Ever since the financial crisis of 2008 one of this country’s major banks has looked pretty good compared with all the rest. That would be JPMorgan, which didn’t lose the kind of money on mortgages that its peers did. Its leader, Jamie Dimon, is known by some as the “King of Wall Street.” Well after the stock market closed yesterday — his crown lost a little bit of its shine. Or you could say he fell off the throne altogether. Dimon announced that because of bad bets made by one of his London traders the bank will lose at least $2 billion. The bets apparently involved JPMorgan selling insurance contracts against losses on corporate debt.
We take a look at how JPMorgan’s loss may impact European banks. And New York bureau chief Heidi Moore discusses why the bank’s blunder is a sign that Wall Street’s mindset hasn’t changed. Plus, how will this affect regulatory efforts? And meet the trader the losses are being attributed to — the London Whale.
A new study finds that millennials — people between the ages 18-34 — believe it’s important to the get lowest price when shopping. That means they’re less likely to be brand loyal. And speaking of young people, a group of activists — including some teens — is suing the federal government over inaction on climate change.
Still no agreement between the political parties in Greece who are trying to form a new government after inconclusive elections over the weekend. And reports this morning say European banks are preparing to start trading in the old Greek currency if Greece drops out of the eurozone.
NBC is apparently trying to get a Donald Trump to sign on for two more years as host of the “Celebrity Apprentice.” That’s according to the New York Post. Up until now, the Post says, Trump has only been interested in one-year contracts. I wonder if the Donald would have made an exception for the standard four-year term required for that Washington D.C. job he used to be interested in. And speaking of NBC shows, “30 Rock” is set for just one more season.
Shares of Sony dropped 7 percent to a 30-year low. Investors are worried Sony isn’t competing well in the smartphone market and that its TV business is losing money.
And finally, the documentary “First Position” opens this weekend. Our own Stacey Vanek Smith looks at what it takes to dance ballet professionally.
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