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10 things you need to know today: May 12, 2012
The SEC investigates JPMorgan, a Facebook co-founder renounces his U.S. citizenship, and more in our roundup of the stories that are making news and driving opinion
 
JP Morgan VP Peter Castelli on the floor of the New York Stock Exchange on Friday: The banking giant has seen its stock fall since announcing a devastating $2 billion loss.
JP Morgan VP Peter Castelli on the floor of the New York Stock Exchange on Friday: The banking giant has seen its stock fall since announcing a devastating $2 billion loss.
AP Photo/Richard Drew

1. SEC OPENS INVESTIGATION INTO $2 BILLION JPMORGAN LOSS
The Securities and Exchange Commission opened a preliminary investigation into JPMorgan's accounting and trading practices after the company reported a $2 billion loss. No one at the company is accused yet of any specific wrongdoing, and the investigation will examine the bank's failed hedging strategy, which may have masked some of the risks of its trades. Since the news broke, shares in the bank have taken a hit, as has CEO Jamie Dimon's reputation. [The New York Times]
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2. HALF OF U.S. AGREES WITH OBAMA ON GAY MARRIAGE
A new USA Today/Gallup poll found that 51 percent of Americans agree with Obama's endorsement of gay marriage, although 60 percent of respondents say his shift in position won't have an effect on how they vote in the election. President Obama announced the "evolution" of his opinion on the issue in an interview with ABC's Robin Roberts on Wednesday. [USA Today]
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3. TESTIMONY REVEALS CAMERON DISCUSSED HACKING
The testimony of ex-chief executive of News International Rebekah Brooks reveals that she had extended contact with British Prime Minister David Cameron, in which they often discussed her media company's phone hacking. Brooks also said that Cameron used to sign his text messages with "LOL" until he learned it did not mean "lots of love." [Associated Press]
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4. JUDGE REFUSES TO DISMISS EDWARDS TRIAL
A federal judge refused to throw out campaign corruption charges against former presidential candidate John Edwards. The Democrat's attorneys argued that the prosecution hadn't proved that Edwards intentionally violated the law, but the judge ruled that there was enough evidence to proceed. Edwards' lawyers will begin calling witnesses Monday. [Associated Press]
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5. WOMAN GETS 20 YEARS IN WARNING SHOT CASE
A judge sentenced a Florida woman to 20 years in prison for firing a warning shot to scare off her abusive husband. The case gained media attention after lawyers tried to use the state's controversial Stand Your Ground law as the woman's defense. That self-defense law is also at the heart of the Trayvon Martin shooting case. [CNN]
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6. FACEBOOK CO-FOUNDER RENOUNCES U.S. CITIZENSHIP
Facebook co-founder Eduardo Saverin, who was born in Brazil, has renounced his U.S. citizenship ahead of the social network's impending IPO. The move is for tax purposes, as it cuts down the amount he'll have to pay to the U.S. once he cashes in on his part of the offering — an expected $3.84 billion. [Slashgear]
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7. WOMAN MAY LOSE LIMBS TO FLESH-EATING DISEASE 
Aimee Copeland, the Georgia graduate student who developed a flesh-eating disease caused by bacteria after a zip line accident, will likely lose her remaining limbs. Copeland was riding a home-made zip line that snapped, causing a fall that cut open her left calf. Doctors believe a bacteria found in fresh water from a nearby river burrowed into her wound, causing a rare but deadly infection. [ABC News] 
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8. BLOOD CLOT RISK IS HIGHER IN SOME CONTRACEPTIVES
Women who use non-oral hormonal contraceptives like patches and vaginal rings — which continuously release hormones — may be at higher risk of blood clots than those who take oral birth control, according to a new Danish study. [ABC News]
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9. H&M APOLOGIZES FOR TOO-TAN MODEL
The Swedish clothing retailer apologized for featuring a very tan model in a series of print ads for swimsuits. The Swedish Cancer Society had warned that the ad encouraged people to "be very tan on the beach." "It was not our intention to show off a specific ideal or to encourage dangerous behavior," H&M said in a statement. [MSNBC]
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10. LIFETIME ORDERS WHITNEY HOUSTON REALITY SHOW
Cable network Lifetime has ordered a reality show that would follow Whitney Houston's family in the wake of the singer's death. According to a press release, The Houston Family Chronicles will feature "those closest to the pop music icon as they try to pick up the pieces after her untimely death." Those featured will include: Houston's mother Cissy Houston, her manager and sister-in-law Pat Houston, Whitney's brother Gary, and her daughter Bobbi Kristina. [Entertainment Weekly

 

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