The Neediest Cases: Medical Bills Crush Brooklyn Man’s Hope of Retiring

Andrea Mohin/The New York Times

John Concepcion and his wife, Maria, in their home in Sheepshead Bay, Brooklyn. They are awaiting even more medical bills.

Retirement was just about a year away, or so John Concepcion thought, when a sudden health crisis put his plans in doubt.

For the past 100 years, The New York Times Neediest Cases Fund has provided direct assistance to children, families and the elderly in New York. To celebrate the 101st campaign, an article will appear daily through Jan. 25. Each profile will illustrate the difference that even a modest amount of money can make in easing the struggles of the poor.

Last year donors contributed $7,003,854, which was distributed to those in need through seven New York charities.

2012-13 Campaign

Previously recorded:

$6,865,501

Recorded Wed.:

16,711

*Total:

$6,882,212

Last year to date:

$6,118,740

*Includes $1,511,814 contributed to the Hurricane Sandy relief efforts.

“I get paralyzed, I can’t breathe,” he said of the muscle spasms he now has regularly. “It feels like something’s going to bust out of me.”

Severe abdominal pain is not the only, or even the worst, reminder of the major surgery Mr. Concepcion, 62, of Sheepshead Bay, Brooklyn, underwent in June. He and his wife of 36 years, Maria, are now faced with medical bills that are so high, Ms. Concepcion said she felt faint when she saw them.

Mr. Concepcion, who is superintendent of the apartment building where he lives, began having back pain last January that doctors first believed was the result of gallstones. In March, an endoscopy showed that tumors had grown throughout his digestive system. The tumors were not malignant, but an operation was required to remove them, and surgeons had to essentially reroute Mr. Concepcion’s entire digestive tract. They removed his gall bladder, as well as parts of his pancreas, bile ducts, intestines and stomach, he said.

The operation was a success, but then came the bills.

“I told my friend: are you aware that if you have a major operation, you’re going to lose your house?” Ms. Concepcion said.

The couple has since received doctors’ bills of more than $250,000, which does not include the cost of his seven-day stay at Beth Israel Medical Center in Manhattan. Mr. Concepcion has worked in the apartment building since 1993 and has been insured through his union.

The couple are in an anxious holding pattern as they wait to find out just what, depending on their policy’s limits, will be covered. Even with financial assistance from Beth Israel, which approved a 70 percent discount for the Concepcions on the hospital charges, the couple has no idea how the doctors’ and surgical fees will be covered.

“My son said, boy he saved your life, Dad, but look at the bill he sent to you,” Ms.  Concepcion said in reference to the surgeon’s statements. “You’ll be dead before you pay it off.”

When the Concepcions first acquired their insurance, they were in good health, but now both have serious medical issues — Ms. Concepcion, 54, has emphysema and chronic obstructive pulmonary disease, and Mr. Concepcion has diabetes. They now spend close to $800 a month on prescriptions.

Mr. Concepcion, the family’s primary wage earner, makes $866 a week at his job. The couple had planned for Mr. Concepcion to retire sometime this year, begin collecting a pension and, after getting their finances in order, leave the superintendent’s apartment, as required by the landlord, and try to find a new home. “That’s all out of the question now,” Ms. Concepcion said. Mr. Concepcion said he now planned to continue working indefinitely.

Ms. Concepcion has organized every bill and medical statement into bulging folders, and said she had spent hours on the phone trying to negotiate with providers. She is still awaiting the rest of the bills.

On one of those bills, Ms. Concepcion said, she spotted a telephone number for people seeking help with medical costs. The number was for Community Health Advocates, a health insurance consumer assistance program and a unit of Community Service Society, one of the organizations supported by The New York Times Neediest Cases Fund. The society drew $2,120 from the fund so the Concepcions could pay some of their medical bills, and the health advocates helped them obtain the discount from the hospital.

Neither one knows what the next step will be, however, and the stress has been eating at them.

“How do we get out of this?” Mr. Concepcion asked. “There is no way out. Here I am trying to save to retire. They’re going to put me in the street.”

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DealBook: Michael Dell’s Empire in a Buyout Spotlight

The computer empire of Michael S. Dell spreads across a campus of low-slung buildings in Round Rock, Tex.

But his financial empire — estimated at $16 billion — occupies the 21st floor of a dark glass skyscraper on Fifth Avenue in Manhattan.

It is there that MSD Capital, started by Mr. Dell 15 years ago to manage his fortune, has quietly built a reputation as one of the smartest investors on Wall Street. By amassing a prodigious portfolio of stocks, companies, real estate and timberland, Mr. Dell has reduced his exposure to the volatile technology sector and branched out into businesses as diverse as dentistry and landscaping.

Now, Mr. Dell is on the verge of making one of the biggest investments of his life. The 47-year-old billionaire and his private equity backers are locked in talks to acquire Dell, the company he started with $1,000 as a teenager three decades ago, in a leveraged buyout worth more than $20 billion. MSD could play a role in the Dell takeover, according to people briefed on the deal.

The private equity firm Silver Lake has been in negotiations to join with Mr. Dell on a transaction, along with other potential partners like wealthy Asian investors or foreign funds. Mr. Dell would be expected to roll his nearly 16 percent ownership of the company into the buyout, a stake valued at about $3.5 billion. He could also contribute additional personal money as part of the buyout.

That money is managed by MSD, among the more prominent so-called family offices that are set up to handle the personal investments of the wealthy. Others with large family offices include Bill Gates, whose Microsoft wealth financed the firm Cascade Investment, and New York’s mayor, Michael R. Bloomberg, who set up his firm, Willett Advisors, in 2010 to manage his personal and philanthropic assets.

“Some of these family offices are among the world’s most sophisticated investors and have the capital and talent to compete with the largest private equity firms and hedge funds,” said John P. Rompon, managing partner of McNally Capital, which helps structure private equity deals for family offices.

A spokesman for MSD declined to comment for this article. The buyout talks could still fall apart.

In 1998, Mr. Dell, then just 33 years old — and his company’s stock worth three times what it is today — decided to diversify his wealth and set up MSD. He staked the firm with $400 million of his own money, effectively starting his own personal money-management business.

To head the operation, Mr. Dell hired Glenn R. Fuhrman, a managing director at Goldman Sachs, and John C. Phelan, a principal at ESL Investments, the hedge fund run by Edward S. Lampert. He knew both men from his previous dealings with Wall Street. Mr. Fuhrman led a group at Goldman that marketed specialized investments like private equity and real estate to wealthy families like the Dells. And Mr. Dell was an early investor in Mr. Lampert’s fund.

Mr. Fuhrman and Mr. Phelan still run MSD and preside over a staff of more than 100 overseeing Mr. Dell’s billions and the assets in his family foundation. MSD investments include a stock portfolio, with positions in the apparel company PVH, owner of the Calvin Klein and Tommy Hilfiger brands, and DineEquity, the parent of IHOP and Applebee’s.

Among its real estate holdings are the Four Seasons Resort Maui in Hawaii and a stake in the New York-based developer Related Companies.

MSD also has investments in several private businesses, including ValleyCrest, which bills itself as the country’s largest landscape design company, and DentalOne Partners, a collection of dental practices.

Perhaps MSD’s most prominent deal came in 2008, in the middle of the financial crisis, when it joined a consortium that acquired the assets of the collapsed mortgage lender IndyMac Bank from the federal government for about $13.9 billion and renamed it OneWest Bank.

The OneWest purchase has been wildly successful. Steven Mnuchin, a former Goldman executive who led the OneWest deal, has said that the bank is expected to consider an initial public offering this year. An I.P.O. would generate big profits for Mr. Dell and his co-investors, according to people briefed on the deal.

Another arm of MSD makes select investments in outside hedge funds. Mr. Dell invested in the first fund raised by Silver Lake, the technology-focused private equity firm that might now become his partner in taking Dell private.
MSD’s principals have already made tidy fortunes. In 2009, Mr. Fuhrman, 47, paid $26 million for the Park Avenue apartment of the former Lehman Brothers chief executive Richard S. Fuld. Mr. Phelan, 48, and his wife, Amy, a former Dallas Cowboys cheerleader, also live in a Park Avenue co-op and built a home in Aspen, Colo.

Both are influential players on the contemporary art scene, with ARTNews magazine last year naming each of them among the world’s top 200 collectors. MSD, too, has dabbled in the visual arts. In 2010, MSD bought an archive of vintage photos from Magnum, including portraits of Marilyn Monroe and Mahatma Gandhi, and has put the collection on display at the University of Texas, Mr. Dell’s alma mater.

Just as the investment firms Rockefeller & Company (the Rockefellers, diversifying their oil fortune) and Bessemer Trust (the Phippses, using the name of the steelmaking process that formed the basis of their wealth) started out as investment vehicles for a single family, MSD has recently shown signs of morphing into a traditional money management business with clients beside Mr. Dell.

Last year, for the fourth time, an MSD affiliate raised money from outside investors when it collected about $1 billion for a stock-focused hedge fund, MSD Torchlight Partners. A 2010 fund investing in distressed European assets also manages about $1 billion. The Dell family is the anchor investor in each of the funds, according to people briefed on the investments.

MSD has largely remained below the radar, though its name emerged a decade ago in the criminal trial of the technology banker Frank Quattrone on obstruction of justice charges. Prosecutors introduced an e-mail that Mr. Fuhrman sent to Mr. Quattrone during the peak of the dot-com boom in which he pleaded for a large allotment of a popular Internet initial public offering.

“We know this is a tough one, but we wanted to ask for a little help with our Corvis allocation,” Mr. Fuhrman wrote. “We are looking forward to making you our ‘go to’ banker.”

The e-mail, which was not illegal, was meant to show the quid pro quo deals that were believed to have been struck between Mr. Quattrone and corporate chieftains like Mr. Dell — the bankers would give executives hot I.P.O.’s and the executives, in exchange, would hold out the possibility of giving business to the bankers. (Mr. Quattrone’s conviction was reversed on appeal.)

The MSD team has also shown itself to be loyal to its patron in other ways.

On the MSD Web site, in the frequently asked questions section, the firm asks and answers queries like “how many employees do you have” and “what kind of investments do you make.”

In the last question on the list, MSD asks itself, “Do you use Dell computer equipment?” The answer: “Exclusively!”

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This post has been revised to reflect the following correction:

Correction: January 18, 2013

An earlier version of this article misstated when an MSD affiliate raised money from outside investors for a hedge fund. It was last year, not earlier this year. The article also misstated which hedge fund and its focus. It was MSD Torchlight Partners, a stock-focused hedge fund, not MSD Energy Partners, an energy-focused hedge fund.

A version of this article appeared in print on 01/18/2013, on page B1 of the NewYork edition with the headline: Michael Dell’s Empire In a Buyout Spotlight.

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Alliance of big city school districts aims for more healthful meals

Fatty corn dogs and sugary coffee cake may become extinct in thousands of school cafeterias nationwide under a landmark new alliance among Los Angeles Unified and five other major urban school districts to leverage their vast purchasing power for healthier fare and lower prices.

School districts in L.A., New York, Chicago, Dallas, Miami and Orlando, Fla., plan to announce Thursday efforts to use their collective clout — 2.5 million daily meals served and $530 million annually spent — to make wholesome food a national standard. The districts are also aiming for more eco-friendly practices — replacing polystyrene and plasticwith biodegradable trays and flatware, for instance.

As such diet-related maladies as diabetes and obesity increase among children, the quest to reduce fat, sugar and sodium in school meals has gained new urgency among districts. L.A. Unified has overhauled its menu with whole grains and fresh produce; New York offers a salad bar at every school; and Chicago has swapped cupcakes for fruit at school celebrations.

Now, by joining forces, the alliance members hope to move the market and eventually enlist other school districts in the crusade. Already, San Diego, Oakland and Houston have expressed interest.

"As the great cities of the nation, we want to lead the way," said Eric Goldstein of the New York City school district, which serves 860,000 meals daily at 1,700 campuses.

Each alliance member has been assigned to a specific project. New York, for example, is working on lowering prices for organic, free-range chicken. Chicago currently serves such meat but can only afford to do so once a month — one organic chicken leg costs 40 cents while a non-organic leg-thigh combo is just 23 cents, according to Leslie Fowler of the Chicago Public Schools.

Likewise, environmentally sound trays and utensils are relatively expensive. Fowler said a biodegradable tray costs 12 cents while a polystyrene one is a third that price. Miami is working on trays while Orlando is researching better flatware than the plastic "spork." Los Angeles is heading up communications efforts.

David Binkle, L.A. Unified's food services director, said the alliance marks the biggest step yet to transform school meals. In the last few years, the nation's second-largest district has banned flavored milk and overhauled the menu — dropping such crowd favorites as nachos and chicken nuggets for dishes like whole-grain spaghetti. Some of the menu items have flopped — quinoa salad, vegetable curry and brown rice cutlets, for instance, have been axed. But others, such as vegetarian burritos, have proved popular, Binkle said.

The district, which serves 650,000 meals daily, also started a program to serve healthy breakfasts in the classroom and recently eliminated polystyrene trays.

In Chicago, Mayor Rahm Emanuel launched a "Healthy Chicago" initiative that includes changes in the schools. Sugary drinks have been removed from vending machines, which now serve only water and 100% fruit juice in containers no larger than 8 ounces, Fowler said. Under a new school party policy, teachers are encouraged to serve fun but nutritious food, such as "ants on a log" with celery, peanut butter and raisins, she said.

The new Urban School Food Alliance first met last summer in Denver and has since conferred regularly by teleconference to share and review menu items that use whole grain products, low-fat dairy, fresh produce and lean protein.

To demonstrate their collective mission, alliance members plan to serve the same lunch at all six school districts in March. The menu: savory roasted chicken, brown rice with seasoned black or red beans, steamed broccoli, fresh seasonal fruit and milk.

"It's a long way from a peanut butter sandwich," Binkle said.

teresa.watanabe@latimes.com

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Secret Nuclear Redesign Will Keep U.S. Subs Running Silently for 50 Years

The U.S. Navy is betting the future of its submarine force on a secret and revolutionary nuclear drive system that aspires to be more efficient and quieter than anything under the water today.

The heart of the planned ballistic missile Ohio Replacement (OR) program will be built around a drive that will not need to be refueled for the 50-year life of the boats and cuts out potentially noisy direct mechanical connection to the drive train. In other words, the Navy’s next-gen subs could be almost silent, and keep running for a half-century straight.

The Navy’s ballistic missile fleet, or boomers, rely on stealth to hide from rival boats, ships and sub-hunting aircraft. The quieter the boat, the harder it is to find. (And these boats are big: the current Ohio boomer is more than a football field and half long displacing 19,000 tons.)

Now the Navy is developing an innovation that attempts to give OR boomers the quietest nuclear engine yet by “going to [an] electric drive,” Sean Stackley, the Navy’s chief weapons buyer, said in a January interview with the U.S. Naval Institute.

Current boomers have a direct mechanical connection to the props that drive the boat. Steam turbines driven by the nuclear power plant go through a series of mechanical gears that translate the high torque power from the nuclear plant into lower torque energy needed to propel the ship. All of those mechanical connections can generate noise, the bane of the submariner.

Moving forward, the Navy wants to use the power from the reactor to create an elaborate electrical grid inside of the submarine. The reactor power would feed the grid and in turn the electric motors that would drive the boats. Eliminating the mechanical connection would mean less noise under water. The set up would also free up power previously devoted to driving the ship. Currently anywhere from 75 to 80 percent of the power from a nuclear submarine is devoted to driving the ship through the water. Extra power could be routed to other systems like sonars and potentially unmanned underwater vehicles.

This will be the second try for the Navy to use electric drive subs. The service experimented with the technology in the 1960s and 1970s but found the boats equipped with the drives to be underpowered and maintenance heavy.

Unlike other programs, the Navy hasn’t gone out of its way to tout the electric drive technology it plans to use for the OR boomers. A 2010 Analysis of Alternatives for the OR program, then known as the SSBN(X), was closely held by the service. Gene Taylor, the chairman of the Seapower subcommittee of the House Armed Services Committee at the time, demanded publicly that Congress get a chance to evaluate the proposal. He lost his 2010 election and the Navy kept specifics mostly quiet.

Among the details they have discussed, in addition to the electric drive, is the development of a new nuclear power plant for the OR boats.

“There is investment in the front end in the reactor plant to arrive at a core that will last the life of the boat,” Stackley said.

Now, the Navy’s nuclear fleet requires a mid-life refueling and overhaul that can keep a ship or submarine out of commission for almost three years with a cost in the billions.

“By eliminating that midlife refueling, you effectively get greater operational availability out of the boat,” Stackley said.

The standard ratio for ballistic missile submarines on patrol to subs in port is about four to one. Currently the navy fields 14 Ohio-class boomers packing 24 Trident II D5 intercontinental ballistic missiles. (The first four Ohios were converted to carry missiles with conventional warheads).

“There are still going to be midlife upgrades but the refueling portion is effectively eliminated which allows us to reduce from today’s 14 Ohios to reduce down to 12 Ohio Replacements,” Stackley said.

The original Ohio-class builder General Dynamics Electric Boat hasn’t built a boomer in more than 20 years and the durability of the drive and the boats to last until 2080 is a tall order.

Added to the pressure is a Pentagon imposed cost cap that reduce the cost of the boat from about $7 to 8 billion down to $4.9 billion. But the Navy will have little margin for error if they want to keep the price tag that low.

The Navy has already delayed work two years as part of its 2013 budget. Currently the first OR boat is scheduled to begin construction in 2021 for a decade-long construction and development process. The super-silent boat is scheduled to make its first patrol in 2031. After that, you may never hear from it again.

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Sniping, then singing as ‘American Idol’ returns

LOS ANGELES (AP) — There was no hair-pulling between Mariah Carey and Nicki Minaj on the season debut of “American Idol,” although some viewers may have been reduced to it.

The pop divas exchanged insults worthy of middle schoolers, fellow freshman judge Keith Urban looked trapped between them, and there was a whiff of make-believe Wednesday about the show’s touted feud.

“We can have accessories. I didn’t know that was allowed. That’s all I’m gonna say,” Carey commented archly about Minaj’s flashy, drum major-style hat.

The rapper took offense.

“Why’d you have to reference my hat?” Minaj said, with Carey then accusing Minaj of rudeness to her during an earlier elevator meeting.

Mercifully, a contestant arrived to break up the bickering and remind us that we tuned in to a talent show, not an episode of “Real Housewives of American Idol.”

When the action resumed, Minaj demonstrated a magnificent talent for eye-rolling and upped the ante with a muttered insult.

“If she called me something that begins with a ‘b’ and ends with an ‘itch,’ I rebuke it,” Carey declared.

Whether the clash is real or not, Minaj’s scrappiness came off as far more entertaining than Carey’s demure, even queenly manner. Carey is getting a truly royal paycheck: $ 18 million, to Minaj’s $ 12 million.

The award for least self-absorbed judge goes to genial country singer Urban.

The two-hour episode opened by showcasing last year’s winner, Phillip Phillips, and those alumni with established careers, including Carrie Underwood, Kelly Clarkson and Jennifer Hudson.

Then host Ryan Seacrest brought “American Idol” back down to earth and to its new judges.

“Our legacy continues as a new era begins,” he said, reciting the panelists’ resumes, including record sales, Grammys won and, in Carey’s case, vocal range (five octaves, “the definition of diva,” Seacrest said).

Cue the parade of good, bad and touching performances and biographies, with contestants facing serious challenges once again an “Idol” hallmark.

The judges, including veteran Randy Jackson, hardened their hearts and rejected a young man who had lost a leg to cancer but melted for a teenage girl whose family fosters children with medical concerns and another singer with partial hearing loss.

Forty-one people survived the New York auditions to sing another day in the Hollywood rounds, with the action moving to Chicago on Thursday’s episode.

“I feel like we jell well in a weird, crazy way,” Minaj declared optimistically of the panel near the episode‘s conclusion.

Fox certainly hopes so. Last season, “Idol” lost its status as the most-watched TV program for the first time since 2003, eclipsed by NBC’s “Sunday Night Football,” and pegged its lowest-rated season since it debuted in summer 2002.

___

Online:

http://www.fox.com

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The New Old Age Blog: Officials Say Checks Won't Be in the Mail

The jig is up.

Two years ago, the Treasury Department initiated its Go Direct campaign to persuade people still receiving paper checks for their Social Security, Veterans Affairs, S.S.I. and other federal benefits to switch to direct deposit.

“At that point, we were issuing approximately 11 million checks each month,” or about 15 percent of the total, Walt Henderson, director of the campaign, told me.

After putting notices in every monthly check envelope, circulating public service announcements and putting the word out through banks, senior centers, the Red Cross, AARP and other organizations, the Treasury Department has since shrunk that number to five million monthly checks.

That means 93 percent of those getting federal benefits are using direct deposit or, if they prefer or lack a bank account, a Direct Express debit card that gets refilled each month and can be used anywhere that accepts MasterCard.

“So people have been getting the word and making the switch,” Mr. Henderson said. Now, federal officials are pushing the last holdouts to convert to direct deposit by March 1.

Although officials say the change is not optional, the jig isn’t entirely up. If you or your older relative does not respond to their pleading, “we’re not going to interrupt their payments,” Mr. Henderson said. But the department will start sending letters urging people to switch.

The major motive is financial: shifting the last paper checks to direct deposit or a debit card (only 2 percent of recipients go that route) will save $1 billion over the next decade, the department estimates.

But safety enters the picture, too. One reason some beneficiaries resist direct deposit, Mr. Henderson said, is that they fear their electronic deposits can be hacked or diverted. Having grown up in a predigital age, perhaps they feel safer with a check in their hands.

But they probably aren’t. In 2011, the Treasury Department received 440,000 reports of lost or stolen benefits checks. With direct deposit, “there’s no check lingering unattended in a mailbox,” Mr. Henderson noted.

The greater reason for sticking with paper is probably simple inertia. “It’s human nature to procrastinate,” he said.

But unless you or your relatives want a series of letters from the Treasury Department, it is probably time for the last fence-sitters to get with the program.

They don’t need to use a computer. People can switch to direct deposit, or get the debit card, at their banks or the local Social Security office. More simply, they can call a toll-free number, (800) 333-1795, and have agents walk them through the change. Or they can sign up online at www.GoDirect.org.

They will need:

1. Their Social Security number.
2. The 12-digit federal benefit number found on their checks.
3. The amount of the most recent check.
4. And, for direct deposit, a bank or credit union routing number, usually found on the front of a check. They can have direct deposit to a savings account, too.

A caution for New Old Age readers: If you think your relative has not switched because he or she is cognitively impaired and can no longer handle his finances, you can be designated a representative payee and receive monthly Social Security or S.S.I. payments on your relative’s behalf. This generally requires a visit to your local Social Security office, documentation in hand.

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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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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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