Melissa Block talks with New York Times banking reporter Jessica Silver-Greenberg. They discuss JPMorgan Chase CEO Jamie Dimon, and his ties to Washington. Dimon testified on Capitol Hill Wednesday that he could not defend the hedging strategy that resulted in a multibillion dollar trading loss in May.
The Internet Corporation for Assigned Names and Numbers — or ICANN — announced Wednesday which companies or entities have applied to administer top level domains like ".google" or potentially ".drink." Some say it has implications for consumers because it could increase potential for Internet fraud.
Using additional Federal Reserve data, White House officials on the president's National Economic Council argued that while household net worth fell before President Obama took office, it has risen since then and he bears some of the credit.
Jamie Dimon will be on Capitol Hill on Wednesday testifying about massive trading losses at the nation's biggest bank. The CEO of JPMorgan Chase is expected to apologize for a hedging strategy that led to a multibillion-dollar loss. In prepared remarks, Dimon says despite those losses, the bank's overall balance sheet remains solid.
A team of economists studied bank heists in the U.S. and U.K. to figure out whether bank robbery is a lucrative profession. The research, published in the journal Significance, found the average takeaway per robber is about $4,000 in the U.S. There's a much better return in the U.K., closer to $20,000.
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