Aug 16, 2012

Marketplace Morning Report for Thursday, August 16, 2012

Today there's word that a number of banks, including JPMorgan Chase and Citigroup, are being subpoenaed, by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR. Facebook, which went public in May with a stock price of $38 a share, is now down to around $21 a share. And today, that price could drop further, when a lockup ends and insiders are able to sell their shares. And as the worst drought in 50 years continues to send grain prices through the roof, several governors are asking the federal government to end a mandate that requires some of the nation's corn to be used for ethanol.

Segments From this episode

China's latest export: Cars with asbestos parts

by Rob Schmitz

Aug 15, 2012

Australia has told big Chinese automakers Chery and Great Wall to recall thousands of vehicles after discovering asbestos in their auto parts.

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Rumors and new models roil the tablet market

by Adriene Hill

Aug 16, 2012

Rivals to the Apple iPad release new tablets almost every week. For many, a lower price is their big selling point.

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Drought could lead to end of federal ethanol mandate

by Chris Farrell

Aug 16, 2012

In light of a possible global food crisis during this drought, many are calling for a stop to the federal mandate that requires gasoline to have corn-based ethanol.

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Facebook faces next stock hurdle

by Queena Kim

Aug 16, 2012

Today, over 1.6 billion shares could hit the market in several waves. A huge shareholder sell-off could open the door to talent poaching by competitors.

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States investigate JPMorgan, Citigroup, and others over LIBOR

by Marketplace Contributor

Aug 16, 2012

today, there's word that a number of other banks -- including JPMorgan Chase and Citigroup -- are being subpoenaed by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR.

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LIBOR scandal reaches major U.S. banks

by Jeff Horwich

Aug 16, 2012

The other shoes have finally dropped in the LIBOR investigation. Seven other shoes, in fact. Attorneys general in New York and Connecticut have subpoenaed seven of the world's biggest banks, including Citigroup and JPMorgan Chase here in the U.S.

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The shift from pro-market to pro-business

by Jeff Horwich

Aug 16, 2012

In the midst of the U.S. financial crisis, the economist Luigi Zingales became known for hyping a "managed bankruptcy" for the big banks. That way the banks' private investors, creditors and executives would bear most of the costs of their bad investments.

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States pursuing banks on LIBOR rate rigging

by Marketplace Contributor

Aug 16, 2012

The attorneys general of New York and Connecticut have sent subpoenas to several banks, including JPMorgan Chase and Citigroup. When it comes to banking scandals, it's state regulators who are out in front.

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Winning $337 Powerball lottery ticket hits Michigan

by Jeremy Hobson

Aug 16, 2012

Someone who recently visited a gas station in the small Michigan city of Lapeer is about to be very rich. That's where the winning Powerball ticket was sold, and the jackpot is $337 million. So what's up with these huge lottery jackpots recently?

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Tepid news in jobs, construction, retail

by Marketplace Contributor

Aug 16, 2012

Today starts with some more tepid economic news. The number of people applying for unemployment benefits ticked up slightly to 366,000 last week.

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India announces plans to launch Mars orbiter in 2013

by Jeff Horwich

Aug 16, 2012

But after the recent massive power outages in the country, some Indians are concerned that the money should be invested in infrastructure instead.

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Mid-day Update

PODCAST: Banks under investigation, ethanol up for discussion

by Mary Dooe

Aug 16, 2012

The Canary Wharf headquarters of Barclays Bank, which is under investigation by the New York State Attorney General for possibly misleading and defrauding its dark pool clients.

Oli Scarff/Getty Images

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Today there’s word that a number of banks, including JPMorgan Chase and Citigroup, are being subpoenaed, by regulators in New York and Connecticut. It’s all about charges that the banks rigged an interest rate called LIBOR. Facebook, which went public in May with a stock price of $38 a share, is now down to around $21 a share. And today, that price could drop further, when a lockup ends and insiders are able to sell their shares. And as the worst drought in 50 years continues to send grain prices through the roof, several governors are asking the federal government to end a mandate that requires some of the nation’s corn to be used for ethanol.