Huge Loss at JP Morgan
One of the biggest banks in the world is reeling in the wake of a massive blunder. Wall Street giant JP Morgan Chase revealed today that a series of bad bets cost them more than $2 billion. The bank lost the money in a trading group designed to manage the risks it takes with its own money. But JP Morgan's CEO admitted today it was fraught with errors, sloppiness, and bad judgment. The 6-week loss is triggering calls for tougher regulation of banks to rein in risky trading.
Home Prices Rise Again
The housing market seems to be picking up steam. Wells Fargo says a survey of sales managers shows home prices are up for a fifth straight month. Homebuilders have also indicated that the spring selling season is likely driven by real demand and not just a head fake as in prior years. We'll find out more on housing next week as reports on new and existing home sales are released as well as housing starts for April.
Betsey Johnson Sales Begin
Going-out-of-business sales began today at all 63 Betsey Johnson retail and outlet stores as the clothing chain liquidates. The fashion house known for its funky floral prints and bold colors became saddled by debt and filed for Chapter 11 Bankruptcy protection in April. The going-out-of business sales will offer 20% to 50 % off clothing, jewelry, handbags and shoes even the fixtures will be up for sale.