Though it suffered an estimated $4.4 billion second-quarter loss related to its bungled trading in some very risky types of investments, JPMorgan Chase said this morning that it still did well enough in its other businesses that it had net income of $5 billion in those three months.
Good morning. I'm Steve Inskeep. People in Beirut are sick of political protests across the country. Protesters have been blocking highways with burning tires. So there was only one thing to do. Yesterday, they held a protest using tires against protests using tires. Instead of burning the tires in the street, they painted the tires many colors. The protesters held up signs reading: We are tired. And a police officer refused to ticket them, saying, their tires are pretty. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.
This Friday the 13th, fans of horror films and hobbits, science fiction and fantasy are descending upon the San Diego Convention Center. They're gathering for the annual explosion of pop culture fandom that is Comic-Con. One of the biggest phenomena in pop culture at the moment will be making an appearance, and it's not a man of steel or a boy slinging webs.
It's a 40-something woman who writes... wait for it... steamy romance.
Voting rights have been a big topic at this year's convention of the NAACP in Houston. Republicans across the country have been pushing for tougher voter I.D. laws, which the nation's oldest civil rights organization contends are aimed at hurting voter turnout among African-Americans. Yesterday, Vice President Joe Biden joined a long list of convention speakers addressing that issue, as NPR's Don Gonyea reports.
And today's last word in business comes from the Central Asian country of Uzbekistan, which by the way, won six medals in the last Olympics. But today's last word is about another kind of competition, this one between social networking sites. And the word is: YouFace. That's the name of a new social networking site that aims to lure local Internet users away from Facebook, and, quote, "boost patriotism among young people in Uzbekistan."
Some future news now. The Olympics begin two weeks from today in London, and we can already tell you the likely big winners. China will take the most gold medals, followed by the U.S. and host country, Great Britain. Team USA will win the most overall medals, followed by China and Russia.
And the biggest bank in the U.S., JPMorgan Chase, says it has lost $4.4 billion from its failed hedging strategy involving a secretive trader. That's more than twice the bank's earlier estimate. The company released its second-quarter earnings report this morning, and NPR's Jim Zarroli is with us now to talk about them. Jim, what is the company telling investors this morning about that money?
This month, the U.S. Postal Service begins cutting back hours and services at rural post offices across the country. One store facing changes sits inside the Wood & Swink general store in the northern Florida town of Evinston. The store has been in Freddie Wood's family for more than 100 years. In that time, it's gone through only small changes.
County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.