this morning on "early today," billion dollar blunder. heads begin to roll at jp morgan chase in the wake of a massive trading loss. cloud of terror. a massive twister bears down on a small new mexico town. and family affair. england's young royals turn out and family affair. england's young royals turn out for a charity polo match. captions paid for by nbc-universal tevision hello and good morning. welcome to our viewers across the nation including the pacific time zone. i'm lynn berry, and today we begin with risky business. three executives at jpmorgan chase are expected to pay the ultimate price for mistakes that led to startling losses that

sent shock waves throughout the financial world. the bank's chief investment officer is among the reported resignations. nbc's brian mooar reports. >> reporter: from the ceo of jpmorgan chase, an unambiguous explanation on a stunning $2 billion trading loss. >> we made a terrible, egregious mistake. there's almost no excuse for it. >> reporter: jamie dimon shrugged off mounting concerns last month that something was terribly wrong with a $100 billion hedge investment that now is being described as a bad bet. >> we know we were sloppy. we know we were stupid. we know there was bad judgment. >> reporter: it is a nightmarish reminder of the wall street meltdown that upended the economy four years ago. main street americans paid a steep price for those bailouts, and the economy is still crawling toward a recovery. this time around, jpmorgan's reputation and its stock price are taking a hit, but the

company still expects to turn a profit. for democrats this is a warning sign. >> we're not trying to stop banks from losing money. we're trying to stop them from losing money in ways that will cause damage to the rest of the system. >> reporter: congressman barney frank was co-author of the dodd/frank law designed to reign in wall street, but republicans say it's just stifling investment. >> you have so much government regulation coming in that you can't see the forest through the trees. >> reporter: a fight over regulation that now has a new focus. jpmorgan chase. brian mooar, nbc news, washington. well, elsewhere lawyers for former presidential candidate john edwards will begin his defense today at his trial in north carolina. he's accused of campaign finance violations to cover up an affair and a conviction could send him to prison. nbc's frances kuo has more. >> reporter: after three weeks of at times gut-wrenching emotional testimony, today the john edwards' defense team will

get their first chance to present their case to the jury. last thursday the prosecution rested after bringing dozens of witnesses to the stand. they tried to shred the credibility of the former presidential candidate, including presenting edwards' 2008 interview in which he denied fathering a child with mistress rielle hunter. analysts say that video puts pressure on edwards to testify. >> i think the heat is really on john edwards to take the stand. >> reporter: the government alleges that funds used to cover up his affair with hunter were actually illegal campaign contributions, a charge edwards denies. >> it's going to be up to him to be able to look this jury in the eye and convince them that he did not violate the campaign finance laws. >> reporter: whether edwards or hunter takes the stand remains to be seen. >> the more they're concerned about the jury coming back with a guilty verdict, the more likely it is that we'll see john edwards and rielle hunter, and it's rielle hunter who can -- who can bring that negative focus back on andrew young, and i think that edwards' defense

team may feel like they need that now. >> reporter: a focus the defense hopes will convince the jury of edwards' innocence. frances kuo, nbc news. and now here's a look at some other stories making news early today in america. in new mexico, frightening moments as a tornado bore down on neighborhoods sunday afternoon. the twister was likely a category 1 with speeds up to 100 miles an hour. neighbors had to run for cover but no one was hurt. locals say it's the first tornado in the area in more than 50 years. in nashville, a 72-year-old atoned for a crime he committed more than half a century ago. he planted new flowers in a park after stealing some from the same place back in 1958. he took the hydrangeas to give as a mother's day present because he was too poor to buy his own. the new ones came from the same root system he planted on his mother's farm. and, finally, a college graduate got more than a diploma

this weekend. she got a marriage proposal from her boyfriend. that's right. the student and her new fiance met during the first week of college, but their families urged them to wait until they were done with school to take the next big step. well they did, if only by a few seconds. now for a look at your national and regional weather, here is nbc meteorologist bill karins. he gets an a-plus for the proposal. >> oh, yeah. >> absolutely. >> seconds after mom approved. >> exactly. check that off the list. >> done. in good morning, everyone. hope you enjoyed your warm and toasty weekend. temperatures were the warmest of the year so far throughout all of the west. we had record heat, medford tied the record at 95, look at that, how warm was that. we also saw temperatures in the desert southwest, very warm, 103 in phoenix and 97 in vegas. the warmth is continuing but ever so slowly. some of the warmth will push more to the intermountain west and cool it off, essentially

coastal areas, a cut off low will be moving onshore. starting your morning don't really need the jacket. you go outside with your shirts on. 75 in vegas and 57 in seattle, a light sweater up there in the northwest. as far as what we're dealing with the cut off low, you can barely see it here. gray clouds off the coast lingering, adding a little moisture up towards the medford area, southern portions of oregon, northern california. that's really the only spot that has added just a slight chance of showers, maybe a thunderstorm during the day today. everybody else looks dry. high pressure in control and warm, if not hot, once again in the desert southwest. 104 today in phoenix, so there's an excessive heat watch, one of the first early season heats, takes your body a little bit to digest to it, 30% chance of storms in the medford area. that's a look at you

temperature around 85 to 90. unbelievable, still warm, still dry. even seattle this whole week, dry. >> oh. we envy them. >> it's nice. been a great may. >> good for them. thanks so much. yahoo!'s ceo tumbles, avon will make the call and a world record guaranteed to make you shake your lead and say really. your early morning business headlines are straight ahead. "the avengers" keeps astounding shattering record after record at the box office. third time is a charm for the clippers, a pair of walk-off grand slams, and the kings of the road do it again. you're watching "early today."

good morning and welcome back to "early today." i'm lynn berry, and here are some of your top headlines this morning. in one of the most shocking and gruesome acts seen in

mexico's ongoing drug wars, 49 mutilated bodies were found dumped on a highway a little over an hour's drive from the texas border yesterday. the dead are thought to be victims of an escalating battle between two rival cartels. in afghanistan, a top peace negotiator was shot and killed on his way to work in kabul. the taliban denied involvement in the killing of arsala rahmani just a week before a key nato summit meeting in chicago where afghanistan will be a major topic. in southern yemen, 42 people have been killed in fighting between the army and al qaeda militants. the military used warplanes and heavy artillery in the battle, which killed at least 30 militants. in denmark, more than 127 pounds of explosives were used in the implosion of two apartment buildings in copenhagen as a large crowd watched. the towers were built in the '50s and were condemned as no longer safe to live in.

and in england, prince william and his brother harry played in a polo match that raised money for charity supported by the royals, and william's wife kate was on hand to award the prizes, which included kisses for the prince. and now here's an early look at one of your top health headlines on msnbc.com. a new study finds the more you exercise, the lower your risk of diabetes. for the first time this research found people who worked out three to five times per week have the greatest improvement in their insulin sensitivity. that leads to your body handling blood sugar and insulin more effectively. higher intensity workouts also reduce the chance of diabetes. and for more information on this and other health stories, you can check out the health page at msnbc.com. >> announcer: "early today" health is brought to you by vagisil. bring yourself back. and now here's an early look at how wall street will kick off the day. the dow opens at 12,820 after losing 30 points on friday. the s&p was down 4 points.

the nasdaq was up a fraction. taking a look at overseas trading this morning, in tokyo the nikkei was up 20 points, but in hong kong the hang seng fell 229. well, shake-ups at more than one big company will have traders' attention today. as we told you earlier, shares of jpmorgan chase could come under more pressure today as that $2 billion trading blunder is expected to claim the jobs of three top executives, including the bank's top chief investment officer. according to this morning's wall street journal, before scott thompson resigned as yahoo!'s ceo this weekend, he told the company's board and several colleagues that he's been diagnosed with thyroid cancer. thompson stepped down after it was discovered he apparently never received a computer science degree listed on his official resume. in deal news, avon says it will respond within a week to coty's sweetened $10.7 billion takeover bid. looking ahead, investors will keep an eye on greece this

week as failed talks to form a coalition government push the country closer to a possible exit from the eurozone. retail stores will also be in focus with first quarter results from jc penney, walmart, and home depot. wall street will find out if there's been any improvement in the housing industry with a report on housing starts and building permits. today is mark zuckerberg's 28th birthday, but the real celebration could be friday when facebook is expected to debut on the nasdaq. and, finally, an ohio man isn't letting unemployment get him down. instead he kept his arm up for 17 hours straight, hoping to score a guinness world record for the longest continuous fist pump. he prefers the so-called jersey style where you use your elbow to roll your fist. bill will show you how to do it yet. no official word yet on the record. well, coming up, the heat beat the pacers, the kings top the coyotes, and whose turn was it to win this weekend at golf's player championship.

plus, a cincinnati slugger goes yard three times, including walk-off grand slams. your early morning sports headlines are straight ahead. and if you're on the east coast, you're going to be dealing with a lot of rain over the next two days. the middle of the country, just about perfect. your forecast is coming up. you're watching "early today."

good morning. if you're just waking up, this is "early today." and in sports, yesterday in the nba playoffs for the second day in a row, a los angeles team won a game seven showdown. here's nbc's mario solis with an early look at all your sports headlines. hi, there. good morning. third time's a charm for the l.a. clippers. after squandering a 3-1 series lead, the clippers finally got it right in game seven against the grizzlies. the bench getting it done in the fourth quarter, scoring 25 of their final 27 points. nick young draining 13. clippers send the grizzlies to an early hibernation with an 89-79 win. they advance to play the top seeded spurs. to miami, lebron james getting his mvp award, and then he shows everyone why he's the most valuable player in the league, scoring 32 points against indiana. in fact, lebron and dwyane wade outscore the entire pacers team by four points in the second half. heat take game one, 95-86. to hockey, game one of the western conference finals, kings

and coyotes tied at 2-2 in the third. dustin brown with another huge goal. seems like every game the l.a. captain steps up in a big way. his seventh goal of the postseason. kings are a perfect 6-0 on the road. they win, 4-2. golf, the tpc at sawgrass was pretty in pink for mother's day and so was matt kuchar. donning the pink hat for par on 3, draino. then on 18, a tap-in for the win. he takes the players championship by two strokes. it's his fourth career pga tour victory. >> to the diamond, earlier this year the marlins' mike stanton changed his name to juan carlos stanton. we're just going to call him the closer. rips a walk-off grand slam against the mets. marlins score six in the ninth to win, 8-4. and if you like that, you'll love this, unless, of course, you're a nationals fan. the reds' joey votto hits not one, not two, but three homers in cinci, the last one a walk-off grand slam in the ninth inning. votto makes the nats see red. they win 9-6 in dramatic fashion. and that's your look at sports on "early today."

i'm mario solis. well, which film was totally overshadowed this weekend at the box office? your early morning entertainment headlines are straight ahead. plus, it is diploma time at the nation's colleges and universities, and we will bring you the inspiring story of one man who wouldn't let anything stop him from earning his degree. you're watching "early today."

welcome back. we are watching beautiful weather continuing in almost all areas. we are going to see early morning fog once again in l.a. afternoon sunshine. highs a little cooler near the water. interior california, some spots in the 90s. northern california, southern oregon, only about a 30% chance of showers or storms. as we look at your tuesday, cool it off a little bit in portland and seattle but we're still very hot in vegas. if you're watching us on king 5 news in seattle, washington, see jars created by artists of today inspired by mythic native traditions from across the word at the spirits in wood and glass at the stonington gallery. >> thanks so much. and now here's an early look at this morning's headlines in entertainment. when it comes to "the avengers," the box office records just keep on falling. >> and your ten dollars. >> my $15, actually. >> really? >> 3d. >> the superhero super hit took in an estimated $103 million this weekend. to easily hold on to the top spot and become the first film

to make more than $100 million in its second weekend of release. it also became the fastest movie to reach both $300 million and $350 million in earnings. and the movie with the highest ever eight-day, nine-day and ten-day grosses, including worldwide earnings. disney announced that as of last night, it is expected that the movie will break the $1 billion mark in just its 19th day of international release. that's an a plus plus plus. that would make its 11th highest earning movie ever. >> look out. >> in second was "dark shadowss" the remake of the popular soap opera with a new dash of comedy from tim burton and star johnny depp, it took in a disappointing $28.8 million. that was well below expectations. it had to keep with -- >> was "the avengers" worth your 15 bucks? >> it was. it was pretty incredible. >> how much would someone pay for a nap? >> oh.

>> i just napped for a little bit because i was really tired and then the rest -- it was three and a half hours long, you can get a nap in and not miss a thing, trust me. from wnbc news 4 new york where the newest ivy league graduate truly worked his way to a diploma. this is a great story. a 52-year-old janitor at columbia university was among the proud graduates from that very same school sunday. the yugoslavian immigrant fled his war-torn home 20 years ago. he took the custodian job because it meant free tuition. cleaning the campus at night and then going to class in the morning. he is going to keep his job and now he hopes to go for his masters. love that. good luck to him. i'm lynn berry. this is "early today," just your first stop of the day, today, on your nbc station.

well, people in thailand are launching into monsoon season with a big bang. hundreds of villagers gathered for the annual thai rocket festival to mark the beginning of the rainy season. the yearly ritual has residents competing to keep a rocket airborne as long as possible. locals believe the rockets pay homage to the rain gods in hopes of an abundant farm season. competitors in the philippines gathered for a regatta of makeshift watercraft. nearly a dozen vessels made from recycled and nonbiodegradable materials raced for the title of best green craft as a way to promote green recycling and teach valuable survival skills. sailors completed the over 80-foot course, being judged on their boat's speed, durability

and innovation. and, finally, imagine going to a restaurant where the tables, the menu, and even your companions are not visible. one restaurant any nepal serves its guests in complete darkness. blind waiters serve the guests who must rely on their own senses to enjoy the meal. organizers hope the darkness will open people's eyes to what it would be like to be completely blind. that's a little difficult to tell that story when everything's in the dark. >> you can't see anything. it would be cool if you had one where you couldn't hear anything either. >> so you wouldn't have to listen to the person who you were having dinner with talk. >> so i could say meet you there and i wouldn't go. >> that could work. well, it's time now for an early look at some of the stories we'll follow throughout the day on nbc. today's the deadline for the federal aviation administration to present rules for how it will license police, fire departments, and other public safety agencies to fly small drone aircraft fitted with cameras. the local agencies hope to use the technology for everything from finding missing children to tracking drug dealers.

in washington, the nuseum will rededicate its journalists' memorial, adding the names of 70 journalists who died covering news in 2011 along with two journalists from previous years. and george lucas, the man behind the "star wars" films, turns 68. all day long you can stay on top of the very latest developments in those stories and others as they break on msnbc and tonight, be sure to watch brian williams with "nbc nightly news." and, finally, here's a look at what's coming up later this morning on the "today" show. the man with the golden voice, ted williams, will be live with an update on his life, which has gone from homelessness to fame and to rehab, and actor liam knee sen will be in studio to preview his latest action-packed thriller "battleship." now keep it on this channel for continuing local news, weather, sports, and more. i'm lynn berry. thanks for watching "early today," just your first stop of the day, today on your nbc station. have a good one.