News Analysis: A Debate on Coated Aspirins and Aspirin Resistance

Millions of Americans take low-dose aspirin every day to prevent heart attacks and strokes. But a study published last week challenges some cherished beliefs about the familiar remedy, leaving some consumers to wonder if they should throw out their coated pills and others concerned that they unnecessarily may be taking expensive substitutes.

The study, published in the journal Circulation, by researchers at the University of Pennsylvania, tested 400 healthy people for evidence that aspirin did not work in them, a phenomenon called “aspirin resistance.” Aspirin prevents blood platelets from sticking together, which can lead to heart attacks and strokes. Previous studies have estimated that anywhere from 5 to 40 percent of the population is resistant to aspirin’s effects.

But the study essentially found that the condition doesn’t exist: they could not document a single case of true aspirin resistance in their sample. What had appeared to be aspirin resistance, they said, actually was caused by the coating commonly used on aspirin pills intended to protect the stomach. The coating slowed the drug’s absorption into the body.

The study didn’t evaluate whether coated aspirin was less likely to prevent heart attacks or strokes, said Dr. Garret FitzGerald, one of the authors. And people who took the coated aspirin in his study eventually showed a response to it.

But people who seek out coated aspirin may be doing so unnecessarily, he said, especially since previous studies have not consistently shown that the coating even prevents gastric problems.

“There’s no rationale for you to be on coated aspirin,” said Dr. FitzGerald, who is a cardiologist and chairman of pharmacology at the University of Pennsylvania.

Some cardiologists have begun advising patients to seek out uncoated aspirin because other studies have suggested that the uncoated type may be more effective. But finding it isn’t so easy. Even cheaper store brands, like those sold by CVS and Wal-Mart, come with a so-called enteric coating. One of the few uncoated aspirins on the market is St. Joseph’s chewable variety — the old orange-flavored baby aspirin.

But other experts, like Dr. Steven E. Nissen, a cardiologist at the Cleveland Clinic, see no real harm in taking coated aspirin, which is cheap and readily available. Many major studies of aspirin have been conducted using the coated variety.

The new study also calls into question the very idea of aspirin resistance. Testing for the condition became more widespread in the early 2000s, as expensive prescription alternatives like the blood thinner Plavix (also called clopidogrel) gained popularity. Many cardiologists suspected that the timing was not a coincidence.

“Before clopidogrel, we had never heard of aspirin resistance,” said Dr. Sanjay Kaul, a cardiologist at Cedars-Sinai Medical Center in Los Angeles. “It seemed to be that this was driven mostly by marketing considerations.” The new study raises the possibility that many patients may have been falsely told that aspirin doesn’t work on them, Dr. Kaul and other experts said.

The University of Pennsylvania study was partially financed by Bayer, the world’s largest manufacturer of branded aspirin, much of which is coated. In a statement, Bayer challenged some of the study’s conclusions and methods, and also said there was evidence that the enteric coating can reduce gastric side effects.

Critics of Dr. FitzGerald’s study also argue that he should have studied aspirin resistance in patients with conditions like heart disease, rather than in healthy people.

But even these critics acknowledge that testing for resistance is probably not worthwhile. Dr. Nissen, who is critical of Dr. FitzGerald’s study, doesn’t test his patients for aspirin resistance. But he said he would be reluctant to switch a patient from another drug back to aspirin now if a test had previously shown they were aspirin-resistant. Changing treatments is always risky, he said.

“If the patient is not bleeding, is not having a complication, am I going to take it away?” Dr. Nissen wondered. “That’s the dilemma we face.”

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Euro Watch: Italian Political Turmoil Weighs on Markets

ROME — Italian bond and stock prices fell on Monday after a weekend of political turmoil in Italy gave rise to fears that the country was headed for renewed instability.

Shares of Italian banks, which are big holders of their government’s bonds, were among the hardest hit.

The action came on the first day of trading after Prime Minister Mario Monti said over the weekend that he would soon step down after Silvio Berlusconi’s party pulled its support from the government. Mr. Berlusconi, Mr. Monti’s predecessor, has said that he will run again for prime minister.

Mr. Berlusconi, a four-time prime minister, left office a year ago as markets pushed Italy to the brink of financial collapse. Mr. Monti, an economist who was appointed as his temporary successor, has restored Italy’s credibility with investors, who have given the country a break on its borrowing costs. But those gains have come at the cost of painful austerity measures that have given Mr. Berlusconi an opening to attack.

The Milan benchmark index, MIB, fell more than 2 percent on Monday. Italian banks, which as big holders of government bonds remain sensitive to declines in the prices of those bonds, were among the big losers. Intesa Sanpaolo, the most active stock, fell 5.7 percent, as did Unicredit.

Mr. Monti, who joined other leaders in Oslo on Monday to receive the Nobel Peace Prize awarded to the European Union, said at a news conference that the market reactions “need not be dramatized.”

“I am confident that the Italian elections,” he said, will result in a government “that will be responsible and oriented toward the E.U. and this will be in line with efforts the Italian government has made so far.”

The decline in bond prices sent their yields, or interest rates, higher — an indicator of the Italian government’s borrowing costs. The spread between interest rates on Italian 10-year sovereign bonds and equivalent German securities, the European benchmark for safety, grew to 3.5 percentage points on Monday. That was up from 3.25 points late Friday, suggesting that investors were growing more wary of holding Italian debt.

The Italian 10-year bonds, for which the yield spiked to a dangerous high above 7 percent this year, ended Monday’s trading at 4.8 percent, up 29 basis points. A basis point is one-hundredth of a percent.

Bonds of Spain, which is the other big economy of concern in the euro zone, also came under renewed pressure on Monday, following Mr. Monti’s announcement.

A barometer of euro zone blue-chip stocks, the Euro Stoxx 50 index, fell 0.2 percent.

A dismal economic report on Monday served as a reminder that despite Mr. Monti’s success with investors, the real economy continues to suffer. Italian industrial production fell a seasonally adjusted 1.1 percent in October from September, and by 6.2 percent from a year earlier, Istat, the national statistics agency, reported from Rome.

Some analysts said they believed that Mr. Berlusconi’s re-emergence as a political leader had as much to do with spooking investors as Mr. Monti’s unexpected decision to resign. Nicholas Spiro, managing director of Spiro Sovereign Strategy, a research firm, wrote Monday in a note that Mr. Berlusconi remained “the bogeyman of investors,” who “epitomizes the dysfunctional nature of Italian politics.”

Angela Merkel, the German chancellor, was to meet on Monday with Mr. Monti on the sidelines of the Nobel ceremony, said Georg Streiter, a spokesman for the chancellor.

Ms. Merkel pushed to have Mr. Monti succeed Mr. Berlusconi. But she ended up facing Mr. Monti’s own economic reform ideas, which focused more on growth and job creation than the austere fiscal discipline championed by Ms. Merkel.

As a rule, the German government does not comment on its partners’ domestic politics, but Foreign Minister Guido Westerwelle warned that an attempt to scale back Italy’s reform push could result in further destabilization in the euro zone.

“Italy cannot remain stagnant on two-thirds of its reform process,” Mr. Westerwelle said through a spokesman. “This would throw not only Italy, but the rest of Europe, into turbulence.”

On Monday, the interest rate spread of Spanish 10-year bonds over equivalent German bonds rose to 4.27 percentage points from 4.16 points on Friday. The yield on the benchmark Spanish 10-year rose 10 basis points to 5.5 percent; it reached 7.1 percent in July amid concerns that Spain would be forced into a full bailout after having to negotiate a €100 billion, or $129 billion, rescue package for its banks in June.

Luis de Guindos, the Spanish economy minister, warned that Italy’s political turmoil would have an impact on his country.

“When doubts emerge over the stability of a neighboring country like Italy, which is also seen as vulnerable, there’s an immediate contagion for us,” he said Monday morning on Spanish national radio.

Asked whether Spain would itself seek further European rescue funding, he instead said, “The help that Spain needs is that the doubts over the future of the euro be removed.”

Speaking before the Nobel ceremony on Monday, the European Commission president, José Manuel Barroso, said Italy must “continue on the road of structural reforms.” The elections, Mr. Barroso said on Sky News, “must not be used to postpone reforms.”

David Jolly reported from Paris. Raphael Minder contributed reporting from Madrid and Melissa Eddy from Berlin.

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Top 10 Tech This Week

1. Here Comes the First Real Alternative to iPhone and Android

Jolla, a Finnish startup, launched a new mobile OS called Sailfish, which the company believes will become a legitimate alternative to the Coke and Pepsi of smartphone platforms: Apple’s iOS and Google’s Android. Learn more about the new OS.

Click here to view this gallery.

[More from Mashable: Jimmy Fallon and Mariah Carey Take on ‘All I Want For Christmas Is You’]

It’s been awhile since the big tech companies launched products in time for the holiday shopping season. So this week, tech news has mostly been filled with cool scientific developments and — of course — drones.

We learned about Swiss researchers who created an underwater drone that resembles a sea turtle, and a father who built a DIY drone to track his kid walking from home to the bus each morning.

[More from Mashable: News Corp. Kills ‘The Daily’]

This week, we also took a look at new innovations: One groups of scientists created the lightbulb of the future, and another team built the largest-ever model of a functioning brain.

There was also plenty of mobile news. Read up on a new Finnish mobile OS that aims to be the alternative to iOS and Android, and about a Casio watch that syncs with your iPhone.

For these stories and more, check out this week’s Top 10 Tech gallery, above.

This story originally published on Mashable here.

Wireless News Headlines – Yahoo! News

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Shintaro Ishihara, Right-Wing Japanese Politician, Makes Gains

TOKYO — Shintaro Ishihara has been a rare, flamboyant presence in Japan’s otherwise drab political world for four decades. A novelist turned right-wing firebrand, he has long held celebrity status on the political margins, where he was known for dramatic flourish. He once signed a pact in blood to oppose diplomatic ties with China because of its communist government, and he published a book at the height of Japan’s economic power that lectured his countrymen on the need to end what he considered its postwar servility to the United States.

Now, at 80, Mr. Ishihara is leading a newly formed populist party and has emerged as a contender for prime minister, vowing to turn Japan into a more independent, possibly nuclear-armed nation. While political analysts deem him a long shot, they say the fact that he has gotten this far after decades of pushing what was seen as a fringe agenda is a worrying sign of how desperate this nation is for strong leadership after years of cascading troubles.

With his promises to restore Japan’s battered national pride, Mr. Ishihara has staked out an even more stridently nationalistic position than the current front-runner, Shinzo Abe, the leader of the conservative Liberal Democratic Party, who has called for revising Japan’s pacifist constitution. Analysts worry that if Mr. Ishihara succeeds in his bid to become prime minister, he could weaken relations with the United States, yank Japan to the right and damage ties with China, which is already angered by his almost single-handedly rekindling a territorial dispute over an island chain.

But even in the likely event that Mr. Ishihara loses, they say, his campaign could still have a lasting effect, bringing patriotic populism into the political mainstream of a nation that has shunned such open jingoism since its devastating defeat in World War II.

“This election will be a test of whether Japan is really losing its dovishness,” said Takeshi Sasaki, a politics professor at Gakushuin University in Tokyo. “There is so much irritation at how everything seems to be going wrong, and Japan is losing its pride. Politicians on the right like Ishihara and Abe are trying to fan these flames.”

The rise of the two hard-liners has already contributed to hand-wringing among liberals who are anxious that the foreboding sense that Japan is fast becoming an international has-been has left the Japanese vulnerable to long-suppressed nationalism. Even those who call those fears overblown acknowledge that anti-China feelings, which could be easily exploited, are rising as that country eclipses Japan, builds a formidable military and makes its territorial ambitions clear.

From Mr. Ishihara’s vantage point, those geopolitical realities make now the perfect time for Japan to put him in charge.

“Here I am, the old man who has run amok!” he bellowed to a wave of applause at a recent campaign appearance in front of Shinjuku train station in Tokyo. “I am 80 years old, and I am standing here because I want to break through the indecisive and barren politics that is stifling Japan!”

A tall, bespectacled figure, Mr. Ishihara spent most of his short speech emphasizing what has become the central campaign message of his Japan Restoration Party: offering forceful leadership to end Japan’s long political drift by breaking the grip of bureaucrats and vested interests.

Much of the party’s message, however, has become vintage Ishihara. He goes further than Mr. Abe, calling for an outright scrapping of Japan’s antiwar constitution, written by its postwar American occupiers. He still speaks about ending what he sees as political and cultural subservience to the United States and pledges to resist Chinese territorial appetites, promising to build permanent structures on the disputed islands in a move likely to further antagonize China.

“I cannot allow myself to die until my Japan, which has been made a fool of by China, and seduced as a mistress by the United States, is able to stand up again as a stronger, more beautiful nation,” Mr. Ishihara said last month to reporters, explaining why he resigned after 13 years as Tokyo’s governor to return to national politics. He did so after being asked to lead the fledgling Restoration Party’s slate in this month’s parliamentary election by its founder, the popular mayor of Osaka who did not yet want to run for national office.

So far, polls show that Mr. Ishihara has only limited appeal. His party’s approval ratings are in the low teens, about the same as the unpopular incumbent Democratic Party, but below Mr. Abe’s Liberal Democrats, who poll only slightly better, at around 20 percent. Polls also show that more than half of voters disapprove of Mr. Ishihara and of scrapping the antiwar clause of Japan’s constitution.

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RG3 hurt, but Redskins top Ravens 31-28 in OT

LANDOVER, Md. (AP) — With the Washington Redskins trailing the Baltimore Ravens by eight late in regulation, Robert Griffin III sprained his right knee at the end of a 13-yard scramble. He left for one play, returned for four but was literally hopping around on the field.

Eventually, he fell to the turf and could no longer continue.

Fellow rookie Kirk Cousins stepped in and finished RG3's work, hitting Pierre Garcon for an 11-yard touchdown pass with 29 seconds remaining and then running in the 2-point conversion. Yet another rookie, Richard Crawford, returned a punt 64 yards in overtime to set up Kai Forbath's 34-yard field goal to give Washington a 31-28 victory.

The Redskins (7-6) won their fourth straight game, putting more pressure on the New York Giants in the race for the NFC East title. The Ravens (9-4) missed an opportunity to clinch an AFC playoff berth and ended a 15-game winning streak following a loss, dropping back-to-back games for the first time since 2009.

Griffin completed 15 of 26 passes for 246 yards with one touchdown and ran seven times for 34 yards. Cousins was a clutch 2 for 2 — back-to-back to Leonard Hankerson for 15 yards and 11 yards to Garcon for the score after Griffin left the second time.

The Ravens got the ball to start overtime but went three-and-out. Crawford, getting a chance to handle punts for the first time after a disappointing set of games from Brandon Banks, had the big return to Baltimore's 24-yard line, putting the Redskins easily within the range of Forbath, who hasn't missed in 14 attempts in his debut NFL season.

Another major Redskins rookie contributor was Alfred Morris, who ran for 122 yards on 23 carries with a touchdown.

Joe Flacco completed 16 of 21 passes for 182 yards for the Ravens, who took a 28-20 lead on Ray Rice's 7-yard touchdown run with 4:47 to play.

Rice finished with 121 yards on 20 carries, and third-round pick Pierce had a season-high 53 yards. Anquan Boldin, who passed the 10,000-yard receiving mark, caught two touchdown passes and set up a third with a 28-yard catch-and-tiptoe-run down the sideline.

Griffin was coming off quite a week — including a Monday night win over the Giants and a donation of his jersey and cleats to the Hall of Fame for breaking the NFL single-season record for rushing yards by a rookie quarterback — but both he and Flacco struggled after halftime as both defenses buckled down after a breakneck first half.

After 15 minutes of play, Washington already had 186 yards — the most by any NFL team in the first quarter this season and the most by the franchise since 1997. The Ravens led 21-14 at halftime, but a pair of turnovers by Flacco were converted into field goals to pull the Redskins within one.

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Follow Joseph White on Twitter: http://twitter.com/JGWhiteAP

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Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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New Taxes to Take Effect to Fund Health Care Law

WASHINGTON — For more than a year, politicians have been fighting over whether to raise taxes on high-income people. They rarely mention that affluent Americans will soon be hit with new taxes adopted as part of the 2010 health care law.

The new levies, which take effect in January, include an increase in the payroll tax on wages and a tax on investment income, including interest, dividends and capital gains. The Obama administration proposed rules to enforce both last week.

Affluent people are much more likely than low-income people to have health insurance, and now they will, in effect, help pay for coverage for many lower-income families. Among the most affluent fifth of households, those affected will see tax increases averaging $6,000 next year, economists estimate.

To help finance Medicare, employees and employers each now pay a hospital insurance tax equal to 1.45 percent on all wages. Starting in January, the health care law will require workers to pay an additional tax equal to 0.9 percent of any wages over $200,000 for single taxpayers and $250,000 for married couples filing jointly.

The new taxes on wages and investment income are expected to raise $318 billion over 10 years, or about half of all the new revenue collected under the health care law.

Ruth M. Wimer, a tax lawyer at McDermott Will & Emery, said the taxes came with “a shockingly inequitable marriage penalty.” If a single man and a single woman each earn $200,000, she said, neither would owe any additional Medicare payroll tax. But, she said, if they are married, they would owe $1,350. The extra tax is 0.9 percent of their earnings over the $250,000 threshold.

Since the creation of Social Security in the 1930s, payroll taxes have been levied on the wages of each worker as an individual. The new Medicare payroll is different. It will be imposed on the combined earnings of a married couple.

Employers are required to withhold Social Security and Medicare payroll taxes from wages paid to employees. But employers do not necessarily know how much a worker’s spouse earns and may not withhold enough to cover a couple’s Medicare tax liability. Indeed, the new rules say employers may disregard a spouse’s earnings in calculating how much to withhold.

Workers may thus owe more than the amounts withheld by their employers and may have to make up the difference when they file tax returns in April 2014. If they expect to owe additional tax, the government says, they should make estimated tax payments, starting in April 2013, or ask their employers to increase the amount withheld from each paycheck.

In the Affordable Care Act, the new tax on investment income is called an “unearned income Medicare contribution.” However, the law does not provide for the money to be deposited in a specific trust fund. It is added to the government’s general tax revenues and can be used for education, law enforcement, farm subsidies or other purposes.

Donald B. Marron Jr., the director of the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution, said the burden of this tax would be borne by the most affluent taxpayers, with about 85 percent of the revenue coming from 1 percent of taxpayers. By contrast, the biggest potential beneficiaries of the law include people with modest incomes who will receive Medicaid coverage or federal subsidies to buy private insurance.

Wealthy people and their tax advisers are already looking for ways to minimize the impact of the investment tax — for example, by selling stocks and bonds this year to avoid the higher tax rates in 2013.

The new 3.8 percent tax applies to the net investment income of certain high-income taxpayers, those with modified adjusted gross incomes above $200,000 for single taxpayers and $250,000 for couples filing jointly.

David J. Kautter, the director of the Kogod Tax Center at American University, offered this example. In 2013, John earns $160,000, and his wife, Jane, earns $200,000. They have some investments, earn $5,000 in dividends and sell some long-held stock for a gain of $40,000, so their investment income is $45,000. They owe 3.8 percent of that amount, or $1,710, in the new investment tax. And they owe $990 in additional payroll tax.

The new tax on unearned income would come on top of other tax increases that might occur automatically next year if President Obama and Congress cannot reach an agreement in talks on the federal deficit and debt. If Congress does nothing, the tax rate on long-term capital gains, now 15 percent, will rise to 20 percent in January. Dividends will be treated as ordinary income and taxed at a maximum rate of 39.6 percent, up from the current 15 percent rate for most dividends.

Under another provision of the health care law, consumers may find it more difficult to obtain a tax break for medical expenses.

Taxpayers now can take an itemized deduction for unreimbursed medical expenses, to the extent that they exceed 7.5 percent of adjusted gross income. The health care law will increase the threshold for most taxpayers to 10 percent next year. The increase is delayed to 2017 for people 65 and older.

In addition, workers face a new $2,500 limit on the amount they can contribute to flexible spending accounts used to pay medical expenses. Such accounts can benefit workers by allowing them to pay out-of-pocket expenses with pretax money.

Taken together, this provision and the change in the medical expense deduction are expected to raise more than $40 billion of revenue over 10 years.

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As Recovery Inches Ahead, Banks Face a New Reckoning

The nation’s largest banks are facing a fresh torrent of lawsuits asserting that they sold shoddy mortgage securities that imploded during the financial crisis, potentially adding significantly to the tens of billions of dollars the banks have already paid to settle other cases.

Regulators, prosecutors, investors and insurers have filed dozens of new claims against Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and others, related to more than $1 trillion worth of securities backed by residential mortgages.

Estimates of potential costs from these cases vary widely, but some in the banking industry fear they could reach $300 billion if the institutions lose all of the litigation. Depending on the final price tag, the costs could lower profits and slow the economic recovery by weakening the banks’ ability to lend just as the housing market is showing signs of life.

The banks are battling on three fronts: with prosecutors who accuse them of fraud, with regulators who claim that they duped investors into buying bad mortgage securities, and with investors seeking to force them to buy back the soured loans.

“We are at an all-time high for this mortgage litigation,” said Christopher J. Willis, a lawyer with Ballard Spahr.

Efforts by the banks to limit their losses could depend on the outcome of one of the highest-stakes lawsuits to date — the $200 billion case that the Federal Housing Finance Agency, which oversees the housing twins Fannie Mae and Freddie Mac, filed against 17 banks last year, claiming that they duped the mortgage finance giants into buying shaky securities.

Last month, lawyers for some of the nation’s largest banks descended on a federal appeals court in Manhattan to make their case that the agency had waited too long to sue. A favorable ruling could overturn a decision by Judge Denise L. Cote, who is presiding over the litigation and has so far rejected virtually every defense raised by the banks, and would be cheered in bank boardrooms. It could also allow the banks to avoid federal housing regulators’ claims.

At the same time, though, some major banks are hoping to reach a broad settlement with housing agency officials, according to several people with knowledge of the talks. Although the negotiations are at a very tentative stage, the banks are broaching a potential cease-fire.

As the housing market and the nation’s economy slowly recover from the 2008 financial crisis, Wall Street is vulnerable on several fronts, including tighter regulations assembled in the aftermath of the crisis and continuing investigations into possible rigging of a major international interest rate. But the mortgage lawsuits could be the most devastating and expensive, bank analysts say.

“All of Wall Street has essentially refused to deal with the real costs of the litigation that they are up against,” said Christopher Whalen, a senior managing director at Tangent Capital Partners. “The real price tag is terrifying.”

Anticipating painful costs from mortgage litigation, the five major sellers of mortgage-backed securities set aside $22.5 billion as of June 30 just to cushion themselves against demands that they repurchase soured loans from trusts, according to an analysis by Natoma Partners.

But in the most extreme situation, the litigation could empty even more well-stocked reserves and weigh down profits as the banks are forced to pay penance for the subprime housing crisis, according to several senior officials in the industry.

There is no industrywide tally of how much banks have paid since the financial crisis to put the mortgage litigation behind them, but analysts say that future settlements will dwarf the payouts so far. That is because banks, for the most part, have settled only a small fraction of the lawsuits against them.

JPMorgan Chase and Credit Suisse, for example, agreed last month to settle mortgage securities cases with the Securities and Exchange Commission for $417 million, but still face billions of dollars in outstanding claims.

Bank of America is in the most precarious position, analysts say, in part because of its acquisition of the troubled subprime lender Countrywide Financial.

Last year, Bank of America paid $2.5 billion to repurchase troubled mortgages from Fannie Mae and Freddie Mac, and $1.6 billion to Assured Guaranty, which insured the shaky mortgage bonds.

But in October, federal prosecutors in New York accused the bank of perpetrating a fraud through Countrywide by churning out loans at such a fast pace that controls were largely ignored. A settlement in that case could reach well beyond $1 billion because the Justice Department sued the bank under a law that could allow roughly triple the damages incurred by taxpayers.

Bank of America’s attempts to resolve some mortgage litigation with an umbrella settlement have stalled. In June 2011, the bank agreed to pay $8.5 billion to appease investors, including the Federal Reserve Bank of New York and Pimco, that lost billions of dollars when the mortgage securities assembled by the bank went bad. But the settlement is in limbo after being challenged by investors. Kathy D. Patrick, the lawyer representing investors, has said she will set her sights on Morgan Stanley and Wells Fargo next.

Of the more than $1 trillion in troubled mortgage-backed securities remaining, Bank of America has more than $417 billion from Countrywide alone, according to an analysis of lawsuits and company filings. The bank does not disclose the volume of its mortgage litigation reserves.

“We have resolved many Countrywide mortgage-related matters, established large reserves to address these issues and identified a range of possible losses beyond those reserves, which we believe adequately addresses our exposures,” said Lawrence Grayson, a spokesman for Bank of America.

Adding to the legal fracas, the New York attorney general, Eric T. Schneiderman, accused Credit Suisse last month of perpetrating an $11.2 billion fraud by deceiving investors into buying shoddy mortgage-backed securities. According to the complaint, the bank dismissed flaws in the loans packaged into securities even while assuring investors that the quality was sound. The bank disputes the claims.

It is the second time that Mr. Schneiderman — who is also co-chairman of the Residential Mortgage-Backed Securities Working Group, created by President Obama in January — has taken aim at Wall Street for problems related to the subprime mortgage morass. In October, he filed a civil suit in New York State Supreme Court against Bear Stearns & Company, which JPMorgan Chase bought in 2008. The complaint claims that Bear Stearns and its lending unit harmed investors who bought mortgage securities put together from 2005 through 2007. JPMorgan denies the allegations.

Another potentially costly headache for the banks are the demands from a number of private investors who want the banks to buy back securities that violated representations and warranties vouching for the loans.

JPMorgan Chase told investors that as of the second quarter of this year, it was contending with more than $3.5 billion in repurchase demands. In the same quarter, it received more than $1.5 billion in fresh demands. Bank of America reported that as of the second quarter, it was dealing with more than $22 billion in unresolved demands, more than $8 billion of which were received during that quarter.

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Are Online Degrees as Valuable as Traditional College Diplomas?

Millennials are the first generation to grow up with constant technology and personal computers. That might explain why they see such a value in online education.

A recent poll by Northeastern University showed that 18 to 29 year olds had a more negative view about attending college because of the high cost, and a more positive opinion about online classes than their older counterparts. The survey also showed more than half of the millennials had taken an online course.

Online education is attracting hundreds of thousands of students a year. Perhaps this is why more brick-and-mortar universities are searching for an online identity.

This week Wellesley College announced that it will offer free online classes to anyone with an Internet connection as part of the nonprofit project edX. Earlier this year, Harvard University and Massachusetts Institute of Technology teamed up to fund and launch the online platform.

More: Harvard and MIT Want to Educate You for Free

Online education was even the talk in Washington this week when a group of panelists convened to discuss Massive Open Online Courses (MOOC), which is an open source network like edX. These courses are very much like correspondence classes in the early 20th century.

But there are still those universities that only exist in a virtual world and students pay to attend. Are they as beneficial to students as attending a two- or four-year college?

“It depends at what level and what subject,” says Isabelle Frank, dean of Fordham College of Liberal Studies. “In general, fully online degrees are not valued as highly as degrees from brick-and-mortar institutions. This is because online-only universities do not have the faculty quality and interaction that occurs with full-time faculty and secure positions.”

She says that Fordham has online master programs and some online courses, but the model is “that of a small seminar style class with a lot of faculty feedback and involvement.”

Just like a physical college, a quality online education depends on the institution.

For example, students at Arizona State University’s W. P. Carey School of Business take online classes and communicate with other students around the world—something students 25 years ago couldn’t have dreamed of doing.

“This affords the opportunity to learn leadership, team-building and managerial skills by solving problems and coordinating efforts for projects through the process of establishing real-time meetings, coordinating time zones and dealing with potential language issues,” Sher Downing, executive director of online academic services at the W. P. Carey School of Business at Arizona State University, said. “This value cannot be mirrored as easily in a traditional classroom, and for many companies with offices located around the world, this is a valuable skill, when the workforce is required to handle these types of situations.”

Downing said that students can save money by taking online classes because they no longer have to commute, live on or near a campus or relocate.

The millennials surveyed by Northeastern University are keen to take online courses. In fact, nine in 10 said online classes should be used as a tool and mixed with other teaching methods. The poll also found that students want flex­i­bility, which is exactly what online colleges offer.

Employers may not yet see an online degree in the same light as a traditional university but that is likely to change in the near future. It may just be that millennials, who don’t want to go in debt for an education like some of their parents did, are just a bit ahead of educators and employers.

Related Stories on TakePart:

• Top Universities Want You to Take Free Online Classes in Your Pajamas

• Military Gives ‘F’ to Online Diplomas

• 2012 List: The Most Expensive Colleges in America

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Suzi Parker is an Arkansas-based political and cultural journalist whose work frequently appears in The Washington Post and The Christian Science Monitor. She is the author of two books. @SuziParker | TakePart.com 

Linux/Open Source News Headlines – Yahoo! News

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President Mohamed Morsi of Egypt Said to Prepare Martial Law Decree

Tara Todras-Whitehill for The New York Times

Egyptian protesters stood next to a destroyed barricade near the presidential palace in Cairo on Saturday. More Photos »

CAIRO — Struggling to quell street protests and political violence, President Mohamed Morsi is moving to impose a version of martial law by calling on the armed forces to keep order and authorizing soldiers to arrest civilians, Egyptian state media announced Saturday.

If Mr. Morsi goes through with the plan, it would represent a historic role reversal. For decades, Egypt’s military-backed authoritarian presidents had used martial law to hold on to power and to punish Islamists like Mr. Morsi, who spent months in jail under a similar decree.

A turn back to the military would also come just four months after Mr. Morsi managed to pry political power out of the hands of the country’s powerful generals, who led a transitional government after the ouster of the longtime strongman Hosni Mubarak.

The flagship state newspaper Al Ahram reported that Mr. Morsi “will soon issue a decision for the participation of the armed forces in the duties of maintaining security and protection of vital state institutions.” The military would maintain its expanded role until the completion of a referendum on a draft constitution next Saturday and the election of a new Parliament expected two months after that.

Imposing martial law would represent the steepest escalation yet in the political battle between Egypt’s new Islamist leaders and their secular opponents over the Islamist-backed draft constitution — a standoff that has already threatened to derail Egypt’s promised transition to a constitutional democracy.

Calling in the army could overcome the danger of protests or violence that might disrupt the planned referendum and the parliamentary election. But resorting to the military to secure the vote could undermine Mr. Morsi’s hopes that a strong vote for the constitution would be seen as a sign of national consensus that could help end the political crisis over the Islamist-backed charter.

Mr. Morsi has not yet formally issued the order reported in Al Ahram, raising the possibility that the newspaper announcement was intended as a warning to his opponents. Although the plan would not fully suspend the civil law, it would nonetheless have the effect of suspending legal rights by empowering soldiers under the control of the defense minister to try civilians in military courts.

There was no sign of military tanks in the streets on Saturday evening, but the military appeared for now to back Mr. Morsi. Soon after the news of the plans, a military spokesman read a statement over state television that echoed the reports of Mr. Morsi’s planned decree.

The military “realizes its national responsibility for maintaining the supreme interests of the nation and securing and protecting the vital targets, public institutions, and the interests of the innocent citizens,” the spokesman said, emphasizing the “sorrow and concern” over recent developments and warning of “divisions that threaten the state of Egypt.”

“Dialogue is the best and sole way to reach consensus that achieves the interests of the nation and the citizens,” the spokesman said. “Anything other than that puts us in a dark tunnel with drastic consequences, which is something that we will not allow.”

Moataz Abdel-Fattah, a former adviser to Egypt’s transitional prime minister who is close to Defense Minister Abdul Fattah el-Sisi, suggested that the generals might have prompted Mr. Morsi to announce the possibility of martial law as a warning to all the political factions to end the crisis.

“The military is saying, ‘Do not let things get so bad that we have to intervene,’ ” Mr. Abdel-Fattah said. “In the short term it is good for President Morsi, but in the long run they are also saying, ‘We belong to the people, and not Mr. Morsi or his opponents.’ ”

The military’s return to the streets at Mr. Morsi’s request would be a turn of events that was almost unimaginable when he took office in June.

The top generals had pushed for months to maintain a role in Egyptian politics and to limit the president’s powers — in part, their supporters argued, as a safeguard against an Islamist takeover.

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Cowboy charged after player dies in auto accident

IRVING, Texas (AP) — Dallas Cowboys practice-squad linebacker Jerry Brown was killed in a one-car accident Saturday and teammate Josh Brent was charged with intoxication manslaughter.

Irving police spokesman John Argumaniz said the accident happened about 2:20 a.m. Saturday in the Dallas suburb. Brent was speeding when the vehicle hit a curb and flipped at least once, Argumaniz said.

Argumaniz says the 25-year-old Brown was found unresponsive at the scene and pronounced dead at a hospital.

The police spokesman said officers conducted a field sobriety test on Brent and arrested him. The charge was upgraded after Brown was pronounced dead.

"We are deeply saddened by the news of this accident and the passing of Jerry Brown," Cowboys owner Jerry Jones said in a statement released by the team. "At this time, our hearts and prayers and deepest sympathies are with the members of Jerry's family and all of those who knew him and loved him."

The team said in a statement that Brent was not on the team flight to Cincinnati, where the Cowboys play the Bengals on Sunday.

Argumaniz said Brent is being held without bond. Brent is named as Joshua Price-Brent in the police news release. Argumaniz also said Brent missed a 10 a.m. Saturday booking session with a judge because he was intoxicated. He does not know if Brent has an attorney.

Brent, who played football at the University of Illinois, was arrested in February 2009 near campus for driving under the influence, driving on a suspended license and speeding, according to Champaign County, Ill., court records.

In June 2009, Brent pleaded guilty to DUI and was sentenced to 60 days in jail, two years of probation, 200 hours of community service and a fine of about $2,000. As part of his plea deal, prosecutors dropped one count of aggravated DUI/no valid driver's license. Brent successfully completed his probation in July 2011, court records show.

The accident happened a week after another NFL tragedy. Chiefs linebacker Jovan Belcher killed his girlfriend and then committed suicide on Dec. 1.

Brent has played in all 12 games this season and has been a bigger presence on defense with starting nose guard Jay Ratliff battling injuries. He made his first career start the season opener against the New York Giants and has 35 tackles and 1½ sacks.

The Cowboys signed Brown to their practice squad Oct. 24, but he hasn't been on the active roster.

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Associated Press Writers Mike Gracyzk in Houston and Sara Burnett in Chicago contributed to this report.

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