DealBook: Blackstone Keeps Most of Its Money With SAC

The Blackstone Group, the largest outside investor in the hedge fund SAC Capital Advisors, said it would keep most of its $550 million with the hedge fund for three more months while it monitors developments in the government’s insider trading investigation.

The move by Blackstone comes as SAC’s clients faced a regularly scheduled quarterly deadline on Thursday to decide whether to continue investing with the hedge fund giant run by Steven A. Cohen.

Despite posting one of the best investment track records on Wall Street — returning 30 percent annually over the past two decades — SAC has been fighting to keep investors’ money amid an intensifying investigation into criminal conduct at the fund. In November, since prosecutors brought its most recent case against Mathew Martoma, a former SAC employee, clients have been weighing whether to continue their relationship with the fund. Mr. Martoma has denied the charges.

Large hedge fund investors like Blackstone rarely make public pronouncements about their intentions, but given the heightened interest in SAC, the investment firm issued a statement explaining the rationale for its decision.

The money that Blackstone did withdraw was done in the normal course of business and unrelated to any of SAC’s problems. Blackstone, which runs the world’s largest so-called fund of funds, placing nearly $50 billion with outside managers, is seen as a bellwether in the hedge fund industry.

“While we submitted redemptions for certain accounts as appropriate, BAAM successfully preserved flexibility for our clients by extending our decision time line,” Peter Rose, a Blackstone spokesman, said in a statement, referring to Blackstone Alternative Asset Management, the segment that invests with hedge funds. “We will use this period of time to evaluate all additional information which becomes available.”

It is unclear what the total amount of money that SAC’s clients redeemed on Thursday. The Stamford, Conn.-based hedge fund had warned its employees that it expected it could face at least $1 billion of withdrawals. A Citigroup unit that manages money for wealthy families has already disclosed that it was withdrawing its $187 million investment.

While several other former SAC employees have previously been charged with insider trading crimes, the Martoma prosecution has changed clients’ calculus because the trades at the center of the case involve Mr. Cohen. In addition, the Securities and Exchange Commission warned SAC that it might file a civil fraud lawsuit against the fund related to the trades. Mr. Cohen has not been charged and has said that he has acted appropriately at all times.

Federal prosecutors are also nearing a decision whether to bring criminal charges against Michael Steinberg, a longtime SAC portfolio manager, related to trading in the technology stocks Dell and Nvidia. A lawyer for Mr. Steinberg, Barry Berke, said in a statement that his client did absolutely nothing wrong.

Unlike other hedge funds that can be forced to shut down after a wave of client withdrawals, SAC is in a slightly unusual situation. Only about 40 percent of the $14 billion managed by SAC, or about $6 billion, comes from outside clients. The balance belongs to Mr. Cohen and his well-paid staff.

In addition, SAC has policies in place that limit the amount of money a client can withdraw during any one quarter. Clients can only withdraw 25 percent of their investment every three months. That means if a client put in a so-called redemption request on Thursday, it would receive its money back in quarterly installments beginning March 31, and getting its last dollar out on Dec. 31.

Blackstone negotiated a way to buy itself some time without delaying its ability to withdraw it investment from the fund. SAC agreed to a new redemption policy that it will extend to its other clients, allowing them to keep their money with SAC for another quarter. If after three months, clients then decide to end their relationship with SAC, the fund would return their money in three installments.

Under the new policy, SAC is permitting clients to take a wait-and-see approach, monitoring the investigation for developments that could damage the fund. And if they withdraw, they would still have all of their money returned by year-end.

SAC recent investment results have been solid, though it has lagged behind the Standard & Poor’s 500-stock index. The fund returned about 13 percent last year and 2.5 during the first month of 2013.

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Dorner manhunt: Investigators work to ID charred human remains

After what LAPD Chief Charlie Beck called "a bittersweet night," investigators Wednesday were in the process of identifying the human remains found in the charred cabin where fugitive ex-cop Christopher Dorner was believed to have been holed up after trading gunfire with officers, authorities said.

If the body is identified as Dorner’s, the standoff would end a weeklong manhunt for the ex-LAPD officer and Navy Reserve lieutenant suspected in a string of shootings following his firing by the Los Angeles Police Department several years ago. Four people have died in the case, allegedly at Dorner’s hands.

Beck said he would not consider the manhunt over until the body was identified as Dorner. Police remained on tactical alert and were conducting themselves as if nothing had changed in the case, officials said.

PHOTOS: Manhunt for ex-LAPD officer

The latest burst of gunfire came Tuesday after the suspect, attempting to flee law enforcement officials, fatally shot a San Bernardino County sheriff’s deputy and seriously injured another, officials said. He then barricaded himself in a wooden cabin outside Big Bear, not far from ski resorts in the snow-capped San Bernardino Mountains east of Los Angeles, according to police.

"This could have ended much better, it could have ended worse," said Beck as he drove to the hospital where the injured deputy was located. "I feel for the family of the deputy who lost his life."

The injured deputy is expected to survive but it is anticipated he will need several surgeries. The names of the two deputies have not been released.

TIMELINE: Manhunt for ex-LAPD officer

Just before 5 p.m., authorities smashed the cabin's windows, pumped in tear gas and called for the suspect to surrender, officials said. They got no response. Then, using a demolition vehicle, they tore down the cabin's walls one by one. When they reached the last wall, they heard a gunshot. Then the cabin burst into flames, officials said.

Last week, authorities said they had tracked Dorner to a wooded area near Big Bear Lake. They found his torched gray Nissan Titan with several weapons inside, the said, and the only trace of Dorner was a short trail of footprints in newly fallen snow.

According to a manifesto that officials say Dorner posted on Facebook, he felt the LAPD unjustly fired him several years ago, when a disciplinary panel determined that he lied in accusing his training officer of kicking a mentally ill man during an arrest. Beck has promised to review the case.

DOCUMENT: Read the manifesto

The manifesto vows "unconventional and asymmetrical warfare" against law enforcement officers and their families. "Self-preservation is no longer important to me. I do not fear death as I died long ago," it said.

On Tuesday morning, two maids entered a cabin in the 1200 block of Club View Drive and ran into a man who they said resembled the fugitive, a law enforcement official said. The cabin was not far from where Dorner's singed truck had been found and where police had been holding news conferences about the manhunt.

The man tied up the maids, and he took off in a purple Nissan parked near the cabin, the official said. About 12:20 p.m., one of the maids broke free and called police.

FULL COVERAGE: Sweeping manhunt for ex-cop

Nearly half an hour later, officers with the California Department of Fish and Wildlife spotted the stolen vehicle and called for backup, authorities said. The suspect turned down a side road in an attempt to elude the officers but crashed the vehicle, police said.

A short time later, authorities said, the suspect carjacked a light-colored pickup truck. Allan Laframboise said the truck belonged to his friend Rick Heltebrake, who works at a nearby Boy Scout camp.

Heltebrake was driving on Glass Road with his Dalmatian, Suni, when a hulking African American man stepped into the road, Laframboise said. Heltebrake stopped. The man told him to get out of the truck.

INTERACTIVE MAP: Searching for suspected shooter

"Can I take my dog?" Heltebrake asked, according to his friend.

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Phys Ed: Getting the Right Dose of Exercise

Phys Ed

Gretchen Reynolds on the science of fitness.

Fitness Tracker

Marathon, half-marathon, 10k and 5K training plans to get you race ready.

A common concern about exercise is that if you don’t do it almost every day, you won’t achieve much health benefit. But a commendable new study suggests otherwise, showing that a fairly leisurely approach to scheduling workouts may actually be more beneficial than working out almost daily.

For the new study, published this month in Exercise & Science in Sports & Medicine, researchers at the University of Alabama at Birmingham gathered 72 older, sedentary women and randomly assigned them to one of three exercise groups.

One group began lifting weights once a week and performing an endurance-style workout, like jogging or bike riding, on another day.

Another group lifted weights twice a week and jogged or rode an exercise bike twice a week.

The final group, as you may have guessed, completed three weight-lifting and three endurance sessions, or six weekly workouts.

The exercise, which was supervised by researchers, was easy at first and meant to elicit changes in both muscles and endurance. Over the course of four months, the intensity and duration gradually increased, until the women were jogging moderately for 40 minutes and lifting weights for about the same amount of time.

The researchers were hoping to find out which number of weekly workouts would be, Goldilocks-like, just right for increasing the women’s fitness and overall weekly energy expenditure.

Some previous studies had suggested that working out only once or twice a week produced few gains in fitness, while exercising vigorously almost every day sometimes led people to become less physically active, over all, than those formally exercising less. Researchers theorized that the more grueling workout schedule caused the central nervous system to respond as if people were overdoing things, sending out physiological signals that, in an unconscious internal reaction, prompted them to feel tired or lethargic and stop moving so much.

To determine if either of these possibilities held true among their volunteers, the researchers in the current study tracked the women’s blood levels of cytokines, a substance related to stress that is thought to be one of the signals the nervous system uses to determine if someone is overdoing things physically. They also measured the women’s changing aerobic capacities, muscle strength, body fat, moods and, using sophisticated calorimetry techniques, energy expenditure over the course of each week.

By the end of the four-month experiment, all of the women had gained endurance and strength and shed body fat, although weight loss was not the point of the study. The scientists had not asked the women to change their eating habits.

There were, remarkably, almost no differences in fitness gains among the groups. The women working out twice a week had become as powerful and aerobically fit as those who had worked out six times a week. There were no discernible differences in cytokine levels among the groups, either.

However, the women exercising four times per week were now expending far more energy, over all, than the women in either of the other two groups. They were burning about 225 additional calories each day, beyond what they expended while exercising, compared to their calorie burning at the start of the experiment.

The twice-a-week exercisers also were using more energy each day than they had been at first, burning almost 100 calories more daily, in addition to the calories used during workouts.

But the women who had been assigned to exercise six times per week were now expending considerably less daily energy than they had been at the experiment’s start, the equivalent of almost 200 fewer calories each day, even though they were exercising so assiduously.

“We think that the women in the twice-a-week and four-times-a-week groups felt more energized and physically capable” after several months of training than they had at the start of the study, says Gary Hunter, a U.A.B. professor who led the experiment. Based on conversations with the women, he says he thinks they began opting for stairs over escalators and walking for pleasure.

The women working out six times a week, though, reacted very differently. “They complained to us that working out six times a week took too much time,” Dr. Hunter says. They did not report feeling fatigued or physically droopy. Their bodies were not producing excessive levels of cytokines, sending invisible messages to the body to slow down.

Rather, they felt pressed for time and reacted, it seems, by making choices like driving instead of walking and impatiently avoiding the stairs.

Despite the cautionary note, those who insist on working out six times per week need not feel discouraged. As long as you consciously monitor your activity level, the findings suggest, you won’t necessarily and unconsciously wind up moving less over all.

But the more fundamental finding of this study, Dr. Hunter says, is that “less may be more,” a message that most likely resonates with far more of us. The women exercising four times a week “had the greatest overall increase in energy expenditure,” he says. But those working out only twice a week “weren’t far behind.”

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Hearings Begin on Treasury Nominee

Doug Mills/The New York Times

Republicans have promised to grill Jacob J. Lew, center, President Obama’s nominee for Treasury secretary, over the government’s trillion-dollar deficits.

WASHINGTON — Jacob J. Lew, President Obama’s nominee for Treasury secretary, faced some fierce questioning on Wednesday from the Senate Finance Committee on his tenure at the bailed-out Citigroup and on an investment based in the Cayman Islands. But the even-tempered, bookish Mr. Lew parried the blows and appeared likely to win the committee’s approval and Senate confirmation.

“Frankly, I think you’ve done really well today,” said Senator Orrin G. Hatch of Utah, the ranking Republican on the committee. “My gosh, I have nothing but respect for people like you who give yourself to our government.”

Many questions from Senate Republicans seemed intended to rankle or ruffle Mr. Lew and score some political points. Senator Richard M. Burr of North Carolina asked about the Benghazi attack in Libya. Senator Charles E. Grassley of Iowa, referring to Mr. Lew’s lucrative but short time at Citigroup, commanded him to “explain why it might be morally acceptable to take close to a million dollars out of a company that was functionally insolvent and about to receive a billion dollars of taxpayer support.”

Mr. Lew calmly responded, “I was compensated for my work. I’ll leave for others to judge.”

He emphasized that he had worked in operations at Citigroup, albeit for a time at an investment unit that made proprietary trades on behalf of the bank.

“I was not in the business of making investment decisions,” he said. “I was certainly aware of things that were going on. I was working in a financial institution. I learned a great deal about the financial products. But I wasn’t designing them and I wasn’t opining on them.”

Aside from his time on Wall Street from 2006 to 2008, Mr. Lew has spent most of his career as a Democratic budget official — and the White House chose him in no small part for that experience. Much of his testimony focused on the trillion-dollar budget battle he would face immediately after becoming secretary. On March 1, automatic cuts to military and nonmilitary programs, known as the sequester, will start to take effect. Republicans and Democrats are both struggling to unwind or delay them, with hundreds of thousands of jobs at stake.

Mr. Lew said Congress needed to undo the sequester. He also said political dysfunction in Washington was threatening the real economy.

“The short-term-crisis, deadline-driven practices that we’ve seen over the last couple of years are undermining the economy,” Mr. Lew said. “It’s the first time in my nearly 30 years in public life that I felt that the actions of government were actually working against the goal of getting the economy moving.”

Mr. Lew also described tax reform as a top priority, with an eye to raising more money, lowering rates, reducing loopholes and generally rationalizing the code. He said cutting the tax rate on corporate income to 25 percent from its current 35 percent would be difficult. He also called for a minimum tax on foreign profits. And he said there was “room to work together” on creating a tax system in which income is taxed only in the country where it is earned, a change long sought by large American companies that operate around the world.

Over and over, Mr. Lew asserted his longtime budget bona fides and willingness to work with Republicans. “Working across the aisle while serving under President Clinton, I helped negotiate the groundbreaking agreement with Congress to balance the federal budget,” he said in his opening statement. He added that he had been involved in “almost every major bipartisan budget agreement over the last 30 years,” and that “the things that divide Washington right now are not as insurmountable as they might look.”

But as one of Mr. Obama’s main budget negotiators in the last few years, Mr. Lew has at times clashed with Republicans, particularly in the House. Former Treasury Secretary Timothy F. Geithner, not Mr. Lew, acted as a main negotiator during the talks over the automatic tax increases and spending cuts, the so-called fiscal cliff, that Congress cut a deal to avoid last month.

During the hearing, Republicans also targeted a money-losing investment Mr. Lew had made in a fund based in the Cayman Islands. Mr. Grassley noted that Mr. Obama had derided Ugland House, which provides an address for thousands of investment entities — including the fund Mr. Lew bought into — and said he saw some hypocrisy in Mr. Lew’s nomination, given the investment.

But the attacks seemed mostly tactical. “Jack Lew paid all of his taxes and reported all of the income, gains and losses from the investment,” said Eric Schultz, a White House spokesman. “There are no new facts that provide a basis for senators to reach a different conclusion about Mr. Lew’s nomination than they reached twice before in this administration.”

Some senators — including Jeff Sessions, Republican of Alabama, and Bernard Sanders, the left-leaning independent from Vermont — have said they do not support Mr. Lew. But it seemed unlikely that he would face a filibuster that might delay his confirmation or end his candidacy.

“Mr. Lew has been confirmed by the Senate three times already,” Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee, said in a statement released before the hearing, referring to Mr. Lew’s service in both the Obama and Clinton administrations. “I don’t expect there to be any reason why he should not be confirmed this time around as well.”

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Smoke, flame amid 'tactical operation' in Dorner shootout

One deputy has died, another is wounded.

Smoke and flames were visible from the area where fugitive former law enforcement officer Christopher Jordan Dorner was holed up in a Big Bear-area cabin after gun battles with law enforcement officers.

Law enforcement sources said "a tactical operation" was underway at the cabin but did not provide further details.

A tall plume of smoke was rising from the area where the standoff occurred. Hundreds of law enforcement personnel swooped down on the site near Big Bear following the gun battles between Dorner and officers that broke out in the snow-covered mountains where the fugitive had been eluding a massive manhunt since his truck was found burning in the area late last week.

PHOTOS: Manhunt for ex-LAPD officer

Law enforcement personnel in military-style gear and armed with high-powered weapons were involved in a tense standoff after Dorner took refuge in the cabin Tuesday afternoon. 

One San Bernardino County sheriff's deputy died of his wounds after he and another deputy were wounded in an exchange of gunfire outside the cabin in which hundreds of rounds were fired, sources told The Times. The deputy was airlifted to Loma Linda University Medical Center, where he died of his wounds.

The afternoon gun battle was part of a quickly changing situation that began after Dorner allegedly broke into a home, tied up a couple and held them hostage before fleeing with their white pickup truck, authorities said. 

PHOTOS: Manhunt for ex-LAPD officer

Then Dorner was allegedly spotted by a state Fish and Wildlife officer in the pickup truck, sources said. A vehicle-to-vehicle shootout ensued. The officer's vehicle was peppered with multiple rounds, according to authorities.

Dorner crashed his vehicle and took refuge in a nearby cabin, sources said. One deputy was hit as Dorner fired out of the cabin and a second deputy was injured when Dorner exited the back of the cabin, deployed a smoke bomb and opened fire again in an apparent attempt to flee. Dorner was driven back inside the cabin, the source said.

During the unprecedented manhunt, officers had crisscrossed California for days pursuing the more than 1,000 tips that poured in about Dorner's possible whereabouts -- including efforts in Tijuana, San Diego County and Big Bear -- and serving warrants at homes in Las Vegas and the Point Loma area of San Diego.

Statewide alerts were issued in California and Nevada, and border authorities were alerted. The Transportation Security Administration also had issued an alert urging pilots and other aircraft operators to keep an eye out for Dorner.

The search turned to Big Bear last week after Dorner's burning truck was found on a local forest road.

At the search's height, more than 200 officers scoured the mountain, conducting cabin-by-cabin checks. It was scaled back Sunday -- about 30 officers were out in the field Tuesday, the San Bernardino County Sheriff's Department said.

Dorner allegedly threatened "unconventional and asymmetrical warfare" against police in a lengthy manifesto that authorities say he posted on Facebook. The posting named dozens of potential targets, including police officers, whom Dorner allegedly threatened to attack, according to authorities.

Records state that the manifesto was discovered by authorities Wednesday, three days after the slaying of an Irvine couple: Monica Quan, a Cal State Fullerton assistant basketball coach, and her fiance, Keith Lawrence, a USC public safety officer.

Quan was the daughter of a retired LAPD captain whom Dorner allegedly blamed in part for his firing from the force in 2009.

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Well: Straining to Hear and Fend Off Dementia

At a party the other night, a fund-raiser for a literary magazine, I found myself in conversation with a well-known author whose work I greatly admire. I use the term “conversation” loosely. I couldn’t hear a word he said. But worse, the effort I was making to hear was using up so much brain power that I completely forgot the titles of his books.

A senior moment? Maybe. (I’m 65.) But for me, it’s complicated by the fact that I have severe hearing loss, only somewhat eased by a hearing aid and cochlear implant.

Dr. Frank Lin, an otolaryngologist and epidemiologist at Johns Hopkins School of Medicine, describes this phenomenon as “cognitive load.” Cognitive overload is the way it feels. Essentially, the brain is so preoccupied with translating the sounds into words that it seems to have no processing power left to search through the storerooms of memory for a response.

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Katherine Bouton speaks about her own experience with hearing loss.

A transcript of this interview can be found here.

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Over the past few years, Dr. Lin has delivered unwelcome news to those of us with hearing loss. His work looks “at the interface of hearing loss, gerontology and public health,” as he writes on his Web site. The most significant issue is the relation between hearing loss and dementia.

In a 2011 paper in The Archives of Neurology, Dr. Lin and colleagues found a strong association between the two. The researchers looked at 639 subjects, ranging in age at the beginning of the study from 36 to 90 (with the majority between 60 and 80). The subjects were part of the Baltimore Longitudinal Study of Aging. None had cognitive impairment at the beginning of the study, which followed subjects for 18 years; some had hearing loss.

“Compared to individuals with normal hearing, those individuals with a mild, moderate, and severe hearing loss, respectively, had a 2-, 3- and 5-fold increased risk of developing dementia over the course of the study,” Dr. Lin wrote in an e-mail summarizing the results. The worse the hearing loss, the greater the risk of developing dementia. The correlation remained true even when age, diabetes and hypertension — other conditions associated with dementia — were ruled out.

In an interview, Dr. Lin discussed some possible explanations for the association. The first is social isolation, which may come with hearing loss, a known risk factor for dementia. Another possibility is cognitive load, and a third is some pathological process that causes both hearing loss and dementia.

In a study last month, Dr. Lin and colleagues looked at 1,984 older adults beginning in 1997-8, again using a well-established database. Their findings reinforced those of the 2011 study, but also found that those with hearing loss had a “30 to 40 percent faster rate of loss of thinking and memory abilities” over a six-year period compared with people with normal hearing. Again, the worse the hearing loss, the worse the rate of cognitive decline.

Both studies also found, somewhat surprisingly, that hearing aids were “not significantly associated with lower risk” for cognitive impairment. But self-reporting of hearing-aid use is unreliable, and Dr. Lin’s next study will focus specifically on the way hearing aids are used: for how long, how frequently, how well they have been fitted, what kind of counseling the user received, what other technologies they used to supplement hearing-aid use.

What about the notion of a common pathological process? In a recent paper in the journal Neurology, John Gallacher and colleagues at Cardiff University suggested the possibility of a genetic or environmental factor that could be causing both hearing loss and dementia — and perhaps not in that order. In a phenomenon called reverse causation, a degenerative pathology that leads to early dementia might prove to be a cause of hearing loss.

The work of John T. Cacioppo, director of the Social Neuroscience Laboratory at the University of Chicago, also offers a clue to a pathological link. His multidisciplinary studies on isolation have shown that perceived isolation, or loneliness, is “a more important predictor of a variety of adverse health outcomes than is objective social isolation.” Those with hearing loss, who may sit through a dinner party and not hear a word, frequently experience perceived isolation.

Other research, including the Framingham Heart Study, has found an association between hearing loss and another unexpected condition: cardiovascular disease. Again, the evidence suggests a common pathological cause. Dr. David R. Friedland, a professor of otolaryngology at the Medical College of Wisconsin in Milwaukee, hypothesized in a 2009 paper delivered at a conference that low-frequency loss could be an early indication that a patient has vascular problems: the inner ear is “so sensitive to blood flow” that any vascular abnormalities “could be noted earlier here than in other parts of the body.”

A common pathological cause might help explain why hearing aids do not seem to reduce the risk of dementia. But those of us with hearing loss hope that is not the case; common sense suggests that if you don’t have to work so hard to hear, you have greater cognitive power to listen and understand — and remember. And the sense of perceived isolation, another risk for dementia, is reduced.

A critical factor may be the way hearing aids are used. A user must practice to maximize their effectiveness and they may need reprogramming by an audiologist. Additional assistive technologies like looping and FM systems may also be required. And people with progressive hearing loss may need new aids every few years.

Increasingly, people buy hearing aids online or from big-box stores like Costco, making it hard for the user to follow up. In the first year I had hearing aids, I saw my audiologist initially every two weeks for reprocessing and then every three months.

In one study, Dr. Lin and his colleague Wade Chien found that only one in seven adults who could benefit from hearing aids used them. One deterrent is cost ($2,000 to $6,000 per ear), seldom covered by insurance. Another is the stigma of old age.

Hearing loss is a natural part of aging. But for most people with hearing loss, according to the National Institute on Deafness and Other Communication Disorders, the condition begins long before they get old. Almost two-thirds of men with hearing loss began to lose their hearing before age 44. My hearing loss began when I was 30.

Forty-eight million Americans suffer from some degree of hearing loss. If it can be proved in a clinical trial that hearing aids help delay or offset dementia, the benefits would be immeasurable.

“Could we do something to reduce cognitive decline and delay the onset of dementia?” he asked. “It’s hugely important, because by 2050, 1 in 30 Americans will have dementia.

“If we could delay the onset by even one year, the prevalence of dementia drops by 15 percent down the road. You’re talking about billions of dollars in health care savings.”

Should studies establish definitively that correcting hearing loss decreases the potential for early-onset dementia, we might finally overcome the stigma of hearing loss. Get your hearing tested, get it corrected, and enjoy a longer cognitively active life. Establishing the dangers of uncorrected hearing might even convince private insurers and Medicare that covering the cost of hearing aids is a small price to pay to offset the cost of dementia.

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Katherine Bouton is the author of the new book, “Shouting Won’t Help: Why I — and 50 Million Other Americans — Can’t Hear You,” from which this essay is adapted.

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This post has been revised to reflect the following correction:

Correction: February 12, 2013

An earlier version of this article misstated the location of the Medical College of Wisconsin. It is in Milwaukee, not Madison.

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Dow Ends Above 14,000 For Year’s Highest Close

The Dow Jones industrial average rose to its highest close of the year Tuesday, putting it within 1 percent of its record. Stocks gained after two big consumer brands posted impressive quarterly results.

The Dow closed up 47.46 points, or 0.34 percent, to 14,018.70 Tuesday. That is 146 points from its record close of 14,164.53 set in October 2007. The Standard & Poor’s 500-stock index gained 2.42 points, or 0.16 percent, to 1,519.43, also close to its record.

In a day of quiet trading, stocks were driven higher by the beauty products maker Avon and the luxury clothing and accessories company Michael Kors, whose results impressed investors. Consumer spending accounts for 70 percent of economic activity in the United States.

Financial and home-building stocks, led by the Bank of America and the Masco Corporation, which reported some of the day’s biggest gains, also lifted the averages.

The Dow has logged its best January in almost two decades after lawmakers reached a last-minute deal to avoid sweeping tax increases and spending cuts. Investors are also becoming more optimistic that the housing market is recovering and that hiring is picking up.

The Dow has advanced 7 percent this year and the S.& P. 500 is up 6.6 percent.

The 30-member Dow has closed above 14,000 twice this month. Before February, the index closed above that level just nine times in its history. The first time was in July 2007; the rest were in October of that year.

Shares of Avon rose $3.51, or 20 percent, to $20.79 after the company posted a fourth-quarter loss that was not as bad as analysts expected. The company also hopes to save $400 million by slashing costs. Michael Kors rose $5, or 9 percent, to $62 after reporting earnings that beat analysts’ predictions.

Bank of America was the biggest gainer on the Dow, adding 38 cents, or 3.25 percent, to $12.24. Stocks gaining in the index outnumbered those falling by a ratio of more than four to one.

About 70 percent of companies in the S.& P. 500 have reported earnings for the fourth quarter. Analysts are projecting that earnings will rise 6.4 percent for the period, an improvement from the 2.4 percent growth reported in the third quarter, according to S.& P. Capital IQ.

Investors may have become too optimistic about the outlook for stocks, said Uri Landesman, president of the hedge fund Platinum Partners.

“The market is priced for perfection,” Mr. Landesman said. “The odds of a disappointment are very, very high.”

Mr. Landesman predicts that the S.& P. 500 will climb past its record and rise as high as 1,600 by April before then slumping as low as 1,300 as company earnings start to disappoint investors. The record close for the S.& P. 500 is 1,565, reached in October 2007.

Investors were expected to be watching closely Tuesday night when President Obama delivered his annual State of the Union address. Mr. Obama was expected to focus on the economy, including job creation.

A decline in bond prices since the beginning of the year has also slowed. The Treasury’s 10-year note fell 4/32 to 96 28/32 on Tuesday and the yield rose to 1.98 percent from 1.96 percent late Monday. The yield was 1.71 percent at the beginning of the year.

In other trading Tuesday, the Nasdaq composite index was down 5.51 points, or 0.17 percent, to 3,186.49.

Among other stocks making big moves:

Coca-Cola, the beverage company, fell $1.05, or 2.7 percent, to $37.56 after reporting fourth-quarter revenue that fell short of analysts’ forecasts.

Masco, a home improvement and building product company, rose $2.22, or nearly 13 percent, to $20.01 after reporting earnings that beat analysts’ expectations, helped by strong demand in North America.

Dun & Bradstreet, a provider of credit and business data, fell $6.60, or 7.7 percent, to $78.68 after the company reported a fourth-quarter profit that was below market expectations.

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Dorner could face death penalty as criminal charges filed

As a massive manhunt for Christopher Jordan Dorner continued Monday afternoon, prosecutors with the Riverside County district attorney’s office filed murder and attempted murder charges against the ex-cop suspected of killing three people, including a Riverside police officer.

Dist. Atty. Paul Zellerbach said Dorner has been charged with one count of murder, with special circumstance allegations in the killing of a peace officer and the discharge of a firearm from a vehicle, in the death of Riverside police Officer Michael Crain, 34, a married father who served two tours in Kuwait as a rifleman in the U.S. Marines.

The special circumstances allegation makes Dorner eligible for the death penalty.

The former police officer also faces three additional counts of attempted murder of a peace officer for allegedly shooting and critically injuring Crain's partner and firing at two Los Angeles police officers who were in Corona to provide protection to one of Dorner's alleged targets. One of the LAPD officers was grazed on the head by a bullet.

The surviving officer, whose name has not been released, was "in a lot of pain" and will probably need several surgeries, Riverside Police Chief Sergio Diaz told reporters Monday. It was not yet known if he will be able to return to duty, Diaz said.

Shortly after the press conference, Los Angeles Mayor Antonio Villaraigosa ordered all city flags to be flown at half-staff effective Monday afternoon to honor Crain, a spokesman said.

Funeral services for Crain are scheduled for 10:30 a.m. Wednesday at Grove Community Church in Riverside. The flags will remain at half-staff until  after the services.

Meanwhile, the full-court-press search continued, though beyond several false sightings there has been little success so far in the hunt.

Investigators have received at least 700 tips about the fugitive ex-officer, and police are continuing to dangle a $1-million reward in the hope that someone will step forward.

There have been no confirmed sightings of Dorner since the manhunt began last Wednesday, and the last known evidence pointing to his whereabouts was his burning pickup truck discovered Thursday on a forest road in Big Bear, officials said.

Hundreds of investigators are continuing to follow up on potential leads, Los Angeles Police Department Lt. Andy Neiman said at a media briefing in downtown Los Angeles. The tips are being prioritized based on the information they contain.

Neiman also stressed that the ongoing search at Big Bear, although scaled back, remains a "critical piece of the investigation," saying authorities would remain on the mountain "until we've looked in every nook and cranny."

Neiman said he does not know how much the multiagency manhunt has cost thus far but described it as a "substantial cost to the city and taxpayers."

Investigators have also been in contact with Dorner's family, Neiman said, and are hopeful that a huge reward announced Sunday would lead to Dorner's arrest. His mother and sister cooperated with Irvine police on Friday when they searched the La Palma residence believed to be his last known address.

Authorities also continued to keep an eye on border crossings and airfields.

U.S. Customs and Border Protection agents at the San Ysidro and Otay Mesa ports of entry said they are monitoring all southbound lanes into Mexico, creating hours-long delays during peak crossing times.  Agents were also stationed at all pedestrian crossings into Tijuana, said Angelica De Cima, a customs  spokeswoman.

Mexican authorities have also bolstered security at the ports of entry and notified local, state and federal police to be on the lookout for Dorner, though there's no evidence he has crossed the border.

The Transportation Security Administration is also urging pilots and aircraft operators to be alert and to watch for stolen planes or suspicious passengers. The TSA said Dorner received flight training in the military, but the level of his expertise was unclear.

An Arcadia church school connected to Dorner's LAPD training officer canceled classes Monday as a precaution, officials said, while Big Bear schools reopened after the search there was scaled back.

The shootings attributed to Dorner began Feb. 3 with the deaths of Monica Quan, a Cal State Fullerton assistant basketball coach, and her fiance, Keith Lawrence, a USC public safety officer.The two had recently become engaged and were sitting in a car in Irvine when they were shot numerous times in the head.

Quan was the daughter of a retired LAPD captain whom Dorner apparently accused online of not representing him fairly at a hearing that led to his firing. In what police said was his posting to Facebook, Dorner allegedly threatened the retired captain and others he blamed for his termination.

Members of the USC community have also set up a memorial in front of the public safety department on campus that will stay in place until Lawrence is buried. Those who knew Lawrence recall him as a young law enforcement officer with a bright future.

More that 50 LAPD families remained under police guard Monday.

"Our commitment is to finding Mr. Dorner and making this city safe again," LAPD’s Neiman said.

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“Under the Dome” to stream on Amazon days after CBS airing

NEW YORK (TheWrap.com) – They won’t be able to watch every episode right away, “House of Cards” style, but Amazon customers will be able to watch episodes of the Stephen King miniseries “Under the Dome” four days after they air on CBS.

The companies announced the agreement Monday for the series from Steven Spielberg‘s Amblin Television, which will premiere on CBS on June 24.

Amazon Prime members will have free, unlimited streaming of all the series’ episodes four days after their initial broadcast. Episodes will also be available for purchase and download exclusively at Amazon Instant Video.

The series tells the story of a small Maine town suddenly sealed off from the world by a large, transparent dome. It based on King’s 2009 book of the same name.

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Personal Health: Getting the Right Addiction Treatment

“Treatment is not a prerequisite to surviving addiction.” This bold statement opens the treatment chapter in a helpful new book, “Now What? An Insider’s Guide to Addiction and Recovery,” by William Cope Moyers, a man who nonetheless needed “four intense treatment experiences over five years” before he broke free of alcohol and drugs.

As the son of Judith and Bill Moyers, successful parents who watched helplessly during a 15-year pursuit of oblivion through alcohol and drugs, William Moyers said his near-fatal battle with addiction demonstrates that this “illness of the mind, body and spirit” has no respect for status or opportunity.

“My parents raised me to become anything I wanted, but when it came to this chronic incurable illness, I couldn’t get on top of it by myself,” he said in an interview.

He finally emerged from his drug-induced nadir when he gave up “trying to do it my way” and instead listened to professional therapists and assumed responsibility for his behavior. For the last “18 years and four months, one day at a time,” he said, he has lived drug-free.

“Treatment is not the end, it’s the beginning,” he said. “My problem was not drinking or drugs. My problem was learning how to live life without drinking or drugs.”

Mr. Moyers acknowledges that treatment is not a magic bullet. Even after a monthlong stay at a highly reputable treatment center like Hazelden in Center City, Minn., where Mr. Moyers is a vice president of public affairs and community relations, the probability of remaining sober and clean a year later is only about 55 percent. (Hazelden also published his book.)

“Be wary of any program that claims a 100 percent success rate,” Mr. Moyers warned. “There is no such thing.”

“Treatment works to make recovery possible. But recovery is also possible without treatment,” Mr. Moyers said. “There’s no one-size-fits-all approach. What I needed and what worked for me isn’t necessarily what you or your loved one require.”

As with many smokers who must make multiple attempts to quit before finally overcoming an addiction to nicotine, people hooked on alcohol or drugs often must try and try again.

Nor does treatment have as good a chance at succeeding if it is forced upon a person who is not ready to recover. “Treatment does work, but only if the person wants it to,” Mr. Moyers said.

Routes to Success

For those who need a structured program, Mr. Moyers described what to consider to maximize the chances of overcoming addiction to alcohol or drugs.

Most important is to get a thorough assessment before deciding where to go for help. Do you or your loved one meet the criteria for substance dependence? Are there “co-occurring mental illnesses, traumatic or physical disabilities, socioeconomic influences, cultural issues, or family dynamics” that may be complicating the addiction and that can sabotage treatment success?

While most reputable treatment centers do a full assessment before admitting someone, it is important to know if the center or clinic provides the services of professionals who can address any underlying issues revealed by the assessment. For example, if needed, is a psychiatrist or other medical doctor available who could provide therapy and prescribe medication?

Is there a social worker on staff to address challenging family, occupational or other living problems? If a recovering addict goes home to the same problems that precipitated the dependence on alcohol or drugs, the chances of remaining sober or drug-free are greatly reduced.

Is there a program for family members who can participate with the addict in learning the essentials of recovery and how to prepare for the return home once treatment ends?

Finally, does the program offer aftercare and follow-up services? Addiction is now recognized to be a chronic illness that lurks indefinitely within an addict in recovery. As with other chronic ailments, like diabetes or hypertension, lasting control requires hard work and diligence. One slip need not result in a return to abuse, and a good program will help addicts who have completed treatment cope effectively with future challenges to their recovery.

How Families Can Help

“Addiction is a family illness,” Mr. Moyers wrote. Families suffer when someone they love descends into the purgatory of addiction. But contrary to the belief that families should cut off contact with addicts and allow them to reach “rock-bottom” before they can begin recovery, Mr. Moyers said that the bottom is sometimes death.

“It is a dangerous, though popular, misconception that a sick addict can only quit using and start to get well when he ‘hits bottom,’ that is, reaches a point at which he is desperate enough to willingly accept help,” Mr. Moyers wrote.

Rather, he urged families to remain engaged, to keep open the lines of communication and regularly remind the addict of their love and willingness to help if and when help is wanted. But, he added, families must also set firm boundaries — no money, no car, nothing that can be quickly converted into the substance of abuse.

Whether or not the addict ever gets well, Mr. Moyers said, “families have to take care of themselves. They can’t let the addict walk over their lives.”

Sometimes families or friends of an addict decide to do an intervention, confronting the addict with what they see happening and urging the person to seek help, often providing possible therapeutic contacts.

“An intervention can be the key that interrupts the process and enables the addict to recognize the extent of their illness and the need to take responsibility for their behavior,”Mr. Moyers said.

But for an intervention to work, Mr. Moyers said, “the sick person should not be belittled or demeaned.” He also cautioned families to “avoid threats.” He noted that the mind of “the desperate, fearful addict” is subsumed by drugs and alcohol that strip it of logic, empathy and understanding. It “can’t process your threat any better than it can a tearful, emotional plea.”

Resource Network

Mr. Moyer’s book lists nearly two dozen sources of help for addicts and their families. Among them:

Alcoholics Anonymous World Services www.aa.org;

Narcotics Anonymous World Services www.na.org;

Substance Abuse and Mental Health Services Administration treatment finder www.samhsa.gov/treatment/;

Al-Anon Family Groups www.Al-anon.alateen.org;

Nar-Anon Family Groups www.nar-anon.org;

Co-Dependents Anonymous World Fellowship www.coda.org.

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This is the second of two articles on addiction treatment. The first can be found at “Effective Addiction Treatment.”

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