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i m suzanne malveaux. america s largest bank opens its books. it ain t pretty. also the late joe paterno speaking out in the wake of the penn state sex scandal. the outcry over teen usa s olympic uniforms. why one lawmaker wants them burned. let s get straight to it. in london soccer star john kerry has been found not guilty of racially abusing an opponent. the two had an exchange of words in a match last october. ter dion eyed they were racially motivated. the world needs airline pilots believe it or not. one of the biggest commercial jet companies says in the next 20 years the air travel industry will need almost a half million more trained up pilots. boeing sums it up this way. the global economy is growing fast and airlines are expanding just as fast to support it. here is the problem. analysts are afraid the pilot shortage will mean trains will suffer and less qualified pilots will be hired. condoleezza rice has said over and over she has no interest in being mitt
it is $5.8 billion and counting. that s how much the nation s biggest bank said it lost so far from a complex trading scheme that was supposed to hedge against risk. the updated figures came in as the ceo jamie dimon personally briefed analysts on second quarter earnings which still managed to beat expectations. team coverage this morning, alison kosik live at the new york stock exchange to explain how this could impact all of our wallets. let s start with felicia taylor. you re at jpmorgan chase headquarters in new york. we have a healthy bank, o do we have a healthy bank i guess judging by overall earnings? reporter: actually, we do. the point is let s look at the numbers and what we know now as a result of that risky trade. as you mentioned, a $5.8 billion loss. nevertheless, the company was able to absorb the losses and make $5 billion in the second quarter. so when you talk about the health of the bank, no question about it, they had earnings that outpaced expectation.