Carl Icahn buys nearly 13% stake in Herbalife as battle heats up









NEW YORK — It's no longer just a war of words.


Corporate raider Carl Icahn has thrown $214 million behind Herbalife Ltd., the Los Angeles-based maker of health foods and nutritional supplements accused of being a pyramid scheme by Icahn's foe, fellow Wall Street tycoon Bill Ackman.


Documents filed with the Securities and Exchange Commission on Thursday reveal that Icahn purchased more than 14 million shares and options in Herbalife, a nearly 13% stake that would make him the company's second-largest investor. Icahn said he would pursue talks with executives about possibly recapitalizing the company or even taking it private.





Icahn and Ackman have been engaged in a rare public battle for the last month, hurling insults at each other about past dealings and their respective positions in Herbalife. The two foes have bad blood stemming from a business dispute.


Ackman launched his assault on the company Dec. 20 by unveiling a $1-billion short position, or bet, against Herbalife. That same day, Icahn began snapping up the company's stock, according to the SEC filing.


"It's pretty obvious Icahn really wants to turn the screws on Ackman," said Chris Stuart, chief executive of Shortzilla, a Boston-area research firm. "He's put his money where his mouth is, for sure."


Investors saw Icahn's disclosure as reassuring that Herbalife was not going to collapse, as Ackman has predicted. Its shares surged more than 24% in after-hours trading after closing up $1.87, or 5.1%, at $38.27 on Thursday.


"I think he is definitely trying to hammer his good buddy Ackman, but he could also make a lot of money in this," said Timothy Ramey, an analyst with D.A. Davidson & Co. "It's an undervalued stock."


Ackman, who heads the hedge fund Pershing Square Capital Management, says that Herbalife defrauds its low-income distributors. His wager against the company pays off if its stock falls.


Herbalife hit back by saying the hedge fund manager was misinformed about the company and made an irresponsible bet with his investors' money. The company pointed to its 32 years in business as evidence that it is not a pyramid scheme.


Icahn sees Herbalife as undervalued and believes that the company has a "legitimate business model, with favorable long-term opportunities for growth," the filing says.


This is just the latest chapter in a long history of Icahn trying to exert influence on companies and their boards of directors in hopes of either motivating a merger or having his stake bought out at a premium.


In the 1980s, he famously took over airline TWA and immediately liquidated most of its assets. Since then, he's taken big stakes or controlling positions in companies including RJR Nabisco, Viacom, Marvel Comics, Blockbuster and Netflix.


Neither Icahn nor Ackman responded to requests for comment. Herbalife also declined to comment.


The battle over Herbalife is becoming a Wall Street spectacle, with money managers supporting either team Ackman or team Icahn.


Robert L. Chapman Jr., managing member of Chapman Capital in Manhattan Beach, who said he has invested in Herbalife, wrote in an email: "Carl Icahn just delivered Bill Ackman a Valentine he'll never forget."


andrew.tangel@latimes.com,


stuart.pfeifer@latimes.com





Read More..

Federal appeals court weighs overturning Barry Bonds' conviction









SAN FRANCISCO —A federal appeals court wrestled Wednesday with whether to overturn slugger Barry Bonds' felony conviction for obstruction of justice.


The three-judge panel of the U.S. 9th Circuit Court of Appeals weighed whether Bonds broke the law by being evasive in a 52-word answer he gave a federal grand jury in 2003. The grand jury was investigating illegal distribution of performance-enhancing drugs.


Bonds was asked in the grand jury session whether his personal trainer had ever given him a substance that required a syringe to inject. In his response, Bonds rambled on about his childhood and his friendship with the trainer before finally telling the grand jury that he had not received an injectable substance.





The grand jury eventually indicted Bonds, and he was tried in 2011 on three counts of perjury and one count of obstruction. The trial jury convicted him of obstruction of justice, based on that meandering answer, but it deadlocked on the perjury charges.


How the three-judge panel was leaning after Wednesday's hearing was nearly as difficult to parse as Bonds' answer. Judge Michael Daly Hawkins appeared troubled by the fact that Bonds eventually answered the grand jury query: "Can a grand jury witness obstruct justice by giving a series of evasive answers and then giving a direct answer that is not evasive?" Hawkins asked.


Assistant U.S. Atty. Merry Jean Chan, however, said Bond's rambling response was intended to deceive. She argued that the obstruction conviction was not limited to those 52 words but reflected evasion throughout Bonds' testimony.


Hawkins then questioned why prosecutors, if they thought Bonds was being evasive, did not go before a judge to ask that Bonds be ordered to answer the grand jury's questions.


Dennis Riordan, an attorney for Bonds, told the court that the grand jury was not troubled by the 52-word passage that led to the trial jury's conviction years later.


"There is one thing we know for sure," Riordan said. "This grand jury did not consider those 52 words were criminal activity.... That is a dagger in the heart of this conviction."


Chan countered that Bonds' testimony was "littered with multiple examples" of misleading testimony.


Bonds' conviction came at the end of a 12-day trial. He was sentenced to two years probation, 250 hours of community service, a $4,000 fine and a month of monitored home confinement, all of which have been put on hold pending his appeal.


The 9th Circuit panel, which included Judges Mary Schroeder and Mary Murguia, did not indicate when it might rule.


maura.dolan@latimes.com





Read More..

Miss America pageant returns to Atlantic City, NJ


ATLANTIC CITY, N.J. (AP) — There she is, Miss America, headed back to Atlantic City.


The Miss America pageant, a staple in Atlantic City for decades before it was moved to Las Vegas in 2006, is making a return, Gov. Chris Christie's spokesman Michael Drewniak confirmed Wednesday. Lt. Gov. Kim Guadagno was scheduled to make a formal announcement Thursday at Atlantic City's Boardwalk Hall.


The Miss America pageant started as little more than a bathing suit revue. It broke viewership records in its heyday and bills itself as one of the world's largest scholarship programs for women. But, like other pageants, it has struggled to stay relevant as national attitudes regarding women's rights have changed.


The news of the pageant's return to Atlantic City came as a surprise to the Las Vegas Convention and Visitors Authority, which sponsored the pageant on the Las Vegas Strip in January, spokeswoman Courtney Fitzgerald said in a telephone interview. In a subsequent statement, she said the tourism organization wished the pageant well in its new home.


"Las Vegas is honored to have hosted the Miss America pageant for the past seven years," she said. "We understand that moving the televised event to various cities showcases America's diverse destinations which represent our great country."


Pageant officials didn't immediately respond to after-hours phone and email messages seeking comment Wednesday.


Many details remained unclear, including whether the pageant would return to the elaborate show it had been for decades at Boardwalk Hall or continue as more of the reality show it became with its move to Las Vegas. Also unknown was where it would be broadcast and whether it is returning permanently or for a limited run.


According to the Miss America Organization's website, the contest originated in 1920 as the Fall Frolic, which became the Inter-City Beauty Contest the following year. In 1921, a high school junior named Margaret Gorman was one of approximately 1,000 entrants in a photo contest held by the Washington Herald. She was chosen as the first Miss Washington, D.C., and her prize was a trip to Atlantic City, where she won the top prize: the Golden Mermaid Trophy.


The next year, Gorman was expected to defend her title. But when the Washington Herald selected a new Miss Washington, D.C., Atlantic City pageant officials didn't know what new title to award Gorman. Since both titles she won in 1921 — Inter-City Beauty, Amateur and The Most Beautiful Bathing Girl in America — were considered somewhat awkward, it was decided to call her Miss America.


The pageant was conceived by the Businessmen's League of Atlantic City as a way to extend the summer tourism season in Atlantic City for another week, being held the weekend after Labor Day weekend, when temperatures were generally still warm.


___


Associated Press writer Hannah Dreier in Las Vegas contributed to this story.


___


Wayne Parry can be reached at http://twitter.com/WayneParryAC


Read More..

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.


Katherine Bouton speaks about her own experience with hearing loss.


A transcript of this interview can be found here.


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.


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.


This post has been revised to reflect the following correction:

Correction: February 14, 2013

An article on Tuesday about hearing loss and dementia misidentified the city in which the Medical College of Wisconsin is located. It is in Milwaukee, not in Madison.

Read More..

American, US Airways approve merger









A long-anticipated merger of American Airlines and US Airways is expected to be announced Thursday after weeks of closed-door negotiations, according to people briefed on the deal. The transaction would create the nation's largest carrier and cap an era of consolidation in a troubled industry.


The marriage of American, based in Fort Worth, and its smaller competitor based in Tempe, Ariz., would form an airline valued at $11 billion. The union would be the latest in a string of mergers and acquisitions in an industry struggling to stay airborne amid fluctuating fuel costs, labor strife and economic turbulence.


The new airline would retain the name American, have its headquarters in Fort Worth and be the biggest carrier in eight of the nation's largest airports including Los Angeles, according to the sources, who were not authorized to speak publicly. The airline is expected to surpass its competitors in revenue, passengers served and fleet size. In the first few years, the merger could generate savings and increased revenue of up to $1.2 billion, according to Robert Herbst, an industry consultant.





Quiz: Test your knowledge about airport security


But critics say another airline merger would only hurt passengers.


With newly merged airlines eliminating overlapping service, fares are certain to rise and carriers will probably stop serving less-profitable markets, some critics argue. Since 2007, the average domestic airfare has increased 15%, according to federal statistics.


"You don't have to be an economics professor to understand that less competition in the market is going to result in consumers paying more, and airfares are certainly not immune from this simple fact," said Brandon M. Macsata, executive director of the Assn. for Airline Passenger Rights advocacy group.


But industry experts predict the merger of American and US Airways won't lead to significant fare increases because the two airlines rarely compete head to head, and because there are enough other airline competitors in the market.


"Out of all of the major airline mergers we've had in the last decade, this merger has the least amount of overlapping of flights and routes," Herbst said.


In fact, the airlines seem to complement each other in several ways.


US Airways now has a large presence in mid-size markets such as Charlotte, N.C., Philadelphia and Phoenix, while American Airlines dominates in some of the nation's largest airports, with more international destinations.


"American likes to be a presence in big markets, and US Airways likes to be No. 1 in small markets," said Seth Kaplan, a managing partner at Airline Weekly, a trade magazine.


The merger must still be approved by federal regulators, but industry experts don't expect opposition.


The deal would mark the latest in a series of mergers and acquisitions that has narrowed the industry to a handful of mega-airlines and several smaller, regional carriers.


In the last five years, Delta has merged with Northwest Airlines, United has merged with Continental and Southwest has acquired AirTran — resulting in a 10% drop in passenger capacity, according to a study by the International Air Transport Assn., an industry trade group.


The odds of a merger increased when American's parent company, AMR, filed for bankruptcy in November 2011. Many analysts and AMR creditors argued that American could compete against other big airlines only by joining forces with another carrier to reduce costs and expand its service area.


For months, US Airways pushed for the merger, with American's top executive initially resisting until it became clear that the carrier's unions and many of its creditors supported a deal.


Another thorny issue that may have delayed a merger announcement was deciding who would run the new company. Board members for the two airlines have reportedly agreed to name US Airways Chief Executive Doug Parker as CEO of the merged airline. AMR's chief executive, Thomas Horton, will be non-executive board chairman.


The ownership of the new airline will be split 72% for AMR creditors and 28% for US Airways shareholders.


One of the toughest parts about pushing through a merger — the integration of unions and their often conflicting contracts — has been already largely ironed out. The merger must still be approved by the Bankruptcy Court.


hugo.martin@latimes.com





Read More..

Obama issues order to bolster cyber-defenses









WASHINGTON — President Obama issued an executive order Tuesday that seeks to shore up the nation's cyber-defenses by improving how classified information is shared between the government and the owners and operators of crucial infrastructure, including electric utilities, dams and mass transit.


The long-expected order, which Obama announced in his State of the Union speech, is a stopgap measure that follows Congress' failure last year to pass legislation to create comprehensive standards for the private sector to help thwart digital attacks. Many Republicans and business leaders had decried that bill as unnecessary regulation, while civil liberties groups warned of privacy concerns.


"We know hackers steal people's identities and infiltrate private email," Obama said. "We know foreign countries and companies swipe our corporate secrets. Now our enemies are also seeking the ability to sabotage our power grid, our financial institutions and our air-traffic control systems. We cannot look back years from now and wonder why we did nothing in the face of real threats to our security and our economy."





The executive order comes amid growing concern about foreign-based theft of government and other sensitive computer data and sophisticated digital attacks capable of causing physical damage to national infrastructure, from water treatment plants to traffic systems.


A senior administration official, who spoke on condition of anonymity to brief reporters before the announcement, called cyber-attacks "a grave threat to the United States that requires a new approach based on public-private partnerships."


He said Obama decided to act because the risk remained high and congressional action was uncertain. The president will continue to push for new legislation, the official said.


The order includes two main features. One will expand a program that allows the government to share classified cyber-threat information, including malware signatures, with private companies that pass a security clearance process. The effort now is mostly limited to Internet companies and defense contractors, but it would add crucial infrastructure companies.


"The government provides classified information about cyber-threats to Internet service providers and cyber-security companies … they use that to protect their customers," a second senior administration official said. "We're going to expand the pool of companies that are able to benefit from these cyber-security services."


The order also requires the National Institute of Standards and Technology, a federal agency, to help write voluntary standards so companies can reinforce their network defenses to detect and repel cyber-attacks.


The U.S. intelligence community is preparing a National Intelligence Estimate on cyber-attacks aimed at the United States. Officials say the classified document will highlight the role of Chinese government entities in stealing American intellectual property through hacking, and will outline other cyber-threats overseas.


U.S. officials believe Iran is behind recent cyber-attacks against American banks, for example, in retaliation for the United States' suspected role in a cyber-attack on Iran aimed at slowing its nuclear program. Russia is also active in cyber-espionage, U.S. officials say.


Most American infrastructure is controlled by computer networks connected to the Internet, and some of those networks are vulnerable to dangerous hacking attacks, experts say. A cyber-attack on the electrical power grid, for example, could have severe consequences.


"We're talking about a subset of companies that, if something really bad happens to them in cyberspace, something really bad happens to an awful lot of people," a third administration official said.


Leon E. Panetta, the outgoing secretary of Defense, warned in a speech Feb. 9 that "it is very possible the next Pearl Harbor could be a cyber-attack. That would have one hell of an impact on the United States of America. That is something we have to worry about and protect against."


ken.dilanian@latimes.com





Read More..

Alec Baldwin, wife expecting a baby this summer


NEW YORK (AP) — Alec Baldwin and his wife are expecting their first child together.


Publicist Matthew Hiltzik confirmed Tuesday that Hilaria Baldwin is due late this summer.


Alec Baldwin already is the father of a 17-year-old daughter, Ireland, from his previous marriage to actress Kim Basinger (BAY'-sing-ur). Hilaria Baldwin is a special correspondent for the TV show "Extra." The couple wed last June after a three-month engagement.


Alec Baldwin recently won a SAG Award for best actor in a TV series for the NBC comedy "30 Rock," which concluded its seven-year run two weeks ago.


Read More..

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.


Katherine Bouton speaks about her own experience with hearing loss.


A transcript of this interview can be found here.


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.



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.


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.

Read More..

Apple CEO Tim Cook calls shareholder suit a 'silly sideshow'









SAN FRANCISCO — Apple Inc. Chief Executive Tim Cook criticized a rebellious investor for creating a "silly sideshow" by filing a lawsuit a few weeks before the company's annual shareholder conference.


"Frankly, I find it bizarre that we find ourselves being sued for doing something that's good for shareholders," Cook said. "It's a silly sideshow, honestly. My preference would be that everyone take the money they are spending on this and donate it to a worthy cause."


Cook made his remarks during an interview at a Goldman Sachs technology conference Tuesday. The one-hour appearance covered a variety of subjects, including the shareholder dispute, whether Apple had lost its innovation mojo and the continued expansion of its stores.





If Cook was feeling the pressure of a falling stock price and investor anger, he didn't show it. His remarks displayed an unusual amount of passion and even glibness for a man who carries a more buttoned-down reputation.


For instance, Cook talked about his larger view that Apple's long-term advantage lies in its relentless focus on making "great products" that produced moments of "magic." He said competitors would have a difficult time matching Apple's combined strengths in software, hardware and services.


"Innovation is so deeply embedded in Apple's culture, the boldness, the ambition, a belief that there are not limits, the desire among our people to not just make good products, but to make the very best products in the world," Cook said. "It's as strong as ever. It's in the values and the DNA of the company. I feel fantastic about it. There's not a better place for innovation."


But Cook grew feisty when discussing the challenge issued by David Einhorn of Greenlight Capital Inc. Last week, Einhorn went public with his request that Apple issue a special class of stock to shareholders. Einhorn and other shareholders have been pressing Apple to do more with the $120 billion in cash on its balance sheet.


Einhorn also sued to block a proposition that Apple had placed on its annual proxy ballot that would require a shareholder vote before issuing such a stock.


At first, Cook seemed ready to extend an olive branch of sorts to Einhorn, saying his proposal for a special class of stock might have some merit.


"I think it's creative," he said. "We are going to thoroughly evaluate their current proposal. We welcome all ideas from all our shareholders."


But from there, Cook fired back against some of the criticisms leveled by Einhorn, including his remarks that Apple has a "Depression-era mentality" because it's hoarding cash.


Cook listed several areas in which Apple is investing money, including infrastructure, talent and new products, in addition to announcing last year that it would return $45 billion to shareholders in stock dividends.


"Apple doesn't have a Depression-era mentality," he said. "I don't know how a company with a Depression mind-set would have done all of those things."


Cook said the Cupertino, Calif., company is not going to launch a campaign to get the proposition passed, in part because he believes that its pro-shareholder nature should be self-evident to investors.


"You're not going to see a 'Yes on 2' sign in my yard," Cook said. "It's a distraction. And it's not a seminal issue for Apple."


Apple plans to file its response to Einhorn's lawsuit by the end of Wednesday. And a hearing on the matter is set for next week in District Court in New York.


The annual shareholder meeting is scheduled Feb. 27.


Cook repeated that Apple is continuing to consider whether and how it might return more cash to shareholders.


"It's a privilege to be in a position where we can seriously consider returning additional cash to shareholders," he said.


Cook also used the word "privilege" to describe the kind of issues facing Apple's stores.


He reiterated how crucial the stores remain to Apple. And he discussed the company's expansion plans for its stores by noting that they were becoming so popular that their capacity was being strained by the number of visitors.


"Some of our stores aren't big enough," he said. "It's a privilege to have this kind of issue."


Cook said Apple is shutting down 20 stores and moving them to locations where they can be expanded. In addition, the company will open 30 stores at new locations, mostly outside the U.S., including its first in Turkey. Apple will then have stores in 13 countries.


Last year Apple's 400-plus stores attracted about 120 million people. Cook said the stores' popularity reflected the different philosophy that went into creating them.


"It's a retail experience where you walk in and you realize the store is not here for the purposes of selling; it's here for the purpose of serving," he said.


Apple spends about $1 billion annually on capital expenditures related to retail. Cook said the stores have been essential in terms of introducing people to new products. He said it's hard to imagine Apple's iPad tablet becoming as successful as it has without having a place where customers can see and touch something they had never experienced.


"There's no better place to discover and play and learn about our products than in retail," Cook said.


chris.obrien@latimes.com





Read More..

Mahony voting for a new pope rankles some Catholics









Nearly two weeks ago, Los Angeles Archbishop Jose Gomez announced he had removed Cardinal Roger Mahony from all public duties amid revelations that he plotted to conceal child molestation by priests from law enforcement.


But Mahony on Monday found himself back at the center of church business, as one of 117 cardinals who will elect a successor to Pope Benedict XVI.


Mahony was quick to weigh in on the papal news — posting a statement on his online blog at 8:38 a.m., two hours before the archdiocese announced that Gomez would issue his own remarks at the midday Mass at the downtown Cathedral of Our Lady of the Angels.





In the posting, Mahony called Benedict an "extraordinary" successor to St. Peter and that he intended to participate in choosing the next pontiff.


"I look forward to traveling to Rome soon to help thank Pope Benedict XVI for his gifted service to the Church, and to participate in the Conclave to elect his successor," Mahony wrote.


Benedict's unexpected decision to step down created an awkward situation in the Los Angeles Archdiocese, which is reeling over newly released documents showing how church leaders handled the abuse cases. Documents show that Mahony and Bishop Thomas Curry worked to shield abusers from police. Both have since issued detailed apologies.


Gomez wrote in a letter to parishioners last month that the priest files were "brutal and painful reading. The behavior described in these files is terribly sad and evil. There is no excuse, no explaining away what happened to these children."


Gomez wrote that Mahony, his predecessor as leader of the archdiocese, "has expressed his sorrow for his failure to fully protect young people entrusted to his care. Effective immediately, I have informed Cardinal Mahony that he will no longer have any administrative or public duties." A church spokesman later clarified that Mahony remained a priest "in good standing" and that he maintained all his powers as a cardinal.


Mahony is one of 11 U.S. cardinals who will vote for the next pope.


Father Thomas Rausch of Loyola Marymount University said Mahony has no choice in the matter: Church law requires him to vote, along with all cardinals under age 80, he said.


"It is a sacred responsibility of every cardinal of the church who is able to attend the conclave to vote," said Tod Tamberg, archdiocese spokesman.


Still, Mahony's role in selecting a pope drew mixed reactions among Catholics in Southern California.


Manuel Vega, a retired Oxnard police officer who as an altar boy was molested from the age of 12 to 15 by Father Fidencio Silva, said Mahony would bring shame on the Catholic Church by going to Rome to vote.


"Mahony is going without clean hands. His hands are dirty ... from covering up years of sexual abuse. How can he be part of the conclave?" Vega asked.


Other Catholics said they were pleased that Mahony would be voting. They said they hoped that he would bring a more liberal and American point of view to the conclave, which will be dominated by the conservative cardinals whom Popes John Paul II and Benedict XVI have appointed over the last three decades.


Jane Argento, a parishioner at Holy Family Church in South Pasadena, said she was livid at Mahony when she read about his actions after the archdiocese's release of sex abuse documents. But she said the relatively liberal Mahony reflected her own Catholic convictions about larger roles for women in the church, among other issues. Mahony, she said, was the architect of a pastoral associate program in Los Angeles that had trained several women to run parishes, including her own.


"I'm relieved that Mahony is going," Argento said. "Frankly, it's one more vote for a more progressive church."


Larry Loughlin, 77, a parishioner and social worker, said it was reasonable that Mahony vote, given church rules, and that he was not the only cardinal accused of failing to remove predatory priests from churches and schools. Others include Cardinal Justin Regali, who was accused of ignoring evidence of sex abuse, including rape, in the Philadelphia archdiocese before retiring in 2011.


"Mahony is not the only cardinal to be accused of protecting priests, it is a worldwide crisis," Loughlin said.


Parishioners who attended Monday's midday Mass at the downtown cathedral said they were saddened by news of Benedict's resignation but hailed it as a chance to renew a church still suffering from the repercussions of the abuse scandals. The scandals also appeared to be on the mind of Gomez, who celebrated the Mass and called for prayer "for anyone who has been hurt by a member of the church" and for "the healing for wounds and restoration of trust."





Read More..