******** $2.00 centralbanks ...online.wsj.com/public/resources/documents/pageone112214.pdfbenghazi,...

1
YELLOW VOL. CCLXIV NO. 123 ******** SATURDAY/SUNDAY, NOVEMBER 22 - 23, 2014 HHHH $2.00 WSJ.com WEEKEND Automation Makes Us Dumb REVIEW Your Thanksgiving Game Plan OFF DUTY n China’s central bank and the ECB moved to pump up flagging global growth, boost- ing stock markets but raising new questions about the lim- its of monetary policy. A1, A8 n Stocks staged a global rally. The Dow and S&P 500 hit highs despite some hesitancy among U.S. investors. The blue chips rose 91.06 points to 17810.06. B1 n The FCC’s auction of wire- less-spectrum licenses has col- lected $34 billion in bids, a likely windfall for taxpayers. A1 n Some European legisla- tors, with German backing, are preparing a draft resolution calling for Google’s breakup. B3 n Dow Chemical agreed to add two directors proposed by Daniel Loeb to its board, qui- eting the activist investor. B3 n Four years after the Deepwater Horizon disaster, big new oil projects are return- ing to the Gulf of Mexico. B1 n The New York Fed’s chief, at a Senate hearing, defended the regulator’s oversight of large financial firms. B2 n Royal Bank of Scotland admitted to errors in the data it submitted to last month’s European “stress tests.” B2 n Aereo filed for Chapter 11, months after the Supreme Court dealt it a fatal blow in its fight with broadcasters. B3 n Aviva announced plans for an $8.8 billion takeover of Friends Life Group. B2 What’s News i i i Business & Finance World-Wide i i i CONTENTS Books ................. C5-18,22 Corporate News... B1,3-4 Eating................. D1,10-12 Gear & Gadgets D15-16 Heard on Street....... B14 Letters to Editor .... A12 Opinion................... A11-13 Sports............................ A14 Stock Listings... B12-13 Style & Fashion.... D2-4 Travel........................... D6-7 Weather Watch...... B13 Wknd Investor ...... B7-9 s Copyright 2014 Dow Jones & Company. All Rights Reserved > Inside NOONAN A13 The Nihilist In the White House U .S. Justice Department personnel are disguising themselves as Mexican Ma- rines to take part in armed raids against drug suspects in Mexico, an escalation of American involvement. A1 n House Republican leaders sought to convey anger over Obama’s immigration changes without letting that ire spiral into a government shutdown. GOP leaders also filed suit over the health-care law. A4 n Western negotiators may offer more concessions to Iran to reach an agreement on its nuclear program. A6 n Biden warned Russia of further isolation should the Kremlin fail to encourage peace in eastern Ukraine. A7 n The IRS watchdog said it found emails that could be rele- vant to a probe of alleged target- ing of conservative groups. A5 n A House report on the 2012 Benghazi, Libya, attacks found no attempt by the administra- tion to mislead the public. A5 n Tunisians will vote on Sunday for their first demo- cratically elected president. A6 n A Brazilian corruption probe is raising questions about the oversight of proj- ects for the 2016 Olympics. A9 n Officials announced ground rules police will use during protests, as the Ferguson grand jury weighed charges. A5 U.S. Justice Department per- sonnel are disguising themselves as Mexican Marines to take part in armed raids against drug sus- pects in Mexico, according to people familiar with the matter, an escalation of American in- volvement in battling cartels that carries significant risk to U.S. personnel. Both the U.S. and Mexican governments have acknowledged in the past that American law- enforcement agencies operate in Mexico, providing intelligence support to Mexican military units battling the drug cartels. The countries have described the U.S. role as a supporting one only. In reality, said the people fa- miliar with the work, about four times a year the U.S. Marshals Service sends a handful of spe- cialists into Mexico who take up local uniforms and weapons to hide their role hunting suspects, including some who aren’t on a U.S. wanted list. They said agents from the Federal Bureau of Investigation and Drug En- forcement Administration play a supporting role, in similarly small numbers. The risks became clear on July 11, when Mexican Marines and a handful of U.S. Marshals personnel dressed as Mexican Marines were fired on as they walked through a remote field in Sinaloa state. One American was shot and wounded, and in the gunfight that followed, more than a half-dozen suspected car- tel soldiers were killed, accord- Please turn to page A9 BY DEVLIN BARRETT U.S. Raids Cartels as Mexican Marines Two major central banks moved Friday to pump up flag- ging global growth, sending stock markets soaring but rais- ing new questions about the limitations of a seven-year effort to use monetary policy to ad- dress economic problems. The People’s Bank of China announced a surprise reduction in benchmark lending and de- posit rates, the first cuts since 2012, after other measures to boost faltering growth fell short. Hours later, European Central Bank President Mario Draghi said the bank might take new measures to boost inflation, now near zero, his strongest signal yet that the ECB is getting closer to buying a broader swath of eurozone bonds. The moves came less than two weeks after the Bank of Ja- pan said it would ramp up its own securities-purchase pro- gram known as quantitative eas- ing, or QE, as the Japanese economy fell into recession. The twin steps Friday, half a world apart, sent global stock prices sharply higher, bolstered the U.S. dollar and boosted oil prices. The Shanghai Composite In- dex rose 1.4%, while Germany’s DAX index jumped 2.6%. The Dow Jones Industrial Average finished up 0.51%, and at 17810.06 is now closing in on the 18000 threshold that has never been surpassed. The Nik- kei rose 0.3%. Amid the flurry of central bank activity, the dollar was the winner among global currencies, rising 0.27% against a broad in- dex of other currencies to put it up 9% for the year. Though the moves toward easier money in Europe and Asia are good for investors, they come with multiple risks. They could perpetuate or spark asset bubbles, or stoke too much inflation if taken too far. Also, they don’t address struc- tural problems that policy mak- ers in each economy are strug- gling to fix. The steps, particularly in Eu- rope, represent a subtle endorse- ment of the Federal Reserve’s easy-money approach to postcri- sis economics, but come as the U.S. central bank shifts its own low-interest-rate policies. The Fed last month ended a six-year experiment with bond purchases, and it has begun talking about when to start raising short-term interest rates as the U.S. econ- omy improves, though those dis- cussions are early and rate in- Please turn to page A8 By Jon Hilsenrath in Washington, Brian Blackstone in Frankfurt and Lingling Wei in Beijing CentralBanks InNewPush ToPrimePump Stock Markets Rise on China, ECB Easy-Money Policies, but Risks Lurk Obama Makes Case as GOP Bristles Nick Oza/Associated Press Linda Interlichia arrived alone at her family’s Cape Cod vacation home a half-mile from the beach last fall. Her routine there had been un- changed for years: She opened the doors to let the breeze flow in from the marsh and sat on the deck in the afternoon, sipping a glass of Chardonnay. The second night, ease gave way to dread. Heavy pelvic bleeding left her faint, and the next morning, she drove herself to the emergency room. It was, she confided to her husband, Frank, among the most frightening episodes in her life. The hemorrhaging under control, she returned home to Rochester, N.Y., and saw her doctor the same week. To Mrs. Interlichia’s relief, her gynecologist, Wendy Dwyer, linked the bleeding to benign uter- BY JENNIFER LEVITZ AND JON KAMP ‘HOPES, DREAMS, PLANS’ Medical Device Sidelined Too Late to Save Some CAMBRIDGE, Mass.—In the 1970s, on this campus known for scientific innovation, Massachu- setts Institute of Technology students engineered a rather un- likely experiment: a football team. MIT had no intercollegiate football squad at the time. The student body in 1901 voted 119-117 to discontinue it. So one day in 1978, a group of MIT stu- dents huddled and created a team that would play its first game that fall. No one else at the school had any clue. There were times when field- ing a football team at MIT seemed like rocket science. The students wore uniforms that once belonged to another col- lege. They borrowed their play- book from a local high school. They were known as both the Beavers and the Engineers. Ei- ther way, they lost every game they played that year, and even one they didn’t play. But these football forefa- thers, who are no- where to be found in MIT’s record books, are now tak- ing their victory lap. The student club they created eventually became a university-run varsity team. This season, 36 years after winning no games, the Engi- neers are unde- feated and will make their first appearance in the National Col- legiate Athletic Association’s Di- vision III playoffs on Saturday. Art Aaron enrolled at MIT when the only competitive foot- ball there was played in an intra- mural league. The games were flag football, but the fraternity members of Sigma Alpha Epsilon and Lambda Chi Alpha would beat each other up when they took the field. “It’s a bit of an oxymoron,” said Mr. Aaron, a defensive end on the 1978 team, “but we were two of the jock fraternities at MIT.” They decided that MIT should play someone other than MIT. Bruce Wrobel, the starting quarter- back, plastered campus with post- ers for a potential student-run squad, known in college sports as a club- level team. More than 40 guys showed up for the first meet- ing. He and his teammates then attended a club-football con- vention and made deals to play seven games—six on the road and one on campus. They billed it as “MIT’s first home football game in 75 years.” Mr. Wrobel died in 2013. The players had another issue to tackle: None of MIT’s adminis- trators knew they had invented a football team. Soon, the club officers were summoned to a meeting with then-MIT President Jerry Please turn to page A5 BY BEN COHEN How MIT Engineered a Football Team Out of Scrap i i i In the Playoffs Now, They Started in Hand-Me-Downs; ‘3 point 14159!’ ine growths, she said, and offered an enticing solu- tion, a brochure extolling a robot-assisted hyster- ectomy through tiny incisions. “She slapped it on the table between us as we sat in her office like she was giving me a Christ- mas present,” Mrs. Interlichia said. “She said I’d be up and running—she knew I liked to jog—in three weeks with minimal scarring and pain,” she said. “I left thinking I didn’t have a care in the world.” But her problem wasn’t benign. It was an ag- gressive cancer, leiomyosarcoma, identified only after her surgery. And Dr. Dwyer had used a lap- aroscopic power morcellator, a tool inserted through an incision to cut up and remove the uterus. A morcellator can leave behind bits of malig- nant tissue that seed multiple new tumors, scien- Please turn to page A10 The Federal Communications Commission’s auction of wire- less spectrum licenses has col- lected $34 billion in bids, turn- ing what was expected to be a relatively sleepy affair into a likely windfall for taxpayers and an enormous commitment of capital for the carriers. The offers reflect the surge in wireless traffic as Americans increasingly watch YouTube vid- eos, stream music and share photos with their iPhone and Galaxy smartphones. Companies including Verizon Communica- tions Inc. and AT&T Inc. so far have met that demand by stitch- ing together smaller purchases of spectrum since the govern- ment’s last big auction in 2008. Now, they are paying up to buy the crucial resource in bulk. The auction, which is con- tinuing, is poised to become the most lucrative ever in the U.S. The interest surprised many an- alysts, some of whom expected it to bring in less than half the current total. The communica- tions industry had been more focused, said analysts, on a coming auction of spectrum now held by television broad- casters. That was recently pushed back to 2016, however, and there are concerns about further delays. “This is happening because spectrum is the critical raw ma- Please turn to the next page BY THOMAS GRYTA AND RYAN KNUTSON Wireless Carriers Bid Up U.S. Airwaves to Record CONFRONTATION: President Barack Obama defended giving millions of illegal immigrants a reprieve from deportation, speaking in Las Vegas Friday as House Republican leaders sought to convey their anger without letting it spiral into a government shutdown. A4 Steps by China, Europe ............ A8 Global rally in stocks................... B1 Heard on the Street.................. 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Page 1: ******** $2.00 CentralBanks ...online.wsj.com/public/resources/documents/pageone112214.pdfBenghazi, Libya, attacks found no attempt by the administra-tion to mislead the public. A5

YELLOW

VOL. CCLXIV NO. 123 * * * * * * * *

SATURDAY/SUNDAY, NOVEMBER 22 - 23, 2014

HHHH $2 .00

WSJ.com

WEEKEND

AutomationMakes Us

Dumb

REVIEW

YourThanksgivingGamePlanOFF DUTY

n China’s central bank andthe ECB moved to pump upflagging global growth, boost-ing stock markets but raisingnew questions about the lim-its of monetary policy.A1, A8n Stocks staged a global rally.The Dow and S&P 500 hit highsdespite some hesitancy amongU.S. investors. The blue chipsrose 91.06 points to 17810.06. B1nThe FCC’s auction of wire-less-spectrum licenses has col-lected $34 billion in bids, alikely windfall for taxpayers. A1n Some European legisla-tors, with German backing, arepreparing a draft resolutioncalling for Google’s breakup. B3n Dow Chemical agreed toadd two directors proposed byDaniel Loeb to its board, qui-eting the activist investor. B3n Four years after theDeepwater Horizon disaster,big new oil projects are return-ing to the Gulf of Mexico. B1n The New York Fed’s chief,at a Senate hearing, defendedthe regulator’s oversight oflarge financial firms. B2n Royal Bank of Scotlandadmitted to errors in the datait submitted to last month’sEuropean “stress tests.” B2n Aereo filed for Chapter 11,months after the SupremeCourt dealt it a fatal blow inits fight with broadcasters. B3n Aviva announced plansfor an $8.8 billion takeoverof Friends Life Group. B2

What’sNews

i i i

Business&Finance

World-Wide

i i i

CONTENTSBooks................. C5-18,22Corporate News... B1,3-4Eating................. D1,10-12Gear & Gadgets D15-16Heard on Street.......B14Letters to Editor.... A12

Opinion................... A11-13Sports............................ A14Stock Listings... B12-13Style & Fashion.... D2-4Travel........................... D6-7Weather Watch...... B13Wknd Investor...... B7-9

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

InsideNOONAN A13

The NihilistIn the

White House

U .S. Justice Departmentpersonnel are disguising

themselves as Mexican Ma-rines to take part in armedraids against drug suspectsin Mexico, an escalation ofAmerican involvement. A1nHouse Republican leaderssought to convey anger overObama’s immigration changeswithout letting that ire spiralinto a government shutdown.GOP leaders also filed suitover the health-care law. A4nWestern negotiators mayoffer more concessions toIran to reach an agreementon its nuclear program. A6n Biden warned Russia offurther isolation should theKremlin fail to encouragepeace in eastern Ukraine. A7n The IRS watchdog said itfound emails that could be rele-vant to a probe of alleged target-ing of conservative groups. A5nA House report on the 2012Benghazi, Libya, attacks foundno attempt by the administra-tion to mislead the public. A5n Tunisians will vote onSunday for their first demo-cratically elected president. A6n A Brazilian corruptionprobe is raising questionsabout the oversight of proj-ects for the 2016 Olympics. A9nOfficials announced groundrules police will use duringprotests, as the Fergusongrand jury weighed charges. A5

U.S. Justice Department per-sonnel are disguising themselvesas Mexican Marines to take partin armed raids against drug sus-pects in Mexico, according topeople familiar with the matter,an escalation of American in-volvement in battling cartelsthat carries significant risk toU.S. personnel.

Both the U.S. and Mexicangovernments have acknowledgedin the past that American law-enforcement agencies operate inMexico, providing intelligencesupport to Mexican militaryunits battling the drug cartels.The countries have described theU.S. role as a supporting oneonly.

In reality, said the people fa-miliar with the work, about fourtimes a year the U.S. MarshalsService sends a handful of spe-cialists into Mexico who take uplocal uniforms and weapons tohide their role hunting suspects,including some who aren’t on aU.S. wanted list. They saidagents from the Federal Bureauof Investigation and Drug En-forcement Administration play asupporting role, in similarlysmall numbers.

The risks became clear onJuly 11, when Mexican Marinesand a handful of U.S. Marshalspersonnel dressed as MexicanMarines were fired on as theywalked through a remote field inSinaloa state. One American wasshot and wounded, and in thegunfight that followed, morethan a half-dozen suspected car-tel soldiers were killed, accord-

PleaseturntopageA9

BY DEVLIN BARRETT

U.S.RaidsCartels asMexicanMarines

Two major central banksmoved Friday to pump up flag-ging global growth, sendingstock markets soaring but rais-ing new questions about thelimitations of a seven-year effortto use monetary policy to ad-dress economic problems.

The People’s Bank of Chinaannounced a surprise reductionin benchmark lending and de-posit rates, the first cuts since2012, after other measures toboost faltering growth fell short.Hours later, European CentralBank President Mario Draghisaid the bank might take newmeasures to boost inflation, nownear zero, his strongest signalyet that the ECB is gettingcloser to buying a broader swathof eurozone bonds.

The moves came less thantwo weeks after the Bank of Ja-pan said it would ramp up itsown securities-purchase pro-gram known as quantitative eas-ing, or QE, as the Japaneseeconomy fell into recession.

The twin steps Friday, half aworld apart, sent global stockprices sharply higher, bolsteredthe U.S. dollar and boosted oilprices.

The Shanghai Composite In-dex rose 1.4%, while Germany’s

DAX index jumped 2.6%. TheDow Jones Industrial Averagefinished up 0.51%, and at17810.06 is now closing in onthe 18000 threshold that hasnever been surpassed. The Nik-kei rose 0.3%.

Amid the flurry of centralbank activity, the dollar was thewinner among global currencies,rising 0.27% against a broad in-dex of other currencies to put itup 9% for the year.

Though the moves towardeasier money in Europe andAsia are good for investors,they come with multiple risks.They could perpetuate or sparkasset bubbles, or stoke toomuch inflation if taken too far.Also, they don’t address struc-tural problems that policy mak-ers in each economy are strug-gling to fix.

The steps, particularly in Eu-rope, represent a subtle endorse-ment of the Federal Reserve’seasy-money approach to postcri-sis economics, but come as theU.S. central bank shifts its ownlow-interest-rate policies. TheFed last month ended a six-yearexperiment with bond purchases,and it has begun talking aboutwhen to start raising short-terminterest rates as the U.S. econ-omy improves, though those dis-cussions are early and rate in-

PleaseturntopageA8

By Jon Hilsenrath inWashington, Brian

Blackstone in Frankfurtand LinglingWei in

Beijing

CentralBanksInNewPushToPrimePumpStock Markets Rise on China, ECBEasy-Money Policies, but Risks Lurk

Obama Makes Case as GOP Bristles

NickOza/A

ssociatedPress

Linda Interlichia arrived alone at her family’sCape Cod vacation home a half-mile from thebeach last fall. Her routine there had been un-changed for years: She opened the doors to let thebreeze flow in from the marsh and sat on the deckin the afternoon, sipping a glass of Chardonnay.

The second night, ease gave way to dread.Heavy pelvic bleeding left her faint, and the nextmorning, she drove herself to the emergencyroom.

It was, she confided to her husband, Frank,among the most frightening episodes in her life.The hemorrhaging under control, she returnedhome to Rochester, N.Y., and saw her doctor thesame week.

To Mrs. Interlichia’s relief, her gynecologist,Wendy Dwyer, linked the bleeding to benign uter-

BY JENNIFER LEVITZ AND JON KAMP

‘HOPES, DREAMS, PLANS’

Medical Device SidelinedToo Late to Save Some

CAMBRIDGE, Mass.—In the1970s, on this campus known forscientific innovation, Massachu-setts Institute of Technologystudents engineered a rather un-likely experiment: a footballteam.

MIT had no intercollegiatefootball squad at the time. Thestudent body in 1901 voted119-117 to discontinue it. So oneday in 1978, a group of MIT stu-dents huddled and created ateam that would play its firstgame that fall. No one else at theschool had any clue.

There were times when field-ing a football team at MITseemed like rocket science. Thestudents wore uniforms thatonce belonged to another col-lege. They borrowed their play-book from a local high school.They were known as both theBeavers and the Engineers. Ei-ther way, they lost every gamethey played that year, and evenone they didn’t play.

But these football forefa-

thers, who are no-where to be foundin MIT’s recordbooks, are now tak-ing their victorylap. The studentclub they createdeventually becamea university-runvarsity team. Thisseason, 36 yearsafter winning nogames, the Engi-neers are unde-feated and will make their firstappearance in the National Col-legiate Athletic Association’s Di-vision III playoffs on Saturday.

Art Aaron enrolled at MITwhen the only competitive foot-ball there was played in an intra-mural league. The games wereflag football, but the fraternitymembers of Sigma Alpha Epsilonand Lambda Chi Alpha wouldbeat each other up when theytook the field.

“It’s a bit of an oxymoron,”said Mr. Aaron, a defensive end onthe 1978 team, “but we were twoof the jock fraternities at MIT.”

They decidedthat MIT shouldplay someoneother than MIT.Bruce Wrobel, thestarting quarter-back, plasteredcampus with post-ers for a potentialstudent-run squad,known in collegesports as a club-level team. Morethan 40 guys

showed up for the first meet-ing. He and his teammates thenattended a club-football con-vention and made deals to playseven games—six on the roadand one on campus. They billedit as “MIT’s first home footballgame in 75 years.” Mr. Wrobeldied in 2013.

The players had another issueto tackle: None of MIT’s adminis-trators knew they had invented afootball team.

Soon, the club officers weresummoned to a meeting withthen-MIT President Jerry

PleaseturntopageA5

BY BEN COHEN

How MIT Engineered a Football Team Out of Scrapi i i

In the Playoffs Now, They Started in Hand-Me-Downs; ‘3 point 14159!’

ine growths, she said, and offered an enticing solu-tion, a brochure extolling a robot-assisted hyster-ectomy through tiny incisions.

“She slapped it on the table between us as wesat in her office like she was giving me a Christ-mas present,” Mrs. Interlichia said.

“She said I’d be up and running—she knew Iliked to jog—in three weeks with minimal scarringand pain,” she said. “I left thinking I didn’t have acare in the world.”

But her problem wasn’t benign. It was an ag-gressive cancer, leiomyosarcoma, identified onlyafter her surgery. And Dr. Dwyer had used a lap-aroscopic power morcellator, a tool insertedthrough an incision to cut up and remove theuterus.

A morcellator can leave behind bits of malig-nant tissue that seed multiple new tumors, scien-

PleaseturntopageA10

The Federal CommunicationsCommission’s auction of wire-less spectrum licenses has col-lected $34 billion in bids, turn-ing what was expected to be arelatively sleepy affair into alikely windfall for taxpayers andan enormous commitment ofcapital for the carriers.

The offers reflect the surgein wireless traffic as Americansincreasingly watch YouTube vid-eos, stream music and sharephotos with their iPhone andGalaxy smartphones. Companiesincluding Verizon Communica-tions Inc. and AT&T Inc. so farhave met that demand by stitch-ing together smaller purchases

of spectrum since the govern-ment’s last big auction in 2008.Now, they are paying up to buythe crucial resource in bulk.

The auction, which is con-tinuing, is poised to become themost lucrative ever in the U.S.The interest surprised many an-alysts, some of whom expectedit to bring in less than half thecurrent total. The communica-tions industry had been morefocused, said analysts, on acoming auction of spectrumnow held by television broad-casters. That was recentlypushed back to 2016, however,and there are concerns aboutfurther delays.

“This is happening becausespectrum is the critical raw ma-

Pleaseturntothenextpage

BY THOMAS GRYTAAND RYAN KNUTSON

Wireless Carriers BidUpU.S. Airwaves to Record

CONFRONTATION: President Barack Obama defended giving millionsof illegal immigrants a reprieve from deportation, speaking in LasVegas Friday as House Republican leaders sought to convey theiranger without letting it spiral into a government shutdown. A4 Steps by China, Europe............ A8

Global rally in stocks................... B1 Heard on the Street.................. B14

800-SPRINT-1 | sprint.com/holiday

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PhoneOffer: $649.99 - $200 instant savings = $449.99 final price. Offer ends12/1/14. While supplies last. Activ. Fee: $36/line. Sprint Easy Pay: Offer ends12/1/14. Req. 24-mo. installment agreement, 0% APR & qualifying device &service plan. Credit approval req. Device pricing for well-qualified buyers.Monthly payment terms for all others will vary and a down payment may berequired. Down payment, unfinanced portion and sales tax (on full purchaseprice) due at purchase. Early Termination of Sprint Easy Pay/Service: Ifyou cancel wireless service, remaining balance on device becomes due.Other Terms: Offers and coverage not available everywhere or for allphones/networks. Restrictions apply. See store or sprint.com for details.© 2014 Sprint. All rights reserved.

This Black Friday, save $200 on theSamsung Galaxy S®5 with Sprint EasyPaySM. Switch now and pair it with theSprint Family Share Pack, the BestValue in Wireless. It all starts onlineThanksgiving Day and continuesthrough Monday online and in-store.

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