Business

Business
2:42 pm
Mon May 21, 2012

SEC's Investigation Unit 'Outgunned, On A Roll'

Originally published on Mon May 21, 2012 6:21 pm

Transcript

AUDIE CORNISH, HOST:

In New York, the federal trial of a former Goldman Sachs board member got underway today. Rajat Gupta has been accused of leaking stock secrets to a business associate who ran one of the world's largest hedge funds, the Galleon Group. That associate, Raj Rajaratnam, is now serving an 11-year prison term for insider trading.

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Technology
2:42 pm
Mon May 21, 2012

Tech Look Ahead: HP Layoffs, Google Gets Motorola

Originally published on Mon May 21, 2012 6:21 pm

Transcript

AUDIE CORNISH, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish. And it's time now for All Tech Considered.

(SOUNDBITE OF MUSIC)

CORNISH: In this week's Look Ahead, Hewlett-Packard will announce its restructuring plan Wednesday when the company reports its quarterly earnings. NPR's technology correspondent, Steve Henn, says part of that plan could include massive layoffs.

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Television
12:39 pm
Mon May 21, 2012

Networks Must Adapt To Decline In TV Viewers

Transcript

NEAL CONAN, HOST:

Advertising executives gathered in New York City last week to get their first look at the fall primetime television lineup. The four big networks announced decisions to cancel some shows, including stalwarts like "CSI: Miami" and "Desperate Housewives." And they also welcomed newcomers, including lots and lots of new comedies. But this is all happening against the backdrop of a dwindling audience. It used to be that the network's losses were cable televisions gain, but cable ratings are also down.

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Business
4:11 am
Mon May 21, 2012

The Last Word In Business

Originally published on Mon May 21, 2012 5:11 am

The chairman of Nasdaq issued a public apology after a glitch delayed the start of Facebook trading Friday. And over the weekend, Facebook founder Mark Zuckerberg married his longtime girlfriend.

Television
4:11 am
Mon May 21, 2012

Why TV Shows Call It Quits Before They're Told To End

Originally published on Mon May 21, 2012 4:27 am

The TV show House is airing its final episode Monday night on FOX, Desperate Housewives on ABC ended last week and NBC has announced that 30 Rock will have its final episodes this fall. TV and media critic Eric Deggans of the Tampa Bay Times explains why choosing to end a show, rather than getting canceled, presents a creative opportunity for the producers.

Business
4:11 am
Mon May 21, 2012

Business News

Originally published on Mon May 21, 2012 5:06 am

Troubled Internet giant, Yahoo has announced it would sell back nearly half of its 40 percent stake in Alibaba, a Chinese e-commerce company. And, the Wanda Group has agreed to purchase AMC Entertainment for more than $2.5 billion.

Business
4:11 am
Mon May 21, 2012

Ex-Goldman Director Faces Trial On Insider Trading Charges

Originally published on Mon May 21, 2012 4:58 am

Transcript

STEVE INSKEEP, HOST:

A giant of American business goes on trial in New York today. Rajat Gupta is accused of insider trading. He's the one-time chief executive of the consulting firm McKinsey and Company and a former board member of Goldman Sachs.

Prosecutors allege he passed on information about Goldman to billionaire Raj Rajaratnam, who's already in prison for insider trading.

NPR's Jim Zarroli is covering this story from New York. Hi, Jim.

JIM ZARROLI, BYLINE: Hi, Steve.

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Asia
12:59 am
Mon May 21, 2012

Mineral-Rich Mongolia Rapidly Becoming 'Minegolia'

The mine at Oyu Tolgoi, Turquoise Hill in Mongolian, will be one of the world's largest copper mines in about five years. An employee holds up a small sample of the oxidized copper that gave the mine its name.
John W. Poole NPR

Originally published on Wed May 23, 2012 8:47 am

Mongolia, the land of Genghis Khan and nomadic herders, is in the midst of a remarkable transition. Rich in coal, gold and copper, this country of fewer than 3 million people in Central Asia is riding a mineral boom that is expected to more than double its GDP within a decade. The rapid changes simultaneously excite and unnerve many Mongolians, who hope mining can help pull many out of poverty, but worry it will ravage the environment and further erode the nation's distinctive, nomadic identity.

First of four parts

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Economy
4:13 pm
Sat May 19, 2012

Could Glass-Steagall Have Stopped JPMorgan Loss?

JPMorgan, the largest bank in the United States, is seeking to minimize the damage caused by a $2 billion trading loss, disclosed earlier this month.
Mark Lennihan AP

Originally published on Mon May 21, 2012 11:15 am

Following JP Morgan's disclosure of a $2 billion loss, a small but increasingly vocal group of lawmakers and economists are arguing that a 60-year-old piece if financial legislation should never have been repealed in 1999.

They say the law, known as the Glass-Steagall Act, was so consequential that there's a direct link between its repeal and both the 2008 financial meltdown and JPMorgan's huge loss.

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Business
6:16 am
Sat May 19, 2012

Average Investors Share Facebook Feelings

Originally published on Sat May 19, 2012 9:19 am

Transcript

SCOTT SIMON, HOST:

The Facebook IPO hasn't just sent a jolt of excitement through Silicon Valley, there are many average individual investors who are also thrilled. NPR's Sonari Glinton has more.

SONARI GLINTON, BYLINE: All right. It's a little after 9:30 on Friday. The bell just rang on the NASDAQ, and I'm gonna check in with some regular investors. I'm gonna start with Nelly Sai-Palm. She's a student at the University of Chicago's Booth School of Business, and I'm going to give her a call.

(SOUNDBITE OF TELEPHONE RINGING)

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Business
6:16 am
Sat May 19, 2012

What To Expect In Facebook's Future

Originally published on Sat May 19, 2012 9:19 am

Transcript

SCOTT SIMON, HOST:

This is WEEKEND EDITION from NPR News. I'm Scott Simon. Stock in Facebook went on sale for the first time yesterday, the largest initial public offering of stock for an Internet company, and the sale instantly created scores of millionaires in Silicon Valley, about half a dozen or so billionaires. NPR's technology correspondent Steven Henn joins us. He's followed it all from Silicon Valley. Steve, thanks for being with us.

STEVE HENN, BYLINE: Sure, my pleasure.

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Business
2:22 pm
Fri May 18, 2012

What Happened When JPMorgan Realized Huge Loss?

Originally published on Fri May 18, 2012 4:34 pm

Transcript

ROBERT SIEGEL, HOST:

When the chief investment office of JPMorgan Chase was making big profits for the bank with what amounted to big bets, the bank's chairman and CEO, Jamie Dimon, stopped paying close attention to its operations. When he realized it was making big losses and saw the numbers, he couldn't breathe. That's according to Monica Langley's piece in today's Wall Street Journal, "Inside J.P. Morgan's Blunder."

Langley interviewed numerous JPMorgan executives, including Jamie Dimon, and she joins us now. Welcome to the program.

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Business
2:22 pm
Fri May 18, 2012

Facebook The Largest Internet IPO In History

Originally published on Fri May 18, 2012 4:34 pm

Transcript

MELISSA BLOCK, HOST:

This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.

ROBERT SIEGEL, HOST:

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World
2:22 pm
Fri May 18, 2012

As More Move To Cities, A New Take On Urban Design

Originally published on Fri May 18, 2012 4:34 pm

With 7 billion people expected to live in urban centers by 2050, the stakes are enormous for building them right. There are many things to think about — traffic, trash, water, connectivity and more. Whether you're a new mega city being built in Saudi Arabia or old Liverpool trying to rejuvenate yourself, you face a lot of the same issues. Hundreds of mayors, private sector actors, think tanks and citizens groups convened in Paris this week to share ideas.

Energy
1:26 pm
Fri May 18, 2012

Pipeline Flip Turns U.S. Oil World 'Upside Down'

The U.S. oil boom has created a glut of crude in Cushing, Okla., a major oil storage hub. This sign dubs the city the "Pipeline Crossroads of the World."
Jeff Brady NPR

Originally published on Fri May 18, 2012 4:34 pm

For years, Cushing, Okla., has been on the receiving end of a 500-mile pipeline funneling oil from the Gulf of Mexico to the American heartland.

Starting this weekend, that pipeline will start moving crude in the other direction. That flow reversal could soon have implications at gas pumps around the country.

"For 40 years, crude oil flowed north," says Philip Verleger, a visiting fellow at the Peterson Institute for International Economics. "Today, oil flows south. It's as if we turned the world upside down."

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The Two-Way
1:08 pm
Fri May 18, 2012

What Facebook May Mean For Your Portfolio, Even If You Didn't Buy It

Facebook shares began trading on Nasdaq shortly after 11:30 a.m. on Friday.
Richard Drew AP

Originally published on Fri May 18, 2012 4:25 pm

Don't worry if you missed out on Facebook's initial public offering. Chances are, if you own shares in a broad-based index fund, you'll be holding onto some Facebook soon enough.

Facebook is such a huge offering -– with an initial market capitalization of more than $100 billion, it instantly becomes one of the 25 largest "cap" stocks — that it could have a distorting effect on some funds, at least in the short term.

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It's All Politics
11:55 am
Fri May 18, 2012

TED's 'Explicitly Partisan' Talk, Briefly Barred From Its Site, Now Everywhere

Originally published on Mon May 21, 2012 1:23 pm

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Business
8:50 am
Fri May 18, 2012

JPMorgan's Troubles And The Price Of Eggs

Do complex Wall Street transactions ever do anything to help average people? To answer that question, we consider the case of an imaginary company, Chickens LLC, that's looking to grow.
Joern Pollex Getty Images

Originally published on Fri May 18, 2012 2:20 pm

Journalists have spent many days and millions of words hashing over the news that banking giant JPMorgan Chase lost billions of dollars trading "synthetic" derivatives.

I am one of those journalists who, more or less, can understand what the bank says it was trying to do, i.e., hedge against loan losses. But here's what I have a hard time explaining:

What does this kind of complex trading have to do with the price of eggs?

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The Two-Way
5:33 am
Fri May 18, 2012

Like It Or Not, It's Facebook's Day On Wall Street

Emmanuel Dunand AFP/Getty Images

Originally published on Fri May 18, 2012 2:03 pm

  • Steve Henn talks with Steve Inskeep on 'Morning Edition'

Facebook's much-publicized first sale of stock to the public started with a bang late this morning as the price per share jumped. But though the volume of shares sold was a record for an initial public offering, the stock's price gave up its gains as the day continued.

By the end of trading in the U.S., Facebook had settled right at the $38 initial offering price that had been set before shares went on sale.

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Business
2:48 am
Fri May 18, 2012

The Last Word In Business

Originally published on Fri May 18, 2012 2:49 pm

Transcript

STEVE INSKEEP, HOST:

And today's last word in business is: free flight - to somewhere less exotic than Nepal.

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Business
2:48 am
Fri May 18, 2012

Facebook To Begin Trading On Nasdaq

Originally published on Fri May 18, 2012 2:49 pm

Transcript

(SOUNDBITE OF BELL RINGING)

STEVE INSKEEP, HOST:

There you have it, the sound of money. Mark Zuckerberg rang the opening bell for the NASDAQ stock exchange this morning. Facebook, his company, is going public today. The company's shares start trading under the ticker symbol FB. And we talked about one of the largest IPOs, initial public offerings, in history with NPR's Steve Henn.

OK. When we say one of the largest in history, how big is it here?

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Business
2:48 am
Fri May 18, 2012

Did Bank's Culture Lead To JPMorgan's Big Loss?

Originally published on Fri May 18, 2012 2:49 pm

Transcript

DAVID GREENE, HOST:

The head of JPMorgan Chase, Jamie Dimon, has gotten an invitation to testify in front of the Senate Banking Committee about his bank's recent trading loss of at least $2 billion.

STEVE INSKEEP, HOST:

Dimon is very much the public face of his firm. In a Wall Street culture where banks are defined as much by the executives who run them is by the assets they hold. So, what kind of culture led to the multibillion dollar losses at JPMorgan Chase?

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Business
2:48 am
Fri May 18, 2012

Hewlett-Packard Set To Layoff 30,000 People

Originally published on Fri May 18, 2012 2:49 pm

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with layoffs at HP.

(SOUNDBITE OF MUSIC)

INSKEEP: Technology giant Hewlett-Packard is poised to eliminate as many as 30,000 jobs worldwide. These cuts, though, will reportedly spare China - the company's largest source of growth, as well as its research and development divisions.

NPR's Wendy Kaufman reports.

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Planet Money
1:20 am
Fri May 18, 2012

The Long, Long, Long Road To New Rules For Banks

Originally published on Fri May 18, 2012 2:49 pm

Would that big, bad JPMorgan Chase trade have violated the Volcker Rule?

It's too soon to say, despite the fact that the rule is part of a two-year-old law.

The Volcker Rule bans deposit-taking banks from making speculative bets. But it allows banks to make investments to hedge risks.

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Space
1:13 am
Fri May 18, 2012

NASA, SpaceX Aim To Launch Private Era In Orbit

NASA and SpaceX partnered closely to make the mission to the International Space Station possible. Above, the SpaceX control room.
SpaceX

Originally published on Fri May 18, 2012 2:49 pm

A private spaceship owned by a company called SpaceX is scheduled to blast off from Cape Canaveral in Florida early Saturday morning.

If all goes well, the unmanned capsule will rocket up on a mission to deliver food and other supplies to the International Space Station, becoming the first commercial spacecraft to visit the outpost.

The highly anticipated mission could mark the beginning of what some say could be a new era in spaceflight, with private companies operating taxi services that could start taking people to orbit in just a few years.

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The Two-Way
2:40 pm
Thu May 17, 2012

Facebook Stock Priced at $38 A Share Ahead of Friday IPO

The Facebook thumb.
Paul Sakuma AP

Originally published on Fri May 18, 2012 4:55 am

When Facebook makes its initial public offering Friday on the NASDAQ, the stock will be priced at $38 per share, a price that's expected to bring in between $16 billion and $18.4 billion to the company. CNBC reports:

"[The price makes] it one of the most lucrative offerings the Street has ever seen. With that valuation taken into consideration, Facebook goes public with the highest valuation — in the $100 billion range — of any company on record at the time of its IPO."

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The Two-Way
2:25 pm
Thu May 17, 2012

Reports: Hewlett-Packard Plans To Announce About 25,000 Job Cuts

Originally published on Thu May 17, 2012 2:37 pm

Several news outlets are reporting that computer giant Hewlett-Packard will announce the elimination of 25,000 to 30,000 jobs. All Things D reports that the announcement will come from CEO Meg Whitman when the company announces its quarterly earnings next Wednesday.

All Things D reports:

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Digital Life
12:00 pm
Thu May 17, 2012

Facebook Users Should Expect Changes After IPO

Originally published on Thu May 17, 2012 12:40 pm

Facebook hopes to raise more than $100 billion in its initial public stock offering. In a piece at Slate.com, tech columnist Farhad Manjoo warns that Facebook users can expect to see changes, including lots more ads. But he warns the company must balance profit seeking with the desires of users.

Shots - Health Blog
8:47 am
Thu May 17, 2012

Embattled Hospital Debt Collector Taps Politicians For Defense

Minnesota Attorney General Lori Swanson announces a lawsuit against Accretive Health in Jan., saying the company failed to protect the confidentiality of health care records for thousands of Minnesota residents. The charges have widened to include the company's tactics in collecting debts.
Jim Mone AP

So what do you do when you're accused of hitting up sick patients in the hospital to pay their bills — sometimes even before they get treatment?

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The Two-Way
5:03 am
Thu May 17, 2012

As Feared, JPMorgan's Losses Are Growing; Reportedly At $3 Billion

Timothy A. Clary AFP/Getty Images

The word on Monday that JPMorgan Chase's losses from risky trades that went wrong could climb from $2 billion to perhaps as high as $4 billion in coming quarters is being bolstered this morning.

There's this report from The New York Times' Deal Book blog:

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