SEC charges ex-Fannie, Freddie CEOs with fraud (AP)

WASHINGTON ? Two former CEOs at mortgage giants Fannie Mae and Freddie Mac on Friday became the highest-profile individuals to be charged in connection with the 2008 financial crisis.

In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.

The executives were accused of understating the level of high-risk subprime mortgages that Fannie and Freddie held just before the housing bubble burst.

"Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was," said Robert Khuzami, SEC's enforcement director.

Khuzami noted that huge losses on their subprime loans eventually pushed the two companies to the brink of failure and forced the government to take them over.

The charges brought Friday follow widespread criticism of federal authorities for not holding top executives accountable for the recklessness that triggered the 2008 crisis.

Before the SEC announced the charges, it reached an agreement not to charge Fannie and Freddie. The companies, which the government took over in 2008, also agreed to cooperate with the SEC in the cases against the former executives.

The Justice Department began investigating the two firms three years ago. In August, Freddie said Justice informed the company that its probe had ended.

Many legal experts say they don't expect the six executives to face criminal charges.

"If the U.S. attorney's office was going to be bringing charges, they would have brought it simultaneously with the civil case," said Christopher Morvillo, a former federal prosecutor now in private practice in Manhattan.

Robert Mintz, a white-collar defense lawyer, says he doubts any top Wall Street executives will face criminal charges for actions that hastened the financial crisis, given how much time has passed.

Mudd, 53, and Syron, 68, led the mortgage giants in 2007, when home prices began to collapse. The four other top executives also worked for the companies during that time.

In a statement from his attorney, Mudd said the government reviewed and approved all the company's financial disclosures.

"Every piece of material data about loans held by Fannie Mae was known to the United States government and to the investing public," Mudd said. "The SEC is wrong, and I look forward to a court where fairness and reason ? not politics ? is the standard for justice."

Syron's lawyers said the term "subprime had no uniform definition in the market" at that time.

"There was no shortage of meaningful disclosures, all of which permitted the reader to assess the degree of risk in Freddie Mac's" portfolio, the lawyers said in a statement. "The SEC's theory and approach are fatally flawed."

According to the lawsuit, Fannie and Freddie misrepresented their exposure to subprime loans in reports, speeches and congressional testimony.

Fannie told investors in 2007 that it had roughly $4.8 billion worth of subprime loans on its books, or just 0.2 percent of its portfolio. That same year, Mudd told two congressional panels that Fannie's subprime loans represented didn't exceed 2.5 percent of its business.

The SEC says Fannie actually had about $43 billion worth of products targeted to borrowers with weak credit, or 11 percent of its holdings.

Freddie told investors in late 2006 that it held between $2 billion and $6 billion of subprime mortgages on its books. And Syron, in a 2007 speech, said Freddie had "basically no subprime exposure," according to the suit.

The SEC says its holdings were actually closer to $141 billion, or 10 percent of its portfolio in 2006, and $244 billion, or 14 percent, by 2008.

Syron also authorized especially risky mortgages for borrowers without proof of income or assets as early as 2004, the suit alleges, "despite contrary advice" from Freddie's credit-risk experts. He rejected their advice, "in part due to his desire to improve Freddie Mac's market share."

Fannie and Freddie buy home loans from banks and other lenders, package them into bonds with a guarantee against default and then sell them to investors around the world. The two own or guarantee about half of U.S. mortgages, or nearly 31 million loans.

During the financial crisis, the two firms verged on collapse. The Bush administration seized control of them in September 2008.

So far, the companies have cost taxpayers more than $150 billion ? the largest bailout of the financial crisis. They could cost up to $259 billion, according to their government regulator, the Federal Housing Finance Administration.

Mudd was paid more than $10 million in salary and bonuses in 2007, according to company statements. He was fired from Fannie after the government took over. He's now the chief executive of the New York hedge fund Fortress Investment Group.

Syron made more than $18 million in 2007, according to company statements. His compensation increased $4 million from 2006 because of bonuses he received ? part of them for encouraging risky subprime lending, according to company filings. It's not clear what portion of the bonuses was for his efforts to promote subprime lending.

Syron resigned from Freddie in 2008. He's now an adjunct professor and trustee at Boston College.

The other executives charged were Fannie's Enrico Dallavecchia, 50, a former chief risk officer, and Thomas Lund, 53, a former executive vice president; and Freddie's Patricia Cook, 58, a former executive vice president and chief business officer, and Donald Bisenius, 53, a former senior vice president.

Lund's lawyer, Michael Levy, said in a statement that Lund "did not mislead anyone." Lawyers for the other defendants declined to comment Friday.

Based on the outcomes of similar cases, the lawsuit might not yield much in penalties against the former executives.

In July, Citigroup paid just $75 million to settle similar civil charges with the SEC. Its chief financial officer and head of investor relations were accused of failing to disclose more than $50 billion worth of potential losses from subprime mortgages. The two executives charged paid $100,000 and $80,000 in civil penalties.

Fines against executives charged in SEC civil cases can reach up to $150,000 per violation. SEC Chairman Mary Schapiro has asked Congress to raise the limit to $1 million.

The SEC has brought other cases related to the financial crisis since it began a broad investigation into the actions of Wall Street banks and other financial firms about three years ago.

Goldman Sachs & Co., for example, agreed last year to pay $550 million to settle charges of misleading buyers of a complex mortgage investment. JPMorgan Chase & Co. resolved similar charges in June and paid $153.6 million.

Citigroup Inc. agreed to pay $285 million to settle similar charges, though that settlement was recently struck down by a federal judge in New York City.

Most cases, however, didn't involve charges against prominent top executives.

An exception was Angelo Mozilo, the co-founder and CEO of failed mortgage lender Countrywide Financial Corp. He agreed to a $67.5 million settlement with the SEC in October 2010 to avoid trial on civil fraud and insider trading charges that he profited from doling out risky mortgages while misleading investors about the risks.

Associated Press writers Marcy Gordon in Washington and Larry Neumeister in New York contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_bi_ge/us_fannie_freddie_charges

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McQueary: I told Penn St. officials about abuse (AP)

HARRISBURG, Pa. ? A Penn State assistant football coach testified Friday that he believes he saw former assistant coach Jerry Sandusky molesting a boy and that he fully conveyed what he had seen to two Penn State administrators.

Mike McQueary, speaking for the first time in public about the 2002 encounter in a Penn State locker room, said he believes that Sandusky was attacking the child with his hands around the boy's waist but said he wasn't 100 percent sure it was intercourse.

McQueary took the stand Friday morning in a Pennsylvania courtroom during a preliminary hearing for Tim Curley and Gary Schultz, two university officials who are accused of lying to a grand jury about what McQueary told them. The hearing was expected to last most of the day.

McQueary's story is central to the case against Curley and Schultz. They testified to the grand jury that McQueary never relayed the seriousness of what he saw. The officials, and Penn State coach Joe Paterno, have been criticized for never telling police about the 2002 allegation. Prosecutors say Sandusky continued to abuse boys for six more years.

McQueary said he had stopped by a campus football locker room to drop off a pair of sneakers in the spring of 2002 when he happened upon Sandusky and the boy in a shower.

He said Sandusky was behind the boy he estimated to be 10 or 12 years old, with his hands wrapped around the boy's waist. He said the boy was facing a wall, with his hands on it.

McQueary said he has never described what he saw as anal rape or anal intercourse and couldn't see Sandusky's genitals, but that "it was very clear that it looked like there was intercourse going on."

Under cross examination by an attorney for Curley, McQueary reiterated that he had not seen Sandusky penetrating or fondling the boy but was nearly certain he knew an assault happened in part because the two were standing so close and Sandusky's arms were wrapped around the youth.

He said he peeked into the shower several times and that the last time he looked in, Sandusky and the boy had separated. He said he didn't say anything, but "I know they saw me. They looked directly in my eye, both of them."

McQueary said he reported what he saw to Paterno but never went to police.

He said he did not give Paterno explicit details of what he believed he'd seen, saying he wouldn't have used terms like sodomy or anal intercourse out of respect for the longtime coach.

He said Paterno told him he'd "done the right thing" by reporting what he saw. The head coach appeared shocked and saddened and slumped back in his chair, McQueary said.

Paterno told McQueary he would talk to others about what he'd reported.

Nine or 10 days later, McQueary said he met with Curley and Shultz and told them he'd seen Sandusky and a boy, both naked, in the shower after hearing skin on skin slapping sounds.

"I told them that I saw Jerry in the showers with a young boy and that what I had seen was extremely sexual and over the lines and it was wrong," McQueary said. "I would have described that it was extremely sexual and I thought that some kind of intercourse was going on."

McQueary said he was left with the impression both men took his report seriously. When asked why he didn't go to police, he referenced Shultz's position as a vice president at the university who had overseen the campus police

"I thought I was talking to the head of the police, to be frank with you," he said. "In my mind it was like speaking to a (district attorney). It was someone who police reported to and would know what to do with it."

Under cross-examination, McQueary said he considered what he saw a crime but didn't call police because "it was delicate in nature."

"I tried to use my best judgment," he said. "I was sure the act was over." He said he never tried to find the boy.

Curley and Schultz are charged with lying to a grand jury and failing to properly report what McQueary allegedly told them.

Their lawyers say the men are innocent and contest McQueary's statements.

District Judge William C. Wenner was hearing testimony Friday to help him decide whether state prosecutors have enough evidence against the pair to send their cases to trial.

Sandusky says he is innocent of more than 50 charges stemming from what authorities say were sexual assaults over 12 years on 10 boys in his home, on Penn State property and elsewhere. The scandal has provoked strong criticism that Penn State officials didn't do enough to stop Sandusky, and prompted the departures of Hall of Fame football coach Joe Paterno and the school's longtime president, Graham Spanier.

Curley, 57, Penn State's athletic director, was placed on leave by the university after his arrest. Schultz, 62, returned to retirement after spending about four decades at the school, most recently as senior vice president for business and finance, and treasurer.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_sp_ot/us_penn_state_abuse

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The First Image of Earth Taken By NASA's VIIRS Satellite [Space]

NASA's new VIIRS—or Visible Infrared Imager Radiometer Suite—satellite travels in a sun-synchronous orbit. So as it photographs the planet, each photo is taken at the same time ensuring that all the images have similar lighting. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/67FD6vjqS7s/the-first-stunning-image-of-earth-taken-by-nasas-viirs-satellite

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Adrian Peterson plans to play vs. Saints

By JON KRAWCZYNSKI

updated 6:31 p.m. ET Dec. 15, 2011

EDEN PRAIRIE, Minn. - Spending three weeks on the sideline watching his Minnesota Vikings appears to be about all Adrian Peterson can take.

Peterson said on Thursday that he plans to play against the New Orleans Saints on Sunday despite being only about 85 percent healed from a sprained left ankle that has caused him to miss three straight games.

He wants to be there for his teammates, who have found a new way to lose seemingly every week to fall to 2-11; for his coaches, who have been receiving plenty of criticism during this massively disappointing season; and for all the fans who are counting on him to help them in their fantasy football leagues.

"It's very important, especially for my fantasy team owners," Peterson joked. "They've been giving me a hard time on Twitter. But just being out ... seeing my guys go out and fall short week after week and just wishing I was out there to help those guys compete."

Peterson suffered the high ankle sprain against the Oakland Raiders on Nov. 20. After making him the highest-paid running back in NFL history in the offseason, the Vikings didn't want to risk their investment by rushing Peterson back in a season in which the playoffs were not an option.

But Peterson never thought about taking the rest of the season off to make sure he's fully recovered.

"I love this game, so no matter if we were 2-11 or whatever, if I'm healthy I'm going to go out and play," Peterson said. "That's been my mindset from the beginning. Three weeks off, I'm going to be a part of it."

His teammates aren't the only ones eager to see him back. Peterson said fantasy owners have pestered him every week with questions on Twitter.

"Should we play you this week? Please!" Peterson said with a chuckle. "Some of the stuff I read on there is crazy."

Quarterback Christian Ponder's hip pointer has improved as well, so coach Leslie Frazier said the Vikings are expecting to have everyone available for the game against the Saints (10-3). Peterson will be evaluated again on Friday, but all signs are pointing to him returning to the field.

"The way he's moving around, some of the things that really concerned him a week ago at this time don't seem to concern him much, nor does it concern us," Frazier said. "So if he has another good day (Friday), we should be in the clear."

Frazier said the fact that Peterson still wants to play even though there is nothing left for the team to play for speaks volumes.

"A superstar like him, he's going to achieve what he wants to achieve," Frazier said. "The fact that he wants to get back and play with this football team speaks very highly of who he is as a person. He wants to finish this season with his teammates."

Peterson said he still feels some soreness when he cuts and plants, but not enough to prevent him from wanting to play.

"I'm like 85 percent," he said. "But I'll be able to take the pain and whatever it is that comes with it."

___

Follow Jon Krawczynski on Twitter at http://www.twitter.com/APkrawczynski

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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FACT CHECK: Gingrich off on his budget history (AP)

WASHINGTON ? Newt Gingrich overlooked a couple of years of red ink when he asserted Thursday night that he balanced the budget for four years as House speaker. And in claiming sole credit for the achievement, he glossed over the fact that budgets are not a one-man show: There was a Democratic president in town, too.

In the last debate before the leadoff Iowa Republican presidential caucuses, Gingrich persisted in repeating a claim he has made often in the campaign, sometimes more accurately than others. Here and there, other candidates, too, reprised misstatements or partial truths from the string of debates and from the stump. Mitt Romney once again declared he has spent his life in the private sector, once again ignoring his years as governor and political candidate.

A look at some of the claims in the debate and how they compare with the facts:

GINGRICH: "I balanced the budget for four straight years, paid off $405 billion in debt ? pretty conservative."

THE FACTS: In the 1996 and 1997 budget years, the first two years he shaped as speaker of the House of Representatives, the government actually ran deficits. In 1998 and 1999, the government ran surpluses. Two more years of surpluses followed, but Gingrich was gone from politics by then and had nothing to do with them.

Moreover, the national debt went up during the four years Gingrich was speaker. In January 1995, when he became speaker, the gross national debt was $4.8 trillion. When he left four years later, it was $5.6 trillion, an increase of $800 billion.

To be sure, Gingrich did not single-handedly deepen America's debt, just as he didn't balance any budgets on his own. He was a driving force along with Democratic President Bill Clinton and figures in both houses of Congress in the economic setbacks and advancements of that time.

___

ROMNEY: "I spent my life, my career, in the private sector."

THE FACTS: Except, that is, for four years as Massachusetts governor, recent years running for president in the 2008 and 2012 elections, a few years running the Olympics, and the time he put into his failed run for a Senate seat in 1994.

In essence, Romney has devoted himself to political endeavors since his successful run for governor in 2002, and has been pursuing the presidency for five years.

The month after his term as governor ended in 2007, he announced his campaign for the Republican presidential nomination. After John McCain defeated him for the nomination, Romney devoted himself to building a political network, helping Republican candidates raise money, and writing a book that set the stage for his second run for president.

Indeed, Romney, who made his fortune as founder of the investment firm Bain Capital, has not held a private-sector job with a regular paycheck in more than a decade.

___

MICHELE BACHMANN: "We have an IAEA report that just recently came out that said literally Iran is within just months of being able to obtain that (a nuclear) weapon."

RON PAUL: "There is no U.N. report that said that. It's totally wrong, what you just said."

Bachmann: "It's the IAEA report."

THE FACTS: As Paul said, the report of the International Atomic Energy Agency does not state that Iran is within months of having nuclear arms. The U.N. agency report does suggest that Iran conducted secret experiments whose sole purpose is the development of nuclear weapons but did not put a time frame on when Iran might succeed in building a bomb, and it made no final conclusion on Tehran's intent.

Bachmann also erred by arguing that Iran has "stated they will use it (a nuclear weapon) against the United States."

Iran vehemently rejects that it is developing a nuclear bomb, let alone that it plans to drop one on the U.S.

___

ROMNEY: "I'm firmly in support of people not being discriminated against based upon their sexual orientation. At the same time, I oppose same-sex marriage. That's been my position from the beginning."

THE FACTS: In large measure, Romney has been consistent in those two positions, despite accusations of flip-flopping on gay rights.

He walked a fine line back in his failed 1994 Senate campaign, vowing to fight for equality but stopping short of endorsing gay marriage. That's the same line he walked Thursday night.

He has changed, though, on whether gay marriage should be addressed at the state or federal level. He has favored a constitutional amendment banning gay marriage at least since the beginning of his 2008 presidential bid, when he was the only major Republican candidate to do so. In 1994, he had said the matter should be decided by individual states. That was before the idea of a constitutional ban had gained traction in politics.

___

BACHMANN: "After the debates that we had last week, PolitiFact came out and said that everything I said was true."

THE FACTS: Not true.

For the second debate in a row, Gingrich complained that Bachmann wasn't getting her facts straight, this time when she went after him for the big money he made from Freddie Mac. In her own defense, Bachmann cited ratings from PolitiFact, a fact-checking organization that ranks statements on a scale from true to false, with the worst offender being "Pants on Fire" false.

PolitiFact rated two Bachmann statements from last week's debate. One, claiming Gingrich believed in an individual health care mandate as Massachusetts governor, was ranked mostly true. The other, that Romney introduced "socialized medicine" in his state, was judged burning-pants false.

Indeed, Bachmann has the worst record of accuracy in the Republican field, as rated by that organization and traced by others. Fully 73 percent of her statements checked by PolitiFact were judged mostly false or worse. Gingrich was wrong the next most often, 59 percent of the time.

___

Associated Press writers Steve Peoples, Bradley Klapper, Douglass K. Daniel and Jim Drinkard contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_el_pr/us_republicans_debate_fact_check

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Stocks slide lower as euro worries persist

By Associated Press

NEW YORK ? Stocks and the euro fell early Wednesday as worries over Europe hang over financial markets. Energy companies fell hard as the price of crude oil plunged 4 percent.

Italy's borrowing rates ratcheted higher and the euro slid below $1.30 for the first time since January, two signs that the debt crisis continues to pressure Europe's governments. The euro has lost more than 3 percent in three days.

Italy had to pay higher borrowing rates in its last bond auction of the year Wednesday. The euro zone's third-largest economy paid 6.47 percent interest to borrow?3.95 billion for five years, up from 6.30 percent just a month ago. That's a sign that investors' confidence in Italy's ability to pay its debts is waning.

The Dow Jones industrial average fell 106 points, or 1 percent to 11,849 in early-morning trading. Caterpillar Inc. fell 3.4 percent, the most of the 30 stocks in the Dow. The Dow is headed for its third down day in a row. It closed at its lowest level in two weeks Tuesday.

The market appears to be in "sell now and ask questions later mode," said John Canally, investment strategist at LPL Financial. The fear that another bank failure will lead to a wider financial crisis like Lehman Brothers did in 2008 overshadows everything else, he said.

In traders' minds, a slight drop in the euro or a small rise in Italian government bond yields is seen as a step toward a banking collapse. "Just the hint of bad news becomes 'Oh my gosh. The world is going to end,' " Canally said.

The Standard & Poor's 500 index fell 12, or 1 percent, to 1,214. The Nasdaq fell 38 points, or 1.5 percent to 2,541.

The yield on the 10-year Treasury note fell to 1.92 percent from 1.96 percent late Tuesday as demand increased for ultrasafe assets. The dollar also rose sharply against other currencies. The euro lost about out penny against the dollar to $1.29.

In Europe, Germany's DAX dropped 1.6 percent; France's main stock index fell 3 percent.

The steep drop in crude prices pulled down Cabot Oil & Gas Corp, Alpha Natural Resources Inc. and Apache Corp. All three were down more than 3 percent in early trading. The price of crude oil sank $4 to $96 in morning trading.

Other commodities prices also fell sharply as investors shed assets seen as being risky. Commodity prices also tend to fall when the dollar rises, since a stronger dollar makes it more expensive for investors using other currencies to buy commodities, which are priced in dollars. Gold and copper lost each 5 percent.

First Solar Inc. plunged 21 percent, the biggest drop in the S&P 500, after the country's largest solar company slashed its earnings estimate for the year. The solar industry has been hit hard by slower economic growth around the world and as government funding for alternative energy projects has dried up.

Avon jumped 8 percent, the largest gain in the S&P 500. The company announced late Tuesday that its CEO, Andrea Jung, will step down. The cosmetics company has been struggling with erratic financial results and is under scrutiny by regulators.

The Dow is now down 2.8 percent for the week, while S&P has lost 3.3 percent. The Nasdaq is down 4 percent.

The markets have already told is that Europe currently has a broken monetary system, according to Kyle Bass, Hayman Capital Management managing partner.

?

? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://bottomline.msnbc.msn.com/_news/2011/12/14/9443632-stocks-slide-lower-as-euro-worries-persist

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Capsule reviews of new releases (AP)

"Alvin and the Chipmunks: Chipwrecked" ? Puns like these would be unforgivable coming from a human. From high-pitched rodents, they prompt calls for an exterminator. The third in the noxiously contemporary series of new Chipmunks films, "Chipwrecked" is full of the cheapest kind of pop culture references. Here is Alvin aping James Bond with a tail that's "shaken, not stirred," a suggestion to follow the Chipmunks on "Critter" and (gulp) a Charlie Sheen-ism of "winning." This latest Chipmunks film, directed by Mike Mitchell ("Shrek Forever After"), is aimed at a slightly younger demographic than the prior movies (it's rated G), and perhaps shallow references like these are enough to delight youngsters. But I doubt it. Do parents really want stale, cringe-worthy expressions like "Awkward!" instilled in another generation? The Chipmunks' father figure, Dave Seville (Jason Lee, looking vaguely hostagelike), takes his diminutive computer-generated friends on a vacation cruise en route to the Grammy-esque International Music Awards, where the Chipmunks and the Chipettes are an eagerly awaited pop sensation. But the antics of Alvin (Justin Long) throw them overboard and they wash up on a deserted island. David Cross and Jenny Slate do their best to help. G. 87 minutes. One and a half stars out of four.

? Jake Coyle, AP Entertainment Writer

___

"Carnage" ? In Hollywood terms, this is relatively tame violence-wise. A pet hamster may be in peril, a bunch of tulips get mauled and a cellphone gets abused, but that's pretty much it. There's more carnage in "Puss in Boots." But for sheer domestic savagery, this is the film for you. Based on the 2009 Tony Award-winning play "God of Carnage" by Yasmina Reza and directed by Roman Polanski, the film is a dark comedy that focuses on the collapse of good manners when two liberal, middle-class couples get together to discuss an altercation between their young sons. Starring a first-rate cast of Jodie Foster, Kate Winslet, Christoph Waltz and John C. Reilly, this may be uncomfortable stuff for yuppies to watch: A polite discussion of child-rearing approaches descends into racial slurs, drunken insults, the airing of dirty personal laundry and some barfing. To fans of the play, relax. Polanski and Reza, who share screenwriting credits, have added no flashbacks or car chases or explosions to what on stage has always been a four-character talk-fest ? sometimes a scream-fest ? that unspools in real time. In fact, the movie hews so closely to the play that it sometimes feels like a filmed play. R for language. 80 minutes. Three and a half stars out of four.

? Mark Kennedy, AP Drama Writer

___

"The Girl With the Dragon Tattoo" ? To put it bluntly, this movie kicks butt. Director David Fincher orchestrates a stark but enthralling adaptation of the first novel in late author Stieg Larsson's trilogy. Its harsh emotional terrain could have wound up softened and sweetened, yet this was an ideal match of filmmaker and material. Fincher is one of the least sentimental directors in Hollywood. If anything, his "Dragon Tattoo" is even bleaker than the 2009 Swedish-language hit. Rooney Mara, who had a small role in Fincher's "The Social Network," gives a controlled detonation of a performance as traumatized victim-turned-avenger Lisbeth Salander. Mara's the breakout star of the year, a cold, detached waif in form, a fearsome, merciless zealot in spirit. How strange it is to say that the nice guy here is Daniel Craig ? who, of all the big-screen James Bonds, comes closest to the nasty, tortured soul Ian Fleming created. Mara and disgraced journalist Craig make an indomitable screen pair, he nominally leading their search into decades-old serial killings, she surging ahead, plowing through obstacles with flashes of phenomenal intellect and eruptions of physical fury. Larsson left behind two other novels loaded with more dark doings for the duo. We haven't seen the last of this tattooed girl. R for brutal violent content including rape and torture, strong sexuality, graphic nudity and language. 158 minutes. Three and a half stars out of four.

? David Germain, AP Movie Writer

___

"Mission: Impossible ? Ghost Protocol" ? Luckily for Tom Cruise, this is one of his finest action flicks, just what he needs to restore his box-office bankability. For director Brad Bird, though, the fourth "Mission," rock solid as it is, ranks only as his second-best action movie, after the animated smash "The Incredibles." It's the best of the "Mission: Impossible" movies, Bird making a remarkable transition with his first live-action film after three animated ones, among them "Ratatouille." Bird applies the anything-can-happen limitlessness of cartoons and just goes for it, creating thrilling, dizzying, amazing action sequences. This time, Cruise and his team (Jeremy Renner, Paula Patton and Simon Pegg) are blamed for bombing the Kremlin, so they go rogue trying to clear their names and stop a madman (Michael Nyqvist) from starting a nuclear war. Cruise is pretty much doing the same-old, playing the stone-face who's not very interesting when standing still and talking. That work ethic of Cruise, though, shows in every one of the spectacular action moments. If you have the slightest fear of heights, grip the armrests tightly during Cruise's climb up the world's tallest building; even safe in your seat, an unnerving feeling of vertigo is bound to result as you stare down from the 130th floor. PG-13 for sequences of intense action and violence. 132 minutes. Three stars out of four.

? David Germain, AP Movie Writer

___

"Sherlock Holmes: A Game of Shadows" ? Robert Downey Jr. and Jude Law bicker and banter and bob and weave with diminishing returns in this sequel to the 2009 smash hit "Sherlock Holmes." Director Guy Ritchie once again applies his revisionist approach to Arthur Conan Doyle's classic literary character, infusing the film with his trademark, hyperkinetic aesthetic and turning the renowned detective into a wisecracking butt-kicker. But what seemed clever and novel the first time around now feels stale and tired; a lot of that has to do with the bleak, gray color scheme, which smothers everything in a dreary, suffocating sameness and saps the film of any real tension or thrills. "Game of Shadows" finds Downey's Holmes facing off against brilliant supervillain Professor Moriarty (Jared Harris), who's cooked up a scheme to pit European nations against each other in hopes of benefiting from the demand for arms. Holmes must stop him with the help of his trusty sidekick, Dr. Watson (Law), who's newly married and not nearly so gung-ho about such wild adventures anymore. And it shows in the script as well as the performances; Law gets little to do beyond functioning as the skeptical straight man, and the chemistry just isn't there this time. Noomi Rapace tags along for some reason as a gypsy fortuneteller looking for her missing brother, but the formidable presence she displayed in the original Swedish "Girl With the Dragon Tattoo" and its sequels goes to waste. PG-13 for intense sequences of violence and action, and some drug material. 129 minutes. One and a half stars out of four.

? Christy Lemire, AP Movie Critic

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/ap/20111214/ap_en_mo/us_film_capsules

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