RSS
10 things you need to know today: May 11, 2012
JPMorgan Chase loses $2 billion, a Tennessee fugitive kills himself, and more in our roundup of the stories that are making news and driving opinion
 
JPMorgan Chase CEO Jamie Dimon said that "egregious mistakes" were made that caused the company's monumental loss, and that things could "easily get worse."
JPMorgan Chase CEO Jamie Dimon said that "egregious mistakes" were made that caused the company's monumental loss, and that things could "easily get worse."
AP Photo/Frank Franklin II

1. JPMORGAN REVEALS $2 BILLION TRADING LOSS
On Thursday, JPMorgan Chase revealed that it has lost more than $2 billion in the last six weeks with a trading portfolio that was supposed to help the bank control credit risk. Chief Executive Jamie Dimon admitted "these were egregious mistakes," and said things could "easily get worse." Critics of Wall Street were quick to call for greater regulation of the banking industry. Dimon was applauded for successfully steering the bank through the 2008 financial crisis, from which it emerged to be the largest bank in the nation. [New York Times]
………………………………………………………………………………

2. ROMNEY HURT BY SCHOOL-BULLYING PAST
An incident in which Mitt Romney harassed a prep school classmate almost 50 years ago is adding to the perception, which Romney has tried to fight off, that the presumed GOP nominee is cold and too privileged to identify with voters. In the 1960s, Romney allegedly was the leader of a group of boys that snipped off the bleached-blond locks of a fellow student, who was presumed to be gay. The victim, John Lauber, came out of the closet years later. "As to pranks that were played back then, I don't remember them all, but again, high school days," Romney said. "If I did stupid things, why, I'm afraid I've got to say sorry for it." [Associated Press]
………………………………………………………………………………

3. TENN. FUGITIVE KILLS SELF; KIDNAPPED GIRLS SAFE
Adam Mayes, the 35-year-old Tennessee man accused of killing a mother and daughter and then going on the run with two girls in tow, killed himself Thursday night as authorities closed in on him. The two girls, Alexandria, 12, and Kyliyah Bain, 8, were safely recovered and appeared unharmed. Mayes had been charged with first-degree murder last month for allegedly killing the girls' mother, Jo Ann Bain, and their sister Adrienne. [Los Angeles Times]
………………………………………………………………………………

4. EDWARDS' LAWYERS TO ASK FOR DISMISSAL
John Edwards' legal defense team is expected to ask that corruption charges against the fallen Democratic golden boy be dropped, arguing that prosecutors have failed to prove that Edwards intentionally broke the law. The move is a standard legal maneuver that is rarely successful, though legal analysts have noted that the prosecution's case has been weak. [Associated Press]
………………………………………………………………………………

5. CELEBRITIES NET OBAMA $15 MILLION
A star-studded event at George Clooney's house in Los Angeles Thursday night brought in nearly $15 million for President Obama's re-election campaign. Attendees included comedian Billy Crystal, actor Robert Downey Jr., and fashion designer Diane Von Furstenberg. Wolfgang Puck prepared the food. [Los Angeles Times]
………………………………………………………………………………

6. FDA TO CONSIDER HIV PREVENTION DRUG
An advisory panel has recommended that the Food and Drug Administration approve the drug Truvada for use in preventing HIV in those at high risk of infection. Truvada is already approved for treating those already infected with HIV. [New York Times]
………………………………………………………………………………

7. BIDEN APOLOGIZES FOR SPILLING THE BEANS
Senior administration officials say Vice President Joe Biden has apologized to President Obama for saying on a Sunday talk show that he supported gay marriage, forcing the president to reveal his hand on the matter. Biden's remarks led Obama to announce that his position on same-sex marriage had evolved, and he is now "absolutely comfortable" with gays and lesbians marrying. [CNN]
………………………………………………………………………………

8. CATHOLIC CHURCH LAUNCHES GIRL SCOUTS PROBE
Catholic bishops are investigating the Girl Scouts amid concerns that the groups' materials, programs, and partnerships promote abortion and contraception. Depending on the outcome of the probe, Girl Scouts could be prohibited from meeting in Catholic churches. Twenty-five percent of the country's 3 million Girls Scouts are Catholic. [Washington Post]
………………………………………………………………………………

9. JUST DISCOVERED MAYAN CALENDAR GOES PAST 2012
The end of the world isn't near. Scientists have discovered Mayan wall writings in Guatemala that show calendars going well past 2012. According to previous lore, the Mayans expected the world to end in 2012. [USA Today]
………………………………………………………………………………

10. FACEBOOK TO LAUNCH APP CENTER
The social network unveiled the Facebook App Center on Thursday. Like Apple's app store, it will feature both free and paid apps. "For the over 900 million people that use Facebook, the App Center will become the new, central place to find great apps like Draw Something, Pinterest, Spotify, Battle Pirates, Viddy, and Bubble Witch Saga," a Facebook spokesperson said. [CNN]

 

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

MOST POPULAR ON THE WEEK
Subscribe to the Week