DealBook: Possible Client Redemptions Weigh on SAC Capital

The hedge fund giant SAC Capital Advisors is steeling itself for a possible wave of withdrawal requests from clients amid the government’s intensifying scrutiny of its trading practices.

Investors have about a month to decide whether to pull money from SAC, the $14 billion fund owned by the billionaire investor Steven A. Cohen.

While posting one of the best investment track records on Wall Street across two decades, SAC has attracted billions of dollars from pension funds, wealthy families and other money management firms. But since late November, when federal prosecutors brought their latest criminal insider trading charge against a former SAC employee — a case they call the most lucrative insider trading scheme ever uncovered — those clients have been weighing whether continuing their relationship with the fund is worth the reputational risk.

The fund has a standard quarterly redemption deadline, and the next one will fall on Feb. 15. Already, several of SAC’s clients, including Lyxor Asset Management and Titan Advisors, have notified the fund that they intend to withdraw their money. Others, like Skybridge Capital, have told SAC they will continue to invest in the fund.

Questions remain about the intentions of several of SAC’s well-known clients, including the Blackstone Group, one of the world’s largest and most influential allocators to hedge funds. Blackstone has about $550 million invested in SAC, making it one of the fund’s largest outside investors. A Blackstone spokesman declined to comment.

The fund has told its employees that it could face at least $1 billion of withdrawals, according to a report in The Wall Street Journal on Friday. A spokesman for SAC said it was “far too early to speculate about redemptions, and we do not expect redemptions to have a significant impact on our funds.”

Any withdrawals from clients would come after a year of decent performance for SAC. In 2012 the firm returned about 13 percent net of fees, which, while slightly underperforming the Standard & Poor’s 500-stock index, was superior to the results of the average hedge fund.

While a spate of redemptions can have a crippling effect on a hedge fund by forcing it to sell its holdings at unfavorable prices, SAC is more insulated than most of its competitors from the ill effects of client withdrawals. That is because only about 40 percent of the $14 billion that SAC manages comes from outside clients. The rest — a fortune of about $8 billion — belongs to Mr. Cohen and his employees.

Also, SAC has protected itself with a stringent redemption policy. Its clients can redeem only 25 percent of their investment each quarter. So, for example, if a client had $200 million invested with SAC and asked for its money back by the Feb. 15 deadline, SAC would return $50 million every three months beginning in March. That way, SAC is protected from a forced liquidation of its investment portfolio.

Still, an investor exodus can cause a hedge fund to shut down. Last month, Diamondback Capital Management, another hedge fund that became ensnared in the government’s insider trading investigation, closed after its investors sought to pull out roughly one-quarter of the fund’s assets.

Diamondback’s management decided that the most prudent course of action was to wind down rather than to reorganize the firm to manage the reduced amount of money.

Like Diamondback, SAC has become embroiled in the government’s broad crackdown on insider trading at hedge funds. At least seven former SAC traders and analysts have been tied to illegal trading while at the fund, and the Securities and Exchange Commission has warned SAC that it might file a civil action against the fund for failing to properly supervise its employees.

Mr. Cohen has told his employees that he believes he and the fund have at all times acted appropriately, and that the fund has fully cooperated with the government’s investigation.

In recent weeks, SAC has gone on a charm offensive in an effort to hold on to clients. It has told its investors that they will not be responsible for any penalties incurred as a result of any of the government’s legal inquiries. Instead, SAC has said, Mr. Cohen and his management company will pick up any costs.

There have also been changes at the fund. SAC told its staff last week that it was closing its office in Chicago, which is home to about a dozen employees. Such a move is not unusual, as the fund has closed offices before, like one in San Francisco, where it saw limited opportunities.

A spokesman said it did not make sense to have an office in Chicago. SAC has more than 1,000 employees — portfolio managers, analysts, traders and support staff — in five offices around the globe, with its headquarters in Stamford, Conn.

Though Mr. Cohen has told his friends and employees that he remains committed to managing money for outside clients, he could decide to follow in the footsteps of several fellow billionaire hedge fund managers.

A number of star investors, having already amassed billions in personal wealth, have decided to get out of the business of managing other people’s money. In recent years, for example, both George Soros and his onetime protégé, Stanley Druckenmiller, returned money to clients and set up so-called family offices to manage their own fortunes.

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Irvine City Council overhauls oversight, spending on Great Park

Capping a raucous eight-hour-plus meeting, the Irvine City Council early Wednesday voted to overhaul the oversight and spending on the beleaguered Orange County Great Park while authorizing an audit of the more than $220 million that so far has been spent on the ambitious project.

A newly elected City Council majority voted 3 to 2 to terminate contracts with two firms that had been paid a combined $1.1 million a year for consulting, lobbying, marketing and public relations. One of those firms — Forde & Mollrich public relations — has been paid $12.4 million since county voters approved the Great Park plan in 2002.

"We need to stop talking about building a Great Park and actually start building a Great Park," council member Jeff Lalloway said.

The council, by the same split vote, also changed the composition of the Great Park's board of directors, shedding four non-elected members and handing control to Irvine's five council members.

The actions mark a significant turning point in the decade-long effort to turn the former El Toro Marine base into a 1,447-acre municipal park with man-made canyons, rivers, forests and gardens that planners hoped would rival New York's Central Park.

The city hoped to finish and maintain the park for years to come with $1.4 billion in state redevelopment funds. But that money vanished last year as part of the cutbacks to deal with California's massive budget deficit.

"We've gone through $220 million, but where has it gone?" council member Christina Shea said of the project's initial funding from developers in exchange for the right to build around the site. "The fact of the matter is the money is almost gone. It can't be business as usual."

The council majority said the changes will bring accountability and efficiencies to a project that critics say has been larded with wasteful spending and no-bid contracts. For all that has been spent, only about 200 acres of the park has been developed and half of that is leased to farmers.

But council members Larry Agran and Beth Krom, who have steered the course of the project since its inception, voted against reconfiguring the Great Park's board of directors and canceling the contracts with the two firms.

Krom has called the move a "witch hunt" against her and Agran. Feuding between liberal and conservative factions on the council has long shaped Irvine politics.

"This is a power play," she said. "There's a new sheriff in town."

The council meeting stretched long into the night, with the final vote coming Wednesday at 1:34 a.m. Tensions were high in the packed chambers with cheering, clapping and heckling coming from the crowd.

At one point council member Lalloway lamented that he "couldn't hear himself think."

During public comments, newly elected Orange County Supervisor Todd Spitzer chastised the council for "fighting like schoolchildren." Earlier this week he said that if the Irvine's new council majority can't make progress on the Great Park, he would seek a ballot initiative to have the county take over.

And Spitzer angrily told Agran that his stewardship of the project had been a failure.

"You know what?" he said. "It's their vision now. You're in the minority."

mike.anton@latimes.com

rhea.mahbubani@latimes.com

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Top U.S. General Says Stopping a Syrian Chemical Attack Is 'Almost Unachievable'

If Syrian dictator Bashar Assad decides to use his chemical weapons, there won’t be a thing the U.S. military can do to stop him, America’s top military officer conceded on Thursday. Nor will the U.S. step into a “hostile” atmosphere, with or without Assad, to keep those chemicals under control.

It’s been a month since U.S. intelligence learned that Assad’s forces were mixing some of their precursor chemicals for sarin gas, as Danger Room first reported. The Syrian military even loaded aerial bombs with the deadly agent. Assad hasn’t used the weapons — yet. Should he change his mind, there’s little chance the U.S. would know it before it’s too late to stop the first chemical attack in the Mideast in over 20 years.

“The act of preventing the use of chemical weapons would be almost unachievable,” Gen. Martin Dempsey, the chairman of the Joint Chiefs of Staff, told reporters at the Pentagon. “You would have to have such clarity of intelligence, persistent surveillance, you’d have to actually see it before it happened. And that’s unlikely, to be sure.”

That explains the emphasis the Obama administration has given, from President Obama and Defense Secretary Leon Panetta on down, to publicly warning Assad that using his chemical weapons would cross a “red line.” Dempsey said that “messaging” seeks to establish a deterrent, since Assad might think it would prompt outright U.S. or international intervention leading to his downfall. But that’s different from preemption.

American officials began strategizing months ago for how it should operate in a post-Assad Syria. And that includes scoping out plans for disposing of Assad’s stockpiles of nerve and mustard agents.

Today, however, Panetta shot down a related preventive step: sending U.S. troops into the chaos of the Syrian civil war to secure the chemical stocks.

U.S. military officials have previously speculated that an intervention to take hold of an estimated 500 tons of chemical precursors would require 75,000 troops, a force larger than the one currently in Afghanistan. Panetta said the international community needs to establish a “process and procedure” for keeping the stockpiles under control — but only after Assad falls, which is an uncertain proposition. U.S. intervention to lock down the chemicals, Panetta said, would depend on the establishment of new regime willing to invite the U.S. military in — another uncertain proposition.

“We’re not working on options that involve boots on the ground,” Panetta said. If there’s a “peaceful transition,” then the U.S. might consider a request that a friendly successor government might make to secure the chemical stocks. “But in a hostile situation, we’re not planning for that.” It’s looking likely that the 400 U.S. soldiers sent to Turkey to man Patriot missile batteries could be the only uniformed troops that the Pentagon openly sends to handle the Syrian crisis.

The U.S. public has little appetite for throwing exhausted U.S. soldiers and marines into yet another bloody Mideastern conflict. But Panetta and Dempsey’s concession underscores the massive risks that the Syrian civil war poses for either the use or black market proliferation of chemical weapons. The revolution has  already claimed the lives of 60,000 Syrians. The longer it goes on, the greater the pressure Assad may feel to unleash his unconventional arms. Alternatively, various Syrian factions might be either unwilling or unable to secure the stocks, should they prevail, nor is there any guarantee they will give up the chemical weapons once victorious.

There is confusion about how long the sarin gas will remain usable once its precursors combine. Nerve agents are inherently unstable, but U.S. government sources have told Danger Room that Syrian sophistication with chemical weaponry may leave the combined, weaponized sarin deadly for up to a year. Dempsey and Panetta, however, believe that they’ll break down after 60 days. “That’s what the scientists tell us,” Dempsey said. “I’d still be reluctant to handle it myself.”

Disposing of (or “demilitarizing”) chemical weapons is extraordinarily difficult under any circumstances; Iraq’s former chemical bunkers are still toxic nearly  than a decade after Saddam’s overthrow, and the U.S. recently said it won’t be done disposing of its Cold War chemical weapon arsenal until 2023. Assad’s nerve agents will be no exception.

One of sarin’s main precursors – methylphosphonyl difluoride, or DF – can be turned into a somewhat non-toxic slurry, if combined properly with lye and water. The problem is that when DF reacts with water, it generates heat. And since DF has an extremely low boiling point — just 55.4 degrees Celsius — it means that the chances of accidentally releasing toxic gases are really high. “You could easily kill yourself during the demil,” one observer told Danger Room during the fall. That would explain Dempsey’s reluctance to touch it.

Naturally, this process could only begin once the DF and the rubbing alcohol (sarin’s other main precursor) was gathered up from Assad’s couple dozen storage locations. Then, they’d have to be carted far, far out into the desert — to make sure no bystanders could be hurt — along with the enormous stirred-tank reactors needed to conduct the dangerous chemistry experiments. And when it was all done, there would the result would be a whole lot of hydrofluoric acid, which is itself a poison.

It’s an operation that will take many months, many men, and many millions of dollars. No wonder the leaders of America’s overtaxed military won’t commit to the job until the Syrian civil war is done.

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Kimmel’s pot jokes earn invite from Calif. college

ARCATA, Calif. (AP) — Humboldt State University in California has invited Jimmy Kimmel to deliver the school’s commencement address after he joked about its marijuana research program.

The host of “Jimmy Kimmel Live!” devoted three minutes of his late-night show in November to poking fun at the new program.

Kimmel’s faux recruiting commercial said students could look forward to low-pressure careers such as dog walking, organizing drum circles and occupying Wall Street.

University spokesman Jarad Petroske said Thursday the school has not heard from Kimmel. The comedian’s publicist Alyssa Wilkins did not reply to an email from The Associated Press seeking a response.

Humboldt State President Rollin Richmond and student body president Ellyn Henderson revealed they sent Kimmel a letter last month saying they found parts of the skit funny but thought it unfairly portrayed the campus community as a bunch of pot-obsessed slackers.

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Children’s Flu Medicine in Short Supply

As influenza cases surge around the country, health officials say they are trying to stem a shortage of treatments for children.

Pharmacies around the country have reported dwindling supplies of liquid Tamiflu, a prescription flu medicine that can ease symptoms if taken within 48 hours of their onset. The drug is available in capsules for adults and a liquid suspension for children and infants.

“There are intermittent shortages of the liquid version (but not the capsule version) due to the supplier’s challenges to meet the current demand,” Carolyn Castel, a spokeswomen for CVS Caremark, said in an e-mail.

Pharmacies around the country are experiencing shortages of the liquid suspension “due to recent increased demand,” Sarah Clark-Lynn, a spokeswoman for the Food and Drug Administration, said on Thursday.

Ms. Clark-Lynn said the F.D.A. was working with the company that markets Tamiflu, Genentech, to increase supplies. The agency is also letting pharmacists know that in emergencies they can compound the adult Tamiflu capsules to make liquid versions for children.

A similar shortage of Tamiflu has hit Canada, which has also been gripped by widespread flu outbreaks, prompting the government there to tap into a national stockpile of the drug.

“That really unexpected increase in demand — far above other influenza seasons — has really depleted the usual stocks which in any other season would have been more than sufficient,” Dr. Barbara Raymond, director of pandemic preparedness for the Public Health Agency of Canada, told The Ottawa Citizen.

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American Express to Cut 5,400 Jobs

LOS ANGELES (AP) — American Express Co. said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

The job cuts will be partly offset by jobs that the company expects to add this year.

American Express said the jobs eliminated will span employee seniority levels and divisions worldwide, but will primarily involve positions that do not directly generate revenue for the company.

All told, the company anticipates that staffing levels will end up between 4 and 6 percent lower this year than in 2012. The company currently has 63,500 employees.

"Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth," said CEO Kenneth Chenault.

Shares slipped 29 cents to $60.50 in after-hours trading. They ended regular trading up 53 cents at $60.79.

American Express said it will book an after-tax charge of $287 million due to the restructuring. It's also recording $212 million in expenses related to reward points for its cardholders and roughly $95 million in customer reimbursements and other costs.

The combined charges will reduce American Express' fourth-quarter net income by 46 percent from a year earlier.

The company projects net income of $637 million, or 56 cents per share, compared with net income of $1.2 billion, or $1.01 per share, in the same quarter of 2011.

Excluding one-time items, fourth-quarter 2012 earnings amount to $1.2 billion, or $1.09 per share, ahead of analysts' consensus forecast of $1.06 per share, according to FactSet.

Revenue rose 5 percent to $8.1 billion. Analysts expected $8.01 billion.

The company is scheduled to report full results next Thursday.

Overall American Express has done well after the recession, as upscale shoppers have spent freely. That's because Amex cardholders are in general about a third more affluent than other credit card holders.

Through the first nine months of 2012, revenue grew 5 percent, while net income rose 3 percent.

Spending by cardholders jumped 8 percent in the fourth quarter, despite some softening early in the period due to Superstorm Sandy, the company said.

Chenault noted that, since the recession, American Express has been consistently gaining market share.

Despite that success, he said the company must embrace new technologies, become more efficient and position itself to invest in growth opportunities in a marketplace that's increasingly becoming defined by consumers' use of the Internet and mobile technology.

To that end, American Express' restructuring plan calls for overhauling its travel business to cut costs and invest in ways to cater to a growing volume of customers turning to online and automated tools to make their travel arrangements.

"One outcome of this ongoing shift to online is that we can serve a growing customer base with lower staffing levels," Chenault said during a call with analysts.

The company also will reconfigure its cardholder servicing and collections operations to focus more on online and mobile, rather than telephone and mail.

"The overall restructuring program will put us in a better position as we seek to deliver strong results for shareholders and to maintain marketing and promotion investments at about 9 percent of revenues," Chenault said.

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In China, press censorship protests continue

GUANGZHOU, China — Like wedding guests separated across the aisle, the protesters assembled on either side of a gated driveway at the headquarters of the embattled Southern Weekly newspaper. To the right, several dozen supporters of the newspaper staff waved banners calling for an end to censorship of the Chinese press.

"Freedom!" they chanted.

"Democracy!"

"Constitutional rights!"

To the left, beneath fluttering red Chinese flags and hoisted portraits of Mao Tse-tung, a battalion of mostly older men shouted into a microphone, trying to drown out their ideological rivals.

"Long live Chairman Mao!" they chanted.

"We love China!"

"Patriotism!"

Across the divide, the dueling protesters have been engaging in a spirited debate over the Communist Party's grip on the media. The spat erupted over the weekend in the southern city of Guangzhou when journalists threatened to strike over a front-page New Year's editorial that was rewritten by propaganda officials. Although a strike was averted by a last-minute deal Wednesday, the raucous public protests continued outside the newspaper headquarters.

The protests were inspired by rising expectations after the 18th Communist Party congress in November, when the new leadership was installed. Xi Jinping, the new party secretary who will become president in March, has hinted at plans to uphold constitutionally guaranteed rights and fight corruption within the party. What role the media will play in that fight is at the heart of the debate.

One lesson of the Guangzhou protests is that the overarching conflict about the role of the press in a communist society is not likely to be resolved any time soon.

"You can't fight corruption without freedom of the press," said a 46-year-old activist, Xiao Qingshan, who demonstrated from a wheelchair (necessitated by a work injury) that was festooned with pro-democracy slogans. "We're tired of being lied to. We want the same kind of freedoms as in the West."

Protesters poked fingers in each other's chests. They pushed. They shoved. Police who had planted themselves in the middle of the driveway broke up a few incipient fights but otherwise did not intervene.

A 73-year-old retired engineer wearing a Mao pin on his leather jacket hectored a university student who had dared to walk across the divide to debate.

"You young people don't understand what's going on. Who does this newspaper belong to? It belongs to the Communist Party," lectured the older man, who would not give his name. "These journalists are civil servants who are supposed to obey orders, not behave like traitors following the United States."

Indeed, despite a shift toward commercialization, newspaper ownership in China remains deeply lodged with the state. In order to operate, all of China's more than 2,000 newspapers require a Communist Party or government organ to sponsor a publishing license. Inside each newsroom is a Communist Party secretary who makes sure the stories are politically correct.

The restrictive environment makes the journalism at the muckraking Southern Weekly and its sister paper, the Southern Metropolis Daily, all the more remarkable.

The publications belong to the Nanfang Media Group, which is owned by the government of Guangdong, China's richest and most liberal province.

For several years, the Southern Weekly and the Southern Metropolis Daily were able to deliver stories that challenged authority and exposed unchecked power.

That was possible because the newspapers' stewards had long belonged to liberal factions of the party, shielding it from interference, said Cheng Yizhong, who helped launch the Southern Metropolis Daily in 1997.

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Watch Live: Former Doomsday Asteroid Apophis Flies by Earth

Watch as the asteroid 99942 Apophis, once classified as the most likely asteroid to hit the Earth, zooms past our planet during two live shows today from the Slooh Space Camera collaboration. The first show begins at 4 p.m. PT/7 p.m. ET and the second will start at 6 p.m. PT/9 p.m. ET.

When it was discovered in 2004, Apophis was calculated to have a 1 in 45 chance of smashing into the Earth in 2029, releasing the energy equivalent of 10 hydrogen bombs and probably making a huge mess. This was the highest probability ever assigned to an asteroid for hitting our planet. Later refinements have ruled out Apophis’ doomsday scenario, though the object will still give our planet a “close” shave in 2029 and again in 2036, possibly making it visible to the naked eye.

During today’s flyby, the asteroid will come within around 9 million miles of the Earth, or about 37 times the distance between our planet and the moon. The passes later this century will bring it much closer, roughly 20,000 miles — within the orbit of geosynchronous satellites.

On Jan. 9, the European Space Agency’s Herschel space telescope released new measurements of Apophis that suggested it is about 1,000 feet in diameter, roughly 20 percent bigger than previously thought. Astronomers are closely watching the asteroid during this latest close approach so they can further refine their estimates of its orbit. Current calculations suggest it has a 1 in 250,000 chance of hitting Earth in 2036 but new data could alter these odds, hopefully making them lower.

The Slooh shows will discuss the history and characteristics of Apophis. They will feature Slooh president Patrick Paolucci, outreach coordinator Paul Cox, and documentary filmmaker Duncan Copp. Viewers can watch live on their computer or iOS/Android mobile device.

Video: Slooh Space Camera

Adam is a Wired reporter and freelance journalist. He lives in Oakland, Ca near a lake and enjoys space, physics, and other sciency things.

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Postponed by U.S. violence, “Gangster Squad” opening in theaters

LOS ANGELES (Reuters) – After having its release delayed and scenes reshot because of last summer’s mass movie-theater killing in Aurora, Colorado, crime drama “Gangster Squad” finally hits theaters on Friday.

“Gangster,” set in 1949 Los Angeles, stars Sean Penn as real-life gangster Mickey Cohen, who is ultimately brought down by a band of cops led by Josh Brolin and Ryan Gosling.

After the Colorado tragedy, Time Warner Inc’s Warner Bros. studio, which is releasing the film, removed the scene in “Gangster” that eerily depicted a similar movie-theater shooting.

It substituted a new sequence, set in Chinatown.

At a press event in December, “Gangster Squad” director Ruben Fleischer said, “We should all respect the tragedy and not draw associations to our film.”

But ironically, after “Gangster’s” initial September 7 release date was pushed back four months – presumably to allow for time after the Colorado rampage – the film will now open less than a month after the massacre of 20 children and six adults by a gunman at an elementary school in Newtown, Connecticut.

Brolin also cautioned at the December event against linking “Gangster” and other movies with real-world violence and suggested the public look at the “grand scheme of things” including social problems such as drug abuse and unenmployment.

“There’s no one reason” for mass attacks, Brolin told reporters. “There will always be violence in movies. And whether it lends (itself) to the one psychotic that’s out there thinking the worst thoughts you can possibly think is always going to be a mystery.”

Details of the Aurora multiplex shooting that left 12 dead and 58 wounded during a showing of the new Batman film were relived this week at a preliminary hearing of the accused gunman, former grad student James Holmes.

ACTORS RESEARCHED ROLES WITH THEIR CHARACTERS’ FAMILIES

“Gangster,” based on the non-fiction book of the same name by Paul Lieberman, depicts a battle between a small group of Los Angeles cops who secretly take on Cohen and his crew to wrestle away control of the city from Cohen’s mob.

Former Los Angeles Police Department homicide detective Will Beall wrote the script to the film, which also stars Emma Stone, Nick Nolte, Anthony Mackie, Giovanni Ribisi and Michael Pena.

Rather than dwelling on connections drawn by others to real-life tragedies, Fleischer sought to underscore positive themes.

“I think this movie is about people standing up for their beliefs, doing what’s right,” he said. “It’s a celebration of these cops who rid L.A. of organized crime of vice and corruption.”

And, he added, “It’s to honor the memory of these police officers who stood up for justice and didn’t allow crime to overtake the city.”

Brolin, a seventh-generation Californian who plays a cop based on an actual police sergeant named John O’Mara, said he spoke with O’Mara’s daughter to glean some insights about the man before creating “a composite character.”

His own father, 72-year old actor James Brolin, visited the set and recounted to his son personal stories from his days as a 9-year-old boy in Los Angeles during that era and going to the backdoors of Sunset Strip nightclubs “looking for Mickey Cohen.”

Gosling also had a chance to speak to relatives of his character, Sergeant Jerry Wooters, and learned “a lot of great stories and lot of great details” from Wooters’ children.

“Apparently when he ashed his cigarettes, he would ash in the cuff of his pants, and at the end of the day he would dump out his cuffs and dump out all his ashes,” Gosling said.

Still, no one ever expected the kind of eerie parallels that occurred between the movie’s theater-shooting scene and the real gun violence on July 20, when a man armed with a semi-automatic rifle a shotgun and a pistol walked into midnight screening of the “The Dark Knight Rises” and sprayed the audience with bullets.

In an interview with Reuters TV, Brolin said the scene in question in “Gangster Squad” was “bizarrely similar” to the Aurora event, and praised Warner Bros. for replacing the scene.

“The fact that is was as parallel as it was, I think there was no way to keep it in,” he said.

“The Aurora shooting was an unspeakable tragedy, and out of respect for the families of the victims, we felt it was necessary to reshoot that sequence,” Fleischer said.

“I’m proud of the fact that we did that. I think that we didn’t compromise the film or our intent.”

(Editing by Cynthia Osterman)

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Americans Under 50 Fare Poorly on Health Measures, New Report Says

Younger Americans die earlier and live in poorer health than their counterparts in other developed countries, with far higher rates of death from guns, car accidents and drug addiction, according to a new analysis of health and longevity in the United States.

Researchers have known for some time that the United States fares poorly in comparison with other rich countries, a trend established in the 1980s. But most studies have focused on older ages, when the majority of people die.

The findings were stark. Deaths before age 50 accounted for about two-thirds of the difference in life expectancy between males in the United States and their counterparts in 16 other developed countries, and about one-third of the difference for females. The countries in the analysis included Canada, Japan, Australia, France, Germany and Spain.

The 378-page study by a panel of experts convened by the Institute of Medicine and the National Research Council is the first to systematically compare death rates and health measures for people of all ages, including American youths. It went further than other studies in documenting the full range of causes of death, from diseases to accidents to violence. It was based on a broad review of mortality and health studies and statistics.

The panel called the pattern of higher rates of disease and shorter lives “the U.S. health disadvantage,” and said it was responsible for dragging the country to the bottom in terms of life expectancy over the past 30 years. American men ranked last in life expectancy among the 17 countries in the study, and American women ranked second to last.

“Something fundamental is going wrong,” said Dr. Steven Woolf, chairman of the Department of Family Medicine at Virginia Commonwealth University, who led the panel. “This is not the product of a particular administration or political party. Something at the core is causing the U.S. to slip behind these other high-income countries. And it’s getting worse.”

Car accidents, gun violence and drug overdoses were major contributors to years of life lost by Americans before age 50.

The rate of firearm homicides was 20 times higher in the United States than in the other countries, according to the report, which cited a 2011 study of 23 countries. And though suicide rates were lower in the United States, firearm suicide rates were six times higher.

Sixty-nine percent of all American homicide deaths in 2007 involved firearms, compared with an average of 26 percent in other countries, the study said. “The bottom line is that we are not preventing damaging health behaviors,” said Samuel Preston, a demographer and sociologist at the University of Pennsylvania, who was on the panel. “You can blame that on public health officials, or on the health care system. No one understands where responsibility lies.”

Panelists were surprised at just how consistently Americans ended up at the bottom of the rankings. The United States had the second-highest death rate from the most common form of heart disease, the kind that causes heart attacks, and the second-highest death rate from lung disease, a legacy of high smoking rates in past decades. American adults also have the highest diabetes rates.

Youths fared no better. The United States has the highest infant mortality rate among these countries, and its young people have the highest rates of sexually transmitted diseases, teen pregnancy and deaths from car crashes. Americans lose more years of life before age 50 to alcohol and drug abuse than people in any of the other countries.

Americans also had the lowest probability over all of surviving to the age of 50. The report’s second chapter details health indicators for youths where the United States ranks near or at the bottom. There are so many that the list takes up four pages. Chronic diseases, including heart disease, also played a role for people under 50.

“We expected to see some bad news and some good news,” Dr. Woolf said. “But the U.S. ranked near and at the bottom in almost every heath indicator. That stunned us.”

There were bright spots. Death rates from cancers that can be detected with tests, like breast cancer, were lower in the United States. Adults had better control over their cholesterol and high blood pressure. And the very oldest Americans — above 75 — tended to outlive their counterparts.

The panel sought to explain the poor performance. It noted the United States has a highly fragmented health care system, with limited primary care resources and a large uninsured population. It has the highest rates of poverty among the countries studied.

Education also played a role. Americans who have not graduated from high school die from diabetes at three times the rate of those with some college, Dr. Woolf said. In the other countries, more generous social safety nets buffer families from the health consequences of poverty, the report said.

Still, even the people most likely to be healthy, like college-educated Americans and those with high incomes, fare worse on many health indicators.

The report also explored less conventional explanations. Could cultural factors like individualism and dislike of government interference play a role? Americans are less likely to wear seat belts and more likely to ride motorcycles without helmets.    

The United States is a bigger, more heterogeneous society with greater levels of economic inequality, and comparing its health outcomes to those in countries like Sweden or France may seem lopsided. But the panelists point out that this country spends more on health care than any other in the survey. And as recently as the 1950s, Americans scored better in life expectancy and disease than many of the other countries in the current study.

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