Insiders steal a march in leak prone Asian markets

SINGAPORE (Reuters) – When South Korean automaker Hyundai Motor Co announced last month it had overstated the fuel efficiency levels on around one million of its cars in the United States and Canada some investors were left fuming more than others.

Some had already sold their shares before the announcement on November 2. The stock fell 4 percent on November 1 with about 2.2 million shares changing hands, the highest trading volume of the year at that point.

“This smells pretty bad,” said Robert Boxwell, director of consulting firm Opera Advisors in Kuala Lumpur who has studied insider dealing patterns.

“It would have fallen into our suspect trading category,” he added.

Boxwell spots suspect trading by looking at how much the volume diverges from the average level in the days before a market moving announcement. In the Hyundai instance, the volume was more than five standard deviations, a measure of variation, away from the daily average of 598,741 shares over the past year.

A Hyundai spokeswoman declined to comment.

Research from the Capital Markets Co-operative Research Centre (CMCRC), an academic centre in Sydney that studies financial market efficiency, found that 26 percent of price-sensitive announcements in Asia Pacific markets showed signs of leakage in the first quarter of this year, the most recent period for which data was available.

That compared with 13 percent in North American markets.

The CMCRC says it looks for suspected information leaks by examining abnormal price moves and trading volumes ahead of price-sensitive announcements.

Investors say one reason for leaks in Asia has been low enforcement rates for insider trading and breaches of disclosure rules. Enforcement in some markets is virtually non-existent.

There are also misconceptions about whether trading on non-public information is a crime.

“The idea that insider trading is wrong rather than smart is only being ingrained in the current generation of Asian players, not the older generation who are often still in the driving seat,” said Peter Douglas, founder of GFIA, a hedge fund consultancy in Singapore.

LOSS OF CONFIDENCE

Japan’s largest investment bank Nomura Holdings was embarrassed this year after regulatory investigations found it leaked information to clients ahead of three public share offerings.

Nomura has acknowledged that its employees leaked information on three share issues it underwrote in 2010. In June, it published the results of an internal investigation that found breaches of basic investment banking safeguards against leaking confidential information and announced a raft of measures to prevent recurrence.

The bank was also fined 200 million yen ($ 2.37 million) by the Tokyo Stock Exchange and 300 million yen by the Japan Securities Dealers Association.

Such leaks hurt companies’ share prices in the long run because investors put in less money if they feel they are not on a level playing field.

“It is very damaging. You may not know how much money you’ve lost but if there is not confidence that the regulators are prosecuting and enforcing the rules on this then it undermines investor confidence and liquidity,” said Jamie Allen, secretary general of the Asian Corporate Governance Association.

The issue isn’t being ignored. Many Asian markets such as Hong Kong and China have tightened their rules on insider trading over the past decade.

Indeed some investors feel that while leaks and insider dealing are unfair, regulators in the region have more serious issues they should be tackling.

“I would like to see the regulators spend more resources on investigating and prosecuting fraud against listed companies, which severely damages shareholder value,” said David Webb, a corporate governance activist in Hong Kong, arguing insider dealing as less of an impact on a company’s long-term share price.

HTC AND APPLE

A week after Hyundai’s announcement about its problems in the United States, there was an unexpected move on the Taiwan Stock Exchange.

Shares in smartphone maker HTC Corp jumped almost seven percent on Friday, November 9, hitting the daily upper trading limit. On Sunday came the surprise announcement that the company was ending its long-running patent dispute with Apple Inc , a move seen as a positive for the stock.

The Taiwan bourse announced it was investigating the trading patterns to see if there was a possible leak.

When asked for comment, HTC referred back to a November 13 statement in which the company said it had kept the Apple settlement process confidential and has strict controls on insider trading.

Michael Lin, a spokesman for the Taiwan Exchange, told Reuters on Friday that the bourse is still working with the regulator on the case.

‘ENORMOUS LOSSES’

Michael Aitken, who oversees research at the CMCRC, said many other Asian markets lack tough enough rules to force information to be released as efficiently and timely as possible, a primary reason for the prevalence of leaks.

“Poor regulation hampers enforcement efforts,” he said pointing out that few markets have the “continuous disclosure” rules used in Australia which require listed companies to release material information as soon as possible.

In Korea, when Hyundai shares started to fall, rumours began swirling that news about a problem with some of its cars was on its way, but investors say it took the company too long to disclose what exactly was happening.

“Hyundai at that time did not confirm the rumours. We suffered enormous losses because of this,” said one fund manager, who declined to be named because he was not authorised to speak to the media.

An official from Korea Exchange declined to comment on whether it was investigating this case, saying only that the exchange looks carefully into possible cases of insider trading.

Across Asia, regulators concede that many company executives and insiders still do not appreciate that leaking or trading on material, non-public information is an offence.

“People don’t even know they are engaging in insider trading, for example if their friends are talking about it on the golf course,” said Tong Daochi director-general for international affairs at the China Securities Regulatory Commission, during a regulation conference last month.

“We try to tell society, what are the criminal issues, what are the insider trading issues? For example we have held 27 press conferences to tell the public what kind of activities are involved in insider trading and to let people know that this is an active crime.” ($ 1 = 84.2600 Japanese yen) ($ 1 = 0.6147 British pounds)

(Reporting by Rachel Armstrong; additional reporting by Nishant Kumar in HONG KONG and Hyunjoo Jin in SEOUL; Editing by Emily Kaiser)

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Marilyn Monroe subway grate photo on view in NYC

NEW YORK (AP) — A famous image of Marilyn Monroe with her skirt billowing atop a New York City subway grate is on display in a picture-perfect spot: outside the Times Square subway station.

The supersized version of Sam Shaw's well-known picture is part of an exhibit. The exhibit also features eight of Shaw's other Monroe pictures, on view inside the 42nd Street-Bryant Park station on the B, D, F, M and 7 lines.

The show opened Thursday. It'll be up for a year.

Shaw shot the subway grate photo for the 1955 film "The Seven Year Itch." He took the other pictures in 1957.

The exhibit is part of the Metropolitan Transportation Authority's Arts for Transit program. Manager Lester Burg says matching a mass transit setting with a popular figure from mass culture seemed a good fit.

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AP PHOTOS: A photo journey through N.Korea

PYONGYANG, North Korea (AP) — My window on North Korea is sometimes, quite literally, a window — of a hotel room, the backseat of a car, a train. Fleeting moments of daily life present themselves suddenly, and they are opportunities to show a side of the country that is entirely at odds with the official portrait of marching troops and tightly coordinated pomp that the Pyongyang leadership presents to the world. 

In April, I was part of a group of international journalists that traveled by train to the launch site for this year's first, failed rocket test. We traveled in a spotless train used by the Communist leadership, and I spent the five-hour journey inside my sleeper car looking out the large, clean window at a rural landscape seen by few foreign eyes. The tracks cut across fields where large groups of farmers were at work in clusters. Occasionally, there was a plow drawn by oxen or a brick-red tractor rolling along the gravel roads. On a rocky hilltop above the train tracks, a small boy sprinted and waved at the passing train. Every few hundred yards along the entire route, local officials in drab coats stood guard, their backs to the tracks, until its cargo of foreign reporters had safely passed. 

I have made 17 trips into North Korea since 2000, including six since The Associated Press bureau in Pyongyang opened in January 2012. It is an endlessly fascinating and visually surreal place, but it is also one of the hardest countries I have ever photographed. As one of the few international photographers with regular access to the country, I consider it a huge responsibility to show life there as accurately as I can.  

That can be a big challenge. Foreigners are almost always accompanied by a government guide — a "minder" in journalistic parlance — who helps facilitate our coverage requests but also monitors nearly everything we do. Despite the official oversight, we try to see and do as much as we can, push the limits, dig as deeply as possible, give an honest view of what we are able to see. Over time, there have been more and more opportunities to leave the showplace capital, Pyongyang, and mingle with the people. But they are usually wary of foreigners and aware that they too are being watched. 

This has been a historic year for North Korea, with large-scale dramatic displays to mark important milestones, struggles with food shortages, crippling floods, drought and typhoons, as well as growing evidence that people's lives are changing in small but significant ways. But in a country that carefully choreographs what it shows to the outside world, separating what is real from what is part of the show is often very difficult.

Last spring, as North Korea was preparing for the 100th birthday of its late founder, Kim Il Sung, citizens practiced for weeks, even months, for the large-scale military parade and public folk dancing that was part of the celebration.

One morning, on our way through town, we saw small groups of performers walking home from an early rehearsal. They wore their brightly colored traditional clothing, but covered over with warm winter coats. In their hands were the red bunches of artificial flowers that they shake and wave in honor of country's leaders during mass rallies.

From the van window, I saw a woman standing alone, holding her bouquet as she waited for the bus. It was, to me, a more telling moment than the actual events we would cover a week later, a simple but provocative glimpse into one person's life.

For this project, I used a Hasselblad XPAN, a panoramic-view film camera that is no longer manufactured. Throughout the year, I wore it around my neck and shot several dozen rolls of color negative film in between my normal coverage of news and daily life with my AP-issued digital cameras.

The XPAN is quiet, discrete, manual and simple. Because it has a wide panoramic format, it literally gives me a different view of North Korea. The film also reflects how I feel when I'm in North Korea, wandering among the muted or gritty colors, and the fashions and styles that often seem to come from a past generation. 

In my photography, I try to maintain a personal point of view, a critical eye, and shoot with a style that I think of as sometimes-whimsical and sometimes-melancholy. My aim is to open a window for the world on a place that is widely misunderstood and that would otherwise rarely be seen by outsiders.

I hope these images help people to develop their own understanding of the country, one that goes beyond the point-counterpoint presented by Pyongyang and Washington. And maybe they can help create some sort of bridge between the people of North Korea and the rest of the world.

_________

Award-winning photographer David Guttenfelder is AP's chief photographer for Asia. He is based in Tokyo but makes frequent trips to North Korea to run AP's photo operations there. 

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AP IMPACT: Big Pharma cashes in on HGH abuse

An Associated Press investigation shows that a federal crackdown on illicit foreign supplies of human growth hormone has failed to stop rampant misuse, and instead has driven record sales of the drug by some of the world's biggest pharmaceutical companies.

The crackdown, which began in 2006, reduced the illegal flow of unregulated supplies from China, India and Mexico. But since then, Big Pharma has been satisfying the steady desires of U.S. users and abusers, including many who take the drug in the false hope of delaying aging.

An AP analysis of pharmaceutical company data shows that from 2005 to 2011, inflation-adjusted sales of HGH were up 69 percent. During the same period, sales of the average prescription drug rose 12 percent.

Under U.S. law, HGH can only be dispensed for very rare conditions.

EDITOR'S NOTE _ Whether for athletics or age, Americans from teenagers to baby boomers are trying to get an edge by illegally using anabolic steroids and human growth hormone, despite well-documented risks. This is the second of a two-part series.

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Boehner suffers major 'fiscal cliff' setback

House Speaker Rep. John Boehner, R-Ohio, speaks to the media about the fiscal cliff at the U.S. Capitol in Washington. …In a stinging setback for Republican House Speaker John Boehner, a lack of support from inside his own party for his “fiscal cliff” fall-back plan forced him late Thursday to cancel a much-trumpeted vote on the measure.

“The House did not take up the tax measure today because it did not have sufficient support from our members to pass,” Boehner said in a written statement released after an emergency meeting of House Republicans.

The measure, dubbed “Plan B,” would have let Bush-era tax cuts expire on income above $1 million annually, while extending them for everyone else. It appeared that Boehner faced a rebellion from conservatives opposed to any tax hike, while House Democrats starved the bill of their support, making passage impossible.

Boehner’s dramatic defeat cast fresh doubt on efforts to avert the “fiscal cliff” and spare Americans across-the-board income tax hikes come Jan. 1. Those increases, coupled with deep automatic spending cuts scheduled to take effect the same day, could plunge the fragile economy into a new recession. Talks between the speaker and President Barack Obama were at a stalemate, according to aides on both sides.

After the cancellation of the vote, Republican House Majority Leader Eric Cantor announced on Twitter the House "has concluded legislative business for the week. The House will return after the Christmas holiday when needed."

Boehner’s “Plan B” had aimed to shift any blame for going over the "fiscal cliff" to Obama and Senate Democrats led by Harry Reid. Polls show a narrow majority of Americans say they would hold the GOP responsible if a deal is not reached to avert the "cliff."

“Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff,” the speaker said. He pointed to House passage of Republican bills that would stop all of the tax increases and replace the automatic cuts. “The Senate must now act.”

White House press secretary Jay Carney said in a statement Thursday night that Obama's "main priority is to ensure that taxes don’t go up on 98 percent of Americans and 97 percent of small businesses in just a few short days. The president will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy."

The vote had initially been scheduled for 7:30 p.m. But House Republican leaders’ vote counting showed up coming up short. Rather than suffer a defeat in a floor vote, they pulled the bill.

Earlier, the White House had pressed Boehner to stick with negotiations with Obama and threatened to veto “Plan B,” which top Senate Democrats mocked as “dead on arrival” in the upper chamber.

“Instead of taking the opportunity that was presented to them to continue to negotiate what could be a very helpful, large deal for the American people, the Republicans in the House have decided to run down an alley that has no exit while we all watch,” Carney told reporters.

He also indicated that communications, even at the staff level, were on hold.

President Barack Obama waves to the media as he walks from Marine One to the Oval Office of the White House (Carolyn …One early sign of trouble for Boehner came in a too-narrow-for-comfort vote victory on the second part of his plan, which would have replaced the automatic cuts in defense and domestic spending–the so-called “sequester”–with a Republican alternative. That measure passed by a 215-209 margin.

Before that, lawmakers had defeated a Democratic attempt to derail the process by a 179-243 margin.

The “Plan B” push had pitted Boehner against conservative groups like the anti-tax Club for Growth and Heritage Action–which warned lawmakers the results would go on their permanent records.

But even a victory for Boehner would have been mostly symbolic.

Democratic Senate Majority Leader Harry Reid offered the “fiscal cliff” equivalent to Monty Python’s “dead parrot” sketch, dismissing "Plan B" as a “pointless political stunt,” declaring that Boehner’s efforts were “non-starters in the Senate” and insisting that “House Republicans know that the bill has no future.”

“If they don’t know it now, tell them what I said,” Reid said. “It’s time for Republicans to get serious” about negotiating with Obama. (Anyone still think the parrot is just resting? No. 2 Senate Democrat Dick Durbin bluntly declared “Plan B” to be “dead on arrival.”)

Reid also announced that the Senate would be back at work on Dec. 27. (Earlier, Republican House Majority Leader Eric Cantor said representatives would not leave town immediately after the "Plan B" vote.)

Boehner shrugged off Reid’s comments.

“After today, Senate Democrats and the White House are going to have to act on this measure,” he told reporters. “And if Senate Democrats and the White House refuse to act, they’ll be responsible for the largest tax hike in American history.”

Boehner had declared himself “hopeful” that he and Obama can reach a broader deal and insisted he was “not convinced at all that when the bill passes the House today it will die in the Senate.”

The White House, which had already leveled a veto threat, blasted “Plan B” in a blog post as “nothing more than a dangerous diversion” that scraps funding for services like Meals on Wheels, which reaches some 1.7 million elderly people, as well as child care programs and initiatives that help homeowners prevent foreclosure.

Some analysts had noted that Obama and Boehner were just a few billion dollars apart and that “Plan B” could turn out to the be the legislative vehicle for any final compromise deal.

“We will have to be here the 27th no matter what happens,” Democratic Sen. Chuck Schumer said. “If there’s no agreement we have to be here to try and hammer out something. If there is an agreement it’ll take several days to write it up–our poor staffs will have to be doing it during the holiday–and then vote on it the 27th.”

Democrats argued that Obama’s latest offer to Boehner included a sizable concession. The president said Monday that he’d accept rates going up on household income above $400,000, rather than $250,000, the number he cited throughout his reelection campaign.

Obama's new proposal also calls for raising $1.2 trillion in new tax revenues on individual income–down from $1.4 trillion in his previous proposal and $1.6 trillion in his opening gambit–coupled with about $1 trillion in spending cuts. The president’s proposal includes about $130 billion saved by adopting lower cost-of-living adjustments for Social Security, something liberal Democrats oppose.

Republicans charged that the president was relying on dodgy math by including interest that won’t have to be paid on the national debt thanks to the savings–even though Boehner has embraced that accounting maneuver in the past.

Early in the day, Boehner himself had rejected charges that “Plan B” showed that he feared he would be unable to rally enough Republicans behind a more comprehensive deal.

“Listen, the president knows that I’ve been able to keep my word on every agreement we’ve ever made,” he said.

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Brazilian company releases the ‘IPHONE’ after trademarking the name back in 2000

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Miss USA Olivia Culpo is crowned Miss Universe

LAS VEGAS (AP) — A 20-year-old Boston University sophomore and a self-described "cellist-nerd" brought the Miss Universe crown back to the United States for the first time in more than a decade when she won the televised contest Wednesday.

Olivia Culpo beat out 88 other beauty queens from six continents at the Planet Hollywood casino on the Las Vegas Strip to take the title from outgoing champion Leila Lopes of Angola.

Culpo wore a tight navy blue mini-dress with a sequined bodice as she walked on stage for the competition's opening number. Later in the night, she strutted in a purple and blue bikini, and donned a wintery red velvet gown with a plunging neckline.

Culpo's coronation ends a long losing spell for the U.S. in the competition co-owned by Donald Trump and NBC. An American had not won the Miss Universe title since Brook Lee won in 1997.

No one seemed more surprised than Culpo's family, who "looked at her like she had three heads" when told them she was entering the Miss Rhode Island contest last year, her father Peter recalled.

"We didn't know a thing about pageants," he said.

She won that contest in a rented $20 dress with a hole in it and then began working out, dieting, and studying current events on flashcards to compete for the Miss USA crown.

Culpo was good enough during preliminary Miss Universe contests to be chosen as one of 16 semifinalists who moved on to compete in the main show. Her bid lasted through swimsuit, evening wear, and interview competitions that saw cuts after each round.

She won over the judges even after tripping slightly during the evening gown competition. Telecasters pointed it out but also noted her poised recovery.

Moments before she won, Culpo was asked whether she had she had ever done something she regretted.

"I'd like to start off by saying that every experience no matter what it is, good or bad, you'll learn from it. That's just life," she said. "But something I've done I've regretted is probably picking on my siblings growing up, because you appreciate them so much more as you grow older."

One of those siblings, 17-year-old Gus, was cheering from the front row with his sister's glittering Miss Rhode Island sash wrapped around his shoulders

Miss Philippines, Janine Tugonon, came in second, while Miss Venezuela, Irene Sofia Esser Quintero, placed third. All the contestants spent the past two weeks in Sin City, where they posed in hardhats at a hotel groundbreaking, took a painting lesson, and pranked hotel guests by hiding in their rooms.

After the show, Culpo appeared wearing a white gold crown atop her long brown hair and told a group of reporters she hoped to bring the country some good news in the wake of the deadly school shooting in Connecticut.

"It's such an honor to be representing the USA in an international beauty contest in spite of all the tragedy that's happened in this country lately," she said. "I really hope that this this will raise everybody's spirits a little."

The daughter of two professional musicians, Culpo grew up in Cranston and spent her summers at band camp. She has played the cello alongside world-renowned classical musician Yo-Yo Ma, and followed in her parents' footsteps with performances at Carnegie Hall in New York City.

Her father called her the "nerdiest" of her siblings, and her brother recalled that she was "really chubby and sort of weird when she was younger."

They speculated that the same single-mindedness that helped her master the cello in second grade propelled her rapid rise through the beauty pageant ranks.

With her promotion, Miss Maryland Nana Meriwether becomes the new Miss USA.

The Miss Universe pageant was back in Las Vegas this year after being held in Sao Paulo in 2011. It aired live on NBC and was streamed to more than 100 countries.

The panel of 10 judges included singer Cee Lo Green, "Iron Chef" star Masaharu Morimoto and Pablo Sandoval of the San Francisco Giants.

Asked on the red carpet whether he found playing in the World Series or judging the beauty pageant to be more difficult, Sandoval said both were hard.

As Miss Universe, Culpo will receive an undisclosed salary, a wardrobe fit for a queen, a limitless supply of beauty products, and a luxury apartment in New York City.

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Pakistan reports 9th death in polio team attacks

PESHAWAR, Pakistan (AP) — Another victim from attacks on U.N.-backed anti-polio teams in Pakistan died on Thursday, bringing the three-day death toll in the wave of assaults on volunteers vaccinating children across the country to nine, officials said.

Hilal Khan, 20, died a day after he was shot in the head in the northwestern city of Peshawar, said health official Janbaz Afridi

Since Monday, gunmen had launched attacks across Pakistan on teams vaccinating children against polio. Six women were among the nine anti-polio workers killed in the campaign, jointly conducted with the Pakistani government.

The U.N. suspended the drive until a government investigation was completed.

The suspension was a grave blow to efforts to bring an end to the scourge of polio in Pakistan, one of only three countries where the crippling disease is endemic.

"The security situation is being analyzed and reviewed in consultation with the Pakistani government," said Azmat Abbas, a UNICEF spokesman. He added that the field staff will resume the vaccinations when they have a secure working environment.

"This is undoubtedly a tragic setback, but the campaign to eradicate polio will and must continue," Sarah Crowe, spokeswoman for UNICEF, said on Wednesday.

No one has claimed responsibility for the attacks but some Islamic militants accuse health workers of acting as spies for the U.S. and claim that the vaccine makes children sterile.

Taliban commanders in the country's troubled northwest tribal region have also said the vaccinations can't go forward until the U.S. stops drone strikes in Pakistan.

The insurgent opposition to the campaign grew last year, after it was revealed that a Pakistani doctor ran a fake vaccination program to help the CIA track down and kill al-Qaida founder Osama bin Laden, who was hiding in the town of Abbottabad in the country's northwest.

Prevention efforts against polio have managed to reduce the number of cases in Pakistan by around 70 percent this year, compared to 2011, but the recent violence threatens to reverse that progress.

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Experts: Kids are resilient in coping with trauma

WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.

Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?

For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.

But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.

"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.

And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.

"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.

Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.

Among the challenges will be spotting which children are struggling enough that they may need professional help.

Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.

There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.

Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.

Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.

In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.

Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.

But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.

Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.

To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.

Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.

When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.

Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.

Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.

Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.

___

EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

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Funerals become routine in shattered town

NEWTOWN, Conn. (AP) — One by one by one by one, each with fresh heartbreak, hearses crisscrossed two New England towns on Wednesday, bearing three tiny victims of the Sandy Hook school massacre and a heroic teacher in a seemingly never-ending series of funeral processions.

"The first few days, all you heard were helicopters," said Dr. Joseph Young, an optometrist who attended one funeral and would go to several more. "Now at my office all I hear is the rumble of motorcycle escorts and funeral processions going back and forth throughout the day."

As more victims from the slaughter of 20 children and six adults were laid to rest, long funeral processions clogged the streets of Newtown, where Christmas trees were turned into memorials and a season that should be a time of joy was marked by heart-wrenching loss.

At least nine funerals and wakes were held Wednesday for those who died when gunman Adam Lanza, armed with a military-style assault rifle, broke into the school Friday and opened fire on their classrooms. Lanza killed his mother at her home before the attack and committed suicide at the school as police closed in.

At St. Rose of Lima Catholic Church, mourners arrived for Caroline Previdi, an auburn-haired 6-year-old with an impish smile, before the service had even ended for Daniel Barden, a 7-year-old who dreamed of being a firefighter.

"It's sad to see the little coffins," said the Rev. John Inserra, a Catholic priest who worked at St. Rose for years before transferring to a church in Greenwich.

He returned to his old parish to comfort families wondering how a loving God could permit such carnage and has attended several of the funerals.

"It's always hard to bury a child," Inserra said of the seemingly unrelenting cycle of sorrow and loss. "God didn't do this. God didn't allow this. We allowed it. He said, 'Send the little children to me.' But he didn't mean it this way."

Hundreds of firefighters formed a long blue line outside the church for little Daniel's funeral. Two of his relatives work at the Fire Department of New York, and the gap-toothed redhead had wanted to join their ranks one day.

"If me being here helps this family or this community just a little bit, it's worth it," said Kevin Morrow, a New York firefighter and father of two young girls. "He wanted to be a firefighter, as any young boy wants to be."

Family friend Laura Stamberg, of New Paltz, N.Y., whose husband plays in a band with Daniel's father, said that on the morning of the shooting, Mark Barden taught his son to play a Christmas song on the piano.

"They played foosball and then he taught him the song and then he walked him to the bus and that was their last morning together," Stamberg said.

At Caroline's funeral, mourners wore pink ties and scarves — her favorite color — and remembered her as a New York Yankees fan who liked to kid around. "Silly Caroline" was how she was known to neighbor Karen Dryer.

"She's just a girl that was always smiling, always wanting others to smile," Dryer said.

Across town, at Christ the King Lutheran Church, hundreds gathered for the funeral of Charlotte Helen Bacon, many wearing buttons picturing the 6-year-old redhead. Speakers, including her grandfather, told of her love of wild animals, the family's golden retriever and the color pink.

She was "a beautiful little girl who could be a bit stubborn at times — just like all children," said Danbury resident Linda Clark as she left the service.

And in nearby Stratford, family and friends gathered to say goodbye to Victoria Soto, a first-grade teacher hailed as a hero for trying to shield her students, some of whom escaped. Musician Paul Simon, a family friend, performed "The Sound of Silence" at the service.

"She had the perfect job. She loved her job," said Vicky Ruiz, a friend since first grade.

Every year, Soto described her students the same way, Ruiz said.

"They were always good kids. They were always angels," she said, even if, like typical first-graders, they might not always listen.

In Woodbury, a line of colleagues, students and friends of slain Sandy Hook Principal Dawn Hochsprung, 47, wrapped around the block to pay their respects to the administrator, who rushed the gunman in an effort to stop him and paid with her life. U.S. Secretary of Education Arne Duncan attended the service.

"She loved kids. She'd do anything to help them and protect them," said Joann Opulski, of Roxbury.

In emotion-charged Newtown, tempers flared as residents of the town of 27,000 navigated the hordes of reporters and camera crews that descended on the town. Some shouted at reporters outside the funerals Wednesday, urging them to leave their town in peace.

Cynthia Gubitose said the shooting and its aftermath have jolted what she described as a quintessential "Norman Rockwell, New England community."

"Nobody knew about Sandy Hook," Gubitose said as she placed flowers at a memorial with bouquets stacked chest-high. "Many of the people that live here like it that way."

The symbol of Christmas took on a new meaning in the town, where one memorial featured 26 Christmas trees — one for each victim at the school.

Edward Kish said he bought a Christmas tree two days before the shooting but hasn't had the heart to put it up or decorate it.

"I'll still put it up, probably," he said. "It doesn't seem right, and it doesn't seem like Christmas."

Mourners from across the country came to offer condolences. A jazz band from Alabama played at the main memorial site as local children played with a team of trained therapy dogs brought in to provide comfort.

At the Newtown Library, dozens of people gathered for a meeting of Newtown United, a grassroots community group formed in the wake of the shootings. The topic was gun legislation and how the community could push for a ban on assault weapons and other measures to make certain types of guns and ammunition more difficult to obtain.

There was a rumor that guests from Washington, D.C., would show up. About 10 minutes into the meeting Sen. Richard Blumenthal and Sen.-elect Chris Murphy walked into the room, to applause and surprised looks. They spoke and took questions for about a half-hour.

The school massacre continued to reverberate around America as citizens and lawmakers debated whether Newtown might be a turning point in the often-polarizing national discussion over gun control.

President Barack Obama promised he'd send Congress broad proposals for tightening gun laws and curbing violence and pressed Congress to reinstate an assault weapons ban that expired in 2004. He called for stricter background checks for people who seek to buy weapons and limited high-capacity clips.

"This time, the words need to lead to action," said Obama, who set a January deadline for the recommendations.

Authorities say the horrific events of Friday began when Lanza shot his mother, Nancy Lanza, at their home and then took her car and some of her guns to the nearby school.

Investigators have found no letters or diaries that could explain the attack.

However, Connecticut's chief medical examiner, Dr. H. Wayne Carver, told The Hartford Courant he is looking for genetic clues that might explain the behavior and is working with the University of Connecticut department of genetics.

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Contributing to this report were Associated Press writers Allen G. Breed, Helen O'Neill, John Christoffersen, Katie Zezima and Pat Eaton-Robb in Newtown; Michael Melia in Hartford; Larry Margasak in Washington and AP Business Writer Joshua Freed in Minneapolis.

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