This program is 29 minutes long
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(Studio: Anthony Mason) The loss in stock price for JP Morgan Chase after a 2 billion-dollar trading blunder featured; details given about the role of London trader Bruno Iksil† {aka the London Whale} and the Volcker†† Rule, which prevents banks from making speculative bets. [CLSA analyst Mike MAYO††- comments on the actions of CEO Jamie Dimon††.] [CMC Markets Michael HEWSON††- says the “too big to fail” culture is still there.] [Former Federal Reserve chairman Paul VOLCKER††- expresses concern about the health of the banking system.] Whether the bank is in jeopardy discussed.
(Studio: Scott Pelley) Stock Market Report
(Washington: Nancy Cordes) The troubles for Chesapeake Energy examined; details given about the SEC investigation of CEO Aubrey McClendon††, who took loans from Chesapeake`s creditors for his personal investments and bet against Chesapeake via his investment fund. [Energy consultant Arthur BERMAN††- wonders why these companies are producing more gas than the market needs.] [Stockholders’ attorney Marc GROSS††- says it’s a fraud on the investors.]
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(Merced, California: John Blackstone) The impact of the loss of unemployment benefits on struggling Merced, California examined; the drop in California’s unemployment rate cited; scenes shown of closed plants. [Community Action Agency worker Brenda CALLAHAN-JOHNSON††- says Merced County is experiencing dire unemployment.] [Unemployed Johnny SHAMOUN††- reacts to losing his benefits.]
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(Studio: Scott Pelley; Washington: John Dickerson) The poll findings and the Republicans’ response to Obama’s announcement discussed.
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(Elizabeth, New Jersey: Bob Orr) The battle to keep counterfeit goods out of the US featured; scenes shown of customs officers searching a warehouse in Elizabeth, New Jersey. [Port of New York and New Jersey Paula HEACOCK††- says China is the number one source for counterfeit and pirated goods.] [Beachbody’s Jonathan GELFAND††- comments on his losses from pirated videos.]
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(Presidio, Texas: Steve Hartman) The Presidio Rocket Club started by science teacher Shella Condino†† in Presidio, Texas featured; photos shown of her accepting the Aerospace Teacher of the Year award. [CONDINO – states she wanted to teach the kids that if they want something they should put their heart into it; comments on her effort to become a permanent resident of the US.] [Students Marla BALTAZAR††, Hector MONTEMAYOR††- comment.]
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