JP Morgan Chase has long had the reputation of being one of the better managed big banks in the country. So how did it make a $2 billion blunder? To find out, David Greene talks to David Wessel, economics editor of The Wall Street Journal.
Calif. Gov. Jerry Brown says the state's budget deficit is now $16 billion. That's almost double the figure he gave in January. Brown is attempting to force voters to choose between higher taxes and deeper spending cuts.
Virgin Atlantic says passengers on its new Airbus will soon be able to chat on their cell phones. They'll be able to text as well. Each plane will have its own cellular network that bounces signals to satellites. That in-house network will prevent signals from interfering with air traffic control.
Investor excitement over Facebook's upcoming initial public offering has prompted the company to raise the price range for its shares. The social networking company says in a regulatory filing that it expects to sell its stock for between $34 and $38 per share. That's higher than a previous range of $28 to $35.
LightSquared, which had been trying for years to build a high-speed wireless broadband network, has filed for Chapter 11 bankruptcy. The company's plans ran afoul of government regulators who said the new network would interfere with GPS signals.
JPMorgan Chase's $2 billion loss in a risky investment brings attention to the presidential candidates' stances on financial regulation. President Obama supported the Dodd-Frank act, while Mitt Romney has said he would replace it with other regulations.
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