Here’s a link to the article: http://news.yahoo.com/s/afp/20100802/ts_alt_afp/healthusfoodcancermeat
The article states that increased nitrate and nitrite consumption ups N-nitroso compounds which cause tumors. It says that people (in this particular study) who consumed the most nitrates and nitrite compounds had a 28 or 29% higher chance of developing bladder cancer. They specifically point out that these compounds are associated with red meat cold cuts.
Be careful what you eat; go for natural over processed as much as you can.