JPMorgan told to fix poor risk management tied to $6-billion loss

JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.

Federal regulators also cited JPMorgan for lapses in oversight that allowed the bank to be used for money laundering.

JPMorgan, the nation's largest bank by assets, will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. The bank promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.

The regulators each issued two cease-and-desist orders against JPMorgan, a sanction that requires a bank to change its practices. They said they had found "deficiencies" in the bank's procedures to prevent money laundering, and "unsafe or unsound practices" regarding management of risk. The order said the regulators and other government agencies could pursue further action.

The regulators said the bank had committed to take "all necessary and appropriate steps" to correct the problems.

JPMorgan neither admitted nor denied the regulators' findings in agreeing to the accords.

"We've been working hard to fully remediate the issues" related to risk management, JPMorgan spokesman Mark Kornblau said Monday. He added that the bank had also made preventing money laundering a "top priority."

JPMorgan disclosed in May that its London office lost billions of dollars in trades designed to hedge against risk. The bank later said some traders had tried to hide the size of the losses.

The loss, which occurred less than four years after the 2008 financial crisis, hurt the bank's reputation. JPMorgan had survived the crisis by taking fewer risks than its competitors.

JPMorgan Chief Executive Jamie Dimon acknowledged before congressional lawmakers in June that the bank made mistakes but defended its strategy for managing risk.

Still, JPMorgan took action against several employees at the heart of the controversy. Two senior managers and the trader linked to the London trading operation were fired. The bank took back nearly two years' compensation from them.

In addition to the firings, Ina Drew, JPMorgan's chief investment officer overseeing its trading strategy, retired after 30 years at the bank and voluntarily repaid two years of salary.

The bank also made a broad reshuffle of its top management, in an apparent bid to restore investors' trust.

The second action announced Monday against JPMorgan was related to money-laundering controls. The accord did not cite any specific case, but the agreement reached was similar to one Citibank struck with regulators in April.

JPMorgan was cited for poorly monitoring potential money laundering at a time when a number of banks have been in the spotlight for such abuse.

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California's debt still a heavy cloud over state's future

SACRAMENTO — Gov. Jerry Brown proclaimed last week that California, which now has enough cash to pay its day-to-day bills, can no longer be described by naysayers as a "failed state."

But even though it appears to be free of the deficit that dogged the Capitol in recent years, the state is no model of financial health.

Sacramento is legally obligated to pay many billions of dollars withheld from schools, local governments and healthcare providers as lawmakers struggled repeatedly to balance the books. It owes Wall Street more per resident than almost every other state. And it has accumulated a crushing load of debt for retiree pensions and healthcare, now totaling more than taxpayers spend each year on all state programs combined.

The budget Brown proposed Thursday addresses only a small portion of the overall debt, which stems from the same types of bills that drove cities like Vallejo, Stockton and San Bernardino into bankruptcy. The state is likely to find its debt consuming an ever larger share of money meant for the basic needs of government.

"Every year we fail to acknowledge or fix these things, it just makes the cost bigger," said Joe Nation, a former Democratic assemblyman who teaches public policy at Stanford University.

When he released his budget plan, Brown vowed to knock down the state's "wall of debt." He presented a timeline for repaying nearly $28 billion the state owes to government programs that it raided for cash or deprived of funds over the years, as well as some bonds sold to balance the budget.

Payments of $4.2 billion would be made in the budget year that begins in July. Subsequent payments, growing to as much as $7.3 billion a year, would continue into 2017.

At that point, Brown says, $4.3 billion in debt would remain, mostly for delayed payments to healthcare providers and money owed to municipalities and schools for implementing state mandates.

"By paying down the debt, we've put ourselves in a stronger position when things go bad, as they inevitably do," Brown said.

But numerous reports by state agencies, think tanks and academics have shown the wall of debt to be many stories higher than $28 billion — hundreds of billions of dollars over the next few decades. Brown's repayment plan does not significantly reduce the sizable debt to Wall Street or account for promises the state has made to its current and future retirees but is not setting enough money aside to cover.

"If we just ignore these longer-term pressures, we're going to be back in the soup soon," said Mike Genest, who was budget director for Gov. Arnold Schwarzenegger.

State officials must grapple with a major shortfall in the retirement fund for teachers. Fund officials have warned that Sacramento needs to immediately start contributing about $3 billion annually to keep the pension system solvent.

Sacramento could kick the bill to school districts, requiring them to start paying more pension costs from their own budgets. But the money needed now to stabilize the fund is enough to wipe out the $2.7-billion budget boost the governor is proposing for schools after many years of cuts.

"That is a demand that will have to be met," said David Crane, who advised Schwarzenegger on pensions and the economy. "Even if there is an increase in funding for schools, the districts may have to use that — and more — to meet that demand."

So far, lawmakers have taken no action to fill the gap. They have opted, for now, to let it grow. (The changes legislators made in public pensions last year do not fix the problem.)

They have taken the same approach with the escalating cost of retiree healthcare.

State employees on the payroll 10 years or more are guaranteed insurance coverage for life — a benefit bestowed decades ago, before the cost of medical care exploded. Now, the state is facing a bill of $62.1 billion for those employees over the next 30 years, according to state projections. Sacramento has set no money aside to cover the payments, and the tab grows each year.

Brown proposed that lawmakers confront that cost last year. Lawmakers balked and excluded his plan to limit the number of state workers eligible for retiree healthcare.

The cost of closing the gaps in California's major public pension funds would be considerable. The State Budget Crisis Task Force, a bipartisan think tank based in New York, reported in September that every Californian would have to contribute $3,635 to cover the shortfalls. Paying for retiree healthcare might add a couple of thousand dollars to that tab.

The state's borrowing from Wall Street in recent years also comes at a cost. According to the state treasurer's office, it will cost $2,559 per Californian to pay that back. Texas, by contrast, has taken on just $588 of debt per resident.

Genest said California undeniably has made major strides since the darkest budget days of recent years. "We've finally got through the worst of it," he said.

But the mess is far from cleaned up, he cautioned: "We can't jump for joy."

evan.halper@latimes.com

chris.megerian@latimes.com

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HTC seeks Myanmar edge with local font phones

YANGON (Reuters) – Peter Chou, CEO of Taiwan smartphone company HTC Corp, will on Monday launch what he hopes will be a major boost to both a backward tech sector in Myanmar, his country of birth, and to his company’s share of one of the few untapped mobile markets: a phone that locals can use out of the box.

Until now, Chou says, Myanmarese users of mobile phones and computers must install fonts in their own language, a process that is cumbersome, often invalidates the device’s warranty and has, he says, slowed innovation and the embrace of technology.

HTC has instead teamed up with a local distributor and a software developer to customize Google’s Android operating system so its devices display local fonts and sport a dedicated and, Chou says, intuitive, Myanmar language onscreen keyboard.

“You don’t have to spend two months to learn how to type it,” Chou said in an interview ahead of the launch. “You just type it. We want to give people here a computing device they don’t have to learn. They just try it, they just use it, they just get it.”

Myanmar IT experts say that while the country’s alphabet is no more complex than some other Asian scripts, a failure to agree how to apply an international standard for language symbols called Unicode to existing versions of the computer font has made it difficult to bake the language into software.

As a result, web pages and apps will often be unreadable.

BIG CHALLENGES, LITTLE PENETRATION

The issue of fonts may seem a basic one, but reflects the challenges Myanmar faces in catching up with its neighbors as it sheds decades of military control over politics and the economy. Myanmar has one of the lowest mobile penetration rates in the world, with only 3 percent of the population owning a phone in 2011, according to the World Bank. In neighboring Bangladesh, 56 percent of people have a mobile phone.

When IT enthusiasts met last year for a conference on the future of technology called Barcamp Yangon, much of the discussion revolved around such basic issues, participants said. With at least two competing types of font software available, disagreements remain.

The problem is worse on smartphones, says Soe Ngwe Ya, general manager of KMD, HTC’s distribution partner for the new phones. In order to install such fonts on mobile devices users must first “root” the phone, effectively bypassing the manufacturer’s controls on customizing the phone’s operating system. That often invalidates any warranty. “It’s a major issue,” he says.

HTC also hopes it can claw back some ground from its biggest competitor in Android phones, Samsung Electronics, which has established a first mover advantage in Myanmar.

Samsung has at least two distributors for its handsets and its advertisements are visible around the capital. Soe says KMD will act as HTC’s distributor, open a flagship store and service HTC users.

Chou, who was born in Myanmar but left to work and study in Taiwan more than 30 years ago, says that at least for now the Myanmar fonts and keyboard will only be available on HTC devices. He denied that this undermined his claims of contributing to his homeland.

“While sometimes you can be idealistic,” he said, “the first thing you have to show the people is something to get excited about.”

(Editing by Ian Geoghegan)

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Waltz wins supporting-actor Globe for 'Django'

BEVERLY HILLS, Calif. (AP) — Christoph Waltz has won the supporting-actor Golden Globe for his role as a genteel bounty hunter who takes on an ex-slave as apprentice in "Django Unchained."

Sunday's win was Waltz's second supporting-actor prize at the Globes, both of them coming in Quentin Tarantino films. Waltz's violent but paternal and polite "Django" character is a sharp contrast to the wickedly bloodthirsty Nazi he played in his Globe and Oscar-winning role in Tarantino's 2009 tale "Inglourious Basterds."

"Let me gasp," said Waltz, whose competition included "Django" co-star Leonardo DiCaprio. "Quentin, you know that my indebtedness to you and my gratitude knows no words."

Pop star Adele and co-writer Paul Epworth won for best song for their theme tune to the James Bond adventure "Skyfall."

"Oh, my God!" Adele gushed repeatedly, before offering gratitude to the group that presents the Globes. "I'd like to thank the Hollywood Foreign Press. I never thought I'd say that."

The prize for musical score went to Mychael Danna for the lost-at-sea tale "Life of Pi," who said he wanted to share the award with the film's director, Ang Lee.

"Ang, I will always treasure this voyage we made together," Danna said. "Thank for guiding us all to shore safely."

Show hosts Tina Fey and Amy Poehler, who co-starred in the 2008 big-screen comedy "Baby Mama," had a friendly rivalry at the Globes. Both were nominated for best actress in a TV comedy series, Fey for "30 Rock" and Poehler for "Parks and Recreation."

"Tina, I just want to say that I very much hope that I win," Poehler told Fey at the start of the show.

"Thank you. You're my nemesis. Thank you," Fey replied.

Poehler also had a quip about television vs. film at the Globes, where the small-screen category typically takes a backseat to the big-screen nominees.

"Only at the Golden Globes do the beautiful people of film rub shoulders with the rat-faced people of television," Poehler said.

Among TV recipients were Julianne Moore won a best-actress Globe for her role as Sarah Palin in "Game Change," which also was picked as best TV miniseries or movie. "Homeland" was named best TV drama series, and its star Damian Lewis received the TV drama actor Globe. Maggie Smith as supporting actress for "Downton Abbey."

"I'd like to dedicate this to my mum, looking down on me bursting with pride telling everyone around her how well her son is doing in acting," Lewis said.

An unusually chilly day in southern California left Globe guests looking glamorous but feeling frigid.

Claire Danes of "Homeland" in Versace and Zooey Deschanel of "New Girl" in a strapless Oscar de la Renta gown walked near heat lamps as the temperature stayed in the high 50s. "I'm so cold. My legs aren't cold but my arms are," Deschanel said.

The Globes are in a rare place this season, coming after the Academy Award nominations, which were announced earlier than usual and threw out some shockers that have left the Globes show a little less relevant.

Key Globe contenders lined up largely as expected, with Steven Spielberg's Civil War saga "Lincoln" leading with seven nominations and two CIA thrillers — Kathryn Bigelow's "Zero Dark Thirty" and Ben Affleck's "Argo" — also doing well.

All three films earned Globe nominations for best drama and director. Yet while "Lincoln," ''Argo" and "Zero Dark Thirty" grabbed best-picture slots at Thursday's Oscar nominations, Bigelow and Affleck were snubbed for directing honors after a season that had seen them in the running for almost every other major award.

The Globe and Oscar directing fields typically match up closely. This time, though, only Spielberg and "Life of Pi" director Lee have nominations for both. Along with Spielberg, Lee, Bigelow and Affleck, Quentin Tarantino is nominated for directing at the Globes. At the Oscars, it's Spielberg, Lee, "Silver Linings Playbook" director David O. Russell and two surprise picks: veteran Austrian filmmaker Michael Haneke for "Amour" and first-time director Benh Zeitlin for "Beasts of the Southern Wild."

That forces some top-name filmmakers to put on brave faces for the Globes. And while a Globe might be a nice consolation prize, it could be a little awkward if Affleck, Bigelow or Tarantino won Sunday and had to make a cheery acceptance speech knowing they don't have seats at the grown-ups table for the Feb. 24 Oscars.

That could happen. While "Lincoln" has the most nominations, it's a purely American story that may not have as much appeal to Globe voters — about 90 reporters belonging to the Hollywood Foreign Press Association who cover entertainment for overseas outlets.

The Bigelow and Affleck films center on Americans, too, but they are international tales — "Zero Dark Thirty" chronicling the manhunt for Osama bin Laden and "Argo" recounting the rescue of six U.S. embassy workers trapped in Iran amid the 1979 hostage crisis.

Globe voters might want to make right on a snub to Bigelow three years ago, when they gave their best-drama and directing prize to ex-husband James Cameron's sci-fi blockbuster "Avatar" over her Iraq war tale "The Hurt Locker."

Bigelow made history a month later, becoming the first woman to win the directing Oscar for "The Hurt Locker," which also won best picture.

Globe voters like to be trend-setters, but they missed the boat on that one. Might they feel enough chagrin to hand Bigelow the directing trophy this time?

Spielberg already has won two best-director Globes, so that might be a further inducement for the foreign-press members to favor someone else this time.

Their votes were locked in before the Oscar nominations came out. Globe balloting closed Wednesday, the day before the Academy of Motion Picture Arts and Sciences announced its awards lineup.

The Globe hosts had a wisecrack at Cameron's expense. Poehler noted that she had not been following the controversy over "Zero Dark Thirty," which has drawn criticism for indicating torture was pivotal in producing the tip that led to bin Laden.

But "when it comes to torture, I trust the lady who was married for three years to James Cameron," Poehler said.

The Globes feature two best-picture categories — one for drama and one for musical or comedy. Most of the Globe contenders also earned Oscar best-picture nominations, including all of the drama picks: "Argo," ''Lincoln," ''Life of Pi," ''Django Unchained" and "Zero Dark Thirty."

Yet only two of the Globe musical or comedy nominees — "Les Miserables" and "Silver Linings Playbook" — are in the running at the Oscars. That's not unusual, though, since Oscar voters tend to overlook comedy. The other Globe nominees for musical or comedy are "The Best Exotic Marigold Hotel," ''Moonrise Kingdom" and "Salmon Fishing in the Yemen."

Globe acting recipients usually are a good sneak peek for who will win at the Oscars. All four of last season's Oscar winners — Meryl Streep for "The Iron Lady," Jean Dujardin for "The Artist," Octavia Spencer for "The Help" and Christopher Plummer for "Beginners" — took home a Globe first.

Jodie Foster will receive the Globes' Cecil B. DeMille Award for lifetime achievement at the 70th Globes ceremony.

___

AP Writer Beth Harris contributed to this story.

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City Room: Cuomo Declares Public Health Emergency Over Flu Outbreak

With the nation in the grip of a severe influenza outbreak that has seen deaths reach epidemic levels, New York State declared a public health emergency on Saturday, making access to vaccines more easily available.

There have been nearly 20,000 cases of flu reported across the state so far this season, officials said. Last season, 4,400 positive laboratory tests were reported.

“We are experiencing the worst flu season since at least 2009, and influenza activity in New York State is widespread, with cases reported in all 57 counties and all five boroughs of New York City,” Gov. Andrew M. Cuomo said in a statement.

Under the order, pharmacists will be allowed to administer flu vaccinations to patients between 6 months and 18 years old, temporarily suspending a state law that prohibits pharmacists from administering immunizations to children.

While children and older people tend to be the most likely to become seriously ill from the flu, Mr. Cuomo urged all New Yorkers to get vaccinated.

On Friday, the Centers for Disease Control and Prevention in Atlanta said that deaths from the flu had reached epidemic levels, with at least 20 children having died nationwide. Officials cautioned that deaths from pneumonia and the flu typically reach epidemic levels for a week or two every year. The severity of the outbreak will be determined by how long the death toll remains high or if it climbs higher.

There was some evidence that caseloads may be peaking, federal officials said on Friday.

In New York City, public health officials announced on Thursday that flu-related illnesses had reached epidemic levels, and they joined the chorus of authorities urging people to get vaccinated.

“It’s a bad year,” the city’s health commissioner, Dr. Thomas A. Farley, told reporters on Thursday. “We’ve got lots of flu, it’s mainly type AH3N2, which tends to be a little more severe. So we’re seeing plenty of cases of flu and plenty of people sick with flu. Our message for any people who are listening to this is it’s still not too late to get your flu shot.”

There has been a spike in the number of people going to emergency rooms over the past two weeks with flulike symptoms – including fever, fatigue and coughing – Dr. Farley said.

Mayor Michael R. Bloomberg and Mr. Cuomo made a public display of getting shots this past week.

In a briefing with reporters on Friday, officials from the C.D.C. said that this year’s vaccine was effective in 62 percent of cases.

As officials have stepped up their efforts encouraging vaccinations, there have been scattered reports of shortages. But officials said plenty of the vaccine was available.

According to the C.D.C., makers of the flu vaccine produced about 135 million doses for this year. As of early this month, 128 million doses had been distributed. While that would not be enough for every American, only 37 percent of the population get a flu shot each year.

Federal health officials said they would be happy if that number rose to 50 percent, which would mean that there would be more than enough vaccine for anyone who wanted to be immunized.

Two other diseases – norovirus and whooping cough – are also widespread this winter and are contributing to the number of people getting sick.

The flu can resemble a cold, though the symptoms come on more rapidly and are more severe.

A version of this article appeared in print on 01/13/2013, on page A21 of the NewYork edition with the headline: New York Declares Health Emergency.

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These fund managers buy and hold, with no apologies

Try telling Bill Frels and Mark Henneman that buy and hold is dead.

The managers of the Mairs & Power Growth Fund have owned all but one of their top 25 stocks at least a decade. In an industry that rewards risk takers searching for the next big trend, the St. Paul, Minn., fund managers have big stakes in companies that make Spam canned meat, Scotch tape and a paint sold at Lowe's hardware stores.

Their slow, patient approach to investing has paid off — they were named Morningstar's domestic stock fund managers of the year for 2012. Their fund returned 21% last year, beating the 13.4% gain in the Standard & Poor's 500 index.

Frels said the award was a validation of his firm's strategy, especially at a time when many experts have questioned the wisdom of holding stocks long term.

The fund, with about $2.5 billion under management, is an unusual success story because of something it doesn't own: Apple Inc., one of the hottest growth stocks of 2012.

The vast majority of its holdings are in companies headquartered in Minnesota, many of them a short trip from the fund's offices.

It's not uncommon for chief executives to drop by Mairs & Power for a briefing, or for the fund managers to bump into company employees in the community, Henneman said.

Frels and Henneman say they're fortunate to have many quality companies nearby. Minnesota firms Target Corp., 3M Co., Hormel Foods Corp. and Medtronic Inc. are among their top stocks.

Their No. 1 holding is paint company Valspar Corp., which soared more than 60% in 2012 thanks to strong sales at Lowe's stores across North America.

For Mairs & Power, it's not so much buy and hold as it is lock it up and throw away the key. The fund has a microscopic turnover rate of about 5%, far below the 60% average for large blend funds, according to a Morningstar research report.

The managers find good companies and hold on to them, through good times and bad.

"Their low turnover, that's very critical," said David Falkof, an analyst who covers the fund for Morningstar, which gives it a coveted five-star rating.

Frels, 73, joined Mairs & Power in 1992 and has been lead manager of the growth fund since 2004. Henneman, 51, has been co-manager of the fund since 2006. Both managers hold significant personal investments in the fund, evidence that their interests are aligned with investors', Falkof said.

Since Frels joined the fund as co-manager in 1999, it has gained an average of more than 8% annually — beating the S&P 500 by 6% a year. Although the fund may miss out on some trends, such as technology in the late 1990s, it is built to survive major crises because of its focus on sound companies, many of them in the industrial sector.

In 2008, when most funds suffered devastating losses because of the financial crisis, the Mairs & Power growth fund lost 28.5% — less than 95% of its competitors, which fell 41% on average. The fund holds about 55% in large companies, 30% in mid-caps and 15% in small caps.

What is your fund's strategy?

(Henneman): We're long-term investors. Every mutual fund manager says that, but we really stick to it. When we buy a stock, we're buying a company we expect to be invested in for a long period of time.

Why does your fund invest so heavily in Minnesota companies?

(Henneman): We are blessed to have a number of high-quality companies nearby. The benefits from proximity are huge. We really get to know these companies quite well. We are in the community with people who work for the firms we invest in.

What are the benefits of having so many companies you invest in nearby? Do you just walk over and visit their headquarters?

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Remembering 'the last Jewish man of Boyle Heights'

It took Eddie Goldstein's dying for me to finally wear a yarmulke. Grateful for a bobby pin, I somehow kept it from slipping off as I scribbled on a notebook in a funeral chapel at a Jewish cemetery in Boyle Heights.

Three days before, I had gotten an email from one of his granddaughters.

"It is with a heavy heart that I email you to inform you that my grandpa (the last Jewish man of Boyle Heights) has passed today," Crystal Vargas wrote.

One of his brothers showed up at the chapel on Wednesday morning, along with two Jewish nieces and a nephew. But the rest of the pews were filled by Mexican American children and grandchildren and great-grandchildren, not to mention Mexican American neighbors on Folsom Street who considered the Santa Claus-like Goldstein "the Grandfather of the Neighborhood."

In the early 1960s, he fell in love with and married Esther Guzman, who had three children from a previous marriage and four adopted children. He had a Jewish son from a previous relationship that he got to know in his latter years.

By blood, his Mexican American family was not his kin. But that was only a technicality. They were the closest people he had. He had 35 grandchildren and great-grandchildren. One of them, Elizabeth Castillos, 43, related their favorite stories — how he warmed a Catholic school uniform on the oven, how he constantly tried to feed them.

"I'm sorry, mi hija, for making you guys chubby," Castillos recalled him saying. "But I love your chubby faces."

Eddie was 79, and as far as I could tell, he was indeed the last Jewish person in Boyle Heights who was born there and never left. But I had no way of knowing for sure when I wrote a front page article about him in 2009. Eddie had seen most of the other Jewish people leave, as well as the Japanese, Italians and other groups who had once helped make this working-class Eastside neighborhood Los Angeles' true melting pot.

L.A. has a reputation for being a melting pot today, and in a broad sense, it is. But when you bear down a little, you realize how homogenous some neighborhoods are, or have become. That was certainly true of Boyle Heights when I was born there 40 years after Eddie.

Though I went to grade school just a block from Goldstein's Folsom Street home, and even went to Roosevelt High as he did, I grew up in a very different place. Nearly everyone I knew was like me: not just Latino, but Mexican American or Mexican.

Later, when I went to college and was exposed to more diversity, and when I eventually married a Chinese woman, I reflected more on what ethnicity really means. Eddie's life reinforced to me how flimsy racial and ethnic constructs could be, especially when love is involved.

I had been looking for years for a Jewish man still living in Boyle Heights when I finally met him. Eddie Goldstein, a Jewish guy with a distinctly Mexican American accent. He was a remarkably humble man, a retired meatpacker. He showed me a picture of one of his granddaughters. "That's my prieta, my Barbara," he said tenderly, using the Spanish word for a brown-skinned girl.

When Esther died eight years ago, he buried her at the Home of Peace Cemetery — the Jewish cemetery that would be his resting place too — with an inscription that read: "My Wife the Love of My Life, Our Love is Forever My Love." He preserved a shrine to his wife with candles and a statue of St. Anthony holding the baby Jesus; rosary beads were draped around the shoulders of a Sacred Heart of Jesus statue. Although he was not a devoutly religious Jew, Goldstein did this mostly to honor family members and friends who had been Catholic. He accompanied his wife in church, but culturally hewed to many Jewish traditions, often with his wife's prodding.

He kept a yarmulke in the trunk of his prized Cadillac, which he called his "black beauty." Soon after the article ran, a young rabbi, Moshe Levin, sought out Eddie and performed his bar mitzvah.

"The bar mitzvah was not a conventional one with music, photographers and wet smooches from aunts and uncles to the young bar mitzvah boy," Levin said. But Eddie was proud.

Eddie missed the days when his home was filled not only by the presence of his wife but also his children and grandchildren. I'd call his home now and then, and not get an answer. I'd drive to his house, worried he had died.

Of course he'd be alive and proceed to apologize. He'd get into these moods, Eddie told me, and channeling his inner Jewish mother, would unhook his phone, thinking that maybe his children would show up "to see if I was lying on the floor or something."

It seemed to work.

Last year I was driving down Folsom Street when I saw Eddie sitting on his porch. We chatted for the last time. He caught pneumonia and was taken to a hospital on New Year's Eve. He died Jan. 5.

Though it wasn't a Jewish tradition, the family had a simple wake for him the night before his funeral at a mortuary. The place was filled. Even a neighborhood pharmacist showed up. The men wore white guayaberas, which to Eddie constituted "fancy shirts." The women dressed in red, his favorite color.

As I sat on a bench in the chapel one day later, I couldn't help but be struck by the scene. Maybe only in a city like L.A. could you see this: a Jewish man, about to be buried next to his Mexican American wife in a Jewish cemetery by his large Mexican American brood.

Before the pallbearers helped carry his casket to its final resting spot, the rabbi presiding over the services tried to capture in one word what Eddie Goldstein was: "A mensch," he said.

That sounded about right.

hector.becerra@latimes.com

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RIM shares climb as investors bet on new BlackBerry

TORONTO (Reuters) – Shares of Research In Motion rallied on Friday as investors positioned themselves ahead of the launch of its new make-or-break BlackBerry 10 smartphones at the end of the month.

Morningstar analyst Brian Colello did not see any one news story driving the stock, which climbed steadily through much of the day. The new phones are to be formally unveiled on January 30.

“The stock has been extremely volatile, based on BlackBerry 10 rumors and the potential for success in the market,” said Colello.

Several blog posts published on Friday showed purportedly leaked photos of what could be the new phones, and a number of tech sites confirmed that Sprint Nextel Corp would carry BlackBerry 10.

“Sprint plans to bring BlackBerry 10 to our customers later this year. We will share more details soon,” Mark Elliot, a spokesman for the U.S. carrier, said in an email.

Earlier this week, executives at Verizon Communications, AT&T Inc and T-Mobile USA all confirmed they would carry the smartphones, and said they are looking forward to the new devices.

“There are, I think, good indications that they’re going to get a seat at all the tables that matter,” said IDC analyst John Jackson, who called carrier support “necessary, but not sufficient” to ensure the success of BlackBerry 10.

Throughout the autumn of 2012, RIM’s stock rose as investors grew more optimistic about BlackBerry 10. Morningstar’s Colello said the market went from pricing in no chance of success, to betting on at least some chance of success for the new products.

But the rally broke off after RIM reported earnings in December, revealing that it would roll out a new fee structure for its services segment which some fear could put pressure on the high-margin business.

The new line’s success is crucial to the future of RIM, which has lost ground to competitors such as Apple Inc and Samsung Electronics, and in December reported its first-ever decline in total subscribers.

BGC Partners analyst Colin Gillis said the news that all four major U.S. carriers would offer BlackBerry 10 was likely lifting the stock, along with Nokia’s stronger-than-expected quarterly results — a sign that Google Inc’s Android smartphones have not completely taken over its market.

“The smartphone market is one of the most robust, largest markets in the world … it’s also dynamic,” said Gillis. “The winners and losers are going to be shifting. That said, it’s a difficult road the company is facing.”

RIM’s Nasdaq-listed shares were up 13.2 percent at $ 13.49. Shares jumped 12.6 percent to C$ 13.27 on the Toronto Stock Exchange. That more than doubled the price since the low of C$ 6.10 it touched in September. By late afternoon, RIM was the day’s most heavily-traded stock on the Toronto Stock Exchange.

(Additional reporting by Nicola Leske in New York; Editing by Marguerita Choy and Alden Bentley)

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Milan Fashion Week starts on somber note

MILAN (AP) — Milan Fashion Week started off on a somber note Saturday, as the design world maintained a vigil for the missing CEO of the family-run Missoni fashion house.

The Italian National Fashion Chamber urged the fashion community to post messages on social networks to keep pressure on authorities not to abandon the search for Vittorio Missoni and five others who disappeared aboard a twin-engine plane near Venezuelan islands on Jan. 5.

Designers expressed their solidarity with the family on the first day of menswear previews Saturday.

"No one better than me can understand the pain and anguish that they are experiencing, the suffering of the sister Angela," Donatella Versace told Italian reporters before her menswear preview. Versace's brother, Gianni, the founder of the company, was killed by a gunman in Miami in July 1997.

Despite the uncertainty, the Missoni fashion house confirmed its menswear preview show for Sunday. In a message posted on Facebook, designer Angela Missoni, Vittorio's sister, expressed gratitude for messages of support. Their brother, Luca, a trained pilot, was in Venezuela helping with the search.

"They did very well to confirm the appointment with the new collection. Vittorio would have done the same," said Mario Boselli, head of the fashion chamber.

Thirty-seven brands were holding fashion shows to present their menswear collections for next winter over four days.

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DOLCE&GABBANA

Dolce and Gabbana's menswear collection for next winter is pure masculinity, infused with southern romanticism.

With motifs of winter roses, illuminated Madonnas and baroque embossing, the 2014 winter menswear collection evokes the design house's Sicilian roots. And to drive home the point, the designing duo chose ordinary Sicilians as their models, as they have done in the past, filling the runway with men who were more muscular, with more pronounced features and often shorter than those usually seen in fashion.

Cinched high-waist pleated pants strongly suggested a bygone era. Trouser lengths varied from calf to ankle, straight or cuffed, while jacket, coats and vests ranged from short waist cuts to long overcoats.

In its most basic iteration, the collection featured black pants paired with white blousons or dark ribbed sweaters — the clothes of a craftsman, a fisherman, a laborer. Detailing like an overlay of white lace on the blousons elevated the look far above mere utility.

And there were also garments fitting of the merchant class — rich brocade jackets and thick furry overcoats and velvet suits. These more formal clothes, including a dark suit jacket overlayed with white lace and finished with velvet trim, could be worn for business, a personal celebration or to Sunday Mass.

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BURBERRY PRORSUM

Tradition meets innovation in Burberry Prorsum's new winter looks for men.

The "I Love Classics" collection — or made more technology-friendly, I (heart) Classics — focuses heavily on outerwear, from the classic trench and duffel, to topcoats, Chesterfields and bombers.

While diving deep into Burberry's archives, designer Christopher Bailey managed also to have fun, adding a touch of whimsy with repeating heart motifs and oversizing military-inspired accents.

"I liked the idea of celebrating things that are familiar, classic, the kind of classic Burberry, classic menswear," Bailey said backstage. "But I wanted to be playful as well."

Bailey married innovation and levity in traditional coats made of light-weight transparent rubber with a repeating heart lining. Bailey said Burberry developed the rubber to be silky to the touch. Cashmere also gets special treatment, with new finishes and bonding to alter the texture.

Colors followed the classic line — camel, bone, olive, navy and black — with deep reds and dark royal purple.

Maintaining a light mood, animal prints also accented classic bags, complementing the Burberry check pattern, and also adorned shoes and boots. Animal print sunglasses complete the look.

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JIL SANDER

Tall, almost Puritan collars gave gravitas to Jil Sander's first winter menswear collection since returning to the label she founded.

The ample lapels made prominent in the collection for next fall/winter often contrasted in tone or texture with the jacket or sweater they accented, and were sometimes layered over more traditional notched lapels. Short-cropped hair kept the focus on neckline.

Suit jackets were kept mostly shorter and allowed to billow slightly in the back. This permitted whimsical layering with longer sweaters underneath — and most of the suits were finished with sweaters, crew necks or mock turtlenecks, rather than shirts. Pants were straight, and ankle-length, giving way to well-polished boots.

While the looks adhered to the line's minimalist credo — simplicity and clean lines — there was nothing austere about it.

The colors and fabrics were both lush and luxurious. Crimson, cobalt and pine contrasted soothingly with more sober grays and black. Even strong shades were easy on the eyes. Materials included chunky corduroy, cashmere knit and leather.

For fun, Sander offered sleeveless pull-over vests, leaving arms and shoulders bare, and sometimes bi-colored in Harlequin fashion. For more serious moments, there were double-breasted pinstripes, distinguished with monochrome panels.

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ZEGNA

Cyber-kinetic patterns give energy to classic looks by Ermenegildo Zegna.

Zegna signals a push for innovation in the title of the collection: "Style for Change."

Zegna zips up the double-breasted suit with graphic lines, while repeating patterns of dots fused into lines give motion to overcoats.

Gray dominates the collection, giving it an urban flair.

The basic look forms around suits, paired with slim, elegant ties or scoop-neck sweaters. Trousers are straight cut without being tight, and might include a cummerbund that elongate the look.

Much attention is flourished on collars, which when small might be decorated with a clip, or when oversized adorned with a clasp.

Textures operate in contrast. Soft alpaca coats are worn over tailored suits.

Shoes taper to a point, while bags span a range from travel backs to computer totes.

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City Room: Cuomo Declares Public Health Emergency Over Flu Outbreak

With the nation in the grip of a severe influenza outbreak that has seen deaths reach epidemic levels, New York State declared a public health emergency on Saturday, making access to vaccines more easily available.

There have been nearly 20,000 cases of flu reported across the state so far this season, officials said. Last season, 4,400 positive laboratory tests were reported.

“We are experiencing the worst flu season since at least 2009, and influenza activity in New York State is widespread, with cases reported in all 57 counties and all five boroughs of New York City,” Gov. Andrew M. Cuomo said in a statement.

Under the order, pharmacists will be allowed to administer flu vaccinations to patients between 6 months and 18 years old, temporarily suspending a state law that prohibits pharmacists from administering immunizations to children.

While children and older people tend to be the most likely to become seriously ill from the flu, Mr. Cuomo urged all New Yorkers to get vaccinated.

On Friday, the Centers for Disease Control and Prevention in Atlanta said that deaths from the flu had reached epidemic levels, with at least 20 children having died nationwide. Officials cautioned that deaths from pneumonia and the flu typically reach epidemic levels for a week or two every year. The severity of the outbreak will be determined by how long the death toll remains high or if it climbs higher.

There was some evidence that caseloads may be peaking, federal officials said on Friday.

In New York City, public health officials announced on Thursday that flu-related illnesses had reached epidemic levels, and they joined the chorus of authorities urging people to get vaccinated.

“It’s a bad year,” the city’s health commissioner, Dr. Thomas A. Farley, told reporters on Thursday. “We’ve got lots of flu, it’s mainly type AH3N2, which tends to be a little more severe. So we’re seeing plenty of cases of flu and plenty of people sick with flu. Our message for any people who are listening to this is it’s still not too late to get your flu shot.”

There has been a spike in the number of people going to emergency rooms over the past two weeks with flulike symptoms – including fever, fatigue and coughing – Dr. Farley said.

Mayor Michael R. Bloomberg and Mr. Cuomo made a public display of getting shots this past week.

In a briefing with reporters on Friday, officials from the C.D.C. said that this year’s vaccine was effective in 62 percent of cases.

As officials have stepped up their efforts encouraging vaccinations, there have been scattered reports of shortages. But officials said plenty of the vaccine was available.

According to the C.D.C., makers of the flu vaccine produced about 135 million doses for this year. As of early this month, 128 million doses had been distributed. While that would not be enough for every American, only 37 percent of the population get a flu shot each year.

Federal health officials said they would be happy if that number rose to 50 percent, which would mean that there would be more than enough vaccine for anyone who wanted to be immunized.

Two other diseases – norovirus and whooping cough – are also widespread this winter and are contributing to the number of people getting sick.

The flu can resemble a cold, though the symptoms come on more rapidly and are more severe.

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