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10 things you need to know today: July 13, 2012
JPMorgan rakes in a $5 billion profit, Syrians protest against Kofi Annan, and more in our roundup of the stories that are making news and driving opinion
 
A man participates in the Robin Hood Tax Campaign protest outside JPMorgan headquarters on June 19 in New York City: While JPMorgan's profits are down 9 percent, they still amount to a startling $5 billion.
A man participates in the Robin Hood Tax Campaign protest outside JPMorgan headquarters on June 19 in New York City: While JPMorgan's profits are down 9 percent, they still amount to a startling $5 billion.
Neilson Barnard/Getty Images

1. SYRIAN OPPOSITION: 200 DEAD IN MASSACRE
Syrian opposition activists says 200 people have been massacred in the village of Tremseh. State media says "terrorist groups" are to blame for the mass killings, but residents say the attacks were carried out by tanks, helicopter gunships, and the pro-government Shabiha militia. U.N. special envoy Kofi Annan says he is "shocked and appalled." If the deaths are confirmed, the Tremseh massacre would be the single bloodiest event yet in the Syrian conflict. In the wake of the reported massacre, protesters took to the streets demanding Annan's removal, saying his diplomatic efforts have been ineffectual. [BBC]
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2. GEITHNER WARNED BRITS ABOUT INTEREST RATES
Email documents show that U.S. Treasury Secretary Timothy Geithner warned British regulators in 2008, when he was the president of the Federal Reserve Bank of New York, about how the Libor, an important global interest rate benchmark, was calculated and suggested a number of changes. European, Japanese, and American officials are currently investigating a number of banks suspected of rigging the Libor rate in a growing scandal. [Bloomberg]
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3. JPMORGAN POSTS $5 BILLION PROFIT DESPITE LOSS
Despite generating a $4.4 billion trading loss, JPMorgan Chase reports a second quarter profit of $5 billion, down 9 percent. In May, the bank initially reported the trading losses were $2 billion. The financial giant says it will have to restate its first-quarter earnings as traders may have misstated positions in attempts to reduce losses on the failed investments. [New York Times]
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4. FREEH REPORT TARNISHES PATERNO LEGACY
"The most powerful men at Penn State failed to take any steps for 14 years to protect the children whom Sandusky victimized," former federal judge and FBI director Louis J. Freeh reported Thursday, delivering the findings of an independent investigation into the Jerry Sandusky sex abuse scandal. Freeh went on to say that legendary coach Joe Paterno "was an integral part of the act to conceal." A key finding of the inquiry was that the late Paterno knew as early as 1998 of suspicions that Sandusky was abusing children and failed to take action. [New York Times]
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5. REID BASHES CHINA-MADE U.S. OLYMPICS UNIFORMS
The revelation that Team USA's uniforms for the opening ceremonies of the London Games were made in China has created a growing uproar. "The Olympic committee should be ashamed of themselves," Senate Majority Leader Harry Reid (D-Nev.) said Thursday. "I think they should be embarrassed. I think they should take all the uniforms, put them in a big pile and burn them and start all over again." [CNN]
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6. WELLS FARGO TO PAY $175M FOR DISCRIMINATION
Wells Fargo & Co. will pay $175 million to settle Justice Department claims that it discriminated against Hispanic and African-American borrowers and violated fair-lending laws. From 2004 to 2009, the bank discriminated against qualified minority borrowers by steering them into subprime mortgages or mortgages with higher fees merely because of the color of their skin, not their "credit-worthiness." [Associated Press]
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7. YAHOO CONFIRMS MASSIVE SECURITY BREACH
On Thursday, Yahoo confirmed, and apologized for, a security breach in which the user names and passwords of some 400,000 users had been stolen and posted online. Those claiming responsibility for the hack say it was meant as a warning to Yahoo. [Reuters]
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8. DIGG SELLS FOR $500,000
A New York tech firm is reportedly buying Digg Inc. for a paltry $500,000. Digg was once seen as being at the forefront of social media and valued at upwards of $160 million. [Wall Street Journal]
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9. BONNIE AND CLYDE'S GUNS TO BE AUCTIONED
Bonnie Parker's revolver and Clyde Barrow's pistol are set to be auctioned off in New Hampshire in September. Officials estimate that the famed outlaws' firearms will bring in between $100,000 and $200,000. [Associated Press]
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10. DRUDGE: CONDI IS LEAD CONTENDER FOR ROMNEY VP
Rumors are swirling following a report Thursday by The Drudge Report that former Secretary of State Condoleezza Rice is the frontrunner to be Mitt Romney's running mate. While Rice has repeatedly said that she is not interested in the VP gig, it's speculated that she has changed her mind. Ann Romney recently said her husband was considering a woman for his vice presidential candidate. [ABC News]

 

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