confidence back and let people know that the bank does have things under control. just so you know, jpmorgan shares were up more than 1% ahead of the opening bell. alison, thank you. here s why the jpmorgan story matters. it s the nation s largest bank, and a stock that s likely in your 401(k). plus, the shadowing world of derivatives almost brought the financial world to a collapse just a few years ago. christine romans is joining me now with more. all of those reasons are why so many people are looking at what might be deemed as a business story and saying this is a story for everybody, right, carol? this is a trading los that happened right under the nose of what was thought to be the smartest banker in the room, jamie dimon. and the loss showing that even from the very beginning, when he first said it was a tempest in a tea pot. and now it s $5.8 billion. and really the period is not on the sentence yet. we ll have to see how the rest of the trade is unwound. $5.8 b
this morning the olympic committee responds. newsroom begins right now. good morning. happy friday 13th. i m carol costello. we begin this hour with a very bad day for the nation s biggest banks. jpmorgan chase and its ceo jamie dimon are opening their books and telling us just how much money the firm lost in a bunch of risky trades. the blunder stunned the financial world and fueled more debate on whether banking regulations are tough enough. alison kosik is at the new york stock exchange and has been listening to a jpmorgan conference call this morning. alison, what have you heard? if you re totalling up the losses so far this year from those trading losses from the risky trades, what it adds up to is $5.8 billion. that s almost triple what was originally thought. but jamie dimon said they could get bigger by another $1.7 billion. keep in mind just because the trades were discovered and announced to everybody, you know, they can t just suddenly be stopped. so what has
it s on the internet so it must be true. young people have a better excuse, these are digital natives, these are people who have never known a day without the internet. i think a lot of adults should probably know better. carl zeus, thank you so much. time to go cross-country now and check some of the stories our affiliates are covering, a prominent phoenix businessman faces child prostitution charges. michael gilliland resigned from his position at ceo of sunflower farmer s market after he was arrested in child prostitution sting. he s accused of soliciting sex with a girl who reportedly identified herself as a minor. police say gilliland set up a meeting with the girl online and then drove to a location to have sex. and then in los angeles, health concerns at hugh hefner s playboy mansion. 80 people said they got sick after attending a fundraiser and a party at the mansion this
dissolved parliament, suspended the constitution and will run the country at least for the next six months, you ll have an up-close look at life in the cairo streets today in just a moment. and in the small town of white swan, washington, one house caught fire and then it spread to at least 15 others. amazingly, no one was reported hurt. firefighters blamed high winds for the fire s fast spread. it happened yesterday. and two murder charges have temporarily been dropped against jared lee loughner, he s the man witnesses say shot arizona congresswoman gabrielle giffords and 18 others in tucson last month. prosecutors call it a procedural motion and say they will refile the murder charges in a later indictment. back to cairo now. on the same piece of ground that gave birth to an historic revolution, shops are open today, offices are open today. and people in the capital are putting the most normal face possible on their new lives. frederick plaiken it there. reporter: o
it s hard to believe that was five years ago when hurricane katrina slammed ashore. entire communities along the u.s. gulf coast were decimated. 1,723 people died. the lives of 100,000 more changed forever. some areie reuniting and sharin stories. the president ask firnd first l in new orleans. he is expected to speak at the university in new orleans. jean is there again to take us back to five years ago, and then also help us look forward to what people there are looking forward in terms of rebuilding ask change. what are some of your first thoughts as you return to new orleans, jean? well, you can t help but be struck when you re here in the french quarter at how normal things seem here. yes, there are remembrances, for instance, the katrina exhibit is open at one of the museums here just yesterday. but when you go to other parts of the city, when you go to the lower ninth ward, for instance, it s still largely a wasteland. yes, there has been some construction, but there