The reporter who last year broke the news that former Penn State assistant football coach Jerry Sandusky had been accused of sexually abusing young boys today helps answer some very interesting questions:
The largest bank in the U.S., JPMorgan Chase, this morning released its second quarter results. It's net income was $5 billion, but it turns out that loses in a failed hedging strategy involving a secretive trader were much higher than what the bank originally said the loss would be. In fact, JPMorgan lost $4.4 billion last quarter on those risky trades.
As NPR's Yuki Noguchi reports, that's not the full extent of the firm's damage.
The grim numbers vary and independent observers haven't yet been able to get to the scene. But there's word from Syria of what may be the single worst day of bloodshed so far in what's become a long line of such horrible events since protests against the regime of President Bashar Assad began in March 2011:
Good morning. I'm Steve Inskeep. People in Beirut are sick of political protests across the country. Protesters have been blocking highways with burning tires. So there was only one thing to do. Yesterday, they held a protest using tires against protests using tires. Instead of burning the tires in the street, they painted the tires many colors. The protesters held up signs reading: We are tired. And a police officer refused to ticket them, saying, their tires are pretty. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.
Originally published on Fri July 13, 2012 12:30 pm
Though it suffered an estimated $4.4 billion second-quarter loss related to its bungled trading in some very risky types of investments, JPMorgan Chase said this morning that it still did well enough in its other businesses that it had net income of $5 billion in those three months.
This Friday the 13th, fans of horror films and hobbits, science fiction and fantasy are descending upon the San Diego Convention Center. They're gathering for the annual explosion of pop culture fandom that is Comic-Con. One of the biggest phenomena in pop culture at the moment will be making an appearance, and it's not a man of steel or a boy slinging webs.
It's a 40-something woman who writes... wait for it... steamy romance.
The ancient desert town of Timbuktu is under assault in the west African nation of Mali. Islamist forces have taken over much of northern Mali where Timbuktu is located. One group, allied with al-Qaida, has begun systematically destroying Shrines that celebrate ancient Muslim saints. Human Rights Watch Senior Researcher Corinne Dufka talks to Renee Montagne about the destruction.
This is MORNING EDITION from NPR News. I'm Renée Montagne.
STEVE INSKEEP, HOST:
And I'm Steve Inskeep. Good morning. China's economic growth has slowed down to a three-year low. That's according to new figures released today. The numbers matter to us because of the way the world economy is so interconnected. Americans import a lot from China, sure, but have also been working to boost exports to other nations, including China.
NPR's Louisa Lim joins us from Beijing to make sense of the latest news. Hi, Louisa.
NPR's business news starts with a warning about LIBOR.
It came years ago. We now know that Treasury Secretary Tim Geithner pointed out problems with the way that London's key interest rates were set. He did this in 2008, in the midst of the financial crisis at the time he was head of the New York Federal Reserve.
And the biggest bank in the U.S., JPMorgan Chase, says it has lost $4.4 billion from its failed hedging strategy involving a secretive trader. That's more than twice the bank's earlier estimate. The company released its second-quarter earnings report this morning, and NPR's Jim Zarroli is with us now to talk about them. Jim, what is the company telling investors this morning about that money?
Some future news now. The Olympics begin two weeks from today in London, and we can already tell you the likely big winners. China will take the most gold medals, followed by the U.S. and host country, Great Britain. Team USA will win the most overall medals, followed by China and Russia.
Freddie Wood stands at the counter of the Wood & Swink general store in Evinston, Fla.
The Wood & Swink general store sits near the crossroads of two county roads. Wilma Sue Wood, who was Evinston's postmaster for 32 years, says the town's 150 or so residents visit to hear news: "Who's had a baby; who's died."
The store also sells produce from the Woods' farm.
Evinston's post office is on a U.S. Postal Service list of rural facilities facing cuts in their operating hours.
"The post office and the store, I just love it," Wood says. He spends most of his afternoons sitting in a rocking chair in the middle of the store.
Freddie Wood stands at the counter of the Wood & Swink general store in Evinston, Fla. The store, founded in the late 1800s, houses the oldest post office in Florida.
Freddie Wood and Wilma Sue Wood, the former postmaster in Evinston, Fla. Wilma Sue says people visit the post office to learn "who's had a baby; who's died."
This month, the U.S. Postal Service begins cutting back hours and services at rural post offices across the country. One store facing changes sits inside the Wood & Swink general store in the northern Florida town of Evinston. The store has been in Freddie Wood's family for more than 100 years. In that time, it's gone through only small changes.
Some of the most interesting discoveries in archaeology come from sifting through ancient garbage dumps. Scientists working in Oregon have found one that has yielded what they say are the oldest human remains in the Americas and a puzzle about the earliest American tools.
Early Americans used Oregon's Paisley Caves for, among other things, a toilet. Little did they know that scientists would be picking through what they left behind.
Half of San Bernardino County's 300,000 mortgages are underwater. In an attempt to ease the mortgage crisis, the Southern California county is considering taking control of some of those properties by eminent domain.
County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.
Europe is struggling, thanks to a relentless debt crisis. Compounding its problems: It is not one country, but 17.
Many observers agree that to solve their problems, those countries have to start looking a lot more like one country. And there is a force in Europe trying to make that happen: the European Central Bank. The weapon it has that everyone else lacks? Money.
New questions about Mitt Romney's overseas investments have dogged the GOP presidential contender all week. Many arose from a report in the latest issue of Vanity Fair. It describes how the day before Romney was sworn in as governor of Massachusetts, he put a corporation he'd set up in Bermuda in a blind trust held by his wife, Ann. Romney insists he did nothing wrong.
We told readers not to "get excited" in our headline about PBS' History Detectives potentially misidentifying a guitar from Bob Dylan's first electric performance. Our commenters took our advice, but they certainly showed some ire that the guitar, famous or not, would not have been returned to the artist in the first place.
Arizona businessman Wil Cardon attends a luncheon in Scottsdale. Cardon faces six-term Rep. Jeff Flake in the Republican primary race for U.S. Senate.
Credit Andrea Hsu / NPR
Wes Harris, founder of the Original North Phoenix Tea Party, has been a registered Democrat, independent and now Republican. He says that while Tea Party activism had dropped off over the past two years, issues like health care and immigration are starting to draw people back.
Credit Jonathan Gibby / Getty Images
A Tea Party activist rallies in support of Arizona's tough immigration law in Phoenix in April.
Maricopa County, Ariz., where 3 out of 5 Republicans in the state live, has become a hotbed of Tea Party activism.
That's where the head of the Original North Phoenix Tea Party lives. His name is Wesley Harris, and he used to manufacture precision rifle barrels. These days, his son runs the business, while Harris spends most of his time as a full-time Tea Party activist.
Al Arabiya is calling it another "massacre." Quoting the opposition, they report that "scores of dead bodies were scattered in houses and in farms in al-Tremsa, while more than 150 dead bodies have been piled up in the al-Tremsa mosque."
Jewish settlers in the West Bank throw stones during clashes with Palestinians near the city of Nablus on May 19. A new report says violence by settlers directed at West Bank Palestinians is up sharply over the past three years.
Farming is the mainstay of the Palestinian communities around the West Bank village of Yanoun. Animals graze the land, and Palestinians make their living by harvesting citrus fruits and olives.
Last Saturday, Palestinians say, a group of Jewish settlers killed some of the sheep belonging to the Bani Jabr family. Palestinians say its part of a regular pattern of harassment in the area by settlers.
"A fiasco with a great first half" is what I called Kenneth Lonergan's Margaret when it was dumped in one New York theater last fall, five years after it was shot, amid a legal battle between Lonergan and a producer.
Walk into any tech company or university math department, and you'll likely see a gender disparity: Fewer women than men seem to go into fields involving science, engineering, technology and mathematics.