Finance

3:14pm

Fri May 11, 2012
Business

Big Losing Bet Tarnishes Wall Street Titan JPMorgan

Originally published on Fri May 11, 2012 4:52 pm

JPMorgan Chase Chief Executive Officer Jamie Dimon cited "many errors, sloppiness and bad judgment" in announcing a $2 billion loss due to a hedging strategy.
Mario Tama Getty Images

JPMorgan Chase is licking its wounds after announcing that it lost at least $2 billion in a hedging strategy that went terribly wrong. The announcement late Thursday sent the bank's shares tumbling more than 9 percent on Friday.

Meanwhile, regulators on both sides of the Atlantic have begun looking into what happened. And there were calls Friday for tighter restrictions on the kind of trades the bank engaged in.

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8:58am

Fri May 11, 2012
Planet Money

JP Morgan's $2 Billion Loss, Explained

Originally published on Fri May 11, 2012 10:17 am

Chris McGrath Getty Images

6:05am

Fri May 11, 2012
The Two-Way

JPMorgan 'Rogue Trader' Losses Send Chills Through Markets

Originally published on Fri May 11, 2012 9:46 am

"It was a bad strategy. It was badly executed."

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.

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10:34am

Wed May 9, 2012
The Two-Way

Fannie Mae Posts Profit, Doesn't Need Federal Funds For First Time Since Crisis

Originally published on Wed May 9, 2012 3:58 pm

Fannie Mae.
Manuel Balce Ceneta AP

The mortgage giant Fannie Mae announced today that it made $2.7 billion during the first quarter of 2012. For the first time since the beginning of the financial crisis, Fannie Mae will not ask the federal government for bailout funds.

CNN reports the company will pay a dividend to the Treasury Department. CNN adds:

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4:31am

Wed May 9, 2012
Health

Waiting To Buy Long-Term-Care Insurance Adds Up

Originally published on Mon May 21, 2012 10:14 am

Kimberly Lankford is a writer for Kipplinger's Retirement Report.
Kiplinger's Personal Finance Magazine

Kimberly Lankford, personal finance writer for Kiplinger.com and Kiplinger's Personal Finance magazine, talks to David Greene about the shifting market for long-term-care insurance, and if it is still worth buying.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

Transcript

DAVID GREENE, HOST:

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