billion dollar blunder. three top executives at jpmorgan chase are expected to pay the price for their costly mistake. same-sex politics. the hot button issue takes over the pulpits and air waves. sxh and dedicated to knowledge. a janitor who fled the killing fields of yugoslavia fulfills a lifelong dream and gets his college degree. this is the "cbs morning news" for monday, may 14, 2012. good morning. thanks for joining us. i'm manuel gallegus. heads are expected to roll at jpmorgan chase over its $2 billion trading blunder. one of the highest ranking women on wall street is expected to step down along with at least two others. there are renewed calls for

tougher financial regulations. susan mcginnis is in washington with the latest. good morning. >> reporter: good morning. this revelation shocked the financial world and washington. the concern is this kind of speculative trading by jpmorgan goes on far more widely than thought and now some in congress are calling for stricter bank regulation. three top executives at jpmorgan chase, including the chief investment officer, could step down as soon as today in the wake of the bank's $2 billion trading loss. ceo jamie dimon apologized for ignoring warning signs about the complex trades the company made. >> we made a terrible egregious mistake. there's almost no skies for it. >> reporter: the investments were part of a hedging strategy, which many banks use to lower risk and protect profits. >> jpmorgan chase and jamie dimon are the brightest guy in the room. if they have this problem, god knows how many other people have these problems, and this

could lead us right back to where we were in 2008. >> reporter: the announcement of jpmorgan's loss is leading some in congress to call for stronger regulations. part of the 2010 financial overhaul called the volcker rules would stop banks from making certain trades for their own profits, but the rule has not yet gone into effect and some banks are lobbying to repeal it. >> we've got to be very, very careful that the regulators here are not undermined by this huge effort to weaken the rule by putting in a huge loophole, which is called portfolio hedging. >> reporter: but some lawmakers, including republican senator john thune, are against tighter rules for banks. >> we need to make sure we have all the facts before we jump to any concussion before we jump into the need for greater and more regulation. >> reporter: he says more regulation would make it harder for banks to do their jobs. jpmorgan is reportedly preparing for another possible billion dollars in losses for next

quarter, another billion possible over the next year or so, and that would mean a total of $4 billion losses. >> susan mcginnis in washington, thank you. in mexico, a gruesome development in the drug wars between rival cartels. 49 mutilated bodies were found on a road leading to the texas border yesterday. officials say some of the victims may have been trying to sneak into the u.s. in the past month, at least 100 drug war victims have been left in several public places. in yemen clashes between the military and al qaeda killed at least 42 people. officials say 30 militants died during an assault on the town of al hurur. 12 government troops were killed in other fighting. also yesterday president obama's counterterrorism adviser met with yemen's new leader. in afghanistan another blow to the u.s.-backed effort to end the war. a former taliban official and top member of the peace council was assassinated yesterday. it happened just hours before president karzai announced the

next stage of the security forces transition. the taliban denies responsibility for the murder. there are at least six survivors of a deadly plane crash in nepal. it was trying to land on an air strip in the northern himalayans today. 20 people were on board. 15 were killed. government officials say the survivors are in critical condition. now to the ongoing debate over same-sex marriage. pastors across the country took to their pulpits yesterday to either support president obama's decision or to denounce it. the heated discussion also dominated the sunday talk shows. bill whitaker tracked that debate. >> reporter: it was the talk of the sunday talk shows. >> we're going to hear many voices on this issue of gay marriage. >> reporter: there were, of course, classic talking points from republican national committee chairman. >> marriage has to have a definition and we just happen to believe it's between a man and a woman. >> reporter: singer and gay activist clay aiken. >> we're going to look back on this and be ashamed we were

against this. >> reporter: but for such a hot button issue, the tone and tenor of today's debate was not hard right versus hard left. ted olson served in the george w. bush administration. he supports same-sex marriage. >> i'm not for gay marriage despite the fact i'm a conservative. i'm for gay marriage because i'm a conservative. >> reporter: the blurring of political lines reflects how undefined this issue still is. ever since president barack obama endorsed same-sex marriage last week and mitt romney, his presumed republican opponent, restated his support for traditional heterosexual marriage, hundreds have been trying to predict the political fallout. political scientist and former gop strategist, dan schnur. >> the politics in this area are changing so quickly that neither party really knows quite exactly how to deal with them. >> reporter: while polls show growing public support for same-sex marriage, the real election battle will be in

crucial swing states where gop strategist mark mckinnon is support is weaker. >> the polling done in the last couple days show 23% of independents and 10% of democrats say make them less likely to vote for president. >> reporter: tony perkins of family research council says the president has reenergized the republican base. >> i don't think the president did a political calculus to do this because if he d he need to go back to the calculator because it's a bad formula. >> reporter: democrats argue or maybe hope that by election day this issue will be a nonissue. that anybody who wouldn't vote for president obama because of same-sex marriage, probably wouldn't have voted for him anyway. bill whitaker, cbs news, los angeles. several wildfires are burning throughout arizona. there are calls for mandatory evacuations in historic mining community of crown king. that fire has damaged two buildings and burned about 300 acres. another fire started saturday and has burned more than four square miles.

a senate committee will hold hearings next week on the secret service prostitution scandal. prostitution scandal. agency director mark sullivan will be asked about his investigation in colombia that led to the dismissal of nine agents. coming up on the morning news, hard lessons in debt. a majority of college graduates are facing a mountain of loans and dim employment prospects as they leave school. you're watching the "cbs morning news." foall over my body.his den it just wouldn't go away. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic widespread pain. lyrica is believed to calm these nerves. i learned lyrica can provide significant relief from fibromyalgia pain. and for some people, it can work in as early as the first week of treatment. so now i can plan my days and accomplish more. lyrica is not for everyone. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these,

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ashley morrison is here in new york with that and morning. >> worries about europe's debt crisis held down stocks overseas this morning. nikkei finished higher about 0.25% while the hang seng lost more than 1%. wall street hopes for a rebound this week. the dow jones industrials lost 34 points, down 1.6% for the week, while the nasdaq was flat, down nearly 1% for the week. efforts to form a government in greece have failed so far. one week after national elections. the political uncertainty further jeopardizes greece's membership in the eurozone. another meeting is scheduled for today. if no coalition can be reached, elections will be held next month. yahoo has a new ceo. yahoo says scott thompson has left the company. "the wall street journal" reports thompson told board members he's been diagnosed with thyroid cancer. thompson has been under fire for discrepancies with his resume. he had been at yahoo for just four months. ross levinson has been appointed interim ceo. toyota has passed general

motors as the world's largest automaker and toyota claimed the top spot in the first quarter, selling 2.49 million cars, according to bloomberg news. gm sold 2.28 million. and facebook founder mark zuckerberg turns 28 years old this week. this is the week of the much-anticipated ipo, which could value facebook at nearly $100 billion. that's more than disney or ford, netting zuckerberg more than $17 billion. what i want to know, where are our invitations to the party? >> and what are his friends going to get him for his birthday? ashley morrison here in new york, thank you very much. this is the time of year when college seniors around the country are trying on caps and gowns and getting ready to preports, many are weighed down by worry over how to pay their huge college debt when jobs are so scarce. >> reporter: with graduation less than a week away, communications major andrew should be cramming for finals,

here at the college of mt. st. vincent in the bronx. but his top concern isn't his grades, it's how he's going to repay his student loans. >> i applied for a radio job, retail stores, and i've been getting a lot of, we're sorry, we'll keep you in mind or nothing at all. >> reporter: he's $45,000 in debt and he's not alone. student loans are now the largest source of consumer debt outpacing credit cards and car loans. 94% of undergraduate students now borrow to pay for college. that's up from 45% in 1993. nearly 1 in 10 borrowers who started paying back their loans in 2009 defaulted within two years. that's double the rate from just four years earlier because the price tag for a college degree keeps going up. >> college tuition here was like $18,000 to $20,000. now every year, tuition has gone up. >> reporter: there are many

reasons the cost of college has gone up dramatically. the main one is the lack of state funding. over the past decade, state governments have cut almost 25% out of their spending for higher education, forcing students to make up the difference. does it make you angry this kind of burden is put on you and your generation? >> yeah, it is making me angry. what it's doing, it's stopping people from going out and doing what they love to do. >> reporter: which may be the hardest lesson to learn for the graduates of 2012. john bentley, cbs news, new york. bass player donald "duck" dunn who helped create the memphis soul sound in the 1960s has died. ♪ dunn first appeared with booker t. and the mgs after their 1962 hit "green onions" and backed many major soul and rock artists from otis redding to bob dylan. he died sunday in his sleep while on tour in japan. he was 70. sleep

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visit usps.com/mail here's a look at today's forecast in some cities around the country. new york, showers, 72. miami, thunderstorms, 84. chicago, mostly sunny, dallas partly cloudy and l.a., 77 degrees and partly cloudy. now to a check of today's national forecast. much of the eastern third of the country will have rain with

thunderstorms and locally heavy downpours in the mid-atlantic. ohio valley and parts of the deep south. west texas and eastern new mexico will have thunderstorms with heavy rain and hail. it will be hot in southern arizona and southeastern california with highs near 110 degrees. in sports, a big night for the nba's biggest star. before the heat took on the pacers in miami, lebron james received the regular season mvp trophy, his third in four years. then to business, james driving the baseline for a reverse layup in the third quarter, scoring with a fast break jam in the fourth, as the heat opened the seern conference semifinals with a 95-86 win. in memphis on their third try the l.a. clippers finally clinched their first-round series against the grizzlies, taking control of game seven in the fourth quarter. the clippers won 82-72 and will take on the san antonio spurs in the western conference semifinal. now to baseball and a mother's day slug fest around the majors.

in arlington, the rangers' nelson cruz hit a third inning grand slam home run down the third baseline, making it 6-2 over the angels and texas won it 13-6. in miami, bottom of the ninth inning, the score tied 4-4 after a blown save by the closer, he put his pink bat to work driving the ball to deep center for a grand slam and an 8-4 walkoff win. another ninth inning grand slam in rainy cincinnati. joey votto hit his third homer of the game giving the reds 6-3 win over the nationals. it's the first time in 14 years there were two walkoff grand slams in one day. when we return, another look at this morning's top steers. and head of the class. an unlikely student graduates with honors from a top ivy league school. [ indistinct conversation ] did somebody just...? impossible. ♪

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here's a look at today's forecast in some cities around

the country. washington, d.c., showers, 72. atlanta, thunderstorms, 76. mostly sunny in st. louis, mostly cloudy in denver. seattle, sunny, 83 degrees. here's another look at this morning's top story. the $2 billion blunder at jpmorgan chase is expected to cost three top executives their job. they could step down as early as today. some in congress are calling for tougher regulations on wall street. across the country this week, thousands of students are receiving their hard-won college diplomas but few if any are as dedicated to education as the new grad tony guida found here in new york. >> reporter: 52, graduated from columbia university. his diploma, validation of a life-altering choice. books over blood. >> whom shall i kill? somebody who yesterday i call a

brother? now he's an enemy? >> reporter: his country, yugoslav yugoslavia, was a killing field in 1992. civil war, ethnic cleansing. he could either fight for a cause he didn't believe in or flee. he escaped to new york. he chose it not just as refuge, but as renaissance. >> if god had not given me some nice appearance, has given me a head, has given me a heart, and i can better myself. >> reporter: he started at the bottom, cleaning bathrooms, but these were ivy league bathrooms. he chose a janitor's job at columbia university because it came with 14 free credit hours a year. >> i do believe education, good education, it's very important not just for individuals for themselves but for society as a whole. >> reporter: first, he had to learn english.

with his full-time job, it took seven years. then he enrolled in columbia's classics programs, studying greek and latin by day, scrubbing toilets by night. >> he's a remarkable human being -- >> reporter: garrison williams taught him and supervised his thesis on the roman philosopher seneca. the professor saw a man dedicated to knowledge. >> he would ask one question, then another question, a third question. his intellectual curiosity is very broad. >> reporter: another 12 years of work study led to this moment, not just a crowning but also a passing. he plans to get a masters, even a ph.d.. one day he hopes to teach. >> the same as seneca said, while you teach, you learn. >> reporter: 19 years of hard work and learning behind him got him, 52, graduated from columbia university today, with honors. tony guida, cbs news.

coming up after your local news on "cbs this morning," the co-host from the hit cbs show "the talk" will stop by the studio. i'm manuel gallegus and this is the "cbs this morning." now, there's gentle, dependable constipation relief for me... and me and me. new dulcolax laxative tablets for women are comfort-coated... so they're gentle on sensitive stomachs. new dulcolax laxative for women the overnight relief you're looking for. not only kills fleas and ticks it repels most ticks before they can attach and snack on us. frontline plus kills but doesn't repel and a tick that isn't repelled or killed may attach and make a meal of us. [ male announcer ] ask your veterinarian about k9 advantix ii. so it stays on in conditions like pool water... wind...

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rain is still -- sgld -- rain still falling. there's more on the way. keep an umbrella with you. take a look at the day part. 65 right now, 72 at lunch, a high not that much warmer. still showers around this evening. temperatures at dinner time in the mid to under 60s. police breaking up a ring of professional shoplifters. >> a college turns a dorm into

a campus bar to help promote responsible drinking. >> cutting positions in baltimore county will leave classes packed with 30 students or more 678 >> -- or more. >> the special session, lawmakers head back to work. >> some local churches speak their can peace of the comes out on same sex marriage. >> more news, first warning weather and your first traffic report of the morning in a couple of minutes. ,,,,,,,,,,,,,,