Securities

washington -- Mitt Romney twice emphasized his unique business background when he and eight other Republican presidential candidates faced off in a debate last week in Iowa. "I've spent the last, as I've told you, 25 years in the private sector," former Massachusetts Gov. Romney declared at one point. "I understand why jobs come and why jobs go. I've done business in 20 countries."

... and the results, as usual, are ugly. Former Sen. Alan Simpson (R-Wyo.) has made a name for himself by lowering the tenor of debate over Social Security with his intemperate and vulgar attacks on the program's advocates -- not to mention with his ignorant grasp of the subject. What makes him especially dangerous is the credibility he has gained as an author of the so-called Bowles-Simpson anti-deficit proposal. The charmless Simpson directed his most recent blast at the California Alliance for Retired Americans, an Oakland group that claims to represent 950,000 retirees as an umbrella organization for numerous advocacy groups.

Homeowners more deeply underwater on mortgages handled by five major U.S. banking firms are prime candidates for getting help from a $25-billion nationwide settlement over alleged foreclosure abuses. That's because the settlement gives the nation's largest mortgage servicers more incentives to help those who owe 40% to 75% more than the value of their homes, according to details of the settlement filed Monday in U.S. District Court in Washington. In a complex series of formulas designed to maximize the effect of the deal reached last month, banks will get more than six times the credit for reducing loans for severely underwater borrowers than they would for helping those who owe 5% to 15% more than the value of their homes.

WASHINGTON - A widow who conceived a baby from the sperm of her late husband is not automatically entitled to Social Security survivors benefits to help raise the child, the Supreme Court ruled Monday. The 9-0 decision rejected the claim that a biological child of a married couple, even one born years after the father died, always qualifies as his survivor under the Social Security Act. Instead, the justices upheld the government's multi-part definition of who deserves survivors benefits.

There wasn't much to like about Facebook's first day as a public company. The social media giant's stock rose by mere pennies in its initial public offering. The shares closed at $38.23, barely above the $38 IPO price. The performance fell far short of the grandiose expectations of Wall Street and Silicon Valley, and raised questions about whether the company's stock will be the sure bet many had counted on. "There was all this pressure and hype and attention with all eyes on Facebook — and the starlet tripped on the red carpet," said Max Wolff, an analyst at GreenCrest Capital Management in New York.

A program that lets preapproved air travelers zip through faster security lines will be expanded this year to 35 of the nation's largest airports, Transportation Security Administration officials announced Wednesday. The pilot program, dubbed PreCheck, lets travelers who get TSA clearance avoid what have become the most annoying steps of post-9/11 screening: removing shoes, belt and coats. PreCheck has been tested for several months with frequent travelers who fly with several major airlines at seven airports, including Los Angeles International.

Wells Fargo & Co. agreed to pay $125 million to investors in its mortgage-backed securities who alleged that before the Great Recession hit, they were misled about how much equity the borrowers had in their homes. The proposed settlement, filed Wednesday in federal court in San Jose, ended consolidated lawsuits filed by the pension funds of Alameda County, Detroit, New Orleans, Guam, the Louisiana sheriffs and other plaintiffs. At issue were mortgage-backed securities — financial instruments derived from a pool of mortgages — whose value depended on borrowers' payments on loans made at the peak of the housing bubble in 2006 and 2007.

Is the MGM lion about to pounce on Mirage's cuddly white tigers? Shares of MGM Grand Inc. fell 5% on Thursday on speculation that the casino operator could launch a hostile bid for Mirage Resorts Inc., fueled by reports that MGM Chairman Kirk Kerkorian bought a stake in his company's jungle-themed neighbor on the Vegas Strip. MGM Grand shares skidded $2.50 to close at $47.25 on Thursday, while Mirage surged $1 to $15, both on the New York Stock Exchange.

Security researchers Nick DePetrillo and Don Bailey have discovered a seven-digit numerical code that can unlock all kinds of secrets about you. It's your phone number. Using relatively simple techniques, this duo can use your cellphone number to figure out your name, where you live and work, where you travel and when you sleep. They could even listen to your voice messages and personal phone calls — if they wanted to. "It's really interesting to watch a phone number turn into a person's life," DePetrillo said.

Anticipating further cuts in interest rates, investors sent stock prices soaring Wednesday in what market experts termed a "buying stampede." The Dow Jones industrial average jumped 42.57 points to 2,830.94 on heavy volume. That is the highest level for the Dow since 2,864.60 last Aug. 2--the day Iraq invaded Kuwait. Some 276.9 million shares changed hands on the New York Stock Exchange on Wednesday compared with 290.57 million shares Tuesday. Gainers overwhelmed losers, 1,195 to 451.

Social Security has gone digital. The federal retirement program, which last year stopped mailing out estimated benefit statements to everyone who has paid into the system, launched an Internet tool this month that can be used to view several aspects of your personal status. Here's how to use the online tool. Sign up: Go to http://www.ssa.gov/mystatement to create your online account. You must have a Social Security number, email address and U.S. mailing address, and be at least 18. Create a user name and password (save them someplace safe)

College graduation is typically a time to tally accomplishments and to look ahead. But for many graduates, it is also a time to tally student loans and figure out how to repay them. About two-thirds of college graduates have some student loans to pay off, and their average debt is about $25,000 to $28,700, according to estimates by education experts and organizations. (About 10% of those with loans owe more than $50,000 or so.) Many college seniors say they had not thought much about their debt until they received summaries just before graduation.

"Do you need any help out with your groceries today?" Well yes, as a matter of fact. There are three full grocery bags in the cart. And a purse. And a 3-year-old. And that cart is a lifesaver because a person only has two arms. But instead of going all the way to the car or the bus stop, the wheels are locked and the thing won't move. Staring down from a post and mocking shoppers is a snarky sign explaining that the carts will go only so far and then stop at an electronic barrier, and that this confounded new system is somehow there for our protection.

SAN DIEGO -- Bud Black was a member of Mike Scioscia's original coaching staff with the Angels. Three of those coaches ascended to managerial jobs - Black with the San Diego Padres, Joe Maddon with the Tampa Bay Rays and Ron Roenicke with the Milwaukee Brewers. Never in Scioscia's 13 years had one of his coaches left involuntarily - until this week, that is. Hitting instructor Mickey Hatcher , another of Scioscia's original coaches, was fired by General Manager Jerry Dipoto . "Your initial reaction is surprise," Black said.

The USC women's water polo team fell short of a national championship Sunday, losing to Stanford, 6-4, in the title match at San Diego. The Trojans (23-6) tied the score four times but couldn't prevent a late push by the Cardinal (26-2) that secured the championship. USC had defeated rival UCLA in a semifinal Saturday to reach the championship match. Stanford goalie Kate Baldoni finished with 15 saves. The Trojans' goals came from Madeline Rosenthal, Colleen O'Donnell, Patricia Jancso and Monica Vavic.

The criticism came from all angles, and Andrew Bynum reacted to each of them accordingly. Magic Johnson made headlines by arguing as an ESPN analyst that the Lakers should fire Coach Mike Brown if the Lakers lost their first-round series against Denver. Within the same breath, Johnson then suggested the Lakers forgo exercising Bynum's $16.1-million contract option after seeing his inconsistent effort throughout the playoffs. "I don't have time to entertain stuff like that," Bynum said.

The New York Stock Exchange will make history Monday when it converts all of its stocks to decimal pricing--ending two centuries of pricing in fractions. The move, to be mirrored simultaneously by the American Stock Exchange, follows a five-month test during which 159 NYSE stocks traded in price increments of one penny instead of the 1/8 (12.5-cent) or 1/16 (6.25-cent) increments in which most stocks now trade.

Re "Two views of Social Security," Postscript, April 28 I have a solution for Social Security: Why not let the Social Security deduction tax all wages, as the Medicare deduction does? What is the reasoning behind Social Security stopping at $110,100? This makes no sense to me. Why just penalize the average worker with this deduction and let the rich cease paying at this foolish number? This solution would fund the account for decades to come. Seems like a very simple solution.

"We urge all nuclear-capable states to exercise restraint regarding nuclear capabilities," a State Department spokesman said last month after India successfully blasted its new long-range Agni 5 missile into the Bay of Bengal. But he quickly softened the admonishment: "That said, India has a solid nonproliferation record. " Washington's oddly relaxed approach to India's nuclear program goes back to 2008, when Congress approved the U.S.-India Civil Nuclear Cooperation Agreement.

AT&T Inc. is moving beyond cellphone and Internet service and getting into home automation and security. The wireless giant Monday announced plans for an all-digital, Internet-connected system that it said would give users "unparalleled control and security" of their homes using Web-enabled devices such as PCs, tablets and smartphones. The company said it was planning a nationwide launch, with trials of the service to begin in Atlanta and Dallas this summer. AT&T joins several other companies that are seeing revenue opportunities in home security.