7:18am

Fri May 11, 2012
The Two-Way

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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5:10am

Fri May 11, 2012
Around the Nation

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

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."

5:10am

Fri May 11, 2012
Around the Nation

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.

5:10am

Fri May 11, 2012
Business

Freddie Mac Names JPMorgan Official CEO

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

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.

3:39am

Fri May 11, 2012
Business

Post Office Reports Another Quarter Of Losses

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

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.

3:14am

Fri May 11, 2012
Business

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.

3:14am

Fri May 11, 2012
Politics

Candidates Forced To Juggle Inconsistent Economic Data

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

Transcript

STEVE INSKEEP, HOST:

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.

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3:14am

Fri May 11, 2012
Election 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.

3:14am

Fri May 11, 2012
Business

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.

3:14am

Fri May 11, 2012
Middle East

Egyptians Captivated By Televised Presidential Debate

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

In Egypt's first presidential debate, only the top two candidates participated. Voters go to the polls later this month to choose among a field of 13 candidates. The winner is expected to be decided in a runoff next month.

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