Here is an article from an organization called The Cancer Project.
http://www.cancerproject.org
http://www.cancerproject.org/media/news/hotdog_warning.php
Warning: Consuming Hot Dogs and Other Processed Meats Increases the Risk of Cancer
Just as tobacco causes lung cancer, processed meats are linked to colon cancer. Like cigarettes, hot dogs should come with a warning label that helps consumers understand the health risk.
In March 2009, the National Cancer Institute published a study of more than half a million people showing that red and processed meat consumption is associated with a higher risk of dying of cancer and cardiovascular disease.
In 2007, the American Institute for Cancer Research published a landmark report showing that just one 50-gram serving of processed meat (about the amount in one hot dog) consumed daily increases the risk of colorectal cancer, on average, by 21 percent. Every year, about 150,000 Americans are diagnosed with colorectal cancer and approximately 50,000 die of it. Children are at particular risk as lifelong eating habits are established during childhood.
From a scientific standpoint, the situation with processed meat and cancer is very much like tobacco and lung cancer: There are hundreds of chemicals in tobacco smoke, and exactly which ones present the greatest risk has never been entirely clear. Processed meats contain fat, especially saturated fat, as well as lots of cholesterol and salt. The nitrites often used as a preservative can produce compounds that are suspected carcinogens. The bottom line is that science has tied processed meat consumption to increased cancer risk. That’s why hot dogs should be avoided.
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And here is another article discussing a recent lawsuit that has been filed against Hot Dog manufacturers regarding this: