NPR 2012-07-14

 The fallout from GP Morgan's failed hedging startegy is nearly three times worth than initially 1 estimated, the bank is now reporting a 5.8 billion dollar trading loss. The conference called investors 2, CEO James Dimon says the blood cuts deep.

Trading loss is shaking our company to the corner, and we have to heal the most inmaginable team when bank says it needs redouble efforts to make sure that we're a great company. Despite those trading losses, JP Morgan's overall profit was 5 billion  in the second quarter. It's not the only bank with high earning. ..with member station of UFAE in Wells Fargo pull in 4.6 billion. Wells Fargo's net income was up 400 million dollars in the first quarter, even though revenue was down 300 million, from $216 billion to $213 billion. So how does that occur, lay-off helped. Wells Fargo reports that the employee benefits expenses were down nearly $600 million from the previous quarter. Chairman CEO John Stumpt says the company is benefiting from the diversified 3 business model and signs that the housing maket is stablized.
And the US market is reacting with the DOW was up 200 points at 12,777 before the close. 
In the on-going problem to big banks manipulation of a key interest rate years ago, bank of England officials confirmed, Treasury 4 Secretary Timothy Geithner contacted to the banks in 2008 with concerns over how the rate was set... Geithner then president of the New York Feds apparently 5 suggested changes in rate setting process. 
..to a number of press out that shows Geithner urging British bank regulators in 2008, to eliminate incentives 6 for banks to misreport the rates they were paying for short term loan from other banks. A number of banks including three big US firms reports those numbers daily, providing the basis for the LIBOR rate, that rate in turn is used as the benchmark for every thing from derivatives 7 contracts to credit cards and morgage rate, so it's widely influential 8. But the scandle has wrapped up around its accuracy, Barclays, a big British bank has admitted falsely report its rate to enhance its profits, and it has paid fine totalling $453 million in a settlement with US and British regulators.     
 
There're now conflicting a counsel what is unfolding in Syria village of Tremseh. Residents say troops killed more than 200 people there yesterday, but activists 9 have since scaled back that number. Still villager.. said to an interpreter there was a massacre 10.
&*%$#^% we couldn't do anything about it, old people,or babies or children orwomen. 
Syrian government blames the violence on armed terrorists.
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President Obama is taking the final over Texas to the battleground state of Virginia where his victory four years ago, end of GOP's long right dominance in that state. In .. but a short time, go the incumbent 11 aim of the republicans party' push for the wealthiest Americans to be included in a one year extention of Bush-era tax cuts, the president maintains the cut should only be extended for low and middle income earners.   
I don't think top-down economic works, I believe that we grow this economy from the middle-out, from the bottom up.
President Obama actually speaking a few hours ago in Virginia which is a pivotal state. Since President wanted it four years ago while republicans have done well in state offices and majority of the state's congressional seats were held by republicans.
A regulor monthly arts event turned violent last night in downtown Los Angeles, .. of member stantion KPCC says hundreds of ocupye LA protestors clash with police.
Art walk is popular, takes place on the second Thursday of each month with people browsing 12 art gallaries, and meet in bars and restraunts. Last night occupy protestor is called on others on facebook and twitter to bring chalk and .. to sidewalks. It was meant to protest to recent arrests of .. There's disagreement over who started the violence, police or protesters. But four police were hurt, including a female officer who receiverd a concussion 13. Officers arrested 20 protesters on various charges, mostly vandalism but also for assault with a deadly weapon. Protesters say if they were allowed to use chalk on sidewalks, none of these would have happened.
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