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Recalling Year of Triumph and Tragedy

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					R10 Monday, January 3, 2011                                                                                                                                                                                                                 THE WALL STREET JOURNAL.

                                                                                          YEAR-END REVIEW OF MARKETS                                                                   FINANCE
January                                                                                                                                                                                                                                      25
                                                                                                                                                                                                                                             An orca whale attacked and killed a
4                                                                                                                                                                                                                                            trainer in front of a horrified audi-
U.S. consumers in 2009 spent more                                                                                                                                                                                                            ence at a Sea World show in Or-
on movie tickets than for buying                                                                                                                                                                                                             lando, Fla.
movies to watch at home for the
first time since 2002. “Avatar”
topped the $1 billion mark in global
                                                                                                                                                                                                                                             March
sales, the fifth film at that level.                                                                                                                                                                                                         1
                                                                                                                                                                                                                                             The death toll from a quake in Chile
5                                                                                                                                                                                                                                            passed 700. Chile’s quake released
Novartis said it will pay Nestlé $28.1                                                                                                                                                                                                       500 times as much energy as
billion as part of its bid to acquire U.S.                                                                                                                                                                                                   Haiti’s, but strict building codes
eye-care company Alcon, the biggest                                                                                                                                                                                                          helped curb damage.
takeover in Swiss history.
                                                                                                                                                                                                                                             2
A suicide bomber who killed seven                                                                                                                                                                                                            AIG struck a $35.5 billion deal to sell
CIA employees and contractors and                                                                                                                                                                                                            its Asian life-insurance business to
a Jordanian in Afghanistan was a                                                                                                                                                                                                             Britain’s Prudential PLC.
double agent recruited by the CIA.
                                                                                                                                                                                                                                             3
Dubai opened the world’s tallest                                                                                                                                                                                                             BP is pushing through a shake-up of
skyscraper, at 2,717 feet.                                                                                                                                                                                                                   its oil-production business as it
                                                                                                                                                                                                                                             seeks to increase profits.
6
Federal prosecutors, expanding a                                                                                                                                                                                                             5
major insider-trading case, alleged                                                                                                                                                                                                          Iraqi elections opened to violence
for the first time that Galleon Group                                                                                                                                                                                                        and fraud claims. At least 12 people
founder Raj Rajaratnam paid a                                                                                                                                                                                                                were killed in three separate attacks.
                                                    Reuters




tipster for inside information. The
case continued throughout the year.                                                                                                                                                                                                          8
                                                                                                                                                                                                                                             AIG and MetLife neared a $15.5 bil-
7                                                                                                                                                                                                                                            lion deal for Alico.




                                                                        Recalling a Year of
GM’s chief said the auto company
would make money in 2010, a bold                                                                                                                                                                                                             “The Hurt Locker,” about an Iraq
prediction for a business that exited                                                                                                                                                                                                        bomb-disposal squad, won six Os-
bankruptcy in summer 2009.                                                                                                                                                                                                                   cars, including best picture and di-
                                                                                                                                                                                                                                             rector for Kathryn Bigelow, the first
11                                                                                                                                                                                                                                           woman to win that award.




                                                                       Triumph and Tragedy
Jay Leno will reclaim his 11:35 p.m.
time slot as NBC abandons its                                                                                                                                                                                                                13
prime-time experiment, touching off                                                                                                                                                                                                          Lehman Brothers’ final weeks were
a public-relations fiasco with “The                                                                                                                                                                                                          a scramble of collateral-juggling and
Tonight Show” host Conan O’Brien.                                                                                                                                                                                                            balance-sheet maneuvering, a bank-
                                                                                                                                                                                                                                             ruptcy examiner’s report shows.
13
A 7.0-magnitude earthquake hit                                         Looking back on 2010, one could choose to dwell on                            Spain won its first World Cup. And in August, a col-                                    17
Haiti, destroying thousands of                                                                                                                                                                                                               The Federal Reserve will end pur-
buildings in the Caribbean nation’s
                                                                       the negative. There was no shortage of it.                                    lapsed mine shaft trapped 33 in Chile; less than three                                  chases of $1.25 trillion of mortgage-
biggest temblor in two centuries.                                          In January, an earthquake devastated Haiti, killing                       months later a captivated world watched as every                                        backed securities, one of its main
Damage to the main seaport, airport                                    more than 200,000 in the poorest country in the West-                         miner emerged, safe, from the darkness.                                                 supports for the economy
congestion and a crumpled                                              ern Hemisphere. In April, a mining blast in West Virginia                        Also making headlines on the domestic and world
infrastructure hampered relief                                                                                                                                                                                                               The number of inmates in state
efforts. Early estimates put the
                                                                       killed more than two dozen in the worst coal-mine acci-                       stages: The U.S. Congress passed overhauls of health                                    prisons fell in 2009 for the first
death toll at more than 100,000.                                       dent in the U.S. in 40 years. Also in April, and continuing                   care and financial regulation. Iran continued to press its                              time since 1972.
                                                                       through the summer months, an oil rig exploded and col-                       nuclear ambitions. North Korea clashed with South Ko-
19                                                                     lapsed in the Gulf of Mexico, spilling millions of barrels.                   rea. Europe’s sovereign-debt crisis resulted in two major                               22
A Turkish man who shot Pope John                                                                                                                                                                                                             The House approved a historic
Paul II in 1981 was freed from
                                                                           Juxtaposed against the misery, the human spirit                           rescues and roiled the continent. Several terror plots                                  health-care overhaul. Lawmakers
prison with his motives still unclear.                                 shined. In January, the world gathered for the Winter                         fizzled or were foiled. The “flash crash” shook markets.                                gave final passage to the Senate’s
                                                                       Olympics, where a luger lost his life just before the                            Here is a summary of news events from the front page                                 legislation on a climactic 219-212
20                                                                     start; the Games went on and the host Canadians took                          of The Wall Street Journal. In most cases, the dates reflect                            vote. No Republicans voted for the
Massachusetts went red in a state                                                                                                                                                                                                            bill; 34 Democrats voted no. Presi-
Senate election upset, foreshadowing
                                                                       the gold in their most popular sport, hockey. Iraqis and                      when the items were published, not the date of the event.                               dent Obama pushed the measure
the challenges Democrats                                               Afghans took part in free, if violence-marred, elections.                                          —Brian Hershberg and Michael Driscoll                              toward passage with a promise to
encountered in November’s elections.                                                                                                                                                                                                         issue an executive order that no
                                                                                                                                                                                                                                             funds dispensed under the $940 bil-
Kraft clinched a deal to acquire                                                                                                                                                                                                             lion bill would pay for abortions,
Cadbury for $19.4 billion.                                                                                                                                                                                                                   winning over antiabortion Demo-
                                                                                                                                                                                                                                             crats.
21
An aftershock rattled Haiti. The 5.9-                                                                                                                                                                                                        A volcano in south Iceland erupted
magnitude temblor came as Haiti’s                                                                                                                                                                                                            for the first time in 200 years, forc-
government said the confirmed                                                                                                                                                                                                                ing evacuations.
earthquake death toll has topped
150,000 in the capital area alone.                                                                                                                                                                                                           24
                                                                                                                                                                                                                                             President Obama signed the health-
22                                                                                                                                                                                                                                           care overhaul into law. The White
Toyota recalled 2.3 million vehicles in                                                                                                                                                                                                      House ceremonies opened an in-
the U.S. to correct sticking                                                                                                                                                                                                                 tense effort to sell the new law to
accelerator pedals, increasing the                                                                                                                                                                                                           an often-skeptical public. Over a
number affected by 600,000.                                                                                                                                                                                                                  dozen states filed suit to stop the
                                                                                                                                                                                                                                             law, saying requiring individuals to
26                                                                                                                                                                                                                                           buy insurance is unconstitutional.
GM’s Ed Whitacre said he will stay
on as chief executive, ending a short                                                                                                                                                                                                        26
stint as interim CEO.                                                                                                                                                                                                                        Greece won support for a deal that
                                                                                                                                                                                                                                             could lead to a bailout, as leaders of
27                                                                                                                                                                                                                                           the 16-nation euro zone backed an
The CBO predicted that the nation’s                                                                                                                                                                                                          accord under which they and the In-
jobless rate won’t return to 5% until                                                                                                                                                                                                        ternational Monetary Fund would
                                                    Associated Press




the middle of the decade.                                                                                                                                                                                                                    come to the rescue should the na-
                                                                                                                                                                                                                                             tion’s debt troubles intensify.
28
Treasury Secretary Timothy Geith-                                                                                                                                                                                                            27
ner batted back an assault from                                        LIFE AND DEATH: Poland’s Justyna Kowalczyk, top, celebrates after winning gold in cross-country at the Vancouver 2010 Winter Olympics                                 Ayad Allawi’s alliance won Iraq’s na-
House lawmakers at a hearing over                                      in February. A month prior, Cindy Terasme screams after seeing her brother, who died in the rubble of a school in earthquake-racked Haiti.                            tional election. The predominantly
the AIG bailout. Mr. Geithner said he                                                                                                                                                                                                        Sunni alliance edged out Prime Min-
took “full responsibility, and great                                                                                                                                                                                                         ister Nouri al-Maliki’s bloc. The upset
pride” in his decisions, including one          February                                                 accord overseen by the U.N., but            vival record.                               Olympic luger from the Republic of          threatens to end the lock on power
to pay banks in full on contracts                                                                        Western diplomats were skeptical.                                                       Georgia died after a high-speed             that the majority Shiites have had
they held with the insurer.                     2                                                        An opposition leader criticized Iran’s      8                                           crash, hours before opening ceremo-         since 2003, and could test Iraq’s
                                                President Obama’s $3.8 trillion bud-                     regime, saying a dictatorship sur-          The Saints’ 31-17 Super Bowl vic-           nies for the Vancouver Winter               fragile institutions. Maneuvering to
29                                              get sharply raises taxes on the                          vives 31 years after the shah’s fall.       tory over the Colts caps an improb-         Games.                                      form a coalition continued through-
Ben Bernanke won Senate confir-                 wealthy. The plan for fiscal 2011                                                                    able turnaround for a team and its                                                      out the year.
mation for a second term as Fed-                calls for nearly $1 trillion in tax in-                  The Joint Chiefs chairman called for        city. CBS drew                                                17
eral Reserve chairman.                          creases on families with income                          repeal of the “don’t ask, don’t tell”       about 106.5 mil-                                              Egypt’s King Tut-         A South Korean navy ship sank af-
                                                above $250,000, largely through let-                     law, saying gays should be allowed          lion viewers for                                              ankhamun died from        ter an explosion near a maritime
                                                ting Bush tax cuts expire.                               to serve openly in the military. Legal      the broadcast, a                                              complication of a bro-    border with North Korea. Forty-six
                                                                                                         and political battles ensued until          U.S. record.                                                  ken leg and malaria,      sailors died. Seoul in May came to
                                                3                                                        year’s end.                                                                                               tests of the mummy        conclude the ship was sunk deliber-
                                                U.S. regulators accused Toyota of                                                                    12                                                            revealed.                 ately by Pyongyang.
                                                dragging its feet on fixing defective                    5                                           European leaders
                                                gas pedals. The next week, a Toyota                      A judge in Haiti charged 10 Ameri-          said they                                                     20                        30
                                                executive said U.S. dealers are re-                      can missionaries with child abduc-          wouldn’t let                                                  Federal investigators     Suicide blasts killed 38 in Moscow
                                                pairing 50,000 recalled cars a day                       tion and criminal association.              Greece succumb                                                closed their probe of     subway stations, exposing flaws in
                                                and insisted the gas-pedal fix would                     Charges were eventually dropped.            to its credit cri-                                            the deadly 2001 an-       the Kremlin’s antiterrorist strategy.
                                                last “a lifetime.”                                       Days later, an emaciated man was            sis.                                                          thrax mailings, con-
                                                                                                         pulled from the rubble of a market                                                                        cluding that a gov-       31
                                                Mahmoud Ahmadinejad said Iran                            in Haiti, nearly four weeks after the       13                                                            ernment scientist         President Obama is to propose
                                                would accept a nuclear fuel-swap                         quake, quite possibly a disaster-sur-       A 21-year-old                                                 acted alone.              more oil drilling in Gulf of Mexico.




     First-Quarter Rewind | Moves and milestones in the markets
                         The S&P 500 logs a                 A three-day skid of 552.45                  The New Orleans             Berkshire Hathaway               The Dow gains 2.6% for              Blue chips, on the one-year         Congress passes
                         sixth straight gain,               points comes as investors fret              Saints win the Super        joins the S&P 500                February, in a month that           anniversary of the bear-market      health-care
                         its best start to a                over earnings, bank restrictions,           Bowl, suggesting an up      index, after earlier             saw eight triple-digit              low, launch into an                 overhaul and Obama
                         year since 1987                    Chinese economic policy and,                year for stocks for         splitting its B                  daily point moves                   eight-session winning streak        signs it into law
                                                                                                                                                                                                                                                                          11500
                                                            wrongly it turned out, the                  adherents of the Super      shares 50 to 1
                                                            possibility that Ben Bernanke               Bowl Predictor theory
                                                            might not get confirmed for a                                                                                                                                                                                  11000
                                                            second term as Fed chairman


                                                                                                                                                                                                                                                                          10500
          Dow Jones
          Industrial
          Average                                                                                                                                                                                                                                                         10000


       Coming off an 18.8% gain       Expected Republican                         Bernanke wins     The Dow            The Dow closes below       The Fed raises its                     The Dow pushes back                        Dow ends quarter with a gain of       9500
       in 2009, the Dow opens         Senate victory in                           reconfirmation,    finishes down       10000, then reclaims       rate for emergency                     into positive territory                  428.58 points, or 4.1%, in a volatile
       the new year with a            Massachusetts touches                       but Dow falls     3.5% in January,   it on hope for a plan      loans to banks                         for the year as                                  three months marked by a
       155.91-point jump. (Still,     off a rally in health-care                  anyway            its weakest        to ease Europe's                                                  analysts upgrade three                      European debt crisis, landmark
       the index remains 25%          stocks, sending the Dow                                       month since        sovereign-debt crisis                                             components’ shares                             health-care legislation and a     9000
       below its record in 2007)      to a 15-month high                                            February 2009                                                                                                                        conflicted economic outlook


                                                                                                                                                                                                                                                                          8500
      JANUARY                                                                                      FEBRUARY                                                                    MARCH
    Source: WSJ Market Data Group
THE WALL STREET JOURNAL.                                                                                                                                                                                                                         Monday, January 3, 2011            R11

                                                                                              YEAR-END REVIEW OF MARKETS                                                                      FINANCE
April                                                               policies and blasted what activists      28                                           audacious $955 billion bailout plan          South Korean warship. U.S.                 signed to tame volatility in individ-
                                                                    called onerous taxes and a bloated       Greece’s credit crisis spread to             for euro-zone economies in a bid             diplomats said the situation is one        ual stocks.
1                                                                   federal government.                      Portugal after a pair of ratings             to stanch a burgeoning sovereign             of the gravest threats to Northeast
President Obama’s plan to expand                                                                             downgrades on the two countries              debt crisis that threatens the sta-          Asian security “in decades.”               16
offshore drilling drew protests                                     17                                       spooked investors.                           bility of global financial markets                                                      President Obama set an energy
from both sides of the aisle.                                       The SEC sued Goldman Sachs,                                                           and the future of the euro.                  27                                         plan that looks beyond the spill in
                                                                    alleging the Wall Street bank and        The Coast Guard said that 5,000                                                           BP began its “top kill” operation to       his first Oval Office address,
5                                                                   one of its star traders, Fabrice         barrels a day were estimated to be           11                                           stanch the oil flow. If BP fails, oil      promising to restore the Gulf of
Apple’s iPad appeared to get off                                    Tourre, deceived clients by selling      leaking at the site of the spill, five       Goldman didn’t have any daily trad-          could continue to gush into the            Mexico and demanding that BP
to a strong start in its first                                      them mortgage securities designed        times the previous estimate.                 ing losses during the first quarter, a       Gulf of Mexico for another two             establish a restitution fund. He
weekend—selling more than                                           by housing-market bear Paulson &                                                      first for the Wall Street firm.              months or more. It failed.                 also used the crisis to call for
300,000 on its first day.                                           Co. The SEC suit came over the           30                                                                                                                                   legislation to tackle the U.S.
                                                                    objections of two Republican             Greece reached agreement with                12                                                      28                              “addiction” to fossil fuels. The
                                                                    commissioners, suggesting an             the EU and IMF to take extra                 David Cameron                                           Ford is preparing to            government raised its estimate of
                                                                    unusual split at the agency.             austerity measures expected to               took over as                                            phase out its 71-year-old       the amount of oil flowing from the
                                                                                                             yield around $30 billion as a                Britain’s prime                                         Mercury brand, adding to        well to up to 60,000 barrels a day.
                                                                    19                                       precondition for financial                   minister, five days                                     the list of storied Detroit
                                                                    Toyota agreed to pay $16.4 million       assistance totaling $147 billion.            after elections                                         nameplates that have            17
                                                                    to settle U.S. charges without           Protests over spending cuts en-              resulted in a hung                                      reached the end of the          BP will put $20 billion into a fund
                                                                    admitting that it knowingly hid          sued.                                        Parliament, Gordon                                      road in recent years.           for oil-spill victims. The company
                                                                    evidence of defects from regulators.                                                  Brown resigned                                                                          also said it would cancel dividends
                                                                                                                                                          and Mr. Cameron’s                                      The Gulf oil spill was           for the first three quarters and pay
                                                                                                             May
                                            Associated Press




                                                                    22                                                                                    Conservatives                                          called the worst ever in         an additional $100 million into a
                                                                    A fire at an oil rig in the Gulf of      3                                            agreed on a power-                                     the U.S. A panel of              separate fund to help oil-industry
                                                                    Mexico killed 11 workers and             New York’s Times Square was                  sharing deal with                                      scientists estimated the         workers sidelined by the
                                                                    injured 17, casting a pall over the      evacuated as a car-bomb plot                 the Liberal Demo-                                      spill has poured at least        deepwater-drilling moratorium. The
                                                                    offshore-drilling boom. Workers          fizzled. Authorities quickly homed           crats.                                                 420,000 barrels of oil into      payments, which far exceed U.S.
6                                                                   were unable to shut off the well’s       in on a suspect and arrested Faisal                                                                 the Gulf, surpassing the         legal requirements, could help
An explosion at a Massey Energy                                     flow before the rig was sank,            Shahzad, an American man of                  14                                           1989 Exxon Valdez disaster.                deflect the pressure on BP from
coal mine in West Virginia killed 29                                raising the possibility that oil could   Pakistani descent, within an                 A Senate panel approved a $58.8              President Obama declared a                 politicians and the public. The
miners, in what became the                                          be gushing into Gulf waters.             estimated 53 hours and 20                    billion funding bill that would bring        moratorium on deep-water drilling          British oil company’s chairman
deadliest U.S. coal-mine accident in                                                                         minutes. He pleaded guilty in late           the price tag for wars in Iraq and           and accepted the resignation of his        apologized for the spill.
40 years. In the days and weeks
that followed, it was learned that                                                                                                                                                                                                                The U.K. government unveiled a
the mine was cited for dozens of                                                                                                                                                                                                                  shake-up of its financial regulatory
alleged safety violations.                                            ‘Flash Crash’ | An over-the-shoulder view of how one trader saw the market plunge on May 6                                                                                  system that will consolidate power
                                                                                                                                                                                                                                                  within the Bank of England and
8                                                                                                                                                                                                                                                 dissolve the once-vaunted FSA,
Alan Greenspan defended his                                                                                                                                                                                                                       long the main overseer of the
actions as Fed chairman as he                                                                                                                                                                                                                     nation’s financial center, into three
faced harsh questioning by a                                                                                                                                                                                                                      new agencies.
commission investigating the
financial crisis.                                                                                                                                                                                                                                 18
                                                                                                                                                                                                                                                  The Los Angeles Lakers won their
Daytime television talk-show host                                                                                                                                                                                                                 16th NBA title with an 83-79
Oprah Winfrey says she’ll leave the                                                                                                                                                                                                               victory over the Boston Celtics.
studio setting to travel the globe
as host of an evening talk show                                                                                                                                                                                                                   21
on her new network.                                                                                                                                                                                                                               China’s decision to make its
                                                                                                                                                                                                                                                  exchange rate more flexible shows
9                                                                                                                                                                                                                                                 a desire by the government to set
President Obama and Russian                                                                                                                                                                                                                       its economic diplomacy on a more
President Dmitry Medvedev signed                                                                                                                                                                                                                  sustainable footing. But Beijing
an arms-control pact, dubbed New                                                                                                                                                                                                                  insisted on gradual change.
Start The treaty between the U.S.
and Russia caps the number of                                                                                                                                                                                                                     24
deployed nuclear warheads at                                                                                                                                                                                                                      President Obama relieved Gen.
1,550 a side. Ratification                                                                                                                                                                                                                        Stanley McChrystal of his
maneuvering continued throughout                                                                                                                                                                                                                  Afghanistan command. The
the year.                                                                                                                                                                                                                                         president asked the general to
                                                                                                                                                                                                                                                  explain statements mocking the
A South African boy discovered                                                                                                                                                                                                                    president and members of his
the first known fossils of a                                                                                                                                                                                                                      administration that appeared in a
prehuman species, raising more                                                                                                                                                                                                                    magazine article. Gen. David
questions about human evolution.                                                                                                                                                                                                                  Petraeus was named to take over
                                                                                                                                                                                                                                                  the Afghan war effort.
10
Justice John Paul Stevens said he                                                                                                                                                                                                                 An underwater robot collided with
                                                    Bloomberg




plans to retire from the Supreme                                                                                                                                                                                                                  a cap on BP’s leaking well, slowing
Court this summer.                                                                                                                                                                                                                                plans to capture more oil. The cap
                                                                                                                                                                                                                                                  was removed but later reinstalled.
12
Poles filled the streets to mourn the                               23                                       June, and in September he was                Afghanistan since their start to             top oil regulator.                         26
deaths of President Lech Kaczynski                                  CenturyTel agreed to buy Qwest           sentenced to life in prison.                 more than $1 trillion.                                                                  House and Senate Democrats took
and nearly 100 of Poland’s leaders                                  Communications for $10.6 billion in      Euro-zone countries and the IMF              15                                                                                      a decisive step toward a historic
in a plane crash in Russia.                                         stock, marking one of the biggest        agreed to extend Greece an un-               The space shuttle Atlantis was
                                                                                                                                                                                                       June                                       remapping of financial regulation,
                                                                    telecom deals in years.                  precedented $147 billion rescue in           launched on its final voyage into            1                                          reaching a legislative compromise
13                                                                                                           return for severe budget cuts,               orbit, carrying space station gear.          An Israeli commando raid on a six-         in overnight negotiations. The bill
Conan O’Brien will return to TV with                                24                                       seeking to halt a European debt                                                           ship flotilla sparked a diplomatic         would put U.S. banks and financial
a late-night show on TBS, after                                         President Obama criticized an        crisis that has threatened the euro.         18                                           crisis. At least nine pro-Palestinian      markets under tighter government
being booted from “The Tonight                                      Arizona measure to crack down on                                                      General Motors reported its first            activists were killed when soldiers        control for years to come.
Show.” His November debut topped                                    illegal immigration. Gov. Jan            4                                            quarterly profit in three years.             boarded one of six ships bound for
his rivals’ ratings.                                                Brewer signed the measure into           United and Continental unveiled a                                                         the blockaded Gaza Strip. Arab na-         29
                                                                    law, which makes it a crime for          $3 billion merger.                           19                                           tions condemned the incident. Is-          The Supreme Court expanded a
14                                                                  people in the U.S. illegally to be in                                                 Financial markets were rattled as            rael defended the action, saying its       right to bear arms. The 5-4 ruling
World leaders pledged to secure                                                                                                                           Germany, citing “excessive price             soldiers were being attacked.              extends nationwide a 2008
nuclear fuel by 2014. Ending a                                                                                                                            movements” that could endanger                                                          decision that struck down a
global summit on nuclear security,                                                                                                                        the financial system, banned some            2                                          D.C.,gun ban and found that the
the leaders also set a 2012 summit                                                                                                                        types naked short-selling. The Dow           AIG’s sale of its largest Asian life-      Second Amendment right applies
to measure progress. But they                                                                                                                             industrials dropped 114.88 points,           insurance arm to Britain’s Pruden-         to individuals outside of a “well
stepped back from binding plans to                                                                                                                        or 1.1%, to 10510.95, and the euro           tial PLC, announced in March, col-         regulated militia.”
secure prescribed amounts of                                                                                                                              slumped to a four-year low.                  lapsed after the U.S. company said
nuclear material or convert reactors                                                                                                                                                                   it wouldn’t agree to a lower price.        30
that use highly enriched uranium to                                                                                                                       21                                                                                      Russian Prime Minister Vladimir
less-dangerous fuel.                                                                                                                                      BP suggested the oil leak is far             5                                          Putin ripped U.S. law enforcement
                                                                                                                                                          bigger than estimated. An oil                Same-sex couples must be treated           after a spy bust, even as his gov-
15                                                                                                                                                        company spokesman said 5,000                 the same as heterosexual couples,          ernment acknowledged that its cit-
Chinese authorities said a severe                                                                                                                         barrels a day are being diverted to a        the IRS ruled, the first time it has       izens were among the 11 people
quake killed at least 600 people and                                                                                                                      tanker from a shattered pipe, but            acknowledged gay couples as a              charged as part of a spy operation.
injured more than 10,000 in a re-                                                                                                                         more crude continues to spew into            unit for tax purposes.
                                                     Getty Images




mote, predominantly Tibetan com-                                                                                                                          the Gulf of Mexico.
munity in western China.                                                                                                                                                                               7
                                                                                                                                                          Scientists for the first time created        BP said an oil-well cap collected
16                                                                                                                                                        a synthetic cell, controlled by man-         10,500 barrels, marking a success
Ash from an eruption of Iceland’s                                   Arizona and requires police to           6                                            made genetic instructions, a move            after a string of failures in reduc-
Eyjafjallajökull volcano drifted across                             arrest those they suspect are in         A market plunge sent the Dow in-             that could open the way to manipu-           ing the oil contaminating the Gulf
Europe, causing the largest airspace                                violation. Protests and legal fights     dustrials almost 1,000 points lower          lation of life on a new scale.               of Mexico. Scientists estimated
shutdown in years and canceling an                                  shadowed the law all year.               in intraday trading. The blue chips                                                       that at least 12,000 to 19,000 bar-
estimated 16,000 of Europe’s                                                                                 ended down 347.80 points, or 3.2%,           22                                           rels a day are gushing into the
28,000 daily flights.                                               26                                       at 10520.32. An October report on            An Air India Express plane crashed           Gulf. Chief Tony Hayward, in an ad
                                                                    Oil gushed into the Gulf after the       the so-called flash crash pointed            at Mangalore airport. Eight survived         the week prior, promised taxpayers
The pope addressed the sex-abuse                                    previous week’s rig disaster. The        the finger at, in part, a hedge trade        and 158 died in the crash, later             wouldn’t foot the cleanup bill.
crisis for the first time, saying the                               spill some 70 miles south of the         made by a large mutual fund.                 blamed on co-pilot error.
church should “do penance” for its                                  Mississippi and Alabama coastline                                                                                                  10
“sins.”                                                             has covered 600 square miles and         10                                           24                                           The Chicago Blackhawks beat the
                                                                    raised fears of a severe                 President Obama picked Elena                 Seoul pledged to block North                 Philadelphia Flyers to win hockey’s
Tea-party activists staged tax-day                                  environmental hazard. The oil well,      Kagan, his solicitor general, as his         Korean ships from its waters and             Stanley Cup, their first since 1961.
rallies nationwide. The protests,                                   connected to the sunken drilling         Supreme Court nominee. She was               said trade and financial exchanges
which came a year after similar                                     rig, continues to leak 1,000 barrels     confirmed over the summer.                   would be halted, part of an                  11
April 15 rallies put the movement                                   a day.                                                                                intensifying response to                     The SEC signed off on new
on the map, targeted Democratic                                                                              The European Union agreed on an              Pyongyang’s alleged sinking of a             “circuit breaker” rules de-
                                                                                                                                                                                                                                                                              Getty Images




     Second-Quarter Rewind | Moves and milestones in the markets
                                        The SEC charges                                  Greece's credit crisis            Dow leaps 404.71 points            U.S. stocks enter correction          ‘Postcard From                Dow surges;    China moves to
                                        Goldman Sachs with                               spreads to Portugal as a          as stocks world-wide rally         territory amid worries                Hungary’: Official's           S&P 500 and    revalue yuan, but
                                        fraud, sending DJIA                              pair of ratings downgrades        after the EU unveils a             about global growth and as            warning of a financial         Nasdaq turn    stock rally fizzles
                                        down sharply                                     on the two countries spooks       nearly $1 trillion bailout         an overhaul of                        meltdown in the               positive for
                                                                                         investors world-wide              plan for troubled                  financial-sector regulation            country spooks                the year                                     11500
                                                                                                                           euro-zone economies                gains traction in Congress            investors, sending Dow
                                                                                                                                                                                                    down 323.31 points
                                                                                                                                                                                                                                                                               11000

       Dow Jones
       Industrial                                                                                                                                                                                                                                                              10500
       Average                                                                                                                     Four-day slide of 771.40
                                                                                                                                   points puts Dow in the
                                                                                                                                   red for the year
                                                                                                                                                                                                                                                                               10000


                         Dow closes above                                A BP-operated oil          All 30 Dow         ‘Flash Crash': Dow closes                    Dow closes below     They sold in May:       Stocks fall below their               Dow ends first           9500
                         11000 for first time                             rig in the Gulf of         components         down 347.80 points, or                         10000 for first     Dow falls 7.9% on       intraday lows of the                  half firmly in a
                         since Sept. 26, 2008,                           Mexico explodes            fall as the        3.2%, after an apparent                             time since    the month, its          May 6 ‘flash crash’                    correction
                         near the height of the                          and sinks, spewing         index ends an      trading glitch sends the                              February    weakest May
                         financial crisis                                 oil for months             up month on        blue-chip index almost                                            since 1940                                                                            9000
                                                                                                    a sour note        1,000 points lower in
                                                                                                                       intraday trading

                                                                                                                                                                                                                                                                               8500
      APRIL                                                                                                  MAY                                                                             JUNE
    Source: WSJ Market Data Group
R12 Monday, January 3, 2011                                                                                                                                                                                                                    ****                        THE WALL STREET JOURNAL.

                                                                                         YEAR-END REVIEW OF MARKETS                                                                                                FINANCE
July                                                                                                                                                                                                                          steroids scandals.                                           by a Florida church could endanger
                                                              Spain’s Catalonia region banned                                                                                                                                                                                              U.S. troops and hurt the
1                                                             bullfighting, in what some called a                                                                                                                             23                                                           Afghanistan war effort.
Google said its Web-search service                            blow to a symbol of Spanish                                                                                                                                     Thirty-three miners in Chile,
in China was partially blocked,                               tradition.                                                                                                                                                      trapped underground since Aug. 5,                            9
shortly after unveiling changes                                                                                                                                                                                               sent a message that they are alive.                          BP’s oil-spill report laid most of the
aimed at keeping its operating li-                            31                                                                                                                                                                                                                           blame on contractors. Halliburton
cense there.                                                  July became the deadliest month                                                                                                                                 24                                                           and Transocean rejected the
                                                              ever for U.S. troops in Afghanistan                                                                                                                             Tiger Woods and his wife divorced,                           findings, saying the U.K. company




                                                                                                            Associated Press
7                                                             after three American soldiers were                                                                                                                              nine months after a sex scandal                              had the final calls and should be
Agricultural Bank of China, the last                          killed Friday, bringing the toll to 66.                                                                                                                         began.                                                       held responsible for the billions of
of China’s four big banks to go                                                                                                                                                                                                                                                            dollars in damage.
public, raised $19.21 billion in Hong                                                                                                                                                                                         30
Kong and Shanghai. After exercising
                                                              August                                                                                                                                                          President Obama visited New Or-
overallotment options, it became the                          2                                                                6                                             Mining giant BHP Billiton made an                leans for Katrina’s anniversary. Five
biggest IPO ever at $22.1 billion.                            The death toll from floods in                                    The Lockerbie bomber was freed                unsolicited $38.6 billion offer for              years after the hurricane struck,
                                                              Pakistan rose to over 1,100. Res-                                from a Scottish prison despite a              fertilizer maker Potash Corp. of                 the president pledged the govern-
9                                                             cuers are struggling to reach thou-                              lack of evidence that his doctors             Saskatchewan, a wager that                       ment’s commitment to help the
AIDS research yielded an advance                              sands more trapped.                                              agreed he was near death.                     developing economies will drive up               Gulf region as it seeks to recover
toward a vaccine. U.S. government                                                                                                                                            demand for the world’s food supply.              from the BP oil spill.




                                                                                                                                                                                                                                                                            Getty Images
scientists discovered three powerful                          4                                                                7                                             The offer was pulled in November
antibodies, the strongest of which                            BP began trying to plug its dam-                                 Hewlett-Packard Chief Mark Hurd               after Canadian authorities sought                Tens of thousands of people
neutralizes 91% of HIV strains.                               aged Gulf of Mexico well. The                                    has resigned from the computer                onerous terms.                                   packed the National Mall for a rally
                                                              “static kill” involves pumping over                              giant after a probe into sexual                                                                organized by conservative TV per-
10                                                            2,000 barrels of drilling fluid into                             harassment. Lawsuits and                      A federal jury convicted former                  sonality Glenn Beck.                                         10
Russian and U.S. officials completed                          the well in a bid to stop a spill                                investigations continued as the year          Illinois Gov. Rod Blagojevich of lying                                                                        A U.S. judge in California struck
a spy swap. Moscow deported three                             that’s spewed 4.9 million barrels.                               ended.                                        to federal agents. U.S. attorneys                                                                             down the military’s “don’t ask, don’t
former KGB officers and a nuclear                                                                                                                                            said they would seek a retrial.
                                                                                                                                                                                                                              September                                                    tell” ban on openly gay service
scientist accused of betrayal,                                A New York panel denied landmark                                 Muscovites fled their smoke-choked            20                                               1                                                            members as unconstitutional.
exchanging them in Vienna for 10                              status to a building near Ground                                 city as forest fires and underground          Intel agreed to buy security-                    President Obama formally declared
deep-cover sleeper agents arrested                                                                                                                                                                                                                                                         11
in the U.S. late last month.                                                                                                                                                                                                                                                               The 9/11 anniversary was marked
                                                                                                                                                                                                                                                                                           by a memorial for victims and
13                                                                Gulf of Mexico Oil Spill | The worst offshore spill in U.S. history                                                                                                                                                      dueling protests over a proposed
The U.S. issued a new ban on deep-                                                                                                                                                                                                                                                         Islamic center.
water drilling until Nov. 30, setting
up a fresh conflict with the oil                                                                                                                                                                                                                                                           Global regulators pushed through a
industry.                                                                                                                                                                                                                                                                                  historic remake of the world’s
                                                                                                                                                                                                                                                                                           banking rules, known as Basel III,
14                                                                                                                                                                                                                                                                                         that aims to rein in risky activities
The FCC’s rules against indecent                                                                                                                                                                                                                                                           and curb future crises.
speech violate the First
Amendment, a federal appeals court                                                                                                                                                                                                                                                         15
ruled, handing a major victory to                                                                                                                                                                                                                                                          Makers of high-fructose corn syrup,
broadcasters that could lead to a                                                                                                                                                                                                                                                          a ubiquitous packaged-food
new Supreme Court test of the                                                                                                                                                                                                                                                              ingredient, are asking regulators for
government’s power to control what                                                                                                                                                                                                                                                         permission to rename it “corn
is said on television and radio.                                                                                                                                                                                                                                                           sugar.”

15                                                                                                                                                                                                                                                                                         17
Harvey Golub resigned as AIG’s                                                                                                                                                                                                                                                             The U.S. poverty rate rose to 14.3%,
chairman amid tensions with the                                                                                                                                                                                                                                                            a 16-year high. Median household
giant insurer’s chief, Robert                                                                                                                                                                                                                                                              income, adjusted for inflation, fell
Benmosche. Turnaround expert                                                                                                                                                                                                                                                               4.8% between 2000 and 2009, the
Robert S. “Steve” Miller, another                                                                                                                                                                                                                                                          Census reported. Young workers
board member, will succeed him.                                                                                                                                                                                                                                                            and young families have been
                                                                                                                                                                                                                                                                                           particularly hard hit by the slump,
16                                                                                                                                                                                                                                                                                         while Americans 65 and older saw
Congress approved an overhaul of                                                                                                                                                                                                                                                           incomes increase 5.8%. The number
financial regulation, in the biggest                                                                                                                                                                                                                                                       of uninsured climbed to 50.7 million.
expansion of government power
over banking and markets since the                                                                                                                                                                                                                                                         Japan’s central bank offered the
Depression.                                                                                                                                                                                                                                                                                nation’s economy another boost by
                                                                                                                                                                                                                                                                                           allowing funds generated by Tokyo’s
Argentina became the first Latin                                                                                                                                                                                                                                                           currency intervention to remain in
American country to legalize gay                                                                                                                                                                                                                                                           the banking system.
marriage.
                                                                                                                                                                                                                                                                                           18
Goldman Sachs agreed to pay $550                                                                                                                                                                                                                                                           The Taliban sought to disrupt the
million to settle civil charges that it                                                                                                                                                                                                                                                    Afghan parliamentary election,
duped clients by selling mortgage                                                                                                                                                                                                                                                          kidnapping two candidates and
securities that were designed by a                                                                                                                                                                                                                                                         several electoral workers. The chief
hedge-fund firm to cash in on the                                                                                                                                                                                                                                                          U.N. envoy in Kabul said insurgents
housing market’s collapse.                                                                                                                                                                                                                                                                 would try to use violence to
                                                                                                                                                                                                                                                                                           intimidate voters. Some 2,500
17                                                                                                                                                                                                                                                                                         candidates are running for 249
Apple CEO Steve Jobs                                                                                                                                                                                                                                                                       legislative seats.
acknowledged that the iPhone 4
loses signal strength when it is held                                                                                                                                                                                                                                                      President Obama gave Elizabeth
a certain way but argued the                                                                                                                                                                                                                                                               Warren the job of getting the new
problem isn’t unique to his firm’s                                                                                                                                                                                                                                                         Bureau of Consumer Financial
device.                                                                                                                                                                                                                                                                                    Protection up and running by July
                                                                                                                                                                                                                                                                                           2011. At year’s end, there were
20                                                                                                                                                                                                                                                                                         signs she may not run it herself.
A gel was shown to lower the
chances of getting HIV. Women                                                                                                                                                                                                                                                              20
who applied the antiretroviral gel                                                                                                                                                                                                                                                         BP’s Gulf of Mexico well was
before and after sex cut their risk of                                                                                                                                                                                                                                                     declared permanently sealed, but
acquiring the AIDS virus by 39%,                                                                                                                                                                                                                The Deepwater                              repercussions from the worst
researchers said, a result hailed as a                                                                                                                                                                                                          Horizon oil rig,                           offshore spill in U.S. history will be
“potential game changer.”                                                                                                                                                                                                                       shown after its                            felt for years.
                                                                                                                                                                                                                                                explosion in April,
China has passed the U.S. to                                                                                                                                                                                                                    was declared sealed                        21
become the world’s biggest                                                                                                                                                                                                                      in late September.                         The FDA moved closer to approving
consumer of energy, according to                                                                                                                                                                                                                                                           a genetically altered salmon that
                                           Associated Press




IEA data.                                                                                                                                                                                                                                                                                  would become the first GM animal
                                                                                                                                                                                                                                                                                           to appear on U.S. menus.
26
Website WikiLeaks released                                                                                                                                                                                                                                                                 24
thousands of secret military                                  Zero, clearing the way for a mosque                              peat fires covered the Russian                software firm McAfee for $7.68                   the Iraq combat mission over. With                           Blockbuster filed for Chapter 11 and
documents that appeared to                                    to be built. Controversy followed.                               capital with thick smoke.                     billion, aiming to jump-start its                U.S. troop levels now below 50,000,                          plans to shrink its bricks-and-
present a bleak view of the                                                                                                                                                  effort to move its technology                    the president marked the end of                              mortar business in favor of mail-
Afghanistan war.                                              5                                                                13                                            beyond computers.                                Operation Iraqi Freedom, launched                            order and digital distribution.
                                                              BP said its operation to plug the                                GM said Daniel Akerson will take                                                               by President George W. Bush, and
27                                                            Gulf oil well was a success. The                                 over as CEO from Edward                         Pitching great Roger Clemens                   the start of a military-assistance                           28
BP’s board approved Robert Dudley                             White House said most of the                                     Whitacre, as the auto maker, which            was indicted for perjury over his                mission.                                                     North Korea’s Kim Jong Il signaled a
as CEO, after Tony Hayward was                                spilled oil is gone; critics reacted                             posted a $1.3 billion profit, prepares        2008 testimony to Congress in the                                                                             bid to keep family control. The
ousted amid criticism over his                                with skepticism.                                                 to go public again.                                                                                                   3                                     isolated country’s leader named his
handling of the Gulf oil spill.                                                                                                                                                                                                                      Hewlett-Packard                       third son and his sister senior
                                                              California’s ban on same-sex                                     14                                                                                                                    trumped rival Dell                    generals amid speculation he is
29                                                            marriage was overturned. A                                       Russia will load fuel into Iran’s                                                                                     with a $2.1 billion                   making plans to transfer control of
A judge blocked key parts of                                  federal court in San Francisco                                   nuclear-power plant, marking a                                                                                        offer for 3PAR,                       the authoritarian regime when he
Arizona’s immigration law, most                               ruled that the state’s voter-                                    crucial final step in making Tehran a                                                                                 ending a 10-day                       dies. The appointments were
notably a requirement that police                             approved Proposition 8 violated                                  nuclear power.                                                                                                        bidding war for the                   announced hours before the start
check the immigration status of                               constitutional guarantees to equal                                                                                                                                                     maker of data-                        of the biggest meeting of the ruling
people stopped for such routine                               protection and due process                                       18                                                                                                                    storage systems.                      Workers’ Party in 30 years.
infractions as traffic violations, if                         because it singles out gays and                                  Sports-related head injuries were
police suspect they are in the U.S.                           lesbians for denial of a marriage                                linked in a new study to signs of a                                                                                   7                                     The proportion of people in the U.S.
illegally. Arizona Gov. Jan Brewer                            license. An appeals-court decision                               brain condition similar to Lou                                                                                        Gen. David Petraeus                   aged 25 to 34 who were single in
vowed “to battle all the way to the                           remained up in the air as the                                    Gehrig’s disease.                                                                                                     said a planned                        2009 exceeded those who were
Supreme Court, if necessary.”                                 year ended.                                                                                                                                                                            burning of Qurans                     married for the first time ever.
                                                                                                                                                                                                                                      Getty Images




    Third-Quarter Rewind | Moves and milestones in the markets                                                                                                                                                                                                                                              Dow notches best
                                                                                                                                                                                                                                                                                                            September since
                                                                                                                                                                                                                                                                                                            1939, ending
                                                                                                                                                                                                                                         Sept. 12 (a Sunday)                                                quarter up 10.4%
                                          European banks largely pass                                 BP claims success                              Dow, S&P 500 and             Japan's Nikkei slips        Dow falls 4.7%              The world's        Japan spends
                                          a round of government                                       in capping the Gulf                            Nasdaq tumble into red       into bear market;           on the month,               central bankers    $20 billion to
                                          stress tests; U.S. bank                                     oil well that spewed                           for the year as              two-year Treasurys          the index's                 lay out new bank weaken its yen                           11500
                                          failures top 100 for the                                    oil since April                                investors shed risk as       settle at their             worst August in             rules, known as
                                          second consecutive year                                                                                    growth worries flare up       lowest yield ever           nearly a decade             Basel III, that
    Dow Jones                                                                                                                                                                                                                             ratchet up capital
                                                                                                                                                                                                                                          requirements                               24 27 28 29    11000
    Industrial Average                                                                                                                                                                                                                                                   20 21 22 23             30
                                                                                                        2 3                         4   5   6   9
                                                                                                                                                    10                                                                                                           16 17
                                                                                26 27 28 29 30                                                                                                                                                         13 14 15
                                                                             23                                                                                                                                                   3               10
                 Dow reclaims 13 14 15                                                                                                                   11 12           17 18
                                                                                                                                                                                                                                        7   8 9                                                     10500
                                                   22                                                                                                            13 16           19                                     1 2
                 10000 9 12                  20 21                                                                                                                                    20 23
                    8                  16 19                                                                                                                                                             27
                 7                                                                                                                                                                            24 25 26         30 31
                                                                                                                                                                                                                                                                                                                         10000
    1        6
         2
                                    Congress approves the                              Dow gains 7.1%                               Wheat prices surge 8%          BHP makes                  Dow closes below         Dow jumps                           U.S. poverty rate hits                      Gold closes
                                    largest financial-regulation                        for July, its best                           after Russia announced         unsolicited $38.6          10000 for the            254.75 points in                    14.3%, a 16-year high;                      above $1,300
        Agricultural Bank of
                                    overhaul since the                                 month in a year                              ban on grain exports           billion bid for            first time since          best September                      silver climbs to $20.7450                   for the first      9500
        China goes public,
                                    Depression; Goldman Sachs                                                                                                      Potash Corp. of            early July and, as       opening since                       an ounce, the highest                       time
        eventually becoming
                                    agrees to pay $550 million                                                                                                     Saskatchewan               it would turn out,       1998                                point since 1980
        the biggest IPO after
                                    to settle fraud charges                                                                                                                                   the last time in
        raising $22.1 billion
                                    leveled by the SEC in April                                                                                                                               2010                                                                                                                       9000


                                                                                                                                                                                                                                                                                                                         8500
        JULY                                                                                         AUGUST                                                                                                            SEPTEMBER
    Source: WSJ Market Data Group
                   THE WALL STREET JOURNAL.                                                                                                                                                                                                                   Monday, January 3, 2011             R13

                                                                                                                YEAR-END REVIEW OF MARKETS                                                                    FINANCE
                                                                                                                                             December 7

                   Remembrances:                                                                                                             Elizabeth Edwards, 61,
                                                                                                                                             campaigner and adviser
                                                                                                                                             whose battle with

                   2010’s Deaths                                                                                                             cancer and family
                                                                                                                                             travails drew sympathy.



                   January                                                             28
                                                                                       Robert Byrd, 92, the longest-serv-
                   11                                                                  ing U.S. senator in history and a
                   Miep Gies, 100, Dutch secretary                                     master of the Senate process.
                   who defied Nazis to hide Anne
                   Frank and her family.                                               July
                   13                                                                  13
                   Teddy Pendergrass, 59, R&B                                          George Steinbrenner, 80, owner of
                   singer paralyzed by a car crash, of                                 the New York Yankees.
                   colon cancer.
                                                                                       August
                   16
                   Glen Bell Jr., 86, founder of Taco                                  9
                   Bell eateries.                                                      Ted Stevens, 86, former Alaska
                                                                                       senator whose career was marred
                   27                                                                  by a corruption conviction that
                   J.D. Salinger, 91, reclusive creator                                was later voided, in a plane crash.
                   of Holden Caulfield, the rebellious                                 He survived a 1978 plane crash.
                   archetype and arch-enemy of pho-
                                                                                                                              Getty Images




                   nies in ‘The Catcher in the Rye.’                                   September
                                                                                       22
                                                                                       Eddie Fisher, 82, singer whose
                                                                                       fame for No. 1 songs in the ‘50s
                                                                                       was overshadowed by his celebrity
                                                                                       marriages.

                                                                                       29
                                                                                       Tony Curtis, 85, actor in films like
                                                                                       “Some Like It Hot.”

                                                                                       October
                                                                                       1
                                                                                       Stephen J. Cannell, 69, writer-pro-
                                                                                                                                                                                                                                                         Go farther.                          ®
Getty Images




                                                                                       ducer of dozens of TV series, in-
                                                                                       cluding “The A-Team.”

                                                                                       19
                                                                                       Tom Bosley, 83, stage and TV ac-
                   February                                                            tor famed for his role in “Happy
                                                                                       Days.”
                   8
                   Rep. John Murtha, 77, a powerful                                    20
                   advocate for the military and his                                   Bob Guccione, 79, Penthouse mag-
                   Pennsylvania district.

                   20
                   Alexander Haig, 85, ex-secretary
                   of state, general, adviser to three
                   presidents, who famously and
                                                                                       azine founder.

                                                                                       27
                                                                                       Néstor Kirchner, 60, former presi-
                                                                                       dent of Argentina seen by many
                                                                                       as the power behind his wife’s
                                                                                                                                                              Janus Triton
                                                                                                                                                              Fund wins
                   wrongly declared himself acting                                     government.
                   president after 1981 assassination
                   attempt on President Reagan.                                        31
                                                                                       Theodore Sorensen, 82, speech-
                                                                                       writer and counsel for President
                                                                                       Kennedy.

                                                                                       November
                                                                                       3
                                                                                       Viktor Chernomyrdin, 72, Russian
                                                                                       premier during the post-Soviet
                                                                                                                                                              Gold Award
                                                                                                                                                              for Excellence.
                                                                                       transformation.

                                                                                       4
                                                                                       “Sparky” Anderson, 76, baseball
                                                                                       manager who led Cincinnati and
                                                                                       Detroit to victories in the World
Associated Press




                                                                                       Series.




                   March
                                                                                       28
                                                                                       Leslie Nielsen, 84, star of movie
                                                                                       spoofs including “Airplane” and the
                                                                                       “Naked Gun” series.
                                                                                                                                                              Excellent
                   14
                   Peter Graves, 83, star of the TV
                   series “Mission Impossible” and
                   “Airplane” films.
                                                                                                                                                              news for Janus
                                                                                                                                                              investors.
                   April
                   21
                   Juan Antonio Samaranch, 89, In-
                   ternational Olympic Committee
                   head who transformed the Games.

                   24
                   Elizabeth Post, 89, successor to
                   Emily Post as nation’s etiquette
                   expert.
                                                          Everett Collection




                   May                                                                                                                                                                             “The S&P mutual fund research methodology was developed
                                                                                                                                                                                                    to provide a more holistic view of mutual funds by analyzing
                   2                                                                                                                                                                                a broad range of factors that include risk-reward profile,
                   Lynn Redgrave, 67, actress and
                   member of the famed British the-                                                                                                                                                 costs, manager tenure, and the quality of underlying holdings,
                   atrical dynasty.                                                    December                                                                                                     in addition to performance.”
                                                                                                                                                                                                    Todd Rosenbluth, Senior Director and a mutual fund analyst at S&P Equity Research
                   4                                                                   3
                   Ernie Harwell, 92, Detroit Tigers                                   Ron Santo, 70, longtime Chicago
                   broadcaster.                                                        Cub and later passionate radio an-
                                                                                       nouncer.
                   6
                   Robin Roberts, 83, Hall of Fame                                     5                                                                                                            Janus Triton Fund received the Gold Award for Domestic Equity
                   pitcher primarily for the Philadel-                                 Don Meredith, 72, Cowboys quar-                                                                              Small Cap mutual funds in the S&P Mutual Fund Excellence
                   phia Phillies.                                                      terback turned commentator noted                                                                             Awards. Janus is committed to our disciplined investment
                                                                                       for “Monday Night Football” work.                                                                            process, across every product, to help deliver the performance
                   9                                                                                                                                                                                our investors deserve.
                   Lena Horne, 92, jazz singer and ac-                                 13
                   tress who broke racial barriers.                                    Richard Holbrooke, 69, American                                                                              Contact your financial advisor to learn more about investing
                                                                                       diplomat who helped broker an                                                                                with Janus.
                   26                                                                  end to the Bosnian war.
                   Art Linkletter, 97, TV show host.

                   28
                   Gary Coleman, 42, the child star of
                   1970s TV sitcom “Diff’rent
                   Strokes.”

                   29                                                                                                                                  Please consider the charges, risks, expenses and investment objectives carefully before investing.
                   Dennis Hopper, 74, actor famous
                                                                                                                                                       For a prospectus containing this and other information, please call Janus at 877-33JANUS (52687)
                   for work in films like “Easy Rider
                   and “Apocalypse Now.”                                                                                                               or download the file from janus.com/reports. Read it carefully before you invest or send money.
                                                                                                                                                       Past performance is no guarantee of future results. Visit janus.com/advisor for current month-end performance.
                                                                                                                                                       Janus Triton Fund T Shares for the period 9/12/09-8/31/10. To qualify for an S&P U.S. Mutual Fund Excellence Award the fund must
                   June                                                                                                                                be open to retail investors with a minimum initial investment of $25,000 or less. Analyzed weekly, the fund must have had an overall
                                                                                                                                                       S&P ranking of five-star with positive indications for Performance Analytics, Risk Considerations and Cost Factors. S&P evaluates
                                                          European Pressphoto Agency




                   3                                                                                                                                   the underlying holdings of funds as measured by S&P STARS Equity Research, S&P Credit Rating, S&P Quality Ranking and S&P
                   Rue McClanahan, 76, star of “The                                                                                                    Fair Value Ranking. Funds that are sector or regional focused along with Target Date funds were not considered for awards. Three
                   Golden Girls.”                                                                                                                      funds with the highest consistency score in each award category were declared Gold, Silver and Bronze.
                   4                                                                                                                                   As with all investments, there are inherent risks that individuals would need to address. Investments in small
                   John Wooden, 99, coach who won                                                                                                      and mid-sized companies may experience greater price volatility.
                   10 basketball titles in 27 years at                                                                                                 Funds distributed by Janus Distributors LLC (11/10)
                   UCLA.

                   13                                                                  15
                   Jimmy Dean, 81, country music                                       Bob Feller, 92, Hall of Fame fast-
                   singer and sausage entrepreneur.                                    baller for the Cleveland Indians.
                             R14 Monday, January 3, 2011                                                                                                                                                                                                           ****                            THE WALL STREET JOURNAL.

                                                                                                                       YEAR-END REVIEW OF MARKETS                                                                                     FINANCE
                             October                                                         succeed Hu Jintao as president                                                                                                                          7                                                tax credit and lowers the estate-
                             1                                                               and party leader.                            4                                                          A man was found guilty of                       The Treasury sold the last of its                tax rate for the wealthy.
                                                                                                                                          The Fed said it will buy $600                              murdering Washington intern                     Citigroup common shares in a
                             The U.S. will sell off its AIG stake                            20                                           billion of Treasurys over the next                         Chandra Levy in 2001.                           $10.5 billion offering that capped               20
                             under a plan that could end the                                 The U.S. military is accepting openly        eight months in a bid, known as                                                                            the U.S.’s biggest bank bailout of               Congress has repealed ‘Don’t Ask,
                             bailout sooner than thought but                                 gay recruits for the first time ever,        quantitative easing, to rev up the                         Political consultant Hank Morris                the financial meltdown. Taxpayers                Don’t Tell,” but the task of lifting
                             which involves selling at least $50                             even as it tries to slow a move to           economy.                                                   pleaded guilty to a felony in                   will reap a $12 billion profit on the            the ban against gays serving
                             billion of shares to private                                    end its “don’t ask, don’t tell” policy.                                                                 connection with the New York                    $45 billion investment in the bank.              openly in the military would likely
                             investors over months or years.                                                                              10                                                         “pay-to-play” pension-fund case.                                                                                    take months, of-
                                                                                             21                                           Google is giving all of its 23,000                                                                         President Obama                                                     ficials said.
                             White House chief of staff Rahm                                 Astronomers have spotted the                 employees a 10% raise effective in                         24                                              announced a tax deal
                             Emanuel left for Chicago to run for                             oldest galaxy ever seen, born 13.1           January. The move is aimed at                              North Korea fired on a South                    with GOP leaders that                                              22
                             mayor and, after a period where                                 billion ago, the journal Nature              stanching defections.                                      Korean island near a disputed                   would extend the                                                   Deutsche Bank
                             his residency was called into                                   reported.                                                                                               maritime border, setting fire to                Bush cuts, reduce                                                  agreed to pay
                             question, was ruled free to do so.                                                                           15                                                         homes and buildings and killing                 payroll taxes for a                                                $553.6 million
                                                                                             26                                           Myanmar pro-democracy leader                               two marines. U.S. officials                     year, extend jobless                                               and admitted
                             North Korea released the first                                  Warren Buffett tapped a little-              Aung San Suu Kyi said she will                             increasingly believe Kim Jong Il’s              benefits and set the                                               criminal
                             public images as an adult of Kim                                known hedge-fund manager, Todd               continue pushing for change, a day                         military adventures are aimed at                estate tax at 35%.                                                 wrongdoing to
                             Jong Eun, the heir apparent of                                  Combs, as the leading candidate to           after being released house arrest.                         guaranteeing the transfer of power                                                                                 settle a long-




                                                                                                                                                                                                                                                                               Zuma Press
                             dictator Kim Jong Il, his father.                               succeed him as the chief                                                                                to his son, Kim Jong Eun.                       8                                                                  running probe
                             H-P chose industry veteran Leo                                  investment officer of Berkshire              16                                                                                                            WikiLeaks founder                                               over fraudulent
                             Apotheker, a former chief of                                    Hathaway.                                    Senate Republicans agreed on a                             29                                              Julian Assange was                                                 tax shelters.
                             German enterprise-software maker                                                                             plan to ban party members from                             The U.S. sought to limit fallout                denied bail following
                             SAP, to be its new chief executive.                             27                                           proposing earmarks for spending                            from WikiLeaks’ release. The                    his U.K. arrest on sex-assault                   The University of Connecticut’s
                                                                                             A tsunami struck Indonesia, and              bills, in a victory for tea-party ac-                      publication of State Department                 allegations from Sweden. He was                  women’s basketball team posted
                             6                                                               volcano Mount Merapi began to                tivists.                                                   cables detailed a push by                       released on bail later in the month.             its 89th straight win, eclipsing the
                             A former trader for Société                                                                                                                                                                                                                                              UCLA men’s streak of the early
                             Générale, Jérôme Kerviel, received                                                                                                                                                                                                                                       1970s. UConn’s streak ended at 90
                             three years in prison and was                                                                                                                                                                                                                                            with a loss to Stanford.
                             ordered to repay more than $6                                       Chile Mine Rescue | Thirty-three miners emerge after 69 days underground
                             billion for his role in one of the                                                                                                                                                                                                                                       The total U.S. population is now
                             world’s biggest trading scandals.                                                                                                                                                                                                                                        308,745,538, according to the 2010
                                                                                                                                                                                                                                                                                                      census, up 9.7% from 2000. That
                             7                                                                                                                                                                                                                                                                        is the slowest growth rate since
                             The Obama administration was                                                                                                                                                                                                                                             the decade of the Great Depres-
                             slow to react to the Gulf of                                                                                                                                                                                                                                             sion, mainly a reflection of lower
                             Mexico oil spill, a panel reviewing                                                                                                                                                                                                                                      immigration during the 2007-09
                             the disaster said. Investigators also                                                                                                                                                                                                                                    recession. America’s once-a-decade
                             said the administration gave too                                                                                                                                                                                                                                         head count gives Republican-lean-
                             much credence to initial estimates                                                                                                                                                                                                                                       ing states 11 more House seats.
                             that just 1,000 barrels of oil a day
                             were flowing from the well.                                                                                                                                                                                                                                              The Federal Communications Com-
                                                                                                                                                                                                                                                                                                      mission voted 3-2 to back Chair-
                             Philadelphia Phillies pitcher Roy                                                                                                                                                                                                                                        man Julius Genachowski’s plan for
                             Halladay pitched just the second                                                                                                                                                                                                                                         what is commonly known as “net
                             no-hitter in baseball postseason                                                                                                                                                                                                                                         neutrality,” or rules prohibiting In-
                             history. During the regular season,                                                                                                                                                                                                                                      ternet providers from interfering
                             he threw a perfect game.                                                                                                                                                                                                                                                 with legal Web traffic. President
                                                                                                                                                                                                                                                                                                      Obama said the FCC’s action will
                             8                                                                                                                                                                                                                                                                        “help preserve the free and open
                             The “pay to play” scandal yielded a                                                                                                                                                                                                                                      nature of the Internet.” The new
                             guilty plea from former New York                                                                                                                                                                                                                                         framework could also result in
                             State Comptroller Alan Hevesi.                                                                                                                                                                                                                                           tiered charges for Web access and
                                                                                                                                                                                                                                                                                                      alter how companies profit from
                             9                                                                                                                                                                                                                                                                        the network.
                             Jailed Chinese dissident Liu Xiaobo
                             won the Nobel Peace Prize,                                                                                                                                                                                                                                               23
                             angering China. Beijing warned                                                                                                                                                                                                                                           The Senate ratified a strategic-
                             that the decision would harm                                                                                                                                                                                                                                             arms pact with Russia. Thirteen
                             relations with Norway, home of                                                                                                                                                                                                                                           Senate Republicans joined with
                                                                              Getty Images




                             the prize committee. President                                                                                                                                                                                                                                           Democrats to pass New Start
                             Obama urged China to free Mr. Liu,                                                                                                                                                                                                                                       71-26, more than the two-thirds
                             who in December was awarded                                                                                                                                                                                                                                              tally needed for ratification.
                             the prize in absentia.                                                                                                                                                                                                                                                   Defense officials said the treaty,
                                                                                             erupt, hampering aid work. More                                                                         Washington for a global consensus                                                                which cuts deployed arsenals by a
                             12                                                              than 400 people died.                        17                                                         to confront Iran, including Arab                9                                                third, will restart bilateral weapons
                             A coalition of as many as 40 state                                                                           Body scanners in airports are                              support for the effort. U.S.                    Sixteen billionaires became new                  inspections and set the stage for
                             attorneys general is expected to                                30                                           meeting with growing resistance.                           lawmakers denounced WikiLeaks,                  signatories to the “Giving Pledge,”              additional arms pacts. President
                             announce an investigation into the                              Officials intercepted two U.S.-              Pilots warn of radiation and some                          with a top Republican calling for               agreeing to donate the majority of               Obama said passage of New Start
                             mortgage-servicing industry, as                                 bound packages laden with                    protesters are calling for a boycott.                      the arrest of the website’s founder.            their wealth to charity.                         and other legislative priorities
                             four major servicers suspended                                  explosives in cargo planes from              The Transportation Security                                                                                                                                 showed, “we’re not doomed to
                             foreclosures amid irregularities.                               Yemen, at a time when the U.S.               Administration said the scanners                           Europe sealed a $90 billion bailout             13                                               endless gridlock.” Congress also
                                                                                             and Europe are tracking multiple             and pat-downs aren’t going away.                           of Ireland and crafted a blueprint              A&P filed for bankruptcy                         passed legislation to provide
                             13                                                              suspected terror plots.                                                                                 for rescues from 2013 on that                   protection. The troubled grocer,                 health-care aid to 9/11 first
                             Miners who had been trapped in                                                                               The House ethics panel found Rep.                          could have private-sector creditors             which also owns Waldbaum’s, Food                 responders.
                             a Chilean mine in a 69-day ordeal                                                                            Charles Rangel (D., N.Y.) guilty of                        bearing some of the cost.                       Emporium, Super Fresh, Food
                             began reaching the surface in a
                                                                                             November                                     11 violations, including failure to                                                                        Basics and Pathmark, has been                    28
                             specially made rescue capsule.                                                                               report assets, and voted to                                The Madoff trustee filed 40                     hobbled by a crushing debt load                  Iraq Prime Minister Nouri al-Maliki
                                                                                             1                                            censure him. The full House voted                          lawsuits, including 22 against                  and competition from low-price                   insisted U.S. troops must be out of
                             The White House lifted its ban on                               Cablevision and News Corp. on                333-79 to impose the rarely used                           relatives of the convicted felon and            rivals.                                          Iraq by the end of 2011, saying his
                             deep-water drilling in the Gulf of                              Saturday ended a two-week                    punishment.                                                his wife, aiming to recover $69                                                                  government was able to handle
                             Mexico.                                                         standoff over fees for Fox                                                                              million for investors. The suits                Mark Madoff, who committed suicide               any security threats. Baghdad will
                                                                                             programming.                                 Britain’s Prince William announced                         came amid a looming legal                       Dec. 11, was feeling increasingly                tackle any obstacles facing foreign
                             14                                                                                                           he will marry longtime girlfriend                          deadline as the two-year                        despondent about his worsening                   oil firms, he said, emphasizing the
                             Foreclosure crisis and robo-signers:                            2                                            Kate Middleton.                                            anniversary of the Ponzi scheme’s               legal situation in the days before he            need for oil revenue.
                             J.P. Morgan widened a review of                                 The San Francisco Giants won                                                                            demise approached.                              took his life, his friends say.
                             its foreclosure practices to 41                                 baseball’s World Series, beating             18                                                                                                                                                          A Russian court found oil tycoon
                             states. Fannie and Freddie are                                  the Texas Rangers 4 games to 1.              House Democrats elected Nancy                              30                                              14                                               Mikhail Khodorkovsky guilty of em-
                             reviewing the work of a Florida                                                                              Pelosi to lead the party in a vote                         The financial rescue will cost U.S.             A federal judge in Virginia ruled                bezzlement, a verdict the U.S. con-
                             law firm they recommended to                                    3                                            that laid bare Democratic divisions.                       taxpayers $25 billion, the CBO said,            that the provision in the new                    demned as “an abusive use of the
                             process foreclosures.                                           The GOP took the House;                      John Boehner was chosen to lead                            a sharp drop from earlier                       health-care law requiring                        legal system.”
                                                                                             Democrats held the Senate.                   House Republicans, making him                              estimates.                                      Americans to buy insurance is
                             16                                                              Republicans, who needed to                   the likely next speaker.                                                                                   unconstitutional.                                30
                             Countrywide co-founder Angelo                                   capture 39 Democratic seats in the                                                                                                                                                                       Steven Rattner settled the “pay to
                             Mozilo agreed to pay $67.5 million                              House, reversed four years of                A key gauge of U.S. inflation has                                                                          Ukraine is working on a plan to                  play” scandal by paying $10 million,
                             to settle the SEC’s civil suit.                                 Democratic gains, handing John               fallen to its lowest level since                                                                           open Chernobyl, the site of the                  ending a bitter standoff with New
                                                                                             Boehner the speaker’s gavel.                 record-keeping began in 1957.                                                                              world’s worst nuclear accident, to               York Attorney General Andrew
                             19                                                              Republicans won gubernatorial                                                                                                                           visitors.                                        Cuomo (now New York’s governor).
                             China’s Communist Party named                                   races coast to coast, but                    19                                                                                                                                                          Earlier, Mr. Rattner, the former
                                                                                                                                                                                    Bloomberg News




                             an heir apparent. President Xi                                  Democrats triumphed in New York              General Motors made its return                                                                             15                                               Obama administration auto czar,
                             Jinping was appointed to a key                                  and California. ( Marco Rubio, R.,           to the stock market after a                                                                                Iraq’s ex-Premier Ayad Allawi, who               settled an SEC suit over his
                             military post, making him likely to                             Fla., won a three-way Senate race.)          government-led turnaround that                                                                             leads a Sunni party, agreed to join              alleged role in the scandal,
                                                                                                                                          proved far more successful than                                                                            a Shiite-led government headed by                agreeing to pay $6.2 million and
                                                                                                                                          many had expected.                                                                                         a rival.                                         accepting a two-year ban on
                                                                                                                                                                                                     December                                                                                         associating with any investment
                                                                                                                                          20                                                                                                         16                                               adviser or broker-dealer.
                                                                                                                                          NATO leaders agreed to expand a                            2                                               A warning signal from ratings firm
                                                                                                                                          U.S. missile defense system to                             The Fed released details on                     Moody’s rekindled worries about                  The Buzziest Words of the Year:
                                                                                                                                          cover all the alliance’s territories in                    trillions of dollars of loans made              Spain’s ability to service its debt.             Flash crash, tea party, vuvuzela.
                                                                                                                                          Europe. Though the initial aim is to                       during the financial crisis,
                                                                                                                                          deal with potential threats from                           disclosing the breadth of its                   17                                               31
                                                                                                                                          Iran, the leaders wouldn’t name                            lending to an array of U.S.                     Congress approved far-reaching tax               The Dow Jones industrials rose
                                                                                                                                          specific countries in the accord.                          businesses and foreign banks.                   legislation, which was signed by                 1,149.46 points, or 11%, to
                                                                                                                                                                                                                                                     President Obama the next day.                    11577.51 on the year, ending a
European Pressphoto Agency




                                                                                                                                          23                                                         Waters off the East Coast won’t                 The House overcame persistent                    volatile 12 months that saw
                                                                                                                                          Iran’s parliament wanted to                                be opened to drilling. The eastern              liberal opposition and passed it                 multiple periods where it was in
                                                                                                                                          impeach President Mahmoud                                  Gulf of Mexico will also stay off-              with an unexpectedly large                       the red, a correction and two dips
                                                                                                                                          Ahmadinejad but refrained under                            limits, in a reversal from the                  bipartisan majority of 277-148. The              below 10000. The S&P 500
                                                                                                                                          orders from Ayatollah Ali                                  Obama administration, The move                  measure retains Bush-era tax rates               ended up 13%, the Nasdaq gained
                                                                                                                                          Khamenei, according to Iranian                             was denounced by the oil industry               for two years, extends jobless                   17% and the Russell 2000 index
                                                                                                                                          lawmakers.                                                 but lauded by environmentalists.                benefits, gives workers a payroll-               of small-cap stocks leapt 25%.




                                 Fourth-Quarter Rewind | Moves and milestones in the markets                                                                                                                                                                               Dow falls 7.87 points shy of closing at year’s
                                                                                                                                                                                                                                                                           high, rising 1,149.46 points, or 11%, to
                                 Third-quarter stock                                                                                                                                                                                                                       11577.51; gold and copper end at record
                                                                 AIG raises $17.8 billion in the initial               Dow climbs 3.06%    The Dow industrials leaps 219.71 points, General                                   The Dow ends
                                 gains came as trading                                                                                                                                                                                                                     highs; oil gains 15% and Treasurys rise
                                                                 public offering for AIA, its Asian                    for the month,      or 2%, to 11434.84, returning to a level    Motors                                 November
                                 Dow Jones from
                                 volume fell 25%                 life-insurance arm, and is on track to                its best October    last seen just before Lehman’s collapse     goes public                            down 1%                                                           21 22 23 27 28
                                                                                                                                                                                                                                                                                                                    29 30
                                                                                                                                                                                                                                                                                                                          31
                                 Industrial                                                                                                     4 5 8 9 10                                                                                                              13 14 15 16 17 20                                    11500
                                 the second quarter              pull in as much as $20.6 billion                      since 2006
                                                                                                                                                                                                                                           2     3       6   7 8   9 10
                                 Average                                                                                                                            11                                                                1
                                                                                                                                           3
                                                                                     25 26 27 28 29                                    1 2                              12 15         18 19 22       24
                                                             13 14 15 18 19 20 21 22                                                                                            16 17             23    26                    29 30
                                          5   6 7    8 11 12
                                 1                                                                                                                   Gold tops $1,400                                                                                                                                                              11000
                                      4                                                                                                              for first time


                                     Two-year
                                         Dow closes above        Cotton prices touch their highest                           Election ends     The Fed says it will     BHP withdraws                           Europe seals $90 billion       Gold settles at      The DJIA rises          Congress approves                      10500
                                         11000
                                     Treasury for first           level since Reconstruction as bad                           with GOP          buy $600 billion of      bid for Potash                          bailout of Ireland, but        a record             40.26 points,           far-reaching tax
                                         time since
                                     yield closes May            harvests and demand from China                              taking the        U.S. government          Corp. of                                contagion worry                $1,415.30 a          ending a                legislation,
                                     at record                   spark worries of a shortfall                                House and         bonds over the next      Saskatchewan                            continues to plague            troy ounce and       streak of five           retaining Bush-era
                                     low of                                                                                  Democrats         eight months in a                                                some euro-zone                 silver hit a         consecutive             tax rates for two                      10000
                                     0.407%                                                                                  holding the       bid to rev up the                                                members                        30-year high of      sessions in             years
                                                                                                                             Senate            economic recovery                                                Nov. 28 (a Sunday)             $29.705 an           which the
                                                                                                                                                                                                                                               ounce                measure
                                                                                                                                                                                                                                                                    moved fewer
                                                                                                                                                                                                                                                                                                                                   9500
                                                                                                                                                                                                                                                                    than 20 points,
                                                                                                                                                                                                                                                                    the longest
                                                                                                                                                                                                                                                                    such stretch                                                   9000
                                                                                                                                                                                                                                                                    since 2006


                                                                                                                                                                                                                                                                                                                                   8500
                                     OCTOBER                                                                                      NOVEMBER                                                                                            DECEMBER
                                 Source: WSJ Market Data Group

				
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