Planet Money
8:59 am
Fri May 11, 2012

JP Morgan's $2 Billion Loss, Explained

Chris McGrath Getty Images

Originally published on Fri May 11, 2012 10:17 am

What just happened?

JPMorgan Chase, the biggest bank in America, announced that it lost $2 billion on a massive trade placed out of its London office.

What was the trade?

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Shots - Health Blog
8:13 am
Fri May 11, 2012

FDA Gets Advice To Approve First Pill To Cut HIV Infections

Gilead Sciences' Truvada is a step closer to being approved as a way to prevent HIV infection.
Paul Sakuma AP

Originally published on Fri May 11, 2012 9:31 am

In what could mark a watershed in the fight against HIV/AIDS, a panel of experts recommended that the Food and Drug Administration give a green light to a pill that can cut the risk of infections.

The daily pill, Truvada, made by Gilead Sciences, combines two medicines that inhibit the reproduction of HIV. It's already approved as a treatment for HIV, but its use could soon expand to include protection of uninfected people.

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The Two-Way
7:18 am
Fri May 11, 2012

JPMorgan 'Rogue Trader' Losses Send Chills Through Markets

Originally published on Fri May 11, 2012 9:46 am

"It was a bad strategy. It was badly executed."

The words of JPMorgan Chase's CEO, Jamie Dimon, as he admitted late yesterday that the investment bank — or, more precisely, a single "rogue trader" working for the bank, had lost some $2 billion in the last six weeks in risky hedge-fund trades.

The news has sent chills through the markets. Shares of JPMorgan Chase, the largest U.S. bank, lost 7 percent in after-hours trading and British bank Barclays lost 2.9 percent, while more than 2 percent was shaved from Royal Bank of Scotland.

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Business
5:11 am
Fri May 11, 2012

Freddie Mac Names Retired JPMorgan Official CEO

Mortgage broker Freddie Mac named Donald Layton as its new chief executive officer. Layton worked for JPMorgan Chase for nearly 30 years before retiring in 2004.

Around the Nation
5:10 am
Fri May 11, 2012

Alaska Man To Make Uninhabited Island His Home

Charles Baird will be alone on the island for one year. He'll able to send short text messages, but won't be receiving any. By freeing himself from all media, he expects to have enough time to make a documentary about himself.

Around the Nation
4:58 am
Fri May 11, 2012

18-Month-Old Girl Turns Up On No-Fly List

Originally published on Fri May 11, 2012 5:10 am

JetBlue Airways apologized after removing a passenger from her flight because she was on a no-fly list. The passenger looks innocent enough — maybe because she's 18 months old. Her mother told WPBF-TV in Florida that the idea her daughter is a threat was "absurd" and "made no sense."

Election 2012
4:44 am
Fri May 11, 2012

Romney Apologizes For High School Bullying Incident

Originally published on Fri May 11, 2012 5:10 am

Mitt Romney's presidential campaign is in damage control mode after an article in The Washington Post accused the candidate of bullying in high school. Romney says he does not remember the incidents. Several of his classmates independently recall him going after students who seemed different, vulnerable or effeminate.

Business
3:29 am
Fri May 11, 2012

JPMorgan Chase Loses $2 Billion In Risky Trades

Originally published on Fri May 11, 2012 5:10 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

DAVID GREENE, HOST:

And I'm David Greene. Good morning.

JPMorgan Chase has acknowledged losing at least $2 billion over the last six weeks in an investment strategy that went awry. The losses are a big embarrassment to a bank that's usually seen as one of the best-managed on Wall Street. And the incident is already prompting new calls for tighter restrictions on bank trading.

NPR's Jim Zarroli reports.

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Business
3:14 am
Fri May 11, 2012

Business News

Originally published on Fri May 11, 2012 5:17 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with Sony hitting a three-decade low.

(SOUNDBITE OF MUSIC)

INSKEEP: Sony shares fell to their lowest level since 1980 on Japan's Nikkei stock exchange today. That drop follows yesterday's report that the company suffered a net loss of $5.7 billion for the last fiscal year. The once dominant tech company has fallen behind other industry giants like Samsung and Apple, and has seen especially heavy losses in its TV division. Transcript provided by NPR, Copyright NPR.

Business
3:14 am
Fri May 11, 2012

The Last Word In Business

Originally published on Fri May 11, 2012 5:40 am

According to a survey by the National Retail Federation, mothers will be treated to a little more this holiday. All told, American consumers are expected to spend about $18.6 billion on the moms, stepmoms or grandmas in their lives.

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