The words of JPMorgan Chase's CEO, Jamie Dimon, as he admitted late yesterday that the investment bank — or, more precisely, a single "rogue trader" working for the bank, had lost some $2 billion in the last six weeks in risky hedge-fund trades.
The news has sent chills through the markets. Shares of JPMorgan Chase, the largest U.S. bank, lost 7 percent in after-hours trading and British bank Barclays lost 2.9 percent, while more than 2 percent was shaved from Royal Bank of Scotland.
In February, Regional Economic Development, Inc. proposed an Enhanced Enterprise Zone in Columbia. Facing a public backlash, city council has thrown out the original proposal, and will possibly start the process over, this time with more community input. In part three of her three part series, KBIA’s Sarah Redohl tells us some of the EEZ statute is tough to explain.
Charles Baird will be alone on the island for one year. He'll able to send short text messages, but won't be receiving any. By freeing himself from all media, he expects to have enough time to make a documentary about himself.
JetBlue Airways apologized after removing a passenger from her flight because she was on a no-fly list. The passenger looks innocent enough — maybe because she's 18 months old. Her mother told WPBF-TV in Florida that the idea her daughter is a threat was "absurd" and "made no sense."
The Postal Service announced Thursday that it lost more than $3 billion during the first three months of the year. Post office officials are pushing Congress to give it more authority to cut some of its burgeoning costs.
U.S. homeownership rates have fallen to their lowest point since 1997, despite the homebuyer tax credit and enduring rock-bottom interest rates. Two years ago on Morning Edition, we profiled two couples who were renting with no regrets. Have they changed their tune?
Now, the presidential election is expected to turn on the economy, which means that every bit of economic news takes on political significance. Trouble is, we don't always know what to make of it when we hear that unemployment claims fell again. Sounds good. Or that the trade deficit jumped. Not so good. NPR's Tamara Keith and Scott Horsley will now help us sort that out.
TAMARA KEITH, BYLINE: Whatever story you want to tell about the U.S. economy, you can find some data points to make your case.