JPMorgan Chase is licking its wounds after announcing that it lost at least $2 billion in a hedging strategy that went terribly wrong. The announcement late Thursday sent the bank's shares tumbling more than 9 percent on Friday.
Meanwhile, regulators on both sides of the Atlantic have begun looking into what happened. And there were calls Friday for tighter restrictions on the kind of trades the bank engaged in.
Carroll Shelby was a race car driver; he was a racing team owner, a chili entrepreneur. He survived a liver transplant and a heart transplant. But perhaps the thing that most people will remember him for is his automotive creations, especially the Shelby Cobra.
French President-elect Francois Hollande waves to supporters with his companion, Valerie Trierweiler, as he celebrates his election victory in Bastille Square in Paris, May 6. Hollande and Trierweiler will be the first unmarried couple to move into the French presidential palace.
The French are known for being more tolerant than Americans about their politicians' private lives. One former French president even fathered a child with a mistress while in office.
But every French leader in history has been married — until now.
Next week, after Socialist Francois Hollande is sworn into office, he and his longtime companion, journalist Valerie Trierweiler, will become the first unmarried couple to move into the Elysee presidential palace.
A story about Mitt Romney's behavior in high school has his campaign in the defensive. The Washington Post has published a long story that details incidents of bullying by Romney when he was a senior at the Tony Cranbrook boys prep school in Michigan. Five former classmates spoke about an incident when Romney led a posse that targeted a student with long bleached-blond hair, tackled him, pinned him to the ground and hacked off his hair as he cried and screamed for help.
Greece's radical leftist party Syriza chief Alexis Tsipras (L) shakes hands with Socialists leader Evangelos Venizelos before their meeting at the Greek parliament in Athens on Friday. Venizelos admitted that he had failed in a last-ditch bid to form a government after Syriza key leftist party ruled out joining a pro-austerity coalition.
Some two dozen Americans have given $1 million or more to superPACs in the 2012 presidential campaign. The vast majority of them have been Republicans, but one movie mogul has chipped in $2 million to help out the superPAC supporting President Obama.
Jeffrey Katzenberg, the head of DreamWorks Animation studios, was also the co-host of Obama's sellout event Thursday night at the home of actor George Clooney. Katzenberg told the crowd the event raised nearly $15 million, which would make it the most profitable presidential fundraiser ever.
Gay marriage gets an advocate in the White House, but only after Vice President Joe Biden has his say. President Obama's announcement comes a day after North Carolina voters overwhelmingly rejected the concept. And Dick Lugar's 36-year Senate career comes to an end in Indiana. Meanwhile, in the West Virginia primary, Obama defeats a jailed felon from Texas, 59 percent to 41 percent.
Listen to the latest political roundup with NPR's Ken Rudin and Ron Elving.
The U.S. Conference of Catholic Bishops sent an "official inquiry" to the Girl Scouts of the USA. NPR's Barbara Bradley Hagerty reports the bishops will investigate whether the iconic group has ties or views that conflict with Catholic teaching.
Evelyn Bryan Johnson, a record-setting pilot who was born just six years after the Wright brothers made their historic flight, has died at the age of 102. Johnson, who began flying in 1944, holds the Guinness world record for the most hours logged by a female pilot — more than 57,000.
In addition to her accomplished flying record, Johnson also helped many other pilots earn their wings. After one student called her Mama Bird, the nickname stuck with Johnson, as she gave lessons and FAA flight exams to thousands of pilots.
The photo on the cover shows a 26-year-old mother breastfeeding her almost 4-year-old son. The reaction has been explosive and visceral and a lot of the more thoughtful commentary revolves around a philosophy by Dr. William Sears called attachment parenting, which encourages co-sleeping and carrying your baby everywhere and breast-feeding sometimes into toddlerhood.
In Cuba's socialist economy, if you want a well-paid career, you probably won't find it as a lawyer or engineer. You may do much better as an artist. Successful Cuban artists travel abroad, benefit from state support and can earn huge sums selling their work to foreign buyers.
And every two years, they get a shot at a breakthrough at the Havana Biennial, which has become one of the most important art events in Latin America.
I'm Michel Martin, and this is TELL ME MORE from NPR News.
Coming up, this is the month when we acknowledge the contributions of Asian-Americans and Pacific Islanders to the history and ongoing life of this country. We decided to observe it by speaking with people who have changed the game in their respective fields. Today, we are talking with Hikaru Nakamura. At the ripe old age of 24, he has already won the U.S. Championships twice and he's working on his third, as we speak. We'll have that conversation in just a few minutes.
That's how much President Obama campaign will receive from a fund-raising event last night at George Clooney's home. The New York Times reports the A-list, Hollywood crowd paid $40,000 a person, helping to set "a record for a presidential election fund-raiser."
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.
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.
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.
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."
The Department of Justice has announced it is suing Maricopa County Sheriff Joe Arpaio because of civil rights violations. He became a controversial figure for his tough stance on immigrants. Arpaio says he will not surrender his office and will fight the suit.
It's MORNING EDITION, from NPR News. I'm Steve Inskeep.
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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.
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.
NPR's business news starts with Sony hitting a three-decade low.
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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.
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.
The Postal Service announced Thursday that it lost more than $3 billion during the first three months of the year. Post office officials are pushing Congress to give it more authority to cut some of its burgeoning costs.
Now, the presidential election is expected to turn on the economy, which means that every bit of economic news takes on political significance. Trouble is, we don't always know what to make of it when we hear that unemployment claims fell again. Sounds good. Or that the trade deficit jumped. Not so good. NPR's Tamara Keith and Scott Horsley will now help us sort that out.
TAMARA KEITH, BYLINE: Whatever story you want to tell about the U.S. economy, you can find some data points to make your case.
U.S. homeownership rates have fallen to their lowest point since 1997, despite the homebuyer tax credit and enduring rock-bottom interest rates. Two years ago on Morning Edition, we profiled two couples who were renting with no regrets. Have they changed their tune?
When President Obama announced he now supports same-sex marriage, he cited his Christian faith.
"The thing at root that we think about is, not only Christ sacrificing himself on our behalf, but it's also the Golden Rule, you know — treat others the way you would want to be treated," he said in his interview with ABC News.