Go forth and Tweet! Pope sees web networks as “portals of truth”






VATICAN CITY (Reuters) – Pope Benedict urged Catholics on Thursday to use social networks like Twitter and Facebook to win converts, as he launched his own smartphone app streaming live footage of his speeches.


The websites – often associated with endless postings of idle gossip and baby photos – could be used as “portals of truth and faith” in an increasingly secular age, the pontiff said in his 2013 World Communications Day message.






“Unless the Good News is made known also in the digital world, it may be absent in the experience of many people,” the 85-year old Pope said in the a letter published on the Vatican‘s website.


The Holy See has become an increasingly prolific user of social media since it launched its ‘new evangelization’ of the developed world, where some congregations have fallen in the wake of growing secularization and damage to the Church’s reputation from a series of sex abuse scandals.


The Pope himself reaches around 2.5 million followers through eight Twitter accounts, including one in Latin.


Belying his traditionalist reputation, the Pope praised connections made online which he said could blossom into true friendships. Online life was not a purely virtual world but “increasingly becoming part of the very fabric of society,” he said.


Social networks were also a practical tool that Catholics could use to organize prayer events, the pope suggested. But he called for reasoned debate and respectful dialogue with those with different beliefs, and cautioned against a tendency towards “heated and divisive voices” and “sensationalism”.


The websites were creating a new “agora”, he added, referring to the gathering spaces that were the centers of public life in ancient Greek cities.


The speech coincided with the launch of ‘The Pope App’, a downloadable program that streams live footage of the pontiff’s speaking events and Vatican news onto smartphones.


Pope Benedict‘s embrace of new media responds to the Church’s concern that it is invisible on the internet.


The Vatican commissioned a study of internet use and religion prior to the pope’s Twitter debut, which found the majority of U.S. Catholics surveyed were unaware of any significant Church presence online.


(Reporting by Naomi O’Leary; editing by Andrew Heavens)


Social Media News Headlines – Yahoo! News





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Country singer Gary Allan’s new album gets label’s early push






NASHVILLE, Tennessee (Reuters) – The release of country music singer Gary Allan’s new album “Set You Free,” this week, his first since undergoing vocal surgery in 2010, was not meant to happen so soon.


But when his record label, MCA Nashville, saw his new song “Every Storm (Runs out of Rain),” race up the charts in September, the label pushed the album’s release up two months from March.






“I’ve been doing this forever and it usually goes the other way,” Allan told Reuters. “It’s super exciting for me.”


Now in its 20th week on Billboard’s country chart, “Every Storm (Runs out of Rain),” peaked last week at No. 4 and has been downloaded some 685,000 times, according to Nielsen SoundScan.


Allan, 45, who has scored three country chart toppers in his 17-year career, said his latest hit was the right song at the right time for a country politically divided and seemingly down on its luck.


“It’s a song about hope,” he said. “Sometimes a song really resonates with people and the public because of the timing of its release. This is a time when our country needs hope and I think that’s why it’s doing so well.”


Allan’s voice is stronger on the album and he credits surgery he underwent in 2010 to remove a polyp from his vocal cords, which made it difficult for him to sing high notes.


“I don’t think I realized it really, but there were a few years where I couldn’t hit the falsetto notes on songs like ‘Smoke Rings in the Dark.’ After the surgery, it was like I was 18 again,” he said.


Allan, a California native who often plays down-home American rodeos and state fairs, is best known as a brooding troubadour who likes to pack an emotional punch.


TEAM OF RIVALS


“I don’t want to hear songs about how sunshiny things are,” he said. “I don’t like songs that feel like radio candy … I like the ones that make you think, laugh or cry – they pull some kind of emotion out of you.”


Allan for the first time played a part in writing every song on “Set You Free” to achieve that sentiment. He also used a team of rivals to freshen up his sound on his ninth studio album.


“I think you need to do something new to keep reinventing yourself,” he said. “I used three different producers and we were all a little competitive with each other to see who could get the best songs,” he said.


“The result was we got better quality in the songs and the recording. It’s my favorite album I’ve ever done.”


Among his favorite songs on the album is “One More Time,” a song about the death of his father in 2008, written with Hillary Lindsey and Matt Warren – co-writers on “Every Storm.”


“We just wanted to write an introspective song,” Allan said. “We kept thinking ‘What would you say when you got to the pearly gates?’, and what I would say is ‘I want one more time, I’m not ready to be there.’”


Another song, “Pieces,” describes Allan’s life philosophy.


“No matter who you meet in life, you take something from them, positive or negative,” Allan said. “That’s what the song is about, pieces of what I’ve been through and of the people I’ve met.”


MCA Nashville is part of Universal Music Group, a subsidiary of France’s Vivendi SA.


(Reporting by Vernell Hackett, editing by Eric Kelsey, desking by G Crosse)


Music News Headlines – Yahoo! News





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Mind: Avoiding Cold Feet Down the Aisle

His charisma was big enough to make his bad habits seem small, more like quirks than flaws. The cigarettes on his breath; the extra weight around the middle; the indifference to clothing and appearances — surely these were minor things, correctable in time.

In the months leading up to the wedding, in 1988, even the fact that he’d been living with his mother at age 38 seemed somehow explainable, if not ideal.

“How about that for a red flag?” said Jincey Huck, a state court employee in St. Louis, of her first husband, who has since died. “Deep down I knew it was a mistake, but I wanted to be married, I wanted kids, all that. I had cold feet the entire time,” said Ms. Huck, now 51.

Psychologists have studied decision-making for more than a century, trying to tease apart how biases, emotion and personality affect big choices and small ones. They have studied people playing investment games. They have taken brain images during hypothetical moral decisions. They have compared the accuracy of snap judgments to long deliberation, trying to gauge the value of subconscious instincts.

But it’s a lot harder to simulate in a laboratory the sort of big life decisions that are risky and hard to reverse: Whether to move across the country. Whether to take a new job, or buy a new house, even switch from PC to Mac. And, perhaps biggest of all: whether to walk down the aisle or split up.

“Virtually every big, real-life decision requires the decision-maker to resolve 10 fundamental questions, or what I call cardinal issues,” said J. Frank Yates, a professor of marketing and psychology at the University of Michigan’s business school. People only feel real confidence, he said, when they begin to address them all, including trade-offs and timing.

Most people, of course, aren’t experts in decision science. They decide based on their own beliefs, whims and their gut.

So how instructive are gut feelings — particularly cold feet — when there are so many moving parts and the stakes are so high? A study published in the current issue of The Journal of Family Psychology provides an answer: plenty instructive, at least when it comes to marriage.

“Having doubts before marriage is not only common, it predicted a higher divorce rate for women and more dissatisfaction in marriages for men and women,” compared with newlyweds with no doubts, said Justin A. Lavner, a doctoral student in psychology at the University of California, Los Angeles.

The study, with co-authors Benjamin R. Karney and Thomas N. Bradbury of U.C.L.A., is the first to examine premarital cold feet in a group of couples over time.

That gut-level doubt can portend coming trouble seems true by definition, self-evident. Yet most big decisions prompt some nervous hesitation, and research suggests that it is the nature and source of those doubts that matter, not their mere presence. Many of the psychological dynamics at play in premarital decision-making are similar to those that build around any big decision.

“The important thing to note is that most people who get divorced do not have major doubts going in” to the marriage initially, even if cold feet may increase the odds, said Arthur Aron, a psychologist at Stony Brook University. “At the same time there are factors — like disagreements with the other person’s parents — that may seem minor but become more important later, for instance, when you have kids.”

Several distractions can make these traps hard to appreciate. One is external pressure created by a wedding. “People get caught up in it and dismiss cold feet as, ‘Oh, that’s only the jitters,’ ” said Anne Milford, co-author with Jennifer Gauvain of “How Not to Marry the Wrong Guy” (Random House 2010), who interviewed about 200 women who had had strong doubts at the altar.

“Women most often said they knew they were making a mistake but did it anyway, often because they had no one who’d listen to them,” Ms. Milford said.

Two other elements that blur the decision are internal, less conscious, and can work against one another.

Both are types of idealization. In a series of studies, Sandra Murray of the State University at Buffalo and others have shown that new lovers have a strong tendency to idealize their partner, in the way that Ms. Huck did: Her friends are kind of sweet, when sober. He gets depressed mostly because he’s so sensitive.

Doubts don’t evaporate; they’re suppressed, only to return later.

The other is an expectation many have, of exquisite happiness. “People feel that they have to find the ideal, perfect Mr. or Ms. Right, who is their soul mate, with whom they will feel passionate love forever, and who will make them happy forever,” said Sonja Lyubomirsky, a psychologist at the University of California, Riverside, and author of “The Myths of Happiness” (Penguin, 2013).

She added: “Of course, both research and anecdotal evidence shows that this is not what typically occurs” and this type of person can easily become disappointed.

Being mindful of both distortions — and finding someone outside the wedding frenzy to listen — is one way to check whether those cold feet are ominous.

Another, Dr. Yates said, is to sit down and write about the doubts. “If a person writes about a decision problem, as opposed to simply thinking about it, she develops greater confidence in the correctness of the decision she eventually reaches,” he said in an e-mail. And that confidence is well placed, his studies have suggested.

“I really did ignore everything; I let it all slide,” said Ms. Huck, who is now happily remarried. “The worst part was afterward, knowing I’d done something I knew at the time was a mistake.”


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U. of I. to launch tech research center in Chicago









Plans to launch a University of Illinois-affiliated technology research center in Chicago will be unveiled Thursday — the latest regional effort to stem an exodus of high-tech brainpower and entrepreneurship to the coasts.


A private, not-for-profit company, to be called UI Labs, is expected to open offices in or near the Loop to foster collaboration between the region's scientists and engineers from academia, industry and government.


The project, expected to be financed by private donations, corporate partnerships and federal grants, will be outlined for U. of I. trustees Thursday. The goal is to raise $20 million for first-year operations.





The aim is build a research and engineering powerhouse that will attract a range of industries to Chicago, along the lines of what the former Bell Labs did for the East Coast. The University of Illinois at Urbana-Champaign will offer up its vast tech resources, including the National Center for Supercomputing Applications and its Blue Waters supercomputer. It is anticipated other local universities and national research centers will participate.


"I was in India last week, talking with firms that were thinking of coming to Illinois to engage with university scientists," said U. of I. President Robert Easter. "And they say, 'We have a presence in Chicago or we're thinking of having a presence in Chicago, and it would be much more convenient if we could work with you there.'"


Or as project adviser James Duderstadt, president emeritus of the University of Michigan, put it, the U. of I. is among the top five universities in the nation in such high-tech fields as computer science and engineering, "but it's down there in the cornfields."


"All the pieces are there, but some of the things Chicago is lacking are things Urbana-Champaign has," he said.


The idea is to marry the two, helping Chicago attain the sort of direct scientific underpinnings that long have fostered tech hotbeds in Boston and the San Francisco Bay Area.


"This is an opportunity to essentially build some of the glue and connective tissue … and that's needed to keep students from leaving and, frankly, to grow some companies in Chicago," said Lesa Mitchell, vice president of innovation and networks for the Kansas City, Mo.-based Kauffman Foundation, which focuses on entrepreneurship.


Chicago faces intense competition nationwide, as many cities aim for technological prowess and growth. The start of the year brought the launch of a Cornell NYC Tech campus, for instance, a graduate program in applied sciences that will turn out high-level scientists in New York City.


In Illinois, the challenge is retaining talent. One telling statistic: 32 percent of computer science graduates from the U. of I. in Urbana-Champaign get jobs in California, said Larry Schook, the university's vice president for research.


Among U. of I. grads who made their names out West are Marc Andreessen, co-founder of Netscape; software entrepreneur Thomas Siebel, a major U. of I. donor; and Ray Ozzie, who recently retired as chief software architect for Microsoft Inc.


The goal of this project, supported by Gov. Pat Quinn and Mayor Rahm Emanuel, is to retain the next generation of Illinois-trained innovators.


The University of Illinois will have an affiliation agreement with the lab that would outline the flow of personnel, resources and services between them. The goal is to attract 250 faculty fellows during the first three years. Additionally, more than 1,000 undergraduate and graduate students are expected to participate in UI Labs training and entrepreneurial programs during the first five years.


"Some students and researchers prefer the city to a smaller community … so this could increase the quality of the faculty," said Bruce Rauner, a prominent Chicago venture capitalist who has worked on the development of this plan. "This can drive better research."


The intent is to develop a "junior year abroad program" as well, with the aim of attracting top students from overseas.


The UI Labs project will start within the next month or so, Schook said, with the naming of board members and a director search.


"We'd love to have … the smartest tech students in the world come to participate and stay here to create companies," Schook said.


Rauner, who made his fortune as co-founder of private equity firm GTCR and heads venture firm R8 Capital Partners, said he intends to participate in fundraising and to donate millions personally. Ultimately, to bring the center to world-class status, it may be necessary to raise a $300 million endowment, he said.


The University of Illinois has programs aimed at linking businesses to applicable academic research, including the University of Illinois at Chicago's Innovation Center and research parks at Chicago and Urbana. While those attempt to match faculty research with companies that could use it, the UI Labs model would aim for even deeper collaborative brainstorming, Easter said.


"A company struggling with a problem related to its technology could come in and sit with faculty who do theoretical work to see if those principles could lead to a solution," he said. "Out of that will come innovation, and that will drive economic growth."


kbergen@tribune.com


Twitter @kathy_bergen





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Pearl Jam announces July concert at Wrigley Field













Pearl Jam


Pearl Jam
(January 22, 2013)


























































Pearl Jam will be playing at Wrigley Field Friday, July 19, the band confirmed this morning.


The band tweeted out, "IT'S OFFICIAL: Pearl Jam will be playing at Wrigley Field. Will you be there?" The show will be called “An Evening With Pearl Jam," with no opening act.


Tickets will go on sale Feb. 9 at 10 a.m. central, according to concert promoter Live Nation. Tickets will be available at www.tickets.com or by calling 1-800-THE-CUBS. Tickets will not be available at the Wrigley Field Box Office.





Pearl Jam and the Cubs haven't been very subtle about the possibility of the iconic band playing a concert at Wrigley Field in 2013.


Tuesday afternoon, both the Cubs and Pearl Jam Tweeted pictures of the field at Wrigley, with a full concert setup. The band's Tweet, featuring the "stay tuned" hashtag, also included a "looking good" reference to the Wrigley image.


The Cubs also played a role in the suspense, sending out a Tweet that included "Ten," and a repeat of the "stay tuned" hashtag. There was also a link to a photo of a Ron Santo Cubs jersey (No. 10), the parallel being that “Ten” is also the title of Pearl Jam’s first album.


The band also announced a July 16 date in London, Ontario.




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First “Firefox OS” Phones Previewed, to Launch in February






Mozilla, the non-profit organization behind the popular Firefox web browser, has been promoting its Firefox OS project (once known as “Boot to Gecko”) for some time now. A hardware partnership with Telefonica, the international telecom giant, had been announced, but no phones had yet been unveiled.


But in an announcement today on its blog, Mozilla announced the impending launch of its first “developer preview” phones, the Keon and the Peak. Made in partnership with Geeksphone, a Spanish smartphone producer which used to make Android phones, these devices are meant to help app developers preview their work on the small screen. But they may also serve as a sneak preview of Mozilla’s plan to enter the smartphone market.






Introducing Firefox OS


Designed as an alternative to Google’s Android for low-powered smartphones, Firefox OS’ claim to fame is that it’s “built entirely using open web standards,” or open-source code written in the programming languages which make up the web, like JavaScript. Likewise, Firefox OS apps are websites specially formatted to look and feel like apps, and to respond to touchscreen controls and access phone features like vibration and the GPS.


A selection of Firefox apps is already available in the Mozilla Marketplace, but developers will eventually be able to take the open-source code behind it and create their own app markets like it if they so choose. These apps also run on the preview “Aurora” version of Firefox for Android, which is available for download from Mozilla’s website.


“Say ‘hola’” to the Keon and Peak


The Keon is Mozilla’s entry-level developer smartphone, while the Peak has somewhat more modern hardware specs.


The Keon has a 1 GHz Snapdragon processor, 512 MB of RAM, a 3.5-inch touchscreen, and 4 GB of flash memory, plus a microSD card slot to expand storage space. Its built-in camera is a basic 3-megapixel shooter, and lacks an LED flash. It’s roughly comparable to 2010′s iPhone 4 in terms of raw hardware specs, although it probably won’t be able to play the same kinds of 3D games since they’ll be written as web applications.


The Peak has a dual-core 1.2 GHz processor, a 4.3-inch IPS display, and an 8-megapixel camera with a flash, plus a 2-megapixel front-facing camera. It has the same amount of RAM and flash storage as the Keon does, though.


Both the Keon and the Peak are unlocked GSM smartphones, which may mean they will work on AT&T and T-Mobile’s networks in the States.


Pricing and availability


According to Peters, the “First phones will be available in February.” Prices have yet to be announced.


Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.


Linux/Open Source News Headlines – Yahoo! News





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“Cyborg Foundation” wins $100K Focus Forward prize






LOS ANGELES (TheWrap.com) – Spanish director Rafel Duran Torrent has won the $ 100,000 cash prize in the Focus Forward Filmmaker Competition at the Sundance Film Festival. The awards, the most lucrative ever given to short documentaries, went to five different shorts, with the top one being Duran Torrent’s “Cyborg Foundation.”


The director will also be invited to a Sundance Institute ShortsLab program of his choice this year.






Runners-up were Jared P. Scott and Kelly Nyks for “The Artificial Leaf,” Paul Lazarus for “Slingshot,” Kim Munsamy for “Bones Don’t Lie and Don’t Forget” and Callum Cooper for “Mine Kafon.”


The program was launched at last year’s Sundance by Morgan Spurlock and Karol Martesko-Fenster. Focus Forward was run by Spurlock’s and Martesko-Fenster’s company, cinelan, and sponsored by GE.


The top films were chosen by a jury consisting of Sundance senior programmer Caroline Libresco, actress Daryl Hannah and directors Barbara Kopple, Jose Padilha, Joe Berlinger, Floyd Webb and Peter Wintonick.


The winning films and the 15 other finalists can be viewed on the Focus Forward website.


Movies News Headlines – Yahoo! News





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The New Old Age Blog: Study Links Cognitive Deficits, Hearing Loss

There’s another reason to be concerned about hearing loss — one of the most common health conditions in older adults and one of the most widely undertreated. A new study by researchers at Johns Hopkins Medicine suggests that elderly people with compromised hearing are at risk of developing cognitive deficits — problems with memory and thinking — sooner than those whose hearing is intact.

The study in JAMA Internal Medicine was led by Dr. Frank Lin, a hearing specialist and epidemiologist who over the past several years has documented the extent of hearing problems in older people and their association with falls and the onset of dementia.

The physician’s work is bringing fresh, and some would say much-needed, attention to the link between hearing difficulties and seniors’ health.

In his new report, Dr. Lin looked at 1,984 older adults who participated over many years in the Health ABC Study, a long-term study of older adults conducted in Pittsburgh and Memphis. Participants’ mean age was 77; none had evidence of cognitive impairment when the period covered by this research began. In 2001 and 2002, they received hearing tests and cognitive tests; cognitive tests alone were repeated three, five and six years later.

The tests included the Modified Mini-Mental State exam, which is administered through an interview and yields an overall picture of cognitive status, and the Digit Symbol Substitution Test, a paper-only exercise that asks people to match symbols and numbers, which can reveal deficits in someone’s working memory and executive functioning.

Dr. Lin found that annual rates of cognitive decline were 41 percent greater in older adults with hearing problems than in those without, based on results from the Modified Mini-Mental State Exam. A five-point decline on that test is considered a “clinically significant” indicator of a change in cognition.

Using this information, Dr. Lin found that elderly people with hearing problems experienced a five-point decline on the exam in 7.7 years, compared with 10.9 years for those with normal hearing.

Results from the Digit Symbol Substitution Test showed the same downward trend, though not quite as steep: older people with hearing loss recorded a yearly rate of cognitive decline 32 percent greater on it than those with intact hearing. In both cases, the results showed an association only, with no proof of causality.

Still, given the fact that nearly two-thirds of adults age 70 and older have hearing problems, it is an important finding.

For caregivers and older adults, the bottom line is “pay attention to hearing loss,” said Kathleen Pichora-Fuller, a professor of psychology at the University of Toronto who was not involved in the study.

Most people seek medical attention for hearing difficulties 10 to 20 years after they first notice a problem, she said, because “there’s a stigma about hearing loss and people really don’t want to wear a hearing aid.” That means years of struggling with the consequences of impairment, without interventions that can make a difference.

One consequence that may help explain Dr. Lin’s findings is social isolation. When people have a hard time distinguishing what someone is saying to them, as is common in older age, they often stop accepting invitations to dinners or parties, attending concerts or classes, or going to family events. Over time, this social withdrawal can become a self-fulfilling prophecy, leading to the loss of meaningful relationships and activities that keep older people feeling engaged with others.

A substantial body of research by cognitive scientists has established that seniors’ cognitive health depends on exercising both body and brain and remaining socially engaged, and “now we have this intersection of hearing research and cognitive research lining up and showing us that hearing health is part of cognitive health,” said Dr. Pichora-Fuller, who originally trained as an audiologist.

Family physicians and internists, too, often dismiss older patients’ complaints about hearing, and should pay close attention to Dr. Lin’s research, she said.

“I hope this study will be a wake-up call to clinicians that auditory tests need to be part of the battery of tests they employ to look at an older person’s health,” agreed Patricia Tun, an adjunct associate professor of psychology at Brandeis University.

Although the tests are effective and cause no known harm, a panel of experts recently failed to recommend them for older adults because of a lack of supporting evidence, as I wrote last August.

Another potential explanation for Dr. Lin’s new finding lies in a concept known as “cognitive load” that Dr. Tun has explored through her research. Basically, this assumes that “we only have a certain amount of cognitive resources, and if we spend a lot of those resources of processing sensory input coming in — in this case, sound — it’s going to be processed more slowly and understand and remembered less well,” she explained.

In other words, when your brain has to work hard to hear and identify meaningful speech from a jumble of sounds, “you’ll have less mental energy for higher cognitive processing,” Dr. Tun said.

Even seniors who hear sounds relatively well often report that words sound garbled or mumbled, she noted, indicating a deterioration in hearing mechanisms that process complex speech.

Also, as yet unidentified biological or neurological pathways may affect both speech and cognition. Or hearing loss may exacerbate frailty and other medical conditions that older people oftentimes have in ways that are as yet poorly understood, Dr. Lin’s paper notes.

A limitation to his study is its reliance, in part, on the Modified Mini-Mental State exam, which asks older adults to respond to questions posed by an interviewer, according to Barbara Weinstein, a professor and head of the audiology program at CUNY’s Graduate Center.

Her research has shown that hearing-compromised seniors may not understand questions and answer incorrectly, confounding results. Another limitation arises from the failure to test participants’ hearing over time, as happened with cognitive tests, making associations more difficult to tease out.

Dr. Lin hopes to address this through another research project that would follow older adults over time and test whether interventions such as hearing aides help prevent the onset or slow the progression of cognitive decline. In the meantime, older people and caregivers should arrange for hearing tests if they have concerns, and consider getting a hearing aid if problems are confirmed.

Getting sound to the brain is the “first and most important step” in preventing sensory deprivation that can contribute to cognitive dysfunction, said Kelly Tremblay, a professor of speech and hearing science at the University of Washington.

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Prosecutors: Peregrine Financial fraud loss exceeds $215M









Peregrine Financial Group's former chief executive stole more than $215 million from customers of his now-defunct futures brokerage and should be sentenced to the maximum 50 years in jail, U.S. prosecutors said Tuesday.

Russell Wasendorf Sr., 64, who founded the firm, has pleaded guilty to embezzlement but wants a lighter sentence, saying that the loss was less than $200 million and that he used "very basic, simple means" to carry out his fraud, according to documents filed by U.S. prosecutors.

Wasendorf, whose attempted suicide sent his firm into bankruptcy last July, is in jail in Iowa and will be sentenced Jan. 31.

U.S. prosecutors say the large loss, the sophisticated nature of the crime and the sheer number of victims -- more than 10,000 -- justify his spending the rest of his life behind bars.

"While some of defendant's individual acts might be characterized as simple in isolation, they were part of an exceedingly complex scheme whereby defendant's entire business was used as a mechanism to gather and purloin investor funds," prosecutors said in their sentencing memorandum, promising to fight any attempt by Wasendorf to receive a sentence of less than 50 years.

Prosecutors put the exact loss at $215,530,547, based on Peregrine's bank records, and will call Brenda Cuypers, the firm's chief financial officer, as a witness at the sentencing hearing next week.

They had previously pegged the embezzlement only at "more than $100 million," to which Wasendorf pleaded guilty.

Wasendorf's public defender has a policy of declining to comment on cases, and did not reply to an email from Reuters seeking comment.

The collapse last July of Peregrine Financial, known as PFGBest, dealt a blow to confidence in the U.S futures industry, already reeling from $1.6 billion hole in customer pockets left when giant brokerage MF Global failed nine months earlier.

Futures traders had never before suffered such large losses as a result of a brokerage failure.

"To see (Wasendorf) go to jail could give some people some hope," said James Koutoulas, co-head of the Commodity Customer Coalition, which fought to get customer money back in both bankruptcies. "In MF Global, justice hasn't been done."

No one has been charged with wrongdoing in MF Global's collapse.

Regulators have scrambled to patch perceived gaps in customer protections at brokerages and exchanges that handle contracts valued at some $2.5 trillion a day.

That figure is set to rise as new rules push over-the-counter swaps onto regulated trading venues.

The sentencing memorandum offers new details in the government's account of the fraud, which Wasendorf said in a July statement began in the early 1990s after he was hounded by an overzealous regulator.

The fraud began even earlier, prosecutors said in Tuesday's filing, when he stole at least $250,000 from customers' accounts to pay back the original financier of his brokerage, a person referred to in the document only by the initials "J.C."

"Using a copy machine, defendant fabricated a bank statement to conceal the theft of funds," the document said. For the next nearly 20 years, prosecutors said, he faked bank balances, fabricated deposits, and used a rented post office box in Cedar Falls, Iowa, to intercept letters from his auditors meant to check up on his balances at U.S. Bank.

He even went so far as to fly from Chicago, where his firm did most of its business, to Iowa to prevent the near-discovery of his fraud, ultimately convincing Peregrine and U.S. Bank employees that nothing was wrong, the document said.

All the while he worked to make Peregrine Financial seem much bigger and more successful than it was, they said.

Wasendorf believed that "if he could make himself appear rich, the auditors and regulators wouldn't be concerned with the state of his personal finances and not discover it was all a fraud," prosecutors quoted Wasendorf as saying in a sealed presentencing report.

But Peregrine was never actually profitable, even though by its demise investors had entrusted more than $376 million to him and his firm, they said.

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Single-digit freeze continues; wind chills at dangerous levels

Chicago's morning weather forecast. ( WGN - Chicago)









Brace yourself and bundle up.

After a night when temperatures dipped to the low single digits, "they're not going to move a whole lot today," said Mark Ratzer, a meteorologist with the National Weather Service.






Temperatures may not break 10 degrees today, Ratzer says, and if they do, it won't be by more than a degree or two. A wind chill advisory issued Monday remains in effect until 10 a.m. this morning.

At 8 a.m., it was minus 1 degree at O'Hare International Airport, with a wind chill of minus 14. This is the first time since Feb. 10, 2011 that a subzero temperature has been recorded in Chicago. The streak of 711 consecutive days without a subzero temperature was the fourth longest on record, according to Richard Castro, also a meteorologist at the weather service.

If there's good news, it's that the wind won't be quite as strong as it was Monday when wind chills plummeted into the negative teens.

It won't be as cold as it was on Jan. 22, 1936, when a low temperature of 17 degrees below zero set Chicago's all-time record.

That's about where the good news stops. The cold will linger for several days, and temperatures are not expected to top 32 degrees until early next week, Ratzer said.

The overnight low of 4 degrees was the coldest since Feb. 10, 2011, when aided by a heavy snow cover, temperatures dipped to 9 below zero.

Over a 30-year period, the average temperature high for Jan. 22 is 31 degrees and the average low is 16.

Authorities reported no overnight deaths from the cold, though today's temperatures remain dangerous for anyone spending prolonged periods outdoors.

At least seven people in Cook County have died from causes related to the cold this season.

asege@tribune.com

Twitter: @AdamSege

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