NJ Gov. Christie, Letterman laugh about fat jokes

TRENTON, N.J. (AP) — New Jersey Gov. Chris Christie and David Letterman have shared some laughs about the many fat jokes the comedian has made about the lawmaker’s ample girth.

Christie has termed his plumpness “fair game” for comedians. And during his first appearance on “Late Show with David Letterman” on Monday, the outspoken Republican and potential 2016 presidential contender read two of Letterman‘s jokes that he said were “some of my personal favorites.”

The governor also drew loud laughs when he pulled out a doughnut and started eating it while Letterman asked him if he was bothered by the digs that have been made about his weight. Christie said he wasn’t, noting that he laughs at the jokes if he finds them funny.

“Late Show” airs on CBS at 11:35 p.m. Eastern time.

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Well: Expressing the Inexpressible

When Kyle Potvin learned she had breast cancer at the age of 41, she tracked the details of her illness and treatment in a journal. But when it came to grappling with issues of mortality, fear and hope, she found that her best outlet was poetry.

How I feared chemo, afraid
It would change me.
It did.
Something dissolved inside me.
Tears began a slow drip;
I cried at the news story
Of a lost boy found in the woods …
At the surprising beauty
Of a bright leaf falling
Like the last strand of hair from my head

Ms. Potvin, now 47 and living in Derry, N.H., recently published “Sound Travels on Water” (Finishing Line Press), a collection of poems about her experience with cancer. And she has organized the Prickly Pear Poetry Project, a series of workshops for cancer patients.

“The creative process can be really healing,” Ms. Potvin said in an interview. “Loss, mortality and even hopefulness were on my mind, and I found that through writing poetry I was able to express some of those concepts in a way that helped me process what I was thinking.”

In April, the National Association for Poetry Therapy, whose members include both medical doctors and therapists, is to hold a conference in Chicago with sessions on using poetry to manage pain and to help adolescents cope with bullying. And this spring, Tasora Books will publish “The Cancer Poetry Project 2,” an anthology of poems written by patients and their loved ones.

Dr. Rafael Campo, an associate professor of medicine at Harvard, says he uses poetry in his practice, offering therapy groups and including poems with the medical forms and educational materials he gives his patients.

“It’s always striking to me how they want to talk about the poems the next time we meet and not the other stuff I give them,” he said. “It’s such a visceral mode of expression. When our bodies betray us in such a profound way, it can be all the more powerful for patients to really use the rhythms of poetry to make sense of what is happening in their bodies.”

On return visits, Dr. Campo’s patients often begin by discussing a poem he gave them — for example, “At the Cancer Clinic,” by Ted Kooser, from his collection “Delights & Shadows” (Copper Canyon Press, 2004), about a nurse holding the door for a slow-moving patient.

How patient she is in the crisp white sails
of her clothes. The sick woman
peers from under her funny knit cap
to watch each foot swing scuffing forward
and take its turn under her weight.
There is no restlessness or impatience
or anger anywhere in sight. Grace
fills the clean mold of this moment
and all the shuffling magazines grow still.

In Ms. Potvin’s case, poems related to her illness were often spurred by mundane moments, like seeing a neighbor out for a nightly walk. Here is “Tumor”:

My neighbor walks
For miles each night.
A mantra drives her, I imagine
As my boys’ chant did
The summer of my own illness:
“Push, Mommy, push.”
Urging me to wind my sore feet
Winch-like on a rented bike
To inch us home.
I couldn’t stop;
Couldn’t leave us
Miles from the end.

Karin Miller, 48, of Minneapolis, turned to poetry 15 years ago when her husband developed testicular cancer at the same time she was pregnant with their first child.

Her husband has since recovered, and Ms. Miller has reviewed thousands of poems by cancer patients and their loved ones to create the “Cancer Poetry Project” anthologies. One poem is “Hymn to a Lost Breast,” by Bonnie Maurer.

Oh let it fly
let it fling
let it flip like a pancake in the air
let it sing: what is the song
of one breast flapping?

Another is “Barn Wish” by Kim Knedler Hewett.

I sit where you can’t see me
Listening to the rustle of papers and pills in the other room,
Wondering if you can hear them.
Let’s go back to the barn, I whisper.
Let’s turn on the TV and watch the Bengals lose.
Let’s eat Bill’s Doughnuts and drink Pepsi.
Anything but this.

Ms. Miller has asked many of her poets to explain why they find poetry healing. “They say it’s the thing that lets them get to the core of how they are feeling,” she said. “It’s the simplicity of poetry, the bare bones of it, that helps them deal with their fears.”

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DealBook: Dell Nears a Buyout Deal of More Than $23 Billion

Dell Inc. neared an agreement on Monday to sell itself to a group led by its founder and the investment firm Silver Lake for more than $23 billion, people briefed on the matter said, in what would be the biggest buyout since the financial crisis.

If completed, a takeover would be the most ambitious attempt yet by Michael S. Dell to revive the company that bears his name. Such is the size of the potential deal that Mr. Dell has called upon Microsoft, one of his most important business partners, to shore up the proposal with additional financial muscle. The question will now turn to whether taking the personal computer maker private will accomplish what years of previous turnaround efforts have not.

The final details were being negotiated on Monday evening, and a deal could be announced as soon as Tuesday. Still, last-minute obstacles could cause the talks to collapse, the people briefed on the matter cautioned.

The consortium is expected to pay $13.50 to $13.75 a share, these people said. Mr. Dell is expected to contribute his nearly 16 percent stake to the deal, worth about $3.8 billion under the current set of terms. He is also expected to contribute hundreds of millions of dollars in fresh capital from his own fortune.

Silver Lake, known as one of the biggest investors in technology companies, would most likely contribute roughly $1 billion, these people added. Microsoft is expected to put in about $2 billion, though that would probably come in the form of preferred shares or debt.

Dell is also expected to bring home some of the cash that it holds in offshore accounts to help with the financing.

A spokesman for Dell declined to comment.

For decades, Dell benefited from its status as a pioneer in the market for personal computers. Founded in 1984 in a dormitory room at the University of Texas, the company grew into one of the biggest computer makers in the world, built on the simple premise that customers would flock to customize their machines.

By the late 1990s, its fast-rising stock created a company worth $100 billion and minted a class of “Dellionaires” whose holdings made for big fortunes, at least on paper. Mr. Dell amassed an estimated $16 billion and formed a quietly powerful investment firm to manage those riches.

But growing competition has sapped Dell’s strength. Rivals like Lenovo and Samsung have made the PC-making business less profitable. Last month, the market research firm Gartner reported that Dell sold 37.6 million PCs worldwide in 2012, a 12.3 percent drop from the previous year’s shipments. Perhaps more significant is the emergence of the smartphone and the tablet, two classes of devices that have eaten away at sales of traditional computers.

Mr. Dell has sought to move the company into the more lucrative and stable business of providing corporations with software services, spending billions of dollars on acquisitions to lead that transformation. The aim is to refashion Dell into something more like I.B.M. or Oracle. Even so, manufacturing PCs still makes up half of the company’s business.

The company’s stock had fallen 59 percent in the 10 years ended Jan. 11, the last business day before word of the buyout talks emerged. That has actually made Dell more tempting as a takeover target for its founder and Silver Lake, which see it as undervalued.

A Dell deal would be a watershed moment for the leveraged buyout industry: It would be the largest takeover since the Blackstone Group paid $26 billion for Hilton Hotels in the summer of 2007. No leveraged buyout since the financial crisis has surpassed the $7.2 billion that Kohlberg Kravis Roberts and others paid for the Samson Investment Company, an oil and gas driller, in the fall of 2011.

Private equity executives have hungered for the chance to strike a deal worth more than $10 billion, an accomplishment believed difficult because of the sheer size of financing required. Dell would take on more than $15 billion in debt, an enormous amount arranged by no fewer than four banks.

But the debt markets have been soaring over the last two years, as the cost of junk bonds has stayed low. Persistent low interest rates have prompted debt buyers to seek investments that carry higher yields

Dell was unusually well-placed to make a deal with private equity. The company carries $4.9 billion in long-term debt, which some analysts have regarded as a manageable amount. And its management has signaled a willingness to bring back at least some of the company’s cash hoard held overseas, despite potentially ringing up a hefty tax bill.

It is unclear whether the company’s biggest investors will accept a deal at the levels that the buyer consortium is advocating. Shares of Dell fell 2.6 percent, to $13.27, on Monday after reports of the proposed price range emerged.

Biggest Private Equity-Backed Leveraged Buyouts

DEAL, IN BILLIONS	TARGET	BUYER	ANNOUNCED
Source: Thomson Reuters *At time of deal, including assumption of debt, not adjusted for inflation.
$44.3	TXU	Morgan Stanley, Citigroup, Lehman Brothers Holdings, Kohlberg Kravis Roberts, Texas Pacific Group and Goldman Sachs	February 2007
37.7	Equity Office Properties Trust	Blackstone Group	November 2006
32.1	HCA	Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch Global Private	July 2006
30.2	RJR Nabisco	Kohlberg Kravis Roberts	October 1988
30.1	BAA	Grupo Ferrovial SA, Caisse de Depot et Placement and GIC Special Invest	March 2006
27.6	Harrah’s Entertainment	Texas Pacific Group and Apollo Management	October 2006
27.4	Kinder Morgan	GS Capital Partners, The Carlyle Group and Riverstone Holdings	May 2006
27.2	Alltel	TPG Capital and GS Capital Partners	May 2007
27.0	First Data	Kohlberg Kravis Roberts	April 2007
26.7	Hilton Hotels	Blackstone Group	July 2007

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Slaying casts light on Hollywood's transgender prostitutes

The last that Cassidy Vickers' street friends saw of him was about 10 p.m. on Nov. 17, 2011, outside the Donut Time shop on Santa Monica Boulevard in Hollywood.

He was waving and saying he'd be back in a bit.

A transgender prostitute whose legal name was Nathan, Cassidy had come down from the San Francisco Bay Area to work the Hollywood streets.

That night, on Lexington Avenue, 10 blocks from the doughnut shop, Vickers was shot to death by a man on a bike.

Vickers' death was part of a series of crimes by a man police are now calling the Western Bandit for his armed robberies late at night in the vicinity of Western Avenue from Hollywood to South Los Angeles. Detectives believe he has recently resurfaced, committing six more street robberies from June to October, and then two more last month.

"This is a huge concern for us, and for the safety of the public," said Lt. John Radtke of the Los Angeles Police Department. Radtke, supervisor of West Bureau homicide detectives, said a "signature aspect" of the crimes, which he declined to specify, has led investigators to believe the same man has appeared three times to commit crimes.

His victims, Radtke said, range from transgender prostitutes to people coming home from work late at night. Besides Vickers, two other victims have been transgender women, neither of whom was hurt. Detectives don't believe he's specifically targeting transgender prostitutes.

"My feeling is he's out there robbing and desperate to get his money and he takes whoever he encounters," Radtke said.

Still, the case of the Western Bandit casts light on the world of transgender streetwalkers, which has changed radically in recent years, leaving only the most vulnerable on the street at night — people like Nathan "Cassidy" Vickers.

Vickers grew up in a tidy, four-bedroom house in East Palo Alto, a working-class black and Latino town south of San Francisco.

In the years after high school, he came out as a gay man, said his mother, Mitzy Thompson, though "he had some of the 'hood in him," dressing in baggy pants, with braided hair and two fake gold front teeth.

His friends remember a funny, talkative and loyal gay man attempting to find his way in a tough town like East Palo Alto.

He left, eventually living in Las Vegas and, briefly, New York. He then returned to the Bay Area, where he worked for years cleaning rooms in hotels.

Sometime in 2010 he began going to Oakland parties in drag and from there, desperate for cash, working as a prostitute.

Cross-dressing, for Vickers, "was 90% economic; 10% because he liked the attention," said Nelee Webb, a friend and former roommate. Unemployment "took his self-esteem. He felt 'This is my last resort.' "

By early 2011, Vickers was traveling the Hollywood-Bay Area circuit that has for years been followed by many transgender prostitutes.

He remained Nathan in East Palo Alto, but became Cassidy while working Hollywood's transgender prostitute strip: Santa Monica Boulevard.

According to a report by the city attorney's office, Cassidy Vickers was arrested for soliciting prostitution, a month before he died, on nearby Lexington Avenue, which is where many transgender prostitutes hang out.

Several blocks of Lexington, just north of Santa Monica Boulevard and lined with small bungalows and crowded apartments, have been a strip for male hookers dressed as women for at least two decades. The scene reached its zenith in the mid-1990s. But it has declined in the era of Internet sites that match johns with prostitutes.

"It's a street of no return," said Elena Pupo, a Venezuelan transgender woman and advocate for the community.

Vickers had no home, no cosmetic surgery. He was, said a friend who asked not to be identified, a handsome man, "but wasn't really an attractive looking female."

He was the kind of vulnerable night denizen that the Western Bandit appears to target. Working late at night, he slept in bushes on a street between Donut Time and Lexington, or in a booth at the X-Spot adult bookstore in the strip mall behind the doughnut shop, Amber said.

The last time Amber saw Vickers, he seemed happier and more exuberant — the kind of outgoing person that Bay Area friends describe. "She felt good about herself that day," Amber said.

An hour later, Amber said, police cars descended on the Donut Time strip mall. Officers circulated a picture of Vickers asking the streetwalkers who heshe was.

More than a hundred people attended Vickers' funeral in East Palo Alto. Thompson didn't know many of them. She was startled to see a few were men with women's breasts and clothes.

Nevertheless, Thompson dressed her son's body in a man's suit — burgundy, his favorite color. His face, bewhiskered for years, was clean-shaven — the way he kept it as a woman when he died. Thompson said she learned of her son's cross-dressing only after his death, from a Facebook video he'd posted.

For police, Vickers' story is one they've seen all too often.

"It's the age-old Hollywood story," said Brett Goodkin, the Los Angeles police homicide detective called to Lexington that night. "People come to Hollywood … so they can be somebody else. In Nathan's case, he could be himself in Hollywood. That was his Hollywood dream. It ended like so many others."

sam.quinones@latimes.com

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Wired Science Space Photo of the Day: Wheatley Crater on Venus

Magellan radar image of Wheatley crater on Venus. This 72 km diameter crater shows a radar bright ejecta pattern and a generally flat floor with some rough raised areas and faulting. The crater is located in Asteria Regio at 16.6N,267E.

Image: NASA/GSFC [high-resolution]

Caption: NASA

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Power outage electrifies CBS Super Bowl broadcast

NEW YORK (AP) — When the lights went out at the Super Bowl, CBS’ telecast got a jolt.

The power outage in the Super Dome in New Orleans sent the network scrambling and silenced its announcers for about half an hour. The remarkable scene — probably the most-watched “we’re having technical difficulties” moment in television history — also made CBS’ broadcast compelling at a time when the game was looking like a blow-out.

Early in the game’s second half, a portion of the Superdome lost power, including CBS’ broadcasting booth where Jim Nantz and Phil Simms were calling the game. It led to an awkward, ambient few moments of darkness and quiet in a broadcast that’s otherwise nonstop noise. A highly orchestrated media event was suddenly forced to improvise.

It took several minutes and numerous commercial breaks for CBS to find its footing and inform viewers of the situation. Social media went wild with a stream of joke conspiracy theories.

Eventually, CBS sideline reporter Steve Tasker — the MVP on the night, regardless of the play on the gridiron — announced the problem of a “click of the lights” to viewers. Later, the halftime crew anchored by host James Brown returned to fill time with football analysis. Brown said a power surge caused the outage.

That left the CBS NFL Today crew of Brown, Dan Marino, Bill Cowher and Shannon Sharpe to improvise by talking football. With little awareness of the power outage, the group bantered about the game to pad for time, even though viewers at that point had little interest in football strategy. Marino claimed halftime performer Beyonce knocked the lights out.

Calm and collected, Nantz and Simms finally returned from their unexpected exile as the lights came back on. Simms said he momentarily thought they were going to have to call the rest of the game from the sidelines.

“Hey, the next time you decide to plug in your phone charger, give us a warning, will you?” said Nantz.

“I was doing some of my best work during that blackout,” replied Simms.

CBS issued a statement later in the game, saying that “we lost numerous cameras and some audio powered by sources in the Super Dome.” The network said it used backup power and that “all commercial commitments during the broadcast are being honored.”

The power outage may have had the ironic effect of keeping viewers glued to their TVs, amazed at seeing the biggest TV event of the year momentarily shut down. At the time of the outage, the game was becoming a rout, with the Baltimore Ravens beating the San Francisco 49ers 28-6.

But afterward, momentum shifted and the 49ers rallied, making it a close game that went down to the wire before the Ravens edged out a 34-31 victory. Close contests are essential for retaining a big Super Bowl audience, so the shift that followed the outage held major ratings implications for CBS. The last three years, the game has successively set viewership records. Last year’s Super Bowl drew 111.3 million average viewers for NBC.

But ratings are a mere point of pride for CBS, with the ads sold-out well in advance, (some at more than $ 4 million a pop). The game was also streamed live on both CBSSports.com and NFL.com.

The chaos of the power failure outshined all other aspects of CBS’ broadcast, which had seemed certain to focus on a handful of storylines: the head coaching brothers John and Jim Harbaugh (CBS scored their parents on the pregame); the threat to player safety by head injuries (a pregame segment took an optimistic view); and Ray Lewis’ final game and fraught legacy.

Nantz reminded viewers during the game of the 2000 double murder case in which Lewis testified against two men and pleaded guilty to a misdemeanor charge of obstruction of justice. But Sharpe, Lewis’ former teammate, let him completely evade the subject in a pregame interview.

Nantz also smartly predicted the Ravens possibly taking a safety willingly at the end of the game for the sake of time and field position. Simms initially dismissed the idea, but it was what the Ravens elected to do and it was successful.

CBS didn’t overplay the Harbowl angle (if anything, it felt more like the Beyonce Bowl), and didn’t flash to the parents in the crowd until the second quarter. Director Mike Arnold did land the money shot of the game: The two coaches embracing at midfield after the game. (Its cameras and microphones also caught Ravens quarterback Joe Flacco celebrating with profanity.)

But this year’s Super Bowl broadcast will be remembered for the blackout — how CBS handled and benefited from an awkward situation. Nantz put the fitting final word on the Ravens’ win: “The adversity they faced tonight was to somehow rekindle the energy after it had been taken — literally — out of the building.”

___

Follow AP Entertainment Writer Jake Coyle on Twitter at: http://twitter.com/jake_coyle

Entertainment News Headlines – Yahoo! News

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Medicines Co. Licenses Rights to Cholesterol Drug

The drug, known as ALN-PCS, inhibits a protein in the body known as PCSK9. Such drugs might one day be used to treat millions of people who do not achieve sufficient cholesterol-lowering from commonly used statins, such as Lipitor.

The Medicines Company will pay $25 million initially and as much as $180 million later if certain development and sales goals are met, under the deal expected to be formally announced Monday. It will also pay Alnylam, which is based in Cambridge, Mass., double-digit royalties on global sales.

That is small payment for a drug with presumably a huge potential market, probably reflecting that Alnylam is still in the first of three phases of clinical trials, well behind some far bigger competitors.

The team of Sanofi and Regeneron Pharmaceuticals is already entering the third and final stage of trials with their PCSK9 inhibitor, as is Amgen. Pfizer and Roche are in midstage trials.

ALN-PCS is different from the other drugs. It uses a gene-silencing mechanism called RNA interference, aimed at shutting off production of the PCSK9 protein. The other drugs are proteins called monoclonal antibodies that inhibit the action of PCSK9 after it has been formed.

Alnylam and the Medicines Company hope that turning off the faucet, as it were, will be more efficient than mopping the floor, allowing their drug to be given less frequently and in smaller amounts.

But that has yet to be proved. No drug using RNA interference has reached the market.

The Medicines Company, based in Parsippany, N.J., generates almost all of its revenue from one product — Angiomax, an anticlotting drug used when patients receive stents to open clogged arteries.

Dr. Clive A. Meanwell, chief executive of the company, said that PCSK9 inhibitors are likely to be used at first mainly by patients with severe lipid problems under the care of interventional cardiologists, the same doctors who use Angiomax. “It really is quite adjacent to what we do,” he said.

The Medicines Company licensed Angiomax from Biogen Idec, where the drug was invented and initially developed under a team led by Dr. John M. Maraganore, who is now the chief executive of Alnylam.

“It’s a bit like getting the band back together,” Dr. Maraganore said.

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DealBook: New Details Suggest a Defense in SAC Case

At the center of the government’s insider trading case against a former portfolio manager at the hedge fund SAC Capital Advisors is a trade that directly involves Steven A. Cohen, the billionaire owner of the fund.

New details about the case have emerged that could cast doubt on the way that trade has been portrayed by the authorities, suggesting a possible line of defense for the portfolio manager and raising questions about whether the government will be able to build a case against Mr. Cohen, who has long been in the cross hairs of an investigation for insider trading on Wall Street.

Federal prosecutors have claimed that SAC dumped millions of shares of two pharmaceutical companies in 2008 after the former employee, Mathew Martoma, received secret information from a doctor about problems with a new Alzheimer’s drug.

In bringing its charges, the government said that SAC not only sold out of its position, but also bet against — or shorted — the drug companies’ stocks before the public announcement of the bad news. The SAC short position, according to prosecutors, allowed it to earn big profits after shares of the companies, Elan and Wyeth, plummeted.

“The fund didn’t merely avoid losses, it greedily schemed to profit further by shorting Elan and Wyeth stock,” said April Brooks, a senior F.B.I. official in New York, during a press conference on Nov. 20, the day Mr. Martoma was arrested.

Internal SAC trading records, according to people directly involved in the case, indicate that the hedge fund did not have a negative bet in place in advance of the announcement of the drug trial’s disappointing results. Instead, the records indicated that SAC, through a series of trades, including a complex transaction known as an equity swap, had virtually no exposure — neither long nor short — heading into the disclosure of the drug data.

A different narrative surrounding the firm’s trading could help Mr. Martoma, who has pleaded not guilty to securities fraud and conspiracy in what the government calls the most lucrative insider trading case ever charged.

The government, however, does have powerful evidence against Mr. Martoma. Prosecutors say the fund avoided losses by selling its roughly $700 million stake in Elan and Wyeth. If, as the government says, Mr. Martoma caused SAC to sell the shares — and then short them — while possessing important, nonpublic information, that would constitute an insider trading crime. And prosecutors have secured the testimony of the doctor who says he leaked the drug trial data to Mr. Martoma.

Still, perhaps more important, the trading records may complicate a government effort to pursue a case against Mr. Cohen. The SAC founder has not been accused of any wrongdoing, and has said he acted appropriately at all times.

In bringing charges against Mr. Martoma, prosecutors appeared to be circling nearer to Mr. Cohen. The criminal complaint against Mr. Martoma noted that Mr. Cohen had spent 20 minutes on the telephone with the portfolio manager the night before SAC began selling its shares. Prosecutors have not claimed that Mr. Cohen knew that Mr. Martoma had confidential information about the drug trials. (Mr. Martoma has refused so far to cooperate in helping the government build a case against his former boss.)

Yet if the 2008 trade is a possible avenue for the government, it is running out of time to bring a case against Mr. Cohen. Under the statute of limitations for insider trading crimes, the government would have to file a criminal case against him by mid-July. That deadline is the five-year anniversary of the trade in question, unless it could prove a conspiracy with Mr. Martoma that continued well past then.

Prosecutors have not sought to reach a “tolling agreement” with Mr. Cohen, which would allow the government additional time to bring a case past the statute of limitations, according to people briefed on the matter. The S.E.C., meanwhile, is weighing whether to file a civil fraud lawsuit against the fund connected to the drug-stock trades.

All this comes as a Feb. 14 cutoff approaches for SAC clients to ask for their money back. The fund has told employees that it expects at least $1 billion in withdrawals from the $14 billion fund amid the intensifying investigation. SAC has a standard quarterly redemption deadline.

Several other factors could make it difficult for the government to implicate Mr. Cohen. SAC is well known for its aggressive, rapid-fire trading style, and several former employees say that there is nothing unusual about the fund’s exiting a large position over just a few days.

“It’s one thing to bring an insider trading charge against a market novice who pours his 401(k) into a stock after hanging up the phone with an insider,” said Morris J. Fodeman, a former prosecutor and now a white-collar criminal defense lawyer at Wilson Sonsini Goodrich & Rosati. “But it’s far more difficult to make a case against a sophisticated hedge fund that routinely takes large positions and employs complex trading strategies.”

Moreover, both inside and outside SAC, there had been much controversy and debate surrounding the effectiveness of the Alzheimer’s drug, called bapineuzumab, leading up to the July 2008 release of the companies’ clinical results. Mr. Martoma’s colleagues in SAC’s health care group raised specific concerns with Mr. Cohen about the wisdom of holding such a large position in the two companies. And while preliminary data announced by Elan and Wyeth in June offered encouraging news, they also suggested potential problems.

“We believe potentially confounding factors will continue to fuel controversy over bapineuzumab,” wrote Caroline Y. Stewart, a drug stock analyst with Piper Jaffray, reacting to the preliminary results.

On July 11, another Wall Street analyst, Jonathan Aschoff at Brean Murray Carret & Company, raised red flags about a sharp run-up in the price of Elan’s shares heading into the presentation of the data.

“We have numerous concerns with the clinical development of bapineuzumab, and what we viewed to be underwhelming top-line Phase 2 results make us highly doubtful of success,” Mr. Aschoff wrote. “In our opinion, this strategy only serves to increase clinical risk and stoke our pessimism.”

The uncertainty relating to the Alzheimer drug’s clinical results could help explain what led Mr. Cohen to hedge SAC’s position so that it had “neutral exposure,” in Wall Street parlance, heading into disclosure of the trial results.

The short positions that SAC established in Elan and Wyeth were matched almost perfectly to offset an equity swap that effectively provided the fund with exposure to 12 million Wyeth shares, according to the SAC documents. An equity swap mimics ordinary shares and gives investors like hedge funds the benefits of stock ownership without actually owning the shares. Funds often use these complex derivatives to accumulate a large position but not tip off the market.

When government officials announced the case against Mr. Martoma, they made no mention of the swap. Instead, they emphasized how SAC had jettisoned its Elan and Wyeth shares and then brazenly accumulated short positions in both companies.

“The charges unsealed today describe cheating — coming and going,” Preet Bharara, the United States attorney in Manhattan, said in opening remarks during the press conference. “Specifically, insider trading first on the long side, and then on the short side.”

The government noted the swap position in its court papers, but did not factor it into SAC’s overall gains and losses in Elan and Wyeth. Because SAC did not trade the Wyeth swap, instead leaving the position in place, it could not be part of any insider trading charge.

Representatives for the United States attorney’s office and the S.E.C. declined to comment. An SAC spokesman declined to comment, as did Charles A. Stillman, the lawyer for Mr. Martoma.

Prosecutors have built their case against Mr. Martoma by securing the cooperation of Dr. Sidney Gilman, a neurology professor who ostensibly leaked to him the confidential data about the drug being jointly developed by Elan and Wyeth. The companies hired Dr. Gilman to oversee the clinical trials. SAC paid Dr. Gilman about $108,000 as a consultant.

The government said that Mr. Cohen’s fund accumulated a roughly $700 million combined stake in Elan and Wyeth based on Mr. Martoma’s recommendation. SAC’s equity swap with respect to Wyeth, however, added $566 million in exposure.

On Thursday, July 17, 2008, as the drug trials neared completion, Dr. Gilman told Mr. Martoma that patients were experiencing serious side effects, the government said. Three days later, on a Sunday, with the markets closed, Mr. Martoma had the 20-minute conversation with Mr. Cohen, according to telephone records cited in the criminal complaint. Prosecutors said that Mr. Martoma told his boss that he was no longer “comfortable” with the investments.

On Monday morning, July 21, at Mr. Cohen’s direction, SAC’s head trader began selling the fund’s 10.5 million shares of Elan and 7.1 million shares of Wyeth. By July 29 — the day that the companies announced the trial results — SAC had not only sold out of its Elan and Wyeth holdings but also established short positions in the stocks. SAC was short about 4.5 million shares of Elan and 3.3 million shares of Wyeth. The fund also purchased a small number of Elan put options, a bet that the company’s shares would decline.

The 12 million-share equity swap position in Wyeth, however, counterbalanced the short exposure. SAC was short 4.5 million shares of Elan but, taking the swap into account, effectively long about 8.7 million shares of Wyeth. On July 30, the first trading day after the companies disclosed the negative trial results, Elan’s stock fell about 42 percent and Wyeth’s stock dropped about 12 percent.

Federal prosecutors said that SAC’s trading ahead of the announcement allowed the fund to avoid $194 million in losses by exiting the Elan and Wyeth positions, and then also earn about $83 million on the short trades. But SAC also had paper losses of about $70 million on its Wyeth swap, almost entirely negating any gains from the short sales.

While such details would seem to contradict how authorities have described the trading, prosecutors could argue that SAC had little choice but to leave the swaps in place, and that was part of the strategy to trade on inside information. That is because selling a swap would be difficult to do without attracting attention in the marketplace. If SAC had sold its swaps, it would have had to notify the Wall Street bank that it entered into the swap transaction with and, in turn, the bank’s trader would have most likely sold the shares on the open market.

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Noted sniper shot dead at Texas gun range

GLEN ROSE, Texas—

Former Navy SEAL and “American Sniper” author Chris Kyle was fatally shot along with another man Saturday on a Texas gun range, a sheriff told local newspapers.

Erath County Sheriff Tommy Bryant said Kyle, 38, and a second man were found dead at Rough Creek Lodge's shooting range west of Glen Rose, according to the Fort Worth Star-Telegram and Stephenville Empire-Tribune. Glen Rose is about 50 miles southwest of Fort Worth.

Bryant did not immediately return phone calls to The Associated Press seeking comment late Saturday and early Sunday. A woman who answered the phone at the lodge where the shooting occurred declined comment and referred calls to the sheriff's office.

Investigators did not immediately release the name of the second victim, according to the newspapers.

Witnesses told sheriff's investigators that a gunman opened fire on the men around 3:30 p.m. Saturday, then fled in a pickup truck belonging to one of the victims, according to the Star-Telegram. The newspapers said a 25-year-old man was later taken into custody in Lancaster, southeast of Dallas, and that charges were expected.

Lancaster police did not immediately return calls for comment.

The motive for the shooting was unclear.

Kyle wrote the best-selling book, “American Sniper: The Autobiography of the Most Lethal Sniper in U.S. Military History,” detailing his 150-plus kills of insurgents from 1999 to 2009.

Kyle was sued by former Minnesota Gov. Jesse Ventura over a portion of the book that claims Kyle punched Ventura in a 2006 bar fight over unpatriotic remarks. Ventura says the punch never happened and that the claim by Kyle defamed him.

Kyle had asked that Ventura's claims of invasion of privacy and “unjust enrichment” be dismissed, saying there was no legal basis for them. But a federal judge said the lawsuit should proceed. Both sides were told to be ready for trial by Aug. 1.

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The World's Tweets Light Up the Globe in Stunning Live Visualization

It’s simple, but lovely. Web designer Franck Ernewein‘s real-time Twitter visualization, Tweetping, drops a bright pixel at the location of every tweet in the world, starting as soon as you open the page.

The result is a constantly changing image that grows to look like a nighttime satellite shot, bright spots swarming over the most developed areas. But Ernewein has packaged it all in a subtly interactive visualization that avoids distracting the viewer while still imparting a great amount of information.

Meanwhile, a selection of tweets are projected, along with latest hashtags and mentions, all while tracking total tweets, words, and characters. The length of the two gray lines on the display represent the number of characters and words in each tweet.

Though it’s one of the most beautiful, Tweetping is far from the first to display geotagged tweet information; coders have built sites to display election tweets, adjustable parameter maps, and even 3-D visualizations.

Tweetping even represents Antarctica, but not the ISS. And there’s no pause button; like Twitter itself, Tweetping’s data accrues incessantly; there’s no off switch but the back button.

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