CNN 2012-05-17

 Coming to U from the CNN center in Atlanta ,I'm CA. This is CNN student news it's Thursday May 15. And those views and briX in or  might have the primary focus today.For the whiter house ,those 2 states are taking their turns in the U.S. political spotlight 1.Holding  presidential primary election.But we're going to get started with the headline from Wall Streets.

 
J.P Morgan is one the largest banks in the United states.In the past 6 weeks ,one of its department lost 2 billion dollars.Right off the bet ,we wanna say this not mean J.P Morgan is gonna out of business, it's not even close.The bank made more than 5 billion dollar in the first 3 moths 3 of this year.Till this news of this loss's hitting the financial industry pretty hard.And some members for congress are talking about holding hearing to consider there might need to be more government regulation, more government control of banks.Experts considered J.P Morgan one of the most secure banks in the U.S. .There is devision that responsible for making investments that they're designed to protect the bank in case of any of other investment lose money.But it turns out that the protecting that the J.P Morgan was giving was just as risky 4.The protection investment tent and that's what led to the 2 billion in loses.
 
 
This is IJ,she was J.P Morgan chief investment officer and she was in charge of the unit that lose money.Jude X with the bank for more than 30 years, yesterday she announced she is retiring.Mary Snow now looks at how the bank's leaders and some financial analysts 5 reacted all of this news.
 
 
J.P Morgan  X CEO Jimmy waited  until after the market close Thursday to make a stunning 6 announcement.That the bank lose 2 billion $ this quarter  . A loss he blamed on solobies and bad judgement.
 
 
These are g  mistakes.there from selffli    countable And what happened violated by we how to operate the company.This is not how we want to run in business.
 
 
I can't not believe that CEO expected much Jimmy D who a moth 2 earlier said everything was fine.Said what's we got it wrong.
 
 
Bankers  like Mayer,the   bank along on Wall street says , the loses in J.P Morgan Chess are threading to the bank.It raised much larger concerns.
 
 
The questions are these big banks including J.P Morgan too big to manage.They were taking action to protect the company and the lose money, i went out and took insurance out on my house.A month later,I said Ohzs , I lost 1000 $ on the insurance policy.If you doing something to protect yourself, XX lose money people still scratch their heads.
 
 
That head scratching focus on the bank chief X officer in London.That's where one strate and particular was taking such large insurance like that.In the nick name ,the white whale. Ended in involved complex trading in XX that's similar to the ones triggered economic Chaos 7 in 2008.University of Marolin professor Cliff R who managed risk in major banks says because the complexity 8 of this business,it can't be fully 9 regulated.
 
 
There are always be areas,dark areas in the market.Shadow XX if you want to call that.That were remained very murky 10 and very difficult to exactly know until a time like this arrives is when  the other XX now you got a problem.
 
 
Is this legit?
The eastern pacific Hurricane season begins on June 1st?
No.That's when the Atlantic Hurricane season starts , in the eastern pacific hurricane season begins today.
 
 
Thing is nature doesn't always pay attention to that calendar.Storms can form outside of Hurricane season and when the Pacific ocean want to decided 11 to give a Jump-on thing this week.Say hello to the first tropical depression of 2012.It formed one day before the start of the season.Won't be given a name unless it strengthens into a tropical storm.That's the stage of all storm becomes Hurricane. 
 
 
This tropical depression from the west of Mexico it was heading farther out into Pacific so experts said not likely a thread to any landarios. It's a very different story in Arizona though.That's where a serious of wild fire are threatening several areas.To keeping an eye on different fire around the state.Biggest one as yesterday was in a national force there.But the one causing the most concern is this blast.It's called Gladiater fire,just a few miles north of XX community that's home about 350 people.Officials were telling everyone that they need to leave their houses.But only a few actually had done that by Monday morning.All together ,this wild fire  5,000 XX  across Arizona .
 
 
On the side of the country,the space shuttle engerp is gradually making its way to its new home.
The Shuttle flew in the back of the Jack 12 after NY late last month.This weekend it was transferred to a fairy that will take it to a musuem .On the traffic aircraft carrier.Interesting trivif about the shuttle ,Enerprise was NASA's original space shuttle. It was used of a series tests but it actually went into space.