Marketplace Morning Report for Monday, July 30, 2012

New Orleans group trains and mentors youth released from juvenile detention

Former Treasury Secretary and top economic advisor to President Barack Obama Lawrence Summers talks about education and income inequality in the U.S., and the state of the world economy.

Samsung is being sued by Apple for more than $2 billion in damages, as well as an injunction to stop the sale of Samsung's smartphones and tablets.

U.S. Treasury Secretary Tim Geithner is in Europe today. He's got meetings with Mario Draghi, the ECB president, and Germany's finance minister.

Last week we spent plenty of breath on Sandy Weill, the former head of Citigroup. Back in the '90s, he fought for his and other banks to grow huge and complex. Then last week Weill goes on TV and says: "It's time to break up the big banks."

The Federal Reserve meets again this week, and the buzz is that Chairman Ben Bernanke could be considering some "new tools," for stimulating growth -- perhaps using interest rates to encourage banks to take some risks with their money.

To Europe, where economic sentiment is at a three year low, according to new figures out today. Though global markets seem to be putting that aside and focusing instead on a statement that came last week from the head of the European Central Bank.

Senator Tom Harkin is out today with a scathing report on for-profit colleges. The report says taxpayers spend billions of dollars a year on those schools. But students often leave deep in debt.

Near Boeing's Charleston, S.C., assembly plant on Saturday, something got sucked into a 787 Dreamliner's engine and sparked a grass fire on the runway. It's just another problem that's faced the Dreamliner line of planes recently.

After years of legal skirmishes around the world, the smartphone battle royale finally comes home today to Silicon Valley. Samsug and Apple are going to court over charges of stolen design and functionality features.

Lawyers from the two biggest smartphone producers in the world will be in federal court in San Jose, Calif., today. Samsung is being sued by Apple for more than $2 billion in damages, as well as an injunction to stop the sale of Samsung's smartphones and tablets. And we are now 99 days away from the election. One of the key themes of the campaign up to this point has been income inequality, but President Obama's former top economic adviser Larry Summers says that's not the debate we should be having. Instead, we should focus on inequality of opportunity.