in washington today to meet with eric holder over settling a number of government mortgage securities investigations. proposed settlement figures could reach as much as, get this, $11 billion. jpmorgan is fresh off a $920 million settlement after a massive trading debacle. a stunning reversal for facebook stock which topped $50 a share for the first time today, more than a year since its disastrous initial public offering. the stock made its debut at $38 back in may 2012, then plunged more than 35% within a few months. the dow also gained ground today after five straight days of losses. texas state senator wendy davis will run for governor next year. this according to two democratic sources. davis gained national attention after a monumental 13-hour filibuster over a controversial abortion bill. the move delayed a vote on the legislation designed to ban most abortions for pregnancies past 20 weeks and implements strict
a texas court is overturning the conviction against the man once considered one of the most powerful figures on capitol hill. the former house majority leader tom delay was convicted on money laund laundering charges in 2010 for attempting to influence state elections. he was sentenced to three years in prison but had been free on bail pending appeal. now this court has overturned his conviction. he has been found not guilty. we will invite tom delay to join us to discuss how he goes about working to fix his own reputation in the aftermath of what has happened over the past few years. meanwhile, other news, the country s largest bank will pay more than $900 million in fines to u.s. and uk regulators to settle charges related to a huge trading debacle known as london whale. with the penalty, jpmorgan chase is acknowledging it violated banking rules by not properly
welcome back to morning joe. 6:25 in the morning in new york city. let s take a look at the morning papers. mark zuckerberg is organizing his own advocacy group. the group reportedly will push for new federal legislation on a slew of issues ranging from immigration reform to education. so far the group does not have a name but secured funds in the tens of millions of dollars. the new york times. business front, prosecutors now investigating jp morgan. that is in addition to a separate criminal inquiry into the bank over the london trading debacle. the times report eight agencies looking into the business practices of jp morgan. pope francis is choosing to remain living in the vatican guest house even though
they ve gone through the bad ipos, you remember facebook s trading debacle. if simple investors can tolerate if you bought at&t stock and it went up and down, you d be comfortable with that. the exchange you trade on, if that doesn t work that s when investors pick up the pennies and put them under their mattress. it was so important for the nyse and nasdaq to know they could ensure complete confidence in investors. it s a challenging two days having the market shut down, but for one of the first times in history, whether we talk to bank ceos or the heads, it s been about put money second and safety first. tomorrow is very important to have these exchanges open. why? because it s month end. for mutual funds it s year-end. they need to get the trade settled and rebound positions. tomorrow is a big day back in the market.
4.4 billion-dollar loss from the botched derivative trade yesterday morning. that number was then revised to 5.8 billion later in the day. jamie diamond admits it could swell to as much as 7. a billion dollars in the weeks ahead. the bank also investigating whether traders covered up any losses from this trading debacle. despite all of this. jp morgan did report a 5 billion-dollar profit yesterday for last quarter sending stocks up 6% by the closing bell. well, it s not easy being american idol at the moment. first stephan tyler announcing he would be leaving to focus on aerosmith. now jlo confirming she is out the door too. need big name replacements last on the short list apparently to replay jlo is mariah carey. oh, gosh. we re not on the short list? how do we get our names on the short list. i would like to see see, poem want to see train wrecks