JPMorgan, Goldman profits rise sharply

NEW YORK — Two major Wall Street banks reported a surge in profits during the last three months of 2012, but analysts cast doubt on whether that will continue this year.

JPMorgan Chase & Co., the country's largest bank by assets, posted $5.7 billion in earnings in the fourth quarter, a 53% increase from the same period a year ago. Investment banking giant Goldman Sachs Group Inc. reported earnings of $2.8 billion, nearly tripling its haul from the same period a year ago.

The results sailed past analyst projections, providing a window into Wall Street's profitability as the economy struggles to recover and as the industry grapples with new banking regulations.

"We're definitely coming out of the abyss," said Ken Leon, a banking analyst at S&P Capital IQ. But, he cautioned: "We are not anywhere near euphoria."

Investors sent both firms' shares higher Wednesday, during a week in which Citigroup, Bank of America and Morgan Stanley will also report earnings.

JPMorgan's profit was buoyed by growth tied to an improving housing market, investment banking and its own investments. The bank reported big jumps in mortgages — originations of $52 million, up 33%. Commercial loans grew 14% in the fourth quarter, to a record $128 billion.

The bank's profit also got a boost from reserves released because of borrowers' improving credit and the decreased likelihood they would default on their loans.

JPMorgan's earnings were weighed down by an approximately $700-million expense for its chunk of the so-called Independent Foreclosure Review settlement. The bank was one of 10 major financial companies that reached the $8.5-billion settlement — announced last week — with federal regulators to end their probe of alleged foreclosure abuses.

While the bank saw a 12% jump in profit overall last year thanks in large part to a decline in provisions for credit losses, revenue was essentially flat compared to 2011.

Despite JPMorgan's surge in profit, the bank's board punished Chairman and Chief Executive Jamie Dimon for management failures that led to the bank suffering about $6 billion in losses from risky derivatives bets made by a trader nicknamed the "London Whale."

JPMorgan's board of directors slashed Dimon's pay 50%, saying he "bears ultimate responsibility" for missteps by the bank's chief investment office. The losses were disclosed last May.

"This was one huge, embarrassing mistake," he said.

One of the highest-paid and most-respected figures on Wall Street, Dimon will take in $11.5 million in 2012 compensation, down from a $23-million pay package in 2011.

His 2012 salary remained flat at last year's $1.5 million, but his overall compensation includes $10 million in restricted stock units, down sharply from the previous year. Dimon said he respected the board's decision.

Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, said the rare docking of a major bank chief's pay made an important symbolic statement that executives should be paid based on their performance.

"It's not going to change his lifestyle," Elson said of Dimon's pay cut, "but it certainly makes the point."

Looking ahead, Dimon expressed optimism about the economy.

"Consumers, businesses, housing and small businesses — they're all in pretty good shape," he said in a call with analysts.

But sustaining growth in mortgage origination could prove challenging this year, and low interest rates make traditional banking less profitable, analysts said.

"Traditional banking is not making nearly as much money," said Lance Roberts, who heads StreetTalk Advisors, an investment advisory firm. "There's a big disconnect between the profitability of the banks and Main Street America."

While Goldman's profit in investment banking and trading surged, the bank's results were lifted by its own private-equity investments and an 11% reduction in compensation, Goldman's biggest expense. Goldman has become a profit powerhouse and its employees are among the most highly compensated on Wall Street.

JPMorgan's stock added 47 cents, or 1%, to $46.82 in trading Wednesday. Goldman gained $5.50, or 4%, to $141.09 a share.

andrew.tangel@latimes.com

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DMV study bolsters driver's license push for illegal immigrants

Unlicensed drivers in California — the vast majority of whom are illegal immigrants — are nearly three times as likely to cause a fatal crash as licensed drivers, according to a study by the Department of Motor Vehicles.

The report suggests that merely meeting the modest requirements necessary to get a license — passing a written exam and driving test — could improve road safety and help reduce the several thousand fatalities that occur in the state each year.

"If you don't hold people accountable to acceptable standards, then we get people that aren't prepared and don't have the skill set," said Tyler Izen, president of the Los Angeles Police Protective League.

The recently released DMV report is the agency's first significant analysis of unlicensed drivers in 15 years and adds fuel to the debate over whether illegal immigrants should be eligible for licenses.

Immigrant rights groups say that granting such licenses would reduce fatalities and costly uninsured motorist claims. Insurance companies paid out $634 million in claims for collisions related to uninsured motorists in 2009, according to the most recent data from the state.

It "really goes against public safety because the current law forces people who would otherwise be properly licensed to drive without one," said Angela Sanbrano, board president for the Central American Resource Center in Los Angeles.

Critics, however, argue that giving licenses to undocumented immigrants merely rewards illegal activity.

"One study shouldn't trump the obvious — if you don't want illegal aliens in the country, why do you want to encourage them to be on the roads?" said Bob Dane, spokesman for the Washington-based Federation for American Immigration Reform. "It just defies common sense."

The DMV report looked at 23 years of data on fatal accidents. Its conclusions were similar to the last such report in 1997, which looked at accident data from 1987 to 1992. The latest report was also the first analysis since a 1994 change in the state law that required all licensed drivers show proof of legal residency, which significantly increased the number of unlicensed drivers.

Rough estimates put the number of unlicensed drivers at about 2 million, compared with the approximately 24 million licensed drivers.

Many of the unlicensed motorists say they would get licenses if they could.

Maria Galvan, a 42-year-old illegal immigrant in Los Angeles, said she has little choice but to drive to work, pick up groceries and take her daughters to school.

"We need driver's licenses to be comfortable and be trusted and follow the law," Galvan said.

Repeated legislative efforts to allow illegal immigrants to get driver's licenses have been met with stiff resistance.

Former Assemblyman Gil Cedillo (D-Los Angeles) tried unsuccessfully nine times to get a law passed.

But the political winds may be changing.

Last year, Gov. Jerry Brown signed a law allowing some illegal immigrants who qualify for a new federal work permit program to get driver's licenses.

Los Angeles City Councilman Ed Reyes said it was time to offer that opportunity to all illegal immigrants in California.

"No matter who is behind the wheel, they need to be prepared and understand the rules of the road," Reyes said. "That's a significant issue when you live in a city that has a culture driven by cars."

Assemblyman Luis Alejo (D-Watsonville) introduced a bill last week that would provide driver's licenses to anyone who can show they pay taxes, regardless of their immigration status.

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Tablet shipments in 2013 could be lower than previously expected

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Oxygen halts controversial 'Babies' Mamas' project

NEW YORK (AP) — Oxygen Media has pulled the plug on "All My Babies' Mamas," a reality special the network was developing about a musician who has fathered 11 children with 10 different mothers.

The network offered no reason for curtailing the project. In a statement issued Tuesday, Oxygen said that, "as part of our development process, we have reviewed casting and decided not to move forward with the special."

The one-hour program would have featured Atlanta rap artist Shawty Lo, his children and their mothers. It was expected to air later this year on Oxygen, an NBCUniversal cable network owned by Comcast.

"All My Babies' Mamas" got a hostile public reception after Oxygen announced it last month. At least one petition calling for Oxygen to shut it down has collected more than 37,000 signatures.

The Parents Television Council called the program's concept "grotesquely irresponsible and exploitive" and pledged to contact advertisers of the show if it reached the air.

Previously, Oxygen denied charges that the show was meant to be "a stereotypical representation of everyday life for any one demographic or cross section of society," but rather would reveal "the complicated lives of one man, his children's mamas and their army of children."

On Tuesday, Oxygen said it will "continue to develop compelling content that resonates with our young female viewers and drives the cultural conversation."

___

Online:

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Well: How to Go Vegan

When I first heard former President Bill Clinton talk about his vegan diet, I was inspired to make the switch myself. After all, if a man with a penchant for fast-food burgers and Southern cooking could go vegan, surely I could too.

At the grocery store, I stocked up on vegan foods, including almond milk (that was the presidential recommendation), and faux turkey and cheese to replicate my daughter’s favorite sandwich. But despite my good intentions, my cold-turkey attempt to give up, well, turkey (as well as other meats, dairy and eggs) didn’t go well. My daughter and I couldn’t stand the taste of almond milk, and the fake meat and cheese were unappealing.

Since then, I’ve spoken with numerous vegan chefs and diners who say it can be a challenge to change a lifetime of eating habits overnight. They offer the following advice for stocking your vegan pantry and finding replacements for key foods like cheese and other dairy products.

NONDAIRY MILK Taste all of them to find your favorite. Coconut and almond milks (particularly canned coconut milk) are thicker and good to use in cooking, while rice milk is thinner and is good for people who are allergic to nuts or soy. My daughter and I both prefer the taste of soy milk and use it in regular or vanilla flavor for fruit smoothies and breakfast cereal.

NONDAIRY CHEESE Cheese substitutes are available under the brand names Daiya, Tofutti and Follow Your Heart, among others, but many vegans say there’s no fake cheese that satisfies as well as the real thing. Rather than use a packaged product, vegan chefs prefer to make homemade substitutes using cashews, tofu, miso or nutritional yeast. At Candle 79, a popular New York vegan restaurant, the filling for saffron ravioli with wild mushrooms and cashew cheese is made with cashews soaked overnight and then blended with lemon juice, olive oil, water and salt.

THINK CREAMY, NOT CHEESY Creaminess and richness can often be achieved without a cheese substitute. For instance, Chloe Coscarelli, a vegan chef and the author of “Chloe’s Kitchen,” has created a pizza with caramelized onion and butternut squash that will make you forget it doesn’t have cheese; the secret is white-bean and garlic purée. She also offers a creamy, but dairy-free, avocado pesto pasta. My daughter and I have discovered we actually prefer the rich flavor of butternut squash ravioli, which can be found frozen and fresh in supermarkets, to cheese-filled ravioli.

NUTRITIONAL YEAST The name is unappetizing, but many vegan chefs swear by it: it’s a natural food with a roasted, nutty, cheeselike flavor. Ms. Coscarelli uses nutritional yeast flakes in her “best ever” baked macaroni and cheese (found in her cookbook). “I’ve served this to die-hard cheese lovers,” she told me, “and everyone agrees it is comparable, if not better.”

Susan Voisin’s Web site, Fat Free Vegan Kitchen, offers a nice primer on nutritional yeast, noting that it’s a fungus (think mushrooms!) that is grown on molasses and then harvested and dried with heat. (Baking yeast is an entirely different product.) Nutritional yeasts can be an acquired taste, she said, so start with small amounts, sprinkling on popcorn, stirring into mashed potatoes, grinding with almonds for a Parmesan substitute or combining with tofu to make an eggless omelet. It can be found in Whole Foods, in the bulk aisle of natural-foods markets or online.

BUTTER This is an easy fix. Vegan margarines like Earth Balance are made from a blend of oils and are free of trans fats. Varieties include soy-free, whipped and olive oil.

EGGS Ms. Coscarelli, who won the Food Network’s Cupcake Wars with vegan cupcakes, says vinegar and baking soda can help baked goods bind together and rise, creating a moist and fluffy cake without eggs. Cornstarch can substitute for eggs to thicken puddings and sauces. Vegan pancakes are made with a tablespoon of baking powder instead of eggs. Frittatas and omelets can be replicated with tofu.

Finally, don’t try to replicate your favorite meaty foods right away. If you love a juicy hamburger, meatloaf or ham sandwich, you are not going to find a meat-free version that tastes the same. Ms. Voisin advises new vegans to start slow and eat a few vegan meals a week. Stock your pantry with lots of grains, lentils and beans and pile your plate with vegetables. To veganize a recipe, start with a dish that is mostly vegan already — like spaghetti — and use vegetables or a meat substitute for the sauce.

“Trying to recapture something and find an exact substitute is really hard,” she said. “A lot of people will try a vegetarian meatloaf right after they become vegetarian, and they hate it. But after you get away from eating meat for a while, you’ll find you start to develop other tastes, and the flavor of a lentil loaf with seasonings will taste great to you. It won’t taste like meat loaf, but you’ll appreciate it for itself.”

Ms. Voisin notes that she became a vegetarian and then vegan while living in a small town in South Carolina; she now lives in Jackson, Miss.

“If I can be a vegan in these not-quite-vegan-centric places, you can do it anywhere,” she said. “I think people who try to do it all at once overnight are more apt to fail. It’s a learning process.”

---

What are your tips for vegan cooking and eating? Share your suggestions on ingredients, recipes and strategies by posting a comment below or tweeting with the hashtag #vegantips.

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Fitch warns that debt-limit delay could hurt U.S. credit rating

WASHINGTON — As Congress again veers close to the nation's debt limit, a leading credit rating company is delivering a stark warning: Don't wait until the last minute.

Fitch Ratings said Tuesday that the U.S. could lose its AAA credit rating if lawmakers don't raise the $16.4-trillion debt limit in a "timely manner" as a possible default looms as early as mid-February.

Congressional Republicans want major government spending cuts in exchange for another debt-limit increase. But Fitch, one of three major credit-rating companies, said the debt limit should not be used as leverage.

"In Fitch's opinion, the debt ceiling is an ineffective and potentially dangerous mechanism for enforcing fiscal discipline," the company said.

For that reason, a group of House Democrats on Wednesday plan to announce legislation to eliminate the debt limit. They said Republicans are exploiting it and risking another financial crisis.

QUIZ: Test your knowledge about the debt limit

"In the old days, which weren't that long ago, both parties grandstanded on the debt ceiling," Rep. Peter Welch (D-Vt.) said. "But grandstanding is one thing. Defaulting is another, and they're prepared to do it."

Congress has increased the debt limit 76 times since 1962. But in recent years, as the budget deficit has soared, clashes over the limit have become more contentious.

Standard & Poor's downgraded the nation's AAA rating in 2011 after the last debt-limit battle. Fitch and the other major firm, Moody's Investors Service, did not. But they have given the U.S. rating a negative outlook, a prelude to a downgrade.

Fitch said Tuesday that it wasn't calling for elimination of the debt limit, just raising concerns about how it is being used.

"Fitch is not advocating any particular policy, but we are making the point that regular episodes of running up against the debt ceiling generates considerable uncertainty and undermines confidence in the predictability and reliability of the federal government as a borrower," said David Riley, Fitch's managing director for sovereign and supranational ratings.

A repeat of the 2011 brinkmanship would trigger a formal review of the U.S. credit rating because it would raise doubts about the ability of policymakers to agree on ways to reduce the budget deficit, Fitch said.

But the firm also noted that failure by Congress and the White House to agree on a plan to reduce the deficit could lead to a credit-rating downgrade later this year "even if another debt-ceiling crisis is averted."

House Majority Leader Eric Cantor (R-Va.) seized on that second point and criticized President Obama for saying he would not negotiate budget cuts with Congress in exchange for a debt-limit increase.

"It's time for President Obama to stop putting our credit rating at risk and acknowledge we need a credible deficit reduction plan attached to any increase in the debt limit," Cantor said. "It's time to come together, get to work and solve the problem."

Obama said Monday that borrowing under the debt limit pays only for spending already authorized by Congress and that lawmakers were responsible for raising the limit or risking an economically devastating default.

The U.S. technically reached the debt limit on Dec. 31. But the Treasury Department has been using what it calls "extraordinary measures" to juggle the nation's finances and buy some more time.

Treasury Secretary Timothy F. Geithner informed congressional leaders Monday that those measures would be exhausted as early as mid-February, though they could give lawmakers until mid-March. Geithner said it was difficult to be more precise because the flow of money in and out of the Treasury is more volatile during tax season.

On Tuesday, Geithner wrote to congressional leaders to say that the Treasury had initiated another of those measures, suspending daily reinvestment of a federal employees' pension plan. Treasury has said the move — essentially borrowing from the plan — would free up about $156 billion.

Once the debt limit is increased, the plan would be reimbursed, Geithner said.

jim.puzzanghera@latimes.com

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Rupert Murdoch says Los Angeles Times purchase not a sure thing

Now that Rupert Murdoch is spinning off News Corp.’s publishing properties into a separate company, media observers have identified the Los Angeles Times as a likely target for acquisition.

Murdoch isn’t one of them.

"It won’t get through with the Democratic administration in place," Murdoch said during a break in the Golden Globes ceremony Sunday night in Beverly Hills.

PHOTOS: Golden Globes 2013 red carpet

Murdoch was alluding to federal regulations that seek to limit media consolidation. A Federal Communications Commission rule adopted in 1975 bars the same company from owning newspapers and television stations in the same market. News Corp. owns two television stations in Los Angeles: KTTV-TV Channel 11 and KCOP-TV Channel 13. Adding the L.A. Times to the portfolio would put Murdoch in violation of the cross-ownership rules.

News Corp. is expected to split into two publicly traded companies this summer.  The more profitable Fox television and movie studio properties will become one company called the Fox Group. Newspapers, including the Wall Street Journal, New York Post, Times of London and the Australian, along with HarperCollins book publishing, will make up another stand-alone company called News Corp.

Murdoch will be chairman of both entities.

Jack Goodman, a communications lawyer and former attorney with the National Assn. of Broadcasters, said Monday that separating the newspapers from the TV stations will not get Murdoch out of the cross hairs of FCC cross-ownership rules. Murdoch and his family are expected to retain their voting control in both the Fox Group and News Corp.

Under the FCC’s current rules, because Murdoch would be a common officer of both corporations, the assets of one would be considered owned by the other.

Murdoch could apply for a waiver to those rules. Tribune currently holds such a waiver because the company also owns KTLA-TV Channel 5 and The Times. Murdoch holds one because News Corp. owns the New York Post and two TV stations in the New York metropolitan region.

Murdoch received the FCC waiver for the New York Post in 1993, after a hard-fought, months-long battle with the FCC. The waiver -- to help rescue the tabloid from bankruptcy court -- came five years after Murdoch was forced to sell the Post to comply with the cross-ownership rules.

IN CASE YOU MISSED IT: Golden Globes 2013: List | Winners | Ballot | Moments | Quotes | Best & Worst

The FCC rules would not be an immediate roadblock. The Fox Group will not need to seek renewals of its licenses for its two Los Angeles stations until mid-2014. That's when the issue would become a problem (although Murdoch would not want to spend hundreds of millions of dollars buying an asset, only to be forced to divest the same asset within a year).

Two other media companies, Belo Corp. and Cox Communications, also have waivers. Although Belo's TV stations and newspapers – among them the Dallas Morning News and the Riverside Press-Enterprise -- operate as two separate companies, Robert W. Decherd serves as chairman of both.

FCC Chairman Julius Genachowski has recommended an effort to "streamline and modernize" media concentration rules as the Internet has made concerns about media monopolies less of a factor.

Some reports indicate that Genachowski has proposed new rules to allow common ownership of a daily newspaper and a TV station in the 20 biggest U.S. cities, which should allow Murdoch sufficient wiggle room.

Times staff writer Joe Flint contributed to this report

ALSO:

Golden Globes 2013:  Bill Clinton touts "Lincoln" but Argo wins

News Corp. declines to hint on possible purchases

Rupert Murdoch, other potential suitors eye the Los Angeles Times

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Apple stock wilts on worries about iPhone demand

SAN FRANCISCO (AP) — Apple‘s stock slipped below $ 500 for the first time in 11 months on Monday as investors reacted to reports signaling the company’s latest iPhone is falling further behind a slew of sleek alternatives running Google’s Android software.

The latest indication that Apple, the world’s most valuable company, is seeing sluggish demand for its iPhone 5 emerged in separate stories published Monday in the Japanese newspaper Nikkei and The Wall Street Journal. Both publications cited unnamed people familiar with the situation saying Apple has dramatically reduced its orders for the parts needed to build the newest iPhone because the device isn’t selling as well as the company hoped.

The adjustment means Apple will buy about half as many display screens for the iPhone as management originally planned for the opening three months of the year, according to the newspapers.

Apple Inc., which is based in Cupertino, Calif., declined to comment Monday. Spokeswoman Natalie Kerris said Apple executives would share their views on market conditions Jan. 23 when the company is scheduled to release its financial results for the final three months of 2011. The period covers the first full quarter that the iPhone 5 was on sale.

Although Apple hailed the iPhone 5 as the best version yet of a product that has revolutionized the telecommunications and computing industry, the company’s stock has wilted since the device hit the market.

After peaking at $ 705.07 on the day of the iPhone 5′s Sept. 21 release, Apple’s stock has plunged nearly 30 percent. The shares fell $ 18.55, or 3.6 percent, to close Monday’s regular trading at $ 501.75, dragging the company’s market value nearly $ 190 billion below where it stood in late September. The stock traded at $ 498.51 earlier in the day, its lowest price since February.

The stock’s decline hasn’t been entirely caused by concerns about the iPhone 5′s sales performance. Industry analysts are also worried about the recent introduction of a smaller, less expensive iPad cutting into the company’s profits.

But the biggest fears hover around the iPhone because it has become Apple’s most valuable product since the company’s late CEO, Steve Jobs, unveiled the first model in 2007. Apple has sold more than 271 million of the devices since then, and in the company’s last fiscal year ending in September, the iPhone generated $ 80 billion in sales to account for more than half of the company’s total revenue.

But Apple’s upgrades of the iPhone in the past two years have disappointed gadget lovers who have been clamoring for Apple to do more to stay in front of device makers relying on the free Android software made by Google Inc. For instance, there were high hopes for a larger iPhone screen with the release of the 2011 model, but Apple waited until last September to take that leap. And when Apple moved to a larger display screen with the iPhone 5, it didn’t include a special chip to enable users to make mobile payments by tapping the handset on another device at the checkout stand. Such a mobile payment feature is available on some Android phones.

Finally, Apple has insisted that wireless carriers subsidize so much of the iPhone’s cost in exchange for customers’ two-year commitments on data plans that the carriers make little or no money by selling the devices. That has prompted more wireless carriers to tout less expensive Android phones in their stores, undercutting the demand for iPhones, said Darren Hayes, who has been studying the shifting market conditions as chairman of the computing systems program at Pace University in New York.

Through the third quarter of last year, Android devices represented 75 percent of smartphone shipments worldwide according to the research firm International Data Corp. That was up from 58 percent at the same point 2011. Meanwhile, Apple’s share of worldwide smartphone shipments has fallen from a peak of 23 percent in the fourth quarter of 2011 to 15 percent in the third quarter of last year.

Samsung Electronics, in particular, has been benefiting from the growing popularity of its Android-powered phones, led by its Galaxy S line. The company said Monday that it sold more than 100 million Galaxy S phones in less than three years. It took the iPhone nearly four years to reach that milestone.

“This is a real wake-up call for Apple,” Hayes said. “They need to be more flexible in how they do things.” Among other things, Hayes thinks Apple may have to reduce the financial burden on wireless carriers selling the iPhone and spend more money advertising the devices, especially with the recent wave of phones running on Microsoft Corp.’s Windows software. Apple’s efforts to sell more iPhones to companies also could be short-circuited if Research in Motion Ltd.’s upcoming release of a revamped BlackBerry proves to be a hit. The BlackBerry is due out Jan. 30.

In an attempt to regain its competitive edge, Apple already is considering the release of a less expensive version of the iPhone made of cheaper parts to boost sales in less affluent countries, according to a report last week in The Wall Street Journal. The company so far hasn’t commented on that speculation, either. The least expensive iPhone 5 without a wireless contract sells for $ 649. With the subsidy included with a two-year wireless service contract, the iPhone 5 sells for as little as $ 199.

Even as it loses ground to Android products, the iPhone remains a solid seller. Some analysts believe Apple sold more than 50 million iPhones in its last quarter ending in December, which would be far the most units that the company has ever shipped during any previous three-month period.

What’s more, the iPhone 5 got off to a torrid start in China, where Apple expects to eventually sell more devices than it does in the U.S. Apple said it sold more than two million iPhone 5s in the three days after its debut in China last month.

Wireless News Headlines – Yahoo! News

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AP source: Armstrong tells Oprah he doped

AUSTIN, Texas (AP) — Lance Armstrong confessed to Oprah Winfrey during an interview Monday that he used performance-enhancing drugs to win the Tour de France, a person familiar with the situation told The Associated Press.

The person spoke on condition of anonymity because the interview is to be broadcast Thursday on Winfrey's network.

Armstrong was stripped of all seven Tour titles last year following a voluminous U.S. Anti-Doping Agency report that portrayed him as a ruthless competitor, willing to go to any lengths to win the prestigious race.

USADA chief executive Travis Tygart labeled the doping regimen allegedly carried out by the U.S. Postal Service team that Armstrong once led, "The most sophisticated, professionalized and successful doping program that sport has ever seen."

After a federal investigation of the cyclist was dropped without charges being brought last year, USADA stepped in with an investigation of its own. The agency deposed 11 former teammates and accused Armstrong of masterminding a complex and brazen drug program that included steroids, blood boosters and a range of other performance-enhancers.

A group of about 10 close friends and advisers to Armstrong left a downtown Austin hotel about three hours after they arrived Monday afternoon for the taping. Among them were Armstrong attorneys Tim Herman and Sean Breen, along with Bill Stapleton, Armstrong's longtime agent, manager and business partner. All declined comment entering and exiting the session.

Soon afterward, Winfrey tweeted: "Just wrapped with (at)lancearmstrong More than 2 1/2 hours. He came READY!" She was scheduled to appear on "CBS This Morning" on Tuesday to discuss the interview.

In a text to the AP on Saturday, Armstrong said: "I told her (Winfrey) to go wherever she wants and I'll answer the questions directly, honestly and candidly. That's all I can say."

Armstrong stopped at the Livestrong Foundation, which he founded, on his way to the interview and said, "I'm sorry" to staff members, some of whom broke down in tears. A person with knowledge of that session said Armstrong choked up and several employees cried during the session.

The person also said Armstrong apologized for letting the staff down and putting Livestrong at risk but he did not make a direct confession to using banned drugs. He said he would try to restore the foundation's reputation, and urged the group to continue fighting for the charity's mission of helping cancer patients and their families.

Armstrong spoke to a room full of about 100 staff members for about 20 minutes, expressing regret for everything the controversy has put them through, the person said. He told them how much the foundation means to him and that he considers the people who work there to be like members of his family. None of the people in the room challenged Armstrong over his long denials of doping.

Winfrey and her crew had earlier said they would film Monday's session at Armstrong's home. As a result, local and international news crews were encamped near the cyclist's Spanish-style villa before dawn.

Armstrong still managed to slip away for a run despite the crowds outside his home. He returned by cutting through a neighbor's yard and hopping a fence.

___

Jim Litke reported from Chicago.

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Well: How to Go Vegan

When I first heard former President Bill Clinton talk about his vegan diet, I was inspired to make the switch myself. After all, if a man with a penchant for fast-food burgers and Southern cooking could go vegan, surely I could too.

At the grocery store, I stocked up on vegan foods, including almond milk (that was the presidential recommendation), and faux turkey and cheese to replicate my daughter’s favorite sandwich. But despite my good intentions, my cold-turkey attempt to give up, well, turkey (as well as other meats, dairy and eggs) didn’t go well. My daughter and I couldn’t stand the taste of almond milk, and the fake meat and cheese were unappealing.

Since then, I’ve spoken with numerous vegan chefs and diners who say it can be a challenge to change a lifetime of eating habits overnight. They offer the following advice for stocking your vegan pantry and finding replacements for key foods like cheese and other dairy products.

NONDAIRY MILK Taste all of them to find your favorite. Coconut and almond milks (particularly canned coconut milk) are thicker and good to use in cooking, while rice milk is thinner and is good for people who are allergic to nuts or soy. My daughter and I both prefer the taste of soy milk and use it in regular or vanilla flavor for fruit smoothies and breakfast cereal.

NONDAIRY CHEESE Cheese substitutes are available under the brand names Daiya, Tofutti and Follow Your Heart, among others, but many vegans say there’s no fake cheese that satisfies as well as the real thing. Rather than use a packaged product, vegan chefs prefer to make homemade substitutes using cashews, tofu, miso or nutritional yeast. At Candle 79, a popular New York vegan restaurant, the filling for saffron ravioli with wild mushrooms and cashew cheese is made with cashews soaked overnight and then blended with lemon juice, olive oil, water and salt.

THINK CREAMY, NOT CHEESY Creaminess and richness can often be achieved without a cheese substitute. For instance, Chloe Coscarelli, a vegan chef and the author of “Chloe’s Kitchen,” has created a pizza with caramelized onion and butternut squash that will make you forget it doesn’t have cheese; the secret is white-bean and garlic purée. She also offers a creamy, but dairy-free, avocado pesto pasta. My daughter and I have discovered we actually prefer the rich flavor of butternut squash ravioli, which can be found frozen and fresh in supermarkets, to cheese-filled ravioli.

NUTRITIONAL YEAST The name is unappetizing, but many vegan chefs swear by it: it’s a natural food with a roasted, nutty, cheeselike flavor. Ms. Coscarelli uses nutritional yeast flakes in her “best ever” baked macaroni and cheese (found in her cookbook). “I’ve served this to die-hard cheese lovers,” she told me, “and everyone agrees it is comparable, if not better.”

Susan Voisin’s Web site, Fat Free Vegan Kitchen, offers a nice primer on nutritional yeast, noting that it’s a fungus (think mushrooms!) that is grown on molasses and then harvested and dried with heat. (Baking yeast is an entirely different product.) Nutritional yeasts can be an acquired taste, she said, so start with small amounts, sprinkling on popcorn, stirring into mashed potatoes, grinding with almonds for a Parmesan substitute or combining with tofu to make an eggless omelet. It can be found in Whole Foods, in the bulk aisle of natural-foods markets or online.

BUTTER This is an easy fix. Vegan margarines like Earth Balance are made from a blend of oils and are free of trans fats. Varieties include soy-free, whipped and olive oil.

EGGS Ms. Coscarelli, who won the Food Network’s Cupcake Wars with vegan cupcakes, says vinegar and baking soda can help baked goods bind together and rise, creating a moist and fluffy cake without eggs. Cornstarch can substitute for eggs to thicken puddings and sauces. Vegan pancakes are made with a tablespoon of baking powder instead of eggs. Frittatas and omelets can be replicated with tofu.

Finally, don’t try to replicate your favorite meaty foods right away. If you love a juicy hamburger, meatloaf or ham sandwich, you are not going to find a meat-free version that tastes the same. Ms. Voisin advises new vegans to start slow and eat a few vegan meals a week. Stock your pantry with lots of grains, lentils and beans and pile your plate with vegetables. To veganize a recipe, start with a dish that is mostly vegan already — like spaghetti — and use vegetables or a meat substitute for the sauce.

“Trying to recapture something and find an exact substitute is really hard,” she said. “A lot of people will try a vegetarian meatloaf right after they become vegetarian, and they hate it. But after you get away from eating meat for a while, you’ll find you start to develop other tastes, and the flavor of a lentil loaf with seasonings will taste great to you. It won’t taste like meat loaf, but you’ll appreciate it for itself.”

Ms. Voisin notes that she became a vegetarian and then vegan while living in a small town in South Carolina; she now lives in Jackson, Miss.

“If I can be a vegan in these not-quite-vegan-centric places, you can do it anywhere,” she said. “I think people who try to do it all at once overnight are more apt to fail. It’s a learning process.”

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