The big story of this year's election campaign is big money. Since the Supreme Court, through its Citizens United ruling, has made it easier for corporations, unions and rich individuals to raise and spend unlimited amounts of money, Republicans have seized the advantage.
Right now, an analysis by NPR finds that Republican allied groups are outspending their Democratic counterparts by 8 to 1.
"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."
That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.
Venezuela's President Hugo Chavez arrives atop a truck at the elections office in Caracas on Monday. Chavez addressed thousands of supporters as he formalized his re-election bid. Chavez's younger daughter Rosines is by his side, and on his right is his brother Adan.
Credit Ariana Cubillos / AP
Thousands of Chavez followers took to the streets of Caracas for Monday's rally.
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Federal authorities arrested seven people, today, in connection with what authorities say was a multi-million dollar money laundering operation run by Mexican drug cartel Los Zetas.
The scheme allegedly used the millions earned through the illicit drug trade to purchase, train, breed and race American quarter horses in the United States. The Department of Justice said 14 had been indicted; among them is Zetas leader Miguel Ángel Treviño Morales and his brothers Oscar Omar Treviño Morales and José Treviño-Morales.
Elinor Ostrom, the only woman ever to win an economics Nobel, died today at age 78.
She was famous for challenging an idea known as the tragedy of the commons — the theory that, in the absence of government intervention, people will inevitably overuse a shared resource.
So, for example, if a village shares a pasture, it's in the individual interest of each farmer to graze his cattle as much as possible on the pasture even though, in the long run, overgrazing may ruin the pasture for everyone.
Democrats knew that they would be disadvantaged under the new campaign finance rules created by the Supreme Court. But the disparity between the amount of money Republicans can raise in unlimited anonymous donations and what the Democrats have been able to raise is huge.