Crippling hack forced Sony to use old BlackBerrys

NEW YORK (CNNMoney)

Executives also used the tried-and-true tactic for relaying messages: a phone tree.

CEO Michael Lynton told the Wall Street Journal Tuesday that it took him more than a day to fully understand the severity of the attack.

It was crippling.

Hackers stole troves of data, leaking movies and internal documents exposing private company memos, along with employees' salaries, Social Security numbers and health information.

Plus, the company's entire computer system was down during the week of Thanksgiving. Here's some of the ways workers coped, a Sony spokesman told CNNMoney:

• Execs set up a phone tree, so they could update each other about the hack. One person would relay the message to the next person on the "tree."

• Employees used personal cellphones, Gmail accounts and notepads.

• Paychecks were cut manually.

• Old BlackBerrys, which operate on a different server, were revived to send emails.

The FBI has presented evidence that North Korea was behind the hack. It came just before Sony was about to release "The Interview," a comedy about a plot to kill North Korean leader Kim Jong-Un.

But some security experts hackers and people familiar with Sony's computer networks aren't so sure it was North Korea that pulled it off.

Related: What we know about the Sony hack

First Published: December 30, 2014: 8:34 PM ET

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Millions of homeowners could refinance and save big

NEW YORK (CNNMoney)

Nearly one in five homeowners who are behind on their mortgage payments have loans with interest rates of 8% and higher -- nearly double today's rates of around 4%, according to nonprofit community development group NeighborWorks America.

The government recently launched a campaign to convince those most at risk to take the leap. According to the Federal Housing Finance Agency, nearly 770,000 homeowners are eligible for cheaper loans through its Home Affordable Refinance Program. Refinancing through that program could save homeowners an average of $200 a month, or $2,400 a year, the agency said.

Even homeowners who aren't struggling to make payments could benefit. Overall, there are 7.4 million mortgage borrowers in the U.S. with rates of 4.5% or higher who could qualify for -- and benefit from -- refinancing their mortgages, according to Black Knight Financial Services, a mortgage analytics company.

Quiz: How much do you know about mortgages?

So why haven't homeowners acted?

It's a combination of procrastination and fear, according to study from the University of Chicago and Brigham Young University.

"Deciding to refinance is a complex decision," said University of Chicago professor Benjamin Keys, one of the authors of the study.

Related: 10 hottest housing markets for 2025

Many borrowers have heard horror stories from friends and neighbors who refinanced in the past, sometimes into predatory loans, he said.

Some borrowers who tried to refinance found the process "time consuming and confusing," said Jeanne Fekade-Sellassie, a senior vice president for NeighborWorks. "Others don't believe they qualify."

For borrowers who manage to make their payments, status quo seems to be working, so why risk change?

And then there are distressed borrowers who have been in and out of default for years, meeting with harried foreclosure counselors, dealing with unsympathetic lenders, compiling paperwork over and over. All of this to save homes that may be worth a lot less than the amount the borrowers owe.

Related: Best cities for millennial home buyers

Still, no matter how difficult the process, the savings can be worth the headache.

At 4%, borrowers who have a 30-year fixed-rate mortgage with a $200,000 balance would save more than $300 a month, compared with someone who has the same loan at a 6.5% rate. For those who are currently paying 8%, the savings comes to more than $500 a month.

Keys said the huge savings from refinancing may sound too good to be true to some. But the savings are real.

"It's a real shame if people miss out on the opportunity," he said.

First Published: December 30, 2014: 5:26 PM ET

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The only funds you need in your portfolio now

NEW YORK (CNNMoney)

A lot of people have the mistaken impression that to successfully invest for retirement you've got to assemble a portfolio of at least a half dozen or more mutual funds or ETFs.

That's nonsense.

The number of funds you own isn't nearly as important as the types of securities your funds own. And if you choose funds that hold a broad range of stocks and bonds and work in synch with each other, you can put together a well-diversified portfolio with two or three funds, or in some cases, just one.

Of course, some advisers will suggest that you're missing out unless you spread your money among all manner of exotic investments (which they're more than happy to sell you). But the more complicated your portfolio is, the more expensive and more prone to blow-ups it's likely to be -- which also increases the odds that it will generate subpar returns.

Related: Get your portfolio ready for 2015 and beyond

Which is why I suggest that as you review your investment strategy for the New Year and beyond, you consider a streamlined approach that allows you to get by with lower fees and fewer funds.

How few? Below you'll find my recommendations for three simple but effective diversified retirement portfolios consisting of three funds or less.

THE THREE-FUND DIVERSIFIED PORTFOLIO

To create this portfolio, simply invest in the following three funds (or their ETF equivalents): a total U.S. stock market fund, a total international stock market fund and a total U.S bond market fund.

Do that, and you'll gain exposure to virtually every type of publicly traded stock in the world (large and small, growth and value, domestic and foreign, all industries and sectors), as well as the entire U.S. investment-grade taxable bond market (short- to long-term maturities, corporates, Treasuries and mortgage-backed issues).

You can buy such funds and ETFs directly from any number of investment firms, including biggies like Fidelity, Schwab and Vanguard, all of which sell their own funds and ETFs or those of other firms, such as iShares, or both. If you're working with an adviser, he or she can buy these funds on your behalf.

Related: The best way to invest for retirement income

The annual fee you'll pay will vary depending on which firm's funds or ETFs you choose. (If you go with ETFs, you may also incur a brokerage charge, although several firms are currently waiving commissions and transaction fees on at least some ETFs.)

But you should easily be able to assemble a portfolio for an annual fee of 0.20%, or $20 per $10,000 invested, if not less. If you invest through an adviser, he or she will charge a separate fee.

THE TWO-FUND DIVERSIFIED PORTFOLIO

This portfolio is identical to the one above, except for one difference: it skips the total international stock fund.

Some pros may argue that jettisoning foreign stocks makes no sense, especially since we live in such a global world. But others, including Vanguard founder and low-fee zealot Jack Bogle, argue that you can get along fine without international shares.

I'm agnostic on this issue. Diversifying internationally should typically make your portfolio a bit less volatile since foreign markets don't always move in synch with U.S. stocks. But holding foreign shares isn't likely to offer shelter during major meltdowns, as virtually all markets move together in times of extreme duress.

If for whatever reason you're antsy about owning foreign shares or you just like to keep it simple by sticking to domestic equities, I don't think going with a USA-all-the-way portfolio is going to interfere with you achieving your goals.

THE ONE-FUND DIVERSIFIED PORTFOLIO

If you really don't want to be bothered putting together a portfolio, then a target-date retirement fund may be the solution. You choose a fund with a target year that roughly corresponds to the year you plan to retire (2015, 2020, 2025, whatever) and you get a ready-made mix of domestic and foreign stock and bond funds suitable for someone your age.

What's more, the fund automatically follows a "glide path," shifting into bonds each year and becoming more conservative as you approach and enter retirement.

You may end up paying a slightly higher annual fee for this portfolio-in-a-fund than you would by putting together the two- or three-fund portfolio option above. But you should easily be able to keep your annual expenses below 1% a year. And if you go for an all-index-fund target fund like Vanguard's, you'll pay less than 0.20% annually.

Related: Ditch the "Number" and find a realistic retirement savings goal

If you go with the two- or three-fund portfolio, you'll also have to decide how to divvy up your money between stocks and bonds. That's largely a matter of balancing your appetite for risk (which you can determine by completing a risk tolerance questionnaire) against the size returns you'll need to build an adequate nest egg or, if you're already retired, assure that your savings will sustain you throughout retirement. By plugging different blends of stocks and bonds (as well as different spending rates) into this retirement income calculator, you can get a good sense of which mix is right for you.

Since stocks and bonds typically don't deliver identical returns from year to year, you may have to rebalance your two- or three-fund portfolio to restore it to the right mix. Every few years or so, you may also want to reassess your risk tolerance and goals, just to make sure you're still okay with whatever stocks-bonds mix you originally set.

But aside from this sort of routine maintenance, you really don't need to do much with any of these portfolios. Just sit back and reap the benefits of the broad diversification each has to offer.

Walter Updegrave is the editor of RealDealRetirement.com. If you have a question on retirement or investing that you would like Walter to answer online, send it to him at walter@realdealretirement.com.

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Newsweek finds Christianity again with its latest cover

NEW YORK (CNNMoney)

But religious-themed cover stories have long been a hallmark of the publication, and Jesus, in particular, has been a recurring figure.

Before the turn of the century, the magazine explored "2000 Years of Jesus."

When Mel Gibson's "The Passion of the Christ" was at the center of the national conversation in 2004, former editor Jon Meacham asked, "Who Killed Jesus?"

Around Christmas time that year, Newsweek's cover story analyzed the "birth of Jesus."

During the Easter season in 2005, Meacham, no stranger to divinity studies, penned a cover story titled, "How Jesus Became Christ: From Resurrection to the Rise."

Jesus continued His familiar place on Newsweek's covers under the leadership of former editor-in-chief Tina Brown, appearing on three covers in 2012 alone.

One of them, by the blogger Andrew Sullivan urged readers to "Forget The Church" and "Follow Jesus" in a cover story that featured an indelible shot of the Messiah dressed as a twenty-something - or "Hipster Jesus" as the Atlantic Wire described it.

Newsweek's cover archives only go back to the beginning of 2013, but the prevalence of the Jesus-centric covers has been preserved by other outlets, including the now-shuttered Atlantic Wire.

Rival magazine TIME has earned a similar reputation, with many past covers years closely paralleling Newsweek's. But like Newsweek, Time ran only one cover story on Christian themes in 2014: an April issue featuring an interview with Pastor Barbara Brown Taylor.

Other Christian figures show up on newsstands, too. The Virgin Mary has appeared on Newsweek's cover multiple times, and Mary Magdalene actually made the cover in 2003 and again in 2006, each story piggybacking on the blockbuster novel-turned-blockbuster movie "The Da Vinci Code."

What's united many of Newsweek's covers is the perception that they're motivated not by news value, but by magazine sales.

Pastor Rick Warren was one of many to accuse Newsweek's editors of cynical intentions when he took aim at Sullivan's piece in 2012. "I think it's disingenuous that magazines like 'Newsweek' know that their circulation goes up at Christmas and Easter if they put a spiritual issue on the cover, but it's always bait and switch," Warren told CNN's Jake Tapper, then with ABC News.

Rick Edmonds, a media business analyst at the Poynter Institute, offered a similar explanation.

"The short answer is that those articles typically get a good response and they sell very well," Edmonds told CNNMoney on Monday.

And while he said those covers aren't necessarily the most "newsy," Edmonds did say that the stories often tackle issues typically untouched by mainstream newspapers and television outlets.

Newsweek's latest cover story, by Kurt Eichenwald and published online the day before Christmas Eve, continues that tradition. It is headlined "The Bible: So Misunderstood it's a Sin," and calls out"God's frauds, cafeteria Christians who pick and choose which Bible verses they heed with less care than they exercise in selecting side orders for lunch."

Critics have contended that Eichenwald was out of his depth. RedState editor-in-chief Erick Erickson, who enrolled in seminary earlier this year, said that Eichenwald "displays staggering ignorance to attack Christianity."

Michael B. Dougherty, a senior correspondent for The Week, engaged in an extended back-and-forth on Twitter with Eichenwald on Christmas Day.

Eichenwald's polemic was bound to spur a dialogue (if not controversy) and, like previous Newsweek stories of that ilk, that appears to be the point. But Newsweek editor-in-chief James Impoco disputes the notion that the latest cover resembles previous issues.

"Seems you can't have it both ways -- accusing us of pandering for sales and stirring controversy," Impoco told CNNMoney in an email on Monday. "It's plain silly to put Kurt's examination of The Bible in the same category as a 90s style newsweekly Jesus cover. We were very aware of the cliche. In case you haven't noticed, The Bible is news."

First Published: December 29, 2014: 5:23 PM ET

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Why is United Airlines suing a 22-year-old?

22-year-old Aktarer Zaman founded Skiplagged.com last year.

NEW YORK (CNNMoney)

United Airlines (UAL) and Orbitz (OWW) filed a civil lawsuit last month against 22-year-old Aktarer Zaman, who founded the website Skiplagged.com last year.

The site helps travelers find cheap flights by using a strategy called "hidden city" ticketing.

The idea is that you buy an airline ticket that has a layover at your actual destination. Say you want to fly from New York to San Francisco -- you actually book a flight from New York to Lake Tahoe with a layover in San Francisco and get off there, without bothering to take the last leg of the flight.

Related: Airlines get $1 billion from baggage fees

This travel strategy only works if you book a one-way flight with no checked bags (they would have landed in Lake Tahoe).

It's not like these tickets are the cheapest all the time, but they often are.

In the lawsuit, United and Orbitz call Skiplagged "unfair competition" and allege that it is promoting "strictly prohibited" travel. They want to recoup $75,000 in lost revenue from Zaman.

Zaman said he knew a lawsuit was inevitable but he points out that there's nothing illegal about his web site.

He also said he has made no profit via the website and that all he's done is help travelers get the best prices by exposing an "inefficiency" in airline prices that insiders have known about for decades.

"[Hidden city ticketing] have been around for a while, it just hasn't been very accessible to consumers," Zaman told CNNMoney.

Related: 6 products to keep the skies friendly

Indeed, "hidden city," ticketing is no secret among frequent fliers, said Michael Boyd, President of Boyd Group International, an aviation consulting firm in Evergreen, Co. Boyd worked as an American Airline (AAL)ticket agent 30 years ago, and says he was trained at the airline to help customers find "hidden city" fares.

"I don't think it's illegal what he's doing," Boyd said. But lawsuits are expensive and it could end up costing the young entrepreneur who has irked the two billion dollar corporations.

Airlines usually offer cheaper fares for some destinations that are not regional hubs, Boyd said. Many of these flights are routed through more popular destinations. But if a lot of people take advantage of that discrepancy it could hurt the airlines, which is why they want to shut him down.

Related: 10 vacation experiences of a lifetime

Born in Bangladesh, Zaman grew up in Brooklyn, N.Y., and graduated with a bachelor's degree in computer science at age 20 from Rensselaer Polytechnic Institute. He lives in Manhattan and works at a technology start-up that he declined to name.

Zaman said Skiplagged is just a "side project."

Zaman and United declined to discuss the lawsuit. Orbitz said in a statement that it is obligated to uphold airline fare rules.

Other travel experts say that the airlines may not achieve much if Zaman's site is shut down, especially in a world where information is becoming more readily available.

"If [Skiplagged is] shut down, undoubtedly there will be other people to come along to scrape fares and make them available," said Robert Mann, president of R.W. Mann & Company, an airline consulting firm in Port Washington, N.Y.

First Published: December 29, 2014: 4:39 PM ET

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Wealthy Russians aren't buying U.S. homes anymore

NEW YORK (CNNMoney)

Deep-pocketed Russian buyers have been disappearing since last spring when international sanctions were imposed on Russia.

Over the past few years, Russian buyers have been responsible for some of the flashiest purchases in New York, according to Gabby Warshawer, research director for CityRealty, a website specializing in New York City sales.

Among them: the record breaking $88 million purchase of a Central Park West condo by Ekaterina Rybolovlev, the daughter of billionaire Dmitry Rybolovlev; composer, Igor Krutoy's $48 million purchase of a duplex in the Plaza Hotel and the $38 million purchase of an apartment in Time Warner Center by businessman, Andrei Vavilov.

"This year, we haven't seen any of those chart-topping sales," said Warshawer.

Related: New York's most expensive rental costs $500,000 a month

Russian buyers were driving the ultra-high-end market in Florida as well, according to Danny Hertzberg, a Coldwell Banker agent with The Jills Group in Miami Beach.

The most expensive sale in Miami's history was a home that sold for $47 million in 2012 to an unidentified Russian buyer. But even that paled in comparison to the $95 million sale of Donald Trump's Palm Beach palace in 2010 to Dmitry Rybolovlev, the father of Ekaterina, the woman who bought that $88 million condo on Central Park West.

Donald Trump's Maison de l'Amitie in Palm Beach, Fla. sold to Dmitry Rybolovlev in a record-breaking deal.

Last spring, however, all of those deep-pocketed Russians seemed to disappear, said Hertzberg.

"It felt like it changed almost overnight," he said.

Related: 10 least affordable rental markets

The big drop off occurred right after the Russian government tightened its currency restrictions, making it difficult for Russian nationals to move large sums of money out of the country. It's now even getting to be a challenge for some to transfer the small amounts of cash they need to pay real estate taxes and maintenance costs, Hertzberg said.

It's difficult to know just how much of an impact the pullout of Russian buyers will have on markets like New York, said Warshawer. Not only do fair housing laws make it almost impossible to accurately track a buyer's nationality, but the buyer's identity may also be concealed since many of the most expensive properties get bought and sold through middle men and limited liability companies.

However, New York appraiser Jonathan Miller, of Miller Samuel, isn't too concerned.

Related: New York's multi-million dollar condo sales keep soaring

"I kept hearing about Russians dominating New York's high-end market but they never really did," he said. "They just had the highest profiles."

But Hertzberg notes, the Russian buyers play another role, too. Like many other foreign clients, they were much more bullish on the U.S. real estate market during the housing bust than Americans were.

"Russians were willing to go well beyond what others would pay for trophy properties," said Hertzberg.

He thinks the rich Russian buyers will come back quickly if they can find a way to extract their wealth from the mother country.

"I hear from some Russian clients that the decline of the ruble has made them even more eager to buy here," he said.

First Published: December 29, 2014: 5:53 PM ET

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'The Interview': $15 million, 2 million streams

NEW YORK (CNNMoney)

Sony Pictures said Sunday that the scandalous Seth Rogen comedy was "rented or purchased online more than 2 million times" between Wednesday, when it was released, and Saturday.

The totals do not include Sunday, when Rogen and others held a live-tweet session to further promote online streams of the movie.

"Total consumer spending through Saturday for The Interview online is over $15 million," Sony said in a statement. Earlier, studio executives would only say that rental numbers were strong.

That's far more than the movie made in theaters -- despite sold out showings in a patchwork of theaters across the country. Through Sunday, "The Interview" is expected to make about $2.8 million at the 331 independently-owned theaters that have been showing it since Christmas Day.

This is about in line with industry expectations. Had it opened in the 2,000 to 3,000 theaters it was originally scheduled to be in, the movie would have made far more. But security fears scuttled that release two weeks ago and led to a hybrid in-theater and at-home release plan.

That's how Sony (SNE) un-canceled the movie last week, with the help of independent theaters and online stores like Google (GOOG)'s YouTube. (Some of the big theater chains would have considered showing the movie, but they objected to online distribution while the movie was in theaters.)

To put the sales figures so far in context, the movie's budget was about $44 million, and that does not include any of the marketing costs.

In other words, Sony still has a long way to recoup its costs. But it determined that announcing the online sales figures would bolster its decision to release the movie online and would generate further interest in renting.

Sony did not break out how many of the two million were rentals and how many were sales. It's also not clear exactly what kind of deals Sony cut with its online partners, but most of the revenue will likely go to the studio.

A source with knowledge of the arrangement said most of the digital sales were made through Google's YouTube and Google Play.

The results may be a glimpse of Hollywood's future. Studios aren't going to abandon theaters en masse -- far from it. Studios and theater chains generally have a mutually beneficial relationship.

But analysts say that digital distribution will gradually, almost inevitably, become more important to the studios over time.

Related: Watching 'The Interview' online was absurdly amusing

In addition to YouTube and Google Play, the movie was initially available through Microsoft (MSFT, Tech30)'s Xbox video store and a dedicated Sony web site.

At 1 p.m. Sunday, it was also made available through Apple's iTunes store, a development first reported by Re/code. Rental through iTunes costs $5.99, the same price as through the other sites.

The addition of Apple (AAPL, Tech30) is noteworthy because an earlier distribution deal between Apple and Sony fell apart last week.

"The Interview" is still not available through Sony's PlayStation video store. The PlayStation Network has been plagued by an apparently unrelated outage in recent days.

Related: You won't get hacked by streaming 'The Interview' online

And to encourage more rentals of the movie, Rogen, his co-star James Franco and co-director Evan Goldberg held the live-tweet session Sunday afternoon. It was a twist on the notion of "social TV."

One Twitter executive dubbed the social networking site "the world's biggest movie theater." The site has been promoting the live-tweeting session extensively.

In a statement about the weekend box office numbers, Rogen said, "The fact that people actually left their houses when they had the option of staying home is amazing."

Related: What we know about the Sony Pictures hack

First Published: December 28, 2014: 2:37 PM ET

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AirAsia CEO takes to Twitter fast in wake of tragedy

Tony Fernandes, CEO of AirAsia.

(CNNMoney)

"This is my worse nightmare," CEO Tony Fernandes posted on Twitter as a search and rescue operation was underway. "My only thought(s) are with the (passengers) and my crew. We put our hope in the SAR operation and thank the Indonesia, Singapore and Malaysian governments," he wrote, referring to the search-and-rescue effort in the Java Sea along well-trafficked shipping routes.

That was one of a dozen tweets Fernandes sent or retweeted in the first 12 hours after Flight 8501 lost contact with air traffic controllers. The Airbus A320-200 was headed to Singapore from Indonesia with 162 on board, the airline said.

The posts were retweeted tens of thousands of times. Meanwhile, hashtags like "#AirAsia" and "#QZ8501," the flight's aviation code name, trended worldwide.

The CEO's messages were aimed at families of the passengers, his staff and the public.

"I as your group ceo will be there through these hard times. We will go through this terrible ordeal together and I will try to see as many of you," Fernandes wrote.

"Our priority is looking after all the next of Kin for my staff and (passengers). We will do whatever we can. We continue to pass information (as) it comes."

He called his team "all stars" and urged them to "be strong, continue to be the best. Pray hard. Continue to do your best for all our guests. See u all soon."

"I am touched by the massive show of support especially from my fellow airlines. This is my worse nightmare. But there is no stopping," he wrote.

The airline's official social media account responded, too. It posted regular updates to Twitter and Facebook. AirAsia changed its logo on social media from red to grey.

Fernandes has been with the company since its earliest days. In 2001, he and several partners bought an unprofitable air travel company -- it owned just two planes -- and turned it around, according to his company biography.

AirAsia's approach was in contrast to the way Malaysia Airlines handled the disappearance of its Flight 370 earlier this year. Malaysia Airlines was criticized by the passengers' families, who said they were given little information, and that some of what they were told was false.

Both companies are based in Malaysia.

--CNN's Yousuf Basil contributed to this report

First Published: December 28, 2014: 11:53 AM ET

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AirAsia shares slide after plane vanishes

HONG KONG (CNNMoney)

Company shares were off by more than 10% in the opening minutes of trading in Malaysia.

The search for the missing plane, which lost contact with air traffic controllers early Sunday morning, has resumed in the shallow waters of the Java Sea between the islands of Belitung and Borneo.

CEO Tony Fernandes addressed the crisis on Twitter, saying the low-cost airline will do whatever it can to help.

"This is my worse nightmare," Fernandes said. "My only thought(s) are with the (passengers) and my crew. We put our hope in the SAR operation and thank the Indonesia, Singapore and Malaysian governments," he wrote, referring to the search-and-rescue effort.

Related: AirAsia CEO takes to Twitter fast in wake of tragedy

Led by the outspoken Fernandes, AirAsia pioneered the low-cost airline model in Asia, delivering rapid growth as it undercut bloated legacy carriers in the region. The airline offers few free perks, and saves money by encouraging passengers to check themselves in.

Fernandes has been with the company since its earliest days. In 2001, the former music executive and several partners bought the unprofitable air travel business -- it owned just two planes -- for 1 Malaysian ringgit, or around U.S. $0.25.

The airline is strongest in Southeast Asia, where it has built a huge network of routes between Malaysia, Thailand and Indonesia. AirAsia is frequently named the best low-cost airline by industry group Skytrax, an distinction it won again in 2014.

The carrier's workhorse aircraft is the Airbus A320, a narrow-body model that is ideal for short and medium-range routes between Asia's regional airports. The missing plane is an Airbus A320-200, a variation that offers an extended flight range.

The airline boasted a clean safety record until the disappearance of Flight 8501, which departed from the Indonesian city of Surabaya. The missing aircraft was operated by AirAsia's affiliate in Indonesia.

Related: Search resumes for missing AirAsia Flight

First Published: December 28, 2014: 9:18 PM ET

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A defiant Sony scrambles to find a way out for 'The Interview'

NEW YORK (CNNMoney)

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked a crippling cyberattack, an FBI investigation and a presidential critique of the company.

Netflix (NFLX, Tech30), YouTube and major movie theater owners are not commenting.

But CNN's Fareed Zakaria, who interviewed Sony Pictures CEO Michael Lynton on Friday, said later on CNN that he came away with the sense that "Sony intends to release this movie in some form, relatively soon. I don't think we're talking about six months from now. This movie will be seen."

What was just a lousy comedy a few short days ago is now a symbol of two essential American values -- freedom of expression and freedom from fear.

On Tuesday, the hackers that previously stole terabytes of data from Sony's servers explicitly targeted the Christmas release of "The Interview" by issuing a message that invoked 9/11. They warned Americans not to venture to movie theaters playing the film.

Sony then signaled that movie theater owners could back out of plans to screen the film if necessary -- and they did just that, like a series of falling dominoes.

The owners were concerned that families would forgo holiday season trips to the movies due to safety concerns and hurt every big Christmas film release, not just "The Interview."

So on Wednesday, with virtually nowhere to show the film, Sony canceled the Christmas release. (Lynton told Zakaria that the studio tried and failed to find a digital distributor, so it ruled out an immediate online release, too.)

Backlash to the decision was ferocious.

On Friday, President Obama echoed the feelings of many in Hollywood when he said Sony had made a mistake: "We cannot have a society in which some dictator someplace can start imposing censorship here in the United States."

Obama also openly worried about the possibility of producers and distributors "engaging in self-censorship because they don't want to offend the sensibilities of somebody whose sensibilities probably need to be offended."

Related: Sony exec fires back at President Obama

Speaking to Zakaria shortly after the president weighed in, Lynton said he essentially agreed with the president -- but that Sony (SNE) couldn't go it alone.

"We don't have that direct interface with the American public," Lynton said. "So we need to go through an intermediary to do that."

Theoretical distributors include theater chains like AMC and Regal, if they're willing to reverse their prior decision; cable video-on-demand operators like Comcast (CCV) and Time Warner Cable (TWC); subscription streaming sites like Netflix and Amazon (AMZN, Tech30); and movie rental services like iTunes by Apple (AAPL, Tech30).

Sony Pictures has a video streaming site of its own, Crackle, but it's free for users and doesn't have the capability to charge customers to watch a movie. Charging for "The Interview" would help Sony recoup some of the movie's $44 million budget.

One of the studio's sibling divisions, Sony Computer Entertainment, has another route to consumers: the PlayStation Store, which lets owners of the video game console rent or buy movies via the Internet. The company has declined to comment on whether it might choose to release "The Interview" there.

Of course, Sony -- and any company that helps it release the film in the future -- has to consider the risk of further intrusions by the hackers and further leaks of the stolen data they already have.

In a threatening message to executives on Thursday night, an anonymous hacker said Sony was "very wise" to cancel the film and claimed they would "ensure the security of your data unless you make additional trouble."

Releasing the film in some form would presumably be considered "additional trouble."

Related: Hackers send a new message

But among all the emotions that are spilling forth from Sony's leaders -- anger, fear, frustration -- a new one has emerged: defiance.

Lynton told Zakaria that "we're trying to weigh the options as to how we can get this" released.

Disappointment inside the studio about the lack of support from other major Hollywood players is beginning to subside.

After weeks of almost nothing but silence, The Motion Picture Association of America spoke out forcefully on Friday, following the FBI's statement that North Korea was behind the late November cyberattack.

Lynton, who was in New York on Friday night, awoke on Saturday morning to a front-page New York Times column that expressed "disgust" at the "readiness of theater owners and Sony to cave in to far-fetched threats."

But there was also this call by the New York Daily News editorial board: "Patriotism demands: Show the movie and show it now."

Meantime, the studio released another movie on Friday -- the highly-anticipated "Annie." It had leaked onto illegal film-sharing web sites after the cyberattack, but it is still expected to earn tens of millions of dollars.

"It's a rare bit of good news for Sony," The Hollywood Reporter said, for a studio that needs some.

Related: N. Korea blasts 'childish attempt to frame us'

First Published: December 20, 2014: 9:16 AM ET

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Last-minute Christmas shopping guide

NEW YORK (CNNMoney)

You've already missed the deadline for free shipping from Amazon (AMZN, Tech30), for example. (It was Friday.)

But the online store says gifts ordered as late as Tuesday can still be under the tree on Thursday if you pay for one-day delivery. Some customers in major cities can even place orders by 10 a.m. on Christmas Eve and receive same-day delivery.

Hitting the stores: If you want to do your last-minute shopping the old fashioned way, expect stores to be crowded and lines to be long this weekend.

Many stores like Target (TGT) and J.C. Penney (JCP) will be open for extended hours.

Toys 'R' Us and Kohl's (KSS) will be remain open all hours until Christmas eve.

Shopping online: And you can also shop online at these same stores.

Walmart's (WMT) free shipping deadline passed (last Wednesday), but "rush shipping" is available through Monday for a fee. And if the item is in stock at a nearby store, orders for in-store pickup can be placed even on Christmas Eve.

There's still time for free shipping through Best Buy (BBY). It says orders over $35 placed by 11:30 a.m. ET on Monday qualify for free delivery by Christmas. It also offers free in-store pickup.

The deadline at Kohl's and Target is Saturday. Sears' and Macy's is Monday.

Last call at the Post Office: If you already have a gift you have to mail, that clock is ticking, too. The U.S. Postal Service will accept packages through Tuesday for Priority Mail Express. You can save a few bucks -- and time in line -- by dropping off the package by Saturday and using First Class Mail (for Christmas cards) or Priority Mail (for packages).

The deadline for Thursday delivery from UPS (UPS) and FedEx (FDX) is Tuesday.

Related: Toys 'R' Us extends hours for last-minute shoppers

Related: Mall Santa 101

First Published: December 20, 2014: 7:21 AM ET

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Republicans to theaters: Don't be 'bullied,' show Sony's 'The Interview'

NEW YORK (CNNMoney)

In a letter obtained first by CNN, RNC chairman Reince Priebus encouraged the CEOs of 10 major theater chains to show the controversial comedy starring Seth Rogen and James Franco.

"I want to speak clearly on behalf of the Republican Party: I urge you to show the movie," he wrote to the CEOs.

"As a sign of my commitment, if you agree to show this movie, I will send a note to the Republican Party's millions of donors and supporters urging them to buy a ticket -- not to support one movie or Hollywood, but to show North Korea we cannot be bullied into giving up our freedom," he added.

The letter continued, "Like many Americans, I'm deeply concerned that we would allow a foreign regime to dictate the movies we can and cannot watch."

The RNC petition underscored the increasingly political nature of the fracas surrounding the film and the devastating cyberattack that was directed at Sony Pictures one month before its scheduled release.

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked the attack, an FBI investigation and a presidential critique of the company.

Sony representatives declined to comment on the RNC letter.

A spokesman for the association that represents theater owners did not immediately respond to a request for comment.

When debating whether to screen "The Interview" -- if Sony were to reverse its decision -- the owners have to consider a complicated set of factors, including customers' concerns about security, commitments to screen other films, and overall revenue potential.

President Obama calls out Sony: The letter comes one day after President Obama publicly chastised Sony for canceling the movie. Sony "made a mistake," the president said at an afternoon news conference.

Obama's comment led Sony Pictures CEO Michael Lynton to tell CNN's Fareed Zakaria that the president -- and others -- were "mistaken" about what had happened.

"We do not own movie theaters," Lynton said. "We cannot determine whether or not a movie will be played in movie theaters."

Lynton indicated that it was the theater owners that backed away from the film following a Tuesday threat from hackers that invoked 9/11.

Sony then canceled the film's Christmas release. But it is now seeking help to distribute the film in theaters or online.

Issue 'goes far beyond politics': The letter marks a strange bedfellows moment in the controversy over the movie, as the RNC itself acknowledged.

"As you know, the Republican Party and Hollywood have at times been at odds," the letter states. "But we can all agree that the current situation regarding the release of 'The Interview' goes far beyond politics. It is about freedom and free enterprise."

It also suggested to the theater owners and Sony (SNE) that "a share of the profits be donated to the USO or the Yellow Ribbon Fund."

The letter contributed to a feeling of national unity with regard to freedom of expression. Similar sentiments have been heard on television, in newspaper op-eds and on social media.

But at the same time, the letter did include a political shot across the aisle, accusing Obama of sending "mixed messages on this issue."

An RNC spokesman said "mixed messages" referred to the contrast between the president's comments in an ABC interview on Wednesday -- when he passed on an opportunity to criticize Sony -- and Friday, when he did.

However, the ABC interview was taped before Sony pulled the film from Christmas release.

Online reactions to the letter varied on Saturday night: While some people decried it as a publicity stunt, others said it was a necessary statement that might increase public pressure on Sony and the theater owners."

First Published: December 20, 2014: 6:00 PM ET

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How has middle class Christmas changed?

NEW YORK (CNNMoney)

CNNMoney wants to know what was under your Christmas tree 30 years ago (Think: Trivial Pursuit, Cabbage Patch dolls, Transformers) and what are you wrapping this year (Think: iPhones, Fitbits and PlayStation)?

Do you, your kids or grandkids expect more expensive presents nowadays? Is it more than you gave or received 30 years ago?

Tell us about it.

First Published: December 19, 2014: 7:40 PM ET

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'Colbert Report' says goodbye with record ratings

NEW YORK (CNNMoney)

On Thursday, 2.5 million viewers watched as Stephen Colbert ended his very popular satirical news show, "The Colbert Report."

This made the finale the most-watched episode in the show's history.

And that number may even grow considering that "The Report" was shown at 11:30 at night, and many viewers may watch the sendoff days later thanks to their DVRs.

After nine years, Colbert said goodbye to his patriotic pundit persona in grand fashion.

First by killing his guest, The Grim Reaper AKA Grimmy, and then riding off into the night with Santa Claus, Abraham Lincoln and Jeopardy's Alex Trebek.

However, Colbert wasn't the only one who said goodbye to the character.

In a nearly five-minute sing along to "We'll Meet Again," Colbert was joined by a stage full of people singing Colbert's persona off into the sunset.

This included the Daily Show's Jon Stewart, musician Randy Newman, ESPN's Keith Olbermann, actor Bryan Cranston, NBC's Tom Brokaw, New York City mayor Bill de Blasio, "Star Wars" director George Lucas, CNN's Christiane Amanpour, and even Sesame Street's Cookie Monster.

Colbert will be taking over the CBS "Late Show" from David Letterman sometime in 2015. The show will be owned by the network.

As for Comedy Central, it will fill Colbert's slot with the new "The Nightly Show starring Larry Wilmore" starting on January 19.

First Published: December 19, 2014: 6:19 PM ET

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Reporter behind story of $72 million teen trader stays at NY Mag

NEW YORK (CNNMoney)

Jessica Pressler was slated to join the Bloomberg News investigative unit, but got caught up in controversy this past week following a story she wrote about a New York City high school student who said he'd made $72 million trading stocks. (Spoiler alert: He hadn't.)

New York Magazine's editor-in-chief Adam Moss told his staff Friday in an announcement that reporter Jessica Pressler would be staying at the magazine.

"Can't say that we expected things to turn out this way, but we feel very lucky to be keeping [Pressler] on, and look forward to publishing more of her with pride," Moss wrote in the memo, which was first published by Capital New York. New York Magazine confirmed the authenticity of the memo to CNNMoney.

Pressler's profile of Stuyvesant High School senior Mohammed Islam stirred up controversy and plenty of doubters from the start.

A front page piece about the story by the New York Post and a flurry of Facebook (FB, Tech30) shares later, the improbable tale unraveled quickly. Islam told the New York Observer on Monday that he never actually made any money at all. As the criticism mounted, Pressler defended her reporting.

"I still think the piece is skeptical enough," Pressler told CNNMoney Monday. "The story says, 'This is a rumor and draw your own conclusions.'"

People began to wonder whether Pressler would move to her new job as early as Tuesday, when blogger Jim Romenesko published an email he sent to Bloomberg questioning the company's plans to hire her. A Bloomberg spokesperson declined to comment to Romenesko at the time, and Bloomberg again declined to comment Friday to CNNMoney.

Pressler seems to be taking it all in stride, tweeting Friday, "Good news is I'm staying @NYMag. Bad news is I lost a shoe at holiday party; not the worst thing this week but annoying so if you see it lmk."

First Published: December 19, 2014: 6:41 PM ET

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Sony downplays digital 'Interview' possibility

NEW YORK (CNNMoney)

Or maybe not. On Wednesday night, after Sony (SNE) canceled the film's planned Christmas Day release of the controversial film, the embattled studio also discouraged speculation that it might release the film digitally.

"Sony Pictures has no further release plans for the film," a studio spokesperson said in response to questions about digital distribution.

It's understandable why the digital possibilities were considered. Sony could have pursued streaming services like Netflix (NFLX, Tech30) and video-on-demand cable services like the one operated by Comcast (CCV).

"Sony should fight fire with fire: Make 'The Interview' available online, for free, on every pirate site in the world. In HD," said Digital Disrupton author James McQuivey in a tweet to CNN's Brian Stelter.

Plenty of studios release straight to streaming and pay-TV all the time, but usually with smaller, low-budget films.

For instance, the sequel to the 2000 hit "Crouching Tiger, Hidden Dragon" is slated to be released simultaneously in theaters and on Netflix (NFLX, Tech30) in August 2015.

"The Interview" could have been a pioneer -- a landmark moment for digital distribution -- but Sony's comment on Wednesday night seemed to preempt the idea.

First Published: December 17, 2014: 4:50 PM ET

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Americans send $2 billion a year to Cuba

NEW YORK (CNNMoney)

Most of it came from Cuban-Americans sending money home to their families. But now, anyone in the U.S. can send up to $8,000 a year to just about anybody in Cuba, as the Obama Administration eases restrictions with the Communist country.

"You can really see the impact this money is having on the island," said Alana Tummino, director at the Americas Society and Council of the Americas.

The money is often going to small, private businesses.

Yes, even though Cuba is a Communist country, it has moved towards a more private economy in recent years.

Related: Why I changed my mind about Cuba

There are now close to 500,000 people with state-issued private business licenses for everything from restaurants, to nail salons, to coffee shops and mechanics, Tummino said.

It remains difficult for these business owners to get loans, but that has been made easier with remittances from the U.S.

The Obama Administration has eased restrictions before.

In 2009, Cuban-Americans could begin sending as much money home as they wanted. Other Americans could begin sending money to Cubans they weren't related to in 2011 -- but the amount was capped at $500 every three months.

Now americans can send up to $8,000 a year to Cuba.

Related: The promise for American businesses if Cuba sanctions are lifted

The changes announced Wednesday raise the cap to $2,000 every three months.

At Western Union (WU), a money transfer can be made from the U.S. to Cuba much like one to someone in any other country.

"I think you're going to see a lot more people sending money, bolstering the Cuban economy," Tummino said.

First Published: December 17, 2014: 5:52 PM ET

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Cuba poised to join the Internet age

NEW YORK (CNNMoney)

Internet access in Cuba is heavily restricted and the cost is well above what most Cubans can afford. Just 5% of Cubans have unfiltered access to the Internet, according to Freedom House, a watchdog group.

But all that could change now that President Obama has begun easing decades-old trade restrictions with the Communist country.

The White House will begin allowing telecommunications companies to help upgrade Cuba's telecom and Internet service. It is also allowing the export of certain devices and software that will help expand Internet use on the island.

Obama said U.S. sanctions on Cuba over the past 50 years "have denied Cubans access to technology that has empowered individuals around the globe."

"So I've authorized increased telecommunications connections between the United States and Cuba," he continued. "Businesses will be able to sell goods that enable Cubans to communicate with the United States and other countries."

As part of the landmark deal, U.S. contractor Alan Gross was freed after being held by the Cuban government since 2009. Ironically, Gross was arrested after traveling under a program to deliver satellite phones and other communications equipment to the island's small Jewish population.

Cuban officials charged he was trying to foment a "Cuban Spring." In 2011, he was convicted and sentenced to 15 years in prison.

Just 5% of Cubans have unfiltered access to the Internet. But that could change now.

Related: The promise for American businesses if Cuba sanctions are lifted

Only one quarter of Cuba's 11 million inhabitants have access to the Internet, according to the International Telecommunication Union. That puts Cuba slightly ahead of Swaziland, Kyrgyzstan and El Salvador in terms of Internet penetration.

But most Internet users in Cuba only see information available on a government controlled intranet, which consists mainly of a national email system, domestic websites and some foreign websites that are supportive of the Cuban government.

Cuba opened a new fiber-optic cable in 2013, which helped improve Internet speeds and wireless access at a few locations. But the nation's Internet and cellphone business has been dominated by the state-owned telecommunications company, Etecsa.

So, will American telecommunication companies jump at this opportunity.

It's too soon to tell.

AT&T (T, Tech30) and Sprint (S) declined to comment, while Verizon (VZ, Tech30) said it remains focused on its U.S. customers.

Vodafone, the British telecom giant, and Mexico's American Movil are among the other companies that could also be eyeing expansion in the Cuban market. T-Mobile (TMUS) did not immediately respond to requests for comment.

First Published: December 17, 2014: 4:05 PM ET

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Jack Ma made $18.5 billion this year

Thanks, Wall Street.

NEW YORK (CNNMoney)

Alibaba (BABA, Tech30) founder Jack Ma made more money than anyone this year, increasing his wealth by 173% -- a gain of $18.5 billion -- according to a list of the year's biggest winners and losers, from the research firm Wealth-X.

Ma, a former English teacher who started the Chinese online marketplace with $60,000, is now worth a total of $29.2 billion. His banner year is tied to Alibaba's IPO in September -- the biggest IPO ever.

Second on the winners list is Warren Buffett, whose savvy investing netted $13.5 billion so far in 2014 -- a gain of 23%. The Berkshire Hathaway (BRKA) chairman is now worth $72.6 billion.

Bill Gates, the world's richest man with a fortune of $83.1 billion, comes in at No. 3. Gates made $10.5 billion this year. While Gates founded Microsoft (MSFT, Tech30), most of his money now comes from a variety of investments, including Buffett's Berkshire Hathaway (BRKA).

Rounding out the top five are Facebook (FB, Tech30) founder Mark Zuckerberg, who made $8.4 billion, and Swiss telecom magnate Patrick Drahi with a $5.1 billion gain.

The biggest losers

It was a bad year to be a Russian energy tycoon.

Leonid Mikhelson, the biggest shareholder in Russian natural gas firm Novatek, saw his net worth go from $17 billion to $10 billion -- a decline of 41%.

His ill fortune was attributed to plunging oil prices, Russia's free-falling currency and Western sanctions imposed over the trouble in Ukraine.

Related: Who loses if Russia implodes

The second biggest loser is Japanese businessman Masayoshi Son, head of Softbank, the parent company of U.S. telecom firm Sprint (S). Son lost $5.9 billion last year, or 31% of his fortune.

Casino owners Lui Chee Woo and Sheldon Adelson, as well as Amazon's (AMZN, Tech30) Jeff Bezos, rounded out the losers list. Each saw their net worth shrink by roughly $5 billion.

First Published: December 16, 2014: 6:07 PM ET

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Google Ventures: less Ubers, more health care

NEW YORK (CNNMoney)

Google (GOOG)'s VC investment arm is doubling down on life science and health service startups. This means everything from digitizing primary care (One Medical) to cloud-based genome data (DNA Nexus). It's the first year that the majority of the fund's investment dollars have been in this sector (36%), followed by mobile (27%) and consumer startups (8%, down from 66% in 2013).

"It's not surprising at all to me that we, as investors, are interested in [the space]," said Bill Maris, managing partner at Google Ventures. "36% of our dollars invested doesn't seem like a huge number. I feel like we could probably do more."

It is, however, a significant increase.

In both 2012 and 2013, funding for life sciences and health startups made up just 9% of their total.

Google Ventures' portfolio includes companies like Nest (since acquired by Google), Blue Bottle Coffee Co., DocuSign, and, of course, infamous transportation disruptor Uber.

Related: Google searching for cancer cure

Overall VC funding mirrors this trend. According to data from PrivCo, funding to health care and life sciences startups jumped by nearly $8 billion from 2013 to 2014, capturing $20.7 billion. It's followed by commerce ($18.7 billion) and mobile ($13.9 billion).

According to Maris, his firm placed a "concerted effort" on funding fledgling startups in the life sciences. ("If we don't, who's going to?" he said.)

Maris -- who helped bring on genetics expert Andrew Conrad to head up Google X's Life Sciences team -- recalls getting criticized for their focus early on.

Related: Hedge funds want one-night stand with startups

"When we started this, we got some amount of criticism on why we'd be investing in life sciences of all things," he said. "It's become clearer that life sciences and technology go together quite well. [But] there isn't the same enthusiasm as there is for technology investing."

This spring, Google Ventures led a $130 million round of financing for Flatiron Health, a New York City-based software company that aggregates cancer data for oncologists. It's the second most funded startup in Google Venture's portfolio (Uber is the first).

Google Ventures -- which also invests in startups in Europe and Israel -- will be on the lookout to support more health and life sciences startups with its 2015 investment fund of $425 million.

After all, the potential payoff is significant.

"Life sciences is such a hopeful area," said Maris. "If you're a venture investor in the space, you've played a very small supporting role in the larger story of helping people live longer. You're investing in companies that really make a difference. It's just a little more meaningful."

First Published: December 16, 2014: 5:24 PM ET

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The 2014 tax breaks you'll be able to take

Congress waited until the last minute to extend a slew of tax breaks - and a handful will affect individuals directly.

NEW YORK (CNNMoney)

Congress on Tuesday night extended dozens of expired "temporary" tax breaks for 2014.

It took the Senate, by a 76 to 16 vote, until the week after Congress was supposed to adjourn to pass the bill, which the House had already approved.

The bill will now be sent to President Obama, who is expected to sign it.

The majority of tax breaks in the bill pertain to businesses, but a handful will affect individuals.

Among those who will benefit from the retroactive extension to January 1, 2014: Teachers who buy classroom supplies, mass-transit commuters, residents of states with no income tax, parents with kids in college, some homeowners and some retirees with IRAs.

The bill also includes a new provision that will benefit disabled adults.

What's not clear yet is whether passage of the tax extenders bill so late in the year will force the IRS to delay when you can start filing your 2014 taxes, which typically begins in mid-January.

But whenever tax season starts, here are the extended tax breaks that you can take on your 2014 tax return:

Deduction for teachers' expenses: This measure lets school teachers deduct up to $250 for the costs of classroom supplies that they buy with their own money. It's available to all teachers, whether they itemize or not.

Related: Senate sends spending bill to Obama, avoiding shutdown

Equal treatment of commuting costs: All commuters may reduce their pre-tax income to account for their commuting costs. Under the law, however, those who drive to work and pay for parking are allowed to exclude more ($250 per month) than those who use mass transit ($130 per month). This measure again provides parity by also allowing mass transit riders to exclude $250 per month.

State and local sales tax deduction: If you itemize your taxes, this measure lets you deduct the state and local sales taxes you've paid in lieu of state income taxes.

The deduction can be a boon for itemizers who live in Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Those are the seven states that don't impose an income tax but where residents pay sales taxes, either at the state or local levels.

Tuition deduction: Among the many education tax breaks on the books, this one is available to all tax filers, whether you itemize or not. With it, you may deduct up to $4,000 in qualified tuition, fees and related expenses for post-secondary education, such as college and graduate school. The deduction may be taken for yourself, your spouse or your dependents.

Related: Washington budget voodoo hides true cost

But there are income limitations, and if you take it you may not take other types of education tax breaks, such as the Lifetime Learning Credit. Your deduction also is reduced by any grants and scholarships received to pay for school, as well as any money withdrawn from tax-advantaged, education savings accounts.

Deduction for mortgage insurance premiums: If you only put down a small amount to buy a home you may be required to pay for mortgage insurance to protect the lender against default. This tax break lets you deduct the cost of your premiums if you itemize your deductions.

Income exclusion for mortgage debt that's been forgiven: When you sell your home for less than what you owe the bank or your home is foreclosed, the bank may agree to forgive the remaining debt you owe. But the IRS typically treats that forgiven debt as taxable income to you. This tax break lets you exclude it from your income.

Related: The 'temporary' recession tax you're still paying years later

Tax-free IRA withdrawals for charity: With this measure, anyone over 70-1/2 may take tax-free distributions of up to $100,000 from a traditional IRA if the money is distributed directly to an eligible charity.

While retirees can't also take a deduction for that contribution, the money won't count as income. So it won't hurt when it comes to other taxes, such as those imposed on Social Security benefits when income exceeds a certain level, said Mark Luscombe, principal federal tax analyst for tax publisher WoltersKluwer, CCH.

Tax-free savings for people with disabilities: Attached to the extender bill is the Achieving a Better Life Experience (ABLE) Act. That act will permit people who were disabled before the age of 26 -- as well as their family and friends -- to contribute up to a combined total of $14,000 a year to an ABLE account.

Earnings would grow tax free and the money would not disqualify the disabled person from receiving federal assistance benefits such as Medicaid and Supplemental Security Income so long as it is used to pay for housing, transportation, education and wellness.

--CNN's Ted Barrett and Deirdre Walsh contributed to this report.

First Published: December 16, 2014: 8:17 PM ET

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Meet the 'accidental American' with a big tax bill

All Americans must file and pay U.S. taxes, no matter where they live or work.

HONG KONG (CNNMoney)

Meet Elad Shahar, who was born in 1969 to Israeli parents in New York when his father was posted there for work.

Anybody born on U.S. soil -- or to one American parent anywhere in the world -- is automatically a U.S. citizen, and therefore must file and pay taxes no matter where they live or work.

Shahar, like other "accidental Americans," was shocked to discover recently that he was on the hook for back taxes, and may have to pay fines.

"[I am] incredibly frustrated and in disbelief," he told CNNMoney. "It takes time to realize that yeah, this is what is actually happening."

Shahar, who speaks with an Israeli accent and "doesn't feel American," is now figuring out how to pay his taxes.

He wants to renounce his U.S. citizenship -- like a record 3,000 Americans last year -- but needs a clean record with the Internal Revenue Service first.

Related: Giving up your U.S. passport? It's going to cost you

"From an international perspective, the world is split into two halves -- the people who are desperate to get U.S. citizenship, and the people who are desperate to give it up," said Chris McLemore, senior counsel at Butler Snow.

The U.S. offers a fast track program for people like Shahar to file their taxes, but it's still a complicated process that often means extra accountant fees, and could end in a big bill.

The other option is to do nothing and hope Uncle Sam never comes knocking. London mayor Boris Johnson -- who left the U.S. when he was five -- is a famous refusenik. He said it was "absolutely outrageous" that he should be asked to pay U.S. tax on the sale of his London home.

But holding out can make it difficult to travel to the U.S. for education, work or vacation, said David McKeegan of Greenback Expat Tax Services.

Related: Why I gave up my U.S. citizenship

A new U.S. law called the Foreign Account Tax Compliance Act adds a new risk. The law aims to stamp out tax evasion by requiring global financial firms to report American-owned accounts.

"FATCA really magnified the problem -- some of my clients [used to] say, 'I'm going to keep my head in the sand,' " said McLemore. "But we tell them now, with FATCA, there is no more sand."

For Shahar, dealing with his American citizenship has been a pain. At one point, his bank in Israel even threatened to close his accounts. Many banks around the world have dumped U.S. customers rather than wrestle with FATCA.

And paying his taxes has become a nightmare. First, he couldn't file his papers, because he had never been assigned a social security number.

Then to get one, he had to submit his education records and job history to prove he was abroad.

"This is absurd," Shahar said. "On the one hand, I want to renounce; on the other hand, I'm required to enter even more into the system to prove that I am a U.S. citizen."

Read next: Nobody escapes U.S. taxes - even astronauts

First Published: December 15, 2014: 9:15 PM ET

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Airlines get $1 billion from baggage fees

Airlines are raking in big bucks from baggage fees.

NEW YORK (CNNMoney)

All together the 27 U.S. airlines took in a total of $960 million from baggage fees last quarter, according to data released by the Department of Transportation Monday.

That's an increase of almost 9% from a year ago.

The baggage fees are still just a fraction of airlines' revenue. Actual ticket fares brought in $34 billion for the same 27 companies in the quarter.

And the collection from baggage fees alone don't cover the cost of fuel, which totaled about $11 billion over three months, or labor costs, which amounted to more than $10 billion.

Even JetBlue (JBLU), one of the last holdouts, announced last month that it will start charging baggage fees as part of a cost savings plan.

First Published: December 15, 2014: 7:49 PM ET

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Walmart 'layaway 'angel' pays $50k

Angels are real for many shoppers with gifts on layaway this holiday season.

NEW YORK (CNNMoney)

Stories of anonymous, deep-pocketed patrons paying for customers' layaway items at major retailers are becoming more common as Christmas nears.

On Monday, an unknown male customer at a Walmart (WMT) in Mechanicsburg, Pa., paid $50,000 for people's layaway items. The generous act covered 100 accounts, mostly for toys and electronics.

The so-called "layaway angel," arrived just in time. Monday marked the deadline for Walmart's customers to pay for their layaway items.

Related: Toys 'R' Us 'layaway angels' pay thousands for others' gifts

Mechanicsburg store manager Steve Myers and his staff had the pleasure of calling customers to tell them their items were ready for pick up, all paid off.

"These aren't gifts that are expected," Myers said. "It's just overwhelming to them that their layaway was paid off. Some of them burst into tears."

One of those layaway accounts belonged to Marilyn Garcia of Harrisburg, Pa.

Garcia, who works two jobs, has struggled financially this holiday season. She had no plans to even buy a Christmas tree because she's downsizing and moving homes soon.

Garcia just wanted to buy the Hello Kitty car for her 4-year-old granddaughter. She knew she was not going to make the layaway deadline, so she called Monday to ask for an extension.

A Walmart employee told Garcia no extension was necessary: she could pick up her granddaughter's present. It was all paid for.

It was great news for Garcia, who graduated from Harrisburg Area Community College on Sunday.

"I am still in shock. I'm humbled by it. I'm grateful. I am blessed," Garcia, 36, told CNNMoney. "If I could see that person, I would give them a hug and thank them and pray for them and pray it is returned to them many, many more."

Related: Use this app to get the lowest prices on your holiday shopping

The layaway angel in Mechanicsburg was not alone Monday.

One Walmart in Lake City, Fla., received a $59,000 check from a donor that covered about 300 accounts. Another Walmart nearby in Chiefland, Fla., had its layaway account cleared with a $51,000 check, according to a Walmart spokesperson. The donors in Florida were not identified and it was not known if they might actually be the same person.

Paying for layaway items is popular this holiday season. Two people in Massachusetts paid for all the layaway items at separate Toys 'R' Us stores last week. ABC's Good Morning America aired a "Layaway Live," segment recently too.

First Published: December 15, 2014: 7:46 PM ET

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Sony lawyer tells media to stop reporting on material stolen by hackers

NEW YORK (CNNMoney)

Attorney David Boies said Sunday that the hackers' tactics are part of "an ongoing campaign explicitly seeking to prevent [Sony] from distributing a motion picture."

"The perpetrators of the theft have threatened" Sony employees, Boies wrote in letters to news organizations, using the SPE abbreviation for Sony Pictures Entertainment.

He said the hackers are "using the dissemination of both private and company information for the stated purpose of materially harming SPE unless SPE submits and withdraws the motion picture from distribution."

Boies' language strongly suggested that Sony is, in effect, being blackmailed by the anonymous hackers to stop the forthcoming film "The Interview" from being released.

Sony has not publicly said that before, nor has it accused any particular group of being behind November's crippling cyber attack.

But cyber security experts have fingered North Korea as a possible source of the attack. The North Korean regime has condemned "The Interview," a comedy starring Seth Rogen and James Franco, because its plot involves the attempted assassination of Kim Jong-Un.

Boies did not respond to a request for further comment on Sunday.

Related: Sony mega-hack: What you need to know

In the three-page letter to the legal offices of several news organizations, Boies said Sony "does not consent to your possession, review, copying, dissemination, publication, uploading, downloading, or making any use of the stolen information."

Furthermore, he said he was requesting "your cooperation in destroying" the materials.

Boies said that if the news organizations "used or disseminated" the materials, Sony "will have no choice but to hold you responsible."

Many news organizations, big and small, have been reporting on the revelations from the document dumps. In some cases, the hackers have tipped off journalists to new troves of private emails, budgets, scripts and other materials.

"Essentially, we've done their bidding," Variety co-editor in chief Andrew Wallenstein said on CNN's "Reliable Sources" on Sunday. "We've maximized the exposure to this content. I don't do that lightly."

"But on the other hand, it was going to get out there anyway, and we have to be part of the conversation," Wallenstein said in defending his decision to publish excerpts from the documents.

Along with CNN, The New York Times, The Hollywood Reporter and Re/code reported receiving letters from Boies on Sunday afternoon.

A Sony spokeswoman said the studio had no comment on the legal action.

Related: Bringing down Sony was frighteningly easy

First Published: December 14, 2014: 9:29 PM ET

10.20 | 0 komentar | Read More

Elizabeth Warren ends up a winner in spending fight

NEW YORK (CNNMoney)

Warren implored her colleagues to change the bill because it undoes a central piece of the Dodd-Frank financial reform law. Warren called the legislation a giveaway to Wall Street "written by lobbyists for Citigroup."

She won over a few supporters, and Congress ended up voting for the spending bill despite her objection from the left and unrelated immigration concerns among some Republicans.

Warren's campaign and No vote against the bill fueled those who want her to run for the 2016 Democratic nomination for president.

"Elizabeth Warren was told to stay quiet, but she didn't - and it's paying off," read a Sunday morning headline from The Washington Post.

The paper noted that "she can operate as an insider without giving her up outsider credentials," citing her recent appointment to Senate Democratic leadership.

Related: Another Democrat joins Warren's fight against Treasury nominee

Politico tested the temperature of progressive activists. "With every recent anti-establishment move, the Massachusetts Democrat grows more attractive as a 2016 (presidential) candidate, both in her own right and as a progressive foil for Hillary Clinton."

She's currently a foil for her own party, leading the charge against President Obama's nominee to a key Treasury Department post.

The Huffington Post even published a commentary on her Senate floor speech against the spending bill. "The Speech That Could Make Elizabeth Warren the Next President of the United States," read the headline.

Warren has said repeatedly she isn't interested in pursuing the White House next election.

But Ready For Warren, a group pushing her as a candidate, on Friday unveiled hundreds of signatures in support of her running. The signatures are from 2008 and 20012 Obama campaign employees and volunteers.

"Rising income inequality is the challenge of our times, and we want someone who will stand up for working families and take on the Wall Street banks and special interests that took down our economy," they wrote in a letter posted on the group's site.

Related: Three reasons Wall Street is getting riskier

First Published: December 14, 2014: 4:41 PM ET

10.20 | 0 komentar | Read More

Russia is buying weapons - a lot of them

LONDON (CNNMoney)

Russian defense companies boosted sales by more than 20% last year, driven by demand from the country's military, according to new data from the Stockholm International Peace Research Institute.

That compares with a 2% decline in sales globally, largely due to a weaker performance by American companies, which account for more than half of the world's arms trade.

Russia has begun investing heavily in upgrades to its military capabilities. President Vladimir Putin plans to spend more than 20 trillion rubles ($700 billion) bringing equipment up to date by 2025.

The modernization program is continuing despite an economic crisis that has already forced Russia to adopt an austerity budget for next year.

Defense and national security were the only departments to escape cuts of at least 5%. Spending on the military is set to rise by 85% between 2012 and 2017.

Russia's defense budget is now the third largest in the world, behind the U.S. and China.

Airfields, hundreds of fighter jets and a new fleet of battle tanks are in the works. Russia is also developing new long-range missiles, has acquired an advanced nuclear submarine and is working on eight new vessels for the navy, due for delivery by 2020.

Related: Kalashnikovs get new look to boost sales

Russia's relations with the West are the most strained they've been since the end of the Cold War. The U.S. and Europe have imposed sanctions against Russian companies and officials for annexing Crimea and providing support for rebels in eastern Ukraine.

The crisis in Ukraine could provide another boost to Russian arms sales.

"It is too early to say, but the conflict is likely to have an impact on some specific orders -- especially conventional ammunition," said Aude Fleurant, research director at the Stockholm institute.

Sanctions are unlikely to put much of a dent in sales at Russian defense companies, because they largely supply the domestic markets, or countries such as China and India.

But they have killed one $3 billion strategic deal, at least for now. France has halted the delivery of two Mistral warships until further notice.

Related: Inside Europe's arms trade with Russia

Related: Sanctions hit Russian oil and banks

First Published: December 14, 2014: 6:46 PM ET

10.20 | 0 komentar | Read More

Toys 'R' Us 'layaway angels' pay thousands for others' gifts

NEW YORK (CNNMoney)

Two customers at separate Toys 'R' Us stores paid off thousands in debts on layaway items, giving hundreds of customers some extra holiday cheer.

One person paid $19,600 at a store in Auburn, Mass., about 47 miles east of Boston, Friday afternoon, covering 125 layaway accounts, according to Toys 'R' Us spokesperson Adrienne O'Hara. The person has not yet been identified.

Related: Foreclosure evictions halted for the holidays

An anonymous woman paid $20,000 for every layaway item at a Toys 'R' Us on Wednesday in Bellingham, Mass., an hour and a half east of Boston. She reportedly told the store manager on her way out, "If you have it, give it," according to the Milford Daily News.

It's the largest known layaway donation at a Toys 'R' Us this holiday season, O'Hara said.

These so-called "layaway angels," in Massachusetts covered 275 layaway accounts between the two stores.

"It's what the holiday are all about," O'Hara said.

Related: CNNMoney's 2014 holiday gift guide

Paying for strangers' holiday gifts is becoming popular, at least at Toys 'R' Us stores. Last holiday season, nearly 600 customers at Toys 'R' Us paid off another person's layaway account, O'Hara said.

There is even a non-profit organization, Pay Away the Layaway, devoted to helping those in need buy their holiday gifts. It was created in 2011, according to its website.

Customers typically use layaway accounts because they cannot afford to pay for an item all at once. Layaways increased in popularity recent years at many retailers during the recession and recovery with customers tight on cash.

The generous acts were well timed: Toys 'R' Us customers had just days to pay for their layaway items before the deadline on December 16.

Although the donors were not identified, it appears Santa had no involvement. No reindeer were reported in the Toys 'R' Us parking lots.

First Published: December 12, 2014: 7:08 PM ET

10.20 | 0 komentar | Read More

Wall Street bets on Russia and Venezuela defaults

NEW YORK (CNNMoney)

Plunging oil prices have slammed the economies of both countries, which are highly dependent on oil revenue.

On Wall Street currently, the cost to insure Russia's five-year bonds have surged to the highest levels since 2009.

The fears stem from the fact that the Russian government gets half of its revenue from oil and gas exports. Recently, the ruble has gone into a tailspin and the Russian central bank has hiked interest rates five times this year in an attempt to prop its currency.

Still, despite the state of high alert among Wall Street traders, Moscow does have significant foreign exchange reserves to service its debt. And so far the ratings agencies aren't that concerned.

Standard & Poor's reaffirmed Russia's credit rating in October, though it warned of a downgrade over the next 18 months if the government's finances deteriorate.

The situation seems much more dire for Venezuela. Oil prices have dropped 40% since June.

Oil makes up 96% of its export earnings and Venezuela stands to suffer much more because it costs more to produce it there.

The Venezuelan economy had already been struggling with political instability and sky high inflation. And the spectre of default looms larger for the nation's socialist government, which is deep in debt and has been burning through its foreign currency reserves.

For every dollar that the price of oil declines, the Venezuelan government loses $800 million in export receipts, according to a recent report from the Institute of International Finance.

The government has been selling assets and borrowing from China, but the continued decline in oil prices could force a "massive devaluation" of the Venezuelan currency, the IIF warned.

"Worsening conditions are increasing the risks of default, social unrest and political instability," in Venezuela, according to the IIF.

It's no surprise that the insurance contracts, or the credit default swaps as they known on Wall Street, cost five times more than they did in June. To insure $10 million of Venezuela's five-year bonds, traders today have to pay as much as $5 million.

Related: Break-even point for oil prices at these countries

Related: These countries are getting killed by cheap oil

Related: Plunging oil prices may trigger unrest

First Published: December 12, 2014: 4:24 PM ET

10.20 | 0 komentar | Read More

Uber's global ambitions hit roadblocks

NEW YORK (CNNMoney)

The most recent came on Friday. After being sued by taxi companies in France, a court allowed Uber to operate, but rivals are saying the company's legal battles haven't ended.

Earlier in the week, a Spanish judge temporarily blocked the car service and authorities in the Indian capital New Delhi banned it.

Those are just the latest in a string of bumps for Uber, which operates its online car sharing service in 60 cities across 21 countries.

Related: Uber removes racy blog post on prostitution

Here's are more details on the various bans and resistances that Uber faces:

Spain: The Madrid taxi association filed a complaint that Uber was unfair to competition and not properly licensed. So the judge temporarily blocked the car service. After a formal lawsuit is filed soon, Uber will get a chance to present its case. The company called the development "sudden and unusual" and said it was "assessing its legal options."

Thailand: Uber services have been sharply curtailed in Thailand. On Tuesday, the country's transportation director said the company's cars had not been properly registered, the drivers had improper licenses and the rates were not approved. He warned that Uber drivers would be heavily fined. Uber told CNN it has operations in Bangkok and Phuket, and it would have "continued conversations" with regulators.

Portland, Oregon: On Friday -- Uber's launch date in Portland -- the city said it would "issue civil and criminal penalties" against drivers who do not have proper permits. Then on Monday, the city sued and asked a county judge to "order Uber to stop operating in Portland until it is in compliance with the city's safety, health and consumer protection rules." The judge hasn't ruled yet.

California: San Francisco and Los Angeles counties sued the company on Tuesday for allegedly misleading consumers over driver hiring practices, and conducting illegal operations at airports.

The Netherlands: An appeals court on Monday ordered Uber to stop operating there because drivers were not properly licensed, Reuters reported. The company told the news agency it would appeal.

New Delhi: The alleged rape of a passenger by an Uber driver -- who police said did not have a proper background check -- led to authorities shutting down the service on Monday. The company has a license to transport customers from one city to another, but did not have a permit from the local government to shuttle customers from one point to another inside the city. Uber's CEO Travis Kalanick, called the rape "horrific" and a "despicable crime." He also blamed the government for not requiring a background check for drivers.

Nevada: Just before Thanksgiving, the service was banned there after the state took Uber to court over taxicab rule violations. The vice president of the Nevada Bus and Limousine Association told the Las Vegas Review Journal that the arrival of Uber "was like we were invaded by aliens from outer space that had no regard for any of our rules." Uber said the decision meant job losses and said it would work with regulators.

Uber is also facing regulator scrutiny in Indonesia, Singapore, Vietnam, as well as in Toronto, according to media reports.

Despite all these bumps, the car-sharing service company has in the past managed to overcome many hurdles. Investors are betting it will be able to resolve these latest ones as well: CEO Travis Kalanick recently announced a $1.2 billion round of funding that values the company at $40 billion.

Kalanick said the company has seen "tremendous growth" this year, but has room to grow in the "coming years."

--Ben Rooney contributed to this article.

Related: Taxi rival calls itself 'non a-hole' Uber

Related: Targeted journalist says Uber needs accountability

First Published: December 12, 2014: 5:00 PM ET

10.20 | 0 komentar | Read More

Wall Street bets on Russia and Venezuela defaults

NEW YORK (CNNMoney)

Plunging oil prices have slammed the economies of both countries, which are highly dependent on oil revenue.

On Wall Street currently, the cost to insure Russia's five-year bonds have surged to the highest levels since 2009.

The fears stem from the fact that the Russian government gets half of its revenue from oil and gas exports. Recently, the ruble has gone into a tailspin and the Russian central bank has hiked interest rates five times this year in an attempt to prop its currency.

Still, despite the state of high alert among Wall Street traders, Moscow does have significant foreign exchange reserves to service its debt. And so far the ratings agencies aren't that concerned.

Standard & Poor's reaffirmed Russia's credit rating in October, though it warned of a downgrade over the next 18 months if the government's finances deteriorate.

The situation seems much more dire for Venezuela. Oil prices have dropped 40% since June.

Oil makes up 96% of its export earnings and Venezuela stands to suffer much more because it costs more to produce it there.

The Venezuelan economy had already been struggling with political instability and sky high inflation. And the spectre of default looms larger for the nation's socialist government, which is deep in debt and has been burning through its foreign currency reserves.

For every dollar that the price of oil declines, the Venezuelan government loses $800 million in export receipts, according to a recent report from the Institute of International Finance.

The government has been selling assets and borrowing from China, but the continued decline in oil prices could force a "massive devaluation" of the Venezuelan currency, the IIF warned.

"Worsening conditions are increasing the risks of default, social unrest and political instability," in Venezuela, according to the IIF.

It's no surprise that the insurance contracts, or the credit default swaps as they known on Wall Street, cost five times more than they did in June. To insure $10 million of Venezuela's five-year bonds, traders today have to pay as much as $5 million.

Related: Break-even point for oil prices at these countries

Related: These countries are getting killed by cheap oil

Related: Plunging oil prices may trigger unrest

First Published: December 12, 2014: 4:24 PM ET

10.21 | 0 komentar | Read More

Uber's global ambitions hit roadblocks

NEW YORK (CNNMoney)

The most recent came on Friday. After being sued by taxi companies in France, a court allowed Uber to operate, but rivals are saying the company's legal battles haven't ended.

Earlier in the week, a Spanish judge temporarily blocked the car service and authorities in the Indian capital New Delhi banned it.

Those are just the latest in a string of bumps for Uber, which operates its online car sharing service in 60 cities across 21 countries.

Related: Uber removes racy blog post on prostitution

Here's are more details on the various bans and resistances that Uber faces:

Spain: The Madrid taxi association filed a complaint that Uber was unfair to competition and not properly licensed. So the judge temporarily blocked the car service. After a formal lawsuit is filed soon, Uber will get a chance to present its case. The company called the development "sudden and unusual" and said it was "assessing its legal options."

Thailand: Uber services have been sharply curtailed in Thailand. On Tuesday, the country's transportation director said the company's cars had not been properly registered, the drivers had improper licenses and the rates were not approved. He warned that Uber drivers would be heavily fined. Uber told CNN it has operations in Bangkok and Phuket, and it would have "continued conversations" with regulators.

Portland, Oregon: On Friday -- Uber's launch date in Portland -- the city said it would "issue civil and criminal penalties" against drivers who do not have proper permits. Then on Monday, the city sued and asked a county judge to "order Uber to stop operating in Portland until it is in compliance with the city's safety, health and consumer protection rules." The judge hasn't ruled yet.

California: San Francisco and Los Angeles counties sued the company on Tuesday for allegedly misleading consumers over driver hiring practices, and conducting illegal operations at airports.

The Netherlands: An appeals court on Monday ordered Uber to stop operating there because drivers were not properly licensed, Reuters reported. The company told the news agency it would appeal.

New Delhi: The alleged rape of a passenger by an Uber driver -- who police said did not have a proper background check -- led to authorities shutting down the service on Monday. The company has a license to transport customers from one city to another, but did not have a permit from the local government to shuttle customers from one point to another inside the city. Uber's CEO Travis Kalanick, called the rape "horrific" and a "despicable crime." He also blamed the government for not requiring a background check for drivers.

Nevada: Just before Thanksgiving, the service was banned there after the state took Uber to court over taxicab rule violations. The vice president of the Nevada Bus and Limousine Association told the Las Vegas Review Journal that the arrival of Uber "was like we were invaded by aliens from outer space that had no regard for any of our rules." Uber said the decision meant job losses and said it would work with regulators.

Uber is also facing regulator scrutiny in Indonesia, Singapore, Vietnam, as well as in Toronto, according to media reports.

Despite all these bumps, the car-sharing service company has in the past managed to overcome many hurdles. Investors are betting it will be able to resolve these latest ones as well: CEO Travis Kalanick recently announced a $1.2 billion round of funding that values the company at $40 billion.

Kalanick said the company has seen "tremendous growth" this year, but has room to grow in the "coming years."

--Ben Rooney contributed to this article.

Related: Taxi rival calls itself 'non a-hole' Uber

Related: Targeted journalist says Uber needs accountability

First Published: December 12, 2014: 5:00 PM ET

10.21 | 0 komentar | Read More

Toys 'R' Us 'layaway angels' pay thousands for others' gifts

NEW YORK (CNNMoney)

Two customers at separate Toys 'R' Us stores paid off thousands in debts on layaway items, giving hundreds of customers some extra holiday cheer.

One person paid $19,600 at a store in Auburn, Mass., about 47 miles east of Boston, Friday afternoon, covering 125 layaway accounts, according to Toys 'R' Us spokesperson Adrienne O'Hara. The person has not yet been identified.

Related: Foreclosure evictions halted for the holidays

An anonymous woman paid $20,000 for every layaway item at a Toys 'R' Us on Wednesday in Bellingham, Mass., an hour and a half east of Boston. She reportedly told the store manager on her way out, "If you have it, give it," according to the Milford Daily News.

It's the largest known layaway donation at a Toys 'R' Us this holiday season, O'Hara said.

These so-called "layaway angels," in Massachusetts covered 275 layaway accounts between the two stores.

"It's what the holiday are all about," O'Hara said.

Related: CNNMoney's 2014 holiday gift guide

Paying for strangers' holiday gifts is becoming popular, at least at Toys 'R' Us stores. Last holiday season, nearly 600 customers at Toys 'R' Us paid off another person's layaway account, O'Hara said.

There is even a non-profit organization, Pay Away the Layaway, devoted to helping those in need buy their holiday gifts. It was created in 2011, according to its website.

Customers typically use layaway accounts because they cannot afford to pay for an item all at once. Layaways increased in popularity recent years at many retailers during the recession and recovery with customers tight on cash.

The generous acts were well timed: Toys 'R' Us customers had just days to pay for their layaway items before the deadline on December 16.

Although the donors were not identified, it appears Santa had no involvement. No reindeer were reported in the Toys 'R' Us parking lots.

First Published: December 12, 2014: 7:08 PM ET

10.21 | 0 komentar | Read More