"JPMorgan Chase, the biggest US bank, has revealed a surprise trading loss of at least $2bn (£1.2bn) on complex investments made by its traders.
Chief executive Jamie Dimon blamed "errors, sloppiness and bad judgement" for the losses and warned "it could get worse".
The risky hedging strategy could cost the bank an additional $1bn, he added.
JPMorgan shares dropped 7% in after-hours trading, and other bank shares also fell.” (BBC News)
See also: Loss may cost all banks
A new Gallup poll shows sentiment on the legality of same-sex marriage is close, with 50% of people surveyed in favor of the law recognizing same-sex marriages as valid, while 48% of those surveyed think it should not be valid.
The poll shows, politically, the most support for same-sex marriage comes from those who identify as Democrats. Most who identify as Republicans came out in opposition to same-sex marriage. [REUTERS]
READ MORE: President Obama voices support for same-sex marriages
Wal-Mart hit with almost $500,000 in fines after losing overtime suit
- $4.8 million in unpaid overtime to be paid by Wal-Mart source
» The ruling follows a probe by the U.S. Department of Labor, during which investigators determined that Wal-Mart unfairly exempted approximately 3,700 employees from receiving overtime. All of the employees come from two departments, with 1,700 set to receive an average of $290 a piece, and the remaining 2,000 or so receiving approximately $2,300 a piece.
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"News Corp chairman Rupert Murdoch took to the stand at the Leveson Inquiry declaring his session was an opportunity “to put certain myths to bed”. He is seen here with his wife Wendi Deng leaving the court having repeatedly claimed there had been a “cover-up” at the News of the World over the extent of phone hacking, but insisting it was kept hidden from him.” (BBC News)
"Rupert Murdoch is as finished in the United Kingdom, like Conrad Black and Robert Maxwell before him. The only difference is that they can’t quite get him into jail. This, in a sense, means his agony is going to be prolonged.
Understanding that Britain is a lost front, he will retreat to his US stronghold. From New York, the process of disposing of the British papers, which, by reliable insider accounts, has begun, will hasten (meaning less qualified buyers will be considered, hardly a good outcome for British journalism); and the fate of BSkyB will be weighed.
Should they stand and fight? Can they hold on? Or is the cost insuperable, and the task impossible? They – the Murdoch family, and News Corp executives – still regard themselves as safe in New York. The seventh floor of 1211 Sixth Avenue is their bunker. Nothing less than a direct hit will take them out.
A curious thing about the various British investigations is that no American-based News Corp executives have been called to testify. While it is true that the British papers operated as remote outposts, with, often, only Murdoch himself as their connection to company headquarters, it is the people in New York – probably, only the people in New York – who can establish what Rupert knew and when did he know it.” (Michael Wolff, Guardian)
"Rupert Murdoch “is not a fit person to exercise the stewardship of a major international company”, MPs have said.
The [UK] culture committee questioned journalists and bosses at the now-closed News of the World, as well as police and lawyers for hacking victims.
Its report has concluded that Mr Murdoch exhibited "wilful blindness" to what was going on in News Corporation.” (BBC News)
Muammar Gaddafi’s former prime minister and oil minister was found floating in the Danube River, though no obvious signs of violence could be found. An autopsy will take place in the next few days, though it’s unknown if details regarding his death will be made public. Ghanem served as prime minister from 2003-2006, and as oil minister until last year. He defected last summer during the Libyan Revolution, and moved to Vienna to work as a consultant. (Photo via The Friday Times) source
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It’s ready… I spent the weekend pinning (Pinterest may or may not have checked a few times to make sure I wasn’t a spambot) and have finally catalogued all my Occupy photo/video submissions up to this point. Now, whenever I post new Occupy submissions, they’ll also be catalogued on this Pinterest board.
Check it out!
And help me out with this documentary/archival project, you guys. I know any number of you have gone to watch or participate in Occupy rallies, and I’d love to have your photos. (As I inform y’all on my Call for Submissions page, they really do not need to be professional grade pieces of high tone artwork. I want to document these movements, not put them in MoMA. It’s also worth noting that I don’t need them to come from within the US.) Email me at firstname.lastname@example.org