1
YELLOW VOL. CCLXI NO. 39 ****** SATURDAY/SUNDAY, FEBRUARY 16 - 17, 2013 HHHH $2.00 WSJ.com WEEKEND Is Our Gun Debate OFF TARGET? REVIEW PURE ELEGANCE I N TO D AY'S P A P E R n Two Federal Reserve offi- cials said the time may be coming when the central bank would want to reduce bond-buying programs. A2 n U.S. commodities regula- tors are examining price swings in the natural-gas market over the past year. B1 n U.S. consumers are show- ing surprising resilience, data showed, offering some hope for the economy. A2 n The G-20 will pledge to ensure monetary policy is focused on price stability and growth and not weaken- ing their currencies. A8 n The S&P 500 eased, fin- ishing its least volatile week in years. The Dow rose 8.37 points to 13981.76. U.S. mar- kets are closed Monday. B6 n SAC Capital Advisors cli- ents moved to pull $1.7 bil- lion from the firm as the government probes insider- trading allegations A1 n Heinz’s incoming bosses say their plan isn’t necessar- ily to start slashing costs. B3 n The SEC froze assets of a Swiss account after alleged “highly suspicious” trades ahead of the Heinz sale. B3 What’s News i i i Business & Finance World-Wide i i i CONTENTS Books..................... C5-C10 Cooking................... D8-10 Corporate News B1,3-4 Heard on Street ....... B16 Ideas Market............... C4 Letters to Editor .... A12 Opinion................... A11-13 Sports............................ A14 Stock Listings .......... B14 Style & Fashion.... D3-4 Travel .................. D1-2,5-6 Weather Watch........ B4 Wknd Investor.... B7-10 s Copyright 2013 Dow Jones & Company. All Rights Reserved > Inside NOONAN A13 For Catholics, a Faith Unshaken But Unsettled n A meteor exploded over Russia’s Ural Mountains. The blast injured around 1,000 people, mostly from flying glass, and damaged about 3,000 buildings in the region. Residents described a shock wave that shattered windows, blew in doors and set off car alarms. Officials said there was no threat to human life from meteorites that struck the ground. A7 There was no link between the blast and the 130,000- ton asteroid that harm- lessly passed the planet. n Senate Democrats facing 2014 re-election fights are hedging on whether they will back the push to over- haul immigration laws. A4 n The highest-ranking U.S. military commander in Ja- pan expressed concern about the intensifying territorial dispute with China, calling it “a very bad situation.” A7 n Cypriots head to the polls Sunday to elect a president who will need to unblock a bailout for the nation’s banks and government. A9 n Venezuela released the first images of Chávez since his departure to Cuba to un- dergo cancer surgery. A9 n India’s emergency strat- egy to attack TB appears to be encouraging the disease to mutate, doctors said. A1 Notice to Readers The Wall Street Journal won’t be published on Monday, in observance of Washington’s Birthday, or Presidents Day. Follow the news at WSJ.com. MISSOULA, Mont.—Many troops have lost a close friend in combat. Travis Wil- liams lost them all. Marine Lance Cpl. Williams is the sole survivor of his 12-man squad. His com- rades were wiped out by a roadside bomb in Iraq, leav- ing him physically unharmed but with psychological wounds that remain un- healed seven years later. Since the explosion, the 29-year-old has kept the world at arm’s length. Gre- garious on the outside, he lives a life of emotional isolation. He buries himself in work every day. He smokes marijuana every night. Like many vets who have seen the worst of combat, he feels that outsiders could never understand what he experienced. On bad days he is tortured by guilt for having gotten out of Iraq alive. On good days he feels guilty for not having a bad day. “It’s like I lost 11 family members, and I’m still trying to figure out what to make of it,” Lance Cpl. Williams said. During more than a decade of continu- ous war, the military has made a priority of treating post-traumatic stress disor- der, learning lessons from Vietnam veter- ans whose psychological problems went unchecked. Now, clinicians fear many combat veterans are suffering from symptoms that PTSD treatment alone doesn’t best address. Cases like that of Lance Cpl. Williams might constitute a different kind of men- tal injury from war, some clinicians are concluding, one that falls into less-un- derstood categories of “traumatic loss” and “moral injury.” PTSD is largely induced by fear, leav- ing sufferers impaired by their exagger- ated responses to everyday events, says Shira Maguen, a research psychologist at the San Francisco VA Medical Center. Those who suffer traumatic loss, by contrast, often experience guilt over sur- viving and tend to isolate themselves. Among Dr. Maguen’s patients are a vet who killed a child who reminds him of his own son; a medic who, after saving a com- rade’s life, killed an enemy fighter in self- defense; and a veteran who was ordered to shoot into a crowd of unruly civilians. Though he has been diagnosed with Please turn to page A10 Last Marine Standing: A Life Tormented by Survival BY MICHAEL M. PHILLIPS MUMBAI—Here on center stage in the global crisis of drug- resistant tuberculosis, top doc- tors are sounding a new alarm: India’s emergency strategy to defeat the disease may be having the opposite effect—encouraging TB instead to mutate into more deadly and unstoppable strains. In its new strategy, India is treating some, and perhaps many, drug-resistant TB patients with drugs that they are already resistant to. That can allow the bacteria to build resistance to new drugs as well. On Friday, a prominent spe- cialist described research to The Wall Street Journal showing that the government’s treatment plan wouldn’t work on fully two- thirds of the 300 patients ana- lyzed at one major Mumbai hos- pital. The results suggest India’s plan is “a futile exercise” that will “serve to amplify resis- tance,” said the researcher, Dr. Zarir Udwadia. “It is morally and medically disastrous.” Shown the findings, Mario Raviglione, director of the World Health Organization’s Stop TB Department, called India’s ap- proach to treating drug-resistant TB “complete nonsense.” Ashok Kumar, head of the Central TB Division of India’s health ministry, declined several requests for comment. India estimates it is home to 100,000 patients with drug-re- sistant TB—the most in the world—but for years it officially ignored them in favor of treating traditional TB, which is more common and curable. That pol- icy left drug-resistant strains to spread and worsen. For count- less thousands of people, it amounted to a death sentence. Last year New Delhi made a historic policy reversal, scaling up a new strategy for treating drug-resistant patients. The change followed a Journal inves- tigation in 2012 revealing that India, for years, had ignored evi- dence of increasing drug resis- tance and today likely has far higher rates of resistant TB than officially reported. The Journal also showed that the WHO’s own policies inadvertently helped drug-resistant TB to flourish. Drug-resistant strains are edging up in the U.S. and in- creasing in parts of Europe, though most cases are in India, China and Russia, the WHO says. Please turn to page A8 BY GEETA ANAND Global TB Fight Hits a Wall India’s New Strategy Actually Makes Disease More Drug-Resistant, Doctors Say Clients of SAC Capital Advi- sors LP moved to pull $1.7 billion from the hedge-fund firm, or roughly a quarter of outside in- vestors’ money, as an insider- trading investigation weighed on confidence in the money man- ager. SAC will pay out about $660 million next month to investors who had requested withdrawals ahead of Thursday’s deadline, people familiar with the matter said, adding that the firm will return the remaining money over the course of 2013. SAC manages roughly $6 billion in outside capital, according to people familiar with its opera- tion. A federal insider-trading in- vestigation has ensnared six for- mer SAC employees, and the firm said in November it might face civil charges from securities regulators. SAC has said that both the firm and its founder, Steven A. Cohen, have acted ap- propriately and that it will coop- erate with the probe. The scrutiny has tested cli- ents’ loyalty and pressed one of the world’s top-performing hedge-fund firms to adapt. Shortly before redemption re- quests were due, SAC offered cli- ents more time to decide whether to pull their money. A representative of one inves- tor said SAC can easily manage returning $660 million next month, with little or no notice- able impact on its operations. Please turn to page A6 BY JENNY STRASBURG AND JULIET CHUNG Investors Exit Fund Dogged By Probe TORONTO—When Nicholos Billard’s employer at an Ontario construction company gave him eight newly printed Canadian $100 bills as a Christmas bonus in 2011, he tossed them in an empty coffee can. The next morning, they were shriveled—by the heat of a nearby radiator, says his mother, who made local headlines when she tried to get the bills re- placed. Canada started rolling out new, polymer-based $100 bills two years ago, followed by 50s and then, last November, 20s. The money—slick like a sheet of plastic, hard to fold and partly transparent—is more difficult to counterfeit than Canada’s old paper-and-cotton bills. Australia and New Zealand have used sim- ilar, plasticized notes for years. The U.S. has no plans to intro- duce them. They’ve been a hard sell here so far, forcing the central bank to defend them against a grow- ing list of allegations: They don’t work in vending machines; they clump together; they melt. “I avoid getting those bills if I can,” says Mr. Billard’s mother, Mona. While the serial numbers on her son’s bills were still legi- ble, several banks refused to re- place them, she said. Finally, last summer, the Bank of Canada, the central bank, exchanged them. The $100 note has been dogged by other controversy. Its overall design theme is Canadian medical innovation. An early prototype of the bill bore an im- age of a woman with South Asian features peering through a microscope. Months later, when the actual $100 note was released, the sci- entist no longer appeared South Asian, but Caucasian, triggering a flood of complaints. The cen- tral bank, which designed the money, explained that the artist tried to remove identifiable fa- cial features on the final bill. Still, Bank of Canada Gov. Mark Carney issued an apology, admit- ting the image “appears to rep- resent only one ethnic group.” A more common complaint for all three denominations of the new notes: The plastic bills tend to stick together. Canadian Jeremy Taggart, drummer for al- ternative-rock band Our Lady Peace, complained in a recent tweet about the currency after accidentally handing a cashier three clingy, new $20 bills when he meant to hand over just one. “They are sticky, and thin, and annoying,” Mr. Taggart says. The bank has said all new bills tend to stick together at first be- cause of how tightly they are packaged, and that the problem will fade. And then there’s the maple- leaf controversy. After Sean Blaney, a botanist in New Brunswick, heard a news report last month about Can- ada’s new $20 bills causing headaches for vending machine Please turn to page A9 BY KAREN JOHNSON Canada’s New Banknotes Strike Some as Loonie i i i Melting Bills, Maple Leaf Fuel Uproar; ‘There Are Always Nit-Pickers’ WAR’S WAKE PART OF A SERIES Planet Earth Dodges One Extraterrestrial Punch, but Gets Struck by Another HIT AND MISS: A meteor burst into flames over Russia, damaging buildings and injuring about 1,000 people from its sonic boom. A giant asteroid narrowly missed Earth hours later. A7 Yekaterina Pustynnikova/Associated Press Classique Tourbillon BREGUET BOUTIQUES NEW YORK BEVERLY HILLS BAL HARBOUR LAS VEGAS TOLL FREE 877-891-1272 C M Y K Composite Composite MAGENTA CYAN BLACK P2JW047000-6-A00100-10FEEB7178F CL,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,DN,DR,FW,HL,HW,KS,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO P2JW047000-6-A00100-10FEEB7178F

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Page 1: 2013 02 16 cmyk NA 04online.wsj.com/public/resources/documents/pageone0216.pdf · 2018. 8. 27. · work everyday.Hesmokes marijuana everynight. Likemanyvetswho have seen the worstofcombat,

YELLOW

VOL. CCLXI NO. 39 * * * * * *

SATURDAY/SUNDAY, FEBRUARY 16 - 17, 2013

HHHH $2 .00

WSJ.com

WEEKEND

Is Our Gun DebateOFF TARGET?

REVIEW

PUREELEGANCE

IN TODAY'S PAPER

n Two Federal Reserve offi-cials said the time may becoming when the centralbank would want to reducebond-buying programs. A2n U.S. commodities regula-tors are examining priceswings in the natural-gasmarket over the past year. B1n U.S. consumers are show-ing surprising resilience,data showed, offering somehope for the economy. A2n The G-20 will pledge toensure monetary policy isfocused on price stabilityand growth and not weaken-ing their currencies. A8n The S&P 500 eased, fin-ishing its least volatile weekin years. The Dow rose 8.37points to 13981.76. U.S. mar-kets are closed Monday. B6n SAC Capital Advisors cli-ents moved to pull $1.7 bil-lion from the firm as thegovernment probes insider-trading allegations A1n Heinz’s incoming bossessay their plan isn’t necessar-ily to start slashing costs. B3n The SEC froze assets of aSwiss account after alleged“highly suspicious” tradesahead of the Heinz sale. B3

What’sNews

i i i

Business&Finance

World-Wide

i i i

CONTENTSBooks..................... C5-C10Cooking................... D8-10Corporate News B1,3-4Heard on Street.......B16Ideas Market............... C4Letters to Editor.... A12

Opinion................... A11-13Sports............................ A14Stock Listings.......... B14Style & Fashion.... D3-4Travel .................. D1-2,5-6Weather Watch........ B4Wknd Investor.... B7-10

s Copyright 2013 Dow Jones & Company.All Rights Reserved

>

InsideNOONAN A13

For Catholics, aFaith UnshakenBut Unsettled

n A meteor exploded overRussia’s Ural Mountains.The blast injured around1,000 people, mostly fromflying glass, and damagedabout 3,000 buildings in theregion. Residents describeda shock wave that shatteredwindows, blew in doors andset off car alarms. Officialssaid there was no threat tohuman life from meteoritesthat struck the ground. A7There was no link betweenthe blast and the 130,000-ton asteroid that harm-lessly passed the planet.n Senate Democrats facing2014 re-election fights arehedging on whether theywill back the push to over-haul immigration laws. A4n The highest-ranking U.S.military commander in Ja-pan expressed concern aboutthe intensifying territorialdispute with China, calling it“a very bad situation.” A7n Cypriots head to the pollsSunday to elect a presidentwho will need to unblock abailout for the nation’sbanks and government. A9n Venezuela released thefirst images of Chávez sincehis departure to Cuba to un-dergo cancer surgery. A9n India’s emergency strat-egy to attack TB appears tobe encouraging the diseaseto mutate, doctors said. A1

Notice to ReadersThe Wall Street Journalwon’t be published onMonday, in observance ofWashington’s Birthday, orPresidents Day. Follow thenews at WSJ.com.

MISSOULA, Mont.—Many troops havelost a close friend in combat. Travis Wil-liams lost them all.

Marine Lance Cpl. Williams is the solesurvivor of his 12-man squad. His com-

rades were wiped out by aroadside bomb in Iraq, leav-ing him physically unharmedbut with psychologicalwounds that remain un-healed seven years later.

Since the explosion, the29-year-old has kept theworld at arm’s length. Gre-

garious on the outside, he lives a life ofemotional isolation. He buries himself inwork every day. He smokes marijuanaevery night. Like many vets who have

seen the worst of combat, he feels thatoutsiders could never understand whathe experienced.

On bad days he is tortured by guilt forhaving gotten out of Iraq alive. On gooddays he feels guilty for not having a badday. “It’s like I lost 11 family members,and I’m still trying to figure out what tomake of it,” Lance Cpl. Williams said.

During more than a decade of continu-ous war, the military has made a priorityof treating post-traumatic stress disor-der, learning lessons from Vietnam veter-ans whose psychological problems wentunchecked. Now, clinicians fear manycombat veterans are suffering fromsymptoms that PTSD treatment alonedoesn’t best address.

Cases like that of Lance Cpl. Williamsmight constitute a different kind of men-

tal injury from war, some clinicians areconcluding, one that falls into less-un-derstood categories of “traumatic loss”and “moral injury.”

PTSD is largely induced by fear, leav-ing sufferers impaired by their exagger-ated responses to everyday events, saysShira Maguen, a research psychologist atthe San Francisco VA Medical Center.

Those who suffer traumatic loss, bycontrast, often experience guilt over sur-viving and tend to isolate themselves.Among Dr. Maguen’s patients are a vetwho killed a child who reminds him of hisown son; a medic who, after saving a com-rade’s life, killed an enemy fighter in self-defense; and a veteran who was ordered toshoot into a crowd of unruly civilians.

Though he has been diagnosed withPleaseturntopageA10

Last Marine Standing:A Life Tormented by Survival

BY MICHAEL M. PHILLIPS

MUMBAI—Here on centerstage in the global crisis of drug-resistant tuberculosis, top doc-tors are sounding a new alarm:India’s emergency strategy todefeat the disease may be havingthe opposite effect—encouragingTB instead to mutate into moredeadly and unstoppable strains.

In its new strategy, India istreating some, and perhapsmany, drug-resistant TB patientswith drugs that they are alreadyresistant to. That can allow thebacteria to build resistance tonew drugs as well.

On Friday, a prominent spe-cialist described research to TheWall Street Journal showing thatthe government’s treatment planwouldn’t work on fully two-thirds of the 300 patients ana-lyzed at one major Mumbai hos-pital. The results suggest India’splan is “a futile exercise” thatwill “serve to amplify resis-tance,” said the researcher, Dr.Zarir Udwadia. “It is morally andmedically disastrous.”

Shown the findings, MarioRaviglione, director of the WorldHealth Organization’s Stop TBDepartment, called India’s ap-proach to treating drug-resistant

TB “complete nonsense.”Ashok Kumar, head of the

Central TB Division of India’shealth ministry, declined severalrequests for comment.

India estimates it is home to100,000 patients with drug-re-sistant TB—the most in theworld—but for years it officiallyignored them in favor of treatingtraditional TB, which is morecommon and curable. That pol-icy left drug-resistant strains tospread and worsen. For count-less thousands of people, itamounted to a death sentence.

Last year New Delhi made ahistoric policy reversal, scaling

up a new strategy for treatingdrug-resistant patients. Thechange followed a Journal inves-tigation in 2012 revealing thatIndia, for years, had ignored evi-dence of increasing drug resis-tance and today likely has farhigher rates of resistant TB thanofficially reported. The Journalalso showed that the WHO’s ownpolicies inadvertently helpeddrug-resistant TB to flourish.

Drug-resistant strains areedging up in the U.S. and in-creasing in parts of Europe,though most cases are in India,China and Russia, the WHO says.

PleaseturntopageA8

BY GEETA ANAND

Global TB Fight Hits a WallIndia’s New Strategy Actually Makes Disease More Drug-Resistant, Doctors Say

Clients of SAC Capital Advi-sors LP moved to pull $1.7 billionfrom the hedge-fund firm, orroughly a quarter of outside in-vestors’ money, as an insider-trading investigation weighed onconfidence in the money man-ager.

SAC will pay out about $660million next month to investorswho had requested withdrawalsahead of Thursday’s deadline,people familiar with the mattersaid, adding that the firm willreturn the remaining moneyover the course of 2013. SACmanages roughly $6 billion inoutside capital, according topeople familiar with its opera-tion.

A federal insider-trading in-vestigation has ensnared six for-mer SAC employees, and thefirm said in November it mightface civil charges from securitiesregulators. SAC has said thatboth the firm and its founder,Steven A. Cohen, have acted ap-propriately and that it will coop-erate with the probe.

The scrutiny has tested cli-ents’ loyalty and pressed one ofthe world’s top-performinghedge-fund firms to adapt.Shortly before redemption re-quests were due, SAC offered cli-ents more time to decidewhether to pull their money.

A representative of one inves-tor said SAC can easily managereturning $660 million nextmonth, with little or no notice-able impact on its operations.

PleaseturntopageA6

BY JENNY STRASBURGAND JULIET CHUNG

InvestorsExit FundDoggedBy Probe

TORONTO—When NicholosBillard’s employer at an Ontarioconstruction company gave himeight newly printed Canadian$100 bills as a Christmas bonusin 2011, he tossed them in anempty coffee can.

The next morning, they wereshriveled—by the heat of anearby radiator, says his mother,who made local headlines whenshe tried to get the bills re-placed.

Canada started rolling outnew, polymer-based $100 billstwo years ago, followed by 50sand then, last November, 20s.The money—slick like a sheet ofplastic, hard to fold and partlytransparent—is more difficult tocounterfeit than Canada’s oldpaper-and-cotton bills. Australiaand New Zealand have used sim-ilar, plasticized notes for years.The U.S. has no plans to intro-duce them.

They’ve been a hard sell hereso far, forcing the central bankto defend them against a grow-ing list of allegations: They don’t

work in vending machines; theyclump together; they melt.

“I avoid getting those bills if Ican,” says Mr. Billard’s mother,Mona. While the serial numberson her son’s bills were still legi-ble, several banks refused to re-place them, she said. Finally, lastsummer, the Bank of Canada, thecentral bank, exchanged them.

The $100 note has beendogged by other controversy. Itsoverall design theme is Canadianmedical innovation. An earlyprototype of the bill bore an im-age of a woman with SouthAsian features peering through amicroscope.

Months later, when the actual$100 note was released, the sci-entist no longer appeared SouthAsian, but Caucasian, triggeringa flood of complaints. The cen-tral bank, which designed themoney, explained that the artist

tried to remove identifiable fa-cial features on the final bill.Still, Bank of Canada Gov. MarkCarney issued an apology, admit-ting the image “appears to rep-resent only one ethnic group.”

A more common complaintfor all three denominations ofthe new notes: The plastic billstend to stick together. CanadianJeremy Taggart, drummer for al-ternative-rock band Our LadyPeace, complained in a recenttweet about the currency afteraccidentally handing a cashierthree clingy, new $20 bills whenhe meant to hand over just one.

“They are sticky, and thin,and annoying,” Mr. Taggart says.The bank has said all new billstend to stick together at first be-cause of how tightly they arepackaged, and that the problemwill fade.

And then there’s the maple-leaf controversy.

After Sean Blaney, a botanistin New Brunswick, heard a newsreport last month about Can-ada’s new $20 bills causingheadaches for vending machine

PleaseturntopageA9

BY KAREN JOHNSON

Canada’s New Banknotes Strike Some as Looniei i i

Melting Bills, Maple Leaf Fuel Uproar; ‘There Are Always Nit-Pickers’

WAR’SWAKE

PART OFA SERIES

Planet Earth Dodges One Extraterrestrial Punch, but Gets Struck by Another

HIT AND MISS: A meteor burst into flames over Russia, damaging buildings and injuring about 1,000 people from its sonic boom. A giant asteroid narrowly missed Earth hours later. A7

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