Originally published on Wed June 13, 2012 10:00 am
"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."
That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.
Federal authorities arrested seven people, today, in connection with what authorities say was a multi-million dollar money laundering operation run by Mexican drug cartel Los Zetas.
The scheme allegedly used the millions earned through the illicit drug trade to purchase, train, breed and race American quarter horses in the United States. The Department of Justice said 14 had been indicted; among them is Zetas leader Miguel Ángel Treviño Morales and his brothers Oscar Omar Treviño Morales and José Treviño-Morales.
Democrats knew that they would be disadvantaged under the new campaign finance rules created by the Supreme Court. But the disparity between the amount of money Republicans can raise in unlimited anonymous donations and what the Democrats have been able to raise is huge.
Syrian activists have posted thousands of videos of civilians killed and wounded in the 15-month-old conflict. But there have been many casualties on the government side as well, and they are on display at a military hospital in the capital, Damascus.
For Abdul Kareem Mustapha, a 51-year-old colonel in the Syrian army, the war came for him at 8:15 a.m. on his way to his military post.
Elinor Ostrom, the only woman ever to win an economics Nobel, died today at age 78.
She was famous for challenging an idea known as the tragedy of the commons — the theory that, in the absence of government intervention, people will inevitably overuse a shared resource.
So, for example, if a village shares a pasture, it's in the individual interest of each farmer to graze his cattle as much as possible on the pasture even though, in the long run, overgrazing may ruin the pasture for everyone.
The music made by Thomas Wesley Pentz, better known by his stage name, Diplo, is one part club-music mashup and one part pop music forecast. In 2009, he took bubblin' — a syncopated house style born in the clubs of Holland — as inspiration and collaborated with fellow DJ Switch, his partner in the group Major Lazer, to make the dance-floor hit "Pon de Floor." But he wasn't done with the bubblin' sound yet. In 2011, he used that song as basis for "Run the World (Girls)," a single by the pop star Beyonce.
Join the Brevard Symphony Orchestra for a 4th of July Symphony Under the Stars concert at the City of Cocoa’s Riverfront Park. Experience an evening of patriotic songs and Pops classics under the beautiful summertime sky. Selections include excerpts from Tchaikovsky's 1812 Overture and the Stars and Stripes Forever March by John Philip Sousa.