DealBook: Wells Fargo's Mortgage Gains May Be Unsustainable

8:40 p.m. | Updated

Wells Fargo has turned its mortgage business into an enormous profit machine. The San Francisco-based bank posted earnings of $5.1 billion in the fourth quarter, a 24 percent increase from the previous year.

But its strong gains may not be sustainable, unless interest rates drop significantly or the housing market recovers substantially. Both are long shots.

“Rates really don’t have to go up very much to discourage a whole swath of people from returning to the housing market,” said Lance Roberts, chief economist at StreetTalk Advisors, an investment advisory firm.

In recent years, Wells Fargo has aggressively expanded its mortgage business, a strategy that has helped drive record profits. The company reported net income of $18.9 billion in 2012, up 19 percent from 2011. Revenue rose 6 percent in the same period.

“We saw robust growth across the entire bank, proving that there is a lot of value in a strong, diversified business,” said Timothy J. Sloan, chief financial officer of Wells Fargo.

But after 12 consecutive quarters of rising profits, Wells Fargo may find it difficult to keep up the pace.

The bank’s recent mortgage profits largely reflect the government’s efforts to stimulate the economy, rather than a robust recovery in the housing market.

As the Federal Reserve has cut interest rates, millions of borrowers have refinanced their home loans to reduce costs. Refinancing accounted for 72 percent of Wells Fargo’s mortgage origination in the fourth quarter.

That business has been especially lucrative of late.

Banks pass on most of their mortgages to government entities like Fannie Mae and Freddie Mac, which guarantee that the loans will be repaid. With the guarantee attached, banks sell the mortgages to bond investors and book a financial gain.

Profits have ballooned with the government intervention. The Fed has been a big buyer of mortgage bonds in an effort to drive down interest rates. But banks have not cut ordinary borrowers’ rates by the same amount.

That means the difference, or spread, between the rates increased last year. Wells Fargo’s gains from this activity totaled $10.3 billion in 2012, more than double the previous year.

Those gains may be hard to beat.

While the Fed has promised to purchase more mortgage bonds, interest rates may not fall much further. If mortgage rates stagnate or rise, fewer borrowers are likely to refinance or buy a house. And if the mortgage bond market weakens, banks will make less of a gain when selling the mortgages.

Already, refinancing activity appears to be slowing. In the fourth quarter, Wells Fargo handled $125 billion of mortgage originations, up 4 percent from the previous year. But loan production was higher earlier in the year, peaking at $139 billion in the third quarter.

At the same time, the Fed’s low rates are actually hurting other parts of the business. An important measure of a bank’s overall lending profitability, the net interest margin, has eroded. In the fourth quarter, Wells Fargo’s net interest margin dropped slightly to 3.56 percent, from 3.89 percent a year earlier.

Investors shrugged off the strong profits because of such concerns. Wells Fargo’s shares fell slightly on Friday, to $35.10, a 0.85 percent drop.

In an effort to assuage investors’ concerns about the refinancing business, Mr. Sloan, the chief financial officer, said in a conference call on Friday that he saw “billions of dollars in refinancing opportunities.”

Housing market numbers support his optimism. Over 70 percent of mortgages had interest rates above 4 percent in the fall, according to CoreLogic, a housing data firm. Some of those borrowers would benefit financially from refinancing, given that the interest rate on fixed, 30-year loans is 3.4 percent.

If the refinancing boom does sputter, a significant increase in new mortgages could help fill the void. That depends largely on the health of the housing market. While house prices posted annual gains last year, the recovery is far from robust.

Wells Fargo’s servicing business, in which the bank collects payments from homeowners, could also soften the blow. In the fourth quarter, the company reported $926 million in fees from that activity, up 6 percent from a year earlier.

Wells Fargo can also rely on other businesses to pick up some of the slack. In an interview on Friday, Mr. Sloan said that strong loan growth throughout the bank, including in autos and credit cards, reflected potential opportunity.

The bank reported gains in its wealth management business, where profit increased 13 percent, to $351 million. It has also been focusing on its brokerage business as regulations have curbed profits in other areas.

Cost-cutting could be another option. In the past, the bank has shown it can be aggressive on that front.

Recently, Wells Fargo has been developing its online and mobile banking operations so that it can trim staffing costs in its branches. It has also refocused on core businesses and sold units like H. D. Vest Financial Services, which it put on the auction block in 2011.

The company has also cleaned up much of the costly legal mess stemming from the mortgage crisis, striking several deals with federal regulators over the last year. This week, Wells Fargo was among the 10 banks that agreed to an $8.5 billion settlement with the Comptroller of the Currency and the Federal Reserve over claims of shoddy foreclosure practices, including sloppy paperwork used in home seizures and botched loan modifications. Separately, the bank has allotted $1.2 billion to prevent foreclosures.

With the settlement, Wells Fargo puts an end to an expensive foreclosure review that was mandated by regulators. The review cost the bank an estimated $125 million each quarter.

“By putting these issues behind us, we can focus more of our resources on serving our customers,” the bank’s chief executive, John G. Stumpf, told analysts on Friday.

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Parental Consent Rule May Proceed for a Circumcision Ritual, a Judge Says

New York City health officials may proceed temporarily with a plan to require parental consent before an infant may undergo a particular Jewish circumcision ritual, a federal judge ruled Thursday.

City officials say 12 cases of herpes simplex virus have likely resulted from the procedure, known as metzitzah b’peh, since 2000, including one Brooklyn case reported this week. Two infants died, and two suffered permanent brain damage. Most Jews no longer practice metzitzah b’peh, in which the circumciser uses his mouth to suck blood from the wound, but it remains common among some ultra-Orthodox communities.

Citing the risk of infection, health officials in September introduced a regulation that would require parents to provide written consent stating that they were aware of the health risks.

But the Central Rabbinical Congress of the United States and Canada, Agudath Israel of America, and the International Bris Association sued in October to stop the rule from taking effect, calling it an infringement of their constitutional rights. They also denied the procedure posed a risk and asked a federal court to put the rule on hold while the litigation proceeded.

In denying the request for a preliminary injunction, Judge Naomi Reice Buchwald of the United States District Court for the Southern District wrote that the risks were clear.

“In light of the quality of the evidence presented in support of the regulation, we conclude that a continued injunction against enforcement of the regulation would not serve the public interest,” she wrote.

City lawyers said they were gratified by the ruling, but Andrew Moesel, a spokesman for the plaintiffs, said the groups would appeal. “We continue to believe that this case is a wrongful and unnecessary intrusion into the rights of freedom of religion and speech,” he said.

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Baby Bones Found Scattered in Ancient Italian Village

SEATTLE — The death of an infant may not have been an occasion for mourning in ancient Italy, according to archaeologists who have found baby bones scattered on the floor of a workshop dating to the seventh century B.C.

The grisly finds consist of bone fragments uncovered over years of excavation at Poggio Civitate, a settlement about 15 miles (25 kilometers) from the city of Siena in what is now Tuscany. The settlement dates back to at least the late eighth century B.C. Archaeologists excavating the site have found evidence of a lavish residential structure as well as an open-air pavilion that stretches an amazing 170 feet (52 meters) long. Residents used this pavilion was as a workshop, manufacturing goods such as terracotta roof tiles.

In 1983, scientists uncovered a cache of bones on the workshop floor, consisting mostly of pig, goat and sheep remains. But among the bony debris was a more sobering find: two arm bones from an infant (or infants) who died right around birth.

In 2009, another baby bone surfaced at the workshop, this one a portion of the pelvis of a newborn. [See Images of the Infant Bones]

The bones “were either simply left on the floor of the workshop or ended up in an area with a concentration of discarded, butchered animals,” said Anthony Tuck, an archaeologist at the University of Massachusetts, Amherst, who presented an analysis of the bones Friday (Jan. 4) at the annual meeting of the Archaeological Institute of America.

Abandoned bones

The discovery of the discarded infant bones in an area used for work could suggest that the people who labored in the workshop had little social status, Tuck said. They may have been slaves or servants whose lost infants would garner little sympathy from the community at large.

However, a third find complicates the picture. In 1971, archaeologists found an arm bone from another newborn or near-term fetus pushed up against the wall of the lavish residence along with other bones and debris. It seems as if someone swept the debris up against the wall, not differentiating between baby bones and garbage, Tuck said. [8 Grisly Archaeological Discoveries]

There’s no way to know whose infant came to rest up against the wall of a wealthy person’s home, said Tuck, who plans to submit the findings to the journal Etruscan Studies. Perhaps the infant belonged to a desperate servant, or perhaps to a member of the family. If so, it may be that even high-status families didn’t consider babies worth mourning when they died in infancy.

The possibility can sound horrifying to modern ears, Tuck said.

“This kind of new data makes people a bit uncomfortable,” he told LiveScience. “People have a tendency to romanticize the past, especially in a place like Tuscany. When we have direct evidence for this kind of behavior, it can be a little tricky to present.”

Death in infancy

Nevertheless, Tuck said, there is reason to think that people have not always given infants the same community status as adults or older children. However, baby bones tend not to preserve well, which makes it difficult to know how ancient Italians in Tuscany treated their deceased infants.

Very few signs of infant burial appear in central Italian cemeteries from this time period, though, Tuck said. The handful of coffins containing baby bones that have been found are loaded with ornaments and jewelry, suggesting that only families of great wealth could have given a lost baby an adult-style funeral.

Even in modern times, societies have sometimes seen babies as belonging to a different category than adults, Tuck said. In areas of extreme poverty and stress that have high infant mortality, the death of a newborn may not trigger many outward displays of mourning, he said.

And many cultures have naming traditions that only recognize the baby’s identity significantly after birth. For example, in traditional Jewish culture, a baby boy’s name isn’t revealed outside the family until the bris, or the ritual of circumcision eight days after birth. According to superstition, naming the baby before then would attract the attention of the Angel of Death.

The Maasai people of Africa give their newborns temporary names until a ceremony as late as age 3, in which the child receives a new name and has his or her head shaved to symbolize a fresh start in life.

On the other hand, not all ancient cultures differentiate between the burials of babies and adults. Stone Age infant graves found in Austria in 2006 date back to 27,000 years ago and contain the same beads and pigments as adult gravesites.

The people who lived in Poggio Civitate more than 2,000 years ago have left little evidence of how they viewed infants, but Tuck and his colleagues expect more finds to emerge as the researchers continue to dig in the Tuscany hills. More evidence that high- and low-class babies were buried differently would suggest that the civilization had a rigid hierarchy, they said.

Images of more than 25,000 objects recovered from the site can be found at Open Context, an open-source research database developed by the Alexandra Archive Institute.

Follow Stephanie Pappas on Twitter @sipappas or LiveScience @livescience. We’re also on Facebook & Google+.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Researchers: NFL's Seau had brain disease

When he ended his life last year by shooting himself in the chest, Junior Seau had a degenerative brain disease often linked with repeated blows to the head.

Researchers from the National Institutes of Health said Thursday the former NFL star's abnormalities are consistent with chronic traumatic encephalopathy, or CTE.

The hard-hitting linebacker played for 20 NFL seasons with San Diego, Miami and New England before retiring in 2009. He died at age 43 of a self-inflicted gunshot in May, and his family requested the analysis of his brain.

"We saw changes in his behavior and things that didn't add up with him," his ex-wife, Gina, told The Associated Press. "But (CTE) was not something we considered or even were aware of. But pretty immediately (after the suicide) doctors were trying to get their hands on Junior's brain to examine it."

The NIH, based in Bethesda, Md., studied three unidentified brains, one of which was Seau's, and said the findings on Seau were similar to autopsies of people "with exposure to repetitive head injuries."

"It was important to us to get to the bottom of this, the truth," Gina Seau added, "and now that it has been conclusively determined from every expert that he had obviously had CTE, we just hope it is taken more seriously. You can't deny it exists, and it is hard to deny there is a link between head trauma and CTE. There's such strong evidence correlating head trauma and collisions and CTE."

In the final years of his life, Seau had wild behavioral swings, according to Gina and to 23-year-old son, Tyler, along with signs of irrationality, forgetfulness, insomnia and depression.

"He emotionally detached himself and would kind of 'go away' for a little bit," Tyler Seau said. "And then the depression and things like that. It started to progressively get worse."

He hid it well in public, they said, but not when he was with family or close friends.

Seau joins a list of several dozen football players who were found to have CTE. Boston University's center for study of the disease reported last month that 34 former pro players and nine who played only college football suffered from CTE.

The NFL faces lawsuits by thousands of former players who say the league withheld information on the harmful effects of concussions. According to an AP review of 175 lawsuits, 3,818 players have sued. At least 26 Hall of Famer members are among the players who have done so.

The National Football League, in an email to the AP, said: "We appreciate the Seau family's cooperation with the National Institutes of Health. The finding underscores the recognized need for additional research to accelerate a fuller understanding of CTE.

"The NFL, both directly and in partnership with the NIH, Centers for Disease Control and other leading organizations, is committed to supporting a wide range of independent medical and scientific research that will both address CTE and promote the long-term health and safety of athletes at all levels."

NFL teams have given a $30 million research grant to the NIH.

The players' union called the NIH report on Seau "tragic."

"The only way we can improve the safety of players, restore the confidence of our fans and secure the future of our game is to insist on the same quality of medical care, informed consent and ethical standards that we expect for ourselves and for our family members," the NFLPA said in a statement.

"This is why the players have asked for things like independent sideline concussion experts, the certification and credentialing of all professional football medical staff and a fairer workers compensation system in professional football," it said.

Seau is not the first former NFL player who killed himself and later was found to have had CTE. Dave Duerson and Ray Easterling are the others.

Before shooting himself, Duerson, a former Chicago Bears defensive back, left a note asking that his brain be studied for signs of trauma. His family filed a wrongful-death suit against the NFL, claiming the league didn't do enough to prevent or treat the concussions that severely damaged his brain.

Easterling played safety for the Falcons in the 1970s. After his career, he suffered from dementia, depression and insomnia, according to his wife, Mary Ann. He committed suicide last April.

Mary Ann Easterling is among the plaintiffs who have sued the NFL.

Tyler Seau played football through high school and for two years in college. He says he has no symptoms of brain trauma.

"I was not surprised after learning a little about CTE that he had it," Tyler said. "He did play so many years at that level. I was more just kind of angry I didn't do something more and have the awareness to help him more, and now it is too late."

Gina Seau's son Jake, now a high school junior, played football for two seasons but has switched to lacrosse and has been recruited to play at Duke.

"Lacrosse is really his sport and what he is passionate about," she said. "He is a good football player and probably could continue. But especially now watching what his dad went through, he says, 'Why would I risk lacrosse for football?'

"I didn't have to have a discussion with him after we saw what Junior went through."

Her 12-year-old son Hunter has shown no interest in playing football.

"That's fine with me," she said.

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Japan Approves $116 Billion in Emergency Economic Stimulus

TOKYO — The Japanese government approved emergency stimulus spending of more than $100 billion on Friday, part of an aggressive push by Prime Minister Shinzo Abe to kick-start growth in Japan’s long-moribund economy.

Mr. Abe also reiterated pressure on Japan’s central bank to make a firmer commitment to stopping deflation by pumping more money into the economy — a measure the prime minister says is crucial to getting businesses to invest and consumers to spend.

“We will put an end to this shrinking, and aim to build a stronger economy where earnings and incomes can grow,” Mr. Abe told a televised news conference. “For that, the government must first take the initiative to create demand, and boost the entire economy.”

Under the plan, the Japanese government will spend about 10.3 trillion yen (about $116 billion) on public works and disaster mitigation projects, subsidies for companies that invest in new technology and financial aid to small businesses.

The government will seek to raise real economic growth by 2 percentage points and add 600,000 jobs to the economy, Mr. Abe said. The measures announced Friday amount to one of the largest spending plans in Japan’s history, he stressed.

By simply talking about stimulus measures, Mr. Abe, who took office late last month, has already driven down the value of the yen, much to the relief of Japanese exporters whose competitiveness benefits from a weaker currency.

But the government’s promises to spend its way out of economic stagnation also raise concerns over Japan’s public debt, which has already mushroomed to twice the size of its economy and is the largest in the industrialized world.

At the root of Japan’s debt woes was a similar attempt in the 1990s by Mr. Abe’s own Liberal Democratic Party to stimulate economic growth through government spending on extensive public works projects across the country.

Mr. Abe said, however, that the spending this time around would be better focused to bring about growth through investment in innovation. He said the government would also invest in measures that would help mitigate the fall in Japan’s population, by encouraging families to have more children.

“To grow in a sustainable way, we must help create a virtuous cycle where companies actively borrow and invest, and in so doing raise employment and incomes,” Mr. Abe said.

“For that, it is extremely important that we adopt a growth strategy that gives everyone solid hope that the future of the Japanese economy lies in growth.”

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Americans Under 50 Fare Poorly on Health Measures, New Report Says

Younger Americans die earlier and live in poorer health than their counterparts in other developed countries, with far higher rates of death from guns, car accidents and drug addiction, according to a new analysis of health and longevity in the United States.

Researchers have known for some time that the United States fares poorly in comparison with other rich countries, a trend established in the 1980s. But most studies have focused on older ages, when the majority of people die.

The findings were stark. Deaths before age 50 accounted for about two-thirds of the difference in life expectancy between males in the United States and their counterparts in 16 other developed countries, and about one-third of the difference for females. The countries in the analysis included Canada, Japan, Australia, France, Germany and Spain.

The 378-page study by a panel of experts convened by the Institute of Medicine and the National Research Council is the first to systematically compare death rates and health measures for people of all ages, including American youths. It went further than other studies in documenting the full range of causes of death, from diseases to accidents to violence. It was based on a broad review of mortality and health studies and statistics.

The panel called the pattern of higher rates of disease and shorter lives “the U.S. health disadvantage,” and said it was responsible for dragging the country to the bottom in terms of life expectancy over the past 30 years. American men ranked last in life expectancy among the 17 countries in the study, and American women ranked second to last.

“Something fundamental is going wrong,” said Dr. Steven Woolf, chairman of the Department of Family Medicine at Virginia Commonwealth University, who led the panel. “This is not the product of a particular administration or political party. Something at the core is causing the U.S. to slip behind these other high-income countries. And it’s getting worse.”

Car accidents, gun violence and drug overdoses were major contributors to years of life lost by Americans before age 50.

The rate of firearm homicides was 20 times higher in the United States than in the other countries, according to the report, which cited a 2011 study of 23 countries. And though suicide rates were lower in the United States, firearm suicide rates were six times higher.

Sixty-nine percent of all American homicide deaths in 2007 involved firearms, compared with an average of 26 percent in other countries, the study said. “The bottom line is that we are not preventing damaging health behaviors,” said Samuel Preston, a demographer and sociologist at the University of Pennsylvania, who was on the panel. “You can blame that on public health officials, or on the health care system. No one understands where responsibility lies.”

Panelists were surprised at just how consistently Americans ended up at the bottom of the rankings. The United States had the second-highest death rate from the most common form of heart disease, the kind that causes heart attacks, and the second-highest death rate from lung disease, a legacy of high smoking rates in past decades. American adults also have the highest diabetes rates.

Youths fared no better. The United States has the highest infant mortality rate among these countries, and its young people have the highest rates of sexually transmitted diseases, teen pregnancy and deaths from car crashes. Americans lose more years of life before age 50 to alcohol and drug abuse than people in any of the other countries.

Americans also had the lowest probability over all of surviving to the age of 50. The report’s second chapter details health indicators for youths where the United States ranks near or at the bottom. There are so many that the list takes up four pages. Chronic diseases, including heart disease, also played a role for people under 50.

“We expected to see some bad news and some good news,” Dr. Woolf said. “But the U.S. ranked near and at the bottom in almost every heath indicator. That stunned us.”

There were bright spots. Death rates from cancers that can be detected with tests, like breast cancer, were lower in the United States. Adults had better control over their cholesterol and high blood pressure. And the very oldest Americans — above 75 — tended to outlive their counterparts.

The panel sought to explain the poor performance. It noted the United States has a highly fragmented health care system, with limited primary care resources and a large uninsured population. It has the highest rates of poverty among the countries studied.

Education also played a role. Americans who have not graduated from high school die from diabetes at three times the rate of those with some college, Dr. Woolf said. In the other countries, more generous social safety nets buffer families from the health consequences of poverty, the report said.

Still, even the people most likely to be healthy, like college-educated Americans and those with high incomes, fare worse on many health indicators.

The report also explored less conventional explanations. Could cultural factors like individualism and dislike of government interference play a role? Americans are less likely to wear seat belts and more likely to ride motorcycles without helmets.    

The United States is a bigger, more heterogeneous society with greater levels of economic inequality, and comparing its health outcomes to those in countries like Sweden or France may seem lopsided. But the panelists point out that this country spends more on health care than any other in the survey. And as recently as the 1950s, Americans scored better in life expectancy and disease than many of the other countries in the current study.

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Chinese Officials Pledge to Loosen Controls Over Embattled Newspaper

GUANGZHOU, China — Propaganda officials in the southern province of Guangdong have agreed to loosen some controls over an embattled newspaper whose struggle against censorship has galvanized free-speech advocates across China, according to journalists at the newspaper. But the paper’s weekly Thursday edition went to press late partly because of internal disputes over content, one senior editor said.

The agreement, reached late Tuesday, was part of a compromise in which reporters and editors who had said they would strike continued to work to put out the newspaper, Southern Weekend, also known as Southern Weekly. It is an iconic liberal publication that has regularly challenged Communist Party officials and policies but has come under tighter control in recent years, particularly since the summer.

The publication delay on Thursday was due in part to a disagreement between the newspaper’s leadership and employees over whether to publish an editorial defending the newspaper and letters of support from readers, the senior editor said. The leadership chose not to publish the editorial or the letters in an effort to calm the crisis, he said.

In Beijing, talk of another newsroom in crisis emerged on Wednesday as reporters at Beijing News, a newspaper co-founded by the parent company of Southern Weekend, said propaganda officials forced the newspaper, against the judgment of its publisher and top editors, to run an editorial attacking Southern Weekend. Some journalists broke down in tears in the newsroom, according to various accounts, and the publisher, Dai Zigeng, threatened to resign, but was still in his job Wednesday night.

The deal in Guangzhou, the provincial capital, appeared to bring a tentative peace to a newsroom in turmoil, though journalists said they would have to see whether provincial officials followed through on their promises.

The journalists appeared to back down from their demands that the top provincial propaganda official, Tuo Zhen, leave his post. Newspaper employees have accused Mr. Tuo of putting in place much stricter censorship rules since he began his job in May; in particular, they said, he had a hand in the rewriting of a New Year’s editorial that was supposed to have been a call for enforcement of constitutional rights but that ended up being more of a paean to the current system. It is unclear what role Mr. Tuo played in the changes, which ignited the call last weekend among some journalists to carry out a strike.

Journalists at Southern Weekend said that under rules imposed by Mr. Tuo, propaganda officials regularly reviewed the content of the paper before it went to print and vetted reporting topics proposed by journalists. Those rules are supposed to be abolished under the new agreement.

Zeng Li, a veteran journalist who reviews articles in-house at Southern Weekend to guard against riling the censors, said, “Now things are calming down.”

“To publish a good paper is the hope of both the leaders and the staff,” he added.

Hu Chunhua, the new party chief of Guangdong, China’s most liberal province, helped mediate the settlement, journalists said. The clash over censorship is the first big test for Mr. Hu, 49, who is considered one of the party’s rising stars and a candidate to be the leader of China in a decade.

The battle at Southern Weekend also poses a challenge for the central authorities. Xi Jinping, the new party chief, made a trip to Guangdong late last year to stress the need to open the economy further. Analysts have wondered whether he will also call for greater political freedoms. Mr. Xi has made remarks, though, that underscore the need for China to remain true to its socialist roots.

Central propaganda officials appear to have taken a tough line on the censorship issue by demanding this week that the biggest news Web sites and some important publications print an editorial criticizing Southern Weekend that was originally published by Global Times, a populist newspaper, and widely derided by Chinese journalists. Beijing News ran a truncated version.

One journalist described the scene in the Beijing News office in a blog post: “Some people look sad; some burst into tears; some shout that they are going to quit.”

The post continued: “We don’t want to kneel down, but our knees have been shattered. We are kneeling down this one time while gnashing our teeth.”

Edward Wong reported from Guangzhou, and Jonathan Ansfield from Beijing. Mia Li contributed research from Guangzhou, and Shi Da from Beijing.

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‘Liquipod’ takes smartphone waterproofing on the road

Amid a sea of Ultra-HD TVs, smart washing machines and various other gadgets, waterproofing expert Liquipel took to CES 2013 to make two announcements. The firm, which adds an interior and exterior waterproof nanocoating to cell phones, revealed a new and improved waterproofing material that is even more effective than its first-generation solution. Liquipel also unveiled its new “Liquipod,” a portable machine that can waterproof gadgets anywhere in the world while device owners wait, according to TechCrunch. Previously, Liquipel required customers to ship their handsets to the company’s offices for treatment.

[More from BGR: iPhone 5 now available with unlimited service, no contract on Walmart’s $ 45 Straight Talk plan]

This article was originally published on BGR.com

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Steroids fallout: No BB Hall for Bonds, Clemens

NEW YORK (AP) — No one was elected to the Hall of Fame this year. When voters closed the doors to Barry Bonds, Roger Clemens and Sammy Sosa, they also shut out everybody else.

For only the second time in four decades, baseball writers failed to give any player the 75 percent required for induction to Cooperstown, sending a powerful signal that stars of the Steroids Era will be held to a different standard.

All the awards and accomplishments collected over long careers by Bonds, Clemens and Sosa could not offset suspicions those feats were boosted by performance-enhancing drugs.

Voters also denied entry Wednesday to fellow newcomers Craig Biggio, Mike Piazza and Curt Schilling, along with holdovers Jack Morris, Jeff Bagwell and Lee Smith.

Among the most honored players of their generation, these standouts won't find their images among the 300 bronze plaques on the oak walls in Cooperstown, where — at least for now — the doors appear to be bolted shut on anyone tainted by PEDs.

"After what has been written and said over the last few years I'm not overly surprised," Clemens said in a statement he posted on Twitter.

Bonds, Clemens and Sosa retired after the 2007 season. They were eligible for the Hall for the first time and have up to 14 more years on the writers' ballot.

"Curt Schilling made a good point, everyone was guilty. Either you used PEDs, or you did nothing to stop their use," Hall of Famer Mike Schmidt said in an email to The Associated Press after this year's vote was announced. "This generation got rich. Seems there was a price to pay."

Biggio, 20th on the career list with 3,060 hits, appeared on 68.2 percent of the 569 ballots, the highest total but 39 votes shy. The three newcomers with the highest profiles failed to come close to even majority support, with Clemens at 37.6 percent, Bonds at 36.2 and Sosa at 12.5.

Other top vote-getters were Morris (67.7), Jeff Bagwell (59.6), Piazza (57.8), Tim Raines (52.2), Lee Smith (47.8) and Schilling (38.8).

"I'm kind of glad that nobody got in this year," Hall of Famer Al Kaline said. "I feel honored to be in the Hall of Fame. And I would've felt a little uneasy sitting up there on the stage, listening to some of these new guys talk about how great they were. ... I don't know how great some of these players up for election would've been without drugs. But to me, it's cheating."

At ceremonies in Cooperstown on July 28, the only inductees will be three men who died more than 70 years ago: Yankees owner Jacob Ruppert, umpire Hank O'Day and barehanded catcher Deacon White. They were chosen last month by the 16-member panel considering individuals from the era before integration in 1947.

"It is a dark day," said Jose Canseco, the former AL MVP who was among the first players to admit using steroids. "I think the players should organize some type of lawsuit against major league baseball or the writers. It's ridiculous. Most of these players really have no evidence against them. They've never tested positive or they've cleared themselves like Roger Clemens."

It was the eighth time the BBWAA failed to elect any players. There were four fewer votes than last year and five members submitted blank ballots.

"With 53 percent you can get to the White House, but you can't get to Cooperstown," BBWAA secretary-treasurer Jack O'Connell said. "It's the 75 percent that makes it difficult."

There have been calls for the voting to be taken away from the writers and be given to a more diverse electorate that would include players and broadcasters. The Hall says it is content with the process, which began in 1936.

"It takes time for history to sort itself out, and I'm not surprised we had a shutout today," Hall President Jeff Idelson said. "I wish we had an electee. I will say that, but I'm not surprised given how volatile this era has been in terms of assessing the qualities and the quantities of the statistics and the impact on the game these players have had."

Bonds, baseball's only seven-time Most Valuable Player, hit 762 home runs, including a record 73 in 2001. He was indicted on charges he lied to a grand jury in 2003 when he denied using PEDs but a jury two years ago failed to reach a verdict on three counts he made false statements and convicted him on one obstruction of justice count, finding he gave an evasive answer.

"It is unimaginable that the best player to ever play the game would not be a unanimous first-ballot selection," said Jeff Borris of the Beverly Hills Sports Council, Bonds' longtime agent.

Clemens, the only seven-time Cy Young Award winner, is third in career strikeouts (4,672) and ninth in wins (354). He was acquitted last year on one count of obstruction of Congress, three counts of making false statements to Congress and two counts of perjury, all stemming from his denials of drug use.

"To those who did take the time to look at the facts," Clemens said, "we very much appreciate it."

Sosa, eighth with 609 home runs, was among those who tested positive in MLB's 2003 anonymous survey, The New York Times reported in 2009. He told a congressional committee in 2005 that he never took illegal performance-enhancing drugs.

Since 1961, the only years the writers didn't elect a candidate had been when Yogi Berra topped the 1971 vote by appearing on 67 percent of the ballots cast and when Phil Niekro headed the 1996 ballot at 68 percent — both got in the following years. The other BBWAA elections without a winner were in 1945, 1946, 1950, 1958 and 1960.

Morris will make his final ballot appearance next year, when fellow pitchers Greg Maddux and Tom Glavine are eligible for the first time along with slugger Frank Thomas.

"Next year, I think you'll have a rather large class, and this year, for whatever reasons, you had a couple of guys come really close," Commissioner Bud Selig said at the owners' meetings in Paradise Valley, Ariz. "This is not to be voted to make sure that somebody gets in every year. It's to be voted on to make sure that they're deserving. I respect the writers as well as the Hall itself. This idea that this somehow diminishes the Hall or baseball is just ridiculous in my opinion."

Players' union head Michael Weiner called the vote "unfortunate, if not sad."

"To ignore the historic accomplishments of Barry Bonds and Roger Clemens, for example, is hard to justify. Moreover, to penalize players exonerated in legal proceedings — and others never even implicated — is simply unfair. The Hall of Fame is supposed to be for the best players to have ever played the game. Several such players were denied access to the Hall today. Hopefully this will be rectified by future voting."

The BBWAA election rules say "voting shall be based upon the player's record, playing ability, integrity, sportsmanship, character, and contributions to the team(s) on which the player played."

An Associated Press survey of 112 eligible voters conducted in late November after the ballot was announced indicated Bonds, Clemens and Sosa would fall well short of 50 percent. The big three drew even less support than that as the debate raged over who was Hall worthy.

Voters are writers who have been members of the BBWAA for 10 consecutive years at any point.

BBWAA president Susan Slusser of the San Francisco Chronicle said she didn't vote for Bonds, Clemens or Sosa.

"The evidence for steroid use is too strong," she said.

As for Biggio, "I'm surprised he didn't get in."

Mark McGwire, 10th on the career home run list with 583, received 16.9 percent on his seventh try, down from 19.5 last year. He got 23.7 percent in 2010 — a vote before he admitted using steroids and human growth hormone.

Rafael Palmeiro, among just four players with 500 homers and 3,000 hits along with Hank Aaron, Willie Mays and Eddie Murray, received 8.8 percent in his third try, down from 12.6 percent last year. Palmeiro received a 10-day suspension in 2005 for a positive test for performance-enhancing drugs, claiming it was due to a vitamin vial given to him by teammate Miguel Tejada.

MLB.com's Hal Bodley, the former baseball columnist for USA Today, said Biggio and others paid the price for other players using PEDs.

"They got caught in the undertow of the steroids thing," he said.

Bodley said this BBWAA vote was a "loud and clear" message on the steroids issue. He said he couldn't envision himself voting for stars linked to drugs.

"We've a forgiving society, I know that," he said. "But I have too great a passion for the sport."

NOTES: There were four write-in votes for career hits leader Pete Rose, who never appeared on the ballot because of his lifetime ban that followed an investigation of his gambling while manager of the Cincinnati Reds. ... Two-time NL MVP Dale Murphy received 18.6 percent in his 15th and final appearance. ... At the July 28 ceremonies, the Hall also will honor Lou Gehrig and Rogers Hornsby among a dozen players who never received formal inductions because of restrictions during World War II. ... Piazza has a book due out next month that could change the view of voters before the next election.

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AP Sports Writers Dan Gelston, Mike Fitzpatrick, John Marshall and Ben Walker contributed to this report.

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Obama’s Pick for Treasury Is Said to Be His Chief of Staff

WASHINGTON — With his choice of Jacob J. Lew to be the secretary of Treasury, President Obama on Thursday will complete the transformation of his economic team from the big-name economists and financial firefighters hired four years ago to budget negotiators ready for the next fiscal fights in Congress.

If confirmed by the Senate, the 57-year-old Mr. Lew — Mr. Obama’s current chief of staff and former budget director — would become the president’s second Treasury secretary, succeeding Timothy F. Geithner, who was the last remaining principal from the original economic team that took office at the height of the global crisis in January 2009.

While the team is changing, so far it is made up entirely of men who have been part of the administration since its first months. Gene B. Sperling, like Mr. Lew a veteran of the Clinton administration, is expected to remain as director of the White House National Economic Council. Alan B. Krueger, a former Treasury economist, continues as chairman of the Council of Economic Advisers and Jeffrey D. Zients, a former business executive, as acting director of the Office of Management and Budget.

That composition gives Mr. Obama a high degree of comfort with his economic advisers, who have experience in the budget struggles that have occupied the administration since Republicans took control of the House two years ago. Those struggles will resume later this month. Yet the continuity also plays into criticism that the president is too insular and insufficiently open to outside voices and fresh eyes in the White House.

Adding to a scarcity of female advisers among Mr. Obama’s top aides, Hilda L. Solis, the secretary of labor for four years, announced on Wednesday that she would be resigning, following the most prominent female Cabinet member, Secretary of State Hillary Rodham Clinton, out of the administration.

Separately, administration officials let it be known on Wednesday that several Cabinet members will remain in their jobs: Kathleen Sebelius, the secretary of health and human services, who is expected to stay through the full adoption of the 2010 health care law in 2014; Eric H. Holder Jr., the attorney general; and Eric K. Shinseki, the secretary of veterans affairs.

If Mr. Lew is confirmed in time, his first test as Treasury secretary could come as soon as next month, when the administration and Congressional Republicans are expected to face off over increasing the nation’s debt ceiling, which is the legal limit on the amount that the government can borrow. Mr. Obama has said he will not negotiate over raising that limit, which was often lifted routinely in the past, but Republican leaders have said they will refuse to support an increase unless he agrees to an equal amount of spending cuts, particularly to entitlement programs like Medicare and Social Security.

Mr. Lew was passed over for Mr. Obama’s economic team four years ago, when Mr. Obama instead chose Lawrence H. Summers, a former Harvard University president and Treasury secretary, as director of the National Economic Council. Mrs. Clinton then hired Mr. Lew at the State Department, and in late 2010 — over the objections of Mrs. Clinton, who had come to rely on Mr. Lew — Mr. Obama made him budget director, the same post Mr. Lew had held late in the Clinton administration.

Mr. Lew in the 1980s was a Democratic adviser to the House speaker then, Thomas P. O’Neill, participating in fiscal talks with the Reagan administration. Mr. Lew is known for his low-key style and organizational skills.

While Mr. Lew has much less experience than Mr. Geithner in international economics and financial markets, he would come to the job with far more expertise in fiscal policy than Mr. Geithner did. That shift in skills reflects the changed times, when emphasis has shifted from a global financial crisis to the budget fights with Republicans in Congress.

The partisan tension suggests that Mr. Lew will be questioned closely by Senate Republicans in confirmation hearings.

But, Republicans have not signaled the kind of opposition they put up to some of Mr. Obama’s other potential nominations.

Mr. Lew’s departure as chief of staff would create a vacancy for what would be Mr. Obama’s fifth White House chief of staff, a turnover rate that is in contrast with the stability atop Treasury the last four years with Mr. Geithner. The leading candidates are said to be Denis McDonough, currently the deputy national security adviser in the White House, and Ronald A. Klain, a former chief of staff to two vice presidents, Joseph R. Biden Jr. and Al Gore.

Before joining the Obama administration, Mr. Lew spent a brief period in the financial sector, at Citigroup, first as managing director of Citi Global Wealth Management and then as chief operating officer of Citigroup Alternative Investments.

By contrast, Mr. Geithner had been president of the New York Federal Reserve Bank, which includes overseeing Wall Street. For the financial industry, Mr. Lew is a largely a blank slate.

“While he can undoubtedly learn the material on the job, we question whether he has sufficient relationships with the banking industry in the U.S. and abroad, which can be critical during a financial crisis,” Brian Gardner, head of Washington research for the investment banking firm Keefe, Bruyette & Woods, wrote to clients on Wednesday.

But Michael Schein, who worked with Mr. Lew at Citigroup and is now head of a nonprofit financial services organization, Accion, countered: “People in the business community like to deal with people in Washington who they can trust. I think Jack already does, and will do, very well with Wall Street and with business leaders because he is a very, very straight shooter.”

Mr. Lew has a reputation as a fiscal progressive who, like Mr. Obama, is eager to protect Medicaid and other antipoverty programs from deep cuts. But advocates for tighter financial regulation of Wall Street question whether he is too conservative.

The question is relevant because major regulations under the 2010 Dodd-Frank law remain to be put into effect in Mr. Obama’s second term.

“He appears to share a Wall Street mentality, particularly when it comes to financial reform,” said Dennis M. Kelleher, the president of Better Markets, a Washington-based nonprofit. “Financial reform is all about making the banking system safer and preventing more taxpayer bailouts.”  

Annie Lowrey contributed reporting.

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