Financial life in a big town

Public but personal details from more than 170 million Facebook profiles were harvested from the site and made available in a downloadable torrent file this week.

Ron Bowes, a security researcher and blogger, wrote a software program to scan Facebook’s public directory of profiles. Users can choose to opt out of that directory, but most stick with Facebook’s default setting and allow their name and a few other personal details to publicly searchable.

"Once I have the name and URL of a user, I can view, by default, their picture, friends, information about them, and some other details," Bowes wrote on his blog at SkullSecurity.org.

Bowes’ exploit did not involve breaching users’ privacy settings or obtaining any passwords, and all of the information he gathered is openly available on Facebook’s site. However, the sheer size of his data haul is significant: Bowes’ chunky 2.8 gigabyte file includes names and URLs for 171 million Facebook profiles. Facebook has an active user population of 500 million.

Bowes created a torrent for his cache, making it available through sites such as Pirate Bay. He also did some preliminary data mining: Facebook’s most-common user name is "jsmith," and the most popular first names on the site are Michael, John and David, Bowes found.

While Bowes called the information’s easy accessibility "a scary privacy issue," Facebook downplayed his exploit.

"This information already exists in Google, Bing, other search engines, as well as on Facebook. No private data is available or has been compromised," Facebook said in a statement. "Similar to the white pages of the phone book, this is the information available to enable people to find each other, which is the reason people join Facebook."

The company reiterated that its privacy controls allow users to adjust their settings so that they do not appear in a search on Facebook or through search engines.

Though the information Bowes culled is public, his approach still violated Facebook’s terms of service. The site prohibits collecting user information "through automated means," which includes harvesting scripts like the one Bowes created.

Facebook is typically aggressive in cracking down on policy violators. The company said Wednesday that it deleted all applications created by Pencake, a top outside developer whose widgets were used by 45 million Facebook members, because Pencake broke Facebook’s rules.

But Bowes doesn’t seem concerned. He’s already planning the next phase of his Facebook data dive. Bandwidth constraints stopped him from gathering users’ public photos and other openly available details, this time around.

"So far, I have only indexed the searchable users, not their friends," he wrote in his blog. "I’d like to tackle that in the future, though, so if anybody has any bandwidth they’d like to donate, all I need is an ssh account and Nmap installed." 

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Stocks end little changed Thursday, erasing bigger losses after weaker than expected reports on the economy revived worries about growth.

The Dow Jones industrial average (INDU) lost a few points and broke its seven-day winning streak. The S&P 500 (SPX) index ended just above breakeven, and the Nasdaq (COMP) composite lost a few points.

Stocks tumbled through most of the session, but managed to cut losses near the close thanks to a late-session advance in financial and commodity shares.

After the close, Google (GOOG, Fortune 500) reported quarterly earnings that missed forecasts on revenue that beat estimates, sending shares lower in after-hours trading.

JPMorgan’s profit report added to bets that quarterly earnings will hold up despite the slower growing economy. But that wasn’t enough to distract investors from a spate of mixed-to-weaker economic reports, particularly in the aftermath of a big rally over the past week.

"We’re coming off a strong rally over the last few days that was earnings driven," said Kim Caughey, senior equity analyst at Fort Pitt Capital Group. "Today we took a rest from looking at the earnings and took another look at the economy."

On Wednesday, the Federal Reserve lowered its forecast for GDP growth this year. On Thursday, a report showed that weekly jobless claims fell to a two-year low — but continuing claims, a measure of long-term joblessness, rose. Weak reports on manufacturing in the New York and Philadelphia regions added to the jitters.

China also reported strong GDP growth of 10.3% in the second quarter. Still, that fell short of the 11.9% growth recorded in the first quarter.

On Thursday afternoon, the Senate approved the most far-reaching financial reform bill since the 1930s, which President Obama is expected to sign into law next week.

The legislation is designed to limit big banks, protect consumers and prevent the future reoccurrence of financial crises like the one that hit in 2008.

Results: Dow component JPMorgan Chase posted a second-quarter profit of $4.8 billion, or $1.09 per share, trouncing expectations. The bank’s strength in the quarter was due partly to a decline in the number of consumers defaulting on loans. However, JPMorgan’s shares slipped amid the broader market selloff.

"It’s great to have earnings surprises but what we really need to see are companies issuing upbeat forecasts for the second half of the year," she said.

Earnings for the S&P 500 are expected to have risen 28% versus a year ago, according to the latest from earnings tracker Thomson Reuters.

Economy: The number of Americans filing new claims for unemployment last week fell to 429,000, the lowest level since August 2008. Economists surveyed by Briefing.com thought claims would drop to 450,000 from a revised 458,000 in the previous week.

However, the drop in weekly claims was largely a result of seasonal factors. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,681,000 from 4,434,000 in the previous week payday loans with no fax. Economists surveyed by Briefing.com thought claims would fall to 4,400,000.

The NY Fed-Empire Manufacturing survey plunged to 5.08 in July from 19.57 in June, surprising economists who were expecting it to dip to 18.

The Philadelphia Fed index fell to 5.1 in July from 8.0 in June, surprising economists who thought that manufacturing activity would rise to 10.0.

The Producer Price Index (PPI), which measures wholesale inflation, fell 0.5% in June after falling 0.3% in May. Economists thought it would fall 0.1%. The so-called core PPI, which strips out volatile food and energy prices, rose 0.1%. Economists expected it to rise 0.1% after it rose 0.2% last month.

Industrial production rose 0.1% in June after rising 1.3% in May. Economists thought it would hold steady. Capacity utilization held steady at 74.1% in June, versus forecasts for a rise to 74.2%.

On Wednesday, the Federal Reserve lowered its forecast for GDP this year to a range of between 3% and 3.5% versus the previous forecast of a range of 3.2% to 3.7%.

BP: Shares of the beleaguered oil company rallied 7.5% after BP (BP) said that it has managed to temporarily stop the flow of oil into the Gulf of Mexico, nearly three months after the explosion that caused the leak.

Company news: Private-equity firm Carlyle Group is buying vitamin maker NBTY (NTY) in a $3.8 billion cash deal that values NBTY’s shares at $55 per share, a 47% premium above the stock’s closing price Wednesday. Shares gained 43%.

World markets: European markets fell, with Britain’s FTSE 100 down 0.8%, Germany’s DAX off 1% and France’s CAC 40 down 1.4%.

Asian markets ended lower. Japan’s Nikkei fell 0.1%, Hong Kong’s Hang Seng lost 0.2% and the Shanghai Composite fell 1.6%.

Currencies: The euro gained versus the dollar, hitting a two-month high. The dollar fell versus the Japanese yen.

Commodities: U.S. light crude oil for August delivery rose 26 cents to $76.88 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery gained $1.20 to $1,209.50 an ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 2.98% from 3.05% late Wednesday. Debt prices and yields move in opposite directions.

Market breadth: Breadth was negative. On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.12 billion shares. On the Nasdaq, decliners beat advancers 2 to 1 on volume of 1.99 billion shares.

How much of a hit did you take in the recent correction? Are you worried about a bear market? What changes have you made in your portfolio and what changes do you plan on making for the rest of the year? E-mail your story to realstories@cnnmoney.com and you could be featured in an upcoming article. For the CNNMoney.com Comment Policy, click here. 

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Lincoln County Bancorp and its Peoples Bank and Trust Co. subsidiary of Troy, Mo., reached an agreement last week with the Federal Reserve Bank of St. Louis “in recognition of their common goal to maintain the financial soundness” of the two financial entities, the Federal Reserve Board said Monday.

Under the agreement, dated June 14, Peoples Bank must file plans to strengthen credit risk management practices, strengthen commercial real estate concentrations, real estate appraisal practices and asset improvement. The plans primarily are due within 60 days of the agreement.

According to the agreement, the bank also must get prior approval to extend, renew or restructure any loans that are criticized in the Fed’s examination of the bank that began Sept. 8, 2009.

Peoples Bank also must charge-off or collect all assets classified as a “loss” in the Fed’s examination report.

The holding company and bank must submit a joint written plan to each maintain sufficient capital.

Peoples Bank is to submit to the Fed a written business plan for the rest of 2010 to improve the bank’s earnings and overall condition. The holding company has to submit a written statement of its planned sources and uses of cash for 2010.

Neither Lincoln county Bancorp or Peoples Bank are to declare or pay dividends without prior approval from the Fed.

Donald Thompson is chairman of both Lincoln County Bancorp and Peoples Bank and Trust Co.

In addition to Peoples Bank and Trust Co., Lincoln County Bancorp.’s subsidiaries are: People’s Bank of Altenburg, Mo., in Perry County; Bank of Louisiana, Mo., in Pike County; Exchange Bank of Missouri in Fayette, Mo., in Howard County; and Exchange Bank of Northeast Missouri in Kohoka, Mo., in Clark County. The company also owns an unregulated subsidiary, Vacations, a travel agency.

As of March 31, Lincoln County Bancorp had combined total deposits of $584.7 million, and combined total assets of $707.9 million as of Peoples Bank and Trust Co. had total assets of $415.9 million as of March 31.

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New York’s The Lung Cancer Research Foundation will donate $25,000 for studies at the Translational Genomics Research Institute as a result of its first Strides for Life event in Arizona.

The 3-mile run-walk and children’s dash are modeled after the foundation’s longstanding event in New York. Because of its success, the foundation already has scheduled a second annual Arizona fundraiser at the same site, Tempe Arts Park, for April 10, 2011.

Laurie Carson, founder and president of the foundation, said she is thrilled with the 175 participants.

Her foundation provides funding nationally for lung cancer research. Lung cancer is the leading cause of cancer death worldwide, killing 1.3 million people each year. The problem, she said, is there is no practical way to screen for lung cancer.

As a result, nearly 75 percent of patients are diagnosed with advanced-stage disease, leaving few options for treatment payday advances.

The National Cancer Institute estimates that nearly 220,000 new cases of lung cancer will be diagnosed this year in the U.S., where more than 159,000 people will die from the disease.

Michael Bassoff, president of TGen Foundation, said the $25,000 immediately will be applied to support TGen’s lung cancer research.

“The gift from LCRF will support scientific research in an area that affects more cancer patients than any other type of cancer,” he said.

This $25,000 award follows a $75,000 award that LCRF gave TGen last year to conduct scientific investigations.

For more: www.lungfund.org and www.tgen.org.

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The Illinois Senate Labor Committee has approved legislation authorizing a controversial plan to divert sales taxes to finance developer Bruce Holland’s construction of a $380 million, 400-acre entertainment, retail and restaurant project in Marion, Ill.

Rep. John Bradley, D-Marion, and Sen. Gary Forby, D-Benton, sponsored the bill. The legislation now heads to the full Senate for consideration. The Illinois House of Representatives approved the legislation earlier this month by a vote of 79-35.

The development, which will include a mix of destination and entertainment businesses, retail stores and restaurants, has the potential to create 6,000 jobs during construction and 5,685 full-time jobs when completed, Holland said.

Holland, with Millennium Development and Holland Construction, scaled back the project, originally intended for Glen Carbon, Ill., and moved it south after Metro East lawyers blasted it and argued it would drain their tax bases.

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When you’re done with your tax return, your first instinct may be to stash it in a drawer and put it out of your mind until next year. That would be a mistake.

A smarter move would be to think of your return as a financial snapshot. Here are some questions to consider:

— Should you adjust your withholding? If you’re getting a fat refund, it’s smart to reduce withholding so you receive that money during the year. If you’re writing a big check each April, you might see that as an interest-free loan. But if you pay the bill with a credit card or other loan, chances are you’re better off paying as you go.

— Are you saving for retirement? If your job offers a 401(k) plan with an employer match, you benefit twice, because you’ll save on taxes and get those matching funds. If you don’t have a plan at work, that makes an Individual Retirement Account or Roth IRA even more important.

— Did you itemize deductions? IRS statistics show that only about 35 percent of returns include itemized deductions. That means millions are missing out on tax savings, and for many it’s because of sloppy record keeping.

— Is it time to buy a house — or pay off your mortgage? With housing prices and interest rates still low, you may find it’s the right time to purchase a home. In contrast, Eisenberg said some could benefit from paying down their mortgage. If the interest deduction is no longer substantial, it’s worth considering.

— Did you file your first joint re turn, or have kids? If you’re recently married or you’re a new parent, it’s a good time to reassess your insurance needs and make sure you’ve updated your financial paperwork and records.

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After gaining near-universal admiration for its moral stand against China just under a month ago, Google quickly got knocked off that pedestal.

Last week, the search giant was hit with two major lawsuits over Google Books and Google Buzz, three public advocacy groups jointly filed a privacy complaint against Google with the Federal Trade Commission, and, most critically, the FTC readied an antitrust challenge to Google’s deal for mobile advertising company AdMob.

"When you get to be the size of Google, you can expect legal battles to be constant," said Andrew Frank, Google analyst at Gartner. "This is going to be a continuing source of friction for them."

Whether or not Google’s legal woes ultimately hurt the company’s long-term profitability or stock price remains to be seen.

"The AdMob episode highlights the fact that Google may be entering a difficult phase with respect to its attempts to expand into adjacent businesses," said Tim Boyd, senior Internet analyst at MKM partners, in a note to investors. "Mobile advertising is of particular importance to Google’s longer-term growth strategy. The loss of AdMob would serve as a significant setback."

Boyd held his rating on Google at "neutral" because "increased antitrust risk could remain a significant sentiment overhang."

Any risk that Google may face more antitrust issues could cause a big wrinkle in the company’s growth prospects, according to Richard Fetyko, analyst at Merriman Curhan Ford.

Google already dominates the search market, and Fetyko says there are only a couple real growth opportunities: Mobile is one, and display ads are another. Google is still a relatively small player in both those markets, but strong growth in either space could raise regulators’ eyebrows, he said.

Still, others think that this latest slurry of legal trouble is not much to worry about, especially because Apple may have inadvertently helped Google’s cause. Last Thursday, a day after the news came out about the FTC’s antitrust concerns, Apple (AAPL, Fortune 500) introduced its new mobile advertising business, called "iAd," which will compete directly with AdMob faxless pay day loans.

That changed most analysts’ sentiment about the FTC’s chances against Google.

"Though AdMob is the mobile ad leader, it is only generating $100 million of revenue a year in a market that takes in $30 billion in the United States alone," said Trip Chowdry, analyst at Global Equities Research. "The fact that Apple came up with its own ad platform shows the space is evolving. It will be difficult for the FTC to block the deal."

As for the two lawsuits and the privacy concerns, most analysts just shrugged their shoulders.

"I think there’s merit to comparisons with Microsoft (MSFT, Fortune 500)," said Frank. "There’s a sense that the incumbent is always the biggest target. But none of this has the nature of a fatal setback."

"It’s irrelevant; this is just the cost of doing business," said Chowdry. "I expect solid numbers from Google in the future. Investors should only think about Google’s innovations."

Google is set to report its first-quarter financial results on Thursday after the bell, and profit and sales are both expected to soar. The consensus estimate of analysts surveyed by Thomson Reuters is for earnings per share of $6.58 on revenue of $4.9 billion, up 21% from year-ago levels.

Shares of Google (GOOG, Fortune 500) rose $1.33 to $588.10 Wednesday. Google’s stock has failed to keep pace with the tech-heavy Nasdaq Composite this year. While the Nasdaq has risen 9.5%, Google has fallen 5.6%.

Investors initially sold off the company’s stock during its standoff with China in January, as many viewed the announcement as turning Google’s back on 700 million Internet users. When it became clear that Google was not leaving behind China’s mobile market, Google’s shares gained back some lost momentum. 

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Factory orders rose in February, bolstered by strong demand for industrial machinery and commercial aircraft. It was the 10th increase in 11 months as manufacturing continues to provide crucial support for the nation’s economic recovery.

Manufacturing companies, which were hit hard by the recession, are benefiting from overseas orders and increased business spending on capital equipment. Quinlan estimates factory orders fell by about 25 percent during the recession but have recovered about one-third of that amount since last spring.

The Commerce Department said Wednesday that new orders rose 0.6 percent last month, just ahead of analysts’ estimates for a 0.5 percent increase, according to Thomson Reuters.

Still, that was the lowest uptick since August 2009. January’s orders also were revised higher to show an increase of 2.5 percent.

Separately, a private company’s report on payrolls Wednesday disappointed analysts. Payroll provider ADP said employers cut 23,000 jobs in March, well below economists’ forecasts for a 40,000 gain.

In the factory orders report, economists were encouraged by a 2 percent rise in orders for capital goods such as computers and machinery following a sharp drop in January. In addition, inventories rose by 0.5 percent last month, the fourth increase in the past five months.

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Maine’s lobstermen are working harder for less, as demand drops for their expanding harvest.

Lobstermen pulled in a robust 76.3 million pounds in 2009, according to the Maine Department of Marine Resources. That’s the largest harvest in years, according to state records and estimates, but only in terms of volume.

The 2009 take was worth $223.7 million, which is about $22 million less than the prior year, according to the department. State statistics show that the harvest has dropped in value, year-to-year, since 2005, when it totaled nearly $318 million.

As with most things, the recession is to blame. Cash-strapped consumers are avoiding delicacies such as lobsters, driving down the overall price, according to George Lapointe, commissioner of the Maine Department of Marine Resources.

"I think it’s largely a function of supply and demand, and the world economic condition," he said. "Lobster is a luxury product."

Lapointe said the price of lobster managed to "claw its way" back to a range of $2.75 to $3 per pound in 2009, after slumping to $2 to $2.50 in the fall of 2008. That pales in comparison to five years ago, he said, when lobstermen were getting $4 to $4.50 per pound.

Lobstering is an essential part of Maine’s economy, he said, providing about $500 million in annual revenue to coastal communities. He said the tourism industry has managed to hold up, despite the recession, but visitors to Maine only account for one-sixth of lobster purchases.

Lapointe said cruise ships, which are traditionally among the largest consumers of lobsters, are cutting back on their purchases and this has been painful for lobstermen.

"They are certainly in a financial squeeze right now," he said. "When they fish harder, they use more bait and more fuel, and those are huge costs for them."

Lapointe said fuel cost is consuming as much as 40% of a lobsterman’s take, up from 10% to 15% in recent years.

More lobsters, less money

David Cousins, president of the Maine Lobstermen’s Association and a lobsterman for 42 years, said the 2009 harvest was the biggest since the early 1990s, when the annual take peaked at an estimated 100 million pounds. But that is little comfort, considering the dropping prices and increasing costs.

"Our business is based on a $4 dollar-plus lobster [per pound]," said Cousins. "When you’re getting $2.90 a pound, you’re going the wrong way and it just doesn’t work anymore.

The cost of Atlantic herring, an abundant fish used as bait in lobster traps, jumped to a range of 25 to 30 cents per pound from 3 cents in the mid-1990s, said Cousins. The cost of bait now consumes 20% of gross revenue for lobstermen, compared to 2% in mid-1990s, he said.

"Our [net] income has dropped by 35% to 40%, and sometimes 50%, because of increased cost of fuel and increased cost of bait," Cousins said.

This spells trouble for the industry and some lobstermen have lost their boats to bank foreclosures, he said.

"There are a lot of people who are in serious trouble up here, because they have a lot of money out on their business - they owe for boats and traps and houses and trucks and all that," Cousins said.

But getting out of this hardscrabble business isn’t much of an option for most lobstermen, despite its difficulties, he added.

"People are hanging on as long as they can, because there aren’t any jobs any more," Cousins said. 

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Facing firm demands from the European Union and financial markets to cut its deficit, Greece announced cost-cutting measures Wednesday that will save the debt-challenged country €4.8 billion, $6.53 billion, this year.

The Greek government plans to cut civil service workers’ entitlements by 12%. This includes a 30% decrease in holiday bonus payments, according to The Wall Street Journal’s online edition. Officials also said civil service pensions will be frozen for the year.

To increase revenue, the Greek government said it will raise the value-added tax to 21% from 19% on items including clothing and footwear. Sales tax on food and medicine will rise to 10% from 9% and the tax rate on printed products will increase to 5% from 4.5%.

The country will boost the tax on alcohol by 20% and raise the tax on tobacco to 65% from 63%. Taxes on gasoline prices will be hiked by €0.08 per liter.

Officials expect the measures will reduce Greece’s budget deficit to 8 free credit report.7% of the country’s gross domestic product this year from a level of 12.7% last year, according to the report. The European Union had given Greece until March 16 to show it is making progress in cutting its deficit from more than four times the allowed level.

Umbrella union for civil servants ADEDY is already speaking out against the measures and has called for a 24-hour general strike on March 16, said the Journal.

In a speech to parliament Tuesday, Greek prime minister George Papandreou said the country risks bankruptcy if it neglects to find lenders to cover its €300 billion, $409 billion, in debt, the Journal said.

Greece is preparing to raise between €3 billion and €5 billion, $4.1 billion and $6.8 billion, in a 10-year bond sale.  

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