DealBook: After Mortgage Settlements, Bank of America's Profit Drops 63%

7:42 a.m. | Updated
Bank of America continues to cope with the self-inflicted wounds it suffered during the financial crisis.

The bank on Thursday reported a widely expected 63 percent drop in fourth-quarter profit after making huge payments to settle legal claims over its mortgage business. The bank’s earnings, a slim $732 million, amounted to 3 cents a share. That figure narrowly beat estimates of 2 cents a share, based on a survey of analysts by Thomson Reuters.

Bank of America’s quarterly revenue sank as well, down about 25 percent to $18.7 billion, a drop that stems from the steep legal charges tied to mortgage settlements with the government. The figures underscored the extent of the bank’s mortgage woes, an albatross it largely inherited from Countrywide Financial, the subprime lending giant it bought in 2008. Without the various charges, fourth-quarter revenue would have totaled $22.6 billion.

But the results also point to signs of a recovery for Bank of America. For the entire year, profit jumped to $4.2 billion, from $1.4 billion in 2011. Delinquent loans declined in the quarter, another sign of health, and the bank’s wealth management unit continued huge gains.

Bank of America also noted that the one-time legal charges, which skewed the bank’s true performance, helped it to continue shedding the legacy of the crisis.

“We enter 2013 strong and well positioned for further growth,” Bank of America’s chief executive, Brian T. Moynihan, said in a statement.

Bank of America’s bleak quarterly profit numbers come as no surprise to investors. The bank previously announced that it incurred a $700 million charge on the perceived improvement in its debt, an accounting-related cost that actually indicated greater public confidence in the stability of the bank. (The charges were offset because of a one-time $1.3 billion gain from foreign tax credits.)

The bank’s recent legal settlements also weighed down its results. Bank of America had warned investors that it deducted $2.5 billion to settle with regulators over claims of foreclosure abuses.

The bank last week also struck an $11 billion agreement to resolve claims that it sold troubled mortgages to the government-controlled housing finance giant Fannie Mae, which suffered deep losses from the loans. As part of the announcement, Bank of America disclosed that its fourth-quarter pretax income took a $2.7 billion hit to cover part of the deal.

The expenses, all told, wiped out $5.9 billion, or 34 cents a share, from fourth-quarter earnings.

“Litigation expenses have taken a huge toll,” said James Sinegal, an analyst with the research firm Morningstar.

But the settlements are also helping the bank close a dark chapter in its history. The deal last week put to rest a bitter battle with Fannie Mae that lingered since the housing bubble burst.

Bank of America, which recently sold off about 20 percent of its loan servicing business, also reached a $2.43 billion settlement with shareholders last fall. The agreement, stemming from its takeover of Merrill Lynch, resolved accusations that Bank of America misled investors about Merrill’s health.

“As long as they keep taking these charges, they can say they’re putting this behind them,” Mr. Sinegal said.

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Helicopter crashes in central London, killing at least two people

LONDON -- A helicopter apparently crashed into a crane atop a high-rise building in central London during the morning rush hour Wednesday, falling to earth and killing at least two people, police said.

Video footage showed flaming debris on the ground where the chopper came down in the Vauxhall district of south London, close to the headquarters of MI6, Britain's spy agency.

Scotland Yard said two people were confirmed dead at the scene, with two others taken to the hospital. A fire official told the BBC that one of the dead had been aboard the helicopter. Authorities quickly cordoned off the area and shut down Vauxhall rail station.

[Update, 4:26 a.m. Jan 16: Later Wednesday morning, police said one of the dead was the chopper's pilot. The other victim has not been identified, but the helicopter was not believed to be carrying passengers, police said. 

"At this stage, it appears a commercial helicopter on a scheduled flight was in collision with a crane on top of a building under construction," Scotland Yard said in a statement. 

Police said seven people were treated on the scene for minor injuries. Six people were taken to local hospitals, all for minor injuries except for one person who suffered a broken arm.]

The crash occurred on a gray morning with thick clouds or fog lying low in the sky. Police did not speculate as to the cause of the crash, but the BBC reported that terrorism did not appear to be likely.

Nicky Morgan, a member of Parliament who was walking toward Vauxhall, told the broadcaster that she heard a huge explosion shortly before 8 a.m., a time when commuters and schoolchildren were going about their usual routine.

"I did wonder if it was a bomb explosion, because it was just such a loud bang," she said. "It was the thick black smoke that really meant that this is not right."

Helicopters are common in London, particularly around the city's financial district where many tall buildings are clustered.

The crash site is near the Nine Elms neighborhood south of the Thames, where the U.S. is planning to build a large new embassy.

ALSO:

Blue plaques that pay tribute to London's past may be history

Israeli soldiers kill Palestinian teen in West Bank confrontation

Egyptian lawyer gets 5 years, 300 lashes for Saudi drug conviction

 

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Here They Are — The Best Comic Books of 2013!

Okay, fine: Comic books aren’t the most predictable things ever. We've seen fantastic comics take a sudden turn and become all but unreadable, and seen comics no one heard of until two seconds ago skyrocket to greatness. But we can still make some pretty good guesses about the most promising comics, graphic novels, and collected editions on the horizon -- or even if we can’t, we’re about to give it a shot. Whether you’re a long-time reader of the sequential arts or just looking for some titles to try out, here are the comics to keep your eye on in 2013.

Above:

FF, by Matt Fraction and Mike Allred (Marvel, ongoing)

It’s been a rough couple of years for superhero comics—thanks to Marvel charging as much as they can for endless “event” books, and DC still stumbling through their clumsy “New 52” reboot, it’s hard to find superhero books that are as much fun as they should be. But here’s one! Teaming up with Madman genius Mike Allred, Casanova and Invincible Iron Man writer Matt Fraction digs into the bizarre, poppy, retro fun that the Marvel Universe can still provide—what begins as just one more book about the Fantastic Four soon heads into territory that’s a lot more fun. (If FF doesn’t sate your superhero hunger, Fraction’s got another great ongoing, too: With Hawkeye, Fraction and artist David Aja have somehow given the crappiest Avenger a way better book than any of his teammates have.)

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A Minute With: Patti Smith on her photography show

TORONTO (Reuters) – Singer Patti Smith is best known for her rock ‘n’ roll songs from the punk era of the 1970s, but visitors to a new photo exhibition will see a different side of the musician, poet and artist.

The 70 photos in Toronto’s Art Gallery of Ontario (AGO) “Camera Solo” show, which runs from February 9 to May 19, include poetic images of gravestones, religious iconography and objects that belonged to dead writers and artists.

“The show expresses a lot about my inner life — about a certain vision I have of the world, my travels, my aesthetic vision and some of the wonderful things I’ve seen, the people I’ve met,” Smith said in an interview.

“Hopefully, it will inspire people to learn more about some of the artists or places I’ve shown, or to embark on their own studies or adventures.”

The 66-year-old artist, whose songs include her rendition of “Gloria” and “Because the Night,” hopes the Polaroid snapshots will rekindle a sense of appreciation for the commonplace.

The show includes photographs of photographer Robert Mapplethorpe‘s slippers, author Virginia Woolf’s bed, writer Susan Sontag’s grave and poet Arthur Rimbaud’s fork and spoon.

In a 2010 memoir “Just Kids” Smith wrote about her love affair and friendship with Mapplethorpe, which lasted until his death from AIDS-related complications in 1989 at age 42.

Smith, a mother of two was married to guitarist Fred “Sonic” Smith who died in 1994. She released the album “Banga” last year and will begin a music tour in Japan.

She spoke to Reuters about the show and Polaroid photography, a pre-digital technique that produces an instant print.

Q: What inspires you as a photographer?

A: “Truthfully, I don’t really think of myself as a photographer. I don’t have all the disciplines and knowledge of a person who’s spent their life devoted to photography. I’ve been taking pictures most of my life, but more seriously in the last decade …

“Light inspires me. I’m drawn to architecture — often graves, statues, trees — things usually that are quite still … I’ve been taking pictures continuously since 1995 until the end of Polaroid film. I’m taking very few pictures now because I have very little film left, most of it expired.

Q: Are your pictures about nostalgia or trying to hold on and remember that person?

A: It’s not nostalgia. I’m not really a nostalgic person. I’m memory-oriented, so a sense of remembrance … All of these things are to bring all these people and things up to date, to walk with us. These are artists, family, people that we love — people that pass away. We can keep them with us always.

Q: So you aren’t out there snapping everything — you are being quite selective?

A: I never snapped everything. Polaroid by its nature makes you frugal. You walk around with maybe two packs of film in your pocket. You have 20 shots, so each shot is a world.

Q: Was there anything that you learned from Mapplethorpe in doing your photography?

A: “The one thing that we had in common is that both of us had a very good sense of composition. It’s the same type of work ethic but I work quite differently. The atmosphere of my pictures is different. I drew a lot from 19th-century photographers and I don’t really strive for the things that Robert strived for — the deepest blacks and the most radiant whites.

“Robert was a real photographer. He was an artist, but he also really immersed himself in every aspect of how to project light in his work. In any event, we had a different eye, but we understood each other.

Q: How would you say photography intersects with your other creative work?

A: I think of myself really as a writer. So perhaps the pictures are somewhat literary, but I think they also stand on their own.”

Q: Do you identify with the punk scene, a romantic tradition or is it more organic?

A: “I was involved in the pre- and post-punk scene in the 1970s … I’m where I am today. I have two grown children, I’ve experienced a beautiful husband. I’m a widow. I’m doing my work. I feel unfettered by any scene. I feel like I’ve moved through many scenes, scenes before the punk movement and scenes after the punk movement, and the punk movement is in flux. It’s still going on and it was going on before it had the name “punk movement.”

Q: How do you reflect on the fact that you not only pushed music forward, but you also pushed things forward for women in the music scene?

A: “I think I work in two worlds. I’ll always try to kick through a wall. I did that when I was younger and I still have my way of doing that … People have said that I’ve opened up things for women, but look what they’ve done.”

(Editing by Patricia Reaney and Paul Casciato)

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The New Old Age Blog: In Flu Season,Use a Mask. But Which One?

Do face masks help prevent people from getting the flu? And if so, how much protection do they give?

You might think the answer to this question would be well established. It’s not.

In fact, there is considerable uncertainty over how well face masks guard against influenza when people use them outside of hospitals and other health care settings. This has been a topic of discussion and debate in infectious disease circles since the 2009 H1N1 flu pandemic, also known as swine flu.

As the government noted in a document that provides guidance on the issue, “Very little information is available about the effectiveness of facemasks and respirators in controlling the spread of pandemic influenza in community settings.” This is also true of seasonal influenza — the kind that strikes every winter and that we are experiencing now, experts said.

Let’s jump to the bottom line for older people and caregivers before getting into the details. If someone is ill with the flu, coughing and sneezing and living with others, say an older spouse who is a bit frail, the United States Centers for Disease Control and Prevention recommends the use of a face mask “if available and tolerable” or a tissue to cover the nose and mouth.

If you are healthy and serving as a caregiver for someone who has the flu — say, an older person who is ill and at home — the C.D.C. recommends using a face mask or a respirator. (I’ll explain the difference between those items in just a bit.) But if you are a household member who is not in close contact with the sick person, keep at a distance and there is no need to use a face mask or respirator, the C.D.C. advises.

The recommendations are included in another document related to pandemic influenza — a flu caused by a new virus that circulates widely and ends up going global because people lack immunity. That is not a threat this year, but the H3N2 virus that is circulating widely is hitting many older adults especially hard. So the precautions are a good idea, even outside a pandemic situation, said Dr. Ed Septimus, a spokesman for the Infectious Diseases Society of America.

The key idea here is exposure, Dr. Septimus said. If you are a caregiver and intimately exposed to someone who is coughing, sneezing and has the flu, wearing a mask probably makes sense — as it does if you are the person with the flu doing the coughing and sneezing and a caregiver is nearby.

But the scientific evidence about how influenza is transmitted is not as strong as experts would like, said Dr. Carolyn Bridges, associate director of adult immunization at the C.D.C. It is generally accepted that the flu virus is transmitted through direct contact — when someone who is ill touches his or her nose and then a glass that he or she hands to someone else, for instance — and through large droplets that go flying through the air when a person coughs or sneezes. What is not known is the extent to which tiny aerosol particles are implicated in transmission.

Evidence suggests that these tiny particles may play a more important part than previously suspected. For example, a November 2010 study in the journal PLoS One found that 81 percent of flu patients sent viral material through air expelled by coughs, and 65 percent of the virus consisted of small particles that can be inhaled and lodge deeper in the lungs than large droplets.

That is a relevant finding when it comes to masks, which cover much of the face below the eyes but not tightly, letting air in through gaps around the nose and mouth. As the C.D.C.’s advisory noted, “Facemasks help stop droplets from being spread by the person wearing them. They also keep splashes or sprays from reaching the mouth and nose of the person wearing them. They are not designed to protect against breathing in the very small particle aerosols that may contain viruses.”

In other words, you will get some protection, but it is not clear how much. In most circumstances, “if you’re caring for a family member with influenza, I think a surgical mask is perfectly adequate,” said Dr. Carol McLay, an infection control consultant based in Lexington, Ky.

By contrast, respirators fit tightly over someone’s face and are made of materials that filter out small particles that carry the influenza virus. They are recommended for health care workers who are in intimate contact with patients and who have to perform activities like suctioning their lungs. So-called N95 respirators block at least 95 percent of small particles in tests, if properly fitted.

Training in how to use respirators is mandated in hospitals, but no such requirement applies outside, and consumers frequently put them on improperly. One study of respirator use in New Orleans after Hurricane Katrina, when mold was a problem, found that only 24 percent of users put them on the right way. Also, it can be hard to breathe when respirators are used, and this can affect people’s willingness to use them as recommended.

Unfortunately, research about the relative effectiveness of masks and respirators is not robust, and there is no guidance backed by scientific evidence available for consumers, Dr. Bridges said. Nor is there any clear way of assessing the relative merits of various products being sold to the public, which differ in design and materials used.

“Honestly, some of the ones I’ve seen are almost like a paper towel with straps,” Dr. McLay said. Her advice: go with name-brand items used by your local hospital.

Meanwhile, it is worth repeating: The single most important thing that older people and caregivers can do to prevent the flu is to be vaccinated, Dr. Bridges said. “It’s the best tool we have,” she said, noting that preventing flu also involves vigilant hand washing, using tissues or arms to block sneezing, and staying home when ill so people do not transmit the virus. And it is by no means too late to get a shot, whose cost Medicare will cover for older adults.

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DealBook: JPMorgan’s 4th-Quarter Profit Jumps 53% to $5.7 Billion

JPMorgan Chase touted a strong quarter of earnings, although the bank opted to slash the chief executive’s pay in light of a multi-billion dollar trading loss last year.

The bank reported a record profit of $5.7 billion for the fourth quarter, up 53 percent from the previous year. Revenues, too, were strong, rising 10 percent to $23.7 billion.

“The firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” chief executive Jamie Dimon said in statement.

But the year was also clouded by a multi-billion dollar trading loss stemming from a bad bet on derivatives. JPMorgan continues to unwind the bungled trade that had racked up $6.2 billion in losses through the third quarter of 2012. JPMorgan said it “experienced a modest loss” during the recent quarter.

In light of the trading losses, the bank’s board opted to reduce Mr. Dimon’s total compensation. That decision was driven by a desire to hold the chief executive accountable for some of the oversight failings that led to the bungled bet, according to several people close to the board.

The board reduced Mr. Dimon’s total compensation for 2012 to $11.5 million from $23 million a year before. While Mr. Dimon’s salary remained the same at $1.5 million, his incentive compensation was slashed to $10 million, paid out in restricted stock.

Despite the overhang, JPMorgan managed to produce record profit, as the economy and credit conditions improved. The bank continued to reduce the money it set aside for potential losses, adding to profits overall. And the bank notched gains in all its major divisions, showing strength in both consumer and corporate banking operations.

Despite the rocky market conditions and uncertainty related to the budget impasse, the corporate-focused businesses reported nice gains. Investment banking fees jumped 54 percent to $1.7 billion, with debt and equity underwriting. Revenue in the commercial banking group hit $1.75 billion, with the tenth consecutive quarter of loan growth.

Income in JPMorgan’s asset management group rose 60 percent to $483 million. JPMorgan has been ramping up the business, as other riskier ventures get crimped by new regulation.

Like other big lenders, the bank’s earnings have also been bolstered by a surge in mortgage lending, driven in part by a series of federal programs that have helped drive down interest rates. As homeowners seize on the low rates, JPMorgan is experiencing a flurry of refinancing applications. The bank is also making bigger gains when those loans are packaged and eventually sold to big investors.

Overall, the mortgage banking group notched profit of $418 million, compared with a loss of $269 million in the previous year.

But those low interest rates also present a challenge for JPMorgan, which is dealing with glut of deposits. The bank reported average total deposits of $404 billion, up 10 percent from a year earlier.

As deposits pile up, the situation is weighing on profitability. The net interest margin, a key measure of a bank’s profitability, continued to shrink, dropping to 2.44 percent from 2.76 percent the previous year.

The bank also continues to face a slew of legal problems.

In the last year, JPMorgan has worked to move beyond some of the issues stemming from the mortgage crisis. Along with competitors, JPMorgan hashed out deals with federal regulators over claims that its foreclosures practices may have led to wrongful eviction of homeowners. Earlier this month, JPMorgan and other agrees $8.5 billion settlement with the Comptroller of the Currency and the Federal Reserve, which ends a costly and flawed review of loans in foreclosure ordered up by the regulators in 2011. The bank spent roughly $700 million this quarter on costs associated with the review.

Still, the bank is dealing with other cases that could prove costly. The New York attorney general, Eric T. Schneiderman, filed a lawsuit against the bank related to Bear Stearns, the troubled unit the JPMorgan bought in the depths of the financial crisis. In the lawsuit, filed in October, the attorney general claimed JPMorgan defrauded investors who bought securities created from shoddy mortgages.

JPMorgan was also hit with two enforcement actions earlier in this week, the first formal sanctions from federal banking regulators over the bank’s multibillion trading loss. Regulators from the Federal Reserve and the Comptroller of the Currency, identified flaws throughout the bank, citing failures in the bank’s ability to asses how big losses might swell as a result of the complex trades. In addition, regulators found that bank executives did not adequately inform board members about the potential losses.

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SoCal Edison destroyed downed poles before inspection

A state probe into the widespread power outages caused by a furious 2011 windstorm was unable to determine whether toppled utility poles met safety standards because Southern California Edison destroyed most of them before they could be inspected.

The winds that roared through the San Gabriel Valley knocked down hundreds of utility poles, snapped cables and uprooted scores of trees, leaving nearly a quarter of a million Edison customers without power, some for a full week.

In a report released Monday, the California Public Utilities Commission found that at least 21 poles were unstable because of termite destruction, dry rot or other damage before tumbling over in wind gusts of up to 120 mph on Nov. 30 and Dec. 1, 2011.

But more than 75% of the 248 Edison poles that were knocked down in the storm were destroyed by the utility before they could be inspected, a violation of commission rules.

"At the onset of [power] restoration efforts, preservation of failed poles was not made a priority by Southern California Edison," the report says.

Of the 248 poles that failed, partial segments of only about 60 poles were collected and delivered for analysis by commission engineers — the remaining poles were "discarded by SCE staff," according to the report.

Efforts to reconstruct downed poles, many of them sliced into segments smaller than 10 inches, "were immensely hindered by the nature of SCE's collection and cataloging methodology," investigators reported.

Edison workers scattered small pole segments in various collection bins, "making it nearly impossible to determine which failed pole they belonged to," according to investigators.

A spokesman for the utility declined to comment on the report, saying the utility was in the process of formulating a statement.

Commission investigators also found that at least 17 wire pole support systems did not meet safety standards.

The report calls on Edison to update its emergency response procedures and test them on a yearly basis.

Officials will consider formal enforcement actions, including financial penalties, if Edison does not comply.

In a statement Monday, U.S. Rep. Judy Chu (D-Monterey Park) — who represents Pasadena, South Pasadena, San Marino and other San Gabriel Valley cities — called for "immediate action" to ensure the issues raised in the report would not recur.

"This report confirms that by following such regulations and by asking for mutual assistance, power could have been restored more quickly," Chu said.

Former Assemblyman Anthony Portantino, who until recently represented part of the affected area, said the report "confirms what everyone who lived through the windstorm knew from personal experience, that Edison was not prepared and public safety and consumers suffered as a result."

State Sen. Carol Liu (D-La Cañada Flintridge) said the report raises fears that Edison equipment might sustain similar damage in future disasters.

"I am concerned that service and safety doesn't seem to be their priority," said Liu, who is married to California Public Utilities Commission President Michael Peevey.

The report comes less than a year after an Edison-commission study determined the utility had inadequate plans in place for emergencies and communicating with the public. The study, by Maryland-based Davies Consulting, also said the utility could have shortened power restoration time by one day or more by doing a better job of tracking and preparing for bad weather.

At the same time, the consultant commended Edison for having adequate staffing and managing a response that left no workers or customers injured.

joe.piasecki@latimes.com

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Software That Gives a Voice to What You Love (and Hate) About Work

Every human-resources manager not trapped in some Mad Men time warp will tell bosses and employees alike to ask for, and offer, feedback on a frequent basis. Of course outside of infrequent performance reviews, it rarely happens. With inspiration from Patagonia founder Yvon Chouinard, San Francisco-based startup 15Five was founded to make sure it does, and not just once a year, but once a week.

The 15Five online service creates five-question weekly reports that “take 15 minutes to write and five minutes to read,” hence the name. “We’re taking this very complicated challenge of gathering feedback from employees and generating it in a way that they enjoy doing, and doesn’t take much effort or time,” says 15Five founder David Hassell. “And we make sure the most critical information flows to the right people in the organization.”

The idea for 15Five, Hassell says, came from a solution legendary outdoorsman Chouinard devised to reconcile two seemingly conflicting parts of his work life: the need to spend a good chunk of his time hitting the California surf or hiking Yosemite to test products and come up with new ones, and keeping close tabs on the needs of Patagonia as a growing company.

Chouinard began asking his employees to spend 15 minutes writing a short report with negative and positive feedback on their work that he could read in five minutes. The quick summaries were perfect reading during a lull on a Rocky Mountain hiking trail, and allowed Chouinard to do triage on pressing problems, as well as promote the latest successes.

Hassell took Chouinard’s basic concept and built software to automate the process of writing a 15-five report. Every week, employees fill out a form with five questions chosen by the CEO. Questions can range from “How is morale?” to “What’s the biggest challenge you faced this week?” Answers can be as long or as short as employees want, and they are encouraged to leave both positive and negative feedback.

Department managers then review their employees’ reports, and can ask questions or leave comments. As they read each report, managers flag specific employee responses to build a larger report for the CEO. The idea is that feedback trickles up from the lowest-level employee to the CEO, which helps employees feel that their voice is heard.

Non-profit Startup Weekend‘s CEO Marc Nager says the reports help him keep attuned to the daily pulse of his company. “Before our weekly hands-on meeting, I spend an hour reading our 15Five reports so I know what we need to address and fix,” he says. One of Startup Weekend’s 15Five questions is “What do you wish had more time for this week?”, which Nager says helps the company find new ideas and projects that fall within its mission of promoting entrepreneurialism.

15Five is currently working on version 2.0 of its software, and Hassell says there will be easier ways to digest employees’ feedback to get an even better sense of what’s going on in the company, though he wouldn’t give specific details. To get there, 15FIve has raised $1 million from Yammer CEO David Sacks along with angel investors Ben Parr, Jason Calacanis, John Hamm, Matt Brezina, and Ben Ling.

The goal of it all, Hassell says, is to help businesses run more efficiently by spending less time fussing over office disputes, and more time on the activities that make their employees productive and happy. It’s something Chouinard would no doubt get behind, especially if it means more time to surf.

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Variance Films Picks Up Jay-Z Produced ‘An Oversimplification of Her Beauty’

NEW YORK (TheWrap.com) – Variance Films has acquired North American distributions rights to “An Oversimplification of Her Beauty,” Terence Nance‘s debut film executive produced by Jay-Z, Dream Hampton, Joy Bryant and comedian Wyatt Cenac.

Variance will release the movie in theaters April 12 while Cinema Guild handles downstream releases, such as DVD and digital.

Nance’s film explores the relationship between a young man and woman, as the man divines whether it is romantic or platonic. Nance stars alongside Namik Minter.

Mixing live action and animation, the film debuted at Sundance in 2012 and went on to screen at film festivals across the country.

“I know it’s a bit cliché to say ‘you’ve never seen anything like this before’, but if you’ve caught the film, I think you’ll agree that you’ve never seen anything like this before,” Variance Films founder Dylan Marchetti said in a statement. “Somehow, Terence has managed to blend documentary, narrative, ten different styles of animation, and a short film while telling a story that is immediately relatable to anyone who has ever loved someone who didn’t love them back, and frankly, that’s just about everyone.”

Founded in 2008, Variance is a New York-based independent distributor that released Spike Lee’s “Red Hook Summer” and will release Dave Grohl’s upcoming documentary “Sound City.”

Movies News Headlines – Yahoo! News

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The New Old Age Blog: Study: More to Meal Delivery Than Food

What’s a simpler idea than Meals on Wheels? Older, lower-income people who have trouble driving, cooking or shopping — or paying for food — sign up with a local agency. Each day, volunteers or paid staff come by and drop off a hot lunch. Federal and state dollars and local charities foot the bill.

At the Mobile Meals of Essex headquarters in my town in New Jersey on a recent morning, staffers were stuffing slices of whole wheat bread, pints of low-fat milk and containers of sliced peaches into paper bags. Next, they would ladle the day’s entree — West Indian curried chicken with brown rice and broccoli — onto aluminum trays.

Drivers in vans would fan out through the county, from downtown Newark through the sprawling suburbs, delivering the meals to 475 clients.

The benefit goes beyond food, of course. When his clients answer the door, often using walkers and canes, “I ask them how their morning’s going,” said a driver, Louis Belfiore, who would make 31 stops this day. “I give them their meal, I say, ‘Have a good day.’ They tell me, ‘You have a nice day, too.’”

This may represent the only face-to-face social interaction some homebound people have in the course of a day. And if they don’t come to the door, a series of phone calls ensues. “We’ve had people yell back, ‘I’m on the floor and I can’t get up.’ It doesn’t happen only in commercials,” said Gail Gonnelli, the program’s operations director.

Meals on Wheels advocates have always believed that something this fundamental – a hot meal, a greeting, another set of eyes – can help keep people in their homes longer.

But they didn’t have much evidence to point to, until a couple of Brown University health researchers crunched numbers — from Medicare, states and counties, the federal Administration on Aging and more than 16,000 nursing homes — from 2000 to 2009, publishing their findings in the journal Health Services Research.

The connection they discovered between home-delivered meals and the nursing home population will come as welcome news (though not really news) to Meals on Wheels believers: States that spent more than the average to deliver meals showed greater reductions in the proportion of nursing home residents who didn’t need to be there.

The researchers call these people “low-care” residents. Most people living in nursing homes require around-the-clock skilled care, and policymakers have been pushing to find other ways to care for those who don’t. Still, in 2010 about 12 percent of long-term nursing home patients — a proportion that varies considerably by state — didn’t need this level of care.

“They’re not fully dependent,” explained a co-author of the study, Vincent Mor. “They could be cared for in a community setting, whether that’s assisted living or with a few hours of home care.”

That’s how most older people prefer to live, which is reason enough to try to reserve nursing homes for those who can’t survive any other way. But political budget cutters should love Meals on Wheels, too. For every additional $25 a state spends on home-delivered meals each year per person over 65, the low-care nursing home population decreases by a percentage point, the researchers calculated — a great return on investment.

“We spend a lot on crazy medical interventions that don’t have as much effect as a $5 meal,” Dr. Mor concluded. With this data, “we’re able to see this relationship for the first time.”

(Co-author Kali Thomas — herself a volunteer Meals on Wheels driver in Providence, R.I. — has compiled a state by state list, posted on the Brown University LTCfocus.org Web site, showing how much states could save on Medicaid by delivering more meals.)

Sadly, though, appropriations for home-delivered meals are not increasing. The program served more than 868,000 people in 2010, the latest numbers available. But federal financing through the Older Americans Act has been flat for most of the decade, while food and gas costs — and the number of older people — have risen.

Given current budget pressures, advocates hope they can just hold the line (the “sequester” cuts to the federal budget are still looming unless Congress and the White House can reach agreement on the debt limit and a spending plan). Already, “we’ve seen millions and millions fewer meals,” said Tim Gearan, senior legislative representative at AARP. “Cuts from five-day service to three-day service. A lot more frozen food, which can be inappropriate for people who can’t operate ovens and microwaves. It’s been hard to watch.”

My urban/suburban county, Ms. Gonnelli said, maintains a waiting list: There are always about 65 seniors who qualify for Meals on Wheels, but there is no money to provide the food.

It can be a big step for an older person or his family to acknowledge that they need this kind of basic help and apply. It must be difficult, I said to Ms. Gonnelli, who has run the program for 15 years, to tell applicants she can’t help feed them.

“You have no idea,” she said.

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Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”

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