Aug 16, 2012

Marketplace Morning Report for Thursday, August 16, 2012

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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.

Segments From this episode

China's latest export: Cars with asbestos parts

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.

Rumors and new models roil the tablet market

Aug 16, 2012
Rivals to the Apple iPad release new tablets almost every week. For many, a lower price is their big selling point.

Drought could lead to end of federal ethanol mandate

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.

Facebook faces next stock hurdle

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.

States investigate JPMorgan, Citigroup, and others over LIBOR

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.

LIBOR scandal reaches major U.S. banks

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.

The shift from pro-market to pro-business

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.

States pursuing banks on LIBOR rate rigging

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.

Winning $337 Powerball lottery ticket hits Michigan

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?

Tepid news in jobs, construction, retail

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.

India announces plans to launch Mars orbiter in 2013

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.

PODCAST: Banks under investigation, ethanol up for discussion

Aug 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.
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

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.

The team

Stephen Ryan Producer, BBC