Fri May 11, 2012
Planet Money

JP Morgan's $2 Billion Loss, Explained

Originally published on Fri May 11, 2012 12:17 pm

Chris McGrath Getty Images

What just happened?

JPMorgan Chase, the biggest bank in America, announced that it lost $2 billion on a massive trade placed out of its London office.

What was the trade?

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Fri May 11, 2012
Health and Welfare

Coventry Cares Violates Contract by Ending Payment for Certain Medications

Medicaid provider Coventry Cares plans to stop paying for an expensive medication that helps addicts kick opioid addictions, a move state officials quickly condemned Thursday as a contract violation. The Medicaid managed care company's decision to stop paying for buprenorphine, a drug used to curtail cravings for drugs such as Oxycontin and Vicodin, also brought the threat of a lawsuit from a group of addiction treatment centers. Buprenorphine is more commonly known as Suboxone.


Fri May 11, 2012

Deputies Face Gun-Theft Charges

Fayette County Sheriff Kathy Witt discussed an internal investigation during a press conference on Thursday.
Pablo Alacala/Lexington Herald-Leader

Two Fayette County sheriff's deputies were arrested Thursday and a former deputy was cited following an investigation into missing guns. Sgt. Merle McDaniel, 55, Maj. Chris Tudor, 37, and former Sgt. Bill Beers, 47, were charged after an internal investigation at the Fayette County sheriff's office. The investigation revealed that guns confiscated by McDaniel and Beers had not been booked into the office's property vault. It was later discovered that two of the weapons had been sold at pawn shops, Sheriff Kathy Witt said at a news conference Thursday.


Fri May 11, 2012
Shots - Health Blog

FDA Gets Advice To Approve First Pill To Cut HIV Infections

Originally published on Fri May 11, 2012 11:31 am

Gilead Sciences' Truvada is a step closer to being approved as a way to prevent HIV infection.
Paul Sakuma AP

In what could mark a watershed in the fight against HIV/AIDS, a panel of experts recommended that the Food and Drug Administration give a green light to a pill that can cut the risk of infections.

The daily pill, Truvada, made by Gilead Sciences, combines two medicines that inhibit the reproduction of HIV. It's already approved as a treatment for HIV, but its use could soon expand to include protection of uninfected people.

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Fri May 11, 2012

U of L Board Approves Tuition Increase

The University of Louisville Board of Trustees approved the 2012-2013 budget Thursday, including a 6 percent tuition increase for students. The state cut higher education by 6.4 percent in its final budget, which is about $9.7 million for U of L. The $482.6 million general fund budget approved by the board covers the university’s primary operations, including salaries and it includes tuition increases for students and funding cuts to departments totaling $6 million.

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Fri May 11, 2012
Health and Welfare

New Standards to Affect School Lunches

Students will see changes in their lunch and breakfast trays this fall following the approval of new meal standards by the U.S. Department of Agriculture. The new standards apply to all schools participating in the National School Lunch and School Breakfast programs. The new standards require schools to serve fruit and vegetables to students daily, increase the amount whole grain-rich foods and limit calories based on students’ age.


Fri May 11, 2012
The Two-Way

JPMorgan 'Rogue Trader' Losses Send Chills Through Markets

Originally published on Fri May 11, 2012 11:46 am

"It was a bad strategy. It was badly executed."

The words of JPMorgan Chase's CEO, Jamie Dimon, as he admitted late yesterday that the investment bank — or, more precisely, a single "rogue trader" working for the bank, had lost some $2 billion in the last six weeks in risky hedge-fund trades.

The news has sent chills through the markets. Shares of JPMorgan Chase, the largest U.S. bank, lost 7 percent in after-hours trading and British bank Barclays lost 2.9 percent, while more than 2 percent was shaved from Royal Bank of Scotland.

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Fri May 11, 2012
Kentucky Arts and Culture

"The Agony and the Ecstasy" of Actors Guild

Actors Guild of Lexington artistic director Eric Seale will perform "The Agony and Ecstacy of Steve Jobs" May 10-20 at the the theater on Old Harrodsburg Road.
Hillary Brown Lexington Herald Leader

The Lexington Philharmonic Friday presents a multi media performance of “The Planets” synced with HD video provided by NASA. “The Agony and the Ecstasy of Steve Jobs” is performed by Actors Guild of Lexington, despite questions raised over the credibility of its playwrightRich Copley, who’s an arts and cultural reporter for the Lexington Herald Leader, offers a preview.


Fri May 11, 2012

Freddie Mac Names Retired JPMorgan Official CEO

Mortgage broker Freddie Mac named Donald Layton as its new chief executive officer. Layton worked for JPMorgan Chase for nearly 30 years before retiring in 2004.


Fri May 11, 2012
Around the Nation

Alaska Man To Make Uninhabited Island His Home

Charles Baird will be alone on the island for one year. He'll able to send short text messages, but won't be receiving any. By freeing himself from all media, he expects to have enough time to make a documentary about himself.