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Congressional audits of monetary policy could “cause the markets and the public to lose confidence in the independence of the judgments of the Federal Reserve,” Alvarez told the House Financial Services Committee today in response to a question from Representative Dennis Moore, a Kansas Democrat. Alvarez said in his prepared remarks the audits would probably “chill” the central bank’s discussions on interest rates.

Fed Chairman Ben S. Bernanke and his colleagues are trying to persuade lawmakers not to pass legislation sponsored by Representative Ron Paul of Texas that would repeal the central bank’s immunity to audits of monetary policy. Fed officials used emergency powers to protect creditors of Bear Stearns Cos. and American International Group Inc. during the financial crisis, prompting congressional scrutiny.

“We don’t want to give the rest of the world or, more important, domestic investors the impression that we are somehow in a formal way injecting Congress into the setting of monetary policy,” said Representative Barney Frank, a Massachusetts Democrat and chairman of the committee. “That could have a very destabilizing effect.”

Violators could be charged with a misdemeanor and could face up to a year in jail or a $25,000 penalty, Barthold wrote on JCT letterhead. He signed it “Sincerely, Thomas A. Barthold.”

An underwater camera also showed pictures of orange barrels, with the word “toxic” on their side.

The boat lies in 500m of water off the south-western coast of Italy.

Officials say they believe the vessel may have been sunk by the Calabrian mafia as part of a racket to make money out of the waste disposal industry.

It was discovered after a mafia informant told the authorities he was involved in an operation to destroy vessels at sea containing radioactive and other waste.

Local prosecutors say it is possible some of the crew were either unaware of the intention to sink the ship or were deliberately killed by the mafia.

He says they will only know for sure once the ship has been recovered.

The mafia informant says he personally sank two other vessels and that he knew of at least 30 more ships sabotaged by the mafia.

According to an annual report released by the four federal bank-regulatory agencies on Thursday, credit quality deteriorated to record levels this year.

The report said total identified losses of $53.3 billion in 2009 surpassed last year’s total of $2.6 billion, and nearly tripled the previous peak in 2002, when losses totaled $19.1 billion.

“While we expected a year-over-year increase in problem assets, given the weak economic environment, declining (commercial real estate) values, and previously weak underwriting, we were surprised by the magnitude of the increase,” wrote FBR Capital Markets analyst Scott Valentin in a research note to clients Friday.

Since 2007, banks have been crushed by mounting losses tied to real estate. Rising mortgage defaults since have helped push the U.S. into a recession. While the economic downturn was first pegged to residential mortgage loans, banks and lenders are now having problems with commercial real estate.

The report, called the Shared National Credits Review program, is prepared and jointly released by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The report defines a “shared national credit” as any loan or formal loan commitment of at least $20 million that was financed by three or more banks.

Total loans across the institutions reviewed in 2009 was $2.9 trillion. The study looked at 8,955 loans given to about 5,900 different borrowers.

They all have had breast cancer — a disease that strikes fewer than 2,000 men in the United States a year, compared with about 200,000 women. Each has had part of his chest removed as part of his treatment, along with chemotherapy, radiation or both.

And they blame their time at Camp Lejeune, where government records show drinking water was contaminated with high levels of toxic chemicals for three decades, for their illnesses.

“We come from all walks of life,” said Mike Partain, the son and grandson of Marines, who was born on the base 40 years ago. “And some of us have college degrees, some of us have blue-collar jobs. We are all over the country. And what is our commonality? Our commonality is that we all at some point in our lives drank the water at Camp Lejeune. Go figure.”

Starting in 1980, tests showed drinking water at Camp Lejeune had been “highly contaminated” with solvents. Several wells that supplied water to the base were found to have been contaminated in 1984 and 1985, and were promptly taken out of service after the pollutants were found, the Marine Corps told CNN.

Among the chemicals later identified in the drinking water were trichloroethylene, a degreaser; benzene; and the dry cleaning solvent perchloroethylene. Two independent studies have found no link between water contamination and later illnesses, according to the Marine Corps. But the men facing a debilitating and possibly lethal disease don’t buy it.

Hosam Maher Husein Smadi was arrested Thursday after he parked a vehicle laden with government-supplied fake explosives in the underground parking garage of Fountain Place, a 60-story tower in the 1400 block of Ross Avenue at North Field Street, authorities said.

The arrest was part of an FBI sting operation that began after an agent monitoring an online extremist Web site discovered Smadi espousing jihad against the U.S. more than six months ago.

As more undercover Arabic-speaking agents engaged him, Smadi, living illegally in the U.S. in the small town of Italy, about 45 miles south of Dallas, pledged allegiance to Osama bin Laden and expressed a desire to kill Americans, authorities said.

In conversations with agents posing as members of an al-Qaeda sleeper cell, Smadi said he came to the U.S. to wage jihad, or holy war. He told agents he wanted to target military recruitment centers, but eventually settled on financial institutions.

“I want to destroy … targets … everything that helps America on its war on Arabs will be targeted,” he told undercover agents in May.

The sting culminated in Thursday’s arrest after Smadi parked a 2001 Ford Explorer Sport Trac, supplied by the FBI, in the garage of the emerald-green glass office tower that is home to many businesses, including a Wells Fargo Home Mortgage office.

Inside the SUV was a fake bomb, designed to appear similar to one used by Timothy McVeigh in the 1995 Oklahoma City bombing. Authorities say Smadi thought he could detonate it with a cellphone. After parking the vehicle, he got into another vehicle with one of the agents, and they drove several blocks away.

“This is some evidence that has been floated. It hasn’t been validated yet, it’s very preliminary,” cautioned Dr. Don Low, microbiologist-in-chief at Mount Sinai Hospital in Toronto.

“This is obviously important data to help guide policy decisions. How can we best protect people against influenza?”

It’s important to validate the information, which has not been peer reviewed, to make sure it’s not just a fluke, and that the observation is confirmed elsewhere such as in the Southern Hemisphere, which just completed its seasonal flu season, or in the U.S. and UK.

Sure, you could say all of us do this to some extent. We save digital pictures from family events and keep tons of e-mail.

But Bell, who is 75 years old, takes the idea of digital memory to a sci-fi-esque extreme. He carries around video equipment, cameras and audio recorders to capture his conversations, commutes, trips and experiences. Microsoft is working on a SenseCam that would hang around a person’s neck and automatically capture every detail of life in photo form. Bell has given that a whirl. He also saves everything — from restaurant receipts (he take pictures of them) to correspondence, bills and medical records. He makes PDF files out of every Web page he views.

In sum, this mountain of data — more than 350 gigabytes worth, not including the streaming audio and video — is a replica of Bell’s biological memory. It’s actually better, he says, because, if you back up your data in enough places, this digitized “e-memory” never forgets. It’s like having a multimedia transcript of your life.

Sonic weapons or long-range acoustic devices have been used by the US military overseas, notably against Somali pirates and Iraqi insurgents.

But US security forces turned the piercing sound on their own citizens yesterday to widespread outrage. Pittsburgh officials told the New York Times that it was the first time “sound cannon” had been used publicly.

The sonic weapon appear to be more effective than the Metropolitan police’s highly contentious kettling tactics used against G20 protesters in London. But it is equally controversial.