to rebuild his home when
view efforts by some Gulf Arab ernments have attached condi- Kuwait 0% 0.20 Qatar finally started distribut-
states and other donors to use tions on how their aid money ing aid three months ago. The
Turkey 29% 0.20
relief aid to advance their is spent, according to Palestin- $50,000 to reconstruct his
agendas as foolhardy. ian, United Nations and World home was delivered in four in-
United Arab Emirates 12% 0.20
“Each one of these coun- Bank officials. stallments.
tries wants a say in Gaza,” While Qatar supports Total When his 65-year-old
Norway 50% 0.15 percentage
said Ziad al-Zaza, a senior Hamas, Saudi Arabia and the brother Jihad visited the same
member of Hamas’s political United Arab Emirates have of funds ministry of public works office
Switzerland 54% 0.07
bureau. “We will never allow grown more aggressive in re- disbursed: in Gaza City, he was promised
anyone to have a say in Gaza cent years in their opposition 34% funds—eventually. Last month,
World Bank 100% 0.06
except the Palestinians.” to Hamas, the Muslim Broth- he was told Kuwait would sup-
Some 16 months after the erhood and other Islamist Note: As of Aug. 31 Source: World Bank THE WALL STREET JOURNAL. ply the money but arrange-
war’s end, Abdelraziq said he groups across the region. ments for the payments were
and other displaced Gazans With Hamas’s blessing, Qa- Refugees in the Near East, or struction aid, beginning with requests to comment. A still being made with the Pal-
would take cash from Israel if tar has a Gaza office that em- Unrwa. The U.A.E. is funneling about $75 million for home re- spokeswoman for Mr. Dahlan estinian Authority.
it meant living in their own ploys contractors and workers some of its assistance through construction, said Bashir also declined to comment. As Qatar’s maroon-and-
homes again soon. They don’t to carry out road, school and Mohammed Dahlan, a former Rayyes, who coordinates the It isn’t only political jockey- white flag flew above a com-
care about politics, he said. home reconstruction. top official of Fatah, Hamas’s Gaza aid effort for the United ing among donors that has pleted house nearby, Jihad
“There used to be 19 build- To prevent Hamas from main Palestinian political ri- Nations and reports to the Pal- slowed the delivery of aid. said he had no control over
ings just in this area,” Abdel- benefiting directly from its val. Kuwait has opted to by- estinian Authority, which gov- Before rebuilding materials what country aided him or
raziq said, gazing across his aid, Saudi Arabia is channeling pass Hamas, too. It is working erns the West Bank. Govern- could be delivered, better de- why. He just hoped the money
Shujaiyeh neighborhood. “One money to Gaza mainly through with the Palestinian Authority ment officials in the U.A.E., tection systems were de- would come soon.
has been rebuilt so far.” the United Nations Relief and to start paying out its prom- Kuwait, Qatar and Saudi Ara- manded at Israeli-controlled “If the Israelis built the
Less than two months after Works Agency for Palestinian ised $200 million in recon- bia didn’t respond to repeated border crossings to prevent house, I’d fly the Israeli flag.”
U.S. Kills an Ally BELGIUM

Others shrugged off the
news of the arrests.
“A terrorist attack could
happen any day,” said Bernard
Of Paris Ringleader Continued from Page One

but said their continuing in-
vestigation would be looking
for any connections.
Barette, 53. “We shouldn’t
panic, because if we do, we
don’t live anymore.”
Since the lockdown, life has
BY PHILIP SHISHKIN friend of Samy Amimour, one Among the intended targets largely returned to normal in
AND NICK KOSTOV of three attackers who killed were the Grand Place, the Bel- the Belgian capital, albeit with
90 people at the Bataclan con- gian capital’s central square an increased presence of po-
WASHINGTON—An associ- cert hall in Paris in November, and site of its largest Christ- lice and military personnel in
ate of the ringleader of the according to a person familiar mas market, and a nearby po- shopping areas, hotels and
Paris terror attacks was killed with the investigation into the lice station, according to a government offices.
FRANCOIS LENOIR/REUTERS
in a U.S. airstrike in Syria, Paris attacks. person briefed on the investi- Across Europe, leaders have
eliminating an Islamic State op- In 2012, the pair were gations. been under pressure to expand
erative who had connections in stopped by French police and The Grand Place, a Unesco intelligence sharing, and have
Europe and was planning fur- charged with “conspiracy to heritage site and Brussels’ announced some initiatives to
ther attacks against the West, commit terrorist acts” as they most important tourist site, better track foreign fighters.
the Pentagon said Tuesday. planned to leave France to was constructed in the 15th Austrian police said Satur-
U.S. officials identified the wage jihad in Yemen or Af- and 16th centuries and then day they had beefed up secu-
man as Charaffe al Mouadan, ghanistan, the person said. rebuilt after being largely flat- Police officers stood guard at Brussels’ Grand Place on Tuesday. rity measures after receiving a
but declined to specify the na- Along with another friend, tened in a 1695 bombardment warning from a “friendly” in-
ture of his connection to Ab- Samir Bouabout, the pair had by the French army. The man charged with re- Several of the Belgian au- telligence service about a pos-
been radicalized on the Inter- Parts of the city’s New cruiting people into a terrorist thorities came under criticism sible terror attack in the pe-
net, and Mr. Mouadan had Year’s Eve celebrations are organization was also the for not being aggressive riod between Christmas and
Strikes killed 10 top bought paramilitary equip- also scheduled to take place in founder of the biker group and enough in their investigations, New Year’s.
Islamic State figures ment and taken shooting les- the area. Authorities said they previously convicted of armed a charge they disputed. In a statement, police in Vi-
sons at a local police club in didn’t have information about burglary, according to Belgian Raids and arrests since the enna said the intelligence ser-
in the past month, preparation for the trip, ac- a specific date for the attacks. daily La Dernière Heure. attacks have come at a quick- vice had issued a warning to
the Pentagon said. cording to the person familiar Few details of the arrests or Belgium’s Crisis Center, a ening pace in Belgium. The several European capitals in
with the investigation. In Au- investigation were released, federal agency that assesses two people arrested were the days before Christmas that
gust 2013, while under judicial but prosecutors said there was terrorism threats, advised po- among six people police ini- an attack involving explosives
delhamid Abaaoud, the Bel- surveillance in France, Mr. a serious indication of planned lice stations across Brussels to tially detained in recent days. or shootings could take place
gian-born terrorist who is Mouadan escaped to Syria. terror attacks at several prom- be on heightened alert. Unlike the November lock- in crowded places during the
suspected of coordinating U.S. airstrikes killed an- inent locations in Brussels. Six The person briefed on the down, when large events were holiday season.
the Nov. 13 rampage in Paris other Islamic State external- people were initially detained investigation said authorities canceled, Brussels plans to go At the European Union
that left 130 people dead. operations facilitator in Mosul in a series of raids in the capi- believed police and military ahead with its New Year’s Eve summit in December, leaders
French police killed Mr. on Dec. 26. The man, identi- tal and elsewhere in Belgium, personnel, who have become a celebrations, which are sched- pledged to move forward on
Abaaoud in a shootout several fied as Abdul Qader Hakim, but only two were arrested common presence on Brussels uled to include a fireworks various languishing initiatives
days later. was “a forgery specialist and and charged. streets, were to be the targets display, a sound-and-light to improve intelligence shar-
Mr. Abaaoud had earlier had links to the Paris attacks Prosecutors said Islamic of the intended attacks. show and a DJ, said a spokes- ing, expand and improve sys-
traveled to Syria and joined Is- network,” Col. Warren said. State propaganda was found The reaction to the pur- woman for the capital. As part tematic border checks and
lamic State, eventually slip- Over the past month, U.S.- during one of the raids, and ported plot to attack Brussels of additional security mea- take action on proposals to
ping back into Europe to or- led airstrikes killed 10 of the one of the two men, described during end-of-the-year holiday sures, eventgoers will only be crack down on illegal auto-
chestrate the Paris attacks. group’s leadership figures, ac- as having a leadership role, celebrations was far more sub- able to access the main site of matic weapons.
Mr. Mouadan, the man cording to the Pentagon. was additionally charged with dued than in late November, the festivities in the city cen- Terror concerns prompted
killed in a U.S. airstrike in The strikes against the so- attempting to recruit people when authorities feared there ter from a few entry points. New York City officials to add
Syria on Dec. 24, had a direct called high-value targets are into a terror group. would be a Paris-style assault Some Belgians questioned several hundred officers to
link to Mr. Abaaoud and was part of a broader effort to roll They said it was too early in the capital. whether the authorities had those providing security for
“actively planning additional back Islamic State havens in to tell whether the men were Then authorities locked managed to foil a plot or only the city’s New Year’s Eve cele-
attacks against the West,” said Iraq and Syria and curtail the simply inspired by Islamic down large swaths of the city announced the arrests in an bration on Times Square,
Col. Steve Warren, a spokes- terrorist group’s ability to State or have direct ties to the for four days, closing schools, effort to appear as if they bringing the expected total de-
man for the U.S.-led coalition conduct attacks overseas. This group. shutting down public trans- were making headway in the ployment to 6,000.
fighting Islamic State in Iraq week, Iraqi security forces Local media outlets re- portation and canceling sport- terrorism investigations. Officials said the November
and Syria. with significant help from U.S. ported late Tuesday the two ing and cultural events. “Who knows if it’s true” attacks in Paris, along with at-
Mr. Mouadan, 26, was born air power succeeded in driving men were part of a motorcy- In the wake of the lock- that there was a plot to attack tacks in San Bernardino, Calif.,
in the northeastern Paris sub- militants from Ramadi, the clist group called the Kamikaze down, some Belgians said the Brussels, said Brecht Van Dam, had put the city on increased
urb of Bondy to Moroccan par- capital of Iraq’s Anbar prov- Riders. In French, the word ka- government overreacted, 30, a hairdresser in Brussels. alert as it prepared to enter-
ents. He grew up in a nearby ince. But the group remains mikaze is commonly used to needlessly raising widespread “If they found guns and weap- tain thousands of holiday visi-
town where he became a close entrenched in other key cities. refer to suicide bombers. alarm and fears. ons it would be different.” tors.
A10 | Wednesday, December 30, 2015 THE WALL STREET JOURNAL.
FROM PAGE ONE
DOGS more than $20 million of pub-

lic money to renovate his pri-
vate residence.
CHARLIE SHOEMAKER FOR THE WALL STREET JOURNAL

“We wanted to make it fun,”
Continued from Page One said Bianca Geater, a 29-year-
tion very well in chaos,” she old designer who helped Ms.
said. Moments later, Frits, the Klue name the suites and fur-
establishment’s Irish terrier nish them with dog-size duvets
namesake and “chief execu- and sofas as well as pink fla-
tive,” peed on the black-and- mingos and gilded frames: “It’s
white tile floor. a place where dogs’ dreams
Ms. Klue, a 32-year-old mar- can come true.”
keting consultant who also Overnight guests mingle up-
owns a “human hotel” nearby stairs during the day with pa-
called Dutch Manor, says she trons of an hourly doggy day-
spent about $130,000 reinvent- care service. Finicky parents
ing the long-empty, brick can pack special cooked or
building into a pup-topia of canned meals for their beloved A patch of fake grass gives away the intended occupants of an atFrits suite, left; at right, there’s room for two in a velvet chaise.
playpens and fido-themed beasts.
suites. While separated from their flight pet quarters are common bles. Growth is slowing and the Gracious Govati, one of several as in former Manchester
Puns took pre-eminence in pets, owners can monitor their now in the U.S. and Europe. rand crashed to record lows full-time playground cops. United football coach Alex Fer-
naming rooms like the nauti- TV-engrossed dogs via webcam Some dog lovers in Africa em- this month as President Zuma “I like the little ones better,” guson.
cally appointed Pupeye the and a smartphone app. ploy nearly full-time atten- fumbled the appointment of a Ms. Govati acknowledged as Fashion designer Malcolm
Sailor suite. There is also the “I looked at least every two dants for their dogs. South Af- new finance minister. she bounced between a Labra- Kluk called Ms. Klue at 11:45
palm-tree-wallpapered Jurassic hours,” confessed Nadia Kru- rica does boast other comfy Sleeping with the comfort dor and Rottweiler. Overnight p.m. to report that his minia-
Bark and the brightly lighted ger, whose English bulldog kennels and pet spas. But as of a comforter is only the be- guests also rub elbows in the ture Schnauzer Yogi appeared
Hollywoof. “Puppyrazzi Strictly Nunu recently spent six days in with television, McDonald’s ginning. After their morning toy-strewn play spaces with to have escaped from Jurassic
Prohibited” reads a sign on the the $23-per-night Sweetie Paw and soon Starbucks, South Af- jaunt through one of Cape day-care charges who play Bark, which he had been moni-
latter’s glass door. deluxe suite while she attended ricans are often late to benefit Town’s fountain-filled parks, while their masters work. toring on the app. Ms. Klue ex-
Ms. Klue has also drawn in- a wedding in Johannesburg. from over-the-top trends that hotel guests can hit the spa for Some owners are as fretful plained that a night manager
spiration from politics. In addi- Ms. Kruger called to complain sweep the rest of the world. a trim, wash or pedicure. as preschool parents. One cli- had simply taken Yogi to visit a
tion to the Dogald Trump when she saw Nunu getting too atFrits also shows how a The day unwinds in the ent, Colleen Webb-Burgess, neighbor in the suite next
suite, a K9 Nkandla room is friendly with a male admirer. sliver of South Africans, and pens upstairs where Schnau- chides the atFrits staff for be- door.
named after the town where “I am a very demanding cus- their dogs, continue to enjoy zers chase balls alongside like- ing so informal with her Mal- “People are not dog owners
President Jacob Zuma was tomer,” she said. world-class perks even as the size Boston terriers, while the tese—whom they call Alex in- anymore,” said Ms. Klue,
found last year to have spent Doggie day care and top- economy around them crum- big dogs play tug of war with stead of his full name: Sir Alex, “they’re pet parents.”
SPY paign in the months before the

deal cleared Congress in Sep-
tember, the NSA removed the
names of lawmakers from intel-
Continued from Page One ligence reports and weeded out
—to undermine the talks; personal information. The
coordinated talking points with agency kept out “trash talk,” of-
Jewish-American groups against ficials said, such as personal at-
the deal; and asked undecided tacks on the executive branch.
lawmakers what it would take Administration and intelli-
to win their votes, according to gence officials said the White
current and former officials fa- House didn’t ask the NSA to
miliar with the intercepts. identify any lawmakers during
Before former NSA contrac- this period.
tor Edward Snowden exposed “From what I can tell, we ha-
much of the agency’s spying op- ven’t had a problem with how
erations in 2013, there was little OLIVIER DOULIERY/BLOOMBERG NEWS, YASIN BULBUL/ASSOCIATED PRESS
incidental collection has been
worry in the administration handled concerning lawmakers,”
about the monitoring of friendly said Rep. Adam Schiff, a Califor-
heads of state because it was nia Democrat and the ranking
such a closely held secret. After member of the House Perma-
the revelations and a White nent Select Committee on Intel-
House review, Mr. Obama an- ligence. He declined to comment
nounced in a January 2014 on any specific communications
speech he would curb such between lawmakers and Israel.
eavesdropping. The NSA reports allowed ad-
In closed-door debate, the ministration officials to peer in-
Obama administration weighed side Israeli efforts to turn Con-
which allied leaders belonged on gress against the deal. Mr.
a so-called protected list, shield- Dermer was described as coach-
ing them from NSA snooping. ing unnamed U.S. organiza-
French President François Hol- tions—which officials could tell
lande, German Chancellor An- were Jewish-American groups—
gela Merkel and other North At- on lines of argument to use with
lantic Treaty Organization lawmakers, and Israeli officials
leaders made the list, but the were reported pressing lawmak-
administration permitted the Benjamin Netanyahu with President Barack Obama. German Chancellor Angela Merkel, below left, and Turkey’s Recep Tayyip Erdogan. ers to oppose the deal.
NSA to target the leaders’ top “These allegations are total
advisers, current and former later, Mr. Boehner called Ron nonsense,” said a spokesman for
U.S. officials said. Other allies Dermer, the Israeli ambassador, the Embassy of Israel in Wash-
were excluded from the pro- to get Mr. Netanyahu’s agree- ington.
tected list, including Recep ment. A U.S. intelligence official
Tayyip Erdogan, president of Despite NSA surveillance, ad- said Israel’s pitch to lawmakers
NATO ally Turkey, which al- ministration officials said they included such questions as:
lowed the NSA to spy on their were caught off guard when Mr. “How can we get your vote?
communications at the discre- Boehner announced the invita- What’s it going to take?”
tion of top officials. tion on Jan. 21. NSA intelligence reports
Privately, Mr. Obama main- Soon after, Israel’s lobbying helped the White House figure
tained the monitoring of Mr. Ne- campaign went into full swing out which Israeli government
tanyahu on the grounds that it on Capitol Hill, and it didn’t take officials had leaked information
served a “compelling national long for administration and in- from confidential U.S. briefings.
security purpose,” according to telligence officials to realize the When confronted by the U.S., Is-
current and former U.S. officials. NSA was sweeping up the con- rael denied passing on the brief-
Mr. Obama mentioned the extent of conversations with law- ing materials.
ception in his speech but kept makers. The agency’s goal was “to
secret who it would apply to. The message to the NSA from give us an accurate illustrative
Israeli, German and French the White House amounted to: picture of what [the Israelis]
government officials declined to Michael Hayden, who led the In 2011 and 2012, the aims of senior U.S. official said, using “You decide” what to deliver, a were doing,” a senior U.S. offi-
comment on NSA activities. NSA and the Central Intelligence Messrs. Netanyahu and Obama Mr. Netanyahu’s nickname. former intelligence official said. cial said.
Turkish officials didn’t respond Agency during the George W. diverged over Iran. Mr. Netan- NSA rules governing inter- Just before Mr. Netanyahu’s
to requests Tuesday for com- Bush administration, described yahu prepared for a possible cepted communications “to, address to Congress in March,
ment. The Office of the Director the intelligence relationship be- strike against an Iranian nuclear Emerging deal from or about” Americans date the NSA swept up Israeli mes-
of National Intelligence and the tween the U.S. and Israel as “the facility, as Mr. Obama pursued One tool was a cyber implant back to the Cold War and re- sages that raised alarms at the
NSA declined to comment on most combustible mixture of in- secret talks with Tehran without in Israeli networks that gave the quire obscuring the identities of White House: Mr. Netanyahu’s
communications provided to the timacy and caution that we telling Israel. NSA access to communications U.S. individuals and U.S. corpo- office wanted details from Is-
White House. have.” Convinced Mr. Netanyahu within the Israel prime minis- rations. An American is identi- raeli intelligence about the lat-
This account, stretching over The NSA helped Israel ex- would attack Iran without warn- ter’s office. fied only as a “U.S. person” in est U.S. positions in the Iran
two terms of the Obama admin- pand its electronic spy appara- ing the White House, U.S. spy Given the appetite for infor- reports; a U.S. corporation is talks, U.S. officials said.
istration, is based on interviews tus—known as signals intelli- agencies ramped up their sur- mation about Mr. Netanyahu’s identified only as a “U.S. organi- A day before the speech, Sec-
with more than two dozen cur- gence—in the late 1970s. The veillance, with the assent of intentions during the U.S.-Iran zation.” Senior officials can ask retary of State John Kerry made
rent and former U.S. intelligence arrangement gave Israel access Democratic and Republican law- negotiations, the NSA tried to for names if needed to under- an unusual disclosure. Speaking
and administration officials and to the communications of its re- makers serving on congressio- send updates to U.S. policy mak- stand the intelligence. in Switzerland, Mr. Kerry said
reveals for the first time the ex- gional enemies, information nal intelligence committees. ers quickly, often in less than six The rules were tightened in he was concerned Mr. Netan-
tent of American spying on the shared with the U.S. Israel’s spy By 2013, U.S. intelligence hours after a notable communi- the early 1990s to require that yahu would divulge “selective
Israeli prime minister. chiefs later suspected the NSA agencies determined Mr. Netan- cation was intercepted, a former intelligence agencies inform details of the ongoing negotia-
was tapping into their systems. yahu wasn’t going to strike Iran. official said. congressional committees when tions.”
When Mr. Obama took office, But they had another reason to a lawmaker’s name was revealed The State Department said
Taking office the NSA and its Israeli counter- keep watch. The White House to the executive branch in sum- Mr. Kerry was responding to Is-
After Mr. Obama won the part, Unit 8200, worked to- wanted to know if Israel had
The administration maries of intercepted communi- raeli media reports that Mr. Ne-
presidency in 2008, intelligence gether against shared threats, learned of the secret negotia- decided which allied cations. tanyahu wanted to use his
officials gave his national-secu- including a campaign to sabo- tions. U.S. officials feared Iran A 2011 NSA directive said di- speech to make sure U.S. law-
rity team a questionnaire on tage centrifuges for Iran’s nu- would bolt the talks and pursue
leaders to shield rect communications between makers knew the deal’s terms.
priorities. Included on the form clear program. At the same an atomic bomb if news leaked. from NSA snooping. foreign intelligence targets and Intelligence officials said the
was a box directing intelligence time, the U.S. and Israeli intelli- The NSA had, in some cases, members of Congress should be media reports allowed the U.S.
agencies to focus on “leadership gence agencies targeted one an- spent decades placing electronic destroyed when they are inter- to put Mr. Netanyahu on notice
intentions,” a category that re- other, stoking tensions. implants in networks around NSA intercepts convinced the cepted. But the NSA director without revealing they already
lies on electronic spying to “Intelligence professionals the world to collect phone calls, White House last year that Is- can issue a waiver if he deter- knew his thinking. The prime
monitor world leaders. have a saying: There are no text messages and emails. Re- rael was spying on negotiations mines the communications con- minister mentioned no secrets
The NSA was so proficient at friendly intelligence services,” moving them or turning them under way in Europe. Israeli of- tain “significant foreign intelli- in his speech.
monitoring heads of state that it said Mike Rogers, former Re- off in the wake of the Snowden ficials later denied targeting U.S. gence.” In the final months of the
was common for it to deliver a publican chairman of the House revelations would make it diffi- negotiators, saying they had The NSA has leeway to col- campaign, NSA intercepts
visiting leader’s talking points Intelligence Committee. cult, if not impossible, to re-es- won access to U.S. positions by lect and disseminate intercepted yielded few surprises. Officials
to the president in advance. Early in the Obama presi- tablish access in the future, U.S. spying only on the Iranians. communications involving U.S. said the information reaffirmed
“Who’s going to look at that box dency, for example, Unit 8200 intelligence officials warned the By late 2014, White House of- lawmakers if, for example, for- what they heard directly from
and say, ‘No, I don’t want to gave the NSA a hacking tool the White House. Instead of remov- ficials knew Mr. Netanyahu eign ambassadors send mes- lawmakers and Israeli officials
know what world leaders are NSA later discovered also told ing the implants, Mr. Obama de- wanted to block the nuclear deal sages to their foreign ministries opposed to Mr. Netanyahu’s
saying,’ ” a former Obama ad- Israel how the Americans used cided to shut off the NSA’s mon- but didn’t know how. that recount their private meet- campaign—that the prime min-
ministration official said. it. It wasn’t the only time the itoring of phone numbers and On Jan. 8, John Boehner, ings or phone calls with mem- ister was focused on building
In early intelligence briefings, NSA caught Unit 8200 poking email addresses of certain allied then the Republican House bers of Congress, officials said. opposition among Democratic
Mr. Obama and his top advisers around restricted U.S. networks. leaders—a move that could be Speaker, and incoming Republi- “Either way, we got the same lawmakers.
were told what U.S. spy agencies Israel would say intrusions were reversed by the president or his can Senate Majority Leader information,” a former official The NSA intercepts, however,
thought of world leaders, in- accidental, one former U.S. offi- successor. Mitch McConnell agreed on a said, citing reports prepared by revealed one surprise. Mr. Ne-
cluding Mr. Netanyahu, who at cial said, and the NSA would re- There was little debate over plan. They would invite Mr. Ne- the Israelis after exchanges with tanyahu and some of his allies
the time headed the opposition spond, “Don’t worry. We make Israel. “Going dark on Bibi? Of tanyahu to deliver a speech to a lawmakers. voiced confidence they could
Likud party. mistakes, too.” course we wouldn’t do that,” a joint session of Congress. A day During Israel’s lobbying cam- win enough votes.
OPINION
A Refugee Test of National Honor BOOKSHELF | By David M. Shribman
Democracies
are often bet-
ter than their
Court makes it even worse.
Toward the end of his life,
Warren said that he “deeply re-
for a moratorium on the en-
trance of all Muslims into the
U.S., 41% of his party agreed,
On Jan. 20, 1939, just two
months after Kristallnacht was
front-page news, Gallup’s
We Stand on
leaders, but
they cannot
be better than
gretted the removal order and
my own testimony advocating
it, because it was not in keep-
according to a Quinnipiac sur-
vey in mid-December. Asked
whether America should admit
American Institute of Public
Opinion made public the re-
sults of a survey asking
Guard for Thee
POLITICS their peoples. ing with our American concept 10,000 Syrian refugees, only whether the U.S. government
& IDEAS As months of
anger give
of freedom.” Whenever he
thought of the children torn
28% of Americans endorsed
humanitarian relief without
should permit 10,000 refugee
children from Germany—most
Your Country, My Country
By William
way to a win- from their homes and neigh- regard to religion, according to of them Jewish—to enter the By Robert Bothwell
A. Galston
ter of fear, it borhoods, he admitted, he was a mid-November Bloomberg country to be taken care of in (Oxford, 420 pages, $34.95)
W
is time for “conscience-stricken.” He had survey. Eleven percent said American homes. Sixty-one
Americans to ask themselves come to believe that “it was only Christians should be ad- percent of the people an- ith a Montreal mother and a Massachusetts father, I
some hard questions. wrong to react so impulsively, mitted, and a majority—53%— swered in the negative. The am literally the product of Canadian-American
Despite hyperbolic claims to without positive evidence of opposed admitting any Syrian next month, a bill authorizing relations, but even I recognize that the topic generally
the contrary, we remain the disloyalty.” refugees at all. the admission of 20,000 Ger- could be said to lack a certain vivacity. It is the snoozy
land of the free. But are we Granted, no public official man-Jewish children was al- Ambien of (North) American academic life, featuring sleep-
still the home of the brave? can honestly say that accept- lowed to die in a congressional inducing words like “Manitoba’’ and “cross-boundary trade’’—
According to a CNN/ORC Demagoguery plays ing the refugees entails zero committee. even though cross-border knowledge is painfully limited.
survey released on Monday, risk. But is that the right stan- That May, as the German For most Americans, Canada is an ice-encrusted realm of
45% of Americans are worried on fear. Now it is those dard? Does a truly brave peo- liner St. Louis sailed within wheat fields, hockey arenas, moose and Celine Dion. This
that they or their families will fleeing Syria who are ple do the right thing only sight of Miami, President Roo- may not be the venue to say that Canada is more interest-
become victims of terrorism. when it is risk-free? Does a sevelt could have issued an ex- ing than half of the American states (and fitted with better
With all due respect, my fellow being shunned. truly brave people exaggerate ecutive order allowing nearly supermarkets), but it is
citizens, this is absurd. During a minuscule danger into an 1,000 German refugees, nearly the place to give a tip of
the past decade, seven times existential threat? Is this the all of them Jews, to enter the the Mountie’s hat to
more Americans died from Warren had discovered what course of national honor? country. He did not. The ship Robert Bothwell’s “Your
lightning strikes in the U.S. Greek tragedians knew: Wis- The brave individual, Aristo- returned to Europe, its passen- Country, My Country,” a
than at the hands of Islamist dom usually comes too late. In tle tells us, fears the right gers left to fate as Germany book that crosses and
terrorists. 1988 President Reagan signed things for the right reasons, in overran the Continent. recrosses the boundaries
But America’s public cul- legislation authorizing financial the right way and at the right Since 2011 the U.S. govern- between the two coun-
ture, which shapes our society restitution for surviving Japa- time. The fear so many Ameri- ment has done almost nothing tries, the better to explain
and our politics, is increasingly nese-Americans who had been cans feel toward Syrian refu- to alter conditions on the each to the other.
decoupled from facts. We pre- forcibly relocated. “No payment gees does not meet that test. ground in Syria. Nor have There are, to be sure,
fer to take our bearings from can make up for those lost Demagogues manipulate European governments. Now a many things that Canada
our sentiments—often the years,” Reagan said. “What is public passions; they don’t cre- flood of refugees threatens the and the United States have
least honorable ones. most important in this bill has ate them. These would-be lead- stability of our closest allies. in common. Mr. Bothwell
Fear is a powerful motivator less to do with property than ers pander to what is worst in Thousands of refugees already notes that for most of the
but a poor counselor. Driven by with honor. For here we admit us in the service of their de- have died at sea. And yet our past century the two shared
fear, democracies make mis- a wrong.” structive agendas. leaders, backed by the Ameri- the ease that came from
takes. The World War II intern- Fear is the enemy of honor, Real leaders tell the people can people, take no responsi- “security from harm or want.” They
ment of Japanese-Americans is because it induces us to act what they need to hear. True bility for the consequences of have also shared alternating periods of liberalism and
a blot on the nation’s history. dishonorably. That was the friends of democracy don’t flat- our collective inaction. conservatism, though usually not in tandem. Thrifty Canada
That the action was demanded effect seven decades ago, and ter the people. Demagogues Even those who remember was devoutly conservative through the 1960s, while the
by California Attorney General it threatens to return today. assure the people that they are the past, it seems, are con- United States experimented with big-dreaming, big-spending
Earl Warren, authorized by When the leading candidate thoroughly virtuous and always demned to repeat it. Nothing liberalism. Then the two countries swapped positions, Canada
President Franklin Roosevelt for the Republican presiden- right. That is the core false- changes except the names of going on a liberal jag while the United States embraced a
and ratified by the Supreme tial nomination recently called hood of populism. the victims. Reaganite skepticism of government. Until recently, Canada
had a conservative prime minister to offset America’s liberal
president. Then, in November, Justin Trudeau, the head of
Chipotle Means ‘Natural’ the Liberal Party, became Canada’s new leader, upsetting
the usual do-si-do along the 49th parallel.
History viewed from a continental perspective is different
C h i p o t l e ’s unsafe, but he clearly suggests they call a deliberate cam- that irradiation neither adds from the nationalist kind, and this is where Mr. Bothwell,
troubles may that Chipotle places such a paign of misinformation about compounds to food nor takes who holds a chair in history at the University of Toronto,
provide grim priority on providing its own high-fructose corn syrup. nutrients away, and that it can excels. For Americans, the conflict of 1775-83 ended up
satisfaction customers with safe, healthy We also pointed to admira- help prevent the food-borne creating the United States. For Mr. Bothwell, it altered
for its com- food that it turns up its nose bly skeptical media reports illnesses that sicken 48 mil- Britain’s southern frontier from the Gulf of Mexico to the
petitors and at practices and ingredients about Blue Buffalo, the pet lion Americans and kill 3,000 Great Lakes and replaced Philadelphia with Quebec as the
onlookers used by its rivals. That im- food company created by a every year.” largest city in British North America. During the Revolution-
BUSINESS
who didn’t plied assurance has now former cigarette marketer A true breakthrough would ary period, he reminds us, colonists loyal to the king often
WORLD
care for the become a big problem. whose ads tout “antioxidants” be if Chipotle were to an- moved north to his remnant province. As for what they left
By Holman W.
large side of Going by its own published and “phytonutrients” to guilt- nounce that, to keep serving behind, Mr. Bothwell writes with some acerbity: “Instead of
Jenkins, Jr.
sanctimony warnings to shareholders, Chi- trip “pet parents” into switch- fresh, raw, unprocessed food, British atrocities and oppression, there was the tyranny of
served up potle has always understood ing from cheaper brands. The it would adopt irradiation in the majority and the suppression of freedom of speech and
with their calorie-laden burri- that serving up raw, unpro- company’s stock is down 30% all its kitchens. It won’t—not debate; instead of liberty, there was persecution; and instead
tos. Just possibly, though, the cessed, “fresh” ingredients since its July IPO. for safety reasons but because of freedom, for many Loyalists, there was slavery.”
company’s e-coli travails will puts customers at higher risk it would conflict with the dis-
have a socially redeeming im- for food-borne illness. Which ingenuous marketing message
pact. A new dawn of non-idiocy is fine: Customers are also at The best outcome Chipotle has worked so hard Canada—that oft-parodied frozen realm
may be aborning, wherein lexi- higher risk in sushi restau- to instill. of hockey arenas and Celine Dion—is more
cographers and the public re- rants and in high-end restau- would be if food The company’s food-illness
discover that “natural” and rants where fresh ingredients hucksters no longer crisis even raises a question interesting than half of the American states.
“healthy” are not synonyms. are hand-prepared in hit-or- about whether the Chipotle
A few months ago we men- miss conditions. found the word useful. trade-off—fresher food for
tioned that Chipotle frolics in Most cases of food poison- increased risk—remains viable. The Louisiana Purchase of 1803 is, in Mr. Bothwell’s
the marketing safe harbor the ing are mild, and most go The media are on alert; fewer estimation, the decisive event in continental history. “It
U.S. courts created for “puff- unreported, so it’s likely an Lawsuits are piling up. At cases of Chipotle tummy are ensured that the United States was and would become a
ery.” No, we didn’t mean that upset tummy has always been this year’s Natural Products likely to go unnoticed. CEO Ells much larger power, with a reservoir of rich agricultural
bloated feeling you get just part of the Chipotle experi- Expo West in Anaheim, promi- admitted to the Associated land in the West, which settlers could access easily enough,
before your trip to Chipotle ence for a modest percentage nent trial attorneys were Press that he doubts the using the east-west river systems that flowed into the
Mexican Grill turns into a of customers and didn’t get enlisted to host several pan- company will ever fully Mississippi.” The upstart of 1775 would inevitably become
bout of tummy madness. Puff- the attention that has befallen els. The Food and Drug Ad- explain the recent outbreaks “larger and richer” than its neighbor.
ery is the zone of permissive- recent outbreaks (including ministration itself, after years (with some Chipotle partisans For anyone who harbored dreams of a vast continental
ness carved out by the courts 136 college students sickened of cultivating an unhelpful even murmuring about “cor- unity, the War of 1812—which involved fighting along the
for exaggerated, even absurd, in Boston this month). Where ambiguity, has opened a porate sabotage”). border, with Canada serving as a staging ground for British
advertising claims “expressed Chipotle gets in trouble is its docket aimed at settling what Of course, an alternative forces—sealed the notion that Canada and the United
in broad, vague, and commen- relentless campaign to equate “natural” means when used in would be to drop the claims States would remain separate, though not necessarily equal.
datory language” that custom- “natural” and “unprocessed” food marketing. equating “natural” and Even so, the two countries became part of what Mr.
ers instinctively know to with safer and healthier. The best outcome would be “healthy” and prominently Bothwell calls “the same moral universe,’’ an Anglo-
discount. Last time we wrote about a devaluation of the word remind customers that eating American meta-culture with a shared language, literary
Case in point: Chipotle co- this subject, Pepsi CEO Indra “natural” altogether, to the fresh, unprocessed foods in- tradition and commitment to representative government.
CEO Steve Ells’s carefully Nooyi, who has tried to steer point where food hucksters no volves risks. Then we could Happily, “Your Country, My Country” does not linger on
phrased slur on genetically her own company into greater longer find it useful. Interest- also acknowledge the flip- matters that for generations have made high-school eyes
modified foods: “They say compliance with the natural- ingly, FDA’s own proposal side: The industrialized food glaze over, and here we are speaking of Jay’s Treaty (1795)
these ingredients are safe,” he foods fad, complained about indicates a definitional safe processes that so many of us and the Webster-Ashburton Treaty (1842), both concerned
told CNN in April, “but I think millennials who think gulping harbor for food irradiation. claim to abhor were devel- with cross-border details once vexing but now lost in the
we all know we’d rather have large amounts of sugar is good Mother Jones, a lefty maga- oped partly to make it possi- mists of time. Still, American readers—defiantly ignorant of
food that doesn’t contain for them as long as it’s “natu- zine that has nobly fought the ble to distribute edible prod- Canadian history—will benefit from learning about
them.” ral” sugar. Now corn manufac- junk-science prejudices of its ucts on a commercial scale Durham’s Report (1839), the analysis of a British politician
Notice that Mr. Ells doesn’t turers have dragged sugar pro- lefty allies, points outs: “Hun- without committing serial acts who had been sent to Canada after internal fighting there
say his competitors’ food is cessors into court over what dreds of studies have proved of mass food poisoning. revealed, as he put it, “two nations warring within the
bosom of a single state.”
While Americans have been divided over race, Canadians
At Last, Some Campus Sanity: ROTC Gains have been divided over language and religion, with Catholic,
French-speaking Quebec uneasily tucked inside a broadly
Protestant, English-speaking polity. This odd conjunction,
By Jonathan E. Hillman a center for students interested campus, faculty involvement is a year. If that proposal became Mr. Bothwell reminds us, was the result of the North
And Cheryl Miller in military careers, and this indispensable. For decades, policy today, even Yale’s American component of the Seven Years’ War, which left a
I
year the school signed deals faculty support for ROTC was NROTC program might be cut defeated French region in British hands. To this day,
n a year marred by campus allowing students to participate limited to a courageous few, short. Thankfully, Gen. David G. Québécois are less than pleased by the arrangement, but
strife, at least one bright in Naval and Air Force ROTC such as Columbia sociologist Perkins, who oversees Army many of them have stopped agitating for secession, for now.
spot emerged in American programs off campus. Allan Silver, who died this ROTC nationwide, said earlier For American slaves escaping through the Underground
higher education: the comeback Stemming from the repeal of year. Now others must pick up this year that “ROTC is going to Railroad and, a century later, students evading the
of the Reserve Officer Training the military’s sexual-orienta- that work, and a good start have to get smaller,” but not by Vietnam-era draft, Canada has played the role of refuge or
Corps, known as ROTC, at lead- tion policy “Don’t Ask, Don’t would be granting academic “giving up certain parts of the sanctuary. Canadians, for much of their history, pleased
ing universities. Tell” five years ago, these gains credit for more ROTC courses. country.” themselves by remembering that they were, as Mr.
This year, Columbia Univer- suggest that a genuine resur- Cornell offers one model, Ultimately, students will de- Bothwell puts it, “part of a worldwide Empire, much larger
sity commissioned its first Ma- gence is under way. But to en- awarding partial credit for cide whether the ROTC renais- than the United States, and certainly much grander.”
rine officer, Patrick Poorbaugh, sure that tomorrow’s military is introductory courses and full sance continues. As former Overall Mr. Bothwell has produced a charming volume,
since 1970. Yale graduated two representative of the nation it credit for more advanced semi- Secretary of Defense Bob Gates with a minimum of minutiae. I report with some relief that
Naval ROTC officers—Sam protects, further engagement is nars. Faculty should also con- told an audience at Duke in nearly 400 pages of well-sculpted prose the phrase “soft-
Cohen and Andrew Heymann— needed from both university sider designing courses that University five years ago: “A wood lumber dispute’’ does not appear, though the reader
for the first time since Richard and military leaders. meet both ROTC and university return of ROTC back to some of with an inexplicable interest in fisheries and in pelagic
Nixon was in the White House. There are plenty of opportu- standards, such as Professor these campuses will not do sealing will not be wholly disappointed.
Yale, with 41 midshipmen, nities to improve recruitment Paul Kennedy’s popular military much good without the willing- Nor will readers who agree with Mr. Bothwell that the
boasts the largest NROTC unit efforts. Cornell, MIT and other history course at Yale. ness of our nation’s most gifted diplomatic back-and-forth between President William
in the Ivy League. Harvard universities allow prospective This engagement is even students to step forward.” But Howard Taft and Prime Minister Wilfrid Laurier in 1910-11
senior Charlotte Falletta was students to indicate their inter- more important as the military if this year’s talented graduates represented a critical passage in our shared history. Taft
recognized as one of the top 10 est in the military on their ap- continues its planned draw- are any indication, many more and Laurier, we are reminded, combined to produce an
Army cadets in the nation. plication and pursue ROTC down. To its credit, the Defense young Americans will answer important reciprocity treaty. One could say that reciprocity
Even Brown University, the scholarships. Once admitted, in- Department has embraced the that call. is still the watchword of North American relations. Mr.
last Ivy League school to move terested students receive more importance of geographic di- Bothwell has produced a page-turner on the subject. Two
beyond the Vietnam-era poli- information and guidance from versity in maintaining a truly Mr. Hillman is the chairman grateful nations should thank him.
tics that yanked ROTC pro- ROTC staff. More institutions national officer corps by resist- of Brown Alumni for ROTC.
grams from campus, is chang- should adopt this practice. ing calls to close ROTC units Ms. Miller is a freelance writer Mr. Shribman, the executive editor of the Pittsburgh Post-
ing. In 2012 Brown established After students arrive on that field fewer than 15 officers in Washington, D.C. Gazette, is a dual citizen of Canada and the United States.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Clinton War on Women Higher Surgical Volume Improves Hospitals
D
onald Trump last week used some Then there was Monica Lewinsky, the White The more we force super special- is supported by several cardiac exam-
typically coarse language to describe House intern whose story the Clintons want ization, the greater stress we place ples with which I am personally fa-
upon rural hospitals (“New Risks at miliar, but I find it troubling that a
Hillary Clinton, who responded by ac- everyone to dismiss as a case of consensual sex Rural Hospitals,” page one, Dec. 26). claim with potential merit is weak-
cusing Mr. Trump of sexism and Bill’s runaway libido. But If all orthopedic surgery is referred ened or destroyed because the pa-
while announcing that she is If Hillary plays the no CEO in America would sur- out, then the patients who wish to re- tient cited here, an 83-year-old
unleashing Bill Clinton to sexism card, then Bill’s vive in his job if he had a pub- main local for surgery will be at woman, died of a heart attack almost
campaign for her. This was licly known affair with a sub- greater disadvantage. The woman’s a week after her knee surgery. The
too ripe an opening for Mr. behavior is fair game. ordinate, much less a 22- missed heart attack was the result of procedural volume of the hospital and
Trump, who is now attacking year-old. a nurse failing to heed a patient com- the surgeon typically have no effect
Hillary for acquiescing in When news of that affair plaint, and it could have happened at on this particular complication. Heart
Bill’s predations against women. came to light, the Clintons also waged war on her a bigger hospital. attacks occur in a small number older
Mr. Trump is rude and crude, but in this case reputation. Ms. Lewinsky “was known as ‘the As a community urologist, I have individuals subjected to surgical
never been involved in litigation, stress. No preoperative testing has
he is raising an issue that rightly bears on the Stalker,’” Mr. Clinton told adviser Sidney Blumen-
have great results and take on all been shown to reduce this risk, again
2016 election campaign and the prospect of a thal on Jan. 21, 1998, according to Mr. Blumen- cases for which I am qualified. If you demonstrated in many large studies
third Clinton term. Mrs. Clinton wants to use thal’s grand jury testimony. Mr. Clinton added take away my cases, my patients will conducted over the last several de-
her gender both as a political sword and shield that she “came at me and made a sexual demand be forced into university settings cades.
to win the White House. The purpose is to make on me,” but the President “rebuffed her” and the against their will, and I won’t have J. JOSEPH PERRY M.D.
male politicians less willing to take her on, lowly intern then “threatened him.” enough cases to maintain my skills. Salt Lake City
while reinforcing her main and not-so-subtle This smear quickly became a talking point of Complications happen everywhere. I
campaign theme that it’s time to elect the first Clinton defenders. Gene Lyons, a Clinton media have countless patients who have Outcomes in any discipline in med-
woman President. mouthpiece, told NBC that “the President was, flown up north to the university hos- icine are generally improved by in-
So she and her allies will try to spin any criti- in a sense, a victim of someone rather like the pital only to return with, unfortu- creased volume. Only when we physi-
cism as sexist. Even politically correct Bernie woman who followed David Letterman around.” nately, the same complications I have cians, in practice or in training, see
warned them “could happen” under large volumes of patients, can we be
Sanders got this treatment after he said during The Associated Press reported that a “White
my care. prepared for the myriad complica-
a debate this autumn that “all the shouting in House aide” was calling journalists to offer “in- Most of us surgeons trained at tions that our patients might encoun-
the world” wouldn’t keep guns out of the wrong formation about Monica Lewinsky’s past, her major centers learning most major ter. Quality, defined as low morbidity
hands. Mrs. Clinton later said that “I haven’t weight problems, and what the aide said was surgeries. They all have complica- and mortality, is indeed largely tied
been shouting, but sometimes when a woman her nickname—‘the Stalker.’” tions. Indeed there are a few proce- to volume, especially in highly techni-
speaks out, some people think it’s shouting.” Mr. Blumenthal denies that he spread the dures that might be better off at ter- cal surgical procedures.
Against Republicans, she’ll play the “war on Stalker tale, but the late journalist Christopher tiary centers, but let’s not throw out We must recognize that critical-ac-
women” theme non-stop. Hitchens swore in an affidavit that he had. It the baby with the bath water. cess hospitals do indeed save lives
Yet no one in American politics better per- broke up their friendship. RICHARD D. LEVIN M.D. when patients have medical emergen-
sonifies a war on women than Mrs. Clinton’s Mrs. Clinton described Ms. Lewinsky as “a Aventura, Fla.cies in which time to intervention is
husband. For readers too young to recall the narcissistic loony toon,” according to the per- associated with improved outcomes
Whenever small volumes of activ- such as heart attacks, strokes and
1990s, we aren’t merely referring to Trumpian sonal papers of Diane Blair, a close friend of Mrs. ity (as occur at rural hospitals) and sepsis. The system is broken when
gibes about female looks or “Mad Men” conde- Clinton from Arkansas. This September Mrs. rare events (death seven days after critical-access hospitals revert to con-
scension. Mr. Clinton was a genuine sexual ha- Clinton declared that “every survivor of sexual knee surgery) intersect, it can be the centrating on the provision of high-
rasser in the classic definition of exploiting his assault” has “the right to be heard. You have the inferiority of the measurement sys- revenue care.
power as a workplace superior, and the Clinton right to be believed.” But when her own access tem itself that implicates poor quality These hospitals should be reim-
entourage worked hard to smear and discredit to political power was at stake, she dismissed of care. bursed in a way that encourages
his many women accusers. the women and defended her husband. ALLEN HINKLE M.D. them to provide life-saving services
Start with “bimbo eruptions,” the phrase i i i Lebanon, N.H. and discourages them from providing
that Mr. Clinton’s Arkansas fixer Betsey Wright We rehearse all this not merely to reinforce care that should be provided where
used to describe the women who had affairs Mr. Trump’s claims of a Clinton double stan- The premise that Medicare pay- highly experienced care teams typi-
ments provide incentive for critical cally offer superior care.
with Bill. Gennifer Flowers almost derailed his dard. The point relates to the standards that
access hospitals to engage in proce- GREGORY H. BUSCH D.O.
primary campaign in 1992, until Hillary stood would prevail in another Clinton Presidency. We dures better done in larger facilities Mantua, N.J.
by her man on CBS’s “60 Minutes” and the me- know from Mrs. Clinton’s emails that Mr. Blu-
dia portrayed Ms. Flowers as a golddigger. menthal remains a trusted Clinton friend and
Many more would come forward, not least adviser who is likely to wield considerable influ-
Paula Jones, an Arkansas state employee who ence in or outside a Clinton Administration. And
testified that a state policeman working for we know from those emails that the Clintons in-
then Governor Clinton invited her to Bill’s hotel dulge his political conspiracy theories almost
Circular Firing Squad Reloads, Takes Aim
room where he exposed himself and sexually as much as he indulged Mr. Clinton’s about Kudos to Bret Stephens for the aise of Jimmy Carter was replaced
propositioned her. Ms. Jones filed a sexual-ha- Monica Lewinsky. courage he showed in his Dec. 22 by the fresh optimism and excite-
rassment lawsuit and Mr. Clinton lied under No wonder that Ruth Marcus, the Washing- Global View “Let’s Elect Hillary ment of Ronald Reagan; and Reagan,
Now.” He has correctly identified the just four years earlier, had been so
oath, resulting in his impeachment. ton Post columnist and no conservative, called
incredibly destructive Republican loathed by the Republican establish-
The Clinton menagerie did their best to de- Bill Clinton’s record with women a fair political and conservative “circular firing ment that he lost his party’s nomina-
stroy her too. “If you drag a hundred-dollar bill issue. At the very least if Mrs. Clinton wants ev- squad” that handed President Obama tion.
through a trailer park, you never know what eryone to forget about Bill’s harassment of his second term and appears to be I doubt if in the event of a Donald
you’ll find,” James Carville famously said about women, she ought to stop playing the sexism choosing the one Republican candi- Trump presidency any journalist in-
the women accusing Mr. Clinton. card, or drop Bill as surrogate, or both. date that Hillary Clinton can beat: cluding Mr. Stephens would not rel-
Donald Trump. ish the fun of getting up every morn-
As a conservative Republican for ing eager to report on the Donald’s
Meadowlark Lemon decades, I have watched with despair
as the loons on the far right dam-
latest whims and extravagances, be
they positive or negative for the na-
W
aged the Republican Party and ig- tion.
ilt Chamberlain called him the dominant pro team, the Minnesota Lakers.
nored William F. Buckley’s and Ron- DAVID APETZ
“most sensational, awesome, Some dismissed them as a modern minstrel ald Reagan’s advice not to attack New York
incredible basketball player” he’d show and accused owner Abe Saperstein of each other and to choose the most
ever seen. Announcers introduced him as “the exploitation. In his 2010 book “Trust Your conservative Republican who can ac- It seems to me that the more ex-
Clown Prince of Basketball.” In 1986 the most Next Shot,” Lemon offered his view: “When tually win. America and American pedient solution would be for the Re-
famous Harlem Globetrotter gained a new there were only five black players in the NBA, values have suffered horribly under publican Party to abandon any pre-
title—Pastor Meadowlark Lemon—when he Abe had more than 90 on his payroll.” President Obama the last three years tense of conservative values rather
became an ordained Christian minister. It’s an American story: A London-born Jew because three million plus conserva- than kicking party members out en
Meadowlark Lemon, who died Sunday at founds an all-black basketball team that tives didn’t vote because Mitt Rom- masse. This would achieve the same
age 83, said God’s plan for him became clear proudly calls Harlem its hometown—though ney was not conservative enough for result for the GOP—continued Demo-
at age 11 in a segregated North Carolina movie they are all from Chicago. Years later a black them. How childish and destructive cratic victories at the presidential
was that? level—while eliminating the need for
theater. There he saw a newsreel featuring the child from the Jim Crow South grows up,
These same loons are now vi- its continued charade as a conserva-
Globetrotters, a basketball team made up of makes the team, and plays across the world ciously attacking highly successful tive alternative.
talented players who had the same color skin before adoring crowds of all races, creeds and Republican candidates while they BRIAN KAGY
he did. He left the theater resolving to be a nationalities. throw their support to a carnival- Lakeway, Texas
Globetrotter. “We were part of something that America barking reality show actor who in-
In the age of iPhones and Xboxes, it can be needed at one time,” he told a sportswriter. sults the very voters Republicans I was reminded of the devastating
hard to appreciate the impact of a Globetrotters “America needed Joe Louis. America needed need to win against Hillary; and he’s defeat the Democrats took in the
game on those who watched their national road Arnold Palmer. America needed Sammy Davis the one guy Hillary can beat accord- 1984 presidential contest. The elec-
show. The Globetrotters were master entertain- Jr. and Louis Armstrong. And America and the ing to the polls. toral college score was Reagan 525,
ers with their trick shots and gags. But they world at one time needed people like the RANDY ROSSIMondale 13. If the Republicans nomi-
Grayslake, Ill.
nate Donald Trump, I would be sur-
made their reputation on basketball skill, Harlem Globetrotters and Meadowlark
prised if a single state breaks his
including a stunning 1948 upset over the sport’s Lemon.” And America is better for them. Mr. Stephens’s point is well taken way. Unlike Mondale, who at least
in that perhaps most self-described won his home state of Minnesota,
A Japan-South Korea Breakthrough conservatives and even many inde- Mr. Trump has no chance of beating
pendents are so addicted to their an- Hillary Clinton in New York, which
J
ger at this point that deep down hasn’t gone Republican since that
apan and South Korea agreed Monday to stuck to its position that the war’s victors they secretly wish to throw the elec- 1984 race. But don’t ask Mr. Trump
resolve one of the most divisive issues left renounced reparations in the 1951 San Fran- tion to Hillary Clinton just so they to explain the electoral college pro-
over from World War II—the Japanese im- cisco Treaty and other agreements. Experts in can keep venting at, well, everyone. cess. We’ll be subjected to another
perial army’s drafting of tens international law warned that However, I recall that even absent “nuclear triad” stream of uncon-
of thousands of wartime sex An agreement on compensation for one group talk radio and social media back in sciousness.
1980 the mood of the country was BRYAN FREDRICKSON
slaves, many of them Koreans, ‘comfort women’ will could encourage many more
much the same until the general mal- Canon City, Colo.
into military brothels. The deal demands. So the government
is an exercise in truth and rec- improve Asian security. set up a program using
onciliation that should pave donated money to help the
the way for a more cooperative survivors.
When Caregivers Are Critical for Every Need
relationship between the two democracies. Tokyo’s inflexible position turned out to be Regarding Margaret Mikol’s “How tually identical, health assessment,
The joint statement says that Japan’s Prime a mistake. The private nature of the fund Bureaucracy Hinders Help for Dis- we were informed that the environ-
Minister Shinzo Abe “expresses anew his most angered many Koreans and Chinese, including abled Children” (op-ed, Dec. 14): Our mental assessment couldn’t be per-
sincere apologies and remorse to all the women the victims, which kept the issue alive. And sister was born with Rett Syndrome, formed because the personal-care
who underwent immeasurable and painful since the Kono statement was unilateral and a global neurodevelopmental disor- plan that resulted from the first as-
experiences and suffered incurable physical and nonbinding, it allowed some Japanese politi- der. Magically, Susan charms every- sessment contains too many per-
one she meets despite her feeding sonal-care service hours.
psychological wounds.” Tokyo will provide $8.3 cians such as Mr. Abe to call for its repudiation.
tube and supplemental oxygen depen- In one month, Susan turns the age
million in aid to the 46 women still alive, and They continued to deny that the women were dencies and her inabilities to walk or that will require a third assessment
Seoul will then consider the issue’s closure forced into prostitution. talk. using the original assessment form
“final and irreversible.” The new agreement should solve those prob- We excitedly enrolled in a state and we’ll once again discuss the ne-
The shameful history of the “comfort lems. South Koreans can take satisfaction that program that solicited our participa- cessity for personal care services for
women,” as the sex slaves were known during Mr. Abe has now accepted historical facts that tion, which offered to provide per- a person who depends on caregivers
the war, was largely forgotten until the early he previously questioned. The government sonal care and address environmental for every need.
1990s when several books brought their suffer- money paid to the women shows official safety issues. JACOB AND HANNAH GRAYMAN
ing to public attention. As anger grew within responsibility, even if Tokyo still insists that it Ms. Mikol paints an accurate pic- Baltimore
the countries invaded and colonized by Japa- is assistance rather than compensation. ture of the frustration and inconve-
nience that tax the already depleted
nese forces, Tokyo agreed to investigate. In This is especially important in light of the Letters intended for publication should
supplies of emotional energy and be addressed to: The Editor, 1211 Avenue
1993 Chief Cabinet Secretary Yohei Kono issued security challenges Japan and South Korea face time of families that support children of the Americas, New York, NY 10036,
a statement that recognized and apologized for from China and North Korea. As U.S. defense with disabilities. A special environ- or emailed to wsj.ltrs@wsj.com. Please
the army’s coercion of the women. spending fails to keep up with regional threats, mental assessment was first delayed include your city and state. All letters
But instead of reaching an agreement with its allies must bolster their own capabilities and eight months because the initial are subject to editing, and unpublished
Seoul and other countries and compensating work together more closely. Resolving the com- health assessment was written on the letters can be neither acknowledged nor
returned.
the survivors using government funds, Tokyo fort-women issue will make that easier. incorrect form. After the second, vir-
OPINION
The March of Genetic Food Progress How Congress

By Julie Kelly tion presented no evidence that “such
Left Behind
D
foods present any different or greater
espite what you may hear
from the culinary elite,
safety concerns than foods developed
by traditional plant breeding.”
Public-School
genetic engineering is But if you need an anecdote for
winning the day and grad-
ually overcoming their
how the year unfolded for the anti-
GMO movement, look no further than
Choice
“Frankenfood” fear-mongering. A Chipotle. Last spring the fast food
flurry of good news this year ought company announced with great By Chad Aldeman
W
to convince the public, more than fanfare that it would take GMO ingre-
ever, of the safety and the tremen- dients off its menu. It was all downhill hen President Obama signed
dous promise of this technology. after that. As was quickly pointed out, the Every Student Succeeds
On Dec. 8 the Food and Drug Ad- Chipotle wasn’t being fully truthful, Act earlier this month, he
ministration approved a new chicken since its soft drinks and cheese celebrated the bipartisan support for
that has been genetically modified to contain genetically modified ingredi- the legislation—which replaced the
treat a rare and potentially fatal disor- ents, and its meat comes from animals No Child Left Behind Act—as a
GETTY IMAGES
der called lysosomal acid lipase defi- fed genetically modified grains. A law- “Christmas miracle.” Miracle or not,
ciency. The chicken, which won’t be suit filed in California, which is pend- the new law ended the largest school-
available as meat, produces eggs with ing, accused Chipotle of false advertis- choice program in the country.
an enzyme that replaces a faulty ing and deceptive marketing. “Public School Choice,” was the
human enzyme, addressing the under- Then cases of food-borne illnesses simple name for the program, and it
lying cause of the disease. Add it to bruise and brown when sliced. Two Scientists at Cambridge University in hit Chipotle locations across the was built into No Child Left Behind.
the small but growing class of “farma- versions of the apple, the Granny the United Kingdom are developing a country. Supporters of traditional Under the law, any school failing to
ceuticals,” including drugs made by Smith and Golden Delicious, could be genetically modified chicken that agriculture, who have felt maligned meet performance benchmarks in
transgenic goats and rabbits. in stores by the end of next year. could help stop the spread of the avian by the burrito company, started keep- reading or math for two consecutive
Okanagan Specialty Fruits, the flu that this year decimated American ing a tally of the number of people years was identified as “in need of
Canadian company that developed chicken and turkey flocks. sickened by Chipotle’s food (ongoing, improvement.” Families whose chil-
‘Farmaceuticals’ and other the varieties, is testing how to apply Predictably, anti-GMO activists are but more than 300) versus the num- dren attended one of these schools
the same technique to other highly howling. They are also spending mil- ber sickened by GMOs (zero). As the had to be offered the option to
GM products are slowly perishable fruits, like pears and cher- lions trying to force food manufac- year winds to a close, the company transfer to any other district school
being approved, despite ries, which has huge potential to turers to label products with the that once wore the restaurant indus- that was not so identified.
prevent food spoilage and waste. The meaningless letters “GMO.” But that try’s health halo is apologizing,
political scare campaigns. second-generation Innate potato, effort has suffered major setbacks. preparing for lawsuits, recentralizing
which includes a gene from a wild GMO-labeling ballot measures in Ore- its vegetable preparation and cutting Obama calls the new law a
variety that allows it to resist late gon and Colorado were defeated last locally sourced ingredients.
In November the FDA approved, blight, bruising and browning, was year; similar initiatives have failed in GMOs never looked so harmless. ‘miracle.’ Tell that to
for the first time, a genetically engi- approved in August. California and Washington state. As science advances and consumers students no longer able to
neered animal intended for human More progress is on the way. The In July the House of Representa- become more informed about genetic
consumption. After a 20-year review, rapidly developing genome editing tives passed, 275-150, the Safe and Ac- engineering’s benefits for human transfer from bad schools.
the agency gave the green light to the method known as Crispr—named this curate Food Labeling Act, which would health, animal welfare and food
AquAdvantage salmon. The fish is an month as Science magazine’s “break- pre-empt state and local GMO-labeling safety, the anti-GMO movement will
Atlantic salmon with a gene added through of the year”—holds amazing laws. Debbie Stabenow, the ranking look ever more like an outdated ideo- The program had some obvious
from a Chinook salmon that allows it potential for agriculture. Researchers Democrat on the Senate Agriculture logical crusade. Denouncing those flaws. Some districts were so small
to grow faster with less feed. It at the University of Missouri and Kan- Committee, said earlier this month three little letters doesn’t make your that they had only one school in a
makes aquaculture more appealing sas State University are breeding pigs that a similar bill is on the radar in her food safer or healthier—as Chipotle, grade level; and all of the schools in
and could ease pressure on over- that resist a viral respiratory disease chamber: “I think it will be the first and Americans, are now learning. some districts were in need of
fished salmon stocks in the wild. that kills piglets and costs the pork in- thing we have to work on in January.” improvement.
In February the Agriculture De- dustry more than $600 million a year. Last month the FDA rejected a “citi- Ms. Kelly is a contributor to the Also, the program was run by
partment approved the Arctic Apple, The pigs’ genes have been concisely zen petition,” filed by activist groups, Genetic Literacy Project and a cook- state and local bureaucrats who had
a new variety developed by silencing edited to stop the expression of a pro- demanding mandatory GMO labels. ing instructor and food writer in little incentive to make it work well.
the genes that cause the fruit to tein vital to the disease’s transmission. The FDA response noted that the peti- Orland Park, Ill. Not because it cost taxpayers any
extra money; public funds flowed
with the student to his new school,
How North Korea Became the World’s Worst Economy along with the federal funds to
transport him. Still, the program
forced school choice on districts that
By Nicholas Eberstadt North Korea’s decline was a con- when business climate is considered, fers result in any appreciable mea- might have preferred their tradi-
E
tinuing drama, not precipitated by North Korea no longer looks like an sure of long-term economic advance- tional assignment systems—and dis-
conomic history is a story of any particular geopolitical shock. outlier at all. ment? The work of economists Craig tricts had to send letters to parents
progress and success, but also Neither the end of the Soviet bloc, In 1970 North Korea apparently Burnside, David Dollar and Lant notifying them of their options.
of retrogression and failure. nor the reportedly disastrous flood- did a better job than China or Viet- Pritchett, published in the late 1990s As a result, the actual offer letters
Among the latter cases, the most ing of the mid-1990s, nor a succes- nam of converting human resources under the aegis of the World Bank, to parents tended to bury the most
gruesome is surely the Democratic sion of international non-prolifera- into economic output. But those two suggests an answer: Aid can have a important information—a choice to
People’s Republic of North Korea tion sanctions imposed since 2006, countries would pursue “reform negative effect on growth when a enroll their children in a better
(DPRK). Its signature catastrophe, nor any other external event ex- socialist” policies, including freeing recipient state has a bad business school, along with free busing—in
the Great North Korean Famine of plains the country’s long-term dete- up agriculture, encouraging private climate, because foreign subsidies al- obscurely worded form letters. Con-
the 1990s, was, so far as can be told, rioration. Instead, North Korea’s enterprise and promoting interna- low the regime, in the short term, to sequently, the takeup rate was never
the only famine in all of human his- economic troubles are the natural tional trade. North Korea went in the escape the consequences of its mis- high. Not even 3% of eligible families
tory to beset an urbanized and liter- consequence of the Kims’ dogged opposite direction, shifting to a rule. In such cases, the greater the transferred their children to another
ate society during peacetime. insistence on destructive policies. permanent war-footing economy, volume of aid, the bigger the harm. school, which is probably why the
Pyongyang’s descent into penury systematically eradicating the con- Unfortunately, North Korea’s hor- end of the program attracted so little
is all the more tragic considering sumer sector, and repeatedly confis- rific economic performance was attention.
that from the 1950s on into the Catastrophic policies cating any outstanding cash in enabled in part by leaders abroad On the other hand, state bureau-
1970s, intelligence from Washington private hands through “currency who sent billions of dollars to crats, under pressure from local
and Seoul suggested that North made worse by billions reforms.” Simply put: Any economy Pyongyang. Those resources allowed school districts, couldn’t wait to end
Korea’s per capita output was higher in foreign aid that masked that embraced the same disastrous the Kim dynasty to continue policies the program. The Obama administra-
than South Korea’s. An array of pub- rules as the DPRK should be ex- so patently destructive that they tion gave them that chance starting
lic data—on urbanization and its leaders’ misrule. pected to trace out a similar trajec- would have been forced to cease, or in 2012, when it began granting waiv-
energy consumption, for instance— tory of economic failure. at least to moderate, them absent ers for states to avoid the most oner-
appears to corroborate that judg- There is one final, and particu- subsidy from overseas. ous aspects of No Child Left Behind.
ment. How the once-developing North Korea appears to have the larly bitter, piece in the puzzle: the International aid workers and Without any federal pressure, nearly
DPRK went from a rapid ascent into very worst business climate of any role of foreign aid in financing and humanitarian policy makers have all of the states with waivers dropped
a stall, and then into a dreadful fully functioning nation state. On the ultimately facilitating North Korea’s always feared that foreign assis- the school-choice provision and an-
downward spiral, is a cautionary 2010 Index of Economic Freedom ruin. Mirror statistics reveal that the tance, through cascading mishaps, other provision offering families free
tale with implications far beyond compiled by the Heritage Foundation DPRK has never been self-support- might leave recipients poorer and after-school tutoring. Enrollment
the Korean peninsula. and The Wall Street Journal, the ing. To the contrary, it has relied on worse off in the end. North Korea, rates began falling. Congress killed
The ruling Kim regime suppresses DPRK earned one point out of 100, a perennial inflow of foreign re- bankrolled mainly by Moscow and both provisions when it reauthorized
data about the country’s perfor- the lowest score of all 179 countries sources to sustain itself. Since 1960, Beijing, has gone further than any the federal education law.
mance, but sufficient hard evidence ranked. Zimbabwe, the state with North Korea has reportedly received other modern state in turning this And yet this program, despite its
has seeped out to describe both the the second-worst ranking that year, more than $60 billion (in today’s nightmare scenario into reality. flaws, was a big deal. About 48,000
dimensions and the causes of its came in 20 points higher. dollars) more merchandise from students transferred to a better
continuing economic calamity. The The DPRK has no rule of law; no abroad than it has shipped overseas. Mr. Eberstadt is a resident school when the option became
most meaningful quantitative mea- established property rights; no Nearly $45 billion of that came from scholar at the American Enterprise available in the 2004-05 school year.
sure available comes from “mirror possibility for private trade; no reli- Beijing and Moscow—a figure we Institute. His latest report for the Eventually the number of students
statistics” on the country’s interna- able currency; virtually no official can treat as a rough approximation Asan Institute in Seoul is “North who transferred rose to more than
tional trade—reports by its trading social and economic information; of total Chinese and Soviet/Russian Korea’s ‘Epic Economic Fail’ in Inter- 165,000 in the 2009-10 school year.
partners on their purchases from and no internal constraints whatever financial support. national Perspective,” from which As more schools were identified for
and sales to the DPRK of various upon its monumentally ambitious Why didn’t these massive trans- this essay is adapted. improvement the number of stu-
commodities. These data provide government. dents transferring started falling,
indirect but powerful evidence about It is difficult to overstate how and it fell even more as more states
productivity, living standards and much this matters. At any point in got waivers. But even in 2013-14, the
technological attainment.
Despite a recent China-supported
the postwar era, 80% or more of the
differences between countries in per
Notable & Quotable: Dave Barry last year for which data is available,
27,126 children switched schools.
upswing in trade, North Korean per capita GDP can be predicted by From “Dave Barry’s 2015 Year in was a Volvo station wagon on the To put this in perspective, the
capita merchandise exports last year human resources plus business Review” in the Miami Herald, Dec. 23: New Jersey Turnpike. But there was Public School Choice program was,
were no higher, after adjusting for climate (i.e., institutions and poli- a lot of traffic.” A contrite Williams at its peak, more than twice as large
inflation, than in the mid-1970s. By cies). Statistical analysis of North January blames the lapse on post-traumatic as the largest provider of charter
my calculations, real per capita Korean trade underscores the point. . . . In Paris, two million people stress disorder resulting from killing schools, the Knowledge Is Power
imports in 2014 were barely three- In 2010 the DPRK’s global trade was march in a solidarity rally following Osama bin Laden. . . . Program, known as KIPP. It was
fifths of what they were in 1974. only 1/20th of what we would expect the horrific terrorist attack on the In the War on Terror, the White about six times as large as the larg-
That year marked North Korea’s all- for a country with its estimated hu- French satirical magazine Charlie House, having struck a powerful est school voucher program in the
time peak trade. man resources profile. However, Hebdo. blow with the James Taylor Tactical country, in Indiana.
Eyebrows are raised when not a Assault Ballad, boldly follows up Ultimately there was no natural
single top U.S. official attends, but by—again, this really happened— constituency supporting the Public
several days later, Secretary of State hosting a three-day “Summit on School Choice program. It didn’t cre-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY John Kerry arrives in France with Countering Violent Extremism,” fea- ate an entirely new avenue for chil-
James Taylor, who—this really hap- turing both workshops AND sympo- dren the way a charter school does.
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp pened—performs the song You’ve siums. School districts did not get any new
Gerard Baker William Lewis Got a Friend. This bold action strikes money from the federal government
Editor in Chief Chief Executive Officer and Publisher fear into the hearts of terrorists, December or the state. And the opportunity the
Rebecca Blumenstein; Matthew J. Murray, Deputy DOW JONES MANAGEMENT:
who realize that Secretary Kerry is . . . with the Iowa caucuses and program offered parents and their
Editors in Chief; Almar Latour, Executive Editor Anna Sedgley, Chief Financial Officer; fully capable, if necessary, of un- New Hampshire primary just around children got lost amid the increasing
DEPUTY MANAGING EDITORS: Mark H. Jackson, General Counsel; leashing Barry Manilow. the corner, analysts struggle to make unpopularity of No Child Left Be-
Ashley Huston, Chief Communications Officer;
Michael W. Miller, Senior Deputy; Thorold Barker,
Paul Meller, Chief Technology Officer;
Meanwhile in Washington, a sense of new polls showing that, hind’s “one-size-fits-all” approach to
Europe; Paul Beckett, Asia; Christine Glancey,
News Operations and Talent; Neal Lipschutz, Mark Musgrave, Chief Human Resources Officer; drone crashes on the White House suddenly, the clear leader in both school accountability.
Ethics and Standards; Alex Martin, Enterprise; Katie Vanneck-Smith, Chief Customer Officer lawn and immediately becomes a states, for both parties, is Tom Nevertheless, the program was
Ann Podd, Global Production; Andrew Regal, OPERATING EXECUTIVES: leading contender for the Republican Brady. additional evidence, along with
Global Head of Video; Gabriella Stern, Strategic Edwin A. Finn, Jr., Barron’s; Edward Roussel,
Initiatives; Jessica Yu, Global Head of Visuals
presidential nomination. The scary part is: That wouldn’t vouchers and charters, of the demand
Innovation; Ingrid Verschuren, Data Strategy;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Marketing; be so bad. for school choice. Yet Congress, in
Daniel Henninger, Deputy Editor, Editorial Page Professional Information Business, Sales: February As the year finally staggers to a the name of local control, has killed
Nancy McNeill, Global; William Ashworth, . . . NBC suspends Nightly News close, Americans set aside their the largest school choice program in
WALL STREET JOURNAL MANAGEMENT:
Americas; Florence Lefevre, Europe; Tomasz
Trevor Fellows, Head of Global Sales;
Rustowski, Asia anchor Brian Williams after an inves- differences, if only briefly, and join the country with barely a whimper.
Chris Collins, Advertising; Christina Komporlis,
Circulation; Jason P. Conti, Legal;
tigation reveals inaccuracies in his together in the cherished, time-hon-
Joseph B. Vincent, Operations; Larry L. Hoffman, account of being in a military helicop- ored tradition of pretending that New Mr. Aldeman is an associate part-
Production ter under fire in Iraq. “Mr. Williams Year’s Eve is fun. So let’s raise a glass ner at Bellwether Education Part-
EDITORIAL AND CORPORATE HEADQUARTERS: did not actually come under fire,” to toast the demise of 2015. Then let’s ners, a nonprofit consulting and re-
1211 Avenue of the Americas, New York, N.Y., 10036 states the network. “Also technically set the glass down untasted, in case search group. He was an adviser to
Telephone 1-800-DOWJONES
he wasn’t in a helicopter in Iraq; it God forbid it contains gluten. the Education Department, 2011-12.
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CITY NEWS A16, A17 | FOOD & DRINK A18 | HEARD & SCENE A19 | SPORTS A20
Basketball’s
Streakiest Team Voice of Vader
SPORTS | A20 A chat with James Earl Jones | A19
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | A15
Ready to Serve the City of New York

Bratton, Kelly
Exchange Fire
Over Statistics
BY MARA GAY not counted as a shooting vic-
AND MARK MORALES tim, as was done previously.
Similarly, a victim who sustains
In a startling spectacle Tues- wounds by flying glass caused
day involving two of the city’s by a shooting is not recorded
top law-enforcement figures, as a shooting victim,” accord-
New York Police Commissioner ing to a statement he released.
William Bratton and his prede- Mr. Kelly said the agency
cessor, Raymond Kelly, clashed had misused a category entitled
over claims by Mr. Kelly that “circumstances undetermined
the NYPD was misreporting pending investigation” in order
crime statistics. “to manipulate murder totals.”
The men traded sharp barbs “This information, supplied
through the afternoon and eve- by active members of the de-
ning, and a spokesman for the
NYPD on Tuesday night called
one of Mr. Kelly’s assertions
Mr. Bratton erupted
“ludicrous.” after Mr. Kelly
MARY ALTAFFER/ASSOCIATED PRESS
“It’s amazing the comments

you’ll make when you’re trying
suggested the NYPD
to sell a book,” Mr. Bratton had been fudging
said, when asked about an ac-
cusation made by Mr. Kelly that
the statistics
the NYPD wasn’t accurately re- on shootings.
porting key numbers.
In a radio interview last
week to discuss his new mem- partment themselves, in no
A SEA OF BLUE: More than 1,100 New York Police Department officers were sworn in Tuesday at a ceremony at Madison Square Garden. oir about his time at the NYPD, way denigrates the hard work
Mr. Kelly said he believed there of our police officers,” he said.
was “some redefinition going “Rather, it reveals an adminis-
on as to what amounts to a tration willing to distort the
Health Network Rebrands

shooting.” reality of what they face on the
Mr. Bratton challenged Mr. street.”
Kelly to back up his charges. Mr. Kelly was commissioner
“Stand up,” he said, emo- from 1992 to 1993 under Mayor
tion coloring his voice. “Be a David Dinkins—he was suc-
North Shore-LIJ scrubs North Shore-LIJ groundbreak- cess produced a list of 600 campaign. big man.” ceeded by Mr. Bratton—then
ings that Mr. Dowling has at- names, which eventually were The new name has been Mr. Bratton called Mr. Kelly’s from 2002 to 2013 under
regionalism from name; tended over the years. whittled down to finalists in- well received in New York City, claim “outrageous” and said it Mayor Michael Bloomberg.
plans call for focusing “There were so many I cluding Dedication Health and he said, but less so on Long Is- was an insult to the work of all Since he departed office al-
stopped collecting,” he said. Laudica Health. land, where emotional attach- NYPD officers. most two years ago, Mr. Kelly
on outpatient centers In January, the sprawling The effort involved market- ments run strong, he said. “My cops work hard,” he has staunchly defended his
health-care network based on ing consultants, focus groups, “We delivered like half the ba- said. “Shame on him.” work in office, particularly the
BY CORINNE RAMEY Long Island will further its and doing what Ramon Soto, a bies on Long Island,” he Within hours Tuesday, Mr. stop-and-frisk policy that Mayor
mission in a different way, health system senior vice added. Kelly sought to back up his Bill de Blasio has sharply criti-
Leaning against a wall in though no less visibly, as it president, called a “disaster Hospitals will retain their claims. He said that members cized and has limited; in 2013, a
the office of Michael Dowling, rolls out its new name, North- check” to make sure names original names, but include of the NYPD had told him that federal judge found that the
president and chief executive well Health. didn’t have hidden meanings. the Northwell branding. Lenox the department had changed its policy violated the Constitution.
of North Shore-LIJ Health Sys- The health system started “You check the Urban Dic- Hill Hospital, for example, will definitions of shooting victims When giving interviews this
tem, are seven shovels with the rebranding process eight tionary, to see if there’s some- become Lenox Hill Hospital in such a way as to bring down Please see CLASH page A16
wooden handles and commem- years ago. Behind it was an or- thing you didn’t really know,” Northwell Health, with a new the totals.
orative nameplates. The col- ganizational desire to be less said Mr. Soto, who led the multicolored logo attached. “For example, victims who NYPD plans huge presence
lection comes from the many regionally identified. The pro- marketing and rebranding Please see NORTH page A16 incur a graze wound are often on New Year’s Eve............... A17
Children Get ‘Hamilton’ Lift

BY LESLIE BRODY that keeps getting stronger. Mrs. Hamilton served as its
Two dozen members of the first directress for 27 years. In
In a poignant moment in the cast and crew wrote to the the musical, Eliza sings that
hit Broadway musical about Al- agency’s children over the holi- she helped raise hundreds of
exander Hamilton, his widow days to become pen pals. Phil- children, and “In their eyes I
Eliza sings that her proudest lipa Soo, a 25-year-old who see you, Alexander.”
accomplishment was starting plays Mrs. Hamilton, is recruit- After the orphanage grew,
the first private orphanage in ing fellow singers to give some expanded its mission and
New York City. of them lessons in acting, merged with another non-
Since opening in 1806, that dancing and rap in what she profit, it was renamed Graham
refuge for 16 orphans has calls “The Eliza Project.” Windham. It has a nearly $59
grown into a sprawling social- “What better way to make a million budget this fiscal year,
KEVIN HAGEN FOR THE WALL STREET JOURNAL
service agency called Graham connection to her legacy?” she mostly in city contracts to
Windham. Providing foster said. serve families in Harlem, the
care, a therapeutic school and Mr. Hamilton was an orphan Bronx and Brooklyn.
counseling that tries to keep who rose to be one of Amer- In 1902 the agency built the
fragile families together, the ica’s founding fathers. Less Graham School, now a residen-
agency serves more than 4,000 than two years after he was tial-treatment center in Has-
of the city’s most vulnerable killed in a duel, Elizabeth tings-on-Hudson in Westchester
children. Schuyler Hamilton was among County. Sitting high on a bluff
Leaders of the nonprofit a small group of women who overlooking the Hudson River,
have been stunned by a surge of founded the Orphan Asylum it has more than 300 students
donations due to the spotlight Society. It rescued children in kindergarten through 12th
from “Hamilton,” and delighted who lost their parents to chol- grade trying to overcome trau-
by a bond with the performers era, yellow fever and tragedy. Please turn to page A16 Natalie, left, and Dymond, students at a school linked to the legacy of Alexander Hamilton’s widow.
52°
TODAY’S
Weather
Real Feel
Chain Restaurants Up the Ante—and Prices—for Revelers
9 a.m. 46° BY CHARLES PASSY “We can be warm and cozy,” Rivadeneira said she might re- brage at the phenomenon of they jump-started the chain-
HIGH
5 p.m. 48° said Viviana Rivadeneira, a turn this for year’s party, even middle-of-the-road dining restaurant New Year’s Eve
Never mind the fancy hotel sales representative from if it isn’t to everyone’s tastes. spots charging such prices and party phenomenon a little
Record Low
ballrooms or trendy nightclubs: Lyndhurst, N.J., who has cele- “I personally like Applebee’s coming to dominate Times more than a decade ago. They
-13° (1917)
The hottest of hot spots on brated the new year at Ap- food, though I know it’s not ev- Square on New Year’s Eve. “To had previously stayed closed
CLOUDY, Sunrise/Sunset New Year’s Eve may prove to plebee’s twice before. Depend- eryone’s favorite,” she said. sit in a chain restaurant where on the evening of Dec. 31, with
DRIZZLE 7:20 a.m./4:37 p.m. be a casual-dining chain res- ing on her work schedule, Ms. Many are indeed taking um- a DJ is playing old-school hits the thought that revelers
taurant in Times Square. is not my idea of a New York- wanted to be on the street.
Thursday’s High It is an experience that style celebration,” said Will Apple-Metro’s chief execu-
comes with a not-so-casual McKinley, a New York-based tive, Zane Tankel, decided the
51°
ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL
price tag. As in $109 to party writer. party idea was worth a shot.
the night away at Chevy’s. Or Some of New York City’s He found that even with the
$375 for what’s billed as an most acclaimed restaurants are high prices, demand was
N.Y. Sports Lineup “evening of a lifetime” affair at charging less than the chains. strong, since revelers liked an
either of Applebee’s two Times Dinner at the Michelin-starred indoor option, and access to a
7 p.m. Square locations. Or $899 for a Gabriel Kreuther, also located bathroom.
Wednesday “Couples Champagne VIP Pack- near Times Square, costs $175 The two restaurants, which
Nets @ Magic age” at T.G.I. Friday’s. a person for an early Dec. 31 each hold about 400 people,
Many revelers say the fun, seating. While a gala tasting now run close to capacity on
food and drinks merit the tri- menu, beginning at 9 p.m., the big night, Mr. Tankel said.
8 p.m. ple-digit expense, particularly runs $900 a couple, that is es- That translates to combined
Wednesday since the parties allow them to sentially the same price as the sales of about $250,000, which
Rangers be near the Midtown Manhat- T.G.I. Friday’s VIP package. includes full-price tickets and
@ Lightning tan ball-drop festivities with- The two Applebee’s loca- $250 admission for children 12
out having to endure hours of Applebee’s Director of Operations Sharon Valzer. The chain has a tions, operated by the fran- and under.
For N.Y. sports coverage, see A20 waiting outside. $375 New Year’s Eve special at its two Times Square locations. chise group Apple-Metro, say Please see EVE page A18
A16 | Wednesday, December 30, 2015 * *** THE WALL STREET JOURNAL.
CITY NEWS
Skelos Submits
L-R: ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL; KEVIN HAGEN FOR THE WALL STREET JOURNAL
Pension Papers
After Conviction
BY JOSEPH DE AVILA amount, according to the Em-
pire Center.
Former New York state Sen- Mr. Silver filed for his pen-
ate Majority Leader Dean Ske- sion on Dec. 1, one day after
los filed for his state pension his conviction. He also said he
less than two weeks after he plans to appeal the verdict.
was convicted of public cor- The state constitution pro-
ruption charges. tects most state employees
Mr. Skelos, a 67-year-old from having to forfeit their
Nassau County Republican, pensions even if they are con-
submitted paperwork for his victed of crimes. The Legisla-
pension on Dec. 22, according ture passed a law in 2011 that
to the state comptroller’s of- would reduce or revoke the
fice. The office declined to es- pensions of public employees
timate how much the annual convicted of certain crimes,
payments would be. His retire- but it only applies to workers
ment is scheduled to begin on who entered the state retire- Phillipa Soo, who plays Eliza Hamilton in the musical ‘Hamilton,’
Jan. 2, the office said. ment system after that law met with students at the Graham School. A plaque there, right,
went into effect. honors Mrs. Hamilton for her work founding an orphanage.
“We have a constitution
‘We have a
‘Hamilton’ Cast Gives Children a Lift
that is protecting corrupt offi-
constitution that cials when it should be pro-
tecting the citizens of New
is protecting York,” said Doug Kellogg, a
corrupt officials.’ spokesman for Reclaim New Continued from page A15 my shot” spoke to her: “He was she studied at the Juilliard enough,” sang Natalie, 17. “Ev-
York, a group that advocates mas, behavior issues and learn- telling me not to give up, to School. ery day we tell your story.”
for more government accounting problems. keep moving forward, making Ms. Soo envisions about 10 That lunch raised more than
A federal jury in Manhattan ability. “That is something we Natalie, a 17-year-old from my dreams come true.” cast members working with 15 $400,000, agency officials said.
on Dec. 11 found Mr. Skelos shouldn’t be accepting.” Brooklyn who asked to be iden- Jess Dannhauser, president students from across Graham They said some of that money
and his son, Adam Skelos, Following Mr. Silver’s arrest tified by her first name, said of Graham Windham, said the Windham’s services, for two- will go toward “Graham
guilty of eight criminal last January, Gov. Andrew living at the campus turned agency’s tie with the cast be- hour classes on four Tuesdays SLAM,” which helps young
counts—including conspiracy, Cuomo, a Democrat, urged the her life around. “If it weren’t gan more than a year ago when in February. The core mission, people up to age 25 so they
bribery and extortion—in what Legislature to pass a law that for this place, I would be in the it received a surprise donation she said, “is to use the arts as can reach self-sufficiency:
prosecutors described as a would strip the pensions of street, dead or in jail, or not from Lin-Manuel Miranda, who a means of expression, as an Some have aged out of foster
scheme to leverage the former public officials convicted of finishing school and having ba- wrote the musical and plays outlet for personal experience, care but still need mentoring
lawmaker’s political power for corruption. The Senate ap- bies,” she said. “I wouldn’t the title role. Mr. Dannhauser and to uplift the creative or emergency money to
his son’s financial benefit. proved the measure, which want that for anybody.” said he called to thank Mr. spirit.” weather crises and settle into
The conviction triggered would require an amendment The school’s students who Miranda, who replied, “Wait She has already glimpsed jobs.
Mr. Skelos’s automatic expul- to the state constitution, but it saw “Hamilton” said hearing until you see the ending, you’ll the teenagers’ talents. At an On Monday, Mr. Miranda
sion from the Legislature. Mr. stalled in the Assembly. an allusion to their home from flip out.” Oct. 27 fundraising lunch for tweeted that “Eliza’s orphan-
Skelos’s attorney has said he U.S. Attorney Preet Bharara, stage was a thrill. Mr. Dannhauser said that Graham Windham, four stu- age lives on” and asked his fol-
plans to appeal the verdict. whose Manhattan office prose- “I felt special,” said when he saw it he was “blown dents performed songs they lowers to donate. Some did. He
The Empire Center for Pub- cuted Messrs. Skelos and Sil- Dymond, a 13-year-old who away.” had written after seeing the has also said that he will give
lic Policy, a fiscally conserva- ver, has signaled that his office loves writing poetry. Although “The Eliza Project” has been musical. Ms. Soo said their lyr- Graham Windham part of the
tive think tank, estimated that would go after the pensions of she often skipped school back in the works for months. Curi- ics, which often echoed the $625,000 he won recently from
Mr. Skelos’s annual pension convicted public officials if the in Brooklyn, she said the musi- ous about the lasting impact of show, left her speechless. the MacArthur Foundation in
payment would be up to government can’t recover as- cal motivated her to tackle Ron the strong, progressive woman “Growing up I found myself what has come to be called a
$95,590. Former Assembly sets that prosecutors allege Chernow’s biography, “Alexan- she portrayed on stage, Ms. running the streets a lot,” sang “genius grant.”
Speaker Sheldon Silver, a came from criminal conduct. der Hamilton,” with a diction- Soo visited the Graham School Dymond. “Not knowing if I “I am committed for our re-
Manhattan Democrat who was Mr. Skelos is scheduled to ary by her side. and spent hours talking with would ever make it or not, I lationship to continue to flour-
also convicted of public cor- be sentenced on March 3. The Dymond said that Mr. Ham- its students. She wanted to of- told myself…you better take ish,” he said by email. “It’s our
ruption charges, is expected to top charges carry a maximum ilton’s declaration in the show fer them the kind of ‘‘teaching your shot.” gift to make sure Hamilton’s
receive about the same sentence of 20 years in prison. that “I’m not throwing away artist” program she saw when “Eliza, you have done legacy is forever present.”
Bratton, Kelly Clash 2014: Northern

Westchester
Hospital
684
Beyond the North Shore
Over the past 25 years, the North Shore-LIJ Health
Continued from page A15 “a number of issues which, in 287 System, which soon will be renamed Northwell
2014: Phelps
past fall, at the time of the re- some cases, doesn’t vary at all Memorial CONNECTICUT Health, has moved past its original geographic
lease of his book, “Vigilance: from his administration or prior Hospital base on the North Shore of Long Island.
My Life Serving America and administrations. Especially in Center 95
Protecting Its Empire City,” Mr. regards to graze wounds and NEW YORK L ong I s l a nd S ound
Kelly was critical of de Blasio victims injured by glass.”
administration’s approach to “The inference that because 87
law-enforcement policy. some of the shooting victims 2015: Peconic Bay Medical Center
In his statement Tuesday, are not cooperative—that we NEW JERSEY
Mr. Kelly said he “like all New categorize it as self-inflicted— 80
1994: Huntington Hospital 495
Yorkers, I am troubled by the is ludicrous.” 1997: Zucker Hillside Hospital 1990: Glen
eroding qualify of the life in the “We classify it as a shooting 1997: Cohen Children's Medical Center Cove Hospital
city that is obvious to anyone whether they admit it or not.” 1997: Long Island Jewish Medical Center 1995: Syosset Hospital
LONG ISLAND
who lives here.” The men are having words 1953: North
Monica Klein, a spokes- at a time when Mr. de Blasio, a 2010: Lenox Hill Hospital Shore 1995: Plainview Hospital
woman for Mr. de Blasio, said liberal Democrat elected prom- University
Hospital 2005: Nassau University
the mayor “strongly stands by ising to make changes to the 1995: Forest Hills Hospital Medical Center 1996: Southside Hospital
78
Commissioner Bratton’s com- NYPD, is struggling to combat a 678 2012: South Oaks Hospital
1995:
ments today.” perception that he is weak on Franklin
2015: Maimonides
NYPD spokesman Stephen policing, despite an overall de- Medical Center Hospital
Davis said Mr. Kelly had raised cline in crime on his watch. 5 miles
278
1996: Staten Island University Note: In 2014, Boca Raton Regional Hospital
Hospital, North in Boca Raton, Florida becomes affiliated
TRADE-IN NORTH
with North Shore-LIJ Health System
1996: Staten Island University Atlantic O cean
Source: Northwell Health
Hospital, South
THE WALL STREET JOURNAL.
region’s health-care field in its is affiliated. Beginning in 2008, Earlier this month, a North-
move to rebrand. In November, it established a medical school well-branded bus traveled to
the New York City Health and with Hofstra University on the health system’s hospitals,
Hospitals Corporation became Long Island. In 2013, it started with a team giving out things
Continued from page A15 NYC Health + Hospitals, saying its own insurance company. like yoga mats, pens and bot-
North Shore-LIJ says it plans the public health-care system For future expansion, Mr. tled water. At Long Island Jew-
to spend tens of millions of dol- wanted to appear less hospital- Dowling said he was looking to- ish Medical Center in eastern
lars to rebrand its infrastruc- centric and more focused on ward Connecticut, New Jersey Queens, a line of employees
ture, including signs for build- wellness. and Westchester County—with snaked out the door, waiting
ings and logos for ambulances. Mount Sinai Health System for games and a photo booth.
It plans to spend more than $12 is engaged in similar efforts. “The name can be confusing,
million next year on advertising This year, Mount Sinai Beth Is-
The health system with LIJ,” said Horatio Wallace,
FOR YOUR OLD CAMERA that promotes its rebranding,

Mr. Soto said.
rael Brooklyn became Mount
Sinai Brooklyn and Mount Sinai
started the
rebranding process
50 years old, an implant clinical
coordinator.
WORKING OR NOT! For Mr. Dowling, the change-

over from North Shore to
Northwell is more than a name
Roosevelt became Mount Sinai
West. Mount Sinai’s strategy is
to have “consistent geographic-
eight years ago.
The name change is a “really
big deal,” said Stacey Bon-
homme, 51 years old, who has
change. “It’s a big step, but a based naming across the health been employed by the hospital
$$ TOP DOLLAR PAID $$ necessary one if we want to

represent ourselves the way we
system,” a spokesman said.
Rebranding “is a much dis-
a focus more on adding outpa-
tient centers and less on ac-
for 30 years and works with
patients around insurance is-
want to be represented,” he cussed topic in the boardrooms quiring hospitals. sues. “It’s going to take a while
said. of hospitals and medical cen- About 60% to 70% of what a to get used to, but it’s catchy.”
Northwell isn’t alone in the ters,” said John Rowe, profes- health system does is no differ-
sor of health policy and man- ent than a major company, Mr.
agement at Columbia Dowling said, noting Northwell Notice to Readers
CORRECTIONS University’s Mailman School of
Public Health.
has sent staff to train with the
human-resources department
Ralph Gardner Jr. is away. The
AMPLIFICATIONS Rebranding can help health-

care entities move beyond the
of Google, learn about disrup-
tive technology at Apple Inc.
Urban Gardner column will
resume next week.
10% Discount on All Camera geographic or religious limita- and visit the New Jersey ware-
Robert Goldman, the son tions of names, but the cost of house of Tiffany & Co., to study
Repairs & Free Estimates of developer Lloyd Goldman, is the effort, confusion and emo- supply-chain methods. We Want to Hear
a student in the MBA program tional attachments to names “The worst thing you can do From You
at Columbia Business School. can be significant barriers, he these days is only talk to peo- Have something to say about
An article on Monday about added. ple in health care,” he said. an article in Greater New
the Goldman family incor- North Shore-LIJ’s name Dr. Rowe, who is a former York? Email us, along with
rectly said Robert Goldman is stems from the 1997 merger of executive of Mount Sinai Hospi- your contact information, at
www.willoughbys.com a student in Columbia Busi- Long Island Jewish Medical tal and insurer Aetna Inc., said gnyltrs@wsj.com. Your letter
NYC’s Oldest Photographic Emporium -Established 1898 ness School’s graduate real es- Center and North Shore Health North Shore’s apparent plan “is could be published in our
298 Fifth Avenue, NY, NY 10001 tate program. System. very similar to the strategies of
OPEN 7 DAYS weekly Feedback column on
(corner of 5th Ave. & 31st St.) 212.564.1600 A WEEK The system now comprises Mount Sinai and New York Friday. Letters will be edited
TRADE-IN’S WELCOME • FREE CAMERA REPAIR ESTIMATES Readers can alert The Wall Street about 450 outpatient physician Presbyterian, except that they
Journal to any errors in news articles for brevity and clarity. Please
NYC Department of Consumer Affairs #0906861 by emailing wsjcontact@wsj.com or practices, 18 hospitals and an have decided to start their own include your city and state.
by calling 888-410-2667. additional three with which it insurance company.”
THE WALL STREET JOURNAL. * * Wednesday, December 30, 2015 | A17
CITY NEWS
New Year’s Eve Remembering a Detective and a Soldier

Police Presence
To Grow Sharply
BY MARA GAY NYPD officials traveled to
Paris after the attacks on the
Hundreds more police of- Charlie Hebdo newspaper this
ficers will be deployed to past January. Senior NYPD
Times Square for this year’s counterterrorism and intelli-
New Year’s Eve celebration as gence officials have said the
the city confronts the shifting attacks led them to focus
threat of terror following more intensely on training
deadly attacks in Paris and the entire 35,000-member
elsewhere, authorities said force in sharpshooting,
Tuesday. among other things.
The New York Police De- Visitors to Times Square
partment plans to deploy 600 on Thursday will be screened
to 800 more officers than in with magnetometers and
past years, including some hand-held wands at at least
SETH WENIG/ASSOCIATED PRESS

specially trained counterter- two checkpoints before they
rorism officers equipped with can enter the area near the
long guns, along with addi- ball drop, officials said.
tional cameras and bomb- NYPD Chief of Department
sniffing police dogs, Police James O’Neill said many of
Commissioner William Brat- the 6,000 officers assigned to
ton said. Times Square will be
In all, about 6,000 officers equipped with chemical and
will be assigned to the event. radiation detectors. About UNITED IN GRIEF: Mourners gathered on Tuesday outside the wake in West Harrison, N.Y., for Joseph Lemm, a New York Police
The city’s new dedicated 1,200 probationary officers Department detective and member of the Air National Guard. He was killed in Afghanistan last week in a suicide bombing.
counterterrorism unit, the who graduated on Tuesday
Critical Response Command, will join the Times Square pa-
also will be on the scene, offi- trol as part of their first as-
cials said. signment. Hospital and died a short time NEW YORK Homeless Services announced
“We are aware that the
threat picture has changed,”
Thousands more officers
will be on patrol throughout
Greater later, police said.
—Mark Morales
New Rules Looming the plan Monday. It’s part of a
review of how the city is han-
Mr. Bratton said at a briefing
in Times Square. “That’s why
the rest of the city, where
large events are scheduled to New York NEW JERSEY
For Smoke Detectors
New York state is getting
dling the homelessness problem.
Nearly 58,000 people are es-
we have enlarged our capabil-
ities,” he said. “We believe
take place at Coney Island,
Madison Square Garden and Watch Bus Passenger Goes ready to require new smoke de-
tectors to have 10-year, nonre-
timated to be living in the city’s
shelters.
we are as prepared as any- the Barclays Center in Brook- Through Windshield movable batteries. —Associated Press
body can be.” lyn. A passenger was thrown Gov. Andrew Cuomo signed
Mr. Bratton said there was through the front windshield of the measure into law late Mon- LONG ISLAND
no credible threat to New a tour bus after a sudden stop day. The prohibition against the
York City. But Mayor Bill de BROOKLYN Tuesday morning outside the sale of traditional replaceable
People Sickened Due
Blasio said the city had taken
Officer Collapses Lincoln Tunnel entrance in Wee- batteries will take effect in 2017. To Carbon Monoxide
“extraordinary” precautions hawken. The intent is to reduce tam- A carbon monoxide leak at a
to keep people safe at the On Job and Dies The passenger was being pering and not have to rely on house sent a half-dozen people to
Times Square event, which A New York Police Depart- treated at a hospital for injuries someone remembering to re- a hospital and knocked two un-
last year drew more than one ment officer died Tuesday after that aren’t considered life- place the batteries. conscious Tuesday, but most
million people. suffering what is believed to threatening. —Associated Press were released and the home-
ANDREW BURTON/GETTY IMAGES
“There’s a new world be- have been a heart attack, au- The man, who had been owner said the others were re-
cause of what’s happened thorities said. standing, went through the front NEW YORK CITY covering hours later.
with ISIS,” Mr. de Blasio said. Officer Juan Feliciano, 44 windshield and landed on the The homeowner said the prob-
Mr. de Blasio also said that years old, was delivering bicycles street, authorities said.
Shelters to Receive lem arose after his gas heater
the city had learned from the to Floyd Bennett Field for re- The glass portion of the Job-Training Funds switched on for the first time
attacks in Paris, both in No- pairs around 9:25 a.m. when he windshield didn’t break, though New York City is adding $17 this winter. No one realized its
vember and in January 2015. collapsed, police said. the entire front window broke million a year worth of job train- exhaust pipe had been blocked
He said the visit of Pope The 21-year veteran, a mem- free from the bus, according to ing and other services at home- during unrelated work in the
Francis in September also Mayor Bill de Blasio speaks ber of the 28th Precinct in Har- authorities. less shelters for single adults. basement this summer, he said.
helped the NYPD prepare. about New Year’s Eve security. lem, was rushed to Coney Island —Associated Press The city Department of —Associated Press
CAN MAKE A
YOU
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL
DIFFERENCE TODAY!
With 39 community center locations across the Greater New York area,
The Salvation Army provides everything from food and housing to disaster relief
and counseling to individuals and families in need. But just how much they
provide — and the impact they have on those in need — is staggering.
Clarence Hardy, left, marched in a protest earlier this month over the fate of the Slave Theater.
2,282,710 MEALS
Trying to Save a Historic Theater provided to those who were hungry in 2014
BY THOMAS MACMILLAN ater and preserve its history. along with two other proper-
Mr. Strabone said he still ties, for $18.5 million.
For years, a tattered black hopes to revive the theater, As the Slave has changed
marquee has stood over Fulton but he hasn’t been able to hands, controversy has fol-
Street in Brooklyn, confront- reach Fulton Halsey Holdings, lowed. Father and son Clarence
ing the residents of a rapidly the new owner of the building, and Omar Hardy, longtime as-
changing neighborhood with
the charged label: “Slave #1.”
whose plans for the site re-
main unclear.
sociates of Mr. Phillips, dispute
all transactions following his
588,000 DAYS
But the sign, and the build- “The owner of the property death and claim to be the of child care provided to families in need
ing it identifies—the so-called is devising a strategy that will, rightful owners of the building.
Slave Theater—may not stand through a redevelopment of the “This is a symbol and a
much longer. The theater was site, return it to uses that serve monument of the civil-rights
sold last month to a developer the community by creating jobs movement in New York City,”
who promptly applied for a and new housing,” a spokesman said the younger Mr. Hardy, 31
demolition permit, signaling
the demise of the Bedford-
for the owner said via email.
“We are actively engaged in a
years old. “It’s a pillar of the
Bed-Stuy community. We want 555,327 BEDS
Stuyvesant landmark. series of conversations with to bring it back.” provided to those in need of shelter
The century-old theater was stakeholders, which will ulti- He said his first goal is to
a vaudeville venue and movie mately be reflected in our save the Slave from demolition
house known as the Regent. It strategy as we move forward.” by the new owner.
was renamed in the 1980s as a The Slave was given its In one of his more dramatic
reminder of the harsh realities name by a civil court judge, attempts to reclaim the build- This holiday season, give hungry
of African-American history, John Phillips, who bought the ing, the 81-year-old Clarence
became a shrine to black lead-
ers and was a rallying point
building in 1984. A real-estate
investor and Kung-Fu master,
Hardy, who calls himself “the
Chief” of the Slave Theater,
and hurting families holiday joy.
for civil-rights activists. But in Mr. Phillips filled the building climbed to the theater’s mar- Through The Salvation Army’s Red Box campaign,
recent years, it has sat crum- with murals of leaders like quee on Dec. 4 and decried
bling behind locked doors. Marcus Garvey and Martin Lu- what he described as the deed a gift of just $65 provides a family in desperate need
Even as the curtain lowers ther King Jr., and screened fraud that allegedly took the
on the Slave, however, com- films there. After a black man building from him. He was ar- with a “Red Box Christmas” that includes a holiday meal,
peting interests are still fight- was beaten to death in How- rested for trespassing.
ing for its future. The theater ard Beach, Queens, in 1986, ac- A law-enforcement official toys for kids, warm clothing and other household necessities.
has become a contentious tivists like Al Sharpton began familiar with the matter said
symbol of change in a histori- hosting regular rallies there. the elder Mr. Hardy lost a civil-
cally black neighborhood in By the turn of the millen- court case on the deed issue
the throes of gentrification. nium, the glory days of the and his allegations aren’t being DONATE NOW TO
“The battle to save the Slave Slave were gone. When Mr. treated as a criminal matter. THE RED BOX CAMPAIGN
is the intersection of race, Phillips died in 2008, control of Nevertheless, the Hardys
class, history and property,”
said Jeff Strabone, chair of the
New Brooklyn Theatre com-
the building passed to an Ohio
pastor named Samuel Boykin, a
relative of Mr. Phillips, who
continue their quest. Earlier
this month, they marched on
Fulton Street with a handful of
SALVATIONARMYNY.ORG
pany, a local arts organization sold it in 2013 for $2.1 million. protesters, chanting “Save the
that had sought to buy the the- It was resold in November, Slave!”
FOOD & DRINK WEDNESDAY

A Place Where
Wine and Beer
Are Co-Stars
There are beer bars and ner menu is available in the
there are wine bars and dining room upstairs and the
rarely do the two coexist. bar downstairs. There will be
Now, there is Bottle & Bine in a bar menu and lunch menu
Manhattan’s Midtown East. early next year.
This three-week-old bar and There are 120 wines by the
restaurant is equal parts bottle, 17 wines by the glass
grapes and hops—“bine” re- as well as 16 beers on tap,
fers to the stem of a hops and there will be more of
plant. both in the next several
It is a bar where “you can months. Ms. Goyette’s criteria
get a good glass of wine and for wine selection required
you can also that the wine not only be
watch the “delicious above all” but also
Bruins play,” accessible to someone “who
explained has never been to a wine
Gina Goyette, bar.” That meant choosing fa-
the restau- miliar grapes like Sauvignon
UNCORKING rant’s wine Blanc but from lesser known
THE CITY director, on regions such as Long Island’s
LETTIE the evening I North Fork or the Finger
TEAGUE stopped by. Lakes in central New York.
It was still (She is a big fan of New York
early when I state wines, particularly from
arrived and the bar was the Finger Lakes.) Carolyn Pincus, left, and Gina Goyette at Bottle & Bine in Midtown East. The restaurant and bar gives equal time to grapes and hops.
empty, although Ms. Goyette Ms. Goyette faced an un-
assured me the restaurant usual challenge when it came same tasting menu instead of
and bar had been filled every to choosing the wines: She all beer or all wine,” Ms. Goy-
night with a mix of curious was pregnant. “I did a lot of ette explained, noting there
locals, wine industry friends spitting,” Ms. Goyette re- will be either three wines
and customers of other bars called with a laugh. (Her due and two beers or three beers
owned by Bottle & Bine pro- date is now about three and two wines, depending on
prietor Dennis Keane. months away.) There were a the food.
Mr. Keane knew how to at- few other pregnancy-related Ms. Pincus, who also
tract a beer crowd, said Ms. challenges as well. For exam- serves as the beer curator for
Goyette, but wine was some- Mr. Keane’s other bars, plans
thing new to him. Two of his to select beers that she called
other bars—Cornerstone Tav-
‘You can get a good “complementary to wine” for
ern and the Stag’s Head, both glass of wine and the tasting menus. For exam-
in Midtown East—are more ple, she might choose a beer
beer-oriented. The Stag’s
you can also watch made with a Champagne
Head focuses on locally the Bruins play.’ yeast or a beer aged in a
sourced craft beer, serving wine barrel.
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL (2)

more than 50 kinds by the But was it such a good
bottle and more than a dozen ple, Ms. Goyette found that idea to put beer and wine to-
brews on tap. her perception of acid was gether? I asked. I’d always
The 33-year-old Ms. Goy- off sometimes and that de- heard that the worst kind of
ette has been a sommelier at tecting minerality was an oc- hangover came from drinking
several top New York restau- casional challenge. “Every- a combination of wine and
rants including the Dutch, thing can become extreme beer.
Lafayette and Jean Georges. when you’re pregnant,” she “I have heard that,” Ms.
At Bottle & Bine, Ms. Goyette noted. Pincus replied, “But I don’t
decided to focus on American Her next challenge will be think it’s true. I think the
wines and “wines that have to create a wine- and beer- worst kind of hangovers are
influenced American wine- pairing menu in conjunction when you have too much
making” to match the mod- with Bottle & Bine’s beer cu- beer or too much wine.”
ern American menu created rator, Carolyn Pincus. “We
by chef Angie Barry. The din- want beer and wine on the lettie.teague@wsj.com
advance effort. The Yours Sin- offering specials meals on Jan. 1, such menu items as a barbecue-
The Feed cerely team says recipes had to
be developed for drinks that
some of which play off the spirit
of the day.
beef-rib pizza or apple-and-al-
mond-filled French toast.
would taste fresh even if they At the Chefs Club by Food & And at Harlem’s Streetbird
stay in the kegs for days at a Wine (275 Mulberry St., chefs- (2149 Frederick Douglas Blvd.,
time. Additionally, the drinks club.com/new-york), the brunch streetbirdnyc.com), hip-hop will
must be carefully strained so is billed as a New Year’s Day be spinning throughout the day,
that they don’t clog draft lines. Hangover Cure. The $28 prix fixe with the menu featuring the res-
Bushwick Bar Crafts There is a benefit to all that menu includes such entree op- taurant’s signature brunch items,
Cocktails on Tap straining. The drinks are so clari- tions as duck hash with cara- including chicken and red velvet
While most New York water- fied, they “have an amazing melized onions and a fried egg, waffles and the aptly named
ing holes offer beer on tap, a mouth feel and go down really or a “Dutch baby” pancake with “Hot & Messy” plate with corn-
new Bushwick bar is going a dif- quick,” said Darren Grenia, an- lemon ricotta and blueberries. bread, chicken, a fried egg, pea-
ferent route: It focuses on cock- other owner. Similarly, the Garden restau- nut butter, avocado and bacon.
tails on tap. Recognizing that not every- rant at Midtown’s Four Seasons Finally, the Nolita seafood res-
Yours Sincerely, from the one is in the mood for a cocktail, Hotel (57 E. 57th St., foursea- taurant Seamore’s (390 Broome
team behind the restaurant Dear the bar offers six craft beers on sons.com/newyork) is serving a St., seamores.com), which
Bushwick, offers 20 cocktails on tap and a light food menu as New Year’s Day Recovery opened over the summer, is
JULIAN MOHAMED
tap, using a draft system that is well. Yours Sincerely, 41 Wilson Brunch with a la carte offerings launching its new brunch service
similar to that used for beer. Ave., Brooklyn such as gingerbread waffles or a on New Year’s Day. The restau-
The idea is to be able to deliver holiday hanger steak and eggs. rant is working with the Lower
a craft-worthy sip in less time Other restaurants are plan- East Side appetizing shop Russ
than it takes to make one from Yours Sincerely in Brooklyn’s Bushwick offers 20 cocktails on tap.
Brunch Options ning on adding a musical beat to & Daughters to bring in specialty
scratch. For New Year’s Day the day’s festivities. items. Look for open-faced bagel
“We have a bartender who’s The ability to do higher vol- many cocktail-oriented bars in After all that New Year’s Eve At Black Barn (19 E. 26th St., sandwiches as well as what is
managed to pour 25 drinks in five ume also translates into savings: Brooklyn and Manhattan charge. revelry, where’s a New Yorker to blackbarnrestaurant.com), the billed as “lighter, seasonal takes
minutes, which is insane,” said Ju- Yours Sincerely charges $4 to $9 Creating a menu of tap- go for brunch on Friday? Gypsy blues band La Pompe will on traditional brunch fare.”
lian Mohamed, one of the owners. for cocktails, lower than what friendly cocktails requires some A number of restaurants are perform while patrons dine on —Charles Passy
EVE moters sound a note of caution:

They can’t promise that pa-
trons will be able to stand out-
side the restaurant close to
Continued from page A15 midnight and get a glimpse,
Doing even bigger business even if the restaurant is near
is Joonbug, a New York event the festivities.
company that produces and The New York Police Depart-
hosts most of the other major ment said its policy is not to al-
parties in the Times Square low pedestrians to loiter out-
ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL (2)
area, including the ones at side the designated standing

Chevy’s, T.G.I. Friday’s, Planet areas it sets up on New Year’s
Eve throughout Times Square.
Mr. Tankel said exceptions
For the prices they have been made in previous
are charging, years, and his patrons have had
good views during the count-
‘we couldn’t serve down.
Applebee’s food.’ An NYPD spokesman said, “I
can’t speak to what happened
in the past, but right now,
Hollywood, Dallas BBQ and we’re going to most likely ask
Ruby Tuesday. Joonbug CEO people to go back [inside] the
Jon Gabel said the company, restaurants.”
which rents the restaurants Which means that being out-
out for the night at a cost that Applebee’s, on West 50th Street and Broadway, side may remain the best op-
can easily run $80,000 per advertises its New Year’s Eve party. The chain’s tion for those determined to
venue, sells about 90% of its two Midtown locations are charging $375 a head. see the ball drop. As Tim
Times Square slots. That Tompkins, president of the
equates to more than 20,000 night. from the restaurant’s menu: plebee’s locations are charging quila, and that he spends Times Square Alliance, which
patrons and revenue well into “I highly recommend you sliced sirloin steak with a wine on New Year’s Eve, he said, “we $20,000 alone on alcohol for helps coordinate the New Year’s
the seven figures. don’t come hungry,” he said. sauce, garlic herb chicken with couldn’t serve Applebee’s food.” the night. Eve festivities, noted, there is
Mr. Gabel played down the “It’s not a sit-down dinner.” roasted tomatoes and a pasta Mr. Tankel added that the Of course, the biggest perk another benefit to joining the
dining aspect, saying the res- Conversely, Mr. Tankel em- tossed with sweet Italian sau- restaurants’ liquor selections that Times Square revelers may anticipated crowd of up to one
taurants won’t offer much more phasized the sizable Applebee’s sage. are top-shelf, including Grey be seeking is a view of the ball million revelers on the streets.
than light fare on Thursday buffet, which he said wasn’t For the prices the two Ap- Goose vodka and Patron te- drop. In that regard, party pro- “It’s free,” he said.
ARTS & ENTERTAINMENT
From a Sith Lord to a Crusty Narcissist

BY BARBARA CHAI of course, in an off-Broad-
way production of Jean
Actor James Earl Jones is Genet’s “The Blacks” [in
currently starring on Broad- 1961]. She was very impres-
way in “The Gin Game” as sive in that production.
Weller Martin, a compli- Then like all actors, we
cated, crusty man in a nurs- become ships who pass in
ing home. Despite his refusal the night, and we passed and
to socialize with the other we’d meet up again down the
residents, Martin befriends road.
Fonsia Dorsey (Cicely Ty- I’ve done TV with her
son), as they play multiple twice. She was the running
rounds of the card game gin. character in a TV series that
In real life, Mr. Jones’s George C. Scott did called
sociability is on display in “East Side/West Side.” I was
his dressing room at the a guest actor on one of those
Golden Theatre, where the stories.
same play was first staged Later on, we worked on a
on Broadway in TV miniseries called “Heat
SPEAK 1977. His mirror Wave” [from 1990] about the
EASY is festooned Los Angeles Watts riots, a
with holiday very horrible event that hap-
cards, orna- pened in California. When I
ments and personal notes read the script, I said the
written to the 84-year-old problem with telling that
actor. Toy figurines of Santa kind of history is it’s not
and his reindeer rock back pure.
and forth on the table. The tendency is for writ-
He and Ms. Tyson, 91, ers to pick up prototypes
curse, yell and dance to- through which to tell the
gether in “The Gin Game” story, and that’s not always
until Jan. 10. The veteran ac- the way life is. We’re all
tor sat with the Journal to shockingly individual and it’s
discuss his return to Broad- hard to capture that.
way, the early years he spent So I was playing a black
working with Ms. Tyson and character and right away you
how he is still being ap- got a prototype, right? An
proached by fans for his en- old, black man.
during work as Mufasa in But Cicely had agreed to
“The Lion King” and as the the production and I was
iconic “Star Wars” villain, James Earl Jones in ‘The Gin Game,’ above. He was the voice of Darth Vader, below, in ‘Star Wars: Episode V—The Empire Strikes Back.’ trying to pass on it. She
Darth Vader.
lets go of himself. He walks
On his complicated “Gin onstage having let go of him-
‘It was assumed, I
Game” character, Weller Mar- self and the cares of his own guess, that whoever’s
tin: day. He can’t take on the
I found the definition of troubles he’s wrestling with
behind that mask is
his psychosis is narcissism, in his private life. They get a black dude.’
not unlike Donald Trump. in the way.
Everything’s about himself—
everything. At the same On hearing about the new called me up one day, says,
time, as an actor I have to cast of “Star Wars”: “James Earl, why don’t you
TOP TO BOTTOM: JOAN MARCUS; LUCASFILM LTD./EVERETT
realize even narcissists have Getting a bit diverse, are come into the story and play
wants and likes and dislikes. we? [Laughs] my boyfriend again?” I said,
Although they’re warped, “OK.” And I did and I walked
they’re still real human feel- On the mostly white cast of away with an Emmy
ings. I have to bring mine to the original “Star Wars” ex- [laughs], so she wasn’t to-
his state. cept for Billy Dee Williams: tally wrong.
I try not to be judgmental Before Billy came on the
because that gets in the way scene, there was no black On being approached often
of my really understanding guy. There was a guy in by fans about voicing Darth
what’s going on. Every char- black, and I voiced him. But I Vader or Mufasa:
acter is a process. He starts, didn’t play [Darth Vader] as I love it. If a kid asks me
he breathes, he talks and he a black guy. for an autograph, whether
moves through a story. I’m But it was assumed, I it’s a helmet or a picture, I
in charge of him, but I’m guess, that whoever’s behind can’t say no. I do as many as
also responsible for him. The that mask is a black dude, I can.
audience will never under- you know? I didn’t worry I stopped receiving [re-
stand this man unless I show about that. I was given some other. OK, you have a lan- tance, that has a certain got that great look, that hor- quests] in the mail [because]
them what he’s about. very special dialogue. guage, which is Latin, Italian, stature to it—that’s the kind rible look, but the language it tends to pile up. I under-
and you go to a foreign of dialogue that George [Lu- was my only involvement in stand—not just fans, but
On actors getting out of the On how Darth Vader draws country. You gotta have a cas, creator of “Star Wars”] terms of who this man was. people who make the living
way of the work: power from the lingual ca- special language that you gave Darth Vader. It almost trading, swapping and sell-
One of the important ritu- dences of invading forces: can use, whether it’s Eng- directs itself in terms of how On his Broadway co-star, Ci- ing memorabilia. It’s OK, it’s
als beginning each play is His dialogue reminds me land, or wherever you’re it’s delivered. cely Tyson: a good job. But I can’t ac-
[when] the actor stands be- of the things they had Ro- dominating. It’s that kind of The language is the char- I knew her when she was commodate them all the
hind the dark curtain and man legions say to each dialogue—dialogue at a dis- acter for me. I mean, he’s just a kid, a very pretty girl time.
HEARD & SCENE
New Year’s Eve:

Flappers, Bond
LEFT TO RIGHT: ZANDY MANGOLD; STEVEN TRUMAN GRAY
Or the Big Easy

As 2015 winds down, bars and “Eyes Wide Shut” gala beginning
restaurants are preparing for at 8 p.m. Various package op-
the biggest party night of the tions are available, such as the
year with everything from “Seduction” package ($4,580 for
themed balls to memorable 10 people). It includes two mag-
meals to intimate fetes. Here num bottles of Champagne and
are several options to ring in a magnum premium bottle, plus
the New Year with style. open bar until midnight. 9
Crosby St., nomosoho.com
For fashionistas Clockwise from above left: New Year’s Eve drinks at Porchlight; a Queen of the Night performance at the Diamond Horseshoe at the
Because flapper dresses are still For cocktail enthusiasts Paramount Hotel; the bacon, egg, and cheese sandwich at Holiday Cocktail Lounge; and the 2014 New Year’s Eve party at Death & Co.
in vogue, Beauty & Essex is East Village cocktail den Death
hosting a Great Gatsby New & Co. celebrates their ninth anni- bar from 9 p.m. to 2 a.m. Execu-
Year’s Ball. The party begins at versary on Dec. 31. The early tive chef Jean-Paul Bourgeois, a
ELVA 10 p.m. and in- part of the evening, from 9 p.m. Louisiana native, will serve
RAMIREZ cludes a five- to 1 a.m., features Champagne, dishes such as crawfish pies and
hour open bar bottled cocktails, open bar and frog’s legs. Entertainment in-
plus food and seating limited to just under 50 cludes live 1930s-era jazz music,
Champagne toast. General ad- people to create an intimate at- jugglers and acrobats. 271 11th
LEFT TO RIGHT: KATIE BOINK; ANDREW KIST
mission tickets are $250. Orga- mosphere. The anniversary party Ave., porchlightbar.com
nizers are touting an “interactive kicks off at 1 a.m. with shots
experience with live visual and magnums of Champagne, For gourmands
show.” 146 Essex St., but will still be limited to around Make the last meal of 2015 the
beautyandessex.com 80 people. Among the specialty most memorable one of the
drinks to be served that night: year. Modern American restau-
Immersive theater show Queen the Mont Blanc, featuring chest- rant Betony will serve two prix
of the Night gets the 007 treat- nut-infused Pierre Ferrand co- fixe menus on New Year’s Eve.
ment with a James Bond- gnac and Rittenhouse Rye whis- The first menu, served between
themed black-tie gala. The eight- key. Tickets are $175, plus tax 5 p.m. and 6:30 p.m., is a four
hour event begins at 6:30 p.m. and gratuity. 433 E. Sixth St.; course meal for $145 a person.
with a sit-down dinner, passed www.deathandcompany.com The later seating (from 8 p.m. to
canapés, open bar and show. 9:30 p.m., $295 per person) is an featured on the New Year’s Eve fermented huckleberries. Seat- serve breakfast from 3 a.m. to
Tickets are $450. The party, held Porchlight, Danny Meyer’s first eight-course meal with a Cham- menu at the Clocktower at the ings from 9:30 p.m. through 8 a.m. Options include the “no
at the Diamond Horseshoe at stand-alone bar, will inaugurate pagne toast at midnight. Execu- New York Edition Hotel. Execu- 10:30 p.m. 5 Madison Ave., hangover lamb stew”; home
the Paramount Hotel, is located 2016 with a New Orleans flair. tive chef Bryce Shuman will fea- tive chef Jason Atherton will theclocktowernyc.com fries with Sriracha; and resolu-
just a five-minute walk from The Chelsea bar is joining with ture dishes such as foie gras serve a five-course prix fixe tion berries topped with Avua
One Times Square, where the New Orleans bar Cure, and will torchon with black truffles and ($165 per person, with $85 op- For night owls turned Amburana whipped cream.
ball drops. 235 W. 46th St.; serve four specialty cocktails, butter poached lobster with va- tional wine pairing) that includes early birds Tickets are $100. Holiday will
queenofthenightnyc.com such as the “Jitters” (Fords Gin, nilla and turnips on both menus. dishes such as salmon tartare If, after all the Champagne also serve bacon, egg and
Meletti Anisette and Noilly Prat 41 W. 57th St., betony-nyc.com with puffed wild rice, foie gras midnight toasts, you’re still up cheese sandwiches at mid-
Downtown hotel Nomo Soho is Dry) in both locations. A $175 pot-au-feu with radishes in ver- and hungry, East Village bar night. 75 St. Marks Place,
turning over their space to an all-inclusive ticket include open Oysters, caviar and foie gras are jus and Long Island duck with Holiday Cocktail Lounge will www.holidaycocktaillounge.nyc
SPORTS
GETTY IMAGES
The dueling faces of glorious victory and agonizing defeat, compressed into one Knicks moment: guards Jose Calderon and Arron Afflalo at Madison Square Garden on Nov. 29.
The Knicks’ Resistance to Consistence Since Anthony arrived in New

No NBA team has gone on York, an NBA-high 86 players have
more back-to-back streaks Un-Streaking-Believable entered a game for the Knicks,
Since the 2010-11 season, the Knicks and Boston Celtics lead all NBA teams in back-to-back winning or losing steaks, with 16 apiece. That is, 16 meaning the nightly lineups, not
in recent seasons. Why? separate times during the span, the Knicks have followed a winning or losing streak of at least three games with another winning or losing streak of at just the rosters, have been inconsis-
BY CHRIS HERRING least three games. Here’s a look at those streaks and how the opponents involved played a role. tent through the years. It’s no coin-
OPPONENTS’ OPPONENTS’ cidence that the Celtics, who have
If there’s one thing we’ve grown SEASON FIRST STREAK DATES COMBINED WIN % SECOND STREAK DATES COMBINED WIN % suited up the second-most players
accustomed to in recent years with 2010-11 6 losses Nov. 7-16, 2010 .451 5 wins Nov. 17-24, 2010 .390 in that span, are tied with the
the Knicks, it’s their maddening habit 2010-11 8 wins Nov. 28-Dec. 12, 2010 .357 3 losses Dec. 15-18, 2010 .541 Knicks for the most back-to-back
of fooling their fan base into believ- 2010-11 3 wins March 6-9, 2011 .524 3 losses March 10-15, 2011 .533 winning and losing streaks over the
ing they are a solid playoff contender 2010-11 6 losses March 18-26, 2011 .492 7 wins March 28-April 10, 2011 .382 past five years.
when they really aren’t. 2011-12 4 wins Jan. 6-11, 2012 .330 6 losses Jan. 12-21, 2012 .573 Injuries have undoubtedly played
Things have been no different this 2011-12 6 losses March 4-12, 2012 .609 5 wins March 14-21, 2012 .515
a key role, too. According to In Street
season: The Knicks, who have hov- Clothes, a site that closely tracks the
2012-13 4 losses Feb. 10-22, 2013 .529 3 wins Feb. 24-March 1, 2013 .447
ered around the .500 mark for most league’s injury data, Knicks players
of the campaign thus far—a vast im- 2012-13 4 losses March 11-17, 2013 .588 13 wins March 18-April 9, 2013 .495 have lost more games (1,904)—and
provement over last season, but still 2013-14 5 wins Jan. 5-13, 2014 .485 5 losses Jan. 14-22, 2014 .534 the organization has blown more
unimpressive in the weak Eastern 2013-14 5 losses Jan. 14-22, 2014 .534 4 wins Jan. 24-30, 2014 .390 money (nearly $175 million)—to inju-
Conference—have pulled off multiple 2013-14 4 wins Jan. 24-30, 2014 .390 3 losses Feb. 1-5, 2014 .500 ries than any other NBA team during
Jekyll and Hyde acts in only two 2013-14 7 losses Feb. 21-March 3, 2014 .509 8 wins March 5-21, 2014 .354 the past decade. Entering this sea-
months of action. son, Knicks players missed 994
2014-15 16 losses Dec. 14-Jan. 15, 2015 .551 3 wins Jan. 19-23, 2015 .358
The Knicks entered Tuesday games dating back to 2010, according
night’s game against Detroit in the 2015-16 4 wins Nov. 15-21, 2015 .516 4 losses Nov. 23-29, 2015 .575 to the data.
midst of a four-game losing streak. 2015-16 4 losses Dec. 5-10, 2015 .445 4 wins Dec. 12-19, 2015 .341 The Knicks’ over-reliance on “mi-
The streak began immediately after 2015-16 4 wins Dec. 12-19, 2015 .341 4 losses Dec. 21-27, 2015 .612 crowave” scorers—that is, players
they won four consecutive games Source: Stats, LLC The Wall Street Journal. like former Knicks J.R. Smith and
from Dec. 12 to Dec. 19. And that Tim Hardaway, Jr. who come off the
four-game winning streak broke what followed by the Dallas Mavericks, who 10 games off in a row, or eight or deep grasp of the triangle offense to bench and immediately shoot the
had been a four-game losing streak have done it 14 times.) nine out of 10. But the rest of us are get a basic sense of why the Knicks lights out or lay brick after brick—
from Dec. 5 to Dec. 10. This season, the Knicks have al- scratching and clawing for every win are struggling at the moment, right also helps explain the team’s hot
In fact, the Knicks haven’t had a ready followed one streak with an- we can get.” after they thrived in games against streaks and cold spells.
three-game stretch of win-loss-win or other three different times, the most The competition, and the way it weaker teams like Brooklyn, Philadel- Both Smith and Hardaway had
loss-win-loss since the first three in the league. has been arranged on the Knicks’ phia and Minnesota. multiple stretches in New York in
games of the regular season, when The question, of course, is why. schedule, is certainly one factor, par- Form a broader perspective, sev- which they shot well under 30% for
they started 2-1. It’s been all streaks Head coach Derek Fisher posited ticularly this season. The Knicks are eral other factors help explain why at least three games at a stretch,
since then. recently that his team’s streaks high- currently in the midst of the NBA’s the Knicks lead the NBA in starts and then balanced them later with
Over the past five-plus seasons, the light the parity across the NBA, as toughest 10-game span, with every stops since 2010-11, the season in three- or four-game streaks in
Knicks have been more consistently well as the fact that his team appears game coming against teams with which they landed superstar scorer which they’d shoot 50% or better
inconsistent than just about any other to be stuck in the middle with the .500 records or better. This span has Carmelo Anthony in a trade. One of from the field.
NBA team, posting a league-high 16 majority of the pack. come directly on the heels of the them is that Anthony has been the Whatever the reasons, one thing is
different spans in which they won or “It’s hard to sustain a level of con- league’s easiest 10-game slate. only constant on the team during clear: With the Knicks currently
lost at least three consecutive games, sistency in our game right now,” (For what it’s worth, the Knicks that time. This season, apart from drowning in the toughest part of
then immediately followed that streak Fisher said. “Teams are so evenly have had the second-most variance Anthony and rookie Kristaps Porzin- their schedule, yet still fighting to
with three or more games of the op- matched, and the games are pretty from month to month in terms of gis, the roster comprises mostly role reach the postseason, they would
posite result, according to Stats LLC. intense. So every night can, in some their schedule strength over the past players, and is desperately in need of welcome another win streak soon,
(The Boston Celtics have also man- ways, be different. Teams are able to five years, according to Stats.) a point guard who can get easier even if it does make them the most
aged to do this 16 times since 2010-11, run six, seven, eight or maybe even So it doesn’t exactly require a shots for others. inconsistent team in basketball.
Breaking Down the Yankees’ Three-Armed Bullpen Monster

The Yankees managed this week
to add one of the few relievers in
baseball who can claim to be as dom-
inant as the two they already had.
Three Frames for the Win
Now the question is how much a Here’s a look at how often in 2015 playoff teams
team actually needs to use three were in a save situation (leading by three runs or
pitchers this good while pursuing a fewer) after six innings, as well as the times their
pennant. games were tied after six innings.
Newest Yankee Aroldis Chapman LEADING BY 3 RUNS TIED
(center) joins current relievers Andrew TEAM OR LESS AFTER 6 AFTER 6 TOTAL
Miller (right) and Dellin Betances Pirates 63 22 85
Cubs 59 23 82
Take a Number Cardinals
Yankees
53
45
29
29
82
74
Dodgers 57 17 74
(left) to form arguably the best trio
Mets 49 24 73
of relievers in baseball history. Last
season, all three had ERAs of 2.04 or Astros 46 26 72
below while striking out more than 14 Rangers 50 17 67
batters per nine innings. Hitters com- Blue Jays 44 21 65
bined to go 121-for-743 against them, Royals 48 17 65
for a .162 batting average. AVG 51.4 22.5 73.9
Over the course of the season, the Source: Stats, LLC The Wall Street Journal.
Yankees found themselves in a save
situation or a tie game after six in-
nings 74 times—almost exactly the
average of 73.9 for all playoff teams. 240 combined innings seems the limit topped 80 innings in his last two sea- forearm strain. these relievers becomes the key to
Theoretically, optimal usage for a trio of what the Yankees will need from sons, hitting 90 in 2014. But expecting Since the entire Yankees starting the Yankees’ season. And it’s not just
of relievers of this caliber would be their three relief aces. Miller to pitch the remaining 80 innings rotation is either coming off injury or, injury they’ll have to dodge: Chapman
one inning apiece in these games: a Closers such as the lefty Chapman seems overly optimistic, as he’s never in the case of 21-year-old Luis Sever- is facing a possible suspension under
total of 222 expected innings. Add the typically pitch about 70 innings in a topped 62.1 since converting to relief ino, having his innings managed, don’t baseball’s new domestic-violence pol-
occasional game in which one must season. That leaves 170 for Betances full time. Last year, Miller pitched 61.2 expect the starters to pitch late in icy for an alleged incident in October.
be used earlier or in extra innings, and and Miller, also a lefty. Betances has innings while missing a month with a close games. So the availability of —Michael Salfino
REUTERS;ASSOCIATED PRESS; GETTY IMAGES

WSJ.D B4 | CAREERS B5 | CROSSWORD B6
BUSINESS & TECH.

Freeport Fallout Puts DuPont to Slash Jobs
Big Mine Talks at Risk At Home as Deal Looms
COMMODITIES | B2 MERGERS | B3
© 2015 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | B1
Airlines Challenge Low-Cost Foes on Fares

BY SUSAN CAREY for example, and added 27% in from Dallas/Fort Worth Inter- 48%, and Dallas down 40%.
Dallas. Meanwhile, established national Airport to Fort Lau- Overall declines for much of Discounting Pressure
After shrugging off their discount giant Southwest Air- derdale, Fla., on Jan. 5, re- 2015 were smaller, but still Based on a sample of 278 major domestic routes from the top three
lowest-cost rivals, the biggest lines Co. has ballooned its ca- turning Jan. 14, for as little significant. A December study airlines, airfares are down 24% from the previous year.
U.S. airlines are now taking pacity in Dallas, one of its as $131.20. Spirit’s cheapest of most North American air-
them head on—resulting in a largest airports and where it fare was $116.18. lines found that North Ameri- Change from previous year in lowest priced one-way leisure
bonanza of cheaper tickets was freed from federal restric- On the same dates, a round can economy-class ticket airfares to or from selected cities for the week ending Dec. 21
that is benefiting fliers but tions late last year. trip from Chicago’s O’Hare In- prices fell 5% through the first
Chicago –54%
weighing on revenue. The trends have pressured ternational to New York’s La 10 months of 2015 over the
Plummeting fuel costs have the three largest carriers by Guardia Airport was $87.19 on year-earlier period. Philadelphia –48
helped make it more profitable traffic: American Airlines Spirit, $116.20 on United, The study was done by on- Dallas –40
to add flights and seats, ex- Group Inc., United Continen- $136.20 on American and line ticket seller Expedia Inc.
tending already rapid expan- tal Holdings Inc. and Delta $206.20 on Delta. and Airlines Reporting Corp., a Los Angeles –28
sions by ultralow-cost carri- Air Lines Inc. Bob Harrell of Harrell Asso- clearinghouse that settles New York –25
ers Spirit Airlines Inc. and In years past, they gener- ciates LLC, which tracks about most airlines’ ticket transac-
Frontier Airlines. Those two ally avoided broad fare skir- 300 big domestic routes from tions with travel agents. Denver –24
offer cut-rate fares while mishes with their upstart the three largest airlines, esti- Southwest, not included in the Las Vegas –22
charging fees for basic things competitors. Now, also em- mates the lowest leisure fares study, said its average one-way
like printed boarding passes boldened by cheap fuel, they in late December were down fare declined 4% in the third- Phoenix –17
and seat assignments. are responding aggressively. 24% on average from a year quarter from a year earlier. San Francisco –14
Spirit has doubled its American in late December ago, with prices from Chicago The changes come as the
seats in Chicago since 2012, was selling a round-trip flight down 54%, Philadelphia down Please see FARES page B4 Source: Harrell Associates LLC THE WALL STREET JOURNAL.
Satellite Lego Builds Stronger Bridges to Girls

Tracking Danish toy maker finally is succeeding after several failed attempts to span the gender gap
IsWeighed
ForDrones
BY ANDY PASZTOR
AND JACK NICAS
Federal regulators are look-

ing for ways to ensure that
drones operating beyond
sight—such as delivery
drones—stay away from
manned aircraft, which many
experts expect ultimately will
harness existing satellite tech-
nology.
The preliminary plans call
for relying on what is known
as automatic dependent sur-
veillance-broadcast technol-
ogy, or ADS-B, a system that
manned aircraft use to deter-
mine their location via satel-
lites and periodically broad-
cast that data to air-traffic
controllers. Eventually, the
data also will be broadcast di-
SERGEI FADEICHEV/TASS/ZUMA PRESS
rectly to other aircraft.

Federal Aviation Adminis-
tration official Don Walker
said at a public meeting ear-
lier this month that drones
flying beyond sight of opera-
tors ultimately “are likely to
have ADS-B receivers.” The re-
ceivers would enable drones to
sense manned aircraft and au-
tomatically avoid them. The Lego says the share of girls among Lego players, which stood below 10% in the U.S. before the launch of Lego Friends, has surged. A girl with Lego figures in Moscow.
receivers wouldn’t broadcast
the drones’ location, which BY JENS HANSEGARD with feminist groups accusing the which reached 14.2 billion Danish stamina as the classic bricks.
could confound air-traffic con- company of perpetuating gender ste- kroner ($2.08 billion) in the first “It’s a real construction toy,” said
trollers’ view of the airspace. BILLUND, Denmark—Lego A/S reotypes through pink-clad universes half. Still, according to research firm Lego Design Director Rosario Costa.
Mr. Walker said ADS-B has become successful at selling such as beauty parlors, pet shops NPD Group, the market for girls’ “Not dumbing it down.”
likely wouldn’t be used for building bricks to girls. and lounge bars. construction toys in the U.S. and the Lego’s breakthrough in spanning
drones within sight of the op- For the Danish toy maker, it has But Lego executives say Lego main European countries tripled to the gender gap, compounded with
erator, which include virtually been a long pursuit. Friends, which was initially designed $900 million in 2014 from $300 mil- the growing success of its licensed
all drones flying today, be- Although Lego kits from the as a temporary set, is proving a big lion in 2011, largely on the back of products, could allow the company
cause that would overwhelm 1950s and 1960s were designed as money spinner and is here to stay as the Lego Friends sets. And Lego says founded by a carpenter during the
the system’s capacity. unisex toys, girls—that is, roughly a permanent theme. the share of girls among Lego play- Great Depression to overtake Mattel
Mr. Walker made the com- half of the company’s potential mar- “We had made so much research ers, which stood below 10% in the Inc. and become the world’s biggest
ments to an industrywide ket—have long shunned them as a and so much testing on girls that we U.S. before the launch of Lego toy maker by revenue.
standards-setting group RTCA boys’ game. And previous attempts were never in doubt about the prod- Friends, has increased sharply. Godtfred Kirk Christiansen, son of
Inc., which advises the FAA on to tailor Lego toys for girls turned uct itself,” said Lego Senior Design On fueling stereotypes, the Lego Lego founder Ole Kirk Kristiansen,
technical standards. Mr. into as many flops. Manager Benedikte Schinkel Stamp. executives said that while older sets had decreed in 1963 that the com-
Walker, who is an FAA repre- The latest line of Lego bricks for Lego, a secretive, family-owned for girls may have failed because pany’s plastic bricks should be aimed
sentative to the group, has girls, launched in 2012 and known as company, doesn’t break out Lego they were unchallenging, the new at both boys and girls. But despite
Please see DRONES page B4 Lego Friends, has been controversial, Friends from its overall revenue, ones require as much engineering Please see LEGO page B2
For California Bosses, Macau Casinos End Bruising Year

A Tough New Pay Law BY KATE O’KEEFFE into the revenue Las Vegas ca-
sinos used to make from
BY LAUREN WEBER The law makes it easier for It was the Sunday before prized Chinese VIP players, un-
workers to challenge the fair- Christmas, and one of Macau’s like Macau, the U.S. casino
Starting Friday, California ness of their pay and nudges embattled gambling bosses was capital has other gamblers to
employers will face the na- employers to fix pay issues be- having afternoon tea in Hong pick up the slack.
tion’s strictest fair-pay law. fore complaints arise. Those Kong’s historic Peninsula hotel. Investors who had been
Under the state’s Fair Pay who violate the law could be Then someone walked in wildly bullish on Macau casi-
Act, which aims to close the on the hook for back wages and punched him in the face, nos have now grown frus-
JEROME FAVRE/BLOOMBERG NEWS
wage gap between men and and interest, in addition to an police say. That is the kind of trated. Shares of the five ma-
women, employ- equal amount in damages. Ac- year Macau has had. jor Hong Kong-listed casino
CAREERS ers must be able cording to data cited in the The assault against Kwok operators have fallen an aver-
to prove they pay legislation, women in Califor- Wing-hung, also known as age of 48% this year as of
both genders nia earn an average 84 cents Shanghai Boy, brought a dis- Tuesday’s closing price.
equally for “substantially simi- for every dollar earned by men. mal year to an end for Macau Analysts, who previously is-
lar” work. A handful of California and its powerful VIP gambling sued reports like “Raining cash:
The rules have spurred em- companies, some in Silicon room operators. Macau’s party rolls on to
ployers to reassess the way they Valley, have been analyzing Next week when the Chi- 2020,” have found darker inspi-
pay and classify workers. Some their pay practices for a while, nese gambling city reports De- Gambling slump has jolted Macau following a five-year winning streak. ration this year, publishing re-
are puzzling over what “similar” driven not by the law but by cember monthly revenue, what search titled “Fear and loathing
means in legal terms, such as concerns about gender bias in everyone knows about Macau’s corruption and capital flight. Las Vegas Strip, the world’s in Macau,” “A falling house of
whether a marketing manager the tech industry. rotten 2015 will become offi- Revenue in November was second-largest casino market, cards,” and “Death spiral.”
and a supply-chain manager Since 2013, networking- cial. Full-year gambling reve- 16.43 billion patacas ($2.06 bil- where the gambling revenue Though few analysts expect the
have roughly equivalent jobs. equipment maker Cisco Sys- nue is expected to have fallen lion), the lowest monthly fig- haul is expected to remain slowdown to cause serious fi-
Others are conducting complex tems Inc. has had a unit that by about a third compared ure since 2010. fairly steady, hovering at over nancial problems for the still-
audits of their payrolls, seeking continuously reviews em- with last year to $30 billion, The performance stands in $6 billion for the year. Though flush casino companies, the
to uncover any disparities. Please see PAY page B5 roiled by China’s crackdown on stark contrast to that of the China’s policies have also cut Please see MACAU page B6
B2 | Wednesday, December 30, 2015 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Airbnb..........................A2
Airbus Group...............B5
Al Ghurair Resources..C2
E
Expedia........................B1
F
Group.........................C3
Mizuho Financial Group
..................................... C3
N
Freeport Mine Faces Fallout Bridgestone
Won’t Lift
Alphabet......................B4
Fannie Mae...........C1,C10 BY SARA SCHONHARDT
Noble Group ................ C3
FedEx...........................B2 AND BEN OTTO
Altera..........................A2
American Airlines Group
.....................................B1
Formation 8................A2
Founders Fund II.........A2
P
Palantir Technologies.A1 For decades, James R. Mof-
Pep Boys Bid
Anbang Insurance Group Freddie Mac..........C1,C10 People’s Insurance Co.
Freeport-McMoRanB2,C4 (Group) of China.....C10 fett guided the fortunes of the BY EZEQUIEL MINAYA
..................................... C3
Anheuser-Busch InBev Frontier Airlines ......... B1 Pep Boys-Manny Moe U.S.’s biggest mining company,
..................................... C3 G & Jack ........................ B2 Freeport-McMoRan Inc., in Bridgestone Corp. said
Apple...........................B4 Gap .............................. B5 PICC Property the crucial but sometimes Tuesday that it wouldn’t coun-
ArcelorMittal...............C4 Goodwin Procter.........C8 & Casualty................C10
PricewaterhouseCoopers
tricky Indonesian marketplace. ter the latest bid for the Pep
AtWork Group.............B5 Greenland Holding
.....................................B4 The sudden resignation of Boys—Manny, Moe & Jack
B Group.........................C1
GSV Capital.................A2 Q Mr. Moffett as Freeport’s exec- submitted by billionaire inves-
Baker Hughes..............C1
H Qihoo 360 Technology B5 utive chairman, announced tor Carl Icahn earlier this
Banca delle Marche....C3
Banca Popolare Haier Group.................B5 Qualcomm...................B5 Monday, could throw a wrench week, apparently surrendering
dell'Etruria e del Lazio Hershey.......................A2 R into negotiations with the In- in what has been a continuing
..................................... C3 I Raytheon.....................B5 donesian government over the tug of war for the auto parts
Baoneng Group ........... C3 RELX Group.................A2 fate of one of Freeport’s—and and repair chain.
Barclays.......................C3 Icahn Enterprises........B2
Intel.............................A2 Rio Tinto......................C4 Indonesia’s—biggest mines, in- In a statement released on
Beijing Tianyu
Communication Invesco.........................C2 S dustry analysts say. Tuesday, the Japanese tire
Equipment.................B5 J SABMiller....................C3 At stake is a contract gov- maker said it wouldn’t re-
BlackRock....................C2 JLL ............................... C8 Salesforce ................... B5 erning the operation of Free- spond to the latest offer
Boeing ......................... B5 Johnson Controls........C8 Sidecar Technologies..B5
port’s Grasberg mine, an im- fielded on Monday by Icahn
FREEPORT-MCMORAN
Bridgestone.................B2 Silveus Insurance Group
Briggs & Stratton.......D1
K .....................................B3 mense open-pit excavation in Enterprises LP of $18.50 a
C KaloBios Simon Property GroupC8 the remote eastern-Indonesian share, which valued Pep Boys
Pharmaceuticals.......B2 Southwest Airlines .... B1 province of Papua. at $1 billion and topped
Cargill..........................B3
Cassa di Risparmio della
L Spirit AeroSystems Grasberg is one of the Bridgestone’s own sweetened
Lego.............................B1 Holdings....................B5
Provincia di Chieti....C3 Spirit Airlines ............. B1 world’s biggest producers of deal.
Cassa di Risparmio di Lehman Brothers gold and copper, and has Freeport aims to renew its contract for the Grasberg mine. Pep Boys in a news release
Holdings....................C2 Sumitomo Mitsui
Ferrara.......................C3
LexisNexis Risk Financial Group.........C3 played a central part in Free- said its board of directors had
CBRE Group.................C8
Chesapeake Energy.....C4 Solutions .................. A2 T port’s business since 1988, departure might affect Free- ary deadline to set a price at determined Mr. Icahn’s offer
China Resources Land C3 Lockheed Martin.........B5 Tesla Motors.............C10 when exploration under the port’s business and referred which the government or state was at that time superior to
China Vanke ................ C3 Lyft..............................B5 Transcorp Hotels........A2 guidance of Mr. Moffett, a ge- questions to company repre- agencies can purchase the Bridgestone’s. Bridgestone had
Cisco Systems.............B1 M Triumph Group............B5 ologist and former wildcatter, sentatives in the U.S. stake. until 5 p.m. ET Thursday to re-
Comcast ...................... A2 Twitter ........................ B4
Macy's.........................B5 found the deposits. A U.S.-based spokesman for The mining company’s ex- spond before Pep Boys could
Consol Energy.............C4 Marathon Oil .............. A2 U
Coolpad Group.............B5 Grasberg accounted for a Freeport said in an email that periences in Indonesia mirror have terminated its agree-
Marathon Petroleum..A2 Uber Technologies.A2,B5
Cushman & Wakefield C8 McGraw Hill Financial C8 United Continental
sixth of Freeport’s copper and Mr. Moffett “will provide ad- the travails of many mining ment.
D Melco Crown Holdings....................B1 93% of its gold production in vice and consult with the com- firms that are trying to rebuild The competing companies
Daiwa Securities Group Entertainment..........B6 UpSpring ..................... A2 2014, pulling in $3 billion out pany regarding PT Freeport operations while juggling res- have been engaged in an ex-
..................................... C2 MGM Resorts V of Freeport’s $21.4 billion in Indonesia’s” continuing con- tive investors and tumbling tended bidding war for the
Deere...........................B3 International.............B6 global revenue. tract negotiations with the In- global demand for many of the chain.
Valeant Pharmaceuticals
Delta Air Lines ........... B1 Milliman......................A6
Dow Chemical.............B3 Mithril Capital
International.............C1 Mr. Moffett was “the key donesian government. His res- commodities they produce. In Pep Boys had agreed last
DTZ .............................. C8 Management ............ A2 X connector” between Freeport ignation from Freeport- August activist investor Carl week to Bridgestone’s higher
DuPont ........................ B3 Mitsubishi UFJ Financial Xiaomi.........................A2 and Indonesian officials, with McMoRan’s board won’t affect Icahn revealed he had taken an takeover offer of $17 a share,
relationships and experience the company’s operations or 8.5% stake in Freeport. which had arrived just before
INDEX TO PEOPLE built up over decades, said

Rangga D. Fadillah, an analyst
from business consultancy
investment plans in Indonesia,
the spokesman said.
The company said Gras-
In an attempt to recover
from a disastrous foray into
oil and gas in 2013, Freeport
a deadline to match or exceed
Mr. Icahn’s earlier offer of
$16.50 a share. At that time,
A Ill, Richard C ............... B5 Paul, Sunil...................B5 Bower Group Asia. His resig- berg’s open-pit mineral re- suspended its dividend this Pep Boys said the breakup fee
Adawi, Hussein...........C1 K Peck, James ................ C2 nation “will be a threat for a serves are falling fast, and it is month and said it would cut in its revised Bridgestone pact
Polcari, Kenny.............C4
B Kobayashi, Makoto.....C3 smooth renegotiation,” Mr. Fa- seeking to renew its contract capital spending by billions of was increased to $39.5 million
Kreisberg, Steven.......A6 R
Baldanza, Ben.............B4 dillah said. for 20 more years, so it can dollars in coming years. from $35 million.
Benioff, Marc..............B5 Kwok Wing-hung........B1 Ranieri, Lewis.............C2
Reardon, Elaine...........B5
In a regulatory filing Mon- start investing in underground Mr. Moffett, a 77-year-old Philadelphia-based Pep
Blitzer, David .............. C8 L
Robbins, Cindy............B5 day, Freeport said Mr. Moffett mining. Freeport also has Louisiana native, co-founded a Boys put itself up for sale ear-
Bloomingdale, Rick.....A6 Lam, Agnes.................B6
Breen, Ed.....................B3 Landry, Bob.................C2 S was terminated without cause agreed to shed more than 10% predecessor of Freeport in the lier this year and initially en-
C Lawson, Larry.............B5 Sakwa, Steve..............C8 and will receive related pay- of its stake in its Indonesian late 1960s, and frequently flew tered a takeover deal with
Chapman, Shelley C....C2 Leverant, Jason .......... B5 Simard, Caroline.........B5 ments and benefits after he unit, in line with the country’s to Indonesia to oversee discus- Bridgestone in October.
Chavers, Kevin............C2 M Siminoff, Jeffrey ........ B4 steps down Thursday. attempts to take control of sions with policy makers and Mr. Icahn, who held talks
Chowdhry, Trip..........C10 Sullivan, Christopher..C4 A spokesman for Freeport’s more of its natural resources other high-level officials, often with the company earlier this
MacLennan, David......B3
Crowley, Daniel J........B5 Manuelian, Sahak.......C2 T Indonesian unit declined to from foreign firms. taking the lead rather than year, went public with his bid
E Menna, Gil...................C8 Takai, Akira.................C3 comment on how Mr. Moffett’s Freeport faces a mid-Janu- Freeport’s local head. at the beginning of December.
Eberhart, Ralph E.......B5 Miyata, Koichi.............C3 Thiel, Peter.................A1
Moffett, James R..B2,C4 V
F Mould, Russ ................ C4
Van Huysse, Janet......B4
UPS Adds a Day to Deliver on Time

Fadillah, Rangga D......B2 N
Fillman, David.............A6 von Rumohr, Cai.........B5
Nimeri, Abdullahi........C2 W
Frisby, Jeffry D...........B5
G-I O Walker, Don ................ B1
Olmert, Ehud .............. A9 Walkush, Kevin...........C4
Gansle, Gary................B5 BY LAURA STEVENS mas,” UPS Chief Executive Da- cause UPS knew the increase
O'Neill, Jim.................A2 Wang Shi.....................C3
Goodman, Laurie.........C2
Guigal, Philippe...........D2
Oya, Meriam................C2 West, Martha ............. B5 vid Abney said in an interview. could cause delays. On Christ-
Gunzberg, Jodie .......... C2 P Y To help make its holiday Delivery companies typi- mas Eve, tracking software de-
Icahn, Carl...................B2 Pataki, George............A4 Yasuhara, Takahiko.....C3 package deliveries run more cally modify their rules over veloper ShipMatrix Inc.
smoothly this year, United the holidays as they seek to showed FedEx had on-time de-
Parcel Service Inc. changed manage the increased package liveries of about 96%, com-
the rules. flow from retailers who seek pared with about 98% of deliv-
KaloBios to Appeal Delisting During Christmas week,
UPS required an extra day for
to capture sales from last-min-
ute shoppers willing to pay for
eries at UPS, after a weather-
related dip at both companies
MICHAEL NAGLE/BLOOMBERG
BY EZEQUIEL MINAYA hasn’t filed a quarterly report delivery on its two-day and expedited delivery to get gifts earlier in the week. On that
for its quarter ended Sept. 30. three-day shipping options. So by Christmas Eve. day, those companies, along
Biotech firm KaloBios In a news release, the com- by Dec. 21, UPS said packages UPS spokesman Steve Gaut with the U.S. Postal Service,
Pharmaceuticals Inc., under pany said it submitted an ap- using three-day shipping said only a very small percent- delivered an estimated 60 mil-
scrutiny following the arrest peal request on Monday. Had would miss the holiday en- age of deliveries needed the lion packages, ShipMatrix said.
of former Chief Executive Mar- KaloBios not appealed, its stock tirely, according to its holiday extra day. Ahead of the holidays, UPS
tin Shkreli, said Tuesday that would have been suspended service schedule that was Retail consultancy Kurt forecast an increase of more
an appeal of its delisting from from trading on Nasdaq at the given to customers in October. Salmon said retailers pushed UPS CEO David Abney in May than 10% to 630 million pack-
the Nasdaq Stock Market has opening of business Wednesday. The move, which was put in their last-ship date one day ages between Black Friday and
been scheduled for Feb. 25. The outspoken Mr. Shkreli place for the first time this later than last year, on aver- a last-minute surge of orders New Year’s Eve. UPS declined
The stock was halted at had been in the spotlight since year, was intended to encourage, to Dec. 21. Overall, though in 2013, and then overcompen- to provide updated numbers.
$23.59 after the arrest of Mr. this fall, when another of his age retailers to send out more Kurt Salmon found improve- sated last year leaving the net- But early indications suggest
Shkreli earlier this month for al- companies, Turing Pharmaceu- packages the weekend before ments in on-time delivery this work underused. The company that online sales grew substan-
legedly misleading investors in ticals AG, bought the rights to Christmas to avoid swamping year to about 94% of packages spent an extra $200 million tially this year.
his hedge funds and raiding a a drug used to treat parasitic UPS’s network in the final days compared with last year’s 87%. each year as it overran budget. UPS had a rockier start to
public company to cover the infections and raised its price before the holiday. Advance UPS’s experience this year This year, UPS tried to stay the holiday season, after on-
losses. Mr. Shkreli pleaded not more than 50-fold. The 32- planning helped move the car- contrasts with rival FedEx in closer contact with retailers line orders over Thanksgiving
guilty and has denied all year-old Mr. Shkreli defended rier’s busiest delivery day to a Corp. which faced a flood of than in years previous, send- weekend and into Cyber Mon-
charges. KaloBios fired Mr. the price increases. day earlier on Dec. 21, instead last-minute e-commerce or- ing some employees to be eyes day caused delays at locations
Shkreli after he was charged. Evan L. Greebel, a lawyer of Dec. 22 of the holiday week, ders and had to send out driv- on the ground, Mr. Abney said. in the Northeast, Texas and
The delisting letter from who worked with Mr. Shkreli when it had forecast its drivers on Christmas day after se- In addition, UPS declined California. Following those
Nasdaq cited the charges re- and was outside counsel for ers would deliver 36 million vere weather-related delays. some last-minute packages hiccups, Mr. Abney said that
lated to Mr. Shkreli and an- KaloBios, also was arrested for packages. It also follows two years of from retailers that were trying UPS’s on-time rate stayed at
other company official as well his role in the alleged scheme. “That was a real key to our holiday troubles at UPS, when to shift volume away from between 97% and 98% through
as the fact that KaloBios He has pleaded not guilty. success the week of Christ- the carrier struggled first with other delivery companies be- last week.
LEGO Lego set up a research

team to understand what
had gone wrong, observing
as girls tried to assemble
planes and skyscrapers.”
Lego officials said they
met with the Spark Move-
ment and decided to adjust
Continued from the prior page firetrucks, cocktail bars, some marketing material. At
that professed goal, the Lego spaceships and discothèques. the same time, Lego Friends
sets gradually became boys’ The company found that— proved a bigger hit than the
favorite. unlike what it had long company had anticipated.
The company focused on thought—girls enjoy building Aside from slightly differ-
its male clientele, offering as much as boys. The nuance ent minifigures, Lego Friends
battle themes, an avalanche is that they enjoy building dif- is built using the same palette
of superheroes, and almost ferent things, Ms. Costa said. of some 2,000 bricks as regu-
eliminating girls from ads Lego also tried gender-neutral lar Lego bricks. The bricks are
that featured boys and, occa- packaging but found that girls, more pink and purple, as is
sionally, fathers. as well as parents, would more the packaging, and construc-
“Girls got the message that often pick sets for girls when tion projects include cupcake
Lego was not for them,” said they came in pink or purple. cafes, pop star houses, and a
Elizabeth Sweet, a sociologist After five years of work, supermarket.
MARTIN DIVISEK/BLOOMBERG
at the University of California, Ms. Costa’s team was enthusi- “We just had to wait for
Davis. Ms. Sweet remains crit- astic about launching Lego the controversy to die out,”
ical. “Pinkified building sets Friends. The new sets, how- said Ms. Schinkel Stamp, the
may bring more girls into ever, immediately unleashed a senior design manager.
building but they still send the torrent of criticism from fem-
clear message that girls are inist groups. A U.S. activist
fundamentally less capable organization, the Spark
than boys when it comes to
building,” she said.
A Lego employee inspects cat figurines from the Lego Friends collection in the Czech Republic. Movement, gathered 50,000
signatures with an online pe-
SAVE $170
The first attempt to target began offering Belville sets, sought to relaunch Scala, years but pulled the plug on tition in 2012 and requested a on 15 Great Wines
girls with specific toys came which came with names such this time with dolls. Scala in 2001. meeting with Lego executives.
in 1979, when Lego intro- as “Rosita’s Wonderful Sta- “Scala was a departure In the early 2000s, Lego Another group, Feminist Fre-
duced Scala, a range of build- ble” and “Vanilla’s Magic Tea from the Lego system of faced hefty financial difficul- quency, also complained.
able jewelry. The line was dis- Party.” The sets were com- bricks,” said Jonathan Bender, ties and put new girl proj- “We were so disap-
continued a year later. patible with the Lego brick author of a book on Lego. “It ects under wrap. In 2007, pointed,” said Dana Edell, ex-
In 1992, Lego made a new system but came with larger was a different play experi- however, Ms. Costa, the de- ecutive director of the Spark
push with Paradisa, pink and pieces for an easier build. ence that didn’t fit with the sign director, said she re- Movement. “Lego was send-
pastel-colored sets focused Lego stopped offering the rest of the Lego universe.” ceived a new brief: “To make ing a message that girls get Go to
on beach life and horse rid- Paradisa line in 1997. That Lego kept Belville sets on a truly girly product that to play with hair dryers wsjwine.com/now
1WSJW1402
ing. In a parallel effort, Lego same year, the company its catalog for a few more was truly a Lego product.” while boys get to build air-
THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | B3
BUSINESS NEWS
DuPont Begins Merger Cuts Cargill in Deal to Sell

Crop-Insurance Unit
Layoffs in Delaware
BY JACOB BUNGE first-quarter profit, after dis-
come ahead of closing in August its first
planned merger with Cargill Inc. struck a deal to quarterly loss in 14 years.
sell its crop-insurance busi- Buying Cargill’s crop-insur-
Dow Chemical in 2016 ness to Silveus Insurance ance business, which sells pol-
Group, the agricultural con- icies but doesn’t underwrite
BY JACOB BUNGE glomerate’s latest step to re- them, will expand Silveus’s po-
align its portfolio and exit sition as one of the top U.S.
DuPont Co. plans to cut some financial functions. crop-insurance agencies, ac-
1,700 jobs in its home state of With the agreement, Car- cording to a statement from
Delaware in early 2016 as the gill’s agricultural retail division the two companies.
agriculture-and-chemical giant will focus more directly on buy- Cargill sold crop-insurance
pursues $700 million in cost ing grain from farmers and products that compensated
savings ahead of its planned selling them other risk-manage- farmers for crop yields lost due
merger with Dow Chemical ment services, a Cargill spokes- to bad weather and natural di-
Co. man said Tuesday. Terms of the sasters, as well as unexpected
In a letter to DuPont deal weren’t disclosed. declines in the price of grain.
staff on Tuesday, Chief Execu- Cargill’s exit from the crop- The business of insuring
tive Ed Breen also sought to insurance business, which it farmers’ crops against finan-
soften the holiday blow, an- entered in 2007, comes as the cial or physical losses has
nouncing that Wilmington, its suburban-Minneapolis com- grown tougher as corn, soy-
hometown of 213 years, will be pany revamps its vast portfo- beans and wheat prices have
the headquarters of one of lio of businesses. During the slumped during the past three
three planned spinoffs follow- past year, Cargill sold its U.S. years, mainly due to a string
MARK MAKELA/GETTY IMAGES
ing the Dow tie-up. pork operations, spun off a of bumper crops and benevo-
The layoffs, which represent hedge-fund unit and acquired lent weather, according to
about a quarter of DuPont’s a Norwegian fish-feed pro- Keith Coble, a professor of ag-
Delaware-based employees, ducer, while slimming its exec- ricultural economics at Missis-
come as DuPont consolidates utive leadership team in a bid sippi State University.
some of its scientific research to make the 150-year-old com- Futures prices for corn, the
operations and moves corpo- pany more nimble. most widely grown U.S.
rate functions to other loca- Cargill Chief Executive Da- crop, have declined nearly 50%
tions that are closer to its cus- The resizing will affect a quarter of employees at Wilmington, Del., DuPont’s home for 213 years. vid MacLennan is steering the during the past three years,
tomers, Mr. Breen wrote. shift amid sharp swings in while soybean and wheat fu-
“The effect in Delaware will “Especially given that we top of the $700 million in an- save $300 million in annual Cargill’s financial perfor- tures both are down about
be significant, reflecting the are in the middle of the holi- nual savings DuPont is seeking costs. Mr. Breen wrote that the mance, as a third consecutive 40%. Other players, including
urgent need to restructure our days, we would have preferred before the merger. specialty-products company— year of declining crop prices tractor maker Deere & Co. and
cost base and, as part of that to wait until individual notifi- The cost cuts outlined in which will produce food ingre- weighs on the U.S. farm econ- biotech seed giant Monsanto
effort, reduce our corporate cations were complete before the planned Dow-DuPont dients, bullet-resistant fibers omy. Cargill in October re- Co., have sold crop-insurance
overhead costs so that we can reporting the full local im- merger, which would create an and solar-panel components— ported a 20% jump in fiscal units in the past year.
remain competitive,” he wrote. pact,” Mr. Breen wrote. entity with roughly $120 bil- will be based in Wilmington.
Delaware state law required Laid-off employees will be lion in market value, have The businesses generated a
DuPont to file a notice of the provided separation packages, stoked anxiety in both Wil- combined $13 billion in sales
layoff plans by Dec. 31, forcing career-placement services and in 2014.
the company to outline it pub- training allowances, according A. Richard Heffron, presi-
licly before all affected individ- to the letter.
The DuPont-Dow dent of the Delaware State
ual employees were told the The deal, announced Dec. 11, deal is expected to Chamber of Commerce, said
news, according to Mr. Breen. is expected to close in the sec- the news was a blow but not a
DuPont already had been ond half of 2016, pending ap-
strip out $3 billion total surprise given DuPont’s
scaling back its Delaware proval from regulators. in annual costs. stepped-up efforts to cut costs
workforce, which has declined Under DuPont’s deal with in recent years, as the com-
to about 6,100 from more than longtime rival Dow, the pair pany’s profit suffered from a
7,000 before spinning off its plan to strip out $3 billion in mington and Dow’s hometown rising U.S. dollar and slumping
performance-chemicals divi- annual costs from the com- of Midland, Mich., with both commodity prices.
OSWALDO RIVAS/REUTERS
sion as Chemours Co. in July. bined company before it splits cities’ histories entwined with “DuPont was Delaware,”
DuPont, which announced in into three separate businesses, the companies. said Mr. Heffron, who wel-
mid-December a plan to cut focused on agriculture, indus- Dow also has been shedding comed the news that one of
about 10% of its global work- trial materials and specialty jobs, announcing in May a re- the spinoff companies would
force, hadn’t previously out- products including food ingre- structuring that would elimi- remain in Wilmington. “On the
lined how many of the affected dients and electronic compo- nate 1,500 to 1,750 jobs, or other hand the world’s chang-
positions would be in Wilming- nents. about 2.8% to 3.3% of its 2014 ing, and you’ve got to adapt to
ton. Those planned cuts are on staff level, in a plan to help the changes.” Cargill’s CEO David MacLennan spoke in Nigeria earlier this year.
“I taught her how to ride

a bike. I can teach her
how to run my company.”
Hiscox insurance for small businesses.
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TECHNOLOGY @wsjd | wsjd.com
DRONES Twitter
Continued from page B1
been heavily involved in
Hires New
sketching out potential ap-
proaches to integrating drones
into U.S. airspace.
Head of
On Tuesday, an FAA official
said Mr. Walker wasn’t ex-
pressing agency policy, be-
Diversity
cause the FAA “has not taken
a position regarding” the issue
and isn’t currently drafting
From Apple
any regulations mandating any BY YOREE KOH
particular technology or ap-
proach. Twitter Inc. recruited a
Nonetheless, the concept new head of diversity from
Mr. Walker sketched out also Apple Inc. in the face of criti-
is under consideration by vari- cism that its workforce, like
ous RTCA and industry advi- many of its Silicon Valley
sory groups. peers, is mostly white men.
The deliberations are still Jeffrey Siminoff, who is a
at an early stage. Reaching in- white male, tweeted on Mon-
dustry and government con- day that he will begin next
sensus on a detailed regula- month as Twitter’s vice presi-
tory framework is expected to dent of diversity and inclusion.
take at least several years, and Mr. Siminoff held a similar role
finalizing regulations could at Apple for the past 2½ years.
GENE BLEVINS/ZUMA PRESS
stretch years beyond that. He succeeds Janet Van

But the principles outlined Huysse, who over six years
by Mr. Walker—and discussed had built the company’s hu-
by other participants at the man-resources department as
RTCA meeting earlier this Twitter’s head count grew
month—underscore efforts to from fewer than 100 employ-
pave the way for automated ees to thousands. Ms. Van
drone flights that would un- Huysse announced her depar-
lock a series of new commer- Proposed FAA rules would prohibit drones from carrying external loads, flying over bystanders or beyond the sight of their operators. ture on Twitter on Monday.
cial applications, including de- A Twitter spokesman didn’t
liveries, pipeline inspections tomers’ doorsteps. And proposed FAA restrictions, which gested segregating the airports an approach based “on comment beyond the tweets
and large-scale crop monitor- posed FAA rules, expected to also would likely require FAA spaces between manned air- safety and performance out- sent by company executives
ing. be finalized next year, would certification of their aircraft. craft, high-end commercial comes” that allows different announcing the hire.
Amazon.com Inc., Google prohibit drones from carrying The National Aeronautics drones and more basic recre- technologies because “locking
parent Alphabet Inc. and other external loads, flying over by- and Space Administration and ational drones. They all sup- into a specific prescribed set
companies want to use drones standers or—at least for sev- companies such as Alphabet port a NASA plan for an auto- of technologies…will quickly
Twitter and other
to quickly deliver small pack- eral years—beyond the sight and Amazon have been work- mated system that keeps become outdated.” tech firms are trying
ages. But delivery drones still of their operators. The rules ing on more sophisticated sys- drones separated by calculat- Michael Drobac, head of
face big technical and regula- also would require one opera- tems to keep drones separated ing their flight paths based on drone trade group the Small
to make diversity
tory hurdles in the U.S. tor per drone, something that from manned aircraft and weather, obstacles and other UAV Coalition, said an ADS-B more of a priority.
Issues such as short battery wouldn’t work for vast fleets from each other. aircraft paths. mandate is too rigid. “ADS-B is
life and unreliable location of delivery drones. Alphabet has proposed us- Some in the drone industry one technology, but that
data could limit delivery Jim Williams, who retired ing a system that is similar to reject an FAA approach that doesn’t mean there couldn’t be Mr. Siminoff joins Twitter as
drones’ range and require cen- in June as the FAA’s top drone ADS-B but is less costly to specifically would require other technologies that could the company and the rest of the
tral drop-off points, rather official, said companies could broadcast and receive aircraft ADS-B technology. Amazon be as efficient or as effective,” tech industry attempts to make
than deliveries straight to cus- seek exemptions from the pro- locations. Amazon has sug- said in a statement that it sup- he said. diversity more of a priority.
Technology companies includ-
ing Twitter, Facebook Inc., Al-
FARES
board,” Mr. Kirby said in a re- phabet Inc.’s Google and Yahoo
cent interview. “And that has Inc. started releasing annual di-
been an evolution.” versity reports in recent years.
The full-service airlines The picture looks largely the
Continued from page B1 “have been competing on the same: a predominantly male
big carriers were criticized for high-end business travelers,” workforce that is mostly white
much of the year by politicians said Jonathan Kletzel, a trans- or Asian. There is a severe lack
and consumer groups who portation consultant for Price- of other minorities and women,
said they were using combined waterhouseCoopers LLP. particularly in engineering and
market power created by in- They have “ignored” infre- senior management positions.
dustry consolidation to keep quent, price-conscious, leisure Twitter’s diversity is on the
fares high. travelers and now “they have lower end among tech compa-
But executives say market realized they need to stem the nies that have reported their
dynamics, not criticism, are bleeding” to lower-fare rivals. numbers. Women accounted for
causing them to adjust, as Fare fights can quickly esca- 34% of its overall staff world-
they feel increasingly com- late at big airports like Chi- wide, according to the com-
NAM Y. HUH/ASSOCIATED PRESS
pelled to take the super dis- cago’s O’Hare, a hub for Ameri- pany’s most recent diversity
counters’ growing popularity can and United. Jim Compton, report released in August. But
more seriously. United’s chief revenue officer, when it comes to “tech” roles,
Scott Kirby, president of said recently that his airline women made up 13% of those
American, said its response to was pressured after American jobs and less than a quarter of
discounters now is “more at O’Hare started trying to leadership positions, among
comprehensive” than its prior match pricing from Southwest, the lowest percentages among
“hit or miss” approach. He which flies out of Chicago’s its peers that have reported.
said 87% of American’s cus- Midway Airport. “Once a large Fare fights can quickly escalate in big airports like Chicago’s O’Hare, a hub for American and United. Underrepresented minori-
tomers, accounting for half its competitor does that, it’s a lot ties such as blacks and His-
revenue, fly once a year or of inventory at O’Hare that’s law that limited its destina- ture” the position of being existing planes to lower panics have fared worse at
less and are largely price-sen- exposed competitively,” he said. tions from that airport was re- the lowest-cost carrier, but costs. That has reduced a key Twitter. In the U.S., underrep-
sitive, a group that is too big In Dallas, Southwest pealed in late 2014. Andrew currently is being under- metric called unit revenue— resented minorities working at
to ignore. boosted its number of seats Watterson, a Southwest senior cut by some of the ultra dis- the amount airlines take in for Twitter fell to 10% as of Au-
“We are being price com- out of Love Field by 46% this vice president, said the airline counters. each passenger flown a mile— gust 2015, down from 12% the
petitive really across the year alone from 2014, after a “certainly aspires to recap- Delta, taking a surgical ap- raising concern among inves- previous year.
proach, three years ago tors even as airlines have been Twitter is one of the few
started offering “Basic Econ- reporting record prof- companies that have laid
omy” fares on a few routes its. American expects its out self-imposed goals to in-
that overlapped with discount- fourth-quarter unit revenue to crease diversity at the com-
THE GIFT OF YOUR DREAMS IS ers as a defensive move, said
Glen Hauenstein, chief revenue
be off by 5% to 7% from a year
ago, after falling 6.8% in the
pany next year. But an essay
that ran on digital publishing
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routes, he said, offering mod- taking hits. Spirit’s average pointed to the kind of biases
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no itinerary changes or ad- third quarter was down nearly tend to slow diversity efforts.
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every day, any time, and in your own home. Melt away stress, ilar no-frills fares. Brett Hart, price, riding high at $82 in dent where he asked the senior
United’s acting chief executive, February, started sliding in vice president of engineering
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sense of well-being. Act now to buy the gift of your dreams be “an elegant way to appeal mid-November. It has recov- taking to increase diversity. Mr.
and take advantage of our unprecedented to our whole base,” including ered to $42.46, up 0.6%, in 4 Miley, who is black, wrote that
$1,000 instant manufacturer rebate. customers who could fly with p.m. trading Tuesday. the executive’s response was,
Spirit or Frontier. “We service Spirit CEO Ben Baldanza said “diversity is important, but we
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riers have long tried to insulate
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Responding to Mr. Miley’s
post, the engineering executive,
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has “to be realistic.” has taken a more aggressive dium that the comments attri-
MSRP $7,799 While lowering fares, air- tack against Spirit, Frontier and buted to him weren’t accurate.
Our Price: lines also have added seats to Southwest, clearly,” he said. Nevertheless, he apologized
and said, “I realize that we have
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wrote on Twitter on Tuesday.
THE WALL STREET JOURNAL. NY Wednesday, December 30, 2015 | B5
CAREERS
Triumph Group Names

Raytheon Executive
Daniel Crowley as CEO
BY ROBERT WALL
AND ANNE STEELE
Aircraft parts maker Tri-

umph Group Inc. named out-
sider Daniel J. Crowley as
chief executive, appointing
him to lead a turnaround at
the embattled supplier to
plane makers Boeing Co. and
Airbus Group SE.
Tuesday’s appointment of
JUSTIN SULLIVAN/GETTY IMAGES
Mr. Crowley, 52 years old,

ends eight months of uncer-
tainty at the Berwyn, Pa.-
RAYTHEON/ASSOCIATED PRESS
based company. Investors wel-
comed the appointment,
sending the company’s share
price up more than 19% to
$40.98 on Tuesday.
An outside firm helped Gap verify what an internal audit found in 2014: that the retailer pays men and women commensurately. Mr. Crowley formerly ran a
unit of weapons maker Ray-
PAY such as seniority, experience,

or education—account for dif-
ferences in pay.
“It takes time to document
legal experts say, because the
“equal work” rule was very
narrow, allowing employers to
use any differences in job re-
some action. “We haven’t
planned on an audit yet, but
it’s probably something we’d
want to plan in the very near
theon Inc. and earlier was
chief operating officer at
Lockheed Martin Corp.’s aero-
nautics unit. He takes over ef-
Triumph CEO Daniel J. Crowley
in streamlining operations at
Continued from page B1 these differences and confirm sponsibilities as a rationale for future,” said Jason Leverant, fective Jan. 4 from Triumph other companies, Cowen & Co.
ployee salaries to ensure that there are bona fide factors pay disparities. president of AtWork Group, a founder Richard C. Ill, who left analyst Cai von Rumohr said. “
men and women are being other than sex driving any “Most differences in pay national staffing agency based retirement in April to become Mr. Crowley is the second
paid fairly. The initial gender kind of pay gap,” said Elaine scales between men and in Knoxville, Tenn., with nine acting chief executive after the former Lockheed Martin exec-
gap in salaries was “a very Reardon, a director at Beverly women aren’t because they’re branches and about 30 corpo- departure of former CEO Jef- utive to be recruited to fix a
small percentage,” and Cisco Hills-based Resolution Eco- in the same job, but because rate employees in California. fry D. Frisby. struggling aerospace parts
adjusted pay accordingly, a nomics, which helps compa- they’re in female- or male- The firm’s outside counsel Mr. Frisby had left the com- supplier. Larry Lawson, who
company spokeswoman says, nies conduct pay audits. She dominated job categories,” in California recently gave an pany amid problems in some worked at the defense giant’s
but she couldn’t specify how estimated the process can take said Martha West, professor of employment-law update for contracts including parts for aeronautics unit at the same
much it spent in the process. three to six months. law emerita at the University AtWork’s local department Boeing’s 747-8 jumbo jet that time as Mr. Crowley, joined
Salesforce.com Inc. began Such audits may encourage of California, Davis, School of heads and divisional leaders, led Triumph to take a $152 Spirit AeroSystems Holdings
looking into pay equity earlier employers to standardize the Law. and pay legislation was cov- million charge to earnings ear- Inc. in April 2013, after his
this year after two high-rank- way they set pay, instead of Still, the law leaves open ered. “We want to make sure lier this year. Triumph at the predecessor, Jeffrey Turner,
ing women, including human- deciding it, as many companies the question of which jobs can our people are aware of this. It time had said it would seek a resigned following cost over-
resources chief Cindy Robbins, do, on a case-by-case basis, be considered similar. Is a can get pricey if you don’t permanent replacement for runs on several programs. The
suggested to Chief Executive said Caroline Simard, leader of women’s soccer coach similar comply,” Mr. Leverant. Mr. Frisby. In September, Boe- price of shares in Wichita,
Marc Benioff that the online the diversity and workplace to a men’s soccer coach? An The new law bars employing said it would bring some Kan.,-based Spirit since have
software vendor examine its transformation practice at Ex- assistant manager of HR, and ers from punishing workers 747 work previously done by advanced more than 150%.
practices. An initial assess- ponential Talent LLC, a Bay one in accounting? who discuss salaries with col- Triumph in-house. Triumph Chairman Ralph E.
ment “didn’t find a lot of dis- Area consulting firm. “Stan- “It will take several court leagues. That is a potentially Triumph has been strug- Eberhart said Mr. Crowley’s
parity,” Ms. Robbins said in an dardization can be really good decisions or agency decisions significant restriction because gling despite booming busi- appointment comes “at an im-
interview this fall. But the for more equality,” she said. to work out how broadly the it could spur more workers to ness at Boeing and its Euro- portant time in our company’s
company spent $3 million this The firm helped Gap Inc. term ‘similar’ will be defined,” talk about and challenge pay pean rival Airbus. The world’s history as we look to enhance
year raising the salaries of analyze its pay data this year said Ms. West. disparities internally before two largest aircraft makers are competitiveness and profit-
some women and a few men to to verify what an internal au- The law applies to all work- pursuing complaints or litiga- poised to deliver a record ability.” He said the new CEO
reach pay parity. dit found in 2014, that the re- ers in California, regardless of tion, said Ms. West, the law number of planes this year brought “strategic and opera-
Assessing pay is difficult, tailer pays men and women their employer’s size or where professor. and have a backlog of orders tional expertise, and deep un-
according to statisticians who commensurately. the company is based, said Women need to “talk to each for some models stretching derstanding of the aerospace
specialize in pay audits, be- Gov. Jerry Brown signed Gary Gansle, a partner in the other and talk to their male col- beyond 2020. and defense industry.”
cause most HR systems don’t the Fair Pay Act into law in Palo Alto office of law firm leagues,” she said. “And if Triumph had slumped 42% Mr. Ill, who was Triumph’s
capture all the information October, expanding a 1963 fed- Squire Patton Boggs LLP. women start organizing at this year through Monday. The chief executive between 1993
needed to group similar jobs. eral regulation prohibiting Managers of small busi- work, that will put pressure on company reported net of and 2012 before returning as
Moreover, they typically lack companies from paying men nesses and companies with employers to correct differences $238.7 million on $3.89 billion acting CEO this year will re-
enough data on individual and women differently for just a handful of workers in before anyone has to sue.” in revenue for the fiscal year main a member of the board.
workers to understand equal work. The “similar the state say the law is —Georgia Wells ended March 31. Mr. Crowley Mr. Crowley also will join the
whether legitimate factors— work” provision is important, prompting discussion and contributed to this article. has a track record of success company’s board.
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Macy’s has received seven re- comes one day after it an- '. ' # & '/ ; ) : ;
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includes only the frying pans. wireless technologies. believes it is acting legally. All Rights Reserved. - ***9 $ btw the hours of 11-6
According to the CPSC, Qualcomm’s announcement —Don Clark and Anne Steele
THE WALL STREET JOURNAL. NY Wednesday, December 30, 2015 | B5
CAREERS
Triumph Group Names

Raytheon Executive
Daniel Crowley as CEO
BY ROBERT WALL
AND ANNE STEELE
Aircraft parts maker Tri-

umph Group Inc. named out-
sider Daniel J. Crowley as
chief executive, appointing
him to lead a turnaround at
the embattled supplier to
plane makers Boeing Co. and
Airbus Group SE.
Tuesday’s appointment of
JUSTIN SULLIVAN/GETTY IMAGES
Mr. Crowley, 52 years old,

ends eight months of uncer-
tainty at the Berwyn, Pa.-
RAYTHEON/ASSOCIATED PRESS
based company. Investors wel-
comed the appointment,
sending the company’s share
price up more than 19% to
$40.98 on Tuesday.
An outside firm helped Gap verify what an internal audit found in 2014: that the retailer pays men and women commensurately. Mr. Crowley formerly ran a
unit of weapons maker Ray-
PAY such as seniority, experience,

or education—account for dif-
ferences in pay.
“It takes time to document
legal experts say, because the
“equal work” rule was very
narrow, allowing employers to
use any differences in job re-
some action. “We haven’t
planned on an audit yet, but
it’s probably something we’d
want to plan in the very near
theon Inc. and earlier was
chief operating officer at
Lockheed Martin Corp.’s aero-
nautics unit. He takes over ef-
Triumph CEO Daniel J. Crowley
in streamlining operations at
Continued from page B1 these differences and confirm sponsibilities as a rationale for future,” said Jason Leverant, fective Jan. 4 from Triumph other companies, Cowen & Co.
ployee salaries to ensure that there are bona fide factors pay disparities. president of AtWork Group, a founder Richard C. Ill, who left analyst Cai von Rumohr said. “
men and women are being other than sex driving any “Most differences in pay national staffing agency based retirement in April to become Mr. Crowley is the second
paid fairly. The initial gender kind of pay gap,” said Elaine scales between men and in Knoxville, Tenn., with nine acting chief executive after the former Lockheed Martin exec-
gap in salaries was “a very Reardon, a director at Beverly women aren’t because they’re branches and about 30 corpo- departure of former CEO Jef- utive to be recruited to fix a
small percentage,” and Cisco Hills-based Resolution Eco- in the same job, but because rate employees in California. fry D. Frisby. struggling aerospace parts
adjusted pay accordingly, a nomics, which helps compa- they’re in female- or male- The firm’s outside counsel Mr. Frisby had left the com- supplier. Larry Lawson, who
company spokeswoman says, nies conduct pay audits. She dominated job categories,” in California recently gave an pany amid problems in some worked at the defense giant’s
but she couldn’t specify how estimated the process can take said Martha West, professor of employment-law update for contracts including parts for aeronautics unit at the same
much it spent in the process. three to six months. law emerita at the University AtWork’s local department Boeing’s 747-8 jumbo jet that time as Mr. Crowley, joined
Salesforce.com Inc. began Such audits may encourage of California, Davis, School of heads and divisional leaders, led Triumph to take a $152 Spirit AeroSystems Holdings
looking into pay equity earlier employers to standardize the Law. and pay legislation was cov- million charge to earnings ear- Inc. in April 2013, after his
this year after two high-rank- way they set pay, instead of Still, the law leaves open ered. “We want to make sure lier this year. Triumph at the predecessor, Jeffrey Turner,
ing women, including human- deciding it, as many companies the question of which jobs can our people are aware of this. It time had said it would seek a resigned following cost over-
resources chief Cindy Robbins, do, on a case-by-case basis, be considered similar. Is a can get pricey if you don’t permanent replacement for runs on several programs. The
suggested to Chief Executive said Caroline Simard, leader of women’s soccer coach similar comply,” Mr. Leverant. Mr. Frisby. In September, Boe- price of shares in Wichita,
Marc Benioff that the online the diversity and workplace to a men’s soccer coach? An The new law bars employing said it would bring some Kan.,-based Spirit since have
software vendor examine its transformation practice at Ex- assistant manager of HR, and ers from punishing workers 747 work previously done by advanced more than 150%.
practices. An initial assess- ponential Talent LLC, a Bay one in accounting? who discuss salaries with col- Triumph in-house. Triumph Chairman Ralph E.
ment “didn’t find a lot of dis- Area consulting firm. “Stan- “It will take several court leagues. That is a potentially Triumph has been strug- Eberhart said Mr. Crowley’s
parity,” Ms. Robbins said in an dardization can be really good decisions or agency decisions significant restriction because gling despite booming busi- appointment comes “at an im-
interview this fall. But the for more equality,” she said. to work out how broadly the it could spur more workers to ness at Boeing and its Euro- portant time in our company’s
company spent $3 million this The firm helped Gap Inc. term ‘similar’ will be defined,” talk about and challenge pay pean rival Airbus. The world’s history as we look to enhance
year raising the salaries of analyze its pay data this year said Ms. West. disparities internally before two largest aircraft makers are competitiveness and profit-
some women and a few men to to verify what an internal au- The law applies to all work- pursuing complaints or litiga- poised to deliver a record ability.” He said the new CEO
reach pay parity. dit found in 2014, that the re- ers in California, regardless of tion, said Ms. West, the law number of planes this year brought “strategic and opera-
Assessing pay is difficult, tailer pays men and women their employer’s size or where professor. and have a backlog of orders tional expertise, and deep un-
according to statisticians who commensurately. the company is based, said Women need to “talk to each for some models stretching derstanding of the aerospace
specialize in pay audits, be- Gov. Jerry Brown signed Gary Gansle, a partner in the other and talk to their male col- beyond 2020. and defense industry.”
cause most HR systems don’t the Fair Pay Act into law in Palo Alto office of law firm leagues,” she said. “And if Triumph had slumped 42% Mr. Ill, who was Triumph’s
capture all the information October, expanding a 1963 fed- Squire Patton Boggs LLP. women start organizing at this year through Monday. The chief executive between 1993
needed to group similar jobs. eral regulation prohibiting Managers of small busi- work, that will put pressure on company reported net of and 2012 before returning as
Moreover, they typically lack companies from paying men nesses and companies with employers to correct differences $238.7 million on $3.89 billion acting CEO this year will re-
enough data on individual and women differently for just a handful of workers in before anyone has to sue.” in revenue for the fiscal year main a member of the board.
workers to understand equal work. The “similar the state say the law is —Georgia Wells ended March 31. Mr. Crowley Mr. Crowley also will join the
whether legitimate factors— work” provision is important, prompting discussion and contributed to this article. has a track record of success company’s board.
Sidecar Technologies Shifts Its Focus ADVERTISEMENT

Uber Technologies Inc.’s
field of challengers has been
reduced by one.
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According to the CPSC, Qualcomm’s announcement —Don Clark and Anne Steele
BUSINESS NEWS
HongKong Retail Sales Slow MACAU

and a bandage on his face.
“Someone said I was killed. You
see, I’m in good shape,” Mr.
Kwok told a group of reporters,
Continued from page B1 emphatically gesturing with
Drop-off in Chinese year-and-a-half-long crash has open palms as a group of hefty
been quite a jolt following a associates looked on. “You see
tourism hurts Hong five-year winning streak. how handsome I am.”
Kong’s luxury and Mr. Kwok had already been On Tuesday Mr. Kwok failed
feeling the pain of the casino to appear at his own widely
mass-market stores hub’s slump before the assault. publicized news conference.
He was a partner in VIP gam- When his representative Ben
BY ANJIE ZHENG bling rooms at MGM Resorts Lam told a crowd of media
International’s casino and that the event had been can-
HONG KONG—Hong Kong, Melco Crown Entertainment celed, they closed in on him
once a shopping mecca for Ltd.’s City of Dreams resort in with cameras and recording
mainland Chinese seeking Macau, according to people fa- devices and shouted questions
Swiss watches and luxury miliar with the matter. Such at him for an hour. Mr. Lam,
handbags, is expected to re- rooms are operated by junkets, the chief operating officer of
cord its biggest annual decline middlemen who bring rich Horus Consultant Co., repeat-
in retail sales since the out- mainland gamblers to Macau, edly told reporters that Mr.
break of severe acute respira- lend them money and collect Kwok was currently unreach-
tory syndrome, or SARS, in their gambling debts. able but “still alive.” He de-
2003. But crashing revenue forced clined to comment on his cli-
XAUME OLLEROS/BLOOMBERG NEWS
The city may also post the Mr. Kwok’s VIP rooms to shut, ent’s alleged gambling debt
first annual decline in main- leaving him with financial dis- and business dealings in Macau
land tourists since visa relax- putes and considerable per- and said that Mr. Kwok had “no
ations allowed individual visi- sonal gambling debts—a com- opinion” of the local media’s
tors from China, also in 2003, mon fate in Macau this year— description of him as a promi-
prompting calls for extensive one of the people said. Junket nent organized-crime figure.
diversification of tourism—a operators like Mr. Kwok have The same day of Mr. Kwok’s
pillar of the city’s economy. borne the brunt of the down- assault, top Macau and China
Luxury sales in Hong Kong turn, with VIP gambling reve- officials were celebrating the
began to decline in late 2013 Hong Kong’s luxury retailers have turned to discounting and sales promotions to draw customers. nue declining 44% this year 16th anniversary of Macau’s
after Beijing started cracking through November compared return to Chinese rule. Exactly
down on corruption and con- eight straight months on the six months ended Septem- with the overall industry’s 35% a year prior, Chinese President
spicuous consumption. Also, lower tourist spending, with Chinese in Hong Kong ber and June, respectively. fall and a 22% drop at mass- Xi Jinping visited Macau to
Chinese shoppers are increas- total retail sales down 2.7% Chinese tourists drove retail and “The city has been very fo- market gambling tables, ac- mark the handover anniver-
ingly choosing Japan over year-over-year for the first 10 commercial property growth for cused on Chinese tourists and cording to data from Daiwa sary and telegraphed the bad
Hong Kong because of a weak- months of 2015. That is years, but the inflow is slowing. shopping, and underinvesting Capital Markets. luck that would lie ahead,
ening yuan and a strengthen- steeper than the 2.6% decline Through October
in building new tourist attrac- According to the police re- warning that the territory’s
ing Hong Kong dollar, as it is recorded in all of 2003. In Oc- 50 tions and experiences,” said port, the reason for the attack overreliance on the gambling
pegged to the U.S. dollar. tober, Hong Kong saw a 38.5% Chinese tourists, Mariana Kou, an analyst at on 57-year-old Mr. Kwok is un- industry had caused “deep-
Spending by Chinese tour- drop in sales of Swiss watches, 40 in millions brokerage CLSA. “Hong Kong known and the assailant, who seated problems.”
ists has been the main driver said the Federation of the needs to transform into a fled the scene, hasn't been ar- “The situation in Macau is
of retail and commercial prop- Swiss Watch Industry. Other 30
more diversified tourist desti- rested. A police organized- like it was in the late 1990s”
erty sectors in Hong Kong in brands, like Chanel, went the nation,” she said. crime team is handling the in- ahead of the handover, said
recent years, as the number of unusual route of slashing the China’s increasingly mobile vestigation, the report said. Agnes Lam, president of Ma-
mainland tourists rose. The price of an iconic bag by over 20 and affluent middle class has A spokeswoman for Melco cao Civic Power, considered a
number of Chinese tourist ar- 24% in Hong Kong. meant big business for travel- Crown declined to comment, moderate pro-democracy
rivals was 15% lower in No- “The ‘luxury supermarket’ 10 related companies including and a spokesman for MGM said group. “Something big is going
vember compared with a year image is no longer attractive” airlines, travel agencies and the company has never had a to change. The power will
ago, the steepest decline all for Hong Kong, said Clement luggage makers. Despite a business relationship with Mr. shift,” said Ms. Lam, who is
0
year, extending the year-to- Kwok, chief executive at the slowing economy and a stock- Kwok. Ownership of VIP gam- also assistant dean on the fac-
date fall in Chinese visitors. Hongkong & Shanghai Hotels 2000 ’10 15 market collapse this summer, bling operations in Macau is of- ulty of social sciences at the
Hong Kong’s tourism com- Ltd., owner of the city’s iconic Sources: Hong Kong Tourism Board, CEIC Chinese tourists are projected ten opaque. A spokeswoman for University of Macau.
mission says the city’s tourism Peninsula Hotel. The Peninsula THE WALL STREET JOURNAL. to spend over $200 billion the Peninsula, which was The changing policies are
industry has “entered a con- Hotel saw occupancy rates abroad for 2015. crowded with tourists waiting coming at exactly the wrong
solidation period” after a de- drop 3% in the third quarter ers this year as the Chinese The stronger U.S. dollar has for its famous afternoon tea at time for Macau’s casino opera-
cade of growth, and says it is from a year earlier. “There is economy slowed. Milan Sta- also made traveling to Hong the time of the attack, con- tors, who are in the middle of a
now targeting “high-spending an urgent need for a new mar- tion, a vendor of secondhand Kong more expensive, as the firmed that someone had been $20 billion expansion push. In
overnight visitors” from other keting campaign to rebrand handbags, said revenue in its local currency is pegged to the assaulted at the hotel. October, Melco Crown opened
markets to help fill the city’s Hong Kong as a dynamic, ex- Hong Kong shops fell over 28% dollar. Destinations with Mr. Kwok couldn’t be Studio City, a $3.2 billion Hol-
myriad shopping malls and ho- citing and relevant modern in the first half of the year, weaker currencies such as reached for comment but was lywood-inspired resort without
tel rooms. Meanwhile, retail city,” Mr. Kwok said. while cosmetic retailers Sa Sa Japan and Europe have at- filmed by local media leaving a any VIP gambling rooms—
sales in the formerly bustling The slump in retail sales and Bonjour reported revenue tracted Chinese vacationers hospital late that night sporting something that would have
shopping hub have fallen for spread to mass-market retail- declines of 10.6% and 14.4% in there instead. one of his signature white suits been unimaginable a year ago.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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BEASTLY BEHAVIOR | By Daniel Landman 10 Japanese writer Charlie Brown
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U.S. Forecasts City Hi
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t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice cars bear witch in picture books
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Phoenix 59 37 s 63 40 s Hong Kong 64 59 c 68 59 s 6 Old station 29 Hyde Park sight Hedgehog’s fox 18 Warning letters atmosphere
Anchorage 41 30 r 33 29 sf Pittsburgh 49 30 r 37 26 sf Istanbul 43 31 sn 37 29 sn friend? on racy links
Atlanta 66 52 r 59 45 c Portland, Maine 32 28 i 41 25 c Jakarta 89 76 t 89 76 t identification 30 Like Bert, for 49 Shed things
Austin 58 36 pc 51 36 c Portland, Ore. 40 27 pc 37 25 s Jerusalem 52 42 sh 47 40 sh 10 Fail to attend much of “Mary 51 Rival of Donald, 22 Give and take
50 Figure in black?
Baltimore 56 42 r 52 34 pc Sacramento 52 30 pc 52 31 s Johannesburg 85 56 pc 86 62 pc
14 Amazon’s web Poppins” Marco and Jeb 24 Driver’s about-
Boise 23 10 c 20 8 pc St. Louis 41 25 c 36 23 c London 55 41 r 50 34 sh face, informally 54 Course hazard
Boston 40 38 c 47 33 c Salt Lake City 29 11 sn 24 7 pc Madrid 53 45 pc 57 36 sh traffic analytics 31 Intimidate a 52 Party party
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Burlington 41 32 c 40 27 c San Francisco 52 38 pc 52 37 s Manila 86 76 s 87 78 pc subsidiary storied 53 School with a
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Chicago 31 23 sn 28 14 c Seattle 38 27 pc 39 27 s Mexico City 77 50 pc 76 48 pc Diplomatic “Henry IV Part 1” Putin
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Dallas 53 35 pc 49 36 c Wash., D.C. 57 44 r 54 37 pc Moscow 21 11 sf 15 5 c 16 Minute quantity 35 Mall adjunct
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Houston 60 47 c 57 46 r Today Tomorrow Riyadh 73 58 pc 68 57 pc “Chelsea Lately”? film about a Best Actress F L O S S A B U T A H A B
Indianapolis 38 26 c 32 21 c City Hi Lo W Hi Lo W Rome 53 35 pc 53 38 pc Oscar winner? B A N A L C O R E WA C O
19 Big gulp macaw named
Kansas City 28 16 pc 29 13 pc Amsterdam 49 43 pc 50 38 c San Juan 84 74 pc 83 74 pc I N T R O T O G A F L U X
Las Vegas 48 31 s 48 29 s Athens 53 37 sh 43 33 sh Seoul 41 28 sh 39 27 pc 20 Lucy’s guy Blu 60 It might be fishy H I P T O B E S Q U A R E
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Little Rock 52 34 pc 49 33 c Bangkok 91 73 s 89 73 s Shanghai 53 35 pc 47 32 s
21 Vague amount 39 Act like a 61 She, in MO R O S E B O O
Los Angeles 63 42 s 66 42 s Beijing 40 15 s 40 17 s Singapore 87 78 pc 87 77 t cantankerous TV Cherbourg E R O D E O S L O P S S T
Miami 84 75 pc 84 74 pc Berlin 37 30 s 38 31 c Sydney 75 64 s 77 64 pc 22 1953 western G L A D T O B E U N H A P P Y
Milwaukee 30 20 sn 27 12 c Brussels 50 43 c 50 37 c Taipei 66 58 r 62 59 pc doctor? 62 Wow A D D S F I N E A T E U P
that won an A F T A D H E R E
Minneapolis 25 13 sf 18 11 c Buenos Aires 89 71 pc 83 67 pc Tokyo 50 37 pc 54 39 pc Oscar for 42 Credit report info 63 Stylishly upscale SWAM I S T V S D N A
Nashville 56 37 c 49 31 c Calgary 23 12 s 31 16 s Toronto 38 29 c 36 28 sf C R U E L T O B E K I N D
New Orleans 64 56 t 62 50 r Dubai 76 62 s 81 68 s Vancouver 37 23 s 37 22 s cinematography 44 “___ la Douce” 64 Marketing event R I D E A N O N D E I T Y
New York City 52 44 r 51 37 pc Dublin 50 36 r 45 34 sh Warsaw 30 17 pc 30 16 s A T I T G Y N T E R A S E
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 38 24 pc 39 22 c Edinburgh 53 34 r 43 32 r Zurich 43 28 pc 42 33 r P E T S E X E S S O L A R
THE 10-POINT:
MAKE TIME FOR THE DAY’S TOP
STORIES DELIVERED TO YOUR INBOX.
FROM EDITOR IN CHIEF GERARD BAKER
Scoops. Hard News. Features. Videos. There’s always more to a story, and you get it first with the Journal.
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LAWSUITS C2 | GLOBAL FINANCE C3 | MARKETS DIGEST C6
Value Hidden
Dow Is Energized In PICC Group
BLOOMBERG NEWS
HEARD ON
Blue chips advance 192.71 IN THE MARKETS | C4 THE STREET | C10
© 2015 Dow Jones & Company. All Rights Reserved. * * THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | C1
DJIA 17720.98 À 192.71 1.10% S&P 2078.36 À 1.06% NASDAQ 5107.94 À 1.33% 10–YR. TREAS. g 24/32, yield 2.310% OIL $37.87 À $1.06 EURO $1.0921 YEN 120.45 See more at WSJMarkets.com
After Ailing, Risk Transfer Fannie Mae and Freddie Mac are ramping up sales of a new mortgage
security to lay off the cost of defaults on private investors.
Booster Shot
For Biotech
Bank issues …Fannie/Freddie
mortgages and Fannie bundle those
sells them to Mae mortgages into
Fannie Mae or Freddie bonds that are
Freddie Mac... Mac sold to investors
Shares of Celgene, As often has been the case

recently, longer-term investors
Gilead and others help used the pullback as an oppor-
Old way New way
drive a recent rebound tunity to snap up companies.
Biotech is “one of the best Bonds let Fannie/Freddie transfer Fannie/Freddie still sell traditional
for the sector areas for growth,” said David interest-rate risk to investors mortgage bonds
Klaskin, chief investment offi-
BY SAUMYA VAISHAMPAYAN cer at Oak Ridge Investments, Fannie/Freddie cover the cost of They also sell new derivatives
which manages about $4.6 bil- mortgage defaults linked to all but their safest
Biotech is back. lion. mortgages
After an autumn selloff, the “In three to four months, Taxpayers on the hook if
Nasdaq Biotechnology Index either they’re up 20% or down Fannie/Freddie need backup Investors in the derivatives are on
has rallied 18% from its 2015 20%, but I’ll still like them,” he Yields are low, the hook if mortgage holders default
low in September, and is now said. The aging U.S. population
up 13% for the year. and the Affordable Care Act reflecting safety Yields are higher, reflecting
It has outpaced the broader should boost health-care potential losses
market since the September spending—and biotech
trough, and that puts the sec- stocks—in the longer run, he
tor back on familiar footing: said.
Shares of drug and health-care The S&P 500’s health-care
companies rallied more than sector currently trades at 22 Source: the companies; Federal Housing Finance Agency THE WALL STREET JOURNAL.
the market in recent years as times the last 12 months of
Bonds Shift Risk From Taxpayers

investors sought companies earnings, according to FactSet.
that have the potential to While that is more expensive
boost earnings and revenue. than the broader S&P 500,
But the sector also has which trades at 18 times the
been prone to sharp pull- last year of earnings, it is less BY JOE LIGHT The securities will be based With the new securities, how- market relies almost entirely
backs, including one this fall than the health-care sector’s on the value of a pool of un- ever, investors could lose some on guarantees from Fannie,
when the political focus on price/earnings ratio of 23 at Fannie Mae and Freddie derlying mortgages—but only or all of their principal if the Freddie or other government-
the pricing of prescription the end of the second quarter. Mac are turning to crisis-era indirectly, making them a de- underlying mortgages default. backed entities. The compa-
drugs helped drag the Nasdaq In fact, several biotech gi- tools to reduce their exposure rivative similar to those that The effort marks a notable nies, along with government
biotech index into negative ants are trading below their to mortgage losses and spark a figured in the financial crisis return to financial engineering agency Ginnie Mae, back most
territory for the year. Demo- long-term valuations. Celgene new market for financing seven years ago. in housing finance—elements mortgages and issued 96% of
cratic presidential candidate Corp. has a P/E multiple of 26, home buyers. The insurance-like products of which served useful pur- all mortgage bonds in the first
Hillary Clinton in September which is less than its 10-year Beginning in 2016, the two are called Connecticut Avenue poses before bloating in the 10 months of the year, accord-
proposed a plan to control average of 58. Gilead Sciences government-controlled hous- Securities by Fannie Mae and years leading to the crisis. ing to trade publication Inside
drug costs, while U.S. prose- Inc. trades at 8.7 times the ing giants will ramp up sales Structured Agency Credit Risk The new securities ulti- Mortgage Finance.
cutors subpoenaed Canada’s past 12 months of earnings, of a new type of security that by Freddie Mac. Standard-issue mately could help reduce the Banks used to issue hun-
Valeant Pharmaceuticals In- below its 10-year average of will transfer most of the cost bonds from the housing giants government’s role in mort- Please see FANNIE page C2
ternational Inc. in October 21, and Biogen Inc. has a price/ of defaults on all but their saf- protect investors from the risk gages by persuading investors
seeking information related to earnings ratio of 18 versus its est mortgages to private inves- that home buyers will stop mak- to take on the risk of default. Heard on the Street: New
how it prices drugs. Please see BIOTECH page C2 tors. ing payments on their loans. Right now, the U.S. housing Fannie bonds with twist... C10
Building Homes in U.S., Selling in China

BY ELIOT BROWN U.S. being built by Chinese de- fort by Chinese developers to such as the U.S. and England.
AND ESTHER FUNG veloper Greenland Holding turn around that model, con- The Chinese developers “are
Group, coupled with a culinary verting demand from China into household names or brand
SHANGHAI—In a low-slung and cultural lesson on the au- Chinese-built condos an ocean names within China,” said Mar-
building near an artsy river- tumnal holiday. away. tin Polevoy, a lawyer at DLA
JOE SCHMELZER FOR THE WALL STREET JOURNAL
front area Greenland is in the process Big Chinese development Piper in New York who advises
PROPERTY known as West of building two large apartment companies, including Green- Chinese real-estate firms on
REPORT Bund district, a projects, one in Los Angeles land, Dalian Wanda Group and U.S. property. “People trust
group of more and the other New York, and is Oceanwide Holdings, are collec- them and they will sign on to
than 10 fami- turning to its standard client tively planning billions of dol- one of their projects in the U.S.”
lies gathered on Thanksgiving base—Chinese investors—to lars of U.S. development, in- The extent to which these
Day for a tutorial about the help fill them. cluding Chicago’s third-tallest developers are counting on Chi-
American holiday, complete Commercial-property devel- tower and a $5 billion apart- nese buyers varies by project,
with a golden-brown roasted opment in the U.S. is typically ment project in Brooklyn. Most and some rely almost exclu-
turkey. dominated by domestic compa- of the large developers have sively on U.S. buyers. But in
This wasn’t a cooking class. nies catering to local demand. ambitions to one day collect as many projects Chinese make up
Instead, the attendees were Greenland’s savory sales pitch much as 20% of their income a third or more of the buyers,
China's Greenland is building the Metropolis in Los Angeles. being sold condominiums in the offers a glimpse at a nascent ef- from international markets Please see CHINA page C8
Natural Gas: Under Pressure

BY SPENCER JAKAB But the number of rigs justify paying good money
spinning away isn’t as low as for a rig, such as in the
The market needed an- one might expect. They were Permian Basin of Texas.
other hole in the ground like last at this level in 2010 and Natural gas is an entirely
it needed a hole in the head. remain well above the lows different story. That market
When Baker Hughes Inc. reached during the financial is so horribly glutted and cut
MOHAMED NURELDIN ABDALLAH/REUTERS
reported that the number of crisis. off from the rest of the world
rotary rigs The energy landscape has that the gas-dedicated rig
AHEAD OF drilling for oil changed a lot since then and count now sits at the lowest
THE TAPE in North Amer- in ways that can’t be ex- recorded level going back to
ica rose for the pressed by oil prices. In 1987, when Baker Hughes be-
week ended 2008, the shale revolution gan compiling the figures.
Dec. 18, it helped push crude was just getting started, af- Plus, the Henry Hub fu-
prices to their lowest in ter all. Even with oil prices tures price, which is hover-
seven years. Surely, with this low, there still are places ing near a 16-year low for
prices down by more than where a sane person could December, doesn’t capture
70% and U.S. inventories the whole picture. There are
near their highest for this parts of the continent—the A sugar-cane plantation near Khartoum, Sudan. The country is importing more refined sugar.
time of year since the Great Feeling Unwell prolific Marcellus Shale for-
Depression, the number was
a misprint? The indicator re-
sumed its fall the following
Baker Hughes North American
rig counts
mation, for example—where
cash prices have been less
than half as much as those
Sudan Emerges as Hub for Sugar
holiday-shortened week, giv- 1,600 GAS RIGS futures recently. BY NICHOLAS BARIYO dan’s Red Sea coast. The shift for Sudan has
ing a fillip to crude prices. Like oil, natural-gas stor- Sudan is emerging as a re- been propelled by a combina-
Rigs dedicated to oil, 1,200 age recently hit a seasonal KAMPALA, Uganda—When gional sugar trading hub, with tion of market liberalization,
which have shriveled by two- U.S. record. But it also the price of sugar rose 40% in the commodity offering a demand for sugar from neigh-
thirds since September 2014, 800 threatens a situation in Sudan last year, Hussein bright spot for an economy boring countries where prices
probably will resume their which gas literally may have Adawi temporarily abandoned ravaged by decades of conflict are higher and swelling do-
downward trajectory when 400 nowhere to go next summer. his garment business to try his and the plunging price of oil. mestic consumption boosted
Baker Hughes issues its next The rig count looks bleak, luck at importing the sweet At the same time, Sudan’s im- by a record refugee influx. The
report on Thursday. That OIL RIGS but it is a tale of two hydro- commodity. Now, enjoying ports of refined sugar—a key refugee situation has pushed
0
could help oil prices, which carbons. hefty demand and profits, he food ingredient in the desert Sudanese demand for refined,
have firmed slightly from a ’06 ’10 ’15 is staying the course. nation that lacks natural or white, sugar to 1.5 million
pre-Christmas trough. Source: Baker Hughes Email: tape@wsj.com “Sometimes we’re over- sweeteners like fruits—is help- metric tons this year from less
whelmed by the orders,” said ing to push the global sugar- than 900,000 tons in 2014, ac-
INDEX Credit Markets.................................................C7 Exchange-Traded Funds......................... C9 Heard on the Street................................. C10 New Highs & Lows..............................C10 the 45-year-old importer who price recovery, according to cording to the International
Cash Prices...................................................C3 Currencies.......................................................... C6 Finance Watch................................................ C3 Money Rates.................................................... C7 Property Report..................................... C8 sources sugar from Thailand analysts and the U.S. Depart- Sugar Organization.
Commodities............................................. C7 Dividend News............................................... C4 Global Finance................................................. C3 Mutual Funds............................................... C10 Stock Listings........................................... C9
via Port Sudan, a city on Su- ment of Agriculture. Please see SUGAR page C2
C2 | Wednesday, December 30, 2015 THE WALL STREET JOURNAL.
MONEY & INVESTING
Lehman Sues Japanese Firm Daiwa Over Derivatives

BY PATRICK FITZGERALD interest. It also is asking the cause of a bankruptcy filing
judge to toss Daiwa’s $46 mil- are known as ipso facto
Lehman Brothers Holdings lion claims against Lehman. clauses and are generally pro-
Inc. is suing Daiwa Securities Although Lehman officially hibited under U.S. bankruptcy
Capital Markets Co. over hun- exited bankruptcy protection law.
dreds of soured swaps and op- in 2012, its derivatives team Lehman, once the world’s
tions, claiming the Japanese still is wrangling with credi- fourth-largest investment
investment bank shortchanged tors over billions of dollars in bank, was a party to or had
it on hundreds of derivatives disputed claims. guaranteed more than 10,000
contracts after Lehman’s bank- Swaps and other deriva- derivative contracts represent-
ruptcy to reap a multimillion- tives represent a significant ing more than 1.7 million
dollar windfall. source of cash for Lehman transactions at the time of its
In a lawsuit filed with U.S. creditors waiting to be paid collapse, according to court
Bankruptcy Court in New more than seven years after documents. The team working
York, lawyers for Lehman say the investment bank filed for on unwinding the deals has so
the bank was “in the money” bankruptcy protection. far recovered billions in cash
to the tune of $75 million on Derivatives counterparties for the benefit of creditors.
955 derivatives transactions— have argued that Lehman’s Bankruptcy professionals
mainly interest-rate and credit bankruptcy constituted a de- under the direction of Alvarez
TORU HANAI/REUTERS
default swaps—with Daiwa at fault under their swaps agree- & Marsal Inc. managed the
the time of Lehman’s 2008 ments. New York holding company’s
bankruptcy filing. In a key ruling in 2010, assets until Lehman’s exit
Daiwa used “commercially Judge James Peck, the judge from chapter 11 more than
unreasonable and bad faith then overseeing Lehman’s three years ago, when a reor-
valuation techniques, includ- Lehman Brothers contends Daiwa Securities shortchanged it on hundreds of derivatives contracts. chapter 11 case, said those ganized company, overseen by
ing deducting tens of millions clauses were so-called ipso a new board of directors,
of dollars of ‘unwind costs’ last week. multimillion-dollar receivable Lehman is asking U.S. Bank- facto provisions that deprived emerged.
that it did not incur” from its “By manufacturing ficti- that it was not entitled to re- ruptcy Judge Shelley C. Chap- Lehman of the benefit of its Lehman Holdings and its
valuations of the derivatives tious charges, Daiwa sought to ceive,” Lehman said. man for the $75 million it says in-the-money position under subsidiaries already have re-
transactions, Lehman’s law- turn a multimillion-dollar pay- A Daiwa lawyer declined to it was owed at the time the the swaps. Provisions termi- turned about $100 billion to
yers claim in the suit, filed able it owed [Lehman] into a comment. swaps were terminated, plus nating a contract solely be- creditors.
BIOTECH
Continued from the prior page
10-year average of 22.
Even with expectations of
further biotech earnings
growth, the size of gains going
forward may be smaller. Cel-
gene shares surged 115% in
2013 and 32% in 2014. This
year, shares are on track to
rise 8.6%.
The Nasdaq biotech index’s
2015 advance is on track to be
its smallest since 2011, when it
rose 12%.
“Expectations have been
ratcheted down so that inves-
tors aren’t expecting to make
25-30% in a year” in biotech
stocks, said Sahak Manuelian,
managing director in equity
trading at Wedbush Securities.
“You just can’t keep that up,”
he added.
Several investors say that
the sector’s volatility is likely
MOHAMED NURELDIN ABDALLAH/REUTERS

to continue. That includes
shares of smaller drug compa-
nies that post disappointing
results in clinical trials, which
have been swiftly punished in
the stock market this year.
Shares in Chimerix Inc.
dropped 81% Monday after the
company said that the Phase 3
trial of a drug used to prevent
infections following blood and
marrow transplants didn’t A sugar-packing facility near Khartoum, Sudan, in 2013. ‘The market has became sort of addicted to Sudan in the last year or so,’ said one Dubai-based sugar trader.
meet its goals.
“The volatility has been
tied to the overall political en-
vironment,” said Bob Landry,
portfolio manager at USAA In-
SUGAR Jones Indices, said imports
from Sudan represented “one
of the main forces contribut-
ing to sugar’s recent spike.”
migrants have entered Sudan
this year, according to the
United Nations, and their ap-
petite for bread and juices is
fying changes to the Sudanese
market that also have helped
boost demand: Accelerating
economic growth has bol-
dan from a blacklist, easing
money transfers to and from
the country. As a result, Suda-
nese importers can more eas-
vestment Solutions. “I would Continued from the prior page The recent gains in sugar driving up demand for white stered consumption, and Su- ily access letters of credit to
expect that volatility to con- “The market has became futures have been driven sugar. “My customers keep in- dan’s removal from trading import products.
tinue in 2016…but I look at sort of addicted to Sudan in largely by erratic weather con- creasing,” said Abdullahi blacklists has eased imports. The changes are on show in
that as more of an opportunity the last year or so,” said one ditions in Brazil and India, the Nimeri, a baker in Sudan’s Sudan three years ago the Sudanese capital Khar-
to buy into some companies Dubai-based sugar trader. “Ev- two largest producers, and capital of Khartoum. scrapped sugar duties to ad- toum, where traders are jos-
that have good [drug] pipe- ery time you looked at a vessel magnified by moves by many dress chronic shortages. The tling to capitalize on higher
lines and generate good cash lineup, you saw vessels going Brazilian mills to abandon incentives lured importers, margins and easier terms of
flow.” to Sudan.” sugar milling to produce etha-
One driver for helping turn Sudan into a re- trade.
Sudan is set to account for nol. As a result, production is record Sudanese gional hub. Sudan’s industry How long the boom will last
nearly 30% of new global expected to fall short of de- ministry estimates that about remains to be seen. The Dubai-
Biotech Bounce sugar import demand from mand this year, for the first
demand is the 20% to 25% of the imported based sugar trader said the
Performance this year 2015-16, which is projected to time since 2010, according to number of refugees. sugar is now re-exported to price difference between sugar
rise by some 2.5 million tons, the International Sugar Organ- regional markets, notably Eri- in Sudan and its neighbors
Nasdaq Biotech S&P 500
30% 12.98% 0.95% the USDA said. While global ization. Heavy rains are trea and Somalia, a fourfold will gradually tighten, reduc-
sugar import demand dropped blamed for suppressed sucrose Sudan now hosts 2.5 million rise since mid-2014. ing the appeal of the regional
nearly 2%, to 50 million tons content in sugar cane, and it is refugees, according to the U.N. Some analysts and traders export trade.
20 in 2015, Sudan’s imports dou- more profitable for processors Increasing demand for pro- said a portion of the stocks But for now, at least, people
bled, the USDA said. to produce ethanol than sugar cessed foods and beverages is are smuggled to regional mar- like Sudanese restaurateur
After hitting six-year lows from the harvested cane. lining the pockets of business kets, a contention denied by Meriam Oya no longer have to
10
in August on ICE Futures Eu- One driver for record Suda- owners like Messrs. Adawi and the government. wait in long lines for scarce,
rope, white-sugar futures are nese demand is the number of Nimeri. Meanwhile, food com- New initiatives are offering locally made sugar. “Steady
0 up 23% from $333.60 a metric refugees fleeing turmoil in panies such as Dubai-based Al additional help to importers. supplies are helping us satisfy
ton to $410.60 a metric ton as war-torn neighboring states or Ghurair Resources LLC are In October, the Financial Ac- our customers, and our mar-
of Tuesday, rising ahead of an traveling the migrant trail fer- expanding operations in Sudan tion Task Force, an interna- gins are improving” Mr. Oya
–10 anticipated global production rying millions toward Europe to feed the swelling popula- tional body that sets stan- said. “In our world, it is mak-
2015 shortfall, analysts said. from countries such as Eritrea tion, trade officials said and dards for anti-money ing life much easier.”
Source: FactSet Jodie Gunzberg, global head and Somalia. the company acknowledged. laundering and combating ter- —Ed Ballard
THE WALL STREET JOURNAL. of commodities at S&P Dow More than 500,000 of these The refugee surge is magni- rorist financing, removed Su- contributed to this article.
FANNIE have sold about $25 billion of

the securities since 2013 to
private investors, including
money managers such as
the risk of losses if interest
rates rise but have left the
government with the risk if
borrowers default. The new se-
security. “There’s still a ques-
tion of whether [the securities
sales] can be expanded to re-
ally provide the goal of making
Continued from the prior page BlackRock Inc. and Invesco curities—along with other the government the guarantor
dreds of millions of dollars Ltd., hedge funds, real-estate methods Fannie and Freddie of last resort.”
worth of mortgage bonds that investment trusts and other use to lay off risk—mean that Among other outstanding
JASON REED/REUTERS/CORBIS
didn’t carry Fannie or Fred- investors. the government is increasingly questions are at what price in-
die’s guarantees, but that mar- Earlier this month, the Fed- transferring that default risk vestors will buy the securities
ket dried up after the financial eral Housing Finance Agency, to private investors as well. in times of market stress and
crisis. which regulates Fannie and The new securities allocate how much issuance it will take
Proponents hope the new Freddie, set a goal for the the risk of default to different until the securities easily trade
securities could help restore companies to transfer most of tranches. The housing giants on the open market. Right
investors’ appetite for mort- their risk on many of the new typically hold the safest now, the debt trades infre-
gage risk. If it works, backers mortgages they back to private tranche and the riskiest quently and tends to stay with
think the securities could be- investors. The guidance covers tranche. Investors can buy The U.S. housing market relies almost entirely on guarantees the investor who first bought
come a mainstay of the bond mortgages of more than 20 those in the middle based on from Fannie, Freddie or other government-backed entities. it. New capital standards have
and housing markets over years where homeowners their risk and return appetites. caused banks to pull back from
time, perhaps even getting in- make less than a 40% down For example, in June, Fred- stead under the terms of the still are nascent and that the dealing in all sorts of bonds,
cluded in the major indexes payment and says the compa- die Mac sold $950 million of June deal, Freddie would lose market has yet to show how cutting off that avenue for
tracked by bond funds. nies should lay off the risk on Stacrs covering $18.4 billion of only $143 million, while the much appetite it has for the trading as well.
“To many people, mortgage 90% of the unpaid principal Freddie-backed loans. If a se- private investors would lose new securities. Fannie and Although BlackRock has
credit risk is still a bad word,” balance. vere housing downturn $225 million, Mr. Zandi said. Freddie’s early deals only pro- bought portions of the Fannie
said Laurie Goodman, director Fannie and Freddie don’t emerged in a few years, those In exchange for taking that tected them from losses be- and Freddie deals, it has done
of the Housing Finance Policy make loans. They buy them mortgages could be expected risk, in that deal investors got yond a certain level, though so on a limited basis, said
Center at the Urban Institute, from lenders, wrap them into to suffer a 2% loss, said yields of between 1.15 percent- the companies have begun to Kevin Chavers, BlackRock’s
adding that she isn’t optimis- securities and guarantee to Moody’s Analytics chief econo- age points and 7.55 percentage sell “first-loss risk” as well. managing director, on a panel
tic that the market for pri- make investors whole if the mist Mark Zandi. Without the points above a benchmark “We’re going from no place this month hosted by the Secu-
vately backed mortgage bonds mortgages default. protection conferred by the se- short-term interest rate. to some place,” said Lewis Ra- rities Industry and Financial
will revive soon. In practice, that has meant curities, Freddie would be hit Some market watchers note nieri, the financier who co-in- Markets Association, a trade
Fannie and Freddie already that investors have taken on with losses of $368 million. In- that the companies’ programs vented the mortgage-backed group.
THE WALL STREET JOURNAL. * * * * Wednesday, December 30, 2015 | C3
GLOBAL FINANCE
M&A Lifts Japanese Firms Branching Out
To expand overseas lending, Japanese banks are targeting loans for a
record level of global mergers and acquisitions.
Nation’s lenders ride helped finance some of the that the money is mostly going nancing even if [the compa- Acquisitions-related loans Global M&A volume
year’s biggest deals. They in- to blue-chip companies with nies] are not Japan-related,”
merger wave, taking cluded Anheuser-Busch In- higher investment grades. “As he said.
$1,000 billion
Japanese
Total
$5 trillion
part in 59% of global Bev’s $104 billion acquisition dollar funding costs rise, fi- M&A financing on a global
800
banks involved*
4
of SABMiller, announced in nancing for deals is more prof- scale presents some challenges
deal loan packages October. The country’s top itable than normal lending,” he for banks more accustomed to
three banks—Mitsubishi UFJ said. working with well-known part- 600 3
BY ATSUKO FUKASE Financial Group Inc., Mizuho With its financial strength, ners.
Financial Group and Sumi- Mitsubishi UFJ, Japan’s largest Takahiko Yasuhara, general
TOKYO—Faced with sluggish tomo Mitsui Financial bank by assets, sees an oppor- manager of the international 400 2
domestic growth, Japan’s Group—said they provided tunity to move well beyond fi- coordination division at Miz-
megabanks are expanding their about $4 billion each to a $75 nancing acquisitions by Japa- uho Financial Group, said Mi- 200 1
role in financing global mergers billion loan package for that nese companies, said Makoto zuho works to get to know
and acquisitions, which hit a re- deal. Kobayashi, head of the banking the biggest companies around
0 0
cord level this year. That represents only a frac- unit’s financial-solutions the world so it will be pre-
Japanese banks have long tion of the big three’s total group. pared when a deal arises. 2011 ’12 ’13 ’14 ’15 2011 ’12 ’13 ’14 ’15
ranked among the world’s top overseas lending. The balance “We’ve seen increasing “We are often asked by an *Reflects value of total financing packages to which Japanese banks contributed
cross-border lenders and have of Mitsubishi UFJ’s overseas numbers of financing deals for acquiring company to provide Source: Dealogic THE WALL STREET JOURNAL.
lent billions of dollars to Japa- lending totaled ¥42.4 trillion non-Japanese M&A activities financing for an upcoming deal
nese companies seeking ($352 billion) as of Sept. 30, this year and I feel our pres- Friday and to get back to them SMFG President Koichi Mi- on hand, Japanese bankers ac-
growth abroad through acqui- while Mizuho’s was ¥22.6 tril- ence has been more recog- with a yes or no over the yata said he tries to meet a top knowledge that they also could
sitions. Now the banks are in- lion and SMFG’s was ¥20.5 nized,” Mr. Kobayashi said. weekend. So to make a quick executive at a major company face a challenge raising U.S.
creasingly financing deals that trillion. The banks don’t dis- The bank’s alliance with decision, we have to build whenever he goes on a business dollars for overseas lending as
don't involve their compatriot close the exact amounts of Morgan Stanley has helped it close relationships with such trip abroad. “Financing deals is interest rates rise in the U.S.
companies. their contributions to M&A expand its role in global deal companies,” he said. about whether you can main- Mr. Miyata said SMFG would
Banks in Japan have had a loan packages. financing, he said. The bank Mizuho contributed to $34 tain relationships with a busi- use dollar deposits and the
hand in 59% of global M&A Still, efforts to ramp up took a 20% stake in Morgan billion in financing toward ness client…so I’m trying to commercial-paper market,
loan packages this year, up overseas M&A lending are a Stanley in 2008, and the two Teva Pharmaceutical Indus- reach out to contacts during my while trying to build dollar
from 46% last year, according positive for Japanese banks, have joint ventures in Japan. tries’ $40.5 billion acquisition business trips in Asia, the U.S. holdings by issuing dollar cor-
to data provider Dealogic. said Akira Takai, an analyst at “In global deals that Mor- of Allergan’s generic-drugs and Europe,” Mr. Miyata said. porate bonds and converting
Japanese lenders have Daiwa Securities, who noted gan Stanley advises, we get fi- businesses announced in July. Despite having ample cash yen.
Italy’s Builder China Vanke

Premier Acts to Block Takeover
SHANGHAI—Property devel- by teaming up with Anbang In-
Hopeful oper China Vanke Co. took an-

other step to counter a possible
unsolicited takeover effort from
a company that owns a chunk of
surance Group of China. Vanke
said Anbang has increased its
stake in Vanke in recent weeks
from 4.5% to 7%.
On Banks its shares, by striking a deal to

potentially issue new shares to
an unidentified investor.
Speculation over Vanke’s fu-
ture has been rife after Baoneng
started buying up Vanke shares
Vanke, the world’s largest in August, displacing state-
BY GIADA ZAMPANO home builder by sales, said on owned China Resources Group
AND LIAM MOLONEY Tuesday it signed a letter of in- as its largest shareholder. In
tent to issue new shares to the China, an investor that acquires
ROME—Italian Prime Min- investor in exchange for some 30% of a listed company must
ister Matteo Renzi, facing of its assets. The statement make a tender offer to all the
public pressure after a rescue didn’t disclose details such as company’s shareholders.
of four banks led to losses for the identity of the investor, the China Resources now owns a
thousands of households, said assets it might sell or how 17.4% stake. As a result, Vanke
Italy’s lenders are more solid many shares it might issue. Of- shares that trade in mainland
than those in other European ficials at Vanke declined to China have soared by two-
SILVIA LORE/ZUMA PRESS
countries and don’t pose a comment further. thirds over the past month, at a
threat to the nation’s financial The filing didn’t make refer- time when China’s property sec-
system. ence to Baoneng Group, a tor remains weak.
“There is no systemic risk closely held property-to-finance Wang Shi, chairman of
for Italian banks,” said Mr. conglomerate based in Shen- Vanke, has criticized Baoneng’s
Renzi during his traditional zhen, that in recent months has credibility and financing capac-
end-of-year news conference Italian Prime Minister Matteo Renzi says there are too many banks in his country. become Vanke’s largest share- ity and said the company has a
in Rome. He added, however, holder, with a 24.3% stake poor track record of developing
that the country has too many banking system after the Eu- funds from the banking sys- ers and junior bondholders Vanke’s latest move follows projects, according to a tran-
banks, suggesting that further ropean Commission ruled out tem to rescue Cassa di Ris- spurred the government to set an announcement on Dec. 21 script of the remarks reviewed
consolidation is necessary. the use of Italy’s deposit-guar- parmio di Ferrara SpA, up a privately funded compen- that it will disclose by Jan. 18 a by The Wall Street Journal.
The Italian government has antee fund, which would have Banca delle Marche SpA, sation fund of up to €100 mil- restructuring plan that will in- Officials from Baoneng ha-
faced criticism after a €3.6 infringed the European lion as part of its 2016 bud- clude issuing an unspecified ven’t responded to questions
billion ($3.95 billion) rescue Union’s state-aid rules. At get. number of new shares, a move from the Journal regarding Mr.
of four local banks, announced Tuesday’s news conference,
‘There is no “We won’t ask for a depar- widely seen as a poison-pill Wang’s criticisms. The company
last month, caused more than Mr. Renzi said Italy is playing systemic risk for ture” from EU rules, Mr. Renzi strategy that would make a previously said on its website
10,500 shareholders and ju- by EU banking-sector rules. said Tuesday. takeover more expensive. Vanke that Baoneng “legally operates
nior bondholders to have their Last week, the Italian gov-
Italian banks,’ says The premier’s comments shares have been suspended its business, has created huge
investments wiped out. ernment published a confiden- Italy’s leader. came just days before stricter from trading since Dec. 18. value for society and its cus-
Some of those who suffered tial letter, dated Nov. 19, in rules on restructuring and Last week, Vanke stepped up tomers, and has a good name in
losses on the bank securities which the European Commis- rescuing banks in the EU are efforts to rebuff a potential the market.”
say they should have been sion warned Rome against the Banca Popolare dell’Etruria set to come into force. takeover attempt from Baoneng —Rose Yu
warned about the risks and illegitimate use of the de- e del Lazio SC and Cassa di As of Jan. 1, senior bond-
that the rescue should have posit-guarantee fund to rescue Risparmio della Provincia di holders and uninsured deposi-
protected them from losses. the four local banks. Chieti SpA. tors could face losses if a Cash Prices | WSJ.com/commodities Tuesday, Dec. 29, 2015
The rescue plan was pri- The letter pushed the Ital- Anger over the imposition bank has to be restructured or These prices reflect buying and selling of a variety of actual or “physical”
vately funded by the Italian ian government to use private of heavy losses on sharehold- wound down. commodities in the marketplace—separate from the futures price on an
exchange, which reflects what the commodity might be worth in future
months.
fund switches in customer accounts clined to comment. As part of the holds a basket of assets like a mu-
Finance
Tuesday Tuesday
and sometimes didn’t apply sales- settlement, Barclays neither admit- tual fund but trades on an ex- Cotton,1 1/16 std lw-mdMphs-u 0.6387
commission discounts, the Financial ted nor denied the charges. change like a stock. Some of those Energy Cotlook 'A' Index-t *n.a.
Watch Industry Regulatory Authority said.

Generally, switching among
—Anna Prior funds traded at sharp discounts to
their underlying holdings.
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
0.3906
0.5440
n.a.
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
73.000
n.a.
funds can be difficult to justify SECURITIES REGULATION The SEC is examining factors in- NaturalGas,TranscoZone3-i n.a. Grains and Feeds
when transaction fees generated by cluding the creation and redemption NaturalGas,TranscoZone6NY-i n.a.
the change take a bite out of any
SEC to Study ETF of ETF shares and liquidity in the NaturalGas,PanhandleEast-i n.a.
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
n.a.
103
NaturalGas,Opal-i n.a.
potential financial gain, Wall Street’s Swings on Aug. 24 stock market, the regulator said in NaturalGas,MarcellusNE PA-i n.a.
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
3.5150
112.0
BARCLAYS self-regulator noted. The Securities and Exchange the research report. NaturalGas,HaynesvilleN.LA-i n.a. Corn gluten meal,Midwest-u,w 453.8
From January 2010 through Commission is assessing the causes —Leslie Josephs Coal,C.Aplc.,12500Btu,1.2SO2-r,w 43.500 255
Finra Pact Settles June of this year, supervisory sys- of sharp price swings in exchange- Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 10.900
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w n.a.
Fund-Switch Case tems at Barclays Wealth & Invest- traded products and stocks on Aug. NOBLE GROUP Metals Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
213
2.7550
Barclays Capital Inc., a unit of ment Management, Americas—a 24, it said in a report Tuesday. Gold, per troy oz
British bank Barclays PLC, will pay business that was recently sold to Intensifying global growth fears
Moody’s Downgrades Engelhard industrial 1074.47
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
344.00
23.25
1155.06
$13.75 million in fines and restitu- Stifel Financial Corp. in a deal un- sparked steep losses in markets Debt to Junk Status Engelhard fabricated
Handy & Harman base 1070.10
Sorghum,(Milo) No.2 Gulf-u 7.4550
tion to settle allegations that its veiled in June—weren’t sufficient to around the world that day. Price Noble Group Ltd.’s credit rating SoybeanMeal,Cent IL,rail,ton48%-u 281.00
Handy & Harman fabricated 1187.81
Soybeans,No.1 yllw IL-bp,u 8.5900
former U.S. wealth and investment- prevent unsuitable switching, Finra swings triggered nearly 1,300 trad- was slashed to junk status by LBMA Gold Price AM *n.a.
Wheat,Spring14%-pro Mnpls-u 6.1750
LBMA Gold Price PM *n.a.
management unit failed to prevent said. ing halts, which mostly affected ex- Moody’s Investors Service, dealing Krugerrand,wholesale-e 1111.55
Wheat,No.2 soft red,St.Louis-bp,u 4.2550
thousands of unsuitable mutual- A spokesman for Barclays de- change-traded funds, a product that another blow to the commodities Maple Leaf-e 1122.24
Wheat - Hard - KC (USDA) $ per bu-u 4.4825
trader as it fights to recover from a American Eagle-e 1122.24 Wheat,No.1soft white,Portld,OR-u n.a.
difficult year. Mexican peso-e 1296.65
Austria crown-e 1050.64
Food
Noble has struggled this year Austria phil-e 1122.24 Beef,carcass equiv. index
amid allegations of accounting ir- choice 1-3,600-900 lbs.-u 191.17
Silver, troy oz.
select 1-3,600-900 lbs.-u 181.80
regularities and a slump in com- Engelhard industrial 14.0900
Broilers,dressed 'A'-u 1.1237
modities prices that has eroded its Engelhard fabricated 16.9080
Handy & Harman base 13.9750
Broilers, National comp wghtd-u,w 0.8229
profit. The ratings firm said the Handy & Harman fabricated 17.4690 Butter,AA Chicago 2.0175
downgrade reflects concerns over LBMA spot price £9.3950 Cheddar cheese,bbl,Chicago 147.00
(U.S.$ equivalent) 13.9300 Cheddar cheese,blk,Chicago 143.00
the Hong Kong-based trader’s li- Milk,Nonfat dry,Chicago lb. 74
Coins,wholesale $1,000 face-a 12705
quidity, its low profitability and neg- Cocoa,Ivory Coast-w 3535
Other metals
ative free cash flow from opera- LBMA Platinum Price PM *n.a. Coffee,Brazilian,Comp n.a.
tions. Platinum,Engelhard industrial 897.0 Coffee,Colombian, NY n.a.
Platinum,Engelhard fabricated 997.0 Eggs,large white,Chicago-u 1.0850
Last month, Noble announced Flour,hard winter KC 13.60
Palladium,Engelhard industrial 561.0
an 84% drop in third-quarter net Palladium,Engelhard fabricated 661.0 Hams,17-20 lbs,Mid-US fob-u 0.59
profit because of losses in its met- Aluminum, LME, $ per metric ton *n.a. Hogs,Iowa-So. Minnesota-u 56.82
als-and-mining segment and associ- Antimony-d 2.5250 Pork bellies,12-14 lb MidUS-u 1.1106
Copper,Comex spot 2.1250 Pork loins,13-19 lb MidUS-u 0.8610
ated companies, including its agri- Steers,Tex.-Okla. Choice-u n.a.
Lead,NA solder-d 108.229
cultural arm Noble Agri. Noble Iron Ore, 62% Fe CFR China-s 41.4 Steers,feeder,Okla. City-u,w n.a.
recently announced plans to sell its Shredded Scrap, US Midwest-s,w 170
remaining stake in Noble Agri to Stainless steel scrap,US-d 1560 Fats and Oils
Steel, HRC USA, FOB Midwest Mill-s 374 Corn oil,crude wet/dry mill-u 38.7500
Chinese state-backed grain trader Tin,NA solder-d 900.739 Grease,choice white,Chicago-u 0.1925
Cofco for $750 million. Zinc,NA-d 78.715 Lard,Chicago-u 0.2500
TOBY MELVILLE/REUTERS
Noble said it respected the rat- Soybean oil,crude;Centl IL-u 0.2965

Fibers and Textiles Tallow,bleach;Chicago-u 0.1950
ings firm’s call but said the Cofco Burlap,10-oz,40-inch NY yd-n,w 0.4850 Tallow,edible,Chicago-u n.a.
sale should be enough for the com-
pany to “substantially exceed” the KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes;
requirements for investment-grade E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; L=livericeindex.com; M=midday; N=nominal;
n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly,
credit. Z=not quoted. *Data as of 12/28
Barclays recently sold its U.S. wealth-management business to Stifel Financial Corp. —Sarah Kent Source: WSJ Market Data Group
C4 | Wednesday, December 30, 2015 * *** THE WALL STREET JOURNAL.
IN THE MARKETS
Bonds Signaling
Unease Over U.S.
BY MIN ZENG Nations Federal Credit Union
in New York.
The U.S. bond market is If inflation fails to material-
flashing signs of uneasiness ize as the Fed expects and
over the strength of the U.S. economic growth “continues to
economy, as the Federal Re- languish as it has or even
serve starts raising interest weaken over the next couple of
rates amid an uncertain global quarters”, then the Fed “is
outlook and weak commodi- looking at a policy mistake,”
ties. he said.
The extra yield investors Gross domestic product, the
demanded to own the bench- broadest measure of goods
mark 10-year and services produced across
ANDREW HARRER/BLOOMBERG NEWS
CREDIT Treasury note the U.S. economy, advanced at

MARKETS over the two- a 2% seasonally adjusted an-
year note fell to nual rate in the third quarter,
as low as 1.17 which marks a sharp slow-
percentage points during down from the second quar-
Tuesday’s session. ter’s 3.9%.
It would have marked the The growth rate was 1.3%
lowest level since January this quarter through Dec. 23,
2008 on a closing basis, ac- according to the “GDPNow”
Coal is loaded at a Consol Energy Inc. marine terminal in Baltimore. Consol shares gained 4.7% in the day’s trading as oil prices rose. cording to Tradeweb. The economic model from the Fed-
spread settled at 1.215 percent- eral Reserve Bank of Atlanta.
Stocks Stage Broad Rally

age point at the end of the ses- Meanwhile, developing na-
sion, down from 1.5 percentage tions, a main growth engine
point at the end of 2014. for the world economy, have
A steeper yield curve can been struggling. Japan and the
suggest the economy is gain- eurozone’s growth remain ane-
Some traders use Shares of Freeport-McMo- Dow industrials are down 0.6% oil weakness and fears over ing traction, pushing investors mic. The sharp price decline in
Ran rose 12 cents, or 1.8% to year to date. China,” said Russ Mould, in- to demand higher rates on the commodities complex, led
opportunity to buy 6.97, recovering some of Mon- The stock market likely will vestment director at AJ Bell, long-term debt to offset the by oil, has created disinflation-
beaten-down shares, day’s losses when the mining struggle to eke out gains again which holds £26.1 billion ($40 risk of inflation. It can also ary pressure, making it more
company said Chairman James next year, said Kevin Walkush, billion) in assets under man- benefit banks, which make difficult for the Fed to push up
though volume is thin R. Moffett would resign. a portfolio manager at Jensen agement. “The commodity- more money by being able to inflation to its 2% target.
Shares are off 7.9% this week. Investment Management, price collapse shows deflation borrow relatively cheaply in A stronger dollar driven by
BY LESLIE JOSEPHS Investors also bought which he says has about $6.4 is still a big threat.” the short-term market and higher interest rates in the
shares of exchange-traded billion in assets under man- Shares in Asia ended higher then lending for longer peri- U.S. has generated capital
U.S. stocks rose in a broad funds tracking high-yield agement. as Chinese equities recovered ods at higher rates. flight out of many developing
rally that snapped a two-day bonds. The iShares iBoxx USD Mr. Walkush expects com- from a selloff on Monday. For now, few expect to see countries and caused local cur-
losing streak for the Dow in- High Yield Corporate Bond Ex- panies to be challenged by a China’s Shanghai Composite the two-year yield rise above rencies to drop in value. Lower
dustrials. change-Traded Fund, the larg- strong U.S. dollar and tepid Index gained 0.9% after falling the 10-year yield in the fore- oil prices have generated sell-
The Dow Jones Industrial est high-yield-bond ETF by as- economic growth in 2016. the most it had in a month in seeable future, which consti- ing in bonds sold by lower-
Average rose 192.71 points, or sets, rose 0.6%. Major bourses have been the previous session amid tutes an “inverted curve” that rated U.S. firms, and investors
1.1%, to 17720.98. The S&P 500 The fund is still down more signs officials are worried warns of recession. That last are concerned whether the
gained 21.86 points, or 1.1% to than 10% this year as investors about capital flight as the time that happened was in contagion could spread.
2078.36. The fretted about the health of the
Shares’ move higher economy slows. Early Wednes- June 2007, shortly before the
TUESDAY’S Nasdaq Com- market as a plunge in energy could help major day, the benchmark was down financial crisis and ensuing
MARKETS posite added prices hurt companies in the 0.1%. downturn. AUCTION RESULTS
66.95 points, or sector.
indexes eke out a Elsewhere in Asia early But some are concerned
Here are the results of Tuesday's Treasury
auctions. All bids are awarded at a single price at
1.3%, to Energy prices rallied, with gain in 2015. Wednesday, Japan’s Nikkei about the fallout from the
the market-clearing yield. Rates are determined
by the difference between that price and the face
value.
5107.94. U.S. crude oil futures gaining Stock Average was up 0.6% Fed’s tightening policy. The
FOUR-WEEK BILLS
Seven of the day’s top 10 2.9% to settle at $37.87 a bar- and Australia’s S&P/ASX 200 U.S. economy is now late in
Applications $145,632,992,200
gainers in the S&P 500 are rel. Natural gas rose 6.5% to volatile in recent weeks, amid was up 0.7%, but Hong Kong’s the expansion cycle that began Accepted bids $45,000,112,200
down by double-digit percent- $2.3720 a million British ther- a slump in commodity prices, Hang Seng Index and South with the end of the recession " noncompetitively $234,242,800
" foreign noncompetitively $300,000,000
ages this year. mal units. weakness in the high-yield Korea’s Kospi were both down in 2009. While it is a bright Auction price (rate) 99.986778
“You have traders taking But some investors still are debt market, lackluster global 0.2%. spot in the world economy (0.170%)
Coupon equivalent 0.173%
advantage of individual names avoiding investments in the economic growth and the U.S. In currencies, the euro was with a strengthening labor Bids at clearing yield accepted 42.38%
that seem to have gotten sector because of swings in Federal Reserve’s first inter- down 0.4% against the dollar market, the pace of expansion Cusip number 912796GZ6
beaten up,” said Kenny Polcari, commodity prices, particularly est-rate rise in nearly a de- at $1.0921, while the dollar has been moderate and un- The bills, dated Dec. 31, 2015, mature on
Jan. 28, 2016.
director at O’Neil Securities. as oil prices have dropped to cade. was nearly unchanged against even.
FIVE-YEAR NOTES
Trading volume was well multiyear lows amid a global The Stoxx Europe 600 rose the yen at ¥120.4530. “The Fed could be endan- Applications $81,062,901,600
below the year-to-date average supply glut. U.S. crude prices 1.4%. Meanwhile, some basic- Gold rose 0.7% to $1,077.50 gering the recovery by raising Accepted b1ids $35,000,019,100
in a holiday-shortened week. have fallen nearly 30% so far materials companies dragged a troy ounce. rates too soon or too quickly, " noncompetitively $45,901,600
" foreign noncompetitively $0
Chesapeake Energy rose 51 this year. on indexes. Shares in Anglo Financial markets in the as other central banks have in Auction price (rate) 99.833292
cents, or 13% to $4.58 and was With only two trading days American declined 6.3%, while U.S., Europe and Japan will be the recent past and been (1.785%)
Interest rate 1.750%
the biggest percentage gainer left in the year, Tuesday’s rally those of ArcelorMittal lost closed Friday for New Year’s forced to reverse course,’’ said Bids at clearing yield accepted 27.37%
on the S&P 500. Consol En- could help major indexes eke 2.4% and Rio Tinto fell 1.4%. Day. Christopher Sullivan, who Cusip number 912828N48
ergy gained 37 cents, or 4.7% out a gain in 2015. The S&P “Everything’s on hold, and —Riva Gold oversees $2.3 billion as chief The notes, dated Dec. 31, 2015, mature on
Dec. 31, 2020.
to 8.24. 500 is up nearly 1%, while the nobody’s taking chances, given contributed to this article. investment officer at United
Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from December 29. FlexShares Intl Qual Div IQDE 4.3 .23206 Q Jan05 /Dec31 IQ Real Return CPI 0.0 .00263 A Jan05 /Dec31 Schwab U.S. TIPs SCHP 3.3 .1463 M Jan08 /Dec31
FlexShares Intl Quality IQDF 2.9 .15604 Q Jan05 /Dec31 IQ US Real Est Small Cap ROOF 7.7 .47476 Q Jan05 /Dec31 Schwab US Aggregate Bond SCHZ 2.2 .0926 M Jan05 /Dec31
Amount Payable / FlexShares Ready Access RAVI 0.7 .0518 Jan05 /Dec31 iSh Core Dividend Growth DGRO 2.1 .01128 Jan05 /Dec31 Sht Term Intl Treas BWZ .01753 Jan07 /Dec31
Company Symbol Yld % New/Old Frq Record FlexShares Ready Access RAVI 0.7 .04361 M Jan05 /Dec31 iSh FactorSelect MSCI USA LRGF 0.7 .00752 Jan05 /Dec31 SPDR Barclays 1-10Y TIPS TIPX 0.8 .01223 M Jan07 /Dec31
Increased FlexShs Credit-Scored US SKOR 2.5 .10332 M Jan05 /Dec31 iSh Latin America 40 ILF 2.1 .14319 Jan05 /Dec31 SPDR Barclays Aggregate BNDS 2.7 .12572 M Jan07 /Dec31
FlexShs Quality Dividend QDF 3.5 .31396 Q Jan05 /Dec31 iSh Moderate Allocation AOM 1.8 .0113 Jan05 /Dec31 SPDR Barclays Convertible CWB 27.6 1.12151 Jan07 /Dec31
Guaranty Federal Bancshrs GFED 2.1 .08 /.05 Q Jan15 /Jan05
Franklin Shrt Duration US FTSD 2.2 .18173 M Jan05 /Dec31 iSh MSCI Emg Mkt Lat Amer EEML 2.3 .06762 Jan05 /Dec31 SPDR Barclays Convertible CWB 27.6 1.00125 M Jan07 /Dec31
STRATS Tr Allstate 2006-3 GJT 1.4 .0212 /.01708 M Jan01 /Dec31
Gl X FTSE Portugal 20 PGAL 4.5 .45837 A Jan08 /Dec31 iSh MSCI USA Eq Weighted EUSA 2.5 .05066 Jan05 /Dec31 SPDR Barclays Hi Yield Bd JNK 6.7 .18918 M Jan07 /Dec31
Reduced Gl X GF China Bd CHNB 4.9 .14717 M Jan08 /Dec31 iSh MSCI USA Value Factor VLUE 2.7 .03641 Jan05 /Dec31 SPDR Barclays Interm Trea ITE 1.3 .06305 M Jan07 /Dec31
Gold Resource GORO 1.1 .0017 /.01 M Jan25 /Jan11 Gl X Guru Intl Index GURI 1.7 .21629 A Jan08 /Dec31 iSh S&P Totl US Stk Mkt ITOT 2.2 .08404 Jan05 /Dec31 SPDR Barclays Intl Corp IBND 0.1 .00179 M Jan07 /Dec31
Gl X JPMorgan Efficiente EFFE 4.7 1.04261 A Jan08 /Dec31 iShares Core S&P 500 ETF IVV 2.3 .1902 Jan05 /Dec31 SPDR Barclays Intl HY Bd IJNK 4.7 .08474 M Jan07 /Dec31
Initial Gl X MSCI Argentina ARGT 0.9 .16133 A Jan08 /Dec31 iShares Dow Jones U.S. IYY 2.0 .10776 Jan05 /Dec31 SPDR Barclays Lg Trea TLO 2.6 .15334 M Jan07 /Dec31
AlphaClone Intl ALFI .00508 Jan04 /Dec31 Gl X MSCI Colombia GXG 1.6 .11816 A Jan08 /Dec31 iShares Global Healthcare IXJ 1.5 .20393 Jan05 /Dec31 SPDR Barclays Sh Trm Trea SST 1.0 .02478 M Jan07 /Dec31
EGShares EM Core ex-China XCEM .51344 Jan12 /Dec31 Gl X MSCI Pakistan PAK .0471 Jan08 /Dec31 iShares Global Telecom IXP 3.9 .05535 Jan05 /Dec31 SPDR Barclays TIPS ETF IPE 1.4 .06263 M Jan07 /Dec31
FlexShares Curr Hdg DM TLDH .62613 Jan05 /Dec31 Gl X Next Emerging EMFM 2.7 .4643 A Jan08 /Dec31 iShares Growth Allocation AOR 2.1 .00996 Jan05 /Dec31 SPDR Bclys Sh Trm Hi Yd SJNK 5.9 .1272 M Jan07 /Dec31
FlexShares Curr Hdg EM TLEH .47822 Jan05 /Dec31 Gl X SuperDivid Alt ALTY 15.6 .17989 M Jan08 /Dec31 iShares Morningstar LC JKD 2.2 .05459 Jan05 /Dec31 SPDR Blackstone Sr Loan SRLN 4.0 .15474 M Jan07 /Dec31
FlexShares Real Assets ASET .2695 Jan05 /Dec31 Gl X SuperDividend EM SDEM 10.9 .11268 M Jan08 /Dec31 iShares MSCI ACWI ETF ACWI 2.4 .0347 Jan05 /Dec31 SPDR BofA ML CrsOvCp CJNK 5.3 .10595 M Jan07 /Dec31
FlexShs US Quality LgCp QLC .16569 Jan05 /Dec31 Gl X SuperDividend REIT SRET 14.0 .14975 M Jan08 /Dec31 iShares MSCI France ETF EWQ 0.6 .01577 Jan05 /Dec31 SPDR BofA ML EM Corp EMCD 4.9 .1109 M Jan07 /Dec31
Gl X Guru Activist ACTX .11597 Jan08 /Dec31 Gl X SuperDividend US DIV 7.7 .1555 M Jan08 /Dec31 iShares MSCI Mexico Cap EWW 1.7 .33084 Jan05 /Dec31 SPDR Brclys Issuer Score CBND 3.2 .08223 M Jan07 /Dec31
Gl X MSCI Pakistan PAK .36502 Jan08 /Dec31 Gl X SuperIncome Pfd SPFF 7.1 .07848 M Jan08 /Dec31 iShares Russell 1000 ETF IWB 2.0 .08174 Jan05 /Dec31 SPDR Build Am Bond BABS 4.0 .19888 M Jan07 /Dec31
Gl X Sci Beta Asia xJpn SCIX .62417 Jan08 /Dec31 Gl X Yieldco Index YLCO 3.5 .09344 Q Jan08 /Dec31 iShares Russell 3000 ETF IWV 2.1 .1233 Jan05 /Dec31 SPDR DB Intl Govt WIP 1.1 .53092 Jan07 /Dec31
Gl X Scientific Beta US SCIU .29 Jan08 /Dec31 Glbl X China Consumer CHIQ 4.8 .59104 A Jan08 /Dec31 iShares U.S. Healthcare IYH 1.5 1.28292 Jan05 /Dec31 SPDR DB Intl Govt WIP 1.1 .04558 M Jan07 /Dec31
Global X Copper Miners COPX .14206 Jan08 /Dec31 Glbl X China Energy CHIE 3.1 .32892 A Jan08 /Dec31 Market Vectors JPM EM LC EMLC 5.9 .0835 M Jan05 /Dec31 SPDR DoubleLine TR Tact TOTL 2.9 .11718 M Jan07 /Dec31
Global X Gold Explorers GLDX 1.92155 Jan08 /Dec31 Glbl X China Finls CHIX 5.2 .72948 A Jan08 /Dec31 Meidell Tactical Adv MATH 0.4 .10376 A Jan05 /Dec31 SPDR Interm Term Corp ITR 2.8 .00201 Jan07 /Dec31
Global X Lithium ETF LIT .04809 Jan08 /Dec31 Glbl X China Industrials CHII 2.7 .34416 A Jan08 /Dec31 Mkt Vctrs High Yld Muni HYD 4.5 .1158 M Jan05 /Dec31 SPDR Interm Term Corp ITR 2.8 .07668 M Jan07 /Dec31
Global X Sci Beta Europe SCID .34296 Jan08 /Dec31 Glbl X China Materials CHIM 5.5 .70853 A Jan08 /Dec31 Mkt Vctrs Intermed Muni ITM 2.3 .0451 M Jan05 /Dec31 SPDR Inv Grade Float Rate FLRN 0.7 .01855 M Jan07 /Dec31
Global X Sci Beta Japan SCIJ .20668 Jan08 /Dec31 Glbl X Fertilizers/Potash SOIL 3.6 .33009 A Jan08 /Dec31 Mkt Vctrs Long Muni Idx MLN 3.3 .0538 M Jan05 /Dec31 SPDR Lg Term Corporate LWC 4.7 .14672 M Jan07 /Dec31
Global X Silver Miners SIL .07039 Jan08 /Dec31 Glbl X FTSE Nordic Region GXF 2.9 .63171 A Jan08 /Dec31 Mkt Vctrs Pre-ReFded Muni PRB 0.9 .0183 M Jan05 /Dec31 SPDR MFS Sys Core Equity SYE 1.7 .33016 Jan11 /Dec31
Global X Uranium ETF URA .27421 Jan08 /Dec31 Glbl X NASDAQ China Tech QQQC 0.6 .14413 A Jan08 /Dec31 Mkt Vector ChinaAMC China CBON 3.0 .06 M Jan05 /Dec31 SPDR MFS Sys Core Equity SYE 1.7 .24719 Q Jan11 /Dec31
IQ 50% Hdg FTSE Eur HFXE .17196 Jan05 /Dec31 Glbl X Social Media Index SOCL 0.0 .00125 A Jan08 /Dec31 Mkt Vectors BDC Incm BIZD 10.0 .398 Q Jan05 /Dec31 SPDR MFS Sys Core Equity SYE 1.7 .30218 Jan11 /Dec31
IQ 50% Hdg FTSE Intl HFXI .14116 Jan05 /Dec31 Global X Brazil Consumer BRAQ 1.4 .11859 A Jan08 /Dec31 Mkt Vectors CEF Mun Incm XMPT 5.8 .1298 M Jan05 /Dec31 SPDR MFS Sys Growth Equ SYG 1.0 .85223 Jan11 /Dec31
IQ Hedge Event-Driven QED .3525 Jan05 /Dec31 Global X Brazil Mid Cap BRAZ 2.8 .1786 A Jan08 /Dec31 Mkt Vectors EM Hi Yd Bd HYEM 8.1 .1491 M Jan05 /Dec31 SPDR MFS Sys Growth Equ SYG 1.0 .14902 Q Jan11 /Dec31
IQ Hedge L/S Tracker ETF QLS .35914 Jan05 /Dec31 Global X FTSE Andean 40 AND 2.7 .17141 A Jan08 /Dec31 Mkt Vectors Intl Hi Yd Bd IHY 5.8 .109 M Jan05 /Dec31 SPDR MFS Sys Growth Equ SYG 1.0 .36963 Jan11 /Dec31
IQ Leaders GTAA Tracker QGTA .1381 Jan05 /Dec31 Global X FTSE Greece 20 GREK 1.5 .12114 A Jan08 /Dec31 Mkt Vectors Pharm PPH 1.2 .204 Q Jan05 /Dec31 SPDR MFS Sys Value Equity SYV 1.8 1.18318 Jan11 /Dec31
Loncar Cancer Immun ETF CNCR 0.4 .10551 A Jan04 /Dec31 Global X Guru Index ETF GURU 0.5 .11021 A Jan08 /Dec31 Mkt Vectors Short Muni SMB 1.2 .017 M Jan05 /Dec31 SPDR MFS Sys Value Equity SYV 1.8 .24404 Q Jan11 /Dec31
SPDR S&P N Amer Nat Rscs NANR .00304 Jan11 /Dec31 Global X MSCI Nigeria ETF NGE 4.5 .30378 A Jan08 /Dec31 Mkt Vectors Sht Hi Yd Mun SHYD 3.1 .064 M Jan05 /Dec31 SPDR MFS Sys Value Equity SYV 1.8 2.04424 Jan11 /Dec31
U.S. Global Jets ETF JETS .04286 Jan04 /Dec31 Global X MSCI Norway ETF NORW 3.7 .37185 A Jan08 /Dec31 Mkt Vectors Treasury-Hd THHY 5.4 .099 M Jan05 /Dec31 SPDR Mortgage Backed Bd MBG 3.1 .06987 M Jan07 /Dec31
Validea Mkt Legends VALX 0.3 .06431 A Jan04 /Dec31 Global X Permanent PERM 1.1 .25493 A Jan08 /Dec31 Mkt Vectors Vietnam VNM 0.3 .047 A Jan05 /Dec31 SPDR Nuv S&P Hi Yd Mun Bd HYMB 4.5 .21369 M Jan07 /Dec31
Global X Sci Beta Japan SCIJ .01165 Jan08 /Dec31 MV Emg Mkts Aggregate Bd EMAG 4.9 .082 M Jan05 /Dec31 SPDR Nuveen CA Mun CXA 2.5 .0294 Jan07 /Dec31
Funds and investment companies Global X SE Asia ETF ASEA 3.6 .44196 A Jan08 /Dec31 MV Fallen Angel ETF ANGL 6.2 .061 Jan05 /Dec31 SPDR Nuveen CA Mun CXA 2.5 .051 M Jan07 /Dec31
Adv Morgan Creek Global GTAA 1.5 .33225 A Jan05 /Dec31 Global X SuperDividend SDIV 7.2 .1205 M Jan08 /Dec31 MV Fallen Angel ETF ANGL 6.2 .127 M Jan05 /Dec31 SPDR Nuveen Mun Bd TFI 2.2 .02329 Jan07 /Dec31
AdvisorShares EquityPro EPRO 1.1 .0899 Jan05 /Dec31 GlX JPM US Sector Rotator SCTO 1.6 .35852 A Jan08 /Dec31 MV Inv Gd Flt Rt ETF FLTR 0.8 .0165 M Jan05 /Dec31 SPDR Nuveen Mun Bd TFI 2.2 .04553 M Jan07 /Dec31
AdvisorShares EquityPro EPRO 1.1 .30435 A Jan05 /Dec31 Guggenheim BS 2016 HY BSJG 2.8 .0607 M Jan04 /Dec31 MV Mort REIT Inc ETF MORT 10.1 .50 Q Jan05 /Dec31 SPDR Nuveen NY Mun INY 2.7 .14995 Jan07 /Dec31
AdvisorShares EquityPro EPRO 1.1 .81378 Jan05 /Dec31 Guggenheim BS 2017 HY BSJH 4.0 .083 M Jan04 /Dec31 MV PREF EX-FIN ETF PFXF 10.2 .162 M Jan05 /Dec31 SPDR Nuveen NY Mun INY 2.7 .05428 M Jan07 /Dec31
Arrow Dow Jones Glbl Yd GYLD 9.6 .1386 M Jan05 /Dec31 Guggenheim BS 2018 HY BSJI 5.3 .1051 M Jan04 /Dec31 Opp Navellier Over A100 RWV 0.6 .35302 Jan04 /Dec31 SPDR Nuveen Sh Term Mun SHM 0.9 .01826 M Jan07 /Dec31
Arrow Inv Tr DWA Tactical DWAT 0.1 .0065 A Jan05 /Dec31 Guggenheim BS 2019 HY BSJJ 5.2 .0991 M Jan04 /Dec31 Opp Navellier Over A100 RWV 0.6 .07395 Q Jan04 /Dec31 SPDR Shrt Term Corporate SCPB 1.5 .03865 M Jan07 /Dec31
Arrow QVM Equity Factor QVM 2.6 .1519 Q Jan05 /Dec31 Guggenheim BS 2020 HY BSJK 6.0 .1122 M Jan04 /Dec31 Opp Navellier Over A100 RWV 0.6 .87908 Jan04 /Dec31 SPDR SSgA Glbl Allocation GAL 7.9 .05351 Jan11 /Dec31
BulletShares 2016 CB BSCG 1.0 .0134 Jan04 /Dec31 Guggenheim BS 2021 HY BSJL 5.0 .0957 M Jan04 /Dec31 Oppenheimer Fcls Sect Rev RWW 1.4 .16581 Q Jan04 /Dec31 SPDR SSgA Glbl Allocation GAL 7.9 .64793 Q Jan11 /Dec31
BulletShares 2016 CB BSCG 1.0 .0188 M Jan04 /Dec31 Guggenheim BS 2022 HY BSJM 5.3 .023 Jan04 /Dec31 Oppenheimer Gl Growth Rev RGRO 0.5 2.86142 Jan04 /Dec31 SPDR SSgA Incm Allocation INKM 7.9 .58584 Q Jan11 /Dec31
BulletShares 2016 CB BSCG 1.0 .0018 Jan04 /Dec31 Guggenheim BS 2022 HY BSJM 5.3 .1012 M Jan04 /Dec31 Oppenheimer Gl Growth Rev RGRO 0.5 .05 Q Jan04 /Dec31 SPDR SSgA Multi-Asset RR RLY 2.6 .1444 Q Jan11 /Dec31
BulletShares 2017 CB BSCH 1.5 .0197 Jan04 /Dec31 Guggenheim BS 2023 HY BSJN 5.8 .1191 M Jan04 /Dec31 Oppenheimer LgCp Revenue RWL 2.3 .02774 Jan04 /Dec31 SPDR SSgA Risk Aware ETF RORO 1.8 .15996 Q Jan11 /Dec31
BulletShares 2017 CB BSCH 1.5 .028 M Jan04 /Dec31 Guggenheim BulletShr 2018 BSCI 1.8 .006 Jan04 /Dec31 Oppenheimer LgCp Revenue RWL 2.3 .22873 Q Jan04 /Dec31 SPDR SSgA Ultra Shrt ULST 0.4 .01489 M Jan07 /Dec31
Cambria Gl Asset Alloc GAA 2.8 .0006 Jan05 /Dec31 Guggenheim BulletShr 2018 BSCI 1.8 .0317 M Jan04 /Dec31 Oppenheimer MdCp Revenue RWK 0.9 .10467 Q Jan04 /Dec31 Tortoise NA Pipeline Fund TPYP 5.1 .226 Q Jan04 /Dec31
Cambria Gl Asset Alloc GAA 2.8 .16437 Q Jan05 /Dec31 Guggenheim BulletShr 2018 BSCI 1.8 .0001 Jan04 /Dec31 Oppenheimer Revenue Wtd RTR 2.2 .16726 Q Jan04 /Dec31 TrimTabs Intl Free-Cash FCFI 2.2 .12018 Q Jan05 /Dec31
Cambria Gl Asset Alloc GAA 2.8 .00095 Jan05 /Dec31 Guggenheim BulletShr 2019 BSCJ 2.1 .0085 Jan04 /Dec31 Oppenheimer Small-Cap Rev RWJ 0.7 .09726 Q Jan04 /Dec31 Victory CEMP Intl Hi Div CID 5.2 .14209 M Dec31 /Dec30
Cambria Gl Momentum GMOM 2.9 .16442 Q Jan05 /Dec31 Guggenheim BulletShr 2019 BSCJ 2.1 .0369 M Jan04 /Dec31 Oppenheimer Ultra Div Rev RDIV 5.3 .36803 Q Jan04 /Dec31 Vident Core US Bd Strat VBND 2.9 .35637 Q Jan04 /Dec31
C-Trks ETNs Miller/Howard MLPC 6.4 .2449 Q Jan05 /Jan04 Guggenheim BulletShr 2019 BSCJ 2.1 .0003 Jan04 /Dec31 OSh FTSE AsiaPac Qlty Div OAPH 18.0 .3855 M Jan05 /Dec31 Vident Core US Equity ETF VUSE 3.1 .19801 Q Jan04 /Dec31
Deep Value ETF DVP 7.9 .43972 Q Jan04 /Dec31 Guggenheim BulletShs 2020 BSCK 3.0 .0522 M Jan04 /Dec31 OSh FTSE Eur Quality Div OEUH 45.8 .98089 M Jan05 /Dec31 Vident Intl Equity Fund VIDI 3.3 .17191 Q Jan04 /Dec31
EGA EM Dmestc Demand EMDD 3.2 .57135 A Jan12 /Dec31 Guggenheim Bulletshs 2021 BSCL 2.8 .0484 M Jan04 /Dec31 Pacer Trendpilot 100 ETF PTNQ 0.5 .02885 Q Jan04 /Dec31 WBI Tactical Hi Incm WBIH 3.9 .07686 M Jan04 /Dec31
EGShares Beyond BRICs ETF BBRC 4.5 .66763 A Jan12 /Dec31 Guggenheim BulletShs 2022 BSCM 3.1 .0012 Jan04 /Dec31 Pacer Trendpilot 750 ETF PTLC 1.0 .05888 Q Jan04 /Dec31 WBI Tactical Incm Shares WBII 4.0 .00051 Jan04 /Dec31
EGShares EM Quality Div HILO 3.5 .10154 Q Jan12 /Dec31 Guggenheim BulletShs 2022 BSCM 3.1 .0515 M Jan04 /Dec31 PIMCO 0-5 Hi Yd Corp HYS 5.4 .41 M Jan05 /Dec31 WBI Tactical Incm Shares WBII 4.0 .08183 M Jan04 /Dec31
EGShares Emerg Mkts CORE EMCR 1.6 .25949 A Jan12 /Dec31 Guggenheim BulletShs 2023 BSCN 4.3 .0033 Jan04 /Dec31 PIMCO 1-3 US Trea Idx TUZ 0.7 .028 M Jan05 /Dec31 WBI Tactical Incm Shares WBII 4.0 .06442 Jan04 /Dec31
EGShares India Infr INXX 0.9 .09603 A Jan12 /Dec31 Guggenheim BulletShs 2023 BSCN 4.3 .0725 M Jan04 /Dec31 PIMCO 15+ Yr US TIPS Idx LTPZ 1.0 .052 M Jan05 /Dec31 WBI Tactical LCG Shares WBIE 1.8 .03446 M Jan04 /Dec31
EGShares India Small Cap SCIN 0.6 .09468 A Jan12 /Dec31 Guggenheim BulletShs 2024 BSCO 4.7 .0227 Jan04 /Dec31 PIMCO 25+ Yr Zero Coup ZROZ 3.4 .93 Q Jan05 /Dec31 WBI Tactical LCY Shares WBIG 0.3 .00529 M Jan04 /Dec31
EGSharesEmerMktsCnsmr ECON 1.1 .23456 A Jan12 /Dec31 Guggenheim BulletShs 2024 BSCO 4.7 .0778 M Jan04 /Dec31 PIMCO Divers Incm Active DI 7.9 .30 M Jan05 /Dec31 WBI Tactical SMG Shares WBIA 2.7 .05113 M Jan04 /Dec31
Falah Russell-Ideal US LC FIA 1.2 .07958 Q Jan04 /Dec31 Guggenheim BulletShs 2025 BSCP 3.7 .0617 M Jan04 /Dec31 PIMCO Enh Shrt Maturity MINT 1.1 .092 M Jan05 /Dec31 WBI Tactical SMS Shares WBID 1.6 .02928 M Jan04 /Dec31
Fidelity Corporate Bd FCOR 4.0 .159 M Jan05 /Dec31 Guggenheim Enh Short GSY 2.1 .086 M Jan04 /Dec31 PIMCO Intermediate Mun Bd MUNI 2.3 .105 M Jan05 /Dec31 WBI Tactical SMV Shares WBIB 3.7 .07249 M Jan04 /Dec31
Fidelity Limited Term Bd FLTB 1.6 .066 M Jan05 /Dec31 HuntStrat EcoLogical HECO 0.1 1.47341 Jan04 /Dec31 PIMCO Inv Grade Corp Bd CORP 3.2 .26 M Jan05 /Dec31 WBI Tactical SMY Shares WBIC 2.9 .05278 M Jan04 /Dec31
Fidelity MSCI Industrials FIDU 1.7 .009 Jan05 /Dec31 HuntStrat EcoLogical HECO 0.1 .03352 A Jan04 /Dec31 PIMCO Low Duration Active LDUR 7.4 .61 M Jan05 /Dec31 WisdomTree SmallCap Div DES 0.7 .03729 M Jan05 /Dec31
Fidelity MSCI Matls Index FMAT 1.7 .006 Jan05 /Dec31 HuntStrat EqRotation HUSE 1.1 .56921 Jan04 /Dec31 PIMCO Short Term Mun Bd SMMU 0.9 .039 M Jan05 /Dec31
Fidelity MSCI Real Est FREL 4.1 .013 Jan05 /Dec31 HuntStrat EqRotation HUSE 1.1 .41811 A Jan04 /Dec31 PIMCO TR Active BOND 4.2 1.14 M Jan05 /Dec31 Stocks
Fidelity Nasdaq Cmp-Trckg ONEQ 1.3 .05 Jan05 /Dec31 IQ Agribusiness Small CROP 1.3 .36969 A Jan05 /Dec31 PureFunds ISE Jr Silver SILJ 9.4 .12447 Q Jan04 /Dec31 Scorpio Bulkers SALT 1:12 /Dec31
Fidelity Total Bond ETF FBND 3.9 .156 M Jan05 /Dec31 IQ Australia Small Cap KROO 4.7 .64299 A Jan05 /Dec31 QAM Equity Hedge QEH .25548 Jan05 /Dec31 Foreign
Flex Credit-Scored US Lg LKOR 4.6 .18951 M Jan05 /Dec31 IQ Canada Small Cap CNDA 2.9 .35077 A Jan05 /Dec31 QAM Equity Hedge QEH .07312 Jan05 /Dec31
Fiat Chrysler Automobiles FCAU .01091 Jan13 /Jan05
Flex Mrn US Mkt Ftr Tilt TILT 1.9 1.65622 A Jan05 /Dec31 IQ Global Oil Small-Cap IOIL 2.7 .28896 A Jan05 /Dec31 Recon Cap NASDAQ100 Cvd QYLD 10.9 .21453 M Dec30 /Dec28
Maxis Nikkei 225 Index Fd NKY 0.6 .10372 A Jan05 /Dec31
Flex Qlty Div Defensive QDEF 3.7 .32756 Q Jan05 /Dec31 IQ Global Resources GRES 2.7 .56315 A Jan05 /Dec31 Schwab Fund Emg Mkt Lrg FNDE 0.0 .0068 A Jan05 /Dec31
UBS Pfd Fding Tr IV UBSpD 1.4 .0222 M Jan15 /Jan01
Flex Quality Div Dynamic QDYN 6.8 .57417 Q Jan05 /Dec31 IQ Hedge Macro Tracker MCRO 1.1 .26668 A Jan05 /Dec31 Schwab Intm US Trsr SCHR 1.6 .0694 M Jan05 /Dec31
FlexShares Discip Dur MBS MBSD 12.5 .25645 M Jan05 /Dec31 IQ Hedge Multi-Strategy QAI 0.5 .13796 A Jan05 /Dec31 Schwab Short Trm US Trsr SCHO 0.7 .0312 M Jan05 /Dec31 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
FlexShares Dividend Dyn IQDY 4.3 .24268 Q Jan05 /Dec31 IQ Merger Arbitrage MNA 0.9 .24512 A Jan05 /Dec31 Schwab U.S. REIT SCHH 0.1 .0127 Q Jan05 /Dec31 semiannual; S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | C5
Special
Special Advertising
Advertising Section
SpecialAdvertising Feature
Section
CEO strategies for growth
T
he generally upbeat mood at The Wall Street Journal’s Annual CEO Council in mid-November was tempered by
the terrorist attacks in Paris and projections of continued slow growth in the U.S.economy.In breakout sessions that
addressed these and other issues,the CEOs proposed ways to build a stronger economy through strategic investment,
innovation and competitiveness. Standard Life Investments Chief Economist Jeremy Lawson offered his
take on their recommendations.
Q. The CEOs are calling for a return to

an investment-led economy and for
changes that would make our tax code
Do you agree with the task forces’ conclusions
about the need to rebuild the infrastructure?
Where do you see interest rates heading and
what role will this play on the growth of the econ-
omy and competitiveness?
JL: Yes. The government has been trying to spend as
competitive with other Organisation little as possible on infrastructure, but it’s false econ- JL: The financial crisis of 2008 was partly the result
for Economic Cooperation and omy. You’re more likely to be stuck in traffic jams get- of an inappropriately regulated financial system, and
Development (OECD) countries. ting to and from work, it’s difficult to get in and out of we’re still dealing with the fallout today. It forced the
Do you agree? airports and there is greater vulnerability to extreme central bank to take an incredibly easy monetary poli-
JL: Absolutely. Let’s start with tax reform because weather events. These bottlenecks spill over into pro- cy to help us recover from the crisis. Low interest rates
it’s relevant to transitioning to an investment-led ductivity. The extra 15 minutes a day you spend on today reflect the legacy of that crisis but also the fact
economy. Tax reform is important because it sets the the road or the delays you have in other areas add up that investment and productivity growth are yet to re-
right incentives and facilitates a better allocation of to time you can’t be growing your business or doing cover, which weighs on potential growth. The best way
capital and labor. The current system is too reliant on productive work. of getting over low interest rates is adopting a great
income taxes, whether we’re talking about individual Interest rates are very low. If you choose the right growth strategy — something that improves people’s
or corporate. In a world of increasingly mobile labor projects, they can have a payoff that can actually help expectations of future growth, lifts confidence and
and capital, it’s not efficient. Income taxes can be lower the debt burden. It’s really a no-brainer. It is makes them more willing to commit to capital pro-
easily avoided and they reduce incentives to work. increasingly clear that there are limits to how much jects. This will lift real interest rates, which would be a
Longer term, I’d like to see a switch that makes more more monetary policy can do to stimulate growth, sign that the economy is returning to health. Instead
use of consumption and carbon taxes and less use of and this is probably the area of public spending of thinking of low interest rates as a cause of the prob-
income taxes. that could make the largest contribution to future lems, we have to think of them as reflecting the prob-
U.S. growth. lems and the weakness of the world that we live in.
How would you make it happen?
How will the 2016 elections impact the economy?
“
JL: One way would be to introduce a federal sales
tax, while simultaneously lowering income tax JL: The next presidential election is very important
rates. Statutory corporate taxes ought also to be low- because the things we have been talking about —
ered and the tax base broadened so that companies immigration, education, tax reform, public infra-
are subject to a level playing field. Corporate tax The next presidential election is structure — need concrete decisions by Congress
reform should also be aimed at encouraging firms and an effective president finding ways to work
to repatriate more of their profits to the U.S. A tax very important because the things together. The nature of the current presidential de-
holiday is a temporary way of achieving this, but in
the longer term, governments should consider taxing
we have been talking about — bate has not been great. As we move into 2016, our
hope is that the candidates who emerge will be seri-
firms only on their domestically generated profits. immigration, education, tax ous about tackling the genuine problems facing
Reducing tax expenditures like mortgage interest the economy.
rate deductibility would also create room for easing reform, public infrastructure —
the tax burden in other areas, while making the over-
need concrete decisions by Can we assume you agree with the CEOs’ call to
all tax system more progressive.
make the world a safer place to do business?
Congress and an effective
Do you agree we need a change in JL: Yes. Paris and San Bernardino are tragedies that
immigration policies? president finding ways to reflect the very difficult geo-political world we’re in.
”
One of the challenges facing the next president will be
JL: The current system has problems, including a work together. working out an appropriate response to these security
crowding out of skilled labor. Immigration today is issues at home and abroad, and it will require close
tilted toward humanitarian or family entry, and that cooperation with America’s allies. It’s a complicated
encourages more low-skill immigration. One thing world and whoever becomes leader will have to engage
the U.S. might consider is a system that my home What about the call for regulatory certainty? very directly. You can’t bury your head in the sand and
country, Australia, and other countries have. It tries pretend that terrorism is not occurring.
JL: That’s important, and the key is finding the right
to identify skill shortages in the economy, then define
balance. When you’re putting regulations into place,
the different skills and educational backgrounds we
it is important that the benefits exceed the costs. The And business, presumably, will play a big
already have so we can prioritize the entry of people
U.S. could benefit by having regulatory impact state- role here?
who will complement our overall needs. It has also
ments drafted when new regulations are being pro-
become more difficult to get student visas, and it’s JL: We’ve talked about what government needs to
posed. In that way, you can assess the economic
getting harder for people to remain in the U.S. after do, but there’s also a strong need for business to
cost and benefits as well as the broader social cost
their education is completed. This is inefficient. The engage constructively. Major companies obviously
and benefits.
vast majority of immigrants are trying to work pro- have responsibilities to shareholders and employees,
The states and federal government have huge
ductively, but their status makes it difficult for them to but they also have a social responsibility. Businesses
amounts of bills and regulations on the books. You
properly integrate into the economy. have a greater role to play in recognizing the broader
can do an exercise by going through the existing reg-
ulatory set and asking the question, “OK, if we start social environment they operate in and engaging
The CEO task forces felt that a stronger economy from scratch, is this the regulation we would want? in ways that demonstrate this responsibility. This
requires an upgrade in education and training. Would the cost of this regulation be outweighed by takes cooperation and partnership. In some areas,
the benefits?” If it flunks the test, you can have a sys- the best thing government can do is simply create
JL: I agree. The U.S. does certain things very well
tem that forces a review of the regulation. Congress a level playing field for companies and ensure that
around university education, but there are aspects
clearly has a role here. In the area of energy policy or the environment is competitive. In others, there is a
of the secondary school system that haven’t been
climate policy, the fact that the two parties have such stronger role for regulation. As the CEO Council task
working effectively. When you examine internation-
radically different visions as to how the future should force recommendations suggest, business and gov-
al testing results, one of the things that stands out is
look means it’s often impossible to forecast the return ernment have to find the right balance and not be
that certain people do very well but there are large
of a 10-, 15-, 20- or 25-year project. It means you have ideological about it. Pragmatism — focusing on what
inequalities in outcomes. It’s important to find ways
to attach a much higher risk premium before you are works — at all levels of government and business is
to make sure that the education system is delivering
able to initiate a project. absolutely critical.
good results across the board.
The Wall Street Journal news organization was not involved in the creation of this content.
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
17720.98 s 192.71, or 1.10% Trailing P/E ratio * 16.80 16.88 2078.36 s 21.86, or 1.06% Trailing P/E ratio * 22.95 19.67 5107.94 s 66.95, or 1.33% Trailing P/E ratio * 23.01 24.65
High, low, open and close for each P/E estimate * 16.18 15.93 High, low, open and close for each P/E estimate * 17.47 17.25 High, low, open and close for each P/E estimate * 20.05 19.77
trading day of the past three months. Dividend yield 2.50 2.41 trading day of the past three months. Dividend yield 2.14 1.92 trading day of the past three months. Dividend yield 1.17 1.28
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775 Session high

20000 2150 5100
DOWN UP
Session open t Close
Close Open 19000 2100 4975

t
Session low
18000 2050 4850
17000 2000 4725
65-day moving average 65-day moving average

65-day moving average 16000 1950 4600
15000 1900 4475
Bars measure the point change from session's open

14000 1850 4350
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 589,631,028 7,031,817
Industrial Average 17750.02 17547.37 17720.98 192.71 1.10 18312.39 15666.44 -1.5 -0.6 11.1 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 462,813,768 3,601,294
Transportation Avg 7626.70 7563.47 7619.78 53.08 0.70 9198.20 7364.04 -17.2 -16.6 13.4 Most-active issues in late trading Decl. volume* 121,863,302 3,022,975
Utility Average 587.33 583.54 585.11 2.71 0.47 652.11 541.97 -7.1 -5.3 9.4 Volume After Hours Issues traded 3,222 383
Company Symbol (000) Last Net chg % chg High Low Advances 2,316 193
Total Stock Market 21479.51 21281.06 21452.49 218.51 1.03 22287.78 19528.72 -0.8 0.1 13.7
SPDR S&P 500 SPY 8,216.3 207.55 0.150 0.072 207.75 204.70 Declines 827 164
Barron's 400 526.70 522.59 526.20 4.84 0.93 586.75 497.51 -3.4 -2.7 13.6
Mkt Vectors Gold Miners GDX 5,999.9 13.94 -0.010 -0.072 14.28 13.79 Unchanged 79 26
Nasdaq Stock Market iShares MSCI Taiwan ETF EWT 3,986.8 12.95 0.010 0.08 13.06 12.91 New highs 100 2
Nasdaq Composite 5116.99 5065.89 5107.94 66.95 1.33 5218.86 4506.49 6.9 7.9 19.9 VelocityShares 3x Lg Nat UGAZ 3,676.8 2.46 -0.010 -0.40 2.63 1.79 New lows 31 13
4702.74 4644.32 69.73 4719.05 4016.32 10.7 Closing tick 325 10
Nasdaq 100 4691.08 1.51 9.5 21.6 iShares Russell 2000 ETF IWM 2,584.5 115.25 0.050 0.04 115.49 113.85
Closing Arms† 0.85 0.92
VelocityShares 3x DGAZ 2,563.8 13.25 0.030 0.23 20.20 12.43
Standard & Poor's Block trades* 3,919 70
Yahoo! YHOO 2,024.2 34.05 0.01 0.029 34.05 33.74
500 Index 2081.56 2060.54 2078.36 21.86 1.06 2130.82 1867.61 -0.1 0.9 14.0 Nasdaq NYSE Arca
Alerian MLP ETF AMLP 1,985.3 11.63 0.030 0.26 11.63 11.55
MidCap 400 1426.57 1416.24 1424.43 10.57 0.75 1549.44 1351.29 -3.0 -1.9 12.4 Total volume* 1,371,041,164 211,292,226
SmallCap 600 687.74 681.58 687.44 7.06 1.04 742.13 641.76 -1.8 -1.1 13.7 Percentage gainers… Adv. volume* 1,009,341,326 168,032,273
Decl. volume* 328,992,655 42,843,621
Other Indexes Rice Energy RICE 38.7 13.97 3.52 33.68 13.97 9.86
Issues traded 2,991 1,450
Russell 2000 1160.94 1148.74 1160.52 12.31 1.07 1295.80 1083.91 -4.3 -3.7 11.7 Zillow Group Cl C Z 17.8 25.49 1.32 5.46 25.49 24.17
Advances 2,004 1,076
NYSE Composite 10318.42 10270.38 10306.60 89.20 0.87 11239.66 9601.42 -5.7 -4.9 7.4 VelocityShares 3x Inv DWTI 42.5 196.83 9.82 5.25 208.07 183.75 Declines 882 351
Value Line 453.83 449.69 453.65 3.96 0.88 522.42 431.31 -10.4 -9.7 7.9 Eldorado Gold EGO 147.5 3.22 0.13 4.26 3.22 3.08 Unchanged 105 23
NYSE Arca Biotech 3875.01 3828.70 3868.26 60.54 1.59 4431.87 3303.47 12.0 12.5 36.6
Transalta Corp TAC 10.8 3.58 0.14 4.10 3.58 3.58 New highs 81 9
New lows 52 52
NYSE Arca Pharma 550.46 546.46 549.51 5.91 1.09 605.94 509.74 2.5 3.1 14.5 ...And losers
Closing tick 343 44
KBW Bank 74.69 74.06 74.53 0.75 1.02 80.41 66.40 -0.8 0.4 13.8 VelocityShares 3x Lg UWTI 1,841.9 4.06 -0.20 -4.69 4.44 3.88 Closing Arms† 0.74 0.86
PHLX§ Gold/Silver 46.70 45.60 46.15 0.37 0.81 82.07 43.21 -33.2 -32.9 -34.0 EV Energy Partners EVEP 12.6 2.43 -0.10 -3.95 2.53 2.43 Block trades* 6,246 1,112
PHLX§ Oil Service 162.43 157.51 159.15 0.81 0.51 224.32 153.12 -25.0 -24.5 -9.5 SunEdison SUNE 414.5 4.85 -0.17 -3.39 5.12 4.81 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 682.36 673.75 679.78 8.03 1.19 746.08 559.59 -1.6 -1.0 21.7 Kennametal KMT 20.5 18.56 -0.60 -3.13 18.98 18.56 †(TRIN) A comparison of the number of advancing and declining
16.48 15.63 -0.83 -4.91 40.74 11.95 -16.3 -10.9 issues with the volume of shares rising and falling. An
CBOE Volatility 16.08 1.0 Pep Boys PBY 36.8 18.36 -0.58 -3.06 18.95 18.36 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2367.63 17.78 0.76 –5.4 Catalyst Biosciences CBIO 3.52 0.92 35.38 22.61 1.89 -80.7 Capitol Acqn Corp. III CLAC 6.54 -2.96 -31.16 9.96 5.98 ...
The Global Dow Euro 2044.16 27.46 1.36 5.0 FXCM FXCM 19.80 4.06 25.79 172.50 5.26 -88.0 Aclaris Therapeutics ACRS 24.09 -4.69 -16.30 33.88 10.99 ...
DJ Global Index 311.77 2.51 0.81 –2.8 Resource America Cl A REXI 6.31 1.11 21.35 9.63 3.54 -31.0 ITUS ITUS 2.55 -0.49 -16.12 8.95 1.39 0.5
World DJ Global ex U.S. 211.88 1.23 0.58 –5.9 Sky Solar Holdings ADR SKYS 6.68 1.15 20.80 13.50 4.29 -47.0 Avinger AVGR 21.15 -3.60 -14.55 25.11 9.35 ...
Triumph Group TGI 40.98 6.56 19.06 70.68 32.82 -39.2 Hanwha Q CELLS ADR HQCL 22.24 -3.60 -13.93 28.87 7.70 90.1
Americas DJ Americas 495.40 4.67 0.95 –2.3
Sao Paulo Bovespa 43653.97 –0.25 –12.7 Qumu Corp. QUMU 2.94 0.44 17.60 15.87 1.58 -78.6 Empire Resources ERS 3.60 -0.54 -12.94 4.93 2.35 -24.3
Brazil –110.37
13245.75 –0.48 –9.5
DLH Holdings DLHC 4.28 0.62 16.94 4.47 1.85 105.8 Viking Therapeutics VKTX 3.80 -0.55 -12.64 10.23 1.89 ...
Canada S&P/TSX Comp –64.05
Auris Medical Holding EARS 5.00 0.61 13.90 7.15 3.02 25.6 Empire Resorts NYNY 18.98 -2.73 -12.57 39.70 18.40 -51.8
Mexico IPC All-Share 43391.78 –4.38 –0.01 0.57
0.25 Chesapeake Energy CHK 4.58 0.51 12.53 21.49 3.56 -76.7 Dawson Geophysical DWSN 3.27 -0.43 -11.62 7.31 2.93 -48.3
Chile Santiago IPSA 2931.28 7.39 –7.4
Xerium Technologies XRM 11.96 1.30 12.20 18.93 10.00 -24.8 China Info Technology CNIT 1.95 -0.26 -11.59 7.35 0.68 -45.7
Europe Stoxx Europe 600 369.68 5.19 1.42 7.9
Acura Pharm ACUR 2.58 0.28 12.17 6.75 1.62 13.4 Carver Bancorp CARV 3.41 -0.42 -10.97 7.60 3.35 -52.0
Euro zone Euro Stoxx 349.29 5.75 1.67 9.3
EXFO EXFO 2.87 0.30 11.67 4.06 2.12 -18.0 Anavex Life Sciences AVXL 6.28 -0.75 -10.67 14.84 0.63 685.0
Belgium Bel-20 3753.05 64.65 1.75 14.2
Chimerix CMRX 7.37 0.75 11.33 58.04 6.43 -80.5 NovaBay Pharmaceuticals NBY 2.02 -0.24 -10.62 26.25 1.63 -87.6
France CAC 40 4701.36 83.41 1.81 10.0 Midatech Pharma ADR MTP 4.63 0.47 11.30 8.09 4.09 ... The9 ADR NCTY 3.00 -0.35 -10.45 4.49 0.90 86.3
Germany DAX 10860.14 206.23 1.94 10.8 Anthera Pharmaceuticals ANTH 4.97 0.48 10.69 11.65 1.50 208.7 VelocityShares 3x Inv DWTI 187.01 -19.74 -9.55 236.65 56.32 58.0
Israel Tel Aviv 1534.59 9.92 0.65 4.8
Italy FTSE MIB 21661.33 292.18 1.37 13.9
Netherlands AEX 447.70 7.21 1.64 5.5 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9670.40 117.90 1.23 –5.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 505.70 6.00 1.20 6.7
Switzerland Swiss Market 8883.01 143.65 1.64 –1.1 SPDR S&P 500 SPY 84,329 -29.5 207.40 1.07 213.78 182.40 Janus Velocity Vol Hdg LC SPXH 777 10191 29.12 1.11 31.73 26.18
6314.57 0.96 –3.8 VelocityShares 3x Lg Nat UGAZ 59,659 176.0 2.47 7.39 27.15 1.29 SPDR MSCI Emg Quality Mix QEMM 209 1943 47.84 -0.06 62.77 45.88
U.K. FTSE 100 59.93
Bank Of America BAC 45,120 -44.3 17.28 0.88 18.48 14.60 Vanguard Russ 2000 Value VTWV 101 1740 81.48 1.00 91.50 72.78
Asia-Pacific DJ Asia-Pacific TSM 1387.56 7.05 0.51 –2.7 iShares MSCI Emg Markets EEM 43,397 -31.5 32.80 0.09 44.19 30.00 Chimerix CMRX 14,023 1734 7.37 11.33 58.04 6.43
Australia S&P/ASX 200 5267.30 59.70 1.15 –2.7 SunEdison SUNE 42,516 -18.6 5.02 -8.56 33.45 2.55 FXCM FXCM 5,762 1690 19.80 25.79 172.50 5.26
China Shanghai Composite 3563.74 29.96 0.85 10.2
Freeport-McMoRan FCX 35,225 -10.7 6.97 1.75 23.97 6.08 Sht Term Intl Treas BWZ 413 1356 29.82 -0.17 32.45 29.25
Hong Kong Hang Seng 21999.62 80.00 0.36 –6.8
General Electric GE 32,700 -64.2 31.28 1.23 31.48 19.37 First Tr Gl Natural Rscs FTRI 183 1228 9.82 1.97 20.28 8.85
India S&P BSE Sensex 26079.48 45.35 0.17 –5.2
iPath SP 500 VIX Sht Tm VXX 32,140 -48.9 19.07 -1.65 37.35 15.48 Sky Solar Holdings ADR SKYS 73 1189 6.68 20.80 13.50 4.29
Japan Nikkei Stock Avg 18982.23 108.88 0.58 8.8
Kinder Morgan KMI 30,981 -12.9 15.10 -1.05 44.71 14.22 Mkt Vectors Steel SLX 298 849 19.85 0.40 37.09 18.80
Singapore Straits Times 2888.22 12.90 0.45 –14.2 Apple AAPL 30,536 -32.4 108.74 1.80 134.54 92.00 Kornit Digital KRNT 413 844 11.35 7.79 17.50 9.91
South Korea Kospi 1966.31 2.25 0.11 2.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Taiwan Weighted 8293.91 –64.58 –0.77 –10.9 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Five-year ARM, Rate US$vs, US$vs,
A consumer rate against its 20% Tues YTDchg Tues YTDchg
benchmark over the past year 5.00% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.56% 15
4.00 10 WSJ Dollar
s index Americas Thailand baht .02772 36.080 9.6
5-year adjustable- Third Federal Savings and Loan 2.59%
5 Vietnam dong .00004515 22150 3.6
rate mortgage 4.00% Argentina peso .0773 12.9380 52.8
t Cleveland, OH 855-369-0996 3.00 Europe
(ARM) 0 Brazil real .2587 3.8655 45.5
Garden State Home Loans 2.88% –5 s Canada dollar .7223 1.3845 19.1 Czech Rep. koruna .04040 24.750 8.3
3.00 2.00 Yen
Cherry Hill, NJ (609) 216-7912 –10 Chile peso .001418 705.40 16.2 Denmark krone .1464 6.8329 11.0
5-year Treasury Colombia peso .0003158 3166.88 33.3 Euro area euro 1.0921 .9157 10.8
2.88% Tuesday –15 s
t
2.00 Hanscom Federal Credit Union 1.00

t note yield Euro Ecuador US dollar 1 1 unch Hungary forint .003489 286.62 9.5
One year ago
t
Hanscom AFB, MA 800-656-4328 –20

0.00 Mexico peso .0579 17.2563 17.0 Iceland krona .007717 129.58 1.6
1.00 Mansfield Co-operative Bank 2.88% –25
Peru new sol .2937 3.405 14.1 Norway krone .1147 8.7177 17.0
1 3 6 1 2 3 5 710 30 2015
Mansfield, MA 508-339-2901 Uruguay peso .03358 29.7800 24.0 Poland zloty .2581 3.8750 9.4
0.00 month(s) years Venezuela b. fuerte .158603 6.3051 0.2 Russia ruble .01384 72.271 19.4
J F M A M J J A S O ND Pacific Finance Group, LLC 2.88%
maturity Asia-Pacific Sweden krona .1193 8.3814 7.3
2015 Bothell, WA 425-354-5602 Switzerland franc 1.0068 .9932 –0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7294 1.3710 12.0
Turkey lira .3441 2.9063 24.5
China yuan .1542 6.4845 4.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0421 23.7685 50.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7502 –0.1
UK pound 1.4817 .6749 5.1
India rupee .01510 66.235 5.1
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000729 13725 10.4 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008302 120.45 0.6 Bahrain dinar 2.6557 .3766 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002991 334.31 82.8 Egypt pound .1277 7.8295 9.5
Libor, 3-month 0.61 0.59 0.25 l 0.61 0.30
Macau pataca .1252 7.9841 –0.1 Israel shekel .2564 3.9000 0.1
Money market, annual yield 0.27 0.27 0.25 l 0.44 -0.24 Treasury, Ryan ALM 1404.151 1.957 1.874 1.957 1.305 0.615 1.161
Malaysia ringgit .2332 4.2875 22.3 Kuwait dinar 3.2903 .3039 3.8
Five-year CD, annual yield 1.39 1.38 1.37 l 1.53 0.03 10-yr Treasury, Ryan ALM 1681.931 2.310 2.239 2.480 1.669 –1.049 1.042 New Zealand dollar .6869 1.4558 13.5 Oman sul rial 2.5977 .3850 unch
30-year mortgage, fixed† 4.06 3.93 3.71 l 4.22 0.52 DJ Corporate 340.479 3.462 3.430 3.462 2.633 –0.321 1.773 Pakistan rupee .00954 104.850 4.0 Qatar rial .2747 3.640 unch
15-year mortgage, fixed† 3.30 3.17 2.94 l 3.42 0.37 Aggregate, Barclays Capital 1821.120 2.620 2.580 2.620 1.920 0.493 1.334 Philippines peso .0213 46.931 4.9 Saudi Arabia riyal .2667 3.7494 –0.1
Jumbo mortgages, $417,000-plus† 4.55 4.46 4.00 l 4.97 0.42 Singapore dollar .7078 1.4129 6.6 South Africa rand .0653 15.3025 32.4
High Yield 100, Merrill Lynch 2370.345 7.815 7.958 8.056 5.016 –5.180 1.370 South Korea won .0008536 1171.56 7.1
Five-year adj mortgage (ARM)† 3.56 3.86 3.14 l 4.00 0.51 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1900.910 2.780 2.790 2.900 2.280 1.382 1.956 Sri Lanka rupee .0069420 144.05 9.8
New-car loan, 48-month 3.21 3.23 2.71 l 3.33 0.38 Taiwan dollar .03047 32.823 3.7 WSJ Dollar Index 89.93 0.13 0.14 8.33
Muni Master, Merrill 499.360 1.759 1.761 2.099 1.475 3.021 2.810
HELOC, $30,000 4.59 4.59 4.24 l 4.71 -0.06
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 670.752 6.694 6.740 6.817 5.679 1.261 –0.046 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 457.09 6.43 1.43 584.70 441.41 -19.87 -18.46

ONLINE
WSJ
Reuters-Jefferies CRB 177.34 2.88 1.65 233.48 170.70 -24.04 -22.88
Crude oil, $ per barrel 37.87 1.06 2.88 61.43 34.73 -30.03 -28.91
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.372 0.144 6.46 3.23 1.76 -23.34 -17.90
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1077.50 7.00 0.65 1300.70 1050.80 -10.22 -8.99
WSJMarkets.com
THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | C7
COMMODITIES & CREDIT MARKETS

Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Metal & Petroleum Futures Contract Open Currency Futures Index Futures
Contract Open Open High hilo Low Settle Chg interest Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini DJ Industrial Average (CBT)-$5 x index
Open High hi lo Low Settle Chg interest March .8322.8330 .8311 .8321 –.0004 194,141 March 17449 17660 17429 17638 200 78,778
Wheat (KC)-5,000 bu.; cents per bu. June .8339.8353 .8335 .8345 –.0003 793 June 17441 17582 17441 17567 201 99
Copper-High (CMX)-25,000 lbs.; $ per lb. March 465.75 475.00 465.25 473.25 7.25 103,842
Dec 2.1265 2.1345 2.1265 2.1250 0.0585 460 July 487.00 494.75 486.25 493.25 6.50 43,879
Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
March'16 2.0825 2.1480 2.0800 2.1365 0.0575 126,440 March .7195 .7240 .7174 .7238 .0040 169,092 March 2049.70 2074.00 2048.20 2072.80 24.00 78,894
Wheat (MPLS)-5,000 bu.; cents per bu. June .7210 .7242 .7178 .7241 .0040 1,858 June ... 2066.20 2066.20 24.00 3,476
Gold (CMX)-100 troy oz.; $ per troy oz. March 491.25 500.75 t 490.75 497.50 5.75 33,085
Dec 1079.10 1079.70 1079.10 1077.50 7.00 589 May 503.75 509.50 t 500.50 506.75 5.50 13,889 British Pound (CME)-£62,500; $ per £ Mini S&P 500 (CME)-$50 x index
Feb'16 1068.30 1074.60 1066.70 1068.00 –0.30 274,756 March 1.4884 1.4917 1.4788 1.4831 –.0057 196,326 March ... 2074.50 2047.50 2072.75 24.00 2,490,832
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 2042.75 2067.75 2041.00 2066.25 24.00 8,936
April 1068.80 1074.80 1067.90 1068.70 –0.30 47,408 June 1.4901 1.4921 t 1.4794 1.4837 –.0057 456
Jan 162.350 163.150 161.550 162.475 –.175 7,832
June 1069.50 1075.50 1069.00 1069.50 –0.30 27,032 March 158.425 158.775 157.300 158.325 –.650 13,720 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P Midcap 400 (CME)-$100 x index
Aug 1072.50 1074.10 1070.20 1070.50 –0.30 10,144 March 1.0162 1.0176 1.0092 1.0126 –.0035 48,867 March 1406.90 1423.00 1406.50 1421.30 13.40 84,563
1077.50 1077.50 1072.60 1072.70 –0.20 17,624
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Dec
Dec 130.200 130.775 129.250 130.200 –.650 488 June 1.0161 1.0223 1.0140 1.0173 –.0035 143
Palladium (NYM) - 50 troy oz.; $ per troy oz. Australian Dollar (CME)-AUD 100,000; $ per AUD March 4617.8 4697.8 4610.5 4690.5 76.8 306,913
Feb'16 136.050 136.500 135.100 135.500 –.650 106,491
Dec 558.00 558.55 558.00 555.45 3.45 5 March .7226 .7277 .7223 .7275 .0050 100,520 June 4634.0 4691.0 4627.8 4685.3 76.8 264
Jan'16 558.00 560.40 553.20 555.40 3.40 16
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (ICE-US)-$100 x index
Feb 59.025 59.475 58.625 59.150 .025 74,286 June .7214 .7245 .7206 .7244 .0049 473
Feb 556.40 557.75 556.40 555.95 4.45 14 Sept .7119 .7145 t .7110 .7217 .0050 29 March 1143.70 1160.00 1143.10 1159.60 16.40 364,973
April 66.225 66.225 65.375 65.875 –.175 41,014
March 551.20 559.10 550.55 556.35 4.40 23,673 Dec … .7171 .7138 .7195 .0051 8 June 1142.00 1154.00 s 1142.00 1158.60 20.40 5
June 557.80 557.80 557.80 556.45 4.45 302 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (ICE-US)-$100 x index
Jan 260.00 260.50 255.40 256.50 –3.00 878 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan .05828 .05828 .05828 .05804 .00002 2 March 1143.30 1149.50 s 1143.30 1148.40 12.60 7,296
March 259.70 260.50 253.70 254.70 –4.80 2,600
Dec 880.50 880.50 880.50 890.60 10.60 1 March .05775 .05800 .05759 .05768 .00001 137,103 U.S. Dollar Index (ICE-US)-$1,000 x index
April'16 884.40 895.70 880.50 892.20 9.60 56,881 Milk (CME)-200,000 lbs., cents per lb. March 97.93 98.48 97.84 98.17 .22 62,781
Dec 14.48 14.48 14.46 14.47 … 3,940 Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 98.04 98.51 97.95 98.26 .22 1,074
Jan'16 13.65 13.67 13.53 13.56 –.13 4,186 March 1.0996 1.1014 1.0921 1.0961 –.0038 397,653
Dec 14.020 14.020 14.020 13.917 0.044 118
Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.1022 1.1044 1.0952 1.0992 –.0038 2,331 Source: SIX Financial Information
March'16 13.915 14.055 13.900 13.928 0.044 127,837
March 3,211 3,225 3,186 3,211 17 97,678
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 3,212 3,220 3,185 3,207 15 45,036
Feb 36.70 37.94 36.66 37.87 1.06 444,681
March
April
37.68
38.56
38.93
39.75
37.66
38.51
38.86
39.69
1.04
1.03
264,989
113,222
Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 118.85 122.40 118.40 121.45 2.30 89,437 Bonds | WSJ.com/bonds
May 39.27 40.46 39.27 40.40 1.00 77,184 May 120.80 124.60 120.65 123.60 2.20 33,505
June
Dec
39.90
42.85
41.07
43.96
39.80
42.77
41.01
43.85
0.97
0.85
140,113
163,645
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 14.75 14.88 14.70 14.78 .02 388,600
Tracking Bond Benchmarks
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 14.50 14.51 14.38 14.44 .04 183,248 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan 1.0860 1.1388 1.0854 1.1295 .0391 17,795 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
Feb 1.1161 1.1679 1.1147 1.1587 .0379 94,208 March 25.76 25.80 25.76 25.78 .03 3,483
May 25.80 25.80 25.80 25.80 –.05 2,209 Total return Yield (%), 52-Week Range l Latest
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
Jan 1.2355 1.2815 1.2249 1.2760 .0434 16,341 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Feb 1.2403 1.2915 1.2335 1.2853 .0423 106,487 March 64.10 64.25 63.82 63.87 –.10 124,256 1821.12 0.3 Broad market Barclays Aggregate 2.620 1.920 l 2.620
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 64.87 64.99 64.57 64.62 –.10 30,778
Jan 2.238 2.387 2.235 2.372 .144 5,814 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2460.96 -1.0 U.S. Corporate Barclays Capital 3.730 2.780 l 3.730
Feb 2.267 2.386 2.257 2.370 .114 286,042 Jan 150.10 150.90 145.75 148.30 –2.10 1,189
March 2.309 2.414 2.303 2.397 .096 211,725 March 149.95 151.25 149.30 151.05 1.10 11,228 2411.76 0.9 Intermediate 3.150 2.210 l 3.150
April 2.342 2.426 2.339 2.411 .075 107,533
May 2.383 2.466 2.383 2.451 .068 67,189 Interest Rate Futures 3129.05 -5.2 Long term 5.110 4.030 l 5.110
Oct 2.519 2.593 2.519 2.569 .051 58,633 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 516.90 0.7 Double-A-rated 2.700 1.980 l 2.700
March 155-160 155-250 153-040 153-090 –2-11.0 505,973
Agriculture Futures June 152-200 152-200 151-150 151-310 –2-11.0 9 609.85 -2.6 Triple-B-rated 4.370 3.280 l 4.370
Corn (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 361.00 363.00 t 357.00 362.50 1.50 696,219 March 126-080 126-105 125-175 125-210 –19.5 2,468,899 330.45 -4.7 High Yield Constrained Merrill Lynch 8.798 5.853 l 9.073
May 367.75 369.50 t 363.75 369.00 1.25 201,514 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
118-305 118-305 118-207 118-222 –10.2 42,141
279.38 -15.4 Triple-C-rated 18.174 10.017 l 18.341
Oats (CBT)-5,000 bu.; cents per bu. Dec
March 223.75 226.00 219.00 220.50 –3.25 7,246 March'16 118-160 118-172 118-030 118-055 –11.0 2,263,922 2370.35 -5.2 High Yield 100 7.815 5.016 l 8.056
May 223.50 223.50 220.75 222.00 –2.25 1,417 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 108-275 108-277 108-260 108-260 –2.2 12,631 303.97 -2.0 Global High Yield Constrained 8.348 5.894 l 8.519
Jan 866.50 876.25 865.00 870.00 5.00 41,805 March'16 108-207 108-212 108-175 108-182 –2.7 989,282
863.00 872.00 861.00 865.75 4.50 295,655
264.47 1.3 Europe High Yield Constrained 5.307 3.550 l 5.732
March 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Soybean Meal (CBT)-100 tons; $ per ton. Dec 99.760 99.760 99.758 99.758 –.007 89,257
99.655 99.660 99.655 99.655 … 156,886 1583.00 1.2 U.S Agency Barclays 1.640 1.110 l 1.640
Jan 267.50 270.20 267.10 268.50 1.20 13,531 Jan'16
March 269.10 271.80 268.70 270.00 .90 180,608 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 1429.36 1.3 10-20 years 1.450 0.940 l 1.450
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 102.141 102.141 t 101.578 101.625 –.734 29,296
Jan 30.21 30.70 30.12 30.52 .32 18,088 1 Month Libor (CME)-$3,000,000; pts of 100% 3034.86 0.5 20-plus years 3.220 2.490 l 3.370
March 30.44 30.94 30.36 30.77 .33 169,263 Jan 99.5550 99.5600 t 99.5550 99.5625 .0075 1,421
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 99.5550 99.5550 s 99.5550 99.5525 –.0025 1,620 1900.91 1.3 Mortgage-Backed Barclays 2.780 2.280 l 2.900
Jan 1106.00 1175.50 1101.00 1166.50 60.50 2,313 Eurodollar (CME)-$1,000,000; pts of 100% 1881.84 1.2 Ginnie Mae (GNMA) 2.690 2.170 l 2.860
March 1132.50 1203.00 1123.50 1193.50 61.00 8,859 Jan 99.3775 99.3800 99.3750 99.3750 –.0025 206,322
Wheat (CBT)-5,000 bu.; cents per bu. March 99.2700 99.2750 99.2500 99.2500 –.0200 1,251,542 1110.97 1.3 Fannie mae (FNMA) 2.810 2.300 l 2.910
March 467.50 476.75 467.00 475.75 9.25 216,050 June 99.1150 99.1200 99.0800 99.0850 –.0300 1,167,068
July 482.25 490.25 481.00 489.00 8.00 57,377 Dec 98.7950 98.7950 98.7450 98.7500 –.0450 1,292,442 1709.87 1.3 Freddie Mac (FHLMC) 2.840 2.310 l 2.930
499.36 2.9 Muni Master Merrill Lynch 1.759 1.475 l 2.099
Borrowing Benchmarks | WSJ.com/bonds 348.26 3.3 7-12 year 1.798 1.498 l 2.144
386.11 3.8 12-22 year 2.163 1.924 l 2.636
Money Rates December 29, 2015 366.82 4.7 22-plus year 2.846 2.542 l 3.351
2231.70 -1.3 Yankee Barclays 3.110 2.390 l 3.110

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. 521.10 1.2 Global Government J.P. Morgan 1.600 1.240 l 1.780
Week —52-WEEK—
Inflation International rates Latest ago High Low 754.61 3.7 Canada 1.660 1.380 l 1.970
Nov. index Chg From (%) Week 52-Week
Latest High Low
Japan 1.475 1.475 1.475 1.475 357.34 1.6 EMU 1.246 0.724 l 1.609
level Oct. '15 Nov. '14 ago
Policy Rates 681.32 0.4 France 1.100 0.490 l 1.360
U.S. consumer price index Prime rates
Euro zone 0.05 0.05 0.05 0.05 494.17 0.3 Germany 0.740 0.160 l 1.040
All items 237.336 –0.21 0.5 U.S. 3.50 3.50 3.50 3.25 Switzerland 0.50 0.50 0.50 0.50
Core 244.075 0.04 2.0 Canada 2.70 2.70 3.00 2.70 Britain 0.50 0.50 0.50 0.50 278.11 1.2 Japan 0.670 0.570 l 0.890
Australia 2.00 2.00 2.50 2.00
542.32 0.3 Netherlands 0.880 0.240 l 1.130
BANKRATE.COM® MMA, Savings and CDs Overnight repurchase
U.S. 0.38 0.34 0.41 0.07
828.67 1.6 U.K. 2.250 1.730 l 2.480
670.75 1.2 Emerging Markets ** 6.694 5.679 l 6.817
Average Yields of Major Banks Tuesday, December 29, 2015
U.S. government rates
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
Discount
National average 1.00 1.00 1.00 0.75
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
Savings 0.09 0.07 0.07 0.08 0.14 0.23 0.38 0.38 0.82
Jumbos 0.18 0.07 0.08 0.09 0.15 0.26 0.42 0.40 0.85 Federal funds Global Government Bonds: Mapping Yields
Weekly change Effective rate 0.3800 0.3600 0.3800 0.0600
Savings 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 High 0.5600 0.5625 0.5900 0.2500
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jumbos 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 -0.01 0.00 Low 0.3000 0.2800 0.3000 0.0100 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Bid 0.3200 0.3500 0.3500 0.0000
0.5200 0.5200 0.0500 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Offer 0.3600
Consumer Savings Rates Treasury bill auction
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1.000 U.S. 2 1.103 s l 1.019 0.922 0.712
Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
4 weeks 0.170 0.195 0.235 0.000 2.250 10 2.308 s l 2.237 2.223 2.202
erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the second quarter
13 weeks 0.260 0.250 0.280 0.000
of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
not an indication of financial strength or weakness. Information is believed to be reliable, but not
26 weeks 0.550 0.515 0.585 0.065 4.250 Australia 2 1.993 t l 2.037 2.016 2.267 89.0 101.8 155.6
guaranteed. 3.250 10 2.696 t l 2.773 2.851 2.860 38.9 53.7 65.8
Secondary market
High yield savings Fannie Mae 4.250 France 2 -0.282 t l -0.282 -0.325 -0.030 -130.1 -74.1
-138.5
Bank/rank Yield Bank/rank Yield
30-year mortgage yields
Phone number Minimum (%) Phone number Minimum (%) 1.000 10 0.998 s l 0.973 0.768 0.835 -131.0 -126.3 -136.7
30 days 3.576 3.532 3.750 3.024
Money market and savings account Six-month CD 60 days 3.613 3.568 3.788 3.080 0.500 Germany 2 -0.328 s l -0.328 -0.415 -0.094 -143.1 -134.7 -80.5
iGObanking.com /3 $25,000 1.10 AloStar Bank of Commerce /5 $1,000 0.90
(888) 432-5890 (877) 738-6391 Other short-term rates 1.000 10 0.631 s l 0.621 0.462 0.548 -167.7 -161.5 -165.4
GE Capital Bank /0 $0 1.05 EverBank /4 $1,500 0.90
(855) 730-7283 (855) 228-6755 Call money 4.500 Italy 2 0.045 t l 0.058 -0.010 0.547 -105.8 -96.1 -16.5
Ally Bank /4 $0 1.00 California First National Bank /5 $5,000 0.90 2.25 2.25 2.25 2.00 2.000 10 1.635 t l 1.643 1.299 1.949 -59.4 -25.3
-67.3
(877) 315-2559 (800) 735-2465
Commercial paper 0.100 Japan 2 -0.010 s l -0.014 -0.010 -0.022 -103.3 -73.3
One-month CD One-year CD -111.2
30 to 270 days n.q. ... ... ...
Lone Star Bank /3 $1,000 0.15 AloStar Bank of Commerce /5 $1,000 1.26 0.300 10 0.270 s l 0.267 0.306 0.324 -203.7 -197.0 -187.9
(713) 358-9400 (877) 738-6391 Commercial paper (AA financial)
VirtualBank /4 $10,000 0.15 EverBank /4 $1,500 1.26 90 days 0.57 0.58 0.64 0.06 0.500 Spain 2 0.023 t l 0.061 -0.013 0.463 -108.0 -95.8 -24.8
(877) 998-2265 (855) 228-6755
AloStar Bank of Commerce /5 $1,000 0.10 iGObanking.com /3 $1,000 1.25 Euro commercial paper 2.150 10 1.801 s l 1.800 1.521 1.674 -50.6 -43.6 -52.8
(877) 738-6391 (888) 432-5890 30 day n.q. n.q. -0.02 -0.12 1.000 U.K. 2 0.626 s l 0.618 0.608 0.420 -47.6 -40.1 -29.2
Two-month CD Two-year CD Two month n.q. n.q. -0.01 -0.09
Lone Star Bank /3 $1,000 0.15 EverBank /4 $1,500 1.47
Three month n.q. n.q. 0.01 -0.08 2.000 10 1.905 t l 1.922 1.819 1.820 -40.3 -31.5 -38.2
(713) 358-9400 (855) 228-6755
Four month n.q. n.q. 0.02 0.00
Five month n.q. n.q. 0.04 0.01 Source: Tullett Prebon
VirtualBank /4 $10,000 0.15 Silvergate Bank /4 $25,000 1.47
Six month n.q. n.q. 0.06 0.02
(877) 998-2265
Citizens Trust Bank /3 $500 0.01
(800) 353-6436
AloStar Bank of Commerce /5 $1,000 1.46
Corporate Debt
Libor
(404) 659-5959 (877) 738-6391 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
One month 0.42390 0.41950 0.42390 0.16625
Three-month CD Five-year CD Three month 0.60670 0.59310 0.60670 0.25110
that same company’s share price. Here’s a look at both for two companies in the news.
EverBank /4 $1,500 0.55 Barclays /4 $0 2.25 Six month 0.83340 0.81150 0.83340 0.35390
(855) 228-6755 (888) 720-8756 One year 1.15950 1.12575 1.15950 0.60990 Investment-grade spreads that tightened the most…
California First National Bank /5 $5,000 0.55 EverBank /4 $1,500 2.25
(800) 735-2465 (855) 228-6755 Euro Libor No Data available
First Internet Bank of Indiana /4 $1,000 0.45 Synchrony Bank /5 $25,000 2.25 One month -0.204 -0.199 0.009 -0.206
(888) 873-3424 (800) 903-8154 Three month -0.127 -0.126 0.059 -0.129
Six month -0.038 -0.038 0.146 -0.058
High yield jumbos - Minimum is $100,000 One year 0.059 0.059 0.296 0.031 …And spreads that widened the most
Money market and savings account Six-month CD Euro interbank offered rate (Euribor) No Data available
Silvergate Bank /4 1.11 AloStar Bank of Commerce /5 0.90 One month -0.202 -0.201 0.019 -0.202
(800) 353-6436 (877) 738-6391 Three month -0.132 -0.131 0.078 -0.133
ableBanking,adivisionofNortheastBank/4 1.00 EverBank /4 0.90 Six month -0.042 -0.041 0.171 -0.051
(877) 505-1933 (855) 228-6755 One year 0.058 0.060 0.327 0.039 High-yield issues with the biggest price increases…
EH National Bank /2 0.86 My e-BAnC by BAC Florida Bank /4 0.85 Value 52-Week Bond Price as % of face value Stock Perfomance
(888) 392-5265 (855) 512-0989 Latest Traded High Low Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
One-month CD One-year CD DTCC GCF Repo Index Rice Energy RICE 6.250 May 1, ’22 77.614 6.36 69.750 10.45 5.88
USAA /5 0.22 My e-BAnC by BAC Florida Bank /4 1.30
Treasury 0.501 108.972 0.549 0.059 Dish DBS DISH 6.750 June 1, ’21 104.250 3.63 98.500 … …
(800) 583-8295 (855) 512-0989
MBS 0.604 76.030 0.670 0.075
VirtualBank /4 0.15 AloStar Bank of Commerce /5 1.26 Weatherford International WFT 6.750 Sept. 15, ’40 71.000 2.50 65.000 8.60 –0.46
(877) 998-2265 (877) 738-6391 Open Implied
Settle Change Interest Rate Transdigm TDG 6.500 July 15, ’24 99.700 2.20 97.000 … …
AloStar Bank of Commerce /5 0.10 EverBank /4 1.26
(877) 738-6391 (855) 228-6755 Wynn Las Vegas WYNN 5.500 March 1, ’25 90.660 2.16 87.938 … …
DTCC GCF Repo Index Futures
Two-month CD Two-year CD Treasury Dec 99.630 0.005 6243 0.370 AK Steel AKS 7.625 May 15, ’20 43.500 2.13 37.566 … …
VirtualBank /4 0.15 CIT Bank /4 1.47 Treasury Jan 99.545 -0.005 9074 0.455 Inventiv Health INVEA 10.000 Aug. 15, ’18 98.375 2.13 n.a. ... ...
(877) 998-2265 (855) 462-2652 Treasury Feb 99.545 -0.005 5531 0.455
Citizens Trust Bank /3 0.05 EverBank /4 1.47 Microchip Technology MCHP 1.625 Feb. 15, ’25 102.438 1.72 99.676 48.12 1.24
(404) 659-5959 (855) 228-6755
AloStar Bank of Commerce /5 1.46
Notes on data:
…And with the biggest price decreases
U.S. prime rate is effective December 17, 2015.
(877) 738-6391 Discount rate is effective December 17, 2015. WPX Energy WPX 6.000 Jan. 15, ’22 65.000 –5.19 68.250 5.25 0.96
Three-month CD Five-year CD U.S. prime rate is the base rate on corporate
Sprint S 7.625 Feb. 15, ’25 72.750 –0.75 72.250 3.85 1.05
loans posted by at least 70% of the 10 largest
EverBank /4 0.55 Synchrony Bank /5 2.25
(855) 228-6755 (800) 903-8154
U.S. banks; Arcelormittal S.A. MTNA 6.250 Aug. 5, ’20 79.800 –0.70 79.250 ... ...
Other prime rates aren’t directly comparable;
First Internet Bank of Indiana /4 0.45 CIT Bank /4 2.25 lending practices vary widely by location; Transocean RIG 6.800 March 15, ’38 54.375 –0.63 49.000 12.71 3.00
(888) 873-3424 (855) 462-2652 DTCC GCF Repo Index is Depository Trust &
AloStar Bank of Commerce /5 0.40 EverBank /4 2.25 Universal Hospital Services UHOS 7.625 Aug. 15, ’20 93.875 –0.63 92.000 ... ...
Clearing Corp.'s weighted average for overnight
(877) 738-6391 (855) 228-6755 trades in applicable CUSIPs. Value traded is in Softbank SOFTBK 4.500 April 15, ’20 99.750 –0.50 99.350 ... ...
billions of U.S. dollars.
Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields AK Steel AKS 8.750 Dec. 1, ’18 89.750 –0.38 87.000 … …
Futures on the DTCC GCF Repo Index are
are based on method of compounding and rate stated for the lowest required opening deposit to Hilton Worldwide Finance HLT 5.625 Oct. 15, ’21 103.500 –0.38 103.750 … …
traded on NYSE Liffe US.
earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
month, three (3) of which may be checks. Rates are subject to change. Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information; *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408 General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
Internet: www.bankrate.com Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
THE PROPERTY REPORT

More Deals Ahead in 2016 Real Estate Sees
CBRE Group and JLL
went on buying binge
Savior in Indexes
in 2015; is an IPO BY LIAM PLEVEN panies that make up the Dow
Jones Industrial Average.
next for Cushman? As a weak year for real es- The new real-estate sector
tate in the stock market comes also reflects a greater under-
BY PETER GRANT
to a close, the industry is hop- standing among investors of
ing that attention from a new how REITs differ from banks
The world’s largest com- set of investors will send more and other financial companies,
mercial-real-estate-services money flowing its way in 2016. said David Blitzer, chairman of
firms cranked their mergers- Starting next sum- the index committee at S&P,
and-acquisitions engines into mer, MSCI Inc. and S&P Dow which co-owns the Global In-
high gear in 2015 and likely Jones Indices LLC, a unit of dustry Classification Standard
will keep their feet on the gas McGraw Hill Financial Inc. with MSCI Inc.
pedal well into the new year. and purveyor of the S&P 500- The fortunes of REITs, for
CBRE Group Inc. and JLL, stock index, will break out real example, are tied to the state
the largest and second-largest estate into a distinct sector, of the economy and how that
firms in the sector, respec- rather than continuing to affects the rent firms can
tively, have been on a binge lump it in with a broad group charge and how much of their
buying brokerages and other of financial firms such as space is occupied, said Steve
commercial real estate that fo- banks and insurance compa- Sakwa, an analyst at Evercore
cus on geographic areas or nies. ISI.
RINGO CHIU/ZUMA PRESS
niche businesses that the ac- Investors and analysts ex- Banks, by comparison, are
quirers need. Many of the pect the change, slated affected by demand for loans
deals have been in the $10 for Aug. 31, to stir interest and the amount of interest
million to $100 million price among investors who might they can charge.
range, but 2015 deals also in- overlook real-estate invest- The returns of REITs and
cluded CBRE’s $1.47 billion ac- ment trusts, both in the banks can be similar, as they
quisition of Johnson Controls CBRE acquired a Johnson Controls unit for $1.47 billion this year. The firm’s L.A. office, above. months leading up to the have been in 2015, when the
Inc.’s facilities-management change and afterward. KBW Bank Index posted a 0.6%
business, Global Workplace The big firms also are buy- specializing in retail services; Cushman & Wakefield had “It increases the demand decline through Monday,
Solutions. ing because these are good Environmental Services Inc. of been an active buyer before its for real-estate securities,” said roughly on par with the MSCI
Meanwhile, 2015 also saw times in the commercial-real- Brookfield, Wis., which helps merger with DTZ, but slowed Gil Menna, a partner at Good- US REIT Index’s 1.1% drop, ac-
the mother of all transactions estate business. Property sales building owners and occupies down since the closing in Sep- win Procter LLP who is chair- cording to FactSet.
in the industry, the $2 billion activity and prices are at re- manage energy usage; and PKF tember. Management has been man of the firm’s Real Estate But the returns also can di-
merger of Cushman & Wake- cord levels in numerous mar- Consulting Inc., a Canadian focusing since then on com- Capital Markets Group. verge. In 2014, the REIT Index
field and DTZ. The merged kets. Tenants are expanding consulting firm in the hospi- bining the two global firms. Mr. Menna, who works with shot up 25% while the bank in-
company, which took the and leasing more space in tality and tourism industries. Analysts point out that some of the nation’s largest dex rose just 7.2%, according
Cushman & Wakefield name, is countries that are enjoying Just having an office in a Cushman & Wakefield might REITs, says the change has to FactSet. In 2013, banks
widely believed to be hoping economic recoveries. country “doesn’t get it done be limited in its ability to been widely discussed by exec- gained 35%, but REITs fell
to do an initial public offering The resulting fees, commis- for clients” these days, said make acquisitions because it utives in the industry. 1.4%.
in 2016 partly to put itself in a sions and other revenues have Bob Sulentic, CBRE’s chief ex- has more debt than JLL and There are 10 sectors in the REITs, which must pay out
stronger position to compete sent shares of JLL and CBRE ecutive, in an interview earlier CBRE. Also, because it isn’t a S&P 500. The new real-estate at least 90% of corporate in-
against CBRE, JLL and others soaring and given them plenty this month. “We’re now saying public company, it doesn’t sector would be the second- come to shareholders, also
for acquisitions. of cash to go shopping for [to clients], if you go to Mum- have listed stock as an added smallest by market value, at have drawn increased atten-
Deal appetite is intense smaller firms. Meanwhile, bai you know you’re going to incentive to offer owners of 2.6%, just ahead of telecom- tion from yield-starved inves-
partly because the industry is owners of the target compa- have a full suite of products.” targeted firms. munications, as of the market tors in recent years, Mr.
morphing. Commercial-real- nies are recognizing that now In 2014 and the first nine That is one of the reasons close on Nov. 30, according to Blitzer said.
estate firms are trying to rely would be a good time to sell months of 2015, JLL an- an IPO makes sense. “Their S&P Dow Jones Indices. “Everyone wants income
less on highly cyclical broker- because buyers are willing to nounced or closed 25 transac- ability to really invest in the There are 25 companies in and yield,” he said. “We’re
age commissions and more on pay high prices. tions with a total value of business is going to be con- the S&P 500 that would be in hearing it from around the
recurring fees paid by land- “It’s like when the house more than $500 million. Deals strained by how much debt the new real-estate sector. world.”
lords, corporations and other next to you sells for ‘X,’ you included the acquisitions of they have,” William Blair’s Mr. The change reflects the in- As the change looms, in-
clients for a range of consult- look at your wife and say we Oak Grove Capital, a provider Dobell said. “Selling shares to creasingly prominent role that vestment firms are rolling out
ing and management services. could get ‘X’ or better,” said of multifamily lending ser- the public and reducing that real estate plays in the stock new real-estate funds for indi-
Clients, meanwhile, are de- Mitch Germain, an analyst vices; Corrigo Inc., a pioneer debt load would give them market. vidual investors. Nine new
manding that firms have a with JMP Securities. in cloud-based facilities-man- more balance-sheet flexibility.” Though roughly 90% of the real-estate exchange-traded
greater global reach and are The commercial-real-estate agement technology; and Big A spokeswoman for Cush- commercial property in the funds opened in 2015, as many
able to tackle issues such as industry has been consolidat- Red Rooster, a retail-branding man said in a written state- U.S. is in private hands, the as in the five previous years
integrating real estate with ing for more than 15 years as and design firm. ment that the firm has a share held by REITs has grown combined, according to invest-
technology and using real es- the business has become more “What’s changing is the re- strong balance sheet and in recent decades, according ment researcher Morningstar.
tate to improve productivity global, but firms took a alization that you can use real “more than sufficient capital to real-estate-research firm It isn’t clear what the im-
and morale. “These are big breather during the financial estate more centrally as a tool available through cash flows Green Street Advisors. mediate effect will be when
trends,” said Brandon Dobell, downturn. As the U.S. econ- for running your business,” produced by the business.” Some of the nation’s largest the change occurs.
an analyst with William Blair omy began recovering, the big said Colin Dyer, JLL’s CEO. She said that Cushman’s own- landlords are REITs. Simon It is possible that funds
& Co. “The longer you are un- firms picked up where they “But to do so, you need pro- ers “have shown a strong de- Property Group, a mall owner that focus on the financial sec-
able to make acquisitions or had left off. fessional advice that hasn’t sire to also pursue larger M&A that is the largest U.S. REIT by tor and therefore hold REITs
be aggressive in hiring people, CBRE’s acquisitions in 2015 typically existed within the av- through the provision of addi- market value, is valued at will sell off their holdings,
the broader the divergence included United Commercial erage company not focused on tional equity if we feel that is roughly $60 billion, more than which could hit shares in the
from your peers.” Realty, a Dallas-based firm real estate.” better and more efficient.” some of the 30 blue-chip com- short term.
ADVERTISEMENT
Business Real Estate & Auctions

CHINA
To advertise: 800-366-3975 or WSJ.com/classifieds Continued from page C1
particularly when condo units
are priced competitively to cit-
JOE SCHMELZER FOR THE WALL STREET JOURNAL
INVESTMENT PROPERTIES ILLINOIS ies like Shanghai, fetching up to

$1.5 million to $2 million
apiece, brokers say.

Buyers out of China thus far

account for about 40% of

Greenland’s Los Angeles proj-

! ect, the company said, although
it expects that percentage to

fall as it continues building the
project. Wanda is expecting for-
eign buyers—the bulk of which
are Chinese—to buy about 30%

of its 94-story, 406-unit condo- A model of the Metropolis, with residential towers and a hotel
WEDNESDAY
and-hotel project in Chicago,

COMMERCIAL
said James Losik, marketing di- after its office towers empty In China, the target market
rector at Magellan Development at 5 p.m. is the growing ranks of upper-
PROPERTIES

NOTABLE EVERY
Group, which is Wanda’s local Just within the blocks sur- middle-class and wealthy citi-
development partner on the rounding the Staples Center zens who are looking for a
Chicago tower. arena, four developers are plan- place to invest outside of China

Chinese investors are “par-
ticularly interested in the U.S.,”
ning more than $3 billion worth
of development, largely condos
or want a place to send their
children to get a better educa-

Mr. Losik said.
The precise amount of Chi-
mixed with retail and hotel
space.
tion.
Roy Guo, a student at Co-
nese-backed development un- The largest and furthest lumbia University in New York,
der way in the U.S. is difficult along is Greenland’s Metropolis purchased a studio apartment

to gauge because many planned project, a collection of three at Greenland’s Brooklyn project
projects are unannounced, residential towers and a hotel. for $600,000 and said he would

while others might never be- Greenland has marketing suites like to buy another apartment

come a reality. for the building in a downtown at Metropolis if he had the
But overall, Chinese pur- Los Angeles high rise and in money.
chases of U.S. commercial real Shanghai, where an American “It’s near Staples Center and
estate have soared in the past flag is perched next to models I’m a big fan of the Lakers,”
MAINE few years as companies and of Metropolis and a $5 billion said Mr. Guo, who is from
List Your wealthy individuals have been New York project named Pacific Shanghai. “I have a global per-
Property Today urged by the Chinese govern- Park Brooklyn. spective, and the yuan’s depre-
ment to diversify around the A Greenland spokeswoman ciation also means it’s impor-
(800) 366-3975 globe. said the company is bullish, tant for us to have some assets
sales.realestate@wsj.com Chinese purchases of com- given the “trend of people re- abroad. But I don’t mean to
Place an ad at:
mercial property grew to about turning to the city, confidence transfer all assets out of China.”

!" $5 billion through the third in Greenland’s brand and qual- In addition to offering les-
wsj.com/classifieds quarter of 2015, already a re- ity,” and the central location of sons on turkey and stuffing, de-
cord that is up from $2.5 billion its Los Angeles project. velopers take other approaches
in all of 2014 and $1 billion in The skeleton for the first Los to woo Chinese buyers, often
2010, according to real-estate- Angeles tower is complete and in pageant-like events with ce-
services firm JLL. the remaining pieces are sched- lebrities.
Nowhere has the interest uled to be done by 2018. In August, Wanda held a
been more concentrated than The rapid pace presents sales event in Shanghai for its

* % ' + & ' , - ./''
in Los Angeles, where at least risks for Greenland and the global projects including the
.
0 1#
, 2 *,%
3 4 4+ (+ &
4
10 Chinese developers have other developers. High-rise con- Chicago tower, complete with a
purchased large development dos are relatively new in down- cameo by Spanish soccer club

sites, all within the past two town Los Angeles, and if the Atlético Madrid, in which

!
" #$

% & '
( ) % years, according to JLL. housing market or foreign-ex- Wanda owns a stake. Fans hold-
The epicenter is downtown change markets—either in Los ing soccer jerseys pushed their

© 2015 Dow Jones & Company, Inc. Los Angeles, which was long Angeles or in China—change way into the ballroom when the
All Rights Reserved. devoid of apartments, but re- significantly, the developers soccer players from the club
cently has begun to bustle even could face losses. streamed onstage.
THE WALL STREET JOURNAL. NY Wednesday, December 30, 2015 | C9
BIGGEST 1,000 STOCKS

WSJ.com/stocks
How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades HarleyDavidson HOG 46.02 0.25 NY CmntyBcp NYCB 16.73 0.17 SpectraEnergyPtrs SEP 44.49 0.49 s ActivisionBliz ATVI 39.58 0.55 FfthThrd FITB 20.48 0.16 OldDomFrght ODFL 59.16 0.46
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. HarmanIntlInds HAR 95.18 1.06 Newell NWL 44.24 -0.13 SpectrumBrndsHldgs SPB 102.77 0.53 AdobeSystems ADBE 95.33 1.13 FirstSolar FSLR 66.41 0.01 OpenText OTEX 49.39 1.00
The list comprises the 1,000 largest companies based on market capitalization. Harris HRS 88.30 1.21 NewfldExpl NFX 32.69 0.35 SpiritAeroSystemsA SPR 48.89 0.63 AkamaiTechnologies AKAM 53.33 0.15 Fiserv FISV 94.18 1.04 Paccar PCAR 48.38 0.38
Underlined quotations are those stocks with large changes in volume compared with the issue’s HrtfrdFnl HIG 44.11 0.62 NewmtMin NEM 18.03 0.12 Sprint S 3.85 0.04 AlexionPharm ALXN 191.88 2.78 FlextronInt FLEX 11.38 0.07 PacWestBncp PACW 44.27 0.44
average trading volume. HealthNet HNT 69.04 0.37 NextEraEnergy NEE 104.65 0.66 StJudeMedical STJ 62.66 1.35 AlignTechnology ALGN 66.37 0.03 Fortinet FTNT 31.78 -0.01 PaneraBreadClA PNRA 197.08 0.69
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous HelmPayne HP 54.13 0.75 Nidec ADR NJ 18.37 0.34 StanCorpFinancial SFG 114.24 0.02 s Alkermes ALKS 78.80 -1.34 FrontierComms FTR 4.82 -0.03 Paychex PAYX 54.26 0.47
closing price was $2 or higher.
Herbalife HLF 55.15 0.38 NielsenHoldings NLSN 47.34 0.38 StanleyBlDck SWK 107.92 0.93 AlnylamPharm ALNY 93.98 2.30 Garmin GRMN 37.26 0.29 PayPalHoldings PYPL 37.08 0.47
Footnotes: listing standards vj-In bankruptcy or Hershey HSY 90.98 0.59 NikeClB NKE 64.26 0.45 StrwdHtlRsrt HOT 70.87 0.68 s AlphabetClA GOOGL 793.96 11.72 Gentex GNTX 16.43 0.02 People'sUnitedFin PBCT 16.52 0.18
s-New 52-week high. lf-Late filing receivership or being s AlphabetClC GOOG 776.60 14.09
t-New 52-week low. q-Temporary exemption from reorganized under the HertzGlobal HTZ 14.51 0.37 NipponTelegraphADR NTT 40.12 0.47 StarwoodPrTr STWD 20.62 -0.18 GileadSciences GILD 103.36 1.68 PilgrimPride PPC 22.50 -0.03
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities Hess HES 49.36 0.37 NiSource NI 19.80 0.33 StateSt STT 67.65 0.48 s Amazon.com AMZN 693.97 18.77 Goodyear GT 33.26 0.53 Premier PINC 35.12 0.25
recent four quarters. t-NYSE bankruptcy assumed by such companies. HewlettPackardEnt HPE 15.20 -0.03 NobleEnergy NBL 33.40 0.38 StatoilADR STO 14.20 0.18 Amdocs DOX 55.50 0.17 Grifols ADR GRFS 33.25 0.76 PricelineGroup PCLN 1302.40 29.44
FD-First day of trading. v-Trading halted on primary HiltonWorldwide HLT 21.79 0.01 NokiaADR NOK 7.21 0.13 s Steris STE 77.73 1.34 Amerco UHAL 391.89 4.12 HDSupplyHoldings HDS 30.50 0.33 Qiagen QGEN 27.55 0.50
h-Does not meet continued market. HollyFrontier HFC 40.56 -0.05 NomuraHoldingsADR NMR 5.68 0.04 STMicroelectronics STM 6.82 0.04 AmericaMovilClAADR AMOV 14.41 0.33 Hasbro HAS 68.43 0.78 Qorvo QRVO 52.99 0.10
HomeDepot HD 133.70 1.02 Nordstrom JWN 50.88 0.53 Stryker SYK 94.81 1.24 AmerAirlinesGrp AAL 43.50 0.27 s HenrySchein HSIC 160.50 2.01 Qualcomm QCOM 50.88 1.30
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
HondaMotorADR HMC 32.41 0.19 NorfolkSouthern NSC 85.56 -0.03 SumitomoMitsADR SMFG 7.69 0.07 AmeriCapAg AGNC 17.44 -0.13 Hologic HOLX 39.55 0.25 s QunarCaymanIslADR QUNR 54.75 1.11
Honeywell HON 105.34 1.01 NortelInversoraADR NTL 14.86 -0.30 SunLifeFinancial SLF 32.19 0.59 Amgen AMGN 164.44 2.71 JBHunt JBHT 73.51 0.63 RandgoldRscsADR GOLD 62.40 0.32
Tuesday, December 29, 2015 Net Net HormelFoods HRL 80.50 0.49 NorthrpGrum NOC 191.48 1.50 SuncorEnergy SU 26.38 0.08 AmTrustFinSvcs AFSI 62.94 -0.86 HuntgBcsh HBAN 11.30 0.15 RegenPharm REGN 550.21 9.93
Net Stock Sym Close Chg Stock Sym Close Chg DR Horton DHI 32.61 0.32 Novartis ADR NVS 88.05 1.30 SunocoLgst SXL 25.12 -0.12 AnacorPharm ANAC 111.92 5.81 IACInteractv IACI 61.00 0.47 RossStores ROST 54.94 0.55
Stock Sym Close Chg
BerkHathwy B BRK/B 134.14 1.02 DeltaAir DAL 52.17 0.22
HostHotels&Resorts HST 15.93 0.35 NovoNordiskADR NVO 58.77 0.48 SunTrustBanks STI 43.81 0.64 AnalogDevices ADI 57.31 0.86 IdexxLab IDXX 74.30 0.14 s RyanairHoldingsADR RYAAY 87.64 0.32
BestBuy BBY 30.75 0.22 DeutscheBank DB 24.87 0.41
HuanengPowerADR HNP 34.60 -0.05 Nucor NUE 40.48 0.23 SynchronyFinancial SYF 30.69 0.52 Apple AAPL 108.74 1.92 IPG Photonics IPGP 91.79 0.37 SBACommunications SBAC 106.20 1.27
NYSE BioMedRealtyTrust BMR 23.70 0.06 DevonEnergy DVN 32.24 0.55
Hubbell HUBB 103.00 1.39 NuSTAREnergy NS 37.00 -0.66 SyngentaADR SYT 79.67 0.23 AppliedMaterials AMAT 19.26 0.26 t IcahnEnt IEP 61.52 -1.45 SEIInvestments SEIC 52.85 0.19
ABBADR ABB 18.23 0.07 BlackKnightFinSvcs BKFS 33.29 0.29 DiageoADR DEO 111.05 1.59
Humana HUM 179.11 1.25 OGEEnergy OGE 26.81 0.03 Sysco SYY 41.53 0.02 ArchCapitalGroup ACGL 71.24 0.30 Illumina ILMN 194.18 6.12 SS&CTechs SSNC 68.43 0.49
s ACE ACE 119.47 1.88 BlackRock BLK 343.60 1.15 s DigitalRealtyTrust DLR 77.01 0.91 HuntingtonIngalls HII 129.48 1.19 ONEOK OKE 24.05 -0.07 TEConnectivity TEL 65.75 0.54 AthenaHealth ATHN 166.49 2.64 Incyte INCY 110.72 1.04 SVBFinancialGroup SIVB 122.50 1.88
HyattHotels H 48.64 0.49 ONEOKPartners OKS 28.42 -0.25 TEGNA TGNA 26.23 0.20 s AtlassianClA TEAM 31.10 2.20 Intel INTC 35.44 0.51 Sabre SABR 28.41 0.45
ADTCorp. ADT 34.68 0.58 BlackstoneGroup BX 30.17 -0.24 DiscoverFinSvcs DFS 54.78 0.43
ICICIBankADR IBN 7.89 -0.04 OccidentalPetrol OXY 68.19 0.20 TELUS TU 28.37 0.48 Autodesk ADSK 62.22 0.36 IntrctvBrkGrp IBKR 43.66 0.47 SanDisk SNDK 75.97 0.66
AES AES 9.61 0.15 BlockHR HRB 33.50 0.06 Disney DIS 107.08 -0.17
IHSClA IHS 119.98 0.82 Och-ZiffCapMgmt OZM 6.26 -0.09 TERNIUMADR TX 12.30 -0.18 ADP ADP 86.84 1.09 Intuit INTU 99.34 1.12 SeagateTechnology STX 37.15 0.41
Aflac AFL 60.94 0.55 BdwlkPipePtnr BWP 12.43 0.05 DollarGeneral DG 72.69 0.70
IMSHealthHoldings IMS 25.67 -0.12 s OldRepublic ORI 19.02 0.16 TJX TJX 71.76 1.09 AvagoTech AVGO 147.94 1.59 IntutvSrgcl ISRG 553.37 6.26 SeattleGenetics SGEN 45.31 0.94
s AGLResources GAS 63.72 0.22 Boeing BA 147.35 2.81 DominionResources D 68.64 0.78
AT&T T 34.93 0.17 BorgWarner BWA 44.04 0.65 Dominos DPZ 112.00 1.87 INGGroepADR ING 13.87 0.08 OmegaHlthcr OHI 35.36 0.28 TableauSoftware DATA 95.09 0.03 BaiduADR BIDU 194.68 1.88 IonisPharma IONS 60.89 0.35 ShireADR SHPG 208.67 5.32
AbbottLabs ABT 45.82 0.79 BostonProperties BXP 129.82 2.10 DouglasEmmett DEI 31.59 0.97 Invesco IVZ 33.57 0.61 OmnicomGroup OMC 77.15 0.64 TaiwanSemiconADR TSM 23.08 0.07 BedBath BBBY 48.89 0.16 JD.comADR JD 32.65 0.76 SignatureBank SBNY 156.20 1.36
AbbVie ABBV 59.45 0.70 BosSci BSX 18.74 0.01 Dover DOV 62.17 -0.14 ITCHoldings ITC 38.76 -0.15 OneMainHoldings OMF 41.32 0.05 Target TGT 74.44 1.57 Biogen BIIB 309.67 5.83 JackHenry JKHY 79.25 0.83 SiliconwareADR SPIL 7.90 -0.04
AccentureClA ACN 105.32 1.24 BristolMyers BMY 69.74 0.57 DowChemical DOW 52.79 1.02 IDEX IEX 77.71 0.49 OpkoHealth OPK 10.34 0.21 TaroPharm TARO 155.48 -1.50 BioMarinPharm BMRN 106.07 0.77 JazzPharma JAZZ 142.97 1.32 SiriusXMHoldings SIRI 4.09 0.02
s AcuityBrands AYI 236.78 -2.78 BrixmorPropertyGrp BRX 25.94 0.22 s DrPepperSnap DPS 94.99 0.66 IllinoisToolWorks ITW 94.25 1.07 Oracle ORCL 37.04 0.25 TataMotorsADR TTM 29.52 0.05 BlackBerry BBRY 9.35 -0.07 JetBlue JBLU 23.41 0.13 SironaDental SIRO 111.48 1.29
AdvanceAuto AAP 152.20 1.65 BdridgeFnlSol BR 54.84 0.09 DrReddysLabADR RDY 46.77 0.70 InfosysADR INFY 16.95 0.11 OrangeADR ORAN 17.02 0.19 TecoEnergy TE 26.77 0.12 s Broadcom BRCM 58.32 0.31 KLA Tencor KLAC 69.90 0.50 SkywrkSol SWKS 80.43 1.12
AdvSemiEnggADR ASX 5.74 0.03 BrookfieldMgt BAM 32.12 0.16 DuPont DD 67.57 1.10 Ingersoll-Rand IR 56.23 0.72 OrbitalATK OA 90.98 1.33 TelecomItaliaADR TI/A 10.42 0.09 CA CA 29.35 0.41 KeurigGreenMtn GMCR 90.21 0.31 SolarCity SCTY 49.74 -1.57
Ingredion INGR 97.63 1.68 71.81 0.91 TelecomItaliaADR TI 12.92 0.06 CBOE Holdings CBOE 65.96 0.52 KraftHeinz KHC 74.69 1.27 Splunk SPLK 58.40 0.74
AegonADR AEG 5.80 0.03 BrookfieldInfr BIP 38.22 0.61 DukeEnergy DUK 72.37 0.45 OrixADR IX
ICE ICE 257.74 3.33 OwensCorng OC 47.44 0.30 Teleflex TFX 134.29 1.06 CDKGlobal CDK 49.00 -0.08 LKQ LKQ 30.03 0.34 Staples SPLS 9.56 -0.06
AerCapHoldings AER 43.51 0.76 BrownFormanClA BF/A 111.79 0.58 DukeRealty DRE 21.31 0.19
BrownFormanClB BF/B 102.01 EMC 25.98 0.07 InterContinentlADR IHG 39.49 0.20 PG&E PCG 53.81 0.29 TelefonicaBrasADR VIV 9.42 -0.09 CDW CDW 43.34 0.87 LamResearch LRCX 80.75 0.72 Starbucks SBUX 61.13 0.94
Aetna AET 110.21 1.26 0.06 EMC
BuckeyePartners BPL 62.85 30.69 0.25 IBM IBM 139.78 2.17 PNC FnlSvcs PNC 96.95 1.01 TelefonicaADR TEF 11.40 0.10 CH Robinson CHRW 63.19 0.01 LamarAdvertisingA LAMR 60.35 0.18 Stericycle SRCL 123.15 1.51
AffiliatedManagers AMG 162.66 -0.59 -0.49 ENIADR E
BG 68.92 EOG Res EOG 71.09 0.60 IntFlavor IFF 121.12 0.77 POSCOADR PKX 36.50 -1.05 TelekmIndonesiaADR TLK 45.04 -0.32 CMEGroupClA CME 92.32 0.43 LibertyBroadbandA LBRDA 51.53 0.60 Symantec SYMC 21.37 0.24
AgilentTechs A 42.36 0.58 Bunge 0.89
CBRE Group CBG 35.13 EQT 52.98 0.94 InternationalPaper IP 38.65 0.53 PPG Ind PPG 100.58 0.68 TenarisADR TS 24.25 0.02 CSX CSX 26.38 0.44 LibertyBroadbandC LBRDK 51.92 0.68 Synopsys SNPS 46.45 0.29
AgnicoEagleMines AEM 26.93 0.11 0.40 EQT
CBS/A 51.96 EQTMidstreamPtrs EQM 74.75 -0.65
s Interpublic IPG 23.65 0.15 PPL PPL 34.44 0.30 Tesoro TSO 102.88 0.46 CadenceDesign CDNS 21.27 0.06 LibertyGlobalClA LBTYA 40.25 0.79 TDAmeritrade AMTD 35.21 0.25
Agrium AGU 91.46 0.82 CBSClA -0.27
CBS 47.29 EastmanChemical EMN 69.07 0.86 IronMountain IRM 28.26 0.85 PVH Corp. PVH 74.30 1.38 TesoroLogistics TLLP 48.45 -1.85 Carlyle CG 15.78 -0.09 LibertyGlobalClC LBTYK 38.77 0.66 s TFSFinancial TFSL 19.22 0.28
AirProducts&Chems APD 133.20 0.60 CBSClB 0.46
EatonCorp.PLC ETN 53.08 0.49 IsraelChemicals ICL 4.30 -0.04 PackCpAm PKG 63.94 -0.43 TevaPharmADR TEVA 66.20 0.27 CaseyGnStr CASY 122.91 1.43 LibertyGlbLiLACAWi LILA 40.37 0.38 T-MobileUS TMUS 40.12 0.34
Airgas ARG 138.68 0.26 CFIndustries CF 42.64 0.40
Ecolab ECL 116.39 0.92 ItauUnibancoADR ITUB 6.78 0.01 PaloAltoNetworks PANW 177.77 1.13 Textron TXT 42.98 0.42 Celgene CELG 121.27 2.17 LibertyGlbLiLACClC LILAK 42.00 0.48 TRowePrice TROW 73.10 0.38
AlaskaAirGroup ALK 82.77 0.35 CGI Gp A GIB 41.02 0.65
EcopetrolADR EC 7.12 -0.10 JPMorganChase JPM 67.07 0.69 ParkerHannifin PH 99.52 0.89 s ThermoFisherSci TMO 143.03 2.33 Cerner CERN 61.85 1.23 LibertyInteractQVC QVCA 27.15 0.26 TeslaMotors TSLA 237.19 8.24
Albemarle ALB 56.73 -0.02 CIT Grp CIT 40.56 0.12 JacobsEngineering JEC 43.07 0.40 TXN 57.02 0.60
EdisonInt EIX 60.41 0.46 s PartnerRe PRE 140.00 0.12 ThomsonReuters TRI 38.67 0.50 CharterComms CHTR 185.17 3.09 LibertyVenturesA LVNTA 44.17 0.54 TX Instr
AlcatelLucentADR ALU 3.93 0.05 CMSEnergy CMS 36.57 0.16
EdwardsLife EW 79.76 -0.06 JamesHardieADR JHX 12.58 0.25 PearsonADR PSO 10.99 -0.29 3M MMM 152.89 1.67 ChkPntSftwr CHKP 83.66 1.12 LibertyMediaA LMCA 39.48 0.39 TowersWatson A TW 139.94 5.39
Alcoa AA 10.13 0.15 CNAFinancial CNA 35.74 0.10
Embraer ADR ERJ 29.86 0.27 Jarden JAH 57.25 -0.11 PembinaPipeline PBA 21.98 0.08 Tiffany TIF 77.62 1.02 CincinnatiFin CINF 60.54 0.49 LibertyMediaC LMCK 38.10 0.51 TractorSupply TSCO 87.19 1.20
AlexREEq ARE 92.00 1.01 CNOOCADR CEO 107.20 1.09
EmersonElectric EMR 48.49 0.23 JohnsJohns JNJ 104.03 0.81 Pentair PNR 50.48 0.88 TimeWarnerCable TWC 187.23 2.18 Cintas CTAS 92.82 0.80 LinearTechnology LLTC 43.91 0.52 TrimbleNav TRMB 22.06 0.16
AlibabaGroupADR BABA 83.26 1.12 CRHADR CRH 29.40 0.22
EmpresaNacADR EOC 37.23 -0.12 JohnsonControls JCI 40.52 0.63 PepcoHoldings POM 26.16 -0.06 TimeWarner TWX 64.84 0.36 CiscoSys CSCO 27.77 0.46 LinnEnergy LINE 1.39 -0.09 TripAdvisor TRIP 86.51 1.31
Alleghany Y 485.67 0.81 CSRA CSRA 29.59 0.10
EnbridgePtnr EEP 22.28 -0.38 JonesLangLaSalle JLL 160.75 2.24 PepsiCo PEP 101.45 0.77 Toll Bros TOL 33.86 0.11 CitrixSystems CTXS 77.46 1.48 lululemonathletica LULU 52.37 -0.80 21stCenturyFoxClA FOXA 27.57 0.15
Allegion ALLE 66.96 0.65 CVSHealth CVS 99.36 0.94
Enbridge ENB 33.36 0.37 JoyGlobal JOY 13.03 -0.07 s PerkinElmer PKI 54.36 0.82 Torchmark TMK 57.84 0.55 CognizantTechSolns CTSH 61.41 0.91 ManhattanAssoc MANH 69.43 0.48 21stCenturyFoxClB FOX 27.60 0.15
Allergan AGN 314.49 5.61 Cablevision CVC 31.92 0.07
Encana ECA 5.02 0.15 JuniperNetworks JNPR 28.04 0.33 Perrigo PRGO 146.59 0.75 TorntoDomn TD 40.02 0.57 Comcast A CMCSA 57.56 0.37 Markit MRKT 30.12 0.24 UltaSalon ULTA 185.31 0.54
AllianceData ADS 280.30 2.16 CabotO&G COG 17.70 0.46
EngyTrnsfrEqty ETE 13.45 -0.02 KARAuctionServices KAR 37.37 0.38 PetroChinaADR PTR 67.14 -0.65 TotalADR TOT 45.85 0.48 CommScopeHldg COMM 26.31 0.18 MarriottInt A MAR 68.75 -0.10 UltimateSoftware ULTI 196.44 2.01
AllncBrnstnHldg AB 24.69 0.14 Calpine CPN 14.58 0.23
EnergyTransfer ETP 32.96 -0.44 KBFinancialGrpADR KB 28.76 -0.15 PetroleoBrasilADR PBR 4.42 -0.03 TotalSystemSvcs TSS 51.00 0.25 CoStarGroup CSGP 210.42 0.85 Mattel MAT 27.68 0.21 UnitedTherapeutics UTHR 159.23 -1.63
AlliantEnergy LNT 63.38 0.15 CamdenPropertyTr CPT 77.45 0.60 KKR 15.66 -0.14 VRSN 88.74 0.85
Enerplus ERF 3.48 0.13 KKR PetroleoBrasilADRA PBR/A 3.42 -0.02 ToyotaMotorADR TM 124.76 0.29 CostcoWholesale COST 162.66 1.50 MaximIntProducts MXIM 38.79 0.95 VeriSign
ALL 63.19 0.55 CCJ 12.40 0.23
-0.17 VeriskAnalytics VRSK 77.77 0.60
Allstate Cameco KT 12.09 -0.34
EnersisADR ENI 12.16 -0.09 KTADR Pfizer PFE 32.83 0.41 TransCan TRP 33.27 0.39 Ctrip.comIntlADR CTRP 48.04 0.09 Medivation MDVN 47.81
AllyFinancial ALLY 18.86 0.12 CameronIntl CAM 63.76 0.10
EnLinkMidstream ENLK 16.17 -0.01 KSCitySo KSU 74.41 1.20 PhilipMrrsIntl PM 89.36 0.77 TransdigmGrp TDG 228.37 3.15 DISHNetworkClA DISH 58.05 0.15 MelcoCrownEntADR MPEL 17.10 0.23 VertxPharm VRTX 127.87 3.92
AltriaGroup MO 58.92 0.65 CampbellSoup CPB 53.68 0.09
Entergy ETR 69.20 0.34 s Kellogg K 73.51 0.64 PhilippineLgDisADR PHI 43.00 -0.39 TransUnion TRU 27.70 0.26 Dentsply XRAY 61.91 0.70 MercadoLibre MELI 115.12 1.23 Viacom A VIA 43.48 0.14
AlumofChinaADR ACH 8.39 0.05 CM 67.29 1.10
0.59 Viacom B VIAB 41.33 0.16
CIBC KEY 13.42 0.12
EntPdtsPtnr EPD 24.97 0.03 KeyCp Phillips66 PSX 82.77 0.31 TravelersCos TRV 115.02 1.54 Dexcom DXCM 82.33 0.63 MicrochipTech MCHP 48.12
AmbevADR ABEV 4.68 0.01 CanNtlRlwy CNI 56.69 0.29
EnvisionHealthcare EVHC 25.59 0.34 KeysightTechs KEYS 28.62 -0.16 PinnacleFoods PF 43.10 0.35 TurkcellIletismADR TKC 8.85 0.15 DiscoveryCommsA DISCA 26.90 0.06 MicronTechnology MU 14.34 0.15 VimpelComADR VIP 3.30 -0.01
AEE 44.12 0.08 CndNatRes CNQ 22.52 0.63 0.60 VodafoneGroupADR VOD 32.40 0.48
Ameren KilroyRealty KRC 64.17 0.72 s Microsoft MSFT 56.55
s Equifax EFX 113.61 0.54 PinaclWCap PNW 65.19 0.35 TurquoiseHillRscs TRQ 2.57 -0.02 DiscoveryCommsC DISCK 25.38 0.03
AmericaMovilADR AMX 14.48 0.27 CanPacRlwy CP 128.54 1.68
s EquityLife ELS 66.81 0.67 s KimberlyClark KMB 129.54 1.31 PioneerNaturalRscs PXD 124.46 2.88 Twitter TWTR 22.47 -0.06 DollarTree DLTR 78.02 0.78 Middleby MIDD 109.09 0.71 WPPADR WPPGY 116.89 1.95
AEP 58.89 0.29 CanonADR CAJ 30.79 0.26 0.85 WalgreensBootsAll WBA 86.82 0.98
AEP KimcoRealty KIM 26.97 0.31 DunkinBrands DNKN 42.70 0.74 MondelezIntlClA MDLZ 45.75
EqResdntl EQR 81.97 0.78 PlainsAllAmPipe PAA 23.51 -0.14 TycoInternational TYC 32.65 0.45
AmericanExpress AXP 70.55 0.79 CapOneFnl COF 73.79 0.64
s EssexProp ESS 244.29 3.46 KinderMorgan KMI 15.10 -0.16 PlainsGPHldgsClA PAGP 9.23 -0.09 s TylerTechnologies TYL 180.61 0.09 Dyax DYAX 37.73 0.16 MonsterBeverage MNST 150.17 2.01 WstnDgtl WDC 61.06 1.26
AmericanFinancial AFG 73.27 0.67 CardinalHealth CAH 90.85 0.36
EsteeLaudr A EL 89.40 0.74 KingDigitalEnt KING 17.87 ... PlumCrk PCL 48.69 0.07 TysonFoodsClA TSN 53.90 0.37 E Trade ETFC 29.90 0.33 Mylan MYL 55.28 0.95 WholeFoods WFM 34.23 -0.01
AmIntlGp AIG 62.54 0.94 CSL 89.44 0.27 0.44 WynnResorts WYNN 70.12 1.78
Carlisle Kohl's KSS 48.81 1.57 EastWestBancorp EWBC 42.45 0.33 NXP Semi NXPI 86.32
EvrstReGrp RE 187.33 2.05 PolarisIndustries PII 87.35 0.81 UBSGroup UBS 19.91 0.16
AmericanTowerREIT AMT 99.41 1.04 CarMax KMX 54.59 1.41 KoninklijkePhilADR PHG 26.33 0.28 XLNX 48.18 0.38
EversourceEnergy ES 51.90 0.06 PotashCp POT 17.73 -0.07 s UDR UDR 37.89 0.47 eBay EBAY 27.91 0.27 s Nasdaq NDAQ 59.38 0.27 Xilinx
s AmericanWaterWorks AWK 60.60 -0.01 s Carnival CCL 55.14 0.95 KoreaElcPwrADR KEP 21.35 -0.11 YHOO 34.04 0.44
Exelon EXC 27.95 0.19 Praxair PX 104.40 0.62 UGI UGI 34.43 0.36 ElectroArts EA 69.85 0.66 NetApp NTAP 26.88 0.31 Yahoo
Amerigas APU 34.05 0.03 s Carnival ADR CUK 57.52 1.00 KR 42.64 0.19 YNDX 15.82 0.18
s ExtrSpcStor EXR 90.22 1.16 Kroger
PrecisionCastparts PCP 232.09 0.96 UltraparPartADR UGP 16.04 -0.15 EndoInternational ENDP 62.49 0.67 s NeteaseADR NTES 184.73 3.00 Yandex
AmerprsFncl AMP 108.58 0.78 Carters CRI 91.28 0.79 KyoceraADR KYO 47.08 0.59 s Equinix EQIX 304.98 4.07 NFLX 119.12 2.01 ZionsBcp ZION 27.81 0.17
ExxonMobil XOM 79.16 0.42 PrincipalFinancial PFG 46.16 0.59 UnderArmour A UA 82.25 1.03 Netflix
AmeriSrcBrg ABC 104.77 0.58 Caterpillar CAT 69.19 0.61 LBrands LB 97.88 1.22 EricssonADR ERIC 9.84 0.10 NewsCorpClA NWSA 13.72 0.20 Zynga ZNGA 2.64 -0.05
FMC FMC 40.39 0.63 Procter&Gamble PG 80.36 0.44 UnileverADR UN 44.23 0.52
Ametek AME 54.55 0.61 Celanese A CE 67.64 0.59 LGDisplayADR LPL 10.60 -0.06 EXPE 127.70 1.60 NewsCorpClB NWS 14.29 0.23
FMCTechnologies FTI 29.20 0.25 ProgressiveCorp PGR 32.46 0.50 UnileverADR UL 43.96 0.53 Expedia
AmphenolClA APH 53.45 0.28 CemexADR CX 5.39 -0.04
FactSetResearchSys FDS 163.56 2.21 L-3Communications LLL 120.72 1.34 UnionPacific UNP 78.97 0.63 ExpeditrInt EXPD 45.67 -0.15 NrthnTrust NTRS 73.58 0.68
NYSE MKT
AnadarkoPetroleum APC 49.73 0.04 CencosudADR CNCO 6.05 ... Prologis PLD 43.57 0.66
FRT 149.96 0.32 LabCpAm LH 125.20 0.80 UnitedContlHldgs UAL 59.30 0.29 ExpressScriptsHldg ESRX 88.20 0.25 NorwegianCruise NCLH 59.53 1.51 BritishAmTobADR BTI 112.43 0.80
AnheuserBuschADR BUD 127.39 1.55 CenovusEnergy CVE 12.83 0.21
FedRlty PrudentialFin PRU 83.21 0.76
FDX 149.24 0.83 LasVegasSands LVS 44.38 0.26 UnitedMicroADR UMC 1.90 -0.01 F5Networks FFIV 97.55 0.55 NuanceComms NUAN 20.20 0.01 CheniereEnergy LNG 37.03 -0.23
AnnalyCap NLY 9.40 -0.05 CNC 66.74 0.68
FedEx PrudentialADR PUK 46.26 0.34
Centene
Ferrari RACE 47.93 1.50 Lazard LAZ 46.01 0.34 UtdParcel B UPS 97.72 0.72 FacebookClA FB 107.26 1.33 NVIDIA NVDA 33.68 0.54 CheniereEngyPtnr CQP 25.14 -1.26
AnteroResources AR 23.21 0.67 CenterPointEnergy CNP 18.46 0.28 PublicServiceEnt PEG 39.05 0.34
FiatChryslerAutos FCAU 14.37 0.07 LearCorp LEA 125.73 0.21 UnitedRentals URI 73.32 0.85 Fastenal FAST 41.64 0.24 OReillyAuto ORLY 258.50 2.56 ImpOil IMO 32.91 0.29
ANTM 141.85 1.82 CenturyLink CTL 25.88 0.04 s PublicStorage PSA 252.21 1.04
Anthem FibriaCelulose ADR FBR 12.99 -0.11 Leggett&Platt LEG 43.11 0.34 USB 43.52 0.73
AON 93.84 1.84 CVX 91.25 0.89 PulteGroup PHM 18.16 0.06 US Bcp
Aon Chevron
FidNtlFnl FNF 34.79 0.26 LennarClA LEN 49.60 0.43 8.20 -0.10
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C10 | Wednesday, December 30, 2015 * * THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
New Fannie
Bonds With
What Could Drive the Oil Price? OVERHEARD
There was much rejoicing average of the top five U.S. Tesla Motors may be
Vroom!
Old Twist when average U.S. gasoline
prices fell below $2.00 a gal-
lon in the week before
Rolling 12-month change in U.S.
vehicles got three miles
more a gallon than in 2000,
when prices were near a
switching to a higher gear.
At least one analyst thinks
Tesla’s fourth-quarter deliver-
vehicle miles driven
Taxpayers have borne the Christmas. trough. But turnover in the ies, likely to be announced
bulk of mortgage credit risk The question is how ac- 4% vehicle fleet is too slow to next week, will be a positive.
ever since Fannie Mae and customed economy watchers 3 do more than change things Trip Chowdhry at Global Eq-
Freddie Mac were put into should get to regular un- at the margin. uities Research wrote Tues-
conservatorship. leaded at such low levels. It 2 That isn’t the only effect day that Tesla has likely deliv-
In a twist, a plan to ease matters for many reasons, 1 on demand, though. There is ered more than 18,300 cars
this burden relies on a ver- not least that lower prices 0 evidence that road trips, dis- since Sept. 30. That would be
sion of an instrument de- boost Americans’ budgets cretionary trips to the mall above the midpoint of Tesla’s
monized in the financial cri- whether savings are spent or –1 and perhaps the propensity guidance for 17,000 to 19,000
sis—synthetic collateralized saved. The sum is about –2 to do things like carpool are deliveries. And it would be
debt obligations. Fannie’s $800 annually per household all affected. Based on the significantly higher than deliv-
–3
Connecticut Avenue Securi- compared with a year ago most recent 12-month rolling ery totals in the past three
ties and Freddie’s Structured and $1,900 since July 2014 2000 ’10 data on vehicle miles driven, quarters. This raises a risk ex-
Agency Credit Risk instru- when prices last peaked. Sources: Federal Highway Administration; Bloomberg News (photo) Americans have rediscovered tra deliveries could cause the
ments are called risk-sharing But big swings in com- THE WALL STREET JOURNAL. their love of the road. In Oc- average vehicle selling price to
bonds. They produce income modity prices are under- tober, this figure was 3.4% fall, although Mr. Chowdhry
based on the performance of stood to contain the seeds of shale or Canadian oil-sands In the U.S., in particular, higher than a year prior. The believes this was stable.
a pool of mortgages. If those their own destruction. producers. And, now, Iran where public transportation last time it rose that much Yet to be seen is whether
default, investors can lose The fact the collapse in soon may replace about as is a poor or nonexistent op- was in the summer of 2000. improved sales translate to
some or all their principal. crude oil has been so rapid many barrels of output as tion for many, people are Back in June 2014 the better cash flow. Tesla posted
But rather than own mort- and severe may not have have been lost to date from seen as slow to change driv- growth pace was just 1%. free cash flow of negative-
gages directly, investors are swayed large state-owned U.S. shale. ing habits. Car purchases are That substantial difference $1.7 billion in 2015’s first nine
buying corporate obligations oil-market players such as So what about consum- another matter as choices shows that exuberant Ameri- months. And cash burn has
of Fannie and Freddie. members of the Organization ers? Numerous studies have about fuel efficiency swing can drivers and not just de- worsened as the pace of de-
Hence, the resemblance to of the Petroleum Exporting been done on the so-called from month to month based spondent American oilmen liveries quickened. Sometimes
synthetic CDOs. Countries to cut back output. price elasticity of demand on gasoline prices. For exam- are doing their part to bring going faster doesn’t get you
The bonds have evolved in But it already has affected for gasoline—but usually in ple, in the 2009 model year the oil market into balance. where you need to be.
admirable ways since their marginal ones such as U.S. the context of surging prices. when prices were high, the —Spencer Jakab
beginnings. The companies
now share risk on about 90%
of newly acquired 30-year
fixed-rate loans. They also
have begun laying off first-
There Is Value Hidden in Chinese Insurer PICC Group
loss risk and expanded the The staid insurance world nesses is slightly north of zero. management, according to doesn’t correct the valuation
pools to include riskier has thrown up an interesting Insurance Pair It was actually negative for UBS. discrepancy on its own, Ameri-
loans. So, by the end of 2015, value play. The actors include Value of PICC Group shares and most of the past three months. Rawen Huang, founder of can International Group, a key
taxpayers will bear just 50% two of China’s top insurers and PICC Group’s stake in PICC P&C Clearly, PICC’s non-P&C hedge fund Petrel Capital, says shareholder in both compa-
of credit risk in mortgage one of America’s. businesses invite pessimism. the life and health arms should nies, could. AIG has cut its
loans, down from over three- State-run People’s Insur- $30 billion Their implied value has been at least be worth their embed- holding in PICC P&C twice this
quarters in 2010, according ance Co. (Group) of China, or PICC Group falling since 2012, because ded value, a metric that calcu- year, in an attempt to focus
to the Urban Institute. PICC Group, is China’s oldest 20 PICC’s scale in life and health lates net assets plus the pres- capital in core markets. It
Still, there is room for im- national insurance firm. Since is small, and health has racked ent value of future profits. could sell further, given that
10
provement. With both com- listing in Hong Kong in 2012, up losses. That makes them worth $7.4 its entities still own a signifi-
panies in government hands, its shares have been mostly P&C Stake Yet investors have rarely billion to PICC Group, in pro- cant 18.5% stake in P&C’s Hong
0
there seems little sense in flat. Its market value is $21.2 thought these businesses are portion of its ownership. Kong shares, or 5.7% of its to-
perpetuating two-track issu- billion. 2013 ’14 ’15 worth so little. To think so It makes sense to specifi- tal share capital including non-
ance. A common security PICC runs separate insur- Source: FactSet now is too harsh. cally invest in PICC’s life and traded shares in the mainland.
would make more sense. ance operations in property PICC Group’s life arm grew health arms by buying PICC It hasn’t sold its PICC Group
The catch: The bonds are and casualty, life and health. Considering PICC Group premiums by 15.7%, year over Group shares and selling short holding.
attractive because investors The property-and-casualty arm owns 69% of PICC P&C, the year, during the first half of PICC P&C. This has the benefit At 1.9 times book value,
essentially get the U.S. gov- is the biggest and is separately value of this stake within the 2015. Health premiums fell, but of leaving investors agnostic to PICC P&C is more expensive
ernment as a counterparty. listed in Hong Kong as PICC bigger insurance group itself market share rose while the what occurs at PICC P&C, such than the parent’s 1.2 times.
That complicates efforts to Property & Casualty. Per- comes to $20.9 billion—barely segment eked out its first as its acquisition Monday of Selling the P&C unit and hold-
overhaul housing finance forming much better than its less than PICC Group’s total profit since 2011. These busi- Deutsche Bank’s stake in Hua ing the parent would be
and could further muddy parent, PICC P&C boasts a market capitalization. That im- nesses also could benefit from Xia Bank, a midsize Chinese shrewd, both for ordinary in-
what happens to Fannie and market capitalization of $30.3 plies that the equity value of overhauled product distribu- lender, for about $4 billion. vestors and for AIG.
Freddie. —John Carney billion. PICC Group’s non-P&C busi- tion and, in one case, new If the broader market —Abheek Bhattacharya
Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Net YTD DivIntl 35.58 +0.38 4.7 GlBondAdv p 11.57 +0.02 -3.7 TotRetBdI 10.60 -0.03 0.1 EqIndex 55.87 +0.60 2.8 GrwthAdml 55.70 +0.65 5.1 TgtRe2015 14.33 -0.95 0.2
Fund NAV Chg % Ret DivIntlK r 35.50 +0.37 4.7 TRBdPlan 9.98 -0.04 ... Growth 54.58 +0.70 12.8 HlthCareAdml r 94.28 +1.25 14.3 TgtRe2020 27.40 -0.99 0.2
Explanatory Notes Data provided by
GroCo 139.33 +1.67 9.7 G MFS Funds Class A HelSci 69.74 +0.95 14.4 HYCorAdml r 5.53 +0.01 -1.5 TgtRe2025 15.79 -0.68 0.2
Top 250 mutual-funds listings for Nasdaq-published share classes with EmMktCorEq 15.95 +0.02-13.8 InfProAd 25.12 -0.11 -2.0
GrowCoK 139.23 +1.67 9.8 GMO Trust Class IV ValueA p 33.32 +0.33 0.8 HiYield 6.17 +0.01 -3.5 TgtRe2030 28.04 -0.84 0.1
net assets of at least $500 million each. NAV is net asset value. IntlCoreEq 11.57 +0.13 1.4 IntlGrAdml 68.21 +0.83 1.2
InvGrBd 11.02 -0.04 -0.4 IntlEq 20.44 +0.23 -3.9 MFS Funds Class I InstlCapG 29.37 +0.39 11.9 TgtRe2035 17.06 -0.64 ...
Percentage performance figures are total returns, assuming reinvestment IntSmCo 17.40 +0.20 7.1
of all distributions and after subtracting annual expenses. Figures don’t LowP r 48.30 +0.42 0.6 ValueI 33.50 +0.34 1.1 Intl G&I 13.31 +0.13 -1.4 ITBondAdml 11.23 -0.05 1.0 TgtRe2040 28.86 -0.59 -0.2
IntSmVa 18.90 +0.21 5.2
reflect sales charges (“loads”) or redemption fees. NET CHG is change in
Dimensional Fds
LowPriStkK r 48.25 +0.41 0.7 H MFS Funds Instl IntlStk 15.49 +0.13 0.6 ITIGradeAdml 9.62 -0.03 1.4 TgtRe2045 18.04 -0.42 -0.1
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR MagIn 90.96 +0.97 5.8 IntlEq 20.96 +0.24 2.0 MCapGro 74.30 +0.76 8.0 LTGradeAdml 9.86 -0.12 -2.5 TgtRe2050 28.90 -0.41 -0.2
%RET is trailing three-year return annualized. US CoreEq1 17.47 +0.18 0.4 Harbor Funds MidCpAdml 150.90 +1.33 0.1
OTC 84.84 +1.16 12.8 Mutual Series MCapVal 25.34 +0.17 -1.9 TgtRetInc 12.50 -0.27 0.2
US CoreEq2 16.63 +0.16 -1.4 CapApInst 61.93 +0.86 13.0 MorgAdml 78.55 +0.92 8.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Puritn 20.53 +0.13 2.8 GlbDiscA 29.21 +0.26 -2.5 N Horiz 43.15 +0.40 6.2 TotIntBdIxInv 10.55 -0.01 1.0
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. US Small 28.96 +0.29 -1.2 SrsInvGrdF 11.02 -0.04 -0.3 IntlInst r 60.62 +0.59 -1.9 MuHYAdml 11.31 -0.01 4.1
GlbDiscz 29.71 +0.26 -2.2 N Inc 9.34 -0.03 -0.1 WellsI 24.65 +0.02 1.8
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock US SmCpVal 31.14 +0.34 -5.8 StratInc 10.16 +0.01 -1.6 MuIntAdml 14.26 ... 2.9
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. USLgVa 31.29 +0.30 -2.0 I OverS SF r 9.16 +0.10 -0.7 Welltn 37.18 +0.19 1.1
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Dodge & Cox
TotalBond 10.26 -0.03 -0.6 O R2015 13.79 +0.06 0.2 MuLTAdml 11.75 ... 4.0 WndsrII 34.05 +0.34 -1.6
incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity Selects Invesco Funds A MuLtdAdml 11.01 ... 1.3 VANGUARD INDEX FDS
Balanced 95.37 +0.62 -1.9 Oakmark Funds Cl I R2020 19.88 +0.11 0.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of Biotech r 239.25 +4.52 15.3 EqIncA 9.73 +0.07 -1.2
EqtyInc 28.85 +0.16 -3.7 R2025 MuShtAdml 15.80 ... 0.5 500 191.64 +2.05 2.9
period. Income 13.27 -0.03 -0.7 15.13 +0.10 1.0
Health r 210.85 +2.76 7.9 Oakmark 63.99 +0.65 -2.2 R2030 PrmcpAdml r 105.07 +1.19 4.4 ExtndIstPl 159.42 +1.50 -1.7
Intl Stk 37.11 +0.26 -9.8 J 22.09 +0.16 1.3
Fidelity Spartan OakmrkInt 21.64 +0.20 -2.6 R2035 REITAdml r 114.43 +1.28 3.7 TotIntl 14.72 +0.15 -2.9
Tuesday, December 29, 2015 Stock 165.33 +1.72 -3.0 16.01 +0.13 1.5
500IdxInv 73.00 +0.78 3.0 John Hancock Class 1 Old Westbury Fds SmCapAdml 53.99 +0.53 -1.9 TotSt 51.62 +0.54 2.0
Net YTD Net YTD DoubleLine Funds R2040 22.91 +0.20 1.6 STBondAdml 10.42 -0.02 0.8
500IndInst 73.01 +0.78 3.1 LSBalncd 14.37 -0.83 -0.2 LrgCpStr 12.66 +0.13 0.4 SmCapStk VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret TotRetBdI NA ... NA 39.37 +0.39 -1.3
Fidelity Spartan Adv LSGwth 15.02 -1.17 0.2 Oppenheimer Y STIGradeAdml 10.55 -0.02 1.0 BalInst 29.49 +0.14 1.4
YacktmanFd 21.14 +0.15 -4.4 TotRetBdN NA ... NA Value 31.76 +0.33 -0.1 TotBdAdml 10.62 -0.04 0.2
A AQR Funds
500IdxAd
ExtMktAd r
73.01
51.00
+0.79 3.1 John Hancock Instl
+0.47 -1.8 DispValMCI
DevMktY 30.27 +0.12-13.0
TotIntBdIdxAdm 21.10 -0.01 1.1
DevMktsIndInst 12.04 +0.16 1.6
F 19.44 +0.19 3.6 IntGrowY 36.56 +0.41 5.4 S ExtndInst 64.60 +0.61 -1.7
American Century Inv MgdFutStrI 10.12 -0.04 1.4 IntAd r 36.55 +0.41 0.9 JPMorgan Inst Class TotIntlAdmIdx r 24.63 +0.27 -2.7
Ultra 35.66 +0.45 8.1 Artisan Funds GrwthInst 55.70 +0.65 5.1
Fidelity Advisor A TotMktAd r 59.65 +0.63 2.1 MdCpVal Schwab Funds TotStAdml 51.64 +0.54 2.1
American Funds Cl A Intl Inv 29.13 +0.34 -2.3 NwInsghtA p 26.58 +0.28 4.1 First Eagle Funds
34.49 +0.29 -0.9 P S&P Sel 32.08 +0.34 3.0 TxMIn r 12.02 +0.15 1.5
InPrSeIn 10.23 -0.05 -2.1
JPMorgan R Class InstIdx 189.74 +2.03 3.1
AmcpA p 26.33 +0.25 2.3 Fidelity Advisor I GlbA 51.90 +0.34 0.1 CoreBond Parnassus Fds ValAdml 32.33 +0.31 0.7
11.54 -0.06 0.8 InstPlus 189.75 +2.03 3.1
AMutlA p 34.37 +0.32 -1.3 B NwInsghtI 27.08 +0.29 4.4 FMI Funds JPMorgan Select Cls
ParnEqFd 38.16 +0.40 1.3 T WdsrllAdml 60.42 +0.60 -1.5
InstTStPlus 46.71 +0.48 2.1
BalA p 24.07 +0.12 2.7 BlackRock Funds A Fidelity Freedom LgCap 18.89 +0.16 -1.0 CoreBond PIMCO Fds Instl WellsIAdml 59.71 +0.06 1.9
11.52 -0.07 0.5 TIAA/CREF Funds MidCpInst 33.33 +0.29 0.1
BondA p 12.57 -0.04 0.1 FF2020 14.66 -0.40 0.7 FPA Funds AllAsset NA ... NA WelltnAdml 64.21 +0.33 1.2
GlblAlloc p 17.93 +0.08 -0.6 USLgCpCorPls 27.25 +0.30 1.4 EqIdxInst 15.32 +0.16 2.1 MidCpIstPl 164.39 +1.44 0.1
CapIBA p 56.60 +0.38 -1.6 FF2025 12.56 -0.33 0.8 FPACres 31.34 +0.20 -1.2 ShortT NA ... NA WndsrAdml 65.62 +0.68 -1.7
BlackRock Funds C Tweedy Browne Fds SmCapInst 53.99 +0.53 -1.9
CapWGrA 44.08 +0.40 -0.6 FF2030 15.40 -0.39 1.1 FrankTemp/Frank Adv L TotRt NA ... NA VANGUARD FDS
GlblAlloc t 16.35 +0.08 -1.2 GblValue 24.64 -1.01 -0.7 STIGradeInst 10.55 -0.02 1.0
EupacA p 46.01 +0.41 0.6 FreedomK2020 13.64 -0.36 0.8 IncomeAdv 2.10 +0.01 -6.9 PIMCO Funds A DivdGro 22.76 +0.20 4.2
BlackRock Funds Inst Lazard Instl TotBdInst 10.62 -0.04 0.2
FdInvA p 51.57 +0.52 5.1 FreedomK2025 14.24 -0.36 0.8 FrankTemp/Franklin A TotRetA NA ... NA GNMA 10.64 -0.02 1.1
GwthA p 41.95 +0.46 7.0
EqtyDivd 21.33 +0.21 1.5
FreedomK2030 14.51 -0.37 1.1 CA TF A p 7.52 ... 3.6 EmgMktEq 13.68 ...-18.7 PIMCO Funds D V HlthCare r 223.53 +2.97 14.3 TotBdInstPl 10.62 -0.04 0.2
GlblAlloc 18.03 +0.09 -0.3 Loomis Sayles Fds IncomeFd NA ... NA VANGUARD ADMIRAL TotIntBdIdxInst 31.66 -0.01 1.1
HI TrA p 9.35 +0.01 -7.5 FreedomK2035 14.97 -0.34 1.3 Fed TF A p 12.38 ... 2.4 IntlVal 31.65 +0.28 -4.8
ICAA p 33.90 +0.34 0.1 HiYldBd 7.14 +0.01 -4.0
FreedomK2040 15.00 -0.35 1.3 Growth A p 74.49 +0.66 3.5 LSBondI 12.92 +0.03 -6.6 PIMCO Funds Instl 500Adml 191.64 +2.06 3.1 INSTTRF2025 19.27 -0.05 NS TotIntlInstIdx r 98.48 +1.06 -2.7
IncoA p 20.45 +0.13 -0.4 StratIncOpptyIns 9.78 ... -0.2 Fidelity Invest IncomeA p 2.12 +0.02 -6.9 Lord Abbett A IncomeFd NA ... NA BalAdml 29.49 +0.14 1.4 LifeCon 17.95 -0.26 0.4 TotItlInstPlId r 98.49 +1.06 -2.7
N PerA p 36.60 +0.39 7.0 AMgr50% 16.15 +0.06 0.2 RisDv A p 48.56 +0.44 -1.9 ShtDurIncmA p 4.31 ... 0.4 PIMCO Funds P CAITAdml 11.84 -0.01 3.2 LifeGro 27.61 -0.73 0.1 TotStInst 51.65 +0.54 2.1
NEcoA p 36.54 +0.37 5.5
D Balanc 21.43 +0.13 1.4 FrankTemp/Franklin C Lord Abbett F IncomeP NA ... NA CapOpAdml r 120.56 +1.40 4.3 LifeMod 23.27 -0.54 0.3 VirtusFunds Cl I
NwWrldA 50.54 +0.33 -5.0 Davis Funds A BalancedK 21.43 +0.13 1.5 Income C t 2.14 +0.01 -7.7 ShtDurIncm 4.31 ... 0.7 Price Funds EMAdmr 27.65 +0.11-14.4 Primcp r 101.44 +1.15 4.4 EmMktI 9.02 -0.01
-7.9
SmCpA p 44.12 +0.39 3.7 NYVen A 31.34 +0.36 4.5 BluCh 70.15 +0.88 8.1 FrankTemp/Temp A BlChip 73.71 +0.98 13.2 EqIncAdml 62.94 +0.62 2.5 PrmcpCor 21.18 +0.24 2.7
TxExA p 13.08 ... 3.0 Dimensional Fds Contra 100.61 +1.08 8.3 GlBond A p 11.62 +0.02 -3.9 M CapApp 25.28 +0.19 6.4 ExplrAdml 76.08 +0.76 -2.5 SelValu r 26.24 +0.27 -2.4 W
WshA p 39.03 +0.38 1.4 5GlbFxdInc 10.89 -0.02 1.4 ContraK 100.53 +1.08 8.4 Growth A p 22.22 +0.17 -5.1 Metropolitan West EmMktS 28.89 +0.02-10.3 ExtndAdml 64.60 +0.61 -1.7 STAR 23.51 -1.01 0.8 Western Asset
AMG Managers Funds EmgMktVa 20.68 -0.02-17.7 CpInc r 9.17 +0.03 -0.7 FrankTemp/Temp Adv TotRetBd 10.60 -0.04 -0.3 EqInc 28.94 +0.30 -5.1 GNMAAdml 10.64 -0.02 1.2 STIGrade 10.55 -0.02 0.9 CorePlusBdI 11.41 -0.05 1.1
New Highs and Lows | WSJ.com/stocks Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock GenesisHealthcare GEN 3.38 -4.7 GlbXMSCINigeria NGE 6.63 0.3 Descartes DSGX 20.73 3.7 OceanFirstFin OCFC 21.00 2.4 EmmComm pfA EMMSP 2.07 0.2
Market stocks that hit a new 52-week intraday high or low in the latest session. GeoPark GPRK 2.65 3.6 GuggenBullet2020Cp BSCK 20.84 ... NYSE MKT highs - 2 EldoradoResorts ERI 11.61 1.5 Oclaro OCLR 3.74 1.4 Euroseas ESEA 2.63 3.0
% CHG-Daily percentage change from the previous trading session.
GlobalShipLeaseClA GSL 2.49 0.8 GuggenheimBull2021 BSCL 20.44 -0.3 OrchidsPaper TIS 32.27 -2.8 Equinix EQIX 305.00 1.4 PRAHealthSciences PRAH 50.25 -2.6 FuelCell FCEL 5.09 -0.8
Tuesday, December 29, 2015 Harsco HSC 7.69 1.4 GuggenheimBull2022 BSCM 20.19 -0.4 TherapeuticsMD TXMD 11.26 1.0 FarmerBros. FARM 32.94 1.3 PthfdrBcp FullCircleCapital FULL 2.41 -1.6
PBHC 13.16 0.3
52-Wk % 52-Wk % 52-Wk % HershaHospitalPfC HTpC 24.76 0.7 IQHedgeEventDriven QED 18.75 -2.0 FinInstitutions FISI 29.04 0.9 QCRHoldings QCRH 24.90 1.3 HTGMolecularDiagn HTGM 4.16 -5.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg KoreaFund KF 31.91 -0.9 iPathBloomGrainsTR JJG 30.30 0.6
NYSE MKT lows - 13 FstFinBancpWt FFBCW 11.00 29.8 QunarCaymanIslADR QUNR 54.93 2.1 IcahnEnt IEP 61.14 -2.3
EquityLife ELS 66.89 1.0 RensHldg RNR 115.61 1.0 KratnPrfmcPlymr KRA 16.94 -3.7 iPathS&P500DynVIX XVZ 25.70 -0.5 CelSci CVM 0.36 -2.0 FirstNorthwestBncp FNWB 14.21 1.5 Radcom RDCM 14.68 6.9 Invuity IVTY 8.66 -2.7
NYSE highs - 100 EssexProp ESS 244.71 1.4 RepublicServices RSG 45.35 0.9 LaSalleHtlPropPfdH LHOpH 25.00 0.1 iSharesCMBSETF CMBS 50.48 -0.2 ChinaPharma CPHI 0.15 -4.2 Five9 FIVN 9.06 3.1 RyanairHoldingsADR RYAAY 88.24 0.4 KBSFashionGroup KBSF 2.23 5.9
ACE ACE 119.54 1.6 ExtrSpcStor EXR 90.40 1.3 RylCaribn RCL 102.97 2.3 MilacronHoldings MCRN 12.33 ... iShGovt/CreditBond GBF 111.32 -0.5 DXIEnergy DXI 0.12 -3.7 HenrySchein HSIC 161.08 1.3 SparkEnergy SPKE 22.53 1.1 LeadingBr LBIX 2.29 -1.1
AGLResources GAS 63.82 0.3 FortBrandsHomeSec FBHS 56.99 -0.2 SAPADR SAP 81.21 0.7 MS ChinaShrFd CAF 20.08 1.9 iShIntermCredBd CIU 107.07 -0.2 eMagin EMAN 1.35 -3.5 HertgComrc HTBK 12.25 1.7 Stamps.com STMP 114.26 1.3 MajescoEntn COOL 0.84 1.8
AcuityBrands AYI 241.90 -1.2 FourCornersProp FCPT 24.24 1.6 SeniorHousing5.625 SNHN 25.18 0.4 NLIndustries NL 2.63 -6.6 iShIntmGovt/CredBd GVI 109.36 -0.3 EvolutionPetroA EPMpA 24.77 -0.6 Heska HSKA 40.29 3.0 StrtsProp STRS 19.75 7.7 MethesEnergiesIntl MEIL 0.19 30.8
AmHomes4RentPfdB AMHpB 27.00 4.2 GabelliUtilTr pfA GUTpA 26.50 -0.2 ServiceMasterGlb SERV 39.42 2.2 NimbleStorage NMBL 9.25 0.1 iShCore1-5YUSDBd ISTB 98.99 -0.1 FieldPointPetrolm FPP 0.50 -15.3 HomeTrustBcshs HTBI 20.60 1.5 TFSFinancial TFSL 19.30 1.5 MokoSocialMediaADR MOKO 0.59 -3.0
AmStWtr AWR 44.14 -0.3 GenElec GE 31.48 1.2 SixFlagsEnt SIX NuveenHiIncm2020 JHY 9.74 -0.7 iShCoreUSAggBd AGG 107.62 -0.2 Globalstar GSAT 1.44 -0.7 HorznBcp HBNC 28.23 1.5 TalmerBancorp TLMR 18.71 3.8 MoSys MOSY 1.08 -2.7
55.22 -0.4
AmericanWaterWorks AWK 61.20 ... Globant GLOB 38.23 3.5 Ooma OOMA 5.83 -0.3 iShCoreUSCreditBd CRED 106.41 GoldResource GORO 1.74 -5.2 IntegraLifeSci IART 68.74 1.6 TriStateCapHldgs TSC 14.42 2.0 NtnlAmUnvHldg NAUH 1.95 7.3
Smucker SJM 125.33 0.5 -0.4
AtmosEnergy ATO 64.79 ... GoldmanSachsGpPfdK GSpK 27.68 0.8 ProspectCap6.25%Nt PBB 23.18 -0.4 MedgenicsWt MDGN/WS 0.75 -15.4 IntgtElecSvcs IESC 11.27 3.8 UtdCmtyFnl UCFC 6.25 2.3 OnTrackInnovations OTIV 0.44 -2.1
SnapOn SNA 174.52 1.1 iShiBondsDec2018Cp IBDH 24.69 -0.4
BB&TPfd.F BBTpF 25.24 0.2 GoldmanSachsPfd.I GSpI 26.12 0.6 RivernorthOppsFund RIV 19.75 0.3 NovaCopper NCQ 0.29 -7.1 j2Global JCOM 84.15 1.5 UnityBancorp UNTY 11.96 OptimumBk OPHC 0.25 -12.9
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Minding His Manor NFL Training

On Wheels
A French winemaker’s château DREAM SPACE | D2 SPORTS | D6
© 2015 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | D1
What Tech Will Rule 2016 Fitness Test:

Measuring
Your Body’s
Fat vs. Lean
BY DIANA KAPP
Exercise buffs and reformed

couch potatoes counting steps on a
Fitbit or charting cycling splits on
the Strava app are helping turn fit-
ness into a data-driven pursuit.
The latest obsession, at least
among some in the tech industry,
FROM THE TOP: JASON SCHNEIDER FOR THE WALL STREET JOURNAL; OCULUS VR; FACEBOOK
is tracking body composition—the
proportion of fat versus lean.
In the parking lot of Google’s
Mountain View, Calif., campus,
there’s a semitrailer truck embla-
zoned with the words “Real Raw
Results.” Go inside, and come out
10 minutes later with a breakdown
of how much body fat versus lean
mass you are carrying around.
Inside the truck, Google em-
ployees take turns lying still on a
table as an X-ray scanner moves
slowly down the body. Bone, mus-
cle and fat each have different
densities, so the rays are absorbed
at different rates. That allows for a
reading of their volumes.
Also popular on tech corporate
campuses are traveling hydrostatic
weighing tanks. also known as
“dunk tanks,” which assess muscle
mass as an individual is sub-
merged in a pool of warm water.
Gadgets, breakthroughs Wiser Messaging Apps Body Spec, of Los Angeles, has
Your new robot BFF is just a message away. In offered dual-energy X-ray absorp-
and ideas we think will 2016, messaging stops being just a way to send texts tiometry scans, or DXA testing, at
define the state of the art and emojis to friends, but also a way to reach all- Google since early 2015. Employ-
knowing bot assistants. Beta-testers in the San ees pay $45 for each scan, or $140
in the 12 months ahead Francisco area using Facebook’s Messenger app can for a four-pack; the truck fills up
already ask “M” to book restaurant reservations, buy a for the three days a month it is
BY GEOFFREY A. FOWLER gift for a friend or simply tell you Mom’s birthday. there performing scans. “It’s like
AND JOANNA STERN Google is reportedly readying a similar app. Bots aside, somebody picked up a rock and
messaging software will also evolve to include more they all came running,” says Ari-
Entering 2016, the future never features. Just like China’s popular messaging apps, ana Strickland, a Body Spec tech-
felt more within reach. you’ll be able to pay your friends or bills, book
Science fiction will become sci- appointments, play games, translate messages and
ence fact this year when you take more.
In office parking lots,
virtual-reality va- How to get ready: A messaging app is only as good mobile units analyze
cations and your Virtual Reality Gets Real as the people using it. Gather your friends and family
body composition with
dishwasher reor- It’s marked on 2016 calendars everywhere: Virtual and try to get them on the same one—best if it works
ders its own soap. reality finally gets real. It begins with the scheduled across all devices. X-rays and ‘dunk tanks.’
Are you ready for spring arrival of the long-anticipated Oculus Rift
a drone that fol- headset, followed by HTC’s Vive and Sony ’s PlayStation
lows you around VR. Unlike less expensive smartphone-based headsets nician.
like paparazzi? like Samsung ’s Oculus-powered Gear VR, advanced In the Bay Area, mobile body-
When we sensors and imaging in dedicated headsets promise composition analysis units are
gazed ahead at immersive experiences that will make you feel like pulling up at companies including
the devices, you’re in a teleporter. (“Augmented reality,” a combined YouTube, Facebook, LinkedIn and
breakthroughs view of virtual and real worlds, being developed by Cisco. The curbside testing is oc-
PERSONAL and ideas most Magic Leap, Microsoft ’s HoloLens team and others, is curring at CNN and Cox Communi-
TECHNOLOGY likely to make still a ways from home.) Games and other flights of cations in Atlanta, at Boeing and
waves, two fantasy will be key to the appeal. But thanks to Adobe in Seattle, and at corpora-
themes emerged. investments in 360-degree video and apps, you’ll also tions in Denver and Los Angeles.
One is liberation: We’re increas- get closer to not-so-far-out realities: front row at a Adobe will soon be offering testing
ingly less shackled, be it to a sold-out concert…or a seat at that meeting you’d at its Lehi, Utah, campus. Most
phone charger or a cable subscrip- otherwise miss. employers invite test vendors to
tion. The other is intelligence: As How to get ready: If you have a new Samsung campus but don’t cover the cost.
processing power and bandwidth Galaxy phone, get the $100 Gear VR. If you have an Some fans of the scans are
increase, our machines, services iPhone or another Android phone, try out the $20 looking for a new way to evaluate
and even messaging apps become Google Cardboard. A swivel chair makes it easier to their fitness. “I know I’ve made
more capable. spin through the 360-degree environments without some progress in the gym if I’ve
Here are our best picks for hurting yourself. You may also want some Dramamine. increased my lean body mass,”
what’s coming, and what you can says YouTube engineering man-
do to be ready for it. See more predictions about the most interesting ager Paul Thiel, 45, who gets
Please turn to the next page tech of 2016 at WSJ.com/PersonalTech. tested every other month. “Scale
weight can be very deceptive,” he
Please see FAT page D3
A Perfect Match: Drivers and the Cars They Love

BY A.J. BAIME the Route 66 series at Briggs &
Stratton Raceway Park in Dous-
Each week, this column ex- man, Wis.
plores the range of humanity’s Len Ramirez, owner of Ramirez
love affair with motorized vehicles Rattlesnake Removal from Auburn,
(cars, motorcycles, buses, even fire Calif., finished a banner year in his
engines and a Batmobile) with 2012 Ram Hemi snake-wrangling
first-person features and photo pickup truck, which appeared in
galleries. Highlights from the past July 8’s column. Mr. Ramirez trav-
year range from a pickup for snake els the West Coast catching rat-
wrangling to a 90-year-old woman tlers and setting them free where
on her Harley. they won’t harm anyone. His final
Gloria Tramontin Struck ap- tally for 2015: 1,507 snakes caught,
peared in Oct. 21’s column—a 90- not one killed.
year old who still There’s Jim Golomb, a retired
MY RIDE rides a Harley-David- businessman from Northfield, Ill.,
son from her home in who appeared motoring across a
New Jersey to the lake in his amphibious 1964
Sturgis Motorcycle Rally in South Amphicar in Sept. 23’s column.
DUSTIN FRANZ FOR THE WALL STREET JOURNAL
Dakota each year. “Our [motorcy- (After his story was published, he
cle club] convention will be in reports, TV producers called him
Santa Fe, N.M., in 2016,” she says. and tried to buy the vehicle. No
“Of course I expect to ride my luck—he’s not selling.)
Harley out there!” And Greg Reynolds, a Chicago
On the opposite end of the age police officer shown in June 17’s
spectrum, Talan Drake is a motor- column with vintage police cruis-
savvy 10-year old who races a 60- ers he’s restored. Mr. Reynolds
mph go-kart. The Iowan appeared took his old police cars “to a boat-
in May 20’s column, and went on load of car shows” in 2015.
to have a successful season. In his The column’s most bizarre vehi-
final competition of 2015, he won cle of 2015 has to be Ron Schnei-
his first regional race in class, in Please see CARS page D4 Kathie Conrad of Berea, Ohio, spent much of 2015 taking her Model T to car events around the country.
D2 | Wednesday, December 30, 2015 THE WALL STREET JOURNAL.
HOME & DIGITAL
A French Winemaker Calls This Château Home

BY KRISTIANO ANG
Philippe Guigal spends most of

his workday between the vine-
yards, wine cellars and office that
his family business runs. When the
chief winemaker of E. Guigal, a
French wine label, wants to relax,
he goes home to a Renaissance-
style mansion and its grounds just
a few hundred yards away.
Mr. Guigal, 40, lives with his
wife and two children at the Châ-
teau d’Ampuis, a
DREAM manor mostly built in
SPACE the 15th century
though parts of the
structure date to the The Château d’Ampuis, left, the business hub and home of winemaker Philippe
11th century. In 1995, the Guigal Guigal, below. Above, the dining room traces its roots to medieval France.
family bought the property, which
was subsequently classified as a château home, however, he says he
national historical monument, and spends most of his downtime out-
has lived there for the past de- doors. “I have the beautiful gar-
cade. dens and I’m right next to the
The estate played an earlier River Rhône,” Mr. Guigal said. “I
role in family history. In 1930, Mr. don’t spend much time resting in-
Guigal’s winemaker grandfather side.”
met his wife there when she His favorite spot is a white
worked as a maid for the then stone pavilion that sits on the
owners. Local lore also tells of a edge of the gardens, overlooking
noble who oversaw the local vine- the Rhône, that Mr. Guigal calls
yards, which produce Côte-Rôtie the “love temple.” According to
DOMAINE E. GUIGAL (3)
vines made of Syrah and Viognier him, the pavilion was built in the
grapes. The legendary aristocrat 1920s but considered architectur-
named two subsets of Côte-Rôtie ally interesting enough to be listed
after the blond and brown hair of as part of the historic monument.
his two daughters. Today, E. Guigal It was also where Guigal grand-
is a critically acclaimed label that père first met his wife, who was
produces 7 million bottles of wine taking a break from work. “The re-
a year, many of them from the University of Lyon but decided sprawling French- and English- there wasn’t proper heating and gion is very hot in the summer, so
vineyards around the château. against medical school and re- style gardens. Mr. Guigal’s home electricity available, either. Due to the gardens were the only way to
“All my childhood, and my fa- turned to the vineyards. “I looked includes classic touches like a French law governing historic find fresh air,” Mr. Guigal said.
ther’s childhood, my grandmother at my grandfather and father 12th-century fireplace that can be monuments, the Guigals had to “It’s a very peaceful and romantic
talked about the château all the working so hard and could have used for roasting beef, as well as find a specially accredited archi- space.”
time,” says Mr. Guigal, who grew said it’s too demanding,” says Mr. living space for his family that tect to oversee the restoration. Mr. Guigal’s 5-year-old twin
up in Ampuis, the surrounding vil- Guigal, who is also a professional hosts a juxtaposition of modern “Every Wednesday for 11 years, boys spend an hour each day frol-
lage of about 2,500 people located ballroom dancer. “But I told myself art and period pieces. we met all the workers for two icking around the gardens and pa-
20 miles south of Lyon. Before his there were probably strong rea- When the Guigals bought the hours to talk about floors and vilion. On most weekends, Mr. Gui-
move into the château, he had sons why they worked so hard.” château it was mostly in ruins. “It stone, then other people for the gal also heads out to the pavilion.
lived just next to the manor. The château and its grounds hadn’t been restored in 150 years, woods used for the ceiling and “It’s a two-minute drive from the
Mr. Guigal studied organic span nearly 5 acres and include so you can imagine the state of the doors,” Mr. Guigal said. business,” he said. “But also a nice
chemistry and biochemistry at the the residence, a cooperage and roof,” Mr. Guigal said, adding that For all the effort making the place to relax.”
The Tech That Will Change Your Life in the Next Year
Continued from the prior page
Voice-Operated Everything
No, you’re not paranoid: The gadgets
really are listening. Voice-operated
electronics are poised for a quantum
leap in accuracy and intelligence in
2016. Talking offers a more natural
way to interact with devices that need
complex input but aren’t exactly
keyboard-friendly, such as TVs, sound
CLOCKWISE FROM TOP LEFT: JIBO; LIGHT; SAMSUNG; LILY ROBOTICS; BRAGI
systems and household electronics.

Voice arrived in a big way in 2015
when Microsoft’s Cortana virtual
assistant came to Windows 10, while
Siri and Google Now turned up in cars
and TVs. This year, expect voice control
on more computers and an even wider Cameras That See More
range of gadgets, including the Smartphones and point-and-shoots alike are sprouting multiple lenses and
CogniToys Dino, a toy that uses IBM’s sensors to improve image quality, capture depth and “see” in 3-D. Some
Watson to help answer questions, and laptops and tablets now contain multi-sensor cameras—such as Intel’s
Jibo, left, a talking family robot. RealSense—for facial ID logins. A slim camera called the Light L16, above, due
How to get ready: Find a platform this summer, goes all out, employing 16 lens-and-sensor modules of varying
and stick to it. Voice systems work focal lengths to capture massive 52-megapixel scenes.
better the more they get to know you, How to get ready: Don’t invest in an expensive new DSLR camera just yet.
and Amazon, Apple, Google and With this new multi-lens technology, you may soon be able to get better shots
Microsoft don’t always play well with from a device that’s a fraction of the size and weight.
each other. You’ll also need to learn the
still-awkward lingo of some systems,
or else you’ll do a lot of yelling.
© 2015 Dow Jones & Co., Inc. All rights reserved. 2DJ2907
P DCASTS
Cutting the Headphone Cord

Bluetooth headphones are far from new, but this is
the year you should buy a pair. Improvements to the Wireless Charging Everywhere
wireless technology mean no more muffled sound or Wireless charging is the tech industry’s campaign promise: often discussed,
dropped connections. We’re expecting several truly never quite delivered. This year, we may really stop plugging all our gadgets
wireless earbuds in 2016, including Bragi Dash, above, into the wall. First, an ugly standards war is resolving, with the two leading
and Alpha Skybuds—they don’t even need a wire to camps merging into one set of cooperating technologies. (Samsung’s Galaxy
connect between your ears. There’s even talk of S6, above, actually supports both.) Next, more countertops will provide juice.
headphone jacks disappearing from smartphones, a Starbucks already has tables that charge devices wirelessly, IKEA has started
casualty of the quest for ever-thinner designs. shipping furniture that does the same. GM, Toyota and Audi have it in cars—or
How to get ready: You could buy yourself a soon will. As more compatible devices arrive, many will be capable of faster
comfortable pair of Bluetooth headphones, like Bose charging speeds than the sluggish rates currently available.
SoundLink, or the Jaybird X2 for exercising. For the How to get ready: Keep an eye out for wireless charging stations in
next wave, wait at least until after January’s airports, coffee shops, etc. As for buying gear, it’s best to wait and see.
Consumer Electronics Show. Definitely avoid the current wireless charging cases.
SOUND IDEAS
Introducing WSJ Podcasts
Drive time, gym time, anytime. With award-winning WSJ

journalists discussing everything from business and tech to
politics and world news to sports, arts and culture, WSJ Podcasts
keep you connected.
Listen now at WSJ.com/podcasts
Safer, Smarter Drones

Everybody loves the aerial look of drone photography, but let’s face it—not everybody was born to be a drone pilot. We’ll soon think of
Now on iTunes and Stitcher. Part of the Panoply Network.
drones more like cameras than helicopters, as their technology evolves to compensate for novice mistakes and foolhardy fliers. One maker,
Lily, plans to release a waterproof model, above, that launches when flung into the air, then follows you around as you kayak, ski or take a
sunset selfie on the beach. Action-camera giant GoPro also plans to deliver a drone, called Karma, though the company has been tight-
lipped about how it’ll work.
How to get ready: Unless you’re prepared to commit to flying lessons, don’t buy one of today’s models. Beware, too, of great-sounding
drones that appear on crowdfunding sites such as Kickstarter. They may face significant delivery delays—if they deliver at all. Also, get to
know your rights and obligations as a drone owner, such as where you can fly and how to register it with the government.
THE WALL STREET JOURNAL. * * * * Wednesday, December 30, 2015 | D3
HOME & DIGITAL
Air Jordan Sneakers Help Her Make the Sale

BY CHRISTINA BINKLEY players like Washington Wizards
point guard John Wall and Hedo
Lee Mintz has a secret weapon Turkoglu, a recently retired Turk-
to win over potential clients: her ish forward who starred in Sacra-
collection of Air Jordan sneakers. mento and Orlando.
Ms. Mintz, a real-estate agent Ms. Mintz’s Instagram feed in-
to Los Angeles-area athletes, has cludes a steady string of photos of
26 pairs in size 5½ her athlete clients in their new
OBJECT OF men’s. “A woman digs.
DESIRE that wears Jordans, As head of Partners Trust’s
she’s considered sports and entertainment division
cool” to her clients, in Beverly Hills, she specializes in
Ms. Mintz says. the sort of modern, party palaces
Her work uniform is built that many young players prefer,
around stiletto heels, but the Jor- particularly when they’ve just
dans become conversation starters landed a giant contract.
if she happens to bump into cli- “They love it here: the women,
ANNIE TRITT FOR THE WALL STREET JOURNAL (3)

ents. the weather, the houses,” she says,
“I’ll wear the Jordans and noting that most of her athlete cli-
they’ll be like, ‘Whoa!’” she says. ents want sprawling, modern
Ms. Mintz, who is 38, says her homes with pools and views.
clients include entertainers, but A Michael Jordan fan, she
are mainly athletes—a client base bought her first Air Jordans in
that began when she was asked to 2009, settling on a style in which
find a bachelor pad for a member she says the basketball star once
of the NBA’s Golden State War- scored 64 points. She wore them
riors. until they were scuffed.
More followed. A player for Ma-
jor League Soccer’s L.A. Galaxy who
A Beverly Hills real- asked not to be named gave her the
estate agent uses her patent-leather Air Jordan 11s that Real-estate agent Lee Mintz poses with her collection of Air Jordan sneakers at her Los Angeles home. One of Ms.
she regards as rare treasures. Mintz’s favorite pairs in her collection are these black and white Air Jordan 11s.
vintage athletic shoes to She has seven pairs of the Air
connect with prospective Jordan 3s, with a camouflage pat-
tern. Another favorite are Air Jor-
clients from the NBA dan 5s in black suede. She calls
and NFL. them her “retro oreos” for their
black-and-white coloring.
She no longer wears Jordans
These days, her clients range casually. “If you get one scratch on
from players on Southern Califor- them, you can never wear them
nia teams who need a home during again,” she says.
the season to athletes from all But she has added a new ser-
over who want an off-season L.A. vice for her clients, who some-
party house. Her website displays times ask her if she knows where
photos or testimonials of her ef- they can get some rare Jordans of
forts on behalf of clients. their own.
She namechecks football play- “I’ll say ‘yep’ and I’ll get some
ers like Arizona Cardinals running basketball player in my car,” she
back Chris Johnson and basketball says. “It’s like a field trip.”
FAT
rious about how they stack up. teen months ago, he worked him- floats. Muscle and bone sink. A whether your right or left leg is
“It’s become the thing to compare self down to 7.8% body fat and 150 buoyancy measurement allows for more muscular.
at Friday happy hour,” says Dr. Li- pounds, “for no other reason than an assessment of the proportions Testing sessions conclude with
gouri. “It becomes competitive.” that I could,” he says. His fascina- of bone, fat and muscle in an indi- a review of findings with a techni-
Continued from page D1 The how-low-can-you-go spirit tion then became looking buff and vidual’s body. An algorithm uses cian. The report includes a calorie
says, because it leaves unclear how can inspire useful change, or it can he peaked at 188 pounds and 12% land weight, water weight and ref- target for changing or maintaining
to interpret a weight loss or gain. backfire. “The average woman is fat. Now he is focused on adding erence fat, bone and lean mass a person’s current body composi-
A weight gain of lean muscle is going to measure 25% body fat or muscle without adding more fat. density metrics derived from cation. Body Spec offers nutrition
one thing, while adding fat is an- higher. That could be a little bit To monitor himself, every other davers to derive the ratio of lean consulting for an extra fee.
other; he adjusts his eating and shocking if you aren’t prepared for month Mr. Thiel submerges him- mass to fat mass. A lean body mass typically
workout plan to meet his goals. it,” Dr. Ligouri says. self in a “dunk tank,” shorthand The information gleaned from a means a chiseled physique, and
Some people getting scans are “Many people want to retest for the hydrostatic weighing tank DXA scan is more extensive “and is muscle also burns calories faster.
answering to a new fitness trainer the next week and then get frus- provided by Fitness Wave North- more accurate,” says Marialice Still, some of the value of increas-
who requests a baseline measure- trated,” he says. “There’s a risk ern California. Kern, a professor in the kinesiol- ing muscle mass may be over-
ment. A few are competitive ath- that this can lead to excessive ex- Hydrostatic testing can be un- ogy department at San Francisco hyped.
letes looking to build muscle to ercise and eating disorders.” He comfortable for people who aren’t State University. Initially devel- Watching your body composi-
improve performance or to cut recommends waiting at least three at ease underwater. It entails oped for geriatric bone-health tion probably won’t lead to quick
weight but maintain strength. months between tests. changing into a bathing suit, sub- testing in clinical settings, the DXA results, Dr. Ligouri says. To in-
Kwesi Graves, 34, in enterprise Mr. Thiel considers training a merging in a pool of warm water machine also measures bone den- crease muscle mass, the average
sales at LinkedIn, says he wants to hobby, “the way some people take and blowing the air out of your sity. The test also provides fat and person needs six to eight weeks on
know, “Am I working out right? up photography,” he says, yet he lungs. Any remaining air will add lean mass readings by body region, a muscle-building program. “Most
Am I slaving away on the treadmill admits his focus on body composi- some inaccuracy. allowing you to see where you people have trouble maintaining a
burning tons of calories, but just tion is “highly obsessive.” Eigh- Fat weighs less than water and carry your fat, and to compare program for that long,” he says.
becoming skinny fat?” He wants to
cut his fat to 20%, which is harder
than losing muscle and requires
the right mix of cardio, strength
training and dieting.
For Google engineer Alex Kim,
29, learning that his four weekly
workouts and calorie counting
with My Fitness Pal had cut his
body fat by 5% renewed his deter-
mination. “It’s motivation, yeah, to
EMILY PRAPUOLENIS/THE WALL STREET JOURNAL (2)
keep doing what I’m doing,” he

says. “I also learned that I can eat
more than I thought,” he adds.
While boosting stick-to-it-ness
is a clear potential benefit of test-
ing, how fat-to-lean ratios affect
health isn’t clear. There is limited
data about the specific effects of
changes in body fat levels, says
Gary Ligouri, professor and head
of Health and Human Performance
at University of Tennessee Chatta-
nooga.
Many test-takers are simply cu- Paul Thiel, a YouTube engineer, submerges in a mobile Fitness Wave ‘dunk tank’ and exhales, left; a Fitness Wave truck parked at YouTube, in San Bruno, Calif.
D4 | Wednesday, December 30, 2015 THE WALL STREET JOURNAL.
CARS
CARS 2015
Julie Ibrahim appeared Aug. 5 Michigan, Massachusetts, and DJ system, two 7,000-watt genera- uled ahead.
with her four Ferraris. “I’m a third Pennsylvania. tors, and concert-grade amplifiers In the end, the My Ride column
generation pilot,” the South Caro- Mary Phelps of South Haven, and speakers. The group is plan- proves: No matter how exciting
lina retailer said in her story. “Not Mich., still owns her 1969 Shasta ning its next appearance with the and beautiful, or homely and
Continued from page D1 even the sensation of taking off in camper (April 29). She is planning vehicle at Squaw Valley Ski Resort strange a vehicle may be, there’s
der’s 1936 Stout Scarab (July 1), an airplane can compare to the to take her granddaughter on more in California in early March. someone out there obsessed with
designed by the eccentric Michi- sense of being carried away [in “screen free” camping trips in If the Unimog was the loudest it.
gan-based inventor William Stout her Ferrari F40].” Ms. Ibrahim has 2016. “The Shasta is still a vessel vehicle, the original Bigfoot mon- Perhaps Dr. John Gohmann says
(who also developed the first all- since added an Alfa Romeo to her for memories,” Ms. Phelps says. ster truck had to be the column’s it best. An oncologist from Lexing-
metal bodied airplane in America, collection of Italian cars. The loudest vehicle (by far!) in largest of 2015. ton, Ken., he sums up his love of
and a folding house). Mr. Schnei- Kathie Conrad of Berea, Ohio, this year’s My Ride column was The creator of the trail-blazing his rare 1953 Kaiser Dragon (July
der—owner of Leon’s Frozen Cus- still owns her 1912 Model T (she the “Mog” (Oct. 13) built by the truck, Bob Chandler of Chester- 29’s column) in two simple words:
tard in Milwaukee—still has his appeared with the car in period San Francisco art and music col- field, Mo., chronicled its history in “Eccentricity lives.”
Scarab, though it doesn’t get much costume in Feb. 25’s column). She lective Space Cowboys. The group the April 22 column. His team of
driving time in the Wisconsin win- spent much of 2015 taking “The turned a 1973 Mercedes Unimog monster trucks and drivers have Contact A.J. Baime at Face-
ter. Royal T” to car events as far off as into rolling music machine with a another year of rampaging sched- book.com/ajbaime.
MAX WHITTAKER/PRIME FOR THE WALL STREET JOURNAL

JAMES ROBERT FULLER FOR THE WALL STREET JOURNAL
Going Strong Gloria Tramontin Struck of New Jersey is a 90-year old who rides a Harley-Davidson. Snakes on a Truck Len Ramirez of California enjoyed a banner year of snake wrangling in his
She plans to take her ride to a convention in Santa Fe, N.M., in 2016. 2012 Ram Hemi.
KATRINA WITTKAMP FOR THE WALL STREET JOURNAL
SARA STATHAS FOR THE WALL STREET JOURNAL

Broad Shoulders Greg Reynolds, a Chicago police officer, with vintage police cruisers he’s restored. Original Minivan? A 1936 Scarab owned by Ron Schneider of Milwaukee. It’s believed only a few
He spent a lot of time this year taking his collection to auto shows. were made. Many say that the car was ahead of its time and seems to be a minivan prototype.
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THE WALL STREET JOURNAL. Wednesday, December 30, 2015 | D5
ARTS IN REVIEW
ART
An Artist Whose Work Jumps Off the Page Henri Matisse’s ‘Circus’ pochoir,
Graphic Passion: plate II in ‘Jazz’ (1947).
Matisse and the Book
Arts Matisse’s working and fin-
The Morgan Library & ished drawings, etchings and
Museum annotated page proofs, from
Through Jan. 18, 2016 the early 1930s, for his rendi-
tion of Stéphane Mallarmé’s
BY LANCE ESPLUND “Poésies.” Three states of “The
Jinx” evolve from naturalistic
I
New York figuration to a distilled, dy-
f you missed the extraor- namic, almost abstract inter-
dinary, symphonic exhibi- pretation of Mallarmé’s verse.
tion “Henri Matisse: The Among other highlights are
Cut-Outs,” at New York’s Mu- illustrated letters, cut-out de-
seum of Modern Art last fall signs, covers for the periodical
and winter; or if you saw it “Verve” and numerous vibrant
and are ready for a reprise of pen-and-ink studies for ini-
Matisse’s astonishing graphic tials, as well as “Grand Visage
gifts, then head to the Morgan I (Lydia)” (1952), a bold,
Library & Museum. larger-than-life ink portrait of
“Graphic Passion: Matisse Matisse’s model, secretary, as-
and the Book Arts” is an inti- sistant and muse.
mate, ravishing show that fo- Also on view are Matisse’s
THE MORGAN LIBRARY & MUSEUM
cuses on Matisse’s book illus- studies and proofs for “Ul-

trations, typography, cover ysses” (1934-35), and for “Pa-
and layout designs. Based on a siphaé” (1943-44)—gorgeous,
collection donated to the Mor- fluid bulls, fish and nudes. Re-
gan in 2010 by Frances and garding the latter’s red initial
Michael Baylson, it is a chron- caps that Matisse designed to
ological, one-room gathering temper the “sinister” black li-
of about 70 drawings, prints, nocut illustrations, he said
periodicals and books, includ- that if his exact red could not
ing studies and annotated be matched by the printers,
pages. known as a painter and drafts- greatest contribution was his bursts forth with its center- and one he rejected for “Ica- the “entire effect” would be
By now it is clear that the man. This exhibit demon- insistence on treating the piece—pages from his best- rus.” In the final print, the “ruined . . . just as a sour note
subject of Matisse (1869-1954) strates that Matisse was a book as a living organism—a known book, “Jazz” (1947). dreamy, black figure of Icarus from the trumpet can spoil a
is as broad and deep as that of master colorist—in both black- total artwork from cover to flies, falls, swims and ascends lovely piece of music.”
Picasso. The more we look, the and-white and full-color print- cover—a return to the medi- within the cool, airy blue “Graphic Passion” is exactly
larger, more innovative and ing—and a great designer of eval manuscript practice of By now it is clear that ground, surrounded by yellow the right scale and tone for
important Matisse’s achieve- letterforms and marginalia. fully integrated cover art, il- stars, birds and barbs. the Morgan. My only caveat is
ments become. That is why fo- Even his scrolling foliate lustrations, ornament, illumi- the subject of Matisse In the section of early illus- that its focus on the artist’s
cused shows such as “Graphic squiggles dance and muscle nated initials and text. He is as broad and deep trations is a lithographic copy, process at times drowns out
Passion”—organized by the themselves across the page. helped to elevate the modern from 1914, of a Cézanne paint- Matisse’s beautiful voice. Still,
Morgan’s John Bidwell, Astor Between 1912 and 1954, Ma- printed book to high art. as that of Picasso. ing of peaches from Matisse’s this show is highly recom-
curator and department head tisse worked on nearly 50 The Morgan’s gallery is own collection. Fluttering fruit mended. Consider it an en-
of printed books and bind- book illustration projects. (El- painted a warm yellow remi- and leaves, it’s a stunning, core—chamber music to
ings—are so crucial. They en- ements from 30 are here.) In niscent of the stained glass in Here are calligraphic cover buoyant conflation of both MoMA’s earlier symphony.
courage us to delve into a spe- doing so, Matisse almost sin- Matisse’s Chapel of the Ro- studies and printed proofs of artists’ hands.
cific and sometimes neglected glehandedly revolutionized sary, in Vence, France. The his colored-paper cut-outs, in- The next section, devoted Mr. Esplund writes about
area of Matisse, who is best graphic design. Perhaps his show, scholarly and ebullient, cluding the one Matisse chose to “Artist’s Books,” includes art for the Journal.
APPRECIATION MUSIC
A Life in Color and Shape The Queen of Vocalists

BY DAVID MERMELSTEIN
D
espite her wide popular-
ity in the second half of
the last century, the
German soprano Elisabeth
Schwarzkopf, born 100 years
MUSEUM OF MODERN ART/ART RESOURCE
ago this month, always had vol-

uble detractors. “Too arch” was
the most persistent criticism,
and even her fans (this writer
among them) had to allow that
GETTY IMAGES
such carping occasionally had

merit. But Schwarzkopf’s ex-
‘Three Panels: Orange, quisite diction, glinting tone
Dark Gray, Green’ (1986), (silvery in the early years;
by Ellsworth Kelly. golden later on) and depth of Elisabeth Schwarzkopf singing on television c. 1965.
feeling—especially in music by
Mozart, Schubert, Strauss and panist, on 12 of the discs, often Dvořák, even as their individ-
BY PETER PLAGENS level of philosophy. As far as of Manhattan in Coenties Slip. Hugo Wolf—mattered far more. in music by Wolf, whose songs ual timbres provide welcome
I
materials were concerned, Mr. At the time, other struggling Her reputation was tar- Schwarzkopf championed tire- contrast.
t’s been said that stub- Kelly opted for the difficult— artists, such as Robert nished late in life when it was lessly, thanks to Legge’s en- Because the CDs replicate
bornly pragmatic Ameri- sticking, for instance, to oil Rauschenberg, Jasper Johns, reported that she’d had ties to couragement. In later years, the original content of these
cans want five things from paint over easier acrylics for Robert Indiana and Agnes Mar- the Nazi party at the beginning the gifted Geoffrey Parsons records on LP, they run short
a work of art: 1) that it be rep- his clean, unmodulated sur- tin, lived in the neighborhood, of her career. And time’s pass- filled Moore’s role, and what by modern standards. But with
resentational; 2) that it take a faces. In a series of relief and that most reductive of the ing erodes the standing of those albums may lack in vocal 31 of them to listen to—all
special talent to create; 3) that sculptures exhibited at the Mu- Abstract Expressionist paint- most artists, even those, like bloom, they more than make newly or recently transferred—
it require a long time to make; seum of Fine Arts, Boston in ers, Barnett Newman, lived not Schwarzkopf, widely preserved up for in expressive subtlety no music lover should feel
4) that it be made of good ma- 2011 Mr. Kelly demonstrated far away on Wall Street. on record. For decades, she and textual insight. cheated. What does rankle,
terials; and 5) that its subject that he could even lovingly Recognition came somewhat was associated with EMI, Strauss is the other com- though, is the lack of texts and
matter never be repulsive or pare things down to unadorned slowly (the Whitney Museum where her husband, the Eng- poser to whom Schwarzkopf is translations in the accompany-
depressing. Ellsworth Kelly, slabs of birch and red oak. did purchase his giant, black- lish record producer Walter inextricably linked. She re- ing booklet. That would surely
who died at his home in Spen- Finally, subject matter: To and-white painting, “Atlantic,” Legge, exerted wide authority. corded his “Four Last Songs” have raised the price of this
certown, N.Y., on Sunday at the Mr. Kelly, there was none in 1957), but was eventually EMI is no more, but Warner twice commercially (in 1953 set, but the absence is keenly
age of 92, gave us all five, and grander than that of art it- fully his. The Museum of Mod- Classics purchased its classical and 1965), and connoisseurs felt in material in which lyrics
in grandly beautiful fashion. self—color and shape—and the ern Art mounted a retrospec- catalog and has recently re- have spent the ensuing years and music carry equal weight.
Mr. Kelly was an abstract quiet but unmitigated joy that tive of Mr. Kelly’s work in 1973, leased a handsome 31-disc cen- debating which version is su- Schwarzkopf, who died at
painter and sculptor—perhaps straightforward and uncompli- and the Guggenheim Museum tenary tribute to the soprano. perior or, indeed, definitive. (I age 90 in 2006, was a notori-
more abstract than any other cated examples of it can bring gave him a similar survey in “Elisabeth Schwarzkopf: still can’t decide.) This set nat- ous perfectionist, but music
20th-century American artist to an open-minded viewer. 1996—an exhibition that trav- The Complete Recitals urally contains both, as well as lovers have long been the ben-
with the possible exceptions of As a very small child in eled to the West Coast and Eu- 1952-1974” offers greater musi- an assortment of other Strauss eficiaries of her exactitude.
the “all-black” painter Ad Rein- Pennsylvania, Mr. Kelly was in- rope. Three years ago, Presi- cal variety than its title im- songs and an album of excerpts This set must be regarded as a
hardt and the Minimalist troduced by his grandmother dent Obama awarded Mr. Kelly plies, with recitals in this case from his opera “Arabella.” compendium of her artistry in
sculptor Donald Judd. Yet his on his father’s side to bird- a National Medal of Arts. meaning not just programs of Less expected is a substan- its broad variety, and thus es-
art was rooted in observation. watching, a lifelong pastime For an artist with no ico- art songs accompanied by pi- tial sampling of William Wal- sential for anyone who loves
He continually drew from life— and, not surprisingly from the nography to decode, whose ano, but also arias with full or- ton’s underappreciated opera the human voice.
leaves, stems and flowers ren- colors he saw, a profound influ- aesthetic is at least nominally chestra and even extended op- “Troilus and Cressida,” in
dered precisely in pencil and ence on Mr. Kelly’s art. After universal, Ellsworth Kelly is eratic scenes with other which Schwarzkopf, opposite Mr. Mermelstein writes for
ink, with a gorgeous economy graduating from public high nevertheless sui generis. He singers. The discs are arranged the tenor Richard Lewis, sings the Journal on classical music
of line that rivals that of Ma- school, and with reluctant sup- once said, “All my work comes chronologically (for the most the female lead—a character and film.
tisse. port from his parents, he stud- from perceiving. I kept seeing part), so the set begins with temperamentally far from
His special talent, though, ied at Pratt Institute in Brook- things that were brooding in Schwarzkopf at her freshest. those she typically portrayed.
was for color and shape in lyn for a couple of years until me. I’m not a geometric artist.” An album with the Philhar- Other surprises, at least for Pepper ...
their clearest possible manifes- he was drafted into the Army In other words, Mr. Kelly’s dis- monia Orchestra led by John those who associate this singer
tations. He favored graceful in 1943. The military put him to tilled abstraction comes from Pritchard finds Schwarzkopf’s primarily with lieder, include
And Salt
planes (conventionally work as a camouflage designer. seeing things in the real world, shimmering voice by turns gay persuasive accounts of arias by THE WALL STREET JOURNAL
stretched canvases, or panels After mustering out, he at- and while his color can seem and heartbreaking in arias Puccini, Verdi, Wagner and
of wood or metal) of pure, tended the School of the Mu- off-the-shelf, the fact is it reso- from Mozart’s “Marriage of Fi- even Tchaikovsky (specifically
bright chroma and, if moved to seum of Fine Arts in Boston on nates as highly personal and garo” and “Don Giovanni.” Tatiana’s Letter Scene from
juxtapose them, preferred to the great GI Bill, and with the quirky, even as it evokes the Thanks to her husband, the so- “Eugene Onegin”).
abut singly colored parts. Mr. same underwriting, went to cosmic. prano was paired early on with Schwarzkopf appears with
Kelly’s components ranged live in Paris in 1948. “I’m not interested in the some of the 20th century’s other famous singers on a
from simple rectangles to deli- Under the influence of visits texture of a rock, but in its greatest musicians, including number of these records, most
cately wide segments of cir- to Constantin Brancusi’s stu- shadow,” is one of his more the pianists Edwin Fischer and frequently the baritone
cles, and ovals. They chime to dio, Mr. Kelly painted his own memorable pronouncements. Walter Gieseking—in Schubert Dietrich Fischer-Dieskau. But
the eye as notes from Erik first abstract pictures in Paris Right now, art needs fewer and Mozart, respectively. Both nowhere does she share the
Satie do to the ear. in 1949, images derived from rock-throwers and more—two albums, now classics, are in- spotlight more gratifyingly
If Mr. Kelly’s drawings were things he’d seen, like a window or three would be wonderful— cluded here, as are “Elisabeth than on a duets album made
completed quickly, his paint- in the Museum of Modern Art celebrators of shadows. One of Schwarzkopf in Songs You with Irmgard Seefried, a much-
ings and sculpture, which of Paris. Two years later, he Mr. Kelly’s stature will proba- Love,” a beloved record, and its admired German soprano
tended to be much larger than enjoyed a solo exhibition there, bly be, however, a long time in spawn: “Songs I Love” and a never quite as celebrated, or
human-size, took a lot of but it didn’t make much of a coming. four-volume “Songbook” series. glamorous, as Schwarzkopf.
time—to plan, to execute, to ripple in the French art scene. The soprano is partnered The similarities in their voices
finish, and to install correctly. He returned to the U.S. in 1954, Mr. Plagens is an artist and with Gerald Moore, the 20th lend a seductive unity to music “At the bottom of the sea—
He lifted visual fussiness to the settling near the southern tip writer in New York. century’s pre-eminent accom- by Monteverdi, Carissimi and why, where are you?”
D6 | Wednesday, December 30, 2015 * * THE WALL STREET JOURNAL.
SPORTS
The College Season of Chaos Theory
How the butterfly effect
resulted in this year’s
playoff: Clemson vs. OU;
Alabama vs. Michigan St.
BY BEN COHEN AND JONATHAN CLEGG
There is an alluring subset of the

mathematical field known as chaos
theory that is the highly technical
study of how unrelated events inter-
act with each other and lead to com-
pletely unintended outcomes. Chaos
theory can be almost impossible to
explain to someone who hasn’t taken
a stab at solving the Riemann hy-
pothesis. But there’s one easy way to
understand it: watch a whole lot of
college football.
No sport embodies chaos theory
quite like college football. Rooting
for your team—and only your team—
is pointless. You also have to pull for Deshaun Watson led Clemson to a 24-22 win over Notre Dame on Oct. 3. Baker Mayfield led Oklahoma to a 31-24 win at Tennessee on Sept. 12.
certain outcomes in other games
across the country, at every time of
day, involving schools you know
nothing about and players whose
names you’ve already forgotten by
the fourth quarter.
College football has tortured its fans
like this for as long as it has existed.
CLOCKWISE FROM TOP: GETTY IMAGES (2); REUTERS; GETTY IMAGES

But last year, the College Football Play-
off came along, and all of a sudden
there was more chaos than ever.
It’s not that the sport itself has be-
come crazier—although there are times
when it has certainly seemed that way.
There’s another reason that Saturdays
in the college-football season have car-
diologists on call. The simple fact that
there are four teams in the playoff, in-
stead of two, means there are that
many more games that can turn the
playoff picture into an Etch-A-Sketch.
This season has been insane even
for a sport that should check itself
into an asylum. Of course, there
were still some games that were
truly unusual: They played out ex- Derrick Henry scored three touchdowns in Alabama’s 30-16 win over LSU. Michigan State stunned Michigan on the game’s final play on Oct. 17.
actly how we expected. But fans of
most teams had to root for very ther. But a 17-point explosion sent contenders, and this year it was points in a loss at Northwestern, Joaquin battered South Carolina
specific things happening in a very the game into overtime and set the Nov. 7. But what no one thought was and the question for the Cardinal at with several inches of rain. In the
specific way. stage for a year in which many of that two of those wildly anticipated the time wasn’t how they would ensuing downpour, which took place
With the College Football Play- the biggest games produced a series games—those matchups that can make the playoff but whether they shortly after governor Nikki Haley
off—Clemson vs. Oklahoma and Ala- of such unlikely endings that the toss everything we thought we would score a single touchdown in had declared a state of emergency,
bama vs. Michigan State—only days whole season might as well have knew about a season into a trash their next game. In fact, Stanford the Irish turned the ball over four
away, it’s time to dig through the been scripted by M. Night Shya- can—would be Arkansas vs. Ole did score, and then it started win- times, Clemson relied on quarter-
madness to show how this random malan. Miss and Navy vs. Memphis. ning and winning and eventually back DeShaun Watson’s running and
patchwork of weekly goofiness ulti- Some teams aren’t as fond of the Earlier in the season, though, Ole won the Pac-12. And yet the Cardi- the Tigers survived a late two-point
mately transpired to lead us to this last-minute twists. Notre Dame was Miss beat Alabama and Memphis nal couldn’t escape the Northwest- conversion attempt to seal a 24-22
year’s final four. ranked No. 4 and looked poised for a beat Ole Miss, and just like that, the ern loss—one of two Stanford losses win that swiftly established them as
playoff spot when a touchdown with Southeastern Conference found it- this season. What happened when the team to beat this season.
Insane Endings 30 seconds left gave the Irish a self in an odd position on Nov. 7. most people weren’t paying atten- As freakish as a midseason mon-
Sept. 12: Oklahoma 31, Tennessee 36-35 lead at Stanford. But a Cardi- The mightiest conference in college tion ultimately cost Stanford its soon might seem, the most miracu-
24 (2OT) nal field goal as time expired all but football was staring down a dooms- playoff entry. lous result in all of sports this year
Nov. 21: MSU 17, OSU 14 dashed Notre Dame’s title hopes. day scenario: If Memphis and Ole remains Michigan State’s stupefying
Nov. 28: Stanford 38, Notre Dame 36 As unbelievable as it was, though, Miss had won out, the SEC could’ve The Downright Miraculous last-second win over Michigan, an
Dec. 5: MSU 16, Iowa 13 that finish would put Michigan State found itself out of the playoff. Oct. 3: Clemson 24, Notre Dame outcome so improbable that even al-
fans to sleep. The Spartans won two In the end, the existential dread 22 mighty beings would’ve felt it
Crazy endings and wild finishes games this season—against rivals that was quietly spreading across Oct. 17: MSU 27, Michigan 23 stretched the limits of credulity.
happen all the time in college foot- Ohio State and Michigan, no less— the South lasted only a matter of Needing only to execute a simple
ball. But seldom in this sport’s his- without leading for a single second. hours. Navy beat Memphis, Arkan- Even for those of us who have punt to secure a win, the Wolver-
tory have so many unfathomable fi- It was only fitting that they beat sas beat Ole Miss and Alabama been conditioned to the nonsensical ines somehow botched the kick, the
nales conspired to have such a Iowa for the Big Ten title and a play- knocked off Louisiana State. Once world of college football, this sea- Spartans ran back the loose ball for
profound impact on the national title off bid when running back LJ Scott again, just like that, Alabama had son provided a handful of occasions a touchdown and the tone for the
race. scored the go-ahead touchdown in the inside track to the SEC title, when something so utterly unfore- season was set as another small and
The madness started early, with the last minute. This time, there which is such a joyous prospect that seen, profoundly unpredictable and seemingly insignificant moment
Oklahoma pulling off an improbable were still 27 seconds left. Nick Saban almost thought about entirely inexplicable transpired that would deliver a seismic impact to
late rally to sneak a double-overtime cracking a smile. it felt as though a higher power the playoff picture.
win at Tennessee in the second week Overlooked Turning Point The sight of Alabama fans cheer- must be at work.
of the season. Trailing 17-0 at the Sept. 5: Northwestern 16, Stanford ing for Ole Miss and purchasing Take, for instance, Clemson’s sea- KELLY OUT IN PHILLY
start of the fourth quarter, the Soon- 6 Navy foam fingers was surprising. son-defining win over Notre Dame
ers looked to be in for a long season. Sept. 19: Ole Miss 43, Alabama 37 But the idea that the Pac-12 Confer- on Oct. 3. A showdown that had The Philadelphia Eagles
Bob Stoops’s team hadn’t overcome
a deficit that big in half a decade.
They hadn’t run a single snap in
Nov. 7: Arkansas 53, Ole Miss 52 (OT)
Nov. 7: Navy 45, Memphis 20
Every season in college football,
ence could lose its playoff shot on
the first weekend of the season was
almost unthinkable. In its opening
long promised a clash between two
explosive offenses was transformed
into something more akin to a game
WSJ
.COM
fired head coach Chip
Kelly Tuesday evening.
Read the story at
Tennessee territory to that point, ei- there is a day of reckoning for title game, Stanford put up all of six of water polo when Hurricane WSJ.com/sports.
Training on Wheels: The Rise of the NFL Cycling Nerd

Whether the Minnesota Vikings Philadelphia Eagles linebacker riding about 30-40 miles a day low. “I have to ride to function.” athlete but rather thought it looked
defeat the Green Bay Packers on Connor Barwin is known for making around San Diego. He is also hoping Winslow said he doesn’t even lift fun while watching the Tour de
Sunday in one of the biggest games the three-mile trek to work at the for a comeback at age 32. weights anymore—maybe a few France a few years ago.
of the NFL season will depend in Eagles facility on a bike. He is so Winslow started entering races push-ups—because of the full-body Most science agrees with him.
part on the performance of a bike devoted to it that he’s appeared in last year, and has had players pick impact of the biking. Like Greenway, “There’s truth to the idea that if
nerd. advertisements for Philadelphia’s his brain on the benefits of it. He Winslow is making sure he can get you train too much for endurance
Chad Greenway, the team’s sec- bike-sharing program. Washington ran into Seattle Seahawks quarter- all of the television channels to be- you are going to compromise
ond-leading tackler, spends the off- Redskins running back Alfred Mor- back Russell Wilson at a bike shop come a devoted bike nerd. “It’s hard strength, power and mass,” said
season watching the Tour of Utah ris’s parking space at his team’s fa- over the off-season. to get all the channels but I have to Alex Hutchinson, author of “Which
and “trying to wrap my cility is occupied by his bike. He, “It helps with explosion, stam- make sure I get the Tour de France, Comes First, Cardio or Weights?”
head around the im- too, bikes to work. ina, endurance and it keeps your the Giro d’Italia,” he said. Hutchinson, who holds a Ph.D. in
possible things Team Bikes have always had some legs fresh and it Biking in the NFL has its down- physics, said there could be a num-
Sky accomplishes,” as part in football. Players, espe- helps range of mo- sides. Namely: You can’t go that far. ber of reasons for that, the most
he puts it. It isn’t just cially injured one, have used tion,” said Wins- While Greenway would love to go as obvious being that distance training
KEVIN a hobby. He’s one of stationary bikes for decades, far as possible, he said that anec- burns calories, needed for weight,
CLARK the growing number and the Green Bay Packers dotally, “there’s no positive effect of and that if you do distance training,
of NFL players using famously borrow children’s bi- distance training.” you’ll have less time and energy for
hard-core bicycling to cycles to travel to the prac- “In my experience, distance strength training.
train for football. tice field during training hasn’t helped me, I need this for For now, Greenway must focus
Greenway can ride up to 60 camp. But few made the quick, explosive repetitive move- on football. If his Vikings win on
miles in a day. But he has no fat to connection that actual ments like on the football field,” Sunday, they will clinch the NFC
burn, and he doesn’t want to burn cycling would help said Greenway, who said he North division and host a playoff
muscle. So he prefers to go about just as much. didn’t take game. But he’s keeping one eye on
20 to 40, mainly in the off-season. One athlete who the bicy- cycling. He’s reached out to a Min-
When training for football, Green- did is former Pro cling idea nesota-based bicycling team, Op-
way said he wants to mimic the Bowl tight end Kellen from an- tum-Kelly Benefit Strategies, and
game’s short bursts, a fitness tech- Winslow II, who last other said he’s struck up a friendship with
nique known as “interval training,” played with the Jets in some of the members. He sub-
he said. With that in mind, he finds 2013. He said he’s never scribes to bicycling magazines, vis-
hills around his Minnesota home been in better shape than its Erik’s Bike Shop in Minnesota
and climbs them on his bike as fast since he decided to start seri- and, of course, watches all the cy-
as possible. ously cycling. After a motorcycle cling he can.
The result? Improved leg turn- accident in 2005, Winslow said he When he retires, he said, he’ll
over, fresher legs, and nearly every- spent plenty of time on stationary get to ride as long and as
thing else. “It’s helped my hip gir- bikes and noticed how well it much as he wants. “I want
dle, my jabs, it’s huge for the worked at improving his condition- to get more serious, stuff
BRUCE MACPHERSON
hamstrings,” said Greenway, a two- ing without taxing his legs. “I in California, Colorado,”
time Pro Bowl selection. “And it’s a bought a road bike and it took off Greenway said. “I’m not at
lot more core than you would think, from there,” he said. that point but I want to
just maintaining your position on Recently, Winslow has become get into the scene and into
the bike works the core.” downright obsessed with cycling, the culture of it.”

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