Ex-hedge fund manager Mathew Martoma accused of insider trading

NEW YORK — After building a huge stake in two drug companies, hedge fund manager Mathew Martoma told his powerful boss on a Sunday morning that they had to immediately dump their position.

It was an unusual request even by the outsized standards of Wall Street, but the hedge fund quietly liquidated its $700-million position within days.

Federal authorities suggested Tuesday why Martoma was in such a hurry back in 2008 — he'd allegedly gotten an illegal tip about big problems with the companies' developmental Alzheimer's drug. It was the most profitable insider-trading scheme in U.S. history, netting $276 million in profit and avoided losses, according to prosecutors.

But it resulted in criminal charges against Martoma and a swirl of questions about his boss, Steven Cohen, who is one of the most celebrated figures on Wall Street.

Cohen is worth an estimated $8.8 billion and lives in a 35,000-square-foot mansion in Greenwich, Conn., that includes an ice rink and Zamboni machine. He helped bankroll a failed bid last year to buy the Dodgers.

His firm, SAC Capital Advisors, has drawn attention in recent years as the government launched a massive crackdown on insider trading.

The hedge fund reportedly told clients it received a subpoena seeking a "broad" array of documents in late 2010. Around that time, two hedge funds founded by SAC alumni were raided by FBI agents as the government pursued its insider probe.

Martoma is the fifth person affiliated with SAC Capital to be charged in insider-related cases. Cohen's ex-wife sued him three years ago, alleging that her former husband amassed his fortune partly through insider trading.

Cohen was not named in the dual federal and civil complaints Tuesday, but experts said the government might have him in its sights.

In a civil complaint filed by the Securities and Exchange Commission, Cohen is referred to as "Portfolio Manager A," the Wall Street Journal reported. The companion criminal action lists Cohen as the "owner" of hedge funds involved in the scheme, the Journal said.

"He is to hedge funds what Michael Milken, back in the '80s, was to investment bankers," said John Coffee, a law professor at Columbia University. "The government seems to be within one move of getting a key witness against one of the most important figures in the new universe of hedge funds."

An SAC spokesman disputed that.

"Mr. Cohen and SAC are confident that they have acted appropriately and will continue to cooperate with the government's inquiry," the spokesman said in a statement.

Martoma's lawyer denied wrongdoing by his client.

"Mathew Martoma was an exceptional portfolio manager who succeeded through hard work and the dogged pursuit of information in the public domain," the lawyer, Charles Stillman, said in a statement. "What happened today is only the beginning of a process that we are confident will lead to Mr. Martoma's full exoneration."

The case revolves around a drug developed by Irish biotechnology company Elan Corp. and New Jersey-based pharmaceutical giant Wyeth, which was acquired by Pfizer Inc. in 2009.

Martoma specialized in healthcare stocks for an SAC unit called CR Intrinsic. He got a series of tips about the drug, bapineuzumab, from Dr. Sidney Gilman, a neurology professor at the University of Michigan, the government said.

Gilman consulted for Elan and Wyeth. Martoma was connected to Gilman by an "expert network" that matches investors with specialists in various fields.

After initial optimism about bapineuzumab, a clinical trial showed disappointing results. Gilman allegedly alerted Martoma to the test results shortly before public disclosure in July 2008, prompting Martoma's 8:52 a.m. email to Cohen.

The subsequent selling accounted for a whopping 20% of Elan's trading volume and 11% of Wyeth's at one point, according to the FBI. The fund even bet against the companies by "shorting" their stocks.

"And so, just like that, overnight, Martoma went from bull to bear as he tried to dig his hedge fund out of a massive hole," Preet Bharara, the U.S. attorney in Manhattan, said at a news conference.

Elan shares slumped 42% the day after the results were revealed.

Martoma is the fifth former SAC employee and the 73rd defendant accused of insider trading by Bharara's office since August 2009. Of those defendants, 69 have been convicted, most of them through plea agreements.

Bharara's office agreed to not prosecute Gilman, 80, in exchange for his testimony.

Martoma, 38, got an annual bonus of $9.3 million, primarily stemming from the profits in Elan stock, according to the government.

He got no bonus after disappointing years in 2009 and 2010 and was terminated in 2010. According to the government, an email recommending his termination said Martoma appeared to be a "one trick pony with Elan."

andrew.tangel@latimes.com

walter.hamilton @latimes.com

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Israel, Hamas keep up attacks as talks continue in Egypt

GAZA CITY — As negotiators worked on a tenuous cease-fire deal, Israel and Hamas pounded each other for a sixth day and anger rose in the Gaza Strip over the increasing number of casualties.

Hopes for a truce grew Monday night when Israeli Prime Minister Benjamin Netanyahu convened Cabinet members to discuss the details of what was said to be a multiphase, multiyear cease-fire agreement.

Officials in Egypt, where the talks were underway, expressed cautious optimism. Arab League leaders and United Nations Secretary-General Ban Ki-moon, who was visiting the region, were trying to help negotiate a deal. The White House said President Obama, who is visiting Asia, called Netanyahu and Egyptian President Mohamed Morsi on Monday.

Israel is seeking assurances from Egypt that Hamas will halt rocket fire into Israel and not be allowed to rebuild the weapon caches that Israel has destroyed in recent days. Hamas, which rules the Gaza Strip, wants an end to the land and sea blockade that has crippled its economy, and to targeted killings of its leaders by Israel.

Any sort of agreement must overcome huge obstacles. Israel views Hamas as a terrorist organization and the Islamist militant group refuses to recognize Israel's right to exist.

Even if the two don't alter those stances, any internationally endorsed truce would usher in a new phase in their relationship. Previously Israel and Hamas have refused direct negotiations, occasionally reaching informal agreements brokered through intermediaries, such as last year's deal to release captured Israeli soldier Gilad Shalit.

There are sizable risks for both sides, but also opportunities, said Doron Avital, a lawmaker with Israel's centrist Kadima party and a former commander of an elite military unit.

Hamas would win some of the international legitimacy it craves, but it would also need to moderate its behavior, just as the Palestine Liberation Organization did after signing the Oslo peace accords in 1993.

"It might elevate the status of Hamas, but that will also mean that Hamas will have to play realpolitik," Avital said. "It can't stay a terrorist organization forever. There's an interesting potential here."

Heated comments by Hamas political chief Khaled Meshaal during a Cairo news conference Monday underscored the level of animosity. He called Netanyahu a "child killer" and "murderer."

"It is Netanyahu who asked for a truce," Meshaal said. "Gazans don't even want a truce."

For Israel, besides gaining an end to rocket attacks from Gaza, a deal might start the process of encouraging Hamas to become more moderate. And if Egypt guarantees an agreement, it would be directly invested in keeping Hamas unarmed.

With no cease-fire in place, Israel has massed soldiers and armor along the Gaza border in preparation for a possible invasion. But ground fighting would almost certainly lead to more Israeli and Palestinian casualties, and voices on both sides have cautioned against it.

Some said the negotiations may have led to an uptick in violence in recent days, as each side attempts to intimidate the other before a truce is called.

Palestinian casualties were relatively low in the first days of the conflict, but have increased as Israel's air campaign hit targets in more populated areas. On Monday, Israel attacked the Sharouk communications building in Gaza City where it said four senior members of the Islamic Jihad militant group were meeting.

Among the dead was Ramez Harb, a Palestinian journalist. Israel said he was a legitimate target because he served in the information department of Islamic Jihad.

Hamas' Health Ministry said 107 people had been killed in Gaza, including more than two dozen children. At least 850 people had been wounded.

Three Israelis have died in the barrage of rockets from Gaza and a dozen have been wounded, including three on Monday. An additional 135 rockets were fired Monday, pushing the total over the last week to more than 1,000. Hamas has fired rockets at Tel Aviv and Jerusalem for the first time.

The White House said Obama, in his conversation with Morsi, emphasized that the rocket fire into Israel must end.

In a somber sign of the climbing death toll, hundreds of Gazans crowded around the Shifa Hospital morgue Monday morning in a familiar ritual: collecting the bodies of loved ones.

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Yahoo shares reach 18-month high as investors warm to new CEO

SAN FRANCISCO (Reuters) – Yahoo Inc shares reached their highest level in a year and a half, as investor confidence grows that new Chief Executive Marissa Mayer can pull off a comeback that eluded three of her predecessors.

The Internet pioneer has yet to actually provide Wall Street with any hard evidence that its business is turning a corner – and she has warned that it will be a lengthy job – but investor faith in the ex-Google executive is running high.

Hedge funds Tiger Global Management and Greenlight Capital Management recently disclosed large stakes in Yahoo, accumulated during the third quarter.

“Money managers are staring to want to own this name again,” said Colin Gillis, an analyst with BGC Partners.

“For the amount of traffic they have, and the assets they have, they should be able to squeeze some value out of that,” Gillis said, referring to Yahoo. With Mayer at the helm, he said, Yahoo has “finally got somebody who the market believes can do that.”

Gravity Capital Management’s Adam Seessel said that Mayer’s recruitment of various Google Inc employees, including recently hired Yahoo Chief Operating Officer Henrique de Castro, has also helped burnish Yahoo‘s image.

“What the market is seeing is not (financial) numbers so much as they’re seeing people voting with their feet, people moving from Google to Yahoo,” said Seessel, whose firm owns Yahoo shares.

“All these people from Google wouldn’t be following her if they didn’t think that she didn’t have some good cards to play,” he said.

Shares of Yahoo finished Monday’s regular trading session up 2.8 percent at $ 18.36, amid a broad market rally. The last time Yahoo traded above $ 18.30 was in May 2011.

Yahoo ranks among the world’s most popular websites, with roughly 700 million monthly visitors. But the company’s revenue has eroded, amid competition from Google and Facebook and an industry-wide change in the online advertising market that has compressed prices for the online display ads that are key to its business.

The company has been rocked by internal turmoil: CEO Carol Bartz was fired over the phone and CEO Scott Thompson left after less than six months on the job due to questions about his academic credentials. Mayer, Google‘s first female engineer, took the top job at Yahoo in July.

In a conference call with investors last month, Mayer said that making Yahoo‘s online products more smartphone-friendly was her top priority.

Investors and analysts on Monday dismissed a weekend report in The Telegraph that said Yahoo was in discussions with Facebook about a search deal, particularly after Facebook issued a statement denying any such talks.

“People expect a better search experience on Facebook. We are working on improvements to better meet those expectations but are not in talks to enter into a new search partnership,” Facebook said in a statement on Monday.

Still, analysts say that search represents one of the key opportunities that Mayer will focus on as she moves to revive Yahoo‘s fortunes. A 2010 deal struck by former CEO Bartz outsourced the back-end technology of Yahoo‘s search to Microsoft Corp, but deal has failed to deliver an expected boost to Yahoo‘s search advertising revenue.

“Certainly search could be resuscitated,” said Gabelli & Company analyst Brett Harriss, who said Yahoo should be worth $ 26 a share based on a six-times multiple of its earnings before interest, taxes, depreciation and amortization.

“It was a disaster for a year and a half,” said Harris. “Everybody hated the board, you had a while of transition where you went through three or four CEOs quickly.”

Now, he said, there’s finally a CEO “that investors can believe in.”

(Reporting By Alexei Oreskovic; Editing by Steve Orlofsky)

Tech News Headlines – Yahoo! News

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Alda, Lear honored at 40th International Emmys

NEW YORK (AP) — Glee co-creator Ryan Murphy paid tribute at the International Emmy Awards Monday night to television legends Norman Lear and Alan Alda, whose cutting-edge, socially-conscious shows in the '70s changed the face of television.

Unlike previous years when Britain dominated the awards honoring excellence in television production outside the U.S., the winners in the nine categories this year spanned six countries. Argentina, Brazil and Britain each won two Emmys; Australia, France and Germany had one apiece.

Murphy closed the awards ceremony by delivering a moving tribute to Lear, now 90, and "M(asterisk)A(asterisk)S(asterisk)H" star Alda as he presented them with the 40th Anniversary Special Founders Award. The International Academy of Television Arts & Sciences marked the milestone anniversary by presenting special awards honoring a producer and performer who had groundbreaking shows on TV in 1972 when the International Emmys were first presented.

Fittingly, the night's big winner was Argentina's "Television x la Inclusion," a drama produced by On TV Contenidos dealing with issues of social exclusion and inclusion. It became the first series in the history of the International Emmys to sweep both acting categories.

Dario Grandinetti, who starred in Pedro Almodovar's film "Talk to Her," won the best actor award for his portrayal of a divorced, xenophobic taxi driver determined to drive out his Peruvian neighbors.

Cristina Banegas, a Argentine theater, film and TV actress, was honored as best actress for her role as the mother of a girl with Down syndrome who fights her health insurance company when it won't authorize life-saving heart surgery for her daughter.

The British winners were in the documentary category for "Terry Pratchett: Choosing to Die," about the author who after his Alzheimer's diagnosis travels to a Swiss clinic for a first-hand look at assisted suicide procedures, and "Black Mirror," a suspenseful and satirical look at the unease created by modern technology, in the TV movie/mini-series category.

Both of Brazil's wins went to TV Globo productions. "The Invisible Woman," about a publicist married to his boss whose relationship is threatened by the appearance in his life of his imaginary ideal woman, was chosen the best comedy. "The Illusionist," the story of a scam artist who becomes an illusionist after meeting a magician in jail, won in the telenovela category.

Murphy himself was honored midway through the awards ceremony hosted by Regis Philbin at the Hilton New York Hotel. Jessica Lange, the star of Murphy's contemporary gothic TV series "American Horror Story," presented him with the honorary 2012 International Emmy Founders Award.

Murphy, the writer, director and producer whose credits also include "Nip/Tuck" and "Popular," was recognized for the impact his shows have had in recognizing diversity and encouraging people to become more inclusive. With "Glee," Murphy also essentially created a novel TV format mixing music with drama/comedy.

At the end of the ceremony, Murphy returned to the stage to give the awards to Lear and Alda. Murphy recalled how moved he was when he watched Lear's sitcoms in his youth — "All in the Family" and its spinoffs "Maude" and "The Jeffersons," which decades later inspired him to produce "Glee" and "The New Normal."

Lear's shows were funny but tackled the key social issues of the day — racism, sexism, even abortion, rape and homosexuality — a sharp contrast to '60s hits like "The Beverly Hillbillies" and "Green Acres" which avoided race or other social problems.

Alda starred as the wise-cracking, anti-authoritarian Army surgeon Hawkeye Pierce on "M(asterisk)A(asterisk)S(asterisk)H, in which the Korean War served as a stand-in for social commentary on the Vietnam War. He became the only person ever to win U.S. Emmys for acting, writing and directing in the same series.

The other Emmy winners included France's police drama "Braquo," about a group of Parisian cops who circumvent the law, using violence and intimidation, for best drama series; Germany's "Songs of War," in which "Sesame Street" composer Christopher Cerf explores the relationship between music and violence after learning his songs had been used to torture prisoners in Guantanamo and Abu Ghraib, for arts programming; and "The Amazing Race Australia" for non-scripted entertainment.

Six International Emmys for children's programming will be presented at a new awards ceremony on Feb. 8 in New York.

U.N. Secretary-General Ban Ki-moon gave a taped introduction before Korean entertainer J.Y. Park presented the honorary International Emmy Directorate Award to Kim In-kyu, president of the Korean Broadcasting System.

___

Online:

www.iemmys.tv

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Global Update: Meningitis Vaccine Gets Longer Window Without Refrigeration

In what may prove to be a major advance for Africa’s “meningitis belt,” regulatory authorities have decided that a new meningitis vaccine could be stored without refrigeration for up to four days.

The announcement was made last week at a conference in Atlanta of the American Society of Tropical Medicine and Hygiene. While a few days may seem trivial, the hardest part of protecting poor countries is often keeping a vaccine cold while moving it from electrified cities to villages with no power. In antipolio drives, for example, the freezers, generators and fuel needed to make ice for the shoulder bags of vaccinators can cost more than the vaccine.

The new vaccine, MenAfriVac, made in India for 50 cents a dose, was introduced in 2010. In bad years, epidemics during the hot harmattan winds have killed as many as 25,000 Africans and disabled 50,000 more. In Chad this year, vaccination drove down cases to near zero in districts where it was used, while others nearby had serious outbreaks.

Experts decided that the vaccine is safe for four days as long as it stays below 104 degrees.

While temperatures get higher than that in Africa, said Dr. Godwin Enwere, medical director for the Meningitis Vaccine Project, teams normally get the vaccine out of coolers at dawn, drive to villages and finish before the day heats up. Other experts said it should be kept in the shade and monitored with colored paper “dots” that darken after hours in the heat.

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Over-the-top cooking show 'Epic Meal Time' sizzles on the Web

The chef at Someone Cares Soup Kitchen is accustomed to preparing meals for hundreds of people using donated meat, vegetables and fruit.

But on a recent afternoon in Costa Mesa, the chefs of Internet cooking sensation "Epic Meal Time" were raising a skeptical eyebrow.

Among the "epic" meals added to the lunch menu: Fast Food Lasagna (whose main ingredient is 45 McDonald's cheeseburgers), the Angry French Canadian (an adaptation of the Quebec dish poutine, on this day made with French fries, bacon and cheddar cheese and topped with brown gravy and maple syrup), and TurBaconEpic, a super-size version of the Thanksgiving-themed stunt classic, in which a quail is stuffed inside a Cornish game hen, inside a chicken, inside a duck, inside a turkey — then slow-roasted inside a pig.

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"We brought a whole bunch of our best-tasting recipes today to share with everyone here," said Harley Morenstein, the host of "Epic Meal Time." "So, I hope you enjoy it. If not, I apologize."

This isn't Ina Garten's "Barefoot Contessa." Morenstein and his cast of supporting characters aren't seeking the perfect bechamel sauce.

They're cooking big piles of meat, making such comically over-the-top meals as the barbecue Colosseum constructed out of ribs, cheeseburgers, hot dogs and macaroni and cheese, or a Christmas tree decorated with garland strands of chicken nuggets and 2,000 strips of bacon.

Online audiences — especially young men — eat it up. The weekly cooking show has attracted some 2.9 million subscribers on YouTube, and nearly a half-billion video views. The recent episodes "Chinese Pizza," "The Unbalanced Breakfast" and "Country Fried Meal Time" have each had more viewers than for a recent episode of TLC's popular "Cake Boss" or The Travel Channel's "Man Vs. Food." According to ratings firm Nielsen, new episodes of "Cake Boss" and "Man Vs. Food" attracted 1.5 million and 1.1 million viewers, respectively, in their initial TV outings.

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Eager to reach the Web show's young male demographic, Frito-Lay North America Inc.'s Doritos brand, retailer GameStop Corp., subscription service Netflix Inc. and the publisher of the "Gears of War" video game have advertised on the channel.

The Web show is not without its detractors. The advocacy group People for the Ethical Treatment of Animals featured a parody video called "Vegan Meal Time" on its blog and criticized the show's creators for "the nastiness of their gluttonous creations."

"'Epic Meal Time' seems to be a proud sponsor of the obesity epidemic," Jane Dollinger, a spokeswoman for PETA, said in a statement.

But "Epic Meal Time" has won some surprising fans who appreciate its satire of the over-serious TV cooking show. Healthful-eating advocate Jamie Oliver, who hosted ABC's "Food Revolution," even wrote the forward for the Web show's forthcoming cookbook.

Morenstein, who holds a degree in elementary education from McGill University in Montreal, was developing a children's show when he uploaded a video of him and a buddy cooking a pizza topped with melted cheese and McDonald's hamburgers. For fun, he tacked on nutritional information (6,000 calories and over 1,000 grams of fat) and invented the "Epic Meal Time" name to capture the gastronomical excess.

The October 2010 video was a modest YouTube sensation — attracting 150,000 views and coverage in the local newspaper. The next video, in which Morenstein created the Angry French Canadian sandwich, grabbed an even bigger online viewership and earned the 6-foot-6 host the nickname "Jackass in the kitchen."

In a bid for American viewers, Morenstein planned a Thanksgiving feast in which he created an exaggerated version of the legendary turducken. He dubbed his creation the TurBaconEpic.

"It got 2 million views in a week," Morenstein said. "I was like, 'OK, this is what we do for my life now.'"

In 2010, "Epic Meal Time" was accepted into YouTube's partner program, allowing it to share in online advertising revenue. To prepare, he wrote 200 to 300 cooking ideas for such things as a variation on spaghetti and meatballs, in which the pasta is stuffed into a meatball the size of a basketball.

Now, Morenstein's production company is profitable and supports a 10-person full-time team.

It collects revenue from advertisers attracted by its more than 30 million monthly video views, garners fees from marketers who are coming to the show's creator to develop branded content to promote their products and services, and operates a lucrative merchandising operation that sells everything from hats, hoodies and T-shirts to, soon, cooking utensils, said Dan Weinstein, chief content officer at Collective Digital Studio, Morenstein's management company and distribution partner.

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Israeli strike kills 9 members of Gaza family

GAZA CITY — An Israeli airstrike Sunday killed at least nine members of the same family — mostly women and children — in the deadliest single attack and worst civilian tragedy since the fighting in the Gaza Strip began last week.

Though Israel has expressed pride over its five-day military campaign for limiting civilian casualties, the strike against the Dalu home in Gaza City was likely to test the limits of international support it has received in the battle to stop militants from firing rockets at Israeli cities.

Yet despite immediate condemnation by Hamas, the militant group that controls Gaza, the tragedy did not appear to derail cease-fire negotiations underway in Cairo, where Israeli and Palestinian representatives are meeting. In fact, the high civilian death toll from Sunday's attack only increased the international pressure on both sides to end hostilities, coming on a day both President Obama and British officials raised concerns about the conflict expanding into a ground war.

Israeli military officials said they were targeting a Hamas militant in his home, but provided no further information. The Dalu family was believed to have links to Hamas' military wing and had been targeted by Israel before.

But there were conflicting reports about whether the strike killed the home's owner, Jamal Dalu, or his son Mohamed. Hamas' Health Ministry put the death toll at 11, which may include two neighbors. More than 20 people were injured.

On its website, the military wing of Hamas said that the attack on the family "will not go unpunished" and that the group had begun firing rockets at Israel in response. By Sunday night, Gaza militants had fired 114 rockets at southern Israel during the day, hitting buildings in Beersheba, Sderot and Ashdod. Five people were injured by shrapnel from a rocket in Ofakim, near the Gaza border.

The Israeli missile strike was so strong it destroyed the Dalu family's three-story building, blowing out windows blocks away and sending a charred mattress flying into the street.

For hours panicked neighbors and rescue workers clung to hope of finding survivors. While a bulldozer pulled apart pieces of the collapsed walls, volunteers in orange vests scrambled over the wreckage and searched for signs of life.

In a grim, heart-wrenching scene that played out over 90 minutes, the bodies of four children were pulled out one after another.

Each time they found a body, some of the men would yell excitedly and wave their hands at the bulldozer's driver to stop digging, while others would climb down to retrieve the child. As mobs of onlookers chanted "God is great," a rescue worker would race toward a waiting ambulance with a limp, dust-covered child.

"This is a massacre," shouted a distraught Nasser Dalu, 56, a cousin and neighbor, as he watched his relatives being pulled from debris. "What did these children do?"

Israel Defense Forces said it has launched more than 1,000 airstrikes over the last five days, mostly targeting weapons caches and military compounds, in an attempt to put an end to rocket and mortar attacks on communities in southern Israel.

It expanded its targets to include the homes of Hamas leaders; Gaza officials said 17 homes were attacked on Sunday alone. About the same time that the Dalu house was hit, Israel said it targeted Yiyhe Abia, the head of Hamas' rocket-firing squad, in his home nearby.

Sunday's airstrikes brought the death toll in Gaza to 69 people since Wednesday, including at least 24 civilians, hospital officials said. More than 660 Palestinians have been wounded.

Three Israelis were killed when a projectile fired from Gaza hit their apartment complex Thursday.

The strike on the Dalu home inflamed much of Arab world and within hours "aldalumassacre" had become a Twitter hashtag. Some compared the attack to the 2009 shelling of the Samouni house, when 21 members of the family were killed during the previous Israeli assault on Gaza.

The Dalu strike came at a delicate time in the Gaza conflict, as Egyptian President Mohamed Morsi has been trying to broker a long-term truce between Israel and Hamas. Despite the heated rhetoric and escalating violence, talks continued behind the scenes Sunday night, Hamas officials said.

Without an agreement soon, many fear Israel will launch a ground invasion. Israeli Prime Minister Benjamin Netanyahu told his Cabinet on Sunday that Israel is "prepared for a significant expansion of the operation."

At a news conference in Bangkok, Thailand, Obama urged both sides to resolve their differences "without further escalation of violence in the region."

While repeating his previous statements that Israel has a right to press for an end to attacks on its people, Obama said, "If that can be accomplished without a ramping-up of military activity in Gaza, that's preferable. That's not just preferable for the people of Gaza, it's also preferable for Israelis, because if Israeli troops are in Gaza, they're much more at risk of incurring fatalities or being wounded."

British Foreign Secretary William Hague shared Obama's concerns, telling Sky News television that "a ground invasion of Gaza would lose Israel a lot of the international support and sympathy that they have in this situation."

In addition to hitting the homes of Hamas officials, Israel expanded its targets to include buildings used by communications services, leaving several journalists injured early Sunday.

A 1:30 a.m. strike against one building destroyed the 11-floor offices of Al Quds television, a Hamas-affiliated network. Several journalists were seriously wounded, including one whose leg had to be amputated, witnesses said.

Cameraman Mohamed Akhras, 23, said he was working the night shift in case of any breaking stories and had just fallen asleep when the blast buried him and a colleague under furniture and debris.

"Israel targeted us because we are revealing the truth about their crimes," Akhras said, half his face dotted with small shrapnel cuts.

Israeli military officials defended the attacks against the Al Quds site and another Hamas-run communications facility, saying they were trying to destroy rooftop antennas used by militants to communicate.

edmund.sanders@latimes.com

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Justin Bieber dominates at American Music Awards

America proved its Bieber Fever was strong: The teen singer dominated the American Music Awards on Sunday night.

Bieber's wins included the show's top award, artist of the year. His mom joined him onstage as he collected the trophy, beating out Rihanna, Maroon 5, Katy Perry and Drake.

"I wanted to thank you for always believing in me," Bieber said, looking to his mom.

The 18-year-old also won the honor in 2010. He said it's "hard growing up with everyone watching me" and asked that people continue to believe in him.

Bieber and Nicki Minaj performed together — and separately — at the AMAs, and were both multiple winners.

But another collaboration was the night's most colorful performance: Korean rapper PSY and MC Hammer. Hammer joined the buzzed-about pop star for his viral hit "Gangnam Style." PSY rocked traditional "Hammer" pants as they danced to his jam and to Hammer's "Too Legit to Quit."

Bieber won favorite pop/rock male artist in the first award handed out at Sunday's show and gave a shout-out to those who didn't think he would last on the music scene.

"I want to say this is for all the haters who thought I was just here for one or two years. I feel like I'm going to be here for a very long time," he said.

He also won favorite pop/rock album for his platinum-selling third album, "Believe." He gave a stripped down, acoustic performance of "As Long As You Love Me," then transitioned to the dance-heavy "Beauty and a Beat," where Minaj joined him onstage, grinding with the teen for a few seconds.

Minaj, who wore three different wigs and four outfits throughout the night, repeated her AMAs wins from last year, picking up trophies for favorite rap/hip-hop artist and album for "Pink Friday: Roman Reloaded." She was in an all-white get-up, including fur coat and pink hair when she performed her new song "Freedom." The scene was ghostly and snowy, as a choir — also in white — joined her onstage. One background singer stole the performance, belting semi-high notes as Minaj looked on.

As Bieber won his second award, he was kissed on the neck by Jenny McCarthy, who presented the award.

"Wow. I feel violated right now," he said, laughing.

"I did grab his butt," McCarthy said backstage. "I couldn't help it. He was just so delicious. So little. I wanted to tear his head off and eat it."

Bieber's red and black outfit seemed to be the night's theme, as Taylor Swift and Usher wore similar ensembles.

Usher kicked off the three-hour show with green laser lights beaming onstage as he performed a medley of songs, including "Numb," ''Climax" and "Can't Stop, Won't Stop," which featured a smoky floor and a number of backup dancers, as Usher jammed in all black, with the exception of his red shoes. He won favorite soul/R&B male artist.

Swift won her fifth consecutive award for favorite country female artist.

"This is unreal. I want to thank the fans. You guys are the ones who voted on this," she said.

Swift gave a masquerade-themed performance of the pop song "I Knew You Were Trouble." She sang onstage in a light dress while dancers wore mostly black. But then she changed into a red corset and black skirt, matching their dark mood. She even danced and sang on the floor as lights flickered throughout the performance.

Dick Clark, who created the AMAs, was remembered by Ryan Seacrest and an upbeat performance by Stevie Wonder.

"What a producer he was," said Seacrest, as Wonder sang his hits, including "My Cherie Amour."

Carly Rae Jepsen, who performed early in the night, won favorite new artist.

"I am floored. Wow," she said, thanking Bieber and his manager, Scooter Braun.

Party girl Ke$ha was glammed up on the red carpet, rocking long, flowy blonde hair and a light pink dress. She switched to her normal attire when she performed her hit single "Die Young." It was tribal, with shirtless dancers in skin-tight pants, silver hair and skeleton-painted faces, who also played the drums. Ke$ha was pants-less, rocking knee-high boots and rolling on the floor as she finished up the song.

Minaj and Christina Aguilera were blonde bombshells, too: Minaj's hair was busy and full of volume and she sported a neon strapless gown to accept her first award. Aguilera wore a blonde bob in a purple dress that matched her eyeshadow.

Aguilera performed a medley of material from her new album and joined Pitbull onstage.

Kelly Clarkson also hit the stage, making a nod to her "American Idol" roots with a number on her dress and three judges looking on as she sang "Miss Independent." Then she went into "Since U Been Gone," ''Stronger" and "Catch My Breath." It's worth noting that "Idol" judge Randy Jackson introduced Clarkson, the first-ever winner of the show. He also advised people to donate through Red Cross for Superstorm Sandy victims.

Fellow "Idol" winner Carrie Underwood won best favorite country album and performed, hitting the right notes while singing "Two Black Cadillacs." She talked about singing competition shows backstage.

"These people that go on these shows are so talented, you know? And I would love to see if so many of the other artists that are out there today would go back and try out for these shows, because they might get their behinds kicked by some of the contestants," she said.

Luke Bryan won favorite country male artist and Lady Antebellum favorite country group.

American Music Awards nominees were selected based on sales and airplay, and fans chose the winners by voting online. At this award show, even the stars were fans: Pink said on the red carpet that she'd like to collaborate with Lauryn Hill. Cyndi Lauper said her musical playlist includes Pink and Minaj. Boy band The Wanted said they were excited to see PSY and Colbie Caillat wanted to watch No Doubt.

"What makes the American Music Awards special is the fans choose the winning artists," said Chester Bennington of Linkin Park, who won favorite alternative rock artist and performed "Burn It Down," as Brandy sang along and Gwen Stefani, Usher and Phillip Phillips bobbed their heads.

David Guetta won the show's first-ever electronic dance music award. Non-televised awards went to Katy Perry for pop/rock female artist, Beyonce for soul/R&B female artist, Adele for adult contemporary artist and Shakira for Latin artist.

Along with Rihanna, Minaj was the top nominee with four nominations.

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AP Entertainment Writer Sandy Cohen contributed to this report from Los Angeles.

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Follow Mesfin Fekadu on Twitter at http://twitter.com/MusicMesfin

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Online:

http://beta.abc.go.com/shows/american-music-awards

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Daniel Stern, Who Studied Babies’ World, Dies at 78

Dr. Daniel Stern, a psychiatrist who increased the understanding of early human development by scrutinizing the most minute interactions between mothers and babies, died on Nov. 12 in Geneva. He was 78.

The cause was heart failure, said his wife, Dr. Nadia Bruschweiler Stern.

Dr. Stern was noted for his often poetic language in describing how children respond to their world — how they feel, think and see. He wrote one of his half-dozen books in the form of a diary by a baby. In another book, he told how mothers differ psychologically from women who do not have children. He coined the term “motherese” to describe a form of communication in which mothers are able to read even the slightest of babies’ emotional signals.

Dr. Stern, who did much of his research at what is now Weill Cornell Medical College and at the University of Geneva, drew inspiration from Jay S. Rosenblatt’s work with kittens at the American Museum of Natural History in the 1950s. Dr. Rosenblatt discovered that when he removed kittens from their cage, they made their way to a specific nipple of their mother’s even when they were as young as one day old. That finding demonstrated that learning occurs naturally at an exceptionally early age in a way staged experiments had not.

Dr. Stern videotaped babies from birth through their early years, and then studied the tapes second by second to analyze interactions between mother and child. He challenged the Freudian idea that babies go through defined critical phases, like oral and anal. Rather, he said, their development is continuous, with each phase layered on top of the previous one. The interactions are punctuated by intervals, sometimes only a few seconds long, of rest, solitude and reflection. As this process goes on, they develop a sense that other people can and will share in their feelings, and in that way develop a sense of self.

These interactions can underpin emotional episodes that occur years in the future. Citing one example in a 1990 interview with The Boston Globe, Dr. Stern told of a 13-month-old who grabbed for an electric plug. His alarmed mother, who moments before had been silent and loving, suddenly turned angry and sour. Two years later, the child heard a fairy tale about a wicked witch.

“He’s been prepared for that witch for years,” Dr. Stern said. “He’s already seen someone he loves turn into something evil. It’s perfectly believable for him. He maps right into it.”

Dr. Stern described such phenomena in 1985 in “The Interpersonal World of the Infant,” which the noted psychologist Stanley Spiegel, in an interview in The New York Times, called “the book of the decade in its influence on psychoanalytic theory.”

In recent years, Dr. Stern ventured beyond childhood development to examine the psychology of how people thought about time. In one experiment, he interviewed people in depth about a single brief moment at breakfast and found that it took them a full hour to describe all that went through their minds in 30 seconds. This resulted in the 2004 book “The Present Moment: In Psychotherapy and Everyday Life,” which called for people to appreciate every moment of experience and discussed the nature of memory.

In 2010, he published “Forms of Vitality: Exploring Dynamic Experience in Psychology, the Arts, Psychotherapy and Development,” which used new understandings of neuroscience to explain human empathy.

Dr. Stern, who wrote hundreds of scientific articles, also painted, wrote poetry and had friendships with important artists. He gave Jerome Robbins, the choreographer, the title for his “Dances at a Gathering.” His friend Robert Wilson, the avant-garde director and playwright, said Dr. Stern’s slow-motion baby films helped inspire his seven-hour “silent opera,” “Deafman Glance.”

“So many things are going on, and the baby is picking them up,” Mr. Wilson said.

Daniel Norman Stern was born in Manhattan on Aug. 16, 1934. He graduated from Harvard and completed his medical degree at the Albert Einstein College of Medicine. After conducting psychopharmacology research at the National Institutes of Health in Bethesda, Md., he did his residency in psychiatry at the Columbia University College of Physicians and Surgeons. He later trained as a psychoanalyst at the Center for Psychoanalytic Training and Research at Columbia.

Dr. Stern is survived by his wife, a physician who collaborated on much of his research; two sons, Michael and Adrien; three daughters, Maria, Kaia and Alice Stern; a sister, Ronnie Chalif; and 12 grandchildren.

Dr. Stern pointed out how the evolution of the human body bolstered mother-child interaction. He noted that the distance between the eyes of a baby at the breast and the mother’s eyes is about 10 inches, exactly the distance for the sharpest focus and clearest vision for a young infant.

“Her smile exerts its natural evocative powers in him and breathes a vitality into him,” he wrote. “It makes him resonate with the animation she feels and shows. His joy rises. Her smile pulls it out of him.”

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Psychic Temple in Long Beach slated for office conversion

The Psychic Temple, a long-abandoned Long Beach landmark that is one of the city's oldest commercial structures, will be converted to office space as redevelopment attracts new residents and businesses to downtown.

Advertising agency InterTrend Communications will start making improvements this week on the brick building at 224 E. Broadway near Long Beach Boulevard. It is converting the top two floors that were formerly residential spaces into offices for the firm and preparing the ground floor and basement for retail tenants such as a restaurant.

The property in a formerly blighted part of downtown has been a headache for Long Beach officials, who purchased it for the city in 2000 in the hope they could find a developer willing to perform badly needed renovations.

Because it was an official landmark that couldn't be razed, it had a negative assessed value of $350,000, said Julia Huang, chief executive of InterTrend. Her Long Beach company agreed to fix up the property and recently took title after paying the city $1.

"It was truly debilitated, but we just fell in love," Huang said.

Local developer JR van Dijs Inc. is performing the makeover, which will cost about $2 million.

The Romanesque Revival-style building was completed in 1905 by former Baptist preacher W.R. Price, founder of a doctrine he called the New or Practical Psychology. Its motto was "Health and happiness for all."

Price raised money from members to build the headquarters sometimes referred to as the Psychological Temple. Rifts among cult members soon arose, and Price's name was chiseled off the building's cornerstone after he lost control of the society. In 1911 the brick building was sold at auction.

For decades, the building's upstairs floors were used as a hotel. The property is called the American Hotel on the city's list of historic landmarks.

InterTrend will move about 80 employees there in about a year. It will leave an Ocean Boulevard high-rise to be part of a more pedestrian-oriented downtown, Huang said.

"Long Beach is going through an evolution of street culture," she said. "That was very appealing to us."

Clients of Asian-oriented InterTrend include Toyota Motor Corp., AT&T Inc., State Farm and Walt Disney Co., Huang said.

Private USC housing site is sold

University Gateway, high-end private student housing across the street from USC, has been sold for more than $200 million to a Wisconsin public employees pension fund.

The eight-story complex at 3335 S. Figueroa St. was completed in 2010 by Los Angeles developer Urban Partners, which owned it with real estate investors RCG Longview and Blackstone Real Estate Advisors. Its appraised value before the sale was $89 million, according to real estate data provider CoStar.

University Gateway has 421 units with 1,656 beds available for rent. The residences are 96% leased, according to real estate brokerage CBRE Group Inc., which helped arrange the deal. The complex also has shops and restaurants on the ground floor.

The price set a new national benchmark for the sale of a single student housing complex, said Ryan Reid, head of student housing sales at CBRE. "Urban Partners developed a high-quality asset in an irreplaceable location," he said.

Students pay about $1,000 a month per bed to live at University Gateway. Amenities include a fitness center, rooftop terraces and a sound-proof study room.

Chicago company Blue Vista Capital Partners purchased the property on behalf of the State of Wisconsin Investment Board.

Father, son artists to move L.A. base

Acclaimed and sometimes controversial Los Angeles artist Paul McCarthy and his son Damon will move their base to a new location on the Eastside after the purchase of a 1970s-era industrial building.

Damon McCarthy bought the 150,000-square-foot building at 4540 Worth St. from Trammell Crow Co. for nearly $9 million, he said.

"I make big, crazy art pieces for famous artists, especially my dad," McCarthy said. His 67-year-old father is known for his provocative performance art and large-scale sculpture that often skewers the excesses of American culture.

Paul and Damon McCarthy's work "Rebel Dabble Babble," presented downtown in May, covered two floors and spilled into the parking lot of a downtown gallery. It included original videos and eight rooms based on the 1955 movie "Rebel Without a Cause."

Paul McCarthy Studios will move in next year, said Damon, who employs about 60 workers. "This will be my hub."

The Eastside neighborhoods of Lincoln Heights and El Sereno are in transition from being exclusively industrial to more artistic, said real estate broker Jimmy Chai of Cushman & Wakefield, who represented McCarthy in the deal.

roger.vincent@latimes.com

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