JPMorgan Chase has agreed to pay regulators more than $900 million in fines over last year's London Whale trading fiasco. A handful of rogue traders at the bank lost more than $6 billion in a bad derivatives trading strategy. The traders then concealed the losses from senior executives for weeks. JPMorgan also formally admitted wrongdoing in the settlement with four different regulators.
It has been almost 50 years since President Lyndon Johnson declared a "War on Poverty." But more than 15 percent of Americans still lived in poverty last year, according to a new report by the U.S. Census Bureau. Host Michel Martin discusses how the country is tackling poverty today with researcher Isabel Sawhill and economics professor Martha Bailey.
Though the Obama administration says that the nation is entering a new era of lower health care spending, an analysis from the agency that oversees Medicare says probably not. Those economists say that health spending will escalate as the economy improves, as it has in past economic recoveries.
When Kentucky businessman Matt Bevin jumped in to challenge fellow Republican Mitch McConnell in next year's primary, the Senate minority leader responded by lying low on controversial issues. And so far, McConnell has steered clear of an attempt to tie must-pass funding bills to a defunding of President Obama's health care law.
Workers for American Airlines and U.S. Airways rallied in Washington, D.C. on Wednesday to urge the Justice Department to speed up approval of the pending merger. The department is pushing to block the deal on the grounds that it would hurt travelers by reducing competition, and increasing airfare.
President Obama has taken his time in choosing a new Federal Reserve Chairman. It's a four-year post so whoever he picks will lead the central bank well into the next president's term. Top contender Larry Summers withdrew his name from consideration. Analysts speculate the No. 2 at the Fed, Janet Yellen, will now be the top choice.
As health costs keep rising, many firms are trying to run their benefits programs as leanly as possible. For some, that means not paying the claims of spouses who work for other companies. It costs more to insure the typical spouse than the typical employee, one analyst says.
The central bank's unexpected move to keep rates low for now was good news for stock investors and homebuyers, but oil prices surged and savers will have longer to wait before they see higher rates. The Federal Reserve concluded that the economy is still too weak and needs its continued help.
The Federal Reserve surprised the financial markets today with a decision to leave its main stimulus program in place. Most analysts expected the central bank to begin "tapering" its bond and securities purchases, but the Fed said it wanted to see more positive signs the economy is ready to stand on its own.
Robot Turtles is a tabletop board game that teaches children as young as 3 years old the fundamentals of computer programming. Entrepreneur Dan Shapiro came up with the idea while playing with his kids, and took a leave of absence from Google to get the game into production.