DealBook: Wells Fargo Profit Jumps 24% in Quarter, Driven by Mortgage Gains

8:46 a.m. | Updated

Wells Fargo reported $5.1 billion in profit for the fourth quarter on Friday, a 24 percent increase, driven by the bank’s lucrative mortgage business.

Seizing on low-interest rates that have spurred a flurry of refinancing activity, the bank again notched record profits. For the last 12 quarters, profits at the bank have increased.

In this latest quarter, Wells Fargo, based in San Francisco, reported earnings of 91 cents a share, which exceeded analysts’ expectations. Ahead of the report, analysts polled by Thomson Reuters estimated that the bank would report earnings of 89 a share.

Wells Fargo, unlike many of its rivals, has been able to steadily increase its revenue. The first bank to release fourth-quarter earnings, Wells Fargo reported $21.95 billion in revenue in the fourth quarter, up 7 percent from a year earlier.

Much of the revenue gains stemmed from the bank’s consumer lending business, as borrowers jumped on record low interest rates to refinance their mortgages. Wells Fargo, which dominates the market as the nation’s largest mortgage lender, notched $125 billion in mortgage originations, up from $120 billion in the fourth quarter of 2011. Refinancing applications accounted for nearly 75 percent of that total.

The big profit in the group came from the extra money that Wells Fargo makes bundling the mortgages into bonds and selling them to the government. In the fourth quarter, the bank reported $2.8 billion of so-called net gains on its mortgages activities, up 51 percent from the previous year.

The question is whether those gains are sustainable. Refinancing activity shows signs of tapering off. And the housing recovery is far from robust, which means it may be tough to make new mortgages.

Investors seemed to look beyond the strong profits to the potential challenges. Shares of the Wells Fargo were down modestly on Friday, as the bank reported a drop in its net interest margin.

Under the tenure of its chief executive, John G. Stumpf, Wells Fargo has aggressively expanded into the mortgage market, a strategy that might help the bank surpass its rivals in profits, notably JPMorgan Chase.

Wells Fargo’s net interest margin, a closely watched profit metric that measures the difference between the interest the bank collects and the interest it pays on its own borrowings, was down slightly to 3.56 percent, from 3.89 percent a year earlier.

Profit in the community banking division, which spans Wells Fargo’s retail branches and mortgage business, increased 14 percent to $2.9 billion.

The bank successfully courted more cash from depositors, adding $72 billion in total core checking and savings deposits than a year earlier.

“The company’s underlying results were driven by solid loan growth, improved credit quality, and continued success in improving efficiency,” Wells Fargo’s chief financial officer, Tim Sloan, said in a statement.

The bank has benefited from sweeping federal stimulus initiatives that have buoyed the mortgage business. The Treasury Department has helped spur Americans to refinance their mortgages.

Wells Fargo is the reigning titan in the mortgage industry, generating roughly a third of all the mortgages across the United States. Mortgage originations continued to climb, up 4 percent to $125 billion.

Adding to its mortgage-related profit, Wells Fargo reported a $926 million profit from its servicing business, in which the bank collects payments from homeowners. That’s up roughly 6 percent from a year earlier.

Alongside the consumer loan business, Wells Fargo had gains in its wealth management business, a particular focus for the bank to defray the impact of federal regulations that dragged down profits elsewhere.

Still, Wells Fargo’s profit from residential mortgages could wane this year if the Federal Reserve halts its extensive bond buying spree.

Working to move beyond the mortgage crisis woes that have dogged the bank, Wells Fargo has been brokering deals with federal regulators. Wells Fargo was one of 10 banks that signed onto an $8.5 billion settlement this week with the Comptroller of the Currency and the Federal Reserve over claims that shoddy foreclosure practices may have led to the wrongful eviction of homeowners.

The sweeping federal pact ends a deeply flawed review of millions of loans in foreclosure that was mandated by federal regulators in 2011. The review, which was ended this week, began in November 2011 amid mounting public fury that bank employees were churning through hundreds of foreclosure filings without reviewing them for accuracy.

In addition to the settlement, the bank set aside $1.2 billion to prevent foreclosures.

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Zorbing Accident Kills 1 Man and Injures Another in Russia

MOSCOW — It is called a zorb, an outsize inflatable ball in which people strap themselves, then bounce down a ski slope and, presumably, have a good time doing so. But when a zorb veered off a ski run high in Russia’s Caucasus Mountains earlier this month, there was little anyone could do but watch as the two men inside careened along a jagged ridge and then plunged over a precipice.

The ball tumbled down the mountain at the Dombai ski resort for almost a mile, slamming into rocks as it picked up speed, rescue workers said on Wednesday in a televised statement. One of the men, Denis Burakov, 27, injured his spinal cord and died on the way to a hospital. The other, Vladimir Shcherbakov, 33, suffered a concussion and deep cuts to his arms and face.

The accident on Jan. 3, which a friend of the men filmed on a cellphone and then uploaded to the Internet on Tuesday, has generated concern over unlicensed attractions on Russia’s loosely regulated ski slopes.

The man who harnessed Mr. Burakov and Mr. Shcherbakov into the zorb told the police that they were his first customers, and that he was not licensed to offer rides, having bought the ball two years ago for his own use. On Thursday the police arrested the man, Ravil Chekunov, 25, who said he had charged Mr. Burakov and Mr. Shcherbakov about $10 for the ride.

Russia’s minister of emergency situations called Wednesday for tighter safety precautions at skiing facilities, after a rash of winter sports injuries. Russian television reported this week that 10 people had been seriously injured on a single ski slope in Kolomna, a city 50 miles southeast of Moscow. A woman who descended on a sled broke her spine after she ran into rocks at the bottom.

Russian leaders, notably President Vladimir V. Putin, have tried for years to build interest in downhill skiing in Russia. The country has invested billions of dollars in ski resorts in the Caucasus, and in particular in the Black Sea resort of Sochi, which will host the Winter Olympics in 2014.

Mr. Putin mingled with stunned vacationers at a resort near Sochi during the winter break, and the culture minister, Vladimir R. Medinsky, lavishly praised the local ski conditions on Twitter.

But an investigation into the accident at the Dombai ski resort, less than 100 miles east of Sochi, found 50 unlicensed attractions and guides operating on the mountain, the newspaper Izvestia reported.

A Moscow-based businessman, Montay Imanov, told Izvestia that the zorb that carried the two men was stolen from him at gunpoint in 2009, when he traveled to the region intending to open a zorbing business.

“They didn’t cordon the track off from the gorge,” he said. “It’s just a nightmare. They needed to put six rows of nets there.”

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Jimmy Dushku: The 25-year-old who is North Korea’s one true Twitter friend

Mother Jones takes a look at a globetrotting young investor who’s the only American — and the only human being — Pyongyang follows

Google Chairman Eric Schmidt capped a controversial four-day visit to North Korea on Thursday with a call for the country’s censorship-happy communist government to give its people access to the internet, or face further economic decline due to the country’s global isolation. It was a strong message from one of the web’s most powerful figures, although North Korea watchers seem pretty confident the country’s young leader, Kim Jong Un, will ignore it. There’s one American, however, Pyongyang does appear to listen to. That would be Jimmy Dushku, a young investor who is one of exactly three Twitter users Kim’s government follows on Twitter. What’s the story behind this unlikely online bromance? Here, a guide:

Who is Jimmy Dushku?
He’s a 25-year-old financial whiz kid from Austin, Texas. Dushku, who also goes by the nicknames “Jimmer” and “Jammy,” started a website development business when he was 14, according to Mother Jones, and he parlayed his early earnings into investments that now include everything from construction projects in Europe to real estate in Texas to mines in South America. He’s also a rabid Coldplay fan, and when he isn’t jetting around the world, he says he likes to play Rachmaninoff on his piano and zoom around on his Ducati Monster motorcycle.

SEE MORE: North Korea’s rocket launch: 3 consequences

So how did he become buddies with North Korea?
Dushku tells Asawin Suebsaeng at Mother Jones he’s not really sure. “People always ask me how it happened, and I honestly can’t remember,” he says. “It started sometime back in 2010. I was initially surprised.” North Korea followed him, he followed North Korea “out of courtesy.” He tweeted back, “Hello my friend,” and a relationship was born. Then, the North Korean government, which has piled up some 11,000 followers in two-and-a-half years on Twitter, abruptly whittled down the number of accounts it follows, leaving just three. Dushku made the cut (along with a Vietnam account and another official North Korean handle).

What has Dushku gotten from the relationship?
Death threats, for one thing. Not long after he linked up with North Korea’s account, which goes by @uriminzok (or “our nation”), Dushku says he started getting angry messages from exiles and South Koreans. Since then, he has mostly kept a low profile, just to be safe, although he does occasionally grant interviews to foreign publications. For its part, North Korea gets a rare glimpse at the outside world through Dushku, as his is the only account North Korea follows that is regularly updated — the other two haven’t tweeted in months. He’s also the only human being in the bunch.

Will @JimmyDushku and @uriminzok ever meet in real life?
That’s always the question for acquaintances who meet online, isn’t it? Dushku says his friendly relationship has won him a standing offer to visit North Korea. Casual observers, however, advise him to proceed with caution. “Am I the only one thinking they picked some random guy so they can lure him into North Korea and use him as a political prisoner/bargaining chip?” one commenter at Gizmodo said. Another suggests that Dushku play it cool, without making Pyongyang angry, saying, “Never unfollow anybody with nuclear weapons.”

Sources: Austinist, CNN, Gizmodo, Mother Jones

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Researchers: NFL's Seau had from 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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Children’s Flu Medicine in Short Supply

As influenza cases surge around the country, health officials say they are trying to stem a shortage of treatments for children.

Pharmacies around the country have reported dwindling supplies of liquid Tamiflu, a prescription flu medicine that can ease symptoms if taken within 48 hours of their onset. The drug is available in capsules for adults and a liquid suspension for children and infants.

“There are intermittent shortages of the liquid version (but not the capsule version) due to the supplier’s challenges to meet the current demand,” Carolyn Castel, a spokeswomen for CVS Caremark, said in an e-mail.

Pharmacies around the country are experiencing shortages of the liquid suspension “due to recent increased demand,” Sarah Clark-Lynn, a spokeswoman for the Food and Drug Administration, said on Thursday.

Ms. Clark-Lynn said the F.D.A. was working with the company that markets Tamiflu, Genentech, to increase supplies. The agency is also letting pharmacists know that in emergencies they can compound the adult Tamiflu capsules to make liquid versions for children.

A similar shortage of Tamiflu has hit Canada, which has also been gripped by widespread flu outbreaks, prompting the government there to tap into a national stockpile of the drug.

“That really unexpected increase in demand — far above other influenza seasons — has really depleted the usual stocks which in any other season would have been more than sufficient,” Dr. Barbara Raymond, director of pandemic preparedness for the Public Health Agency of Canada, told The Ottawa Citizen.

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DealBook: For Some Dead Brands, a Tortuous Path to Resurrection

At a time when bankruptcy auctions are filled with sad tales of beleaguered brands, snagging a well-known name for pennies on the dollar can seem like a sure bet for ambitious investors.

Yet, as Stephen F. Heese and Stephen M. Julius describe, buying the rights to a name and restarting operations requires years of dedication.

The two, who were classmates at Harvard Business School in the 1980s, manage their own capital at Stellican, an investment firm. Their goal: to seek out so-called heritage brands — those remembered for their high quality and authenticity — and rebuild a company. One project is the revival of Chris-Craft, once the largest pleasure boat manufacturer in the United States.

The notion of buying and resurrecting a beloved brand can be appealing across product categories, as reflected by the current bidding dance for Hostess or the woefully long ordeal of Saab, which was sold to Chinese and Japanese investors last year.

Chris-Craft, which Stellican now operates, was known for its meticulous design and use of wood and chrome. Its boats were widely sought after and associated with the many celebrities and public figures who owned them, including Katharine Hepburn, Frank Sinatra and Presidents Franklin Delano Roosevelt and John F. Kennedy. That image made it appealing to Stellican’s principals.

Yet, while nostalgia can be a powerful marketing tool, business school case studies are filled with would-be white knights that needed more than money to succeed. For example, Excelsior Henderson, a motorcycle maker twice rescued from bankruptcy, ultimately failed. Yet, Triumph Motorcycles was revived in 1984 and has operated since.

“Brands are not like tech start-ups where there is a template — X number of years to prototype, X number of years to harvest,” said Nancy F. Koehn, a Harvard Business School marketing professor. “A big piece of it is art; there’s an alchemy to it.”

The death and rebirth of Chris-Craft played out over decades. The company was founded by Christopher Columbus Smith, who built his first vessel in 1874 and soon developed a reputation as a master. The Smith family sold Chris-Craft in 1960, around the time fiberglass began displacing wood as the material of choice for boats.

By 1968, Chris-Craft had been sold to the media mogul Herb Siegel. It stopped making wood boats, and expanded beyond powerboats, adding sailboats and houseboats to its offerings. Market share and profits declined.

Enter Stellican. Mr. Julius, with assistance from Mr. Heese, had previously resuscitated Riva, a premium Italian boat maker, in 1998. He sold it to the Italian yacht company Ferretti Group in 2000.

Before joining forces for the Riva deal, Mr. Julius and Mr. Heese took different paths after Harvard. Mr. Julius started his career with the Boston Consulting Group and eventually moved to London. Mr. Heese, a certified public accountant by training, headed to what was then Price Waterhouse and later to the Erico International Corporation, a privately held manufacturer of electrical and mechanical hardware.

In 1991, Mr. Julius formed Stellican as an advisory and investment vehicle for his family’s assets. In 1998, while living in Italy, he called Mr. Heese, who was in the United States, to ask if he could help set up distribution in the United States for Riva. Mr. Heese officially joined Stellican in 2001, and the partners began work on the Chris-Craft deal.

Although the two would not discuss their firm’s financial returns, they say they expect internal return rates higher than 35 percent on their investments.

Stellican owns no more than two companies at once, and typically has an investment ceiling of $10 million. “We put all our eggs in one or two baskets,” Mr. Julius said.

Chris-Craft’s path to revival was tortuous. In 1981, the Chris-Craft boatyard was bought by G. Dale Murray, but Mr. Siegel retained rights to the Chris-Craft name.

Mr. Murray’s company went bankrupt in 1988, and was bought by the Outboard Marine Corporation, which sold several brands of boats as well as outboard engines, before going bankrupt in 2001. After Mr. Heese read about the bankruptcy, he contacted Mr. Julius.

Stellican acquired the assets of Chris-Craft (finished and unfinished boats) and the trademark for the name in separate transactions. The complicated process of acquiring the assets included a 12-hour, 20-way auction held in a conference room at the Chicago office of the law firm Skadden, Arps, Meagher, Slate & Flom.

Four hundred industry players gathered, all competing for the Chris-Craft assets. Mr. Julius, bidding on behalf of Stellican, lost out to the owner of Genmar Industries, Irwin Jacobs, who had teamed up with Bombardier to buy all of Outboard Marine’s assets for $95 million.

As he left the room, Mr. Julius told Mr. Jacobs to call him if he ever wanted to sell Chris-Craft. That call came just days later. In March 2001, Stellican bought the Chris-Craft assets from Genmar for $5 million.

Acquiring the Chris-Craft name, which was still owned by Mr. Siegel, was next. But Mr. Siegel refused to sell the name rights to Stellican. So, when Mr. Julius learned Mr. Siegel was in the process of selling his media company, Chris-Craft Industries, to Rupert Murdoch’s News Corporation, he approached Mr. Murdoch directly.

They reached a deal that enabled Stellican to buy the brand for $5 million.

Restarting operations was a bit more daunting. During the decades when Chris-Craft languished, its products had become middle market, Mr. Julius said. Scrapping the old product line was Stellican’s first order of business.

“It was always, ‘I remember,’ followed by a smile and a positive memory,” he said. Chris-Craft evoked the innocence and promise of post-World War II America — and Henry Fonda piloting a 1950s model in “On Golden Pond.” Building products that fulfilled that promise became their mantra, Mr. Heese said.

Restoring Chris-Craft also required rebuilding its dealer network. Mr. Julius said that dealers were initially skeptical that the type of customer he described — one obsessed with beauty and performance, not price — existed. The company makes 20- to 36-foot boats whose prices range from about $50,000 to $550,000.

He had to sell his products to dealers and feel comfortable they could sell them to customers.

Cost control also remained important, a role falling to Mr. Heese, who signs every check as chief executive. “We’re very hard-nosed when it comes to investing our own money,” he said.

Chris-Craft continues to bolster its dealer network worldwide. In June, the company plans to release a line of Chris-Craft branded sports apparel for a wider market. The company just signed a deal with IMG, which will serve as its licensing agent for watches, sunglasses and toys.

After starting at zero, Chris-Craft sales were $32 million in 2012. Its high was $60 million in 2008.

In between, Stellican bought Indian Motorcycles in 2006, turned it around, and sold it to Polaris Industries in 2011.

The partners acknowledge that their efforts may not have worked at a traditional private equity firm, most of which seek companies with positive cash flows.

Product innovation separates the winners from the losers when it comes to brand revivals, said Scott Galloway, a marketing professor at the Stern School of Business at New York University. “Brands lose value because they get fat, dumb and happy,” he said.

Although Stellican has received attractive offers for Chris-Craft, it plans to hold onto it for now. Mr. Heese said he was in no hurry to begin chasing deals again, a process he described as “gut-wrenching.”

“When you’re buying a company that’s in bankruptcy, you’re sitting across from people who screwed up,” Mr. Heese said. “They’re not dumb — they just got one thing wrong,” he said.

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Venezuelan Court: Chávez Swearing-In Can Be Postponed

CARACAS, Venezuela (AP) — Venezuelan opposition leader Henrique Capriles is condemning the Supreme Court's endorsement of a delay in President Hugo Chavez's inauguration.

The Supreme Court sided with Venezuela's government and ruling party earlier Wednesday in the heated dispute with the opposition while the ailing leader struggles with complications a month after cancer surgery in Cuba.

Capriles says that "institutions should not respond to the interests of a government."

Supreme Court President Luisa Estella announced that it's legal for lawmakers to delay Chavez's swearing-in for a new term, which had been scheduled for Thursday.

Pro-Chavez lawmakers voted Tuesday to delay the ceremony, allowing Chavez to take the oath of office at a later date before the Supreme Court.

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Men and Women of (Limited) Letters: Must-Follow Twitter Accounts of 2013

Scientific American editors voted in recent weeks on the 20 most informative Twitter accounts to stay abreast of the latest ideas, issues and developments in science and technology. We weeded through hundreds of lists and feeds to select the most brilliant and engaging, as well as the quirkiest of the bunch.Our picks are often witty, sometimes eccentric and occasionally silly, but each brings valuable insights to his or her area of expertise. For the latest, greatest tweets on science, technology, journalism, astronomy, physics, mathematics and more, check out these top 20 Twitter accounts of 2013, listed here in alphabetical order.

Must-Follow Twitter Accounts of 2013

Next » BBC Science @BBCscience

 Pay attention to BBC Science for breaking science and environmental news from a global perspective. Tweets are most often serious, with the occasional story about whether a toilet seat really is the dirtiest item in the house. The BBC offers variety suitable to both the casual consumer and the diehard nerd.

« Previous Intro

Must-Follow Twitter Accounts of 2013

Next » Deborah Blum @DeborahBlum

Deborah Blum’s tweets about poison, murder and other interesting articles and quips aren’t all that make her Twitter feed unique. It also stands out for her insights into science journalism. Blum often posts jobs, tips and tricks of the trade that will motivate any aspiring science blogger to break out the laptop and start posting.
By day, Sean Carroll is a theoretical physicist. By night he’s a “truth vigilante.” The Caltech researcher writes lofty pieces about eternity and dark matter, and tweets fascinating facts about his field.

 This NASA Twitter account gained notoriety when the car-size rover Curiosity landed on Mars in August 2012. With its witty persona, pop culture references and updates on its forays across the surface of the Red Planet, @MarsCuriosity is a must-follow for 2013—and the rest of its multiyear tour. Also check out the “Curiosity Explorer” badge on Foursquare and watch the rover’s New Year’s Eve message on YouTube
David Dobbs is an accomplished science journalist who is big on audience engagement in the new media milieu. His Twitter feed is punctuated with responses to readers weighing in on a wide variety of topics, especially cognitive science. Dobbs also tweets sporadically about his personal life and his work for Wired. He’s working on his fifth book.
Maryn McKenna, a specialist on food policy, public health and infectious disease, has built and cultivated a dedicated online following. Her tweets and posts are smart, quirky and highly informative. A seasoned science journalist, she uses social media to nerd out on a daily basis, so join in the geeky fun.
Former Scientific American special projects guru Christopher Mims isn’t shy. Opinionated and straightforward, the technology and sustainability journalist, now at QuartzNews, stays ahead of the pack. Mims frequently engages with his audience and uses crowd-sourcing to gather material for many of his stories.
Scientific American editors enjoy checking in on Nature News‘s hard-nosed, clever twitter feed.  One might suspect that our favor for it derives from the fact that Scientific American is also part of Nature Publishing Group, but we actually operate as editorially independent units. Follow Nature News especially for investigative reporting on science scandals and international science policy, as well as the latest important biomedical and physics news.

 Founder and CEO of O’Reilly Media Tim O’Reilly reports technology trends and comments on advocacy issues. His Twitter feed is dominated by references to Silicon Valley and e-book deals. Follow his tweets for insightful coverage of the technical world.
John Allen Paulos is a PhD with character. He’s wearing a bow tie in his profile picture, and his favored emoticon is a winking smiley face. Paulos’s tweets can be a tad cryptic for the layperson, but the mathematician has such a great sense of humor that you’re sure to laugh out loud at some point—even if you don’t quite understand the joke.
Accomplished blogger Phil Plait has just migrated his popular “Bad Astronomy” blog to Slate. The author, skeptic, father and punster primarily covers the ins and outs of the solar system. The best part about Plait’s Twitter feed is his daily #BAFact, wherein he throws strange-but-true scraps of science to his curious followers.

 Veteran science journalist Paul Raeburn has turned his eye in recent years to good-natured meta-media, covering science reporting itself for the Knight Science Journalism Tracker while also covering reseach on fatherhood. Raeburn takes reporters to task for sloppy thinking, points out inaccuracies and addresses ethical dilemmas. Follow his account just to read the back-and-forth between him and his targets.
Andy Revkin is a leader in the environmental reporting field, covering everything from fracking to global warming. Check out Revkin’s DotEarth blog in The New York Times too for his breaking news coverage—it’s all the environmental news that’s fit to cover.

 Science Friday, part of National Public Radio’s Talk of the Nation radio program, packs its Twitter feed with tantalizing links that just beg to be clicked on. @SciFri looks at daily news through a scientific lens, including live tweets to provide context during the weekly broadcast. The result is an entertaining bundle of scientific discoveries, intrigues and debunkings.
Scientific American‘s contributors are a brilliant group of reporters, bloggers and commentators, if you’ll pardon this moment of pride. Creativity, skepticism and authoritative context are a big part of what makes our coverage so engaging and worthwhile. Check out this Twitter list and follow your favorites.
Nate Silver, the most celebrated political statistician of the 2012 election, started out as a forecaster of baseball player performance. When he turned his attention to U.S. presidential elections, using statistical models to accurately predict what was thought to be unpredictable, he became a sensation. Although this past year’s electoral frenzy is behind us, Silver is still at work making predictions we’d be foolish to ignore.
Steven Strogatz holds the esteem of math wunderkinds as well as those who are iffy on formulas. He’s hardly a typical numbers-cruncher. The Cornell University professor has a knack for taking on complex topics and making them interesting, even to full-on mathphobes. In his recent book, The Joy of X, discussions range from the number of people one should date before settling down to how HBO’s The Sopranos can help us understand calculus. His Twitter account is similarly entertaining.
Not following Neil DeGrasse Tyson on Twitter? Beware: science nerds who don’t wake up each morning to the rational witticisms of NGT in their feed risk losing all geek cred. If you fit this description, please remedy that situation—now.
Blogger Ed Yong diligantly weaves a love of data into his prose, while still managing to craft posts that are accessible to readers with little to no science background. By covering new findings skeptically and tweeting prolifically, he has built a readership that relies on him for science news. Join the club.
A self-described “champion of underappreciated life-forms,” Carl Zimmer tends to tackle stories about parasites, viruses and quantum earthworms. Follow his feed, probably the most followed of any science writer, for solid reporting and captivating writing.

« Previous Ed Yong @EdYong209

Must-Follow Twitter Accounts of 2013

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Bonds, Clemens rejected; no one elected to BB Hall

NEW YORK (AP) — Steroid-tainted stars Barry Bonds, Roger Clemens and Sammy Sosa were denied entry to baseball's Hall of Fame, with voters failing to elect any candidates for only the second time in four decades.

In a vote that keeps the game's career home run leader and one of its greatest pitchers out of Cooperstown — at least for now — Bonds received just 36.2 percent of the vote and Clemens 37.6 in totals announced Wednesday by the Hall and the Baseball Writers' Association of America, both well short of the 75 percent necessary. Sosa, eighth on the career home run list, got 12.5 percent.

"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. "This generation got rich. Seems there was a price to pay."

Bonds, Clemens and Sosa were eligible for the first time and have up to 14 more years on the writers' ballot to gain baseball's highest honor.

"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.

Craig Biggio, 20th on the career list with 3,060 hits, topped the 37 candidates with 68.2 percent of the 569 ballots, 39 shy of election. Among other first-year eligibles, Mike Piazza received 57.8 percent and Schilling 38.8.

Jack Morris led holdovers with 67.7 percent. He will make his final ballot appearance next year, when fellow pitchers Greg Maddux and Tom Glavine along with slugger Frank Thomas are eligible for the first time.

Two-time NL MVP Dale Murphy received 18.6 percent in his 15th and final appearance.

"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."

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.

"It's a tough period for evaluation, that's what this chalks up to," Hall President Jeff Idelson said. "Honestly, I think that any group you put this to would have the same issues. ... There's always going to be discussion and concern about players who didn't get in, but at the end of the day it's a process and again, a snapshot in time isn't one year, it's 15 with this exercise."

Bonds, baseball's only seven-time Most Valuable Player, hit 762 home runs, including a record 73 in 2001.

"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 and ninth in wins.

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

Since 1961, the only years the writers didn't elect a candidate were 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 were chosen the following years when they achieved the 75 percent necessary for election.

The other BBWAA elections without a winner were in 1945, 1946, 1950, 1958 and 1960.

"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 of 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."

Three inductees were chosen last month by the 16-member panel considering individuals from the era before integration in 1947: Yankees owner Jacob Ruppert, umpire Hank O'Day and barehanded catcher Deacon White. They will be enshrined during a ceremony in Cooperstown on July 28, when 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.

Bonds has denied knowingly using performance-enhancing drugs and was convicted of one count of obstruction of justice for giving an evasive answer in 2003 to a grand jury investigating PEDs. Clemens was acquitted of perjury charges stemming from congressional testimony during which he denied using PEDs.

Sosa, who finished 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.

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."

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."

Mark McGwire, 10th on the career home run list, received 16.9 percent on his seventh try, down from 19.5 last year. He received 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.

While there are exhibits about the Steroids Era at the Hall, the plaque room will remain without Bonds and Clemens, who join career hits leader Pete Rose on the outside looking in. There were four write-in votes for 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.

Morris increased slightly from his 66.7 percent last year, when Barry Larkin was elected. Morris could become the player with the highest-percentage of the vote who is not in the Hall, a mark currently held by Gil Hodges at 63 percent in 1983.

Several players who fell just short in the BBWAA balloting later were elected by either the Veterans Committee or Old-Timers' Committee: Nellie Fox (74.7 percent on the 1985 BBWAA ballot), Jim Bunning (74.2 percent in 1988), Orlando Cepeda (73.6 percent in 1994) and Frank Chance (72.5 percent in 1945).

The ace of three World Series winners, Morris had 254 victories and was the winningest pitcher of the 1980s. His 3.90 ERA, however, is higher than that of any Hall of Famer.

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

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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 that occur 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 youth. 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. But put it all together and it is creating a very negative portrait.”

Panelists were surprised at just how consistently Americans ended up at the bottom of the rankings. The United States had the second-highest rate of heart disease and the third-highest rate of 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, and its young people have the highest rates of sexually transmitted diseases; teen pregnancy; alcohol and drug abuse; and deaths from car crashes. Americans had the lowest probability of surviving to the age of 50. The report’s second chapter details health indicators for youth 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, such as 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 with low income and education from the health consequences of poverty, the report said.

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

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 than their counterparts 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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