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. 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. 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 more widely than thought and om 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 the speculative trades they made. >> no excuse 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 guys in the room.

if they have this problem, god knows how many other people could have this problem. >> 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 have to be very, very careful 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 conclusions about the need for greater and 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 be a total of $4 billion in 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. 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 him lays today. 15 people 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 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'll look back 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 observatiadministration. >> i'm not for gay marriage despite the fact i'm a conservative. i'm for it because i'm conservative. >> reporter: the blurring of political lines shows how undefined this issue is. since president obama endorsed same-sex marriage last week and mitt romney, presumed republican opponent, restated his support for traditional heterosexual marriage, hundreds are 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 knows exactly how to deal with them. >> reporter: while polls show growing public support sore

same-sex marriage, the real election battle will be in crucial swing states where gop strategist mark mckinnon is support is weaker. >> the polling gone in the last couple days show 23% of inpnts and 10% of democrats say make them less likely to vote for president. >> reporter: tony perkins says the president has energized the republican base. >>. >> i don't think the president did a political calculus to do this. if he did, he needs to go back to the calculator because it's a bad formula. >> reporter: democrats argue or hope that by election day this issue will be a nonissue. 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 on the secret service 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." for months, i had this deep pain all over my body. 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, new or worsening depression, or unusual changes in mood or behavior, or any swelling or affected breathing or skin, or changes in eyesight, including blurry vision or muscle pain with fever or tired feeling. common side effects are dizziness, sleepiness, weight gain, and swelling of hands, legs and feet. don't drink alcohol while taking lyrica. don't drive or use machinery until you know how lyrica affects you. with less pain, i'm feeling better now that i've found lyrica. ask your doctor if lyrica is right for your fibromyalgia pain. ask your doctor if lyrica is right it's real fruit juice; crisp, sparkling water; and no added sugar. and they come in these really cool cans. you want one? i'll wait a bit. all right. mm. refreshing. refreshing ocean spray sparkling juice drinks. in these really cool cans. sparkling... savings. get a coupon for ocean spray sparkling juice drinks at oceanspray.com or on facebook.

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. final preparations are under way this morning for the launch of a russian soyuz rocket three, including an american. it was rolled out at russian space center in kazakhstan. yahoo replaces its ceo and facebook birthday wishes. 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%. 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 notice coalition can be reached, elections will be held next month. yahoo has a new ceo. they say 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 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. this is the week of the much-anticipated ipo, which could fall 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? this is the time of year when college seniors around the country are trying on caps and gowns and getting ready to graduate, but as john bentley reports, 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 woke away,

communications major andrew should be cramming for finals, 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 about 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 last of which is 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. 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 system 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 in tour in japan. he was 70. kiwi. soy milk. impulse buy. gift horse. king crab. rhubarb pie. lettuce shower. made by bees. toucan sam. that's not cheese. grass fed. curry. gingersnaps. soup can tower. 5% cash back. right now, get 5% cash back at grocery stores. it pays to discover. ♪ a refrigerator has never been hacked. an online virus has never attacked a corkboard. ♪ give your customers the added feeling of security a printed statement or receipt provides... ...with mail. it's good for your business. ♪ and even better for your customers. ♪

for safe and secure ways to stay connected, 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 received the regular season mvp trophy, his third in four years. then to business, james driving the baseline for reverse layup, in the third quarter, scoring with a fast break jam in the fourth as heat open the eastern 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, score tied 4-4 after a blown save by the closer, and put the pink bat to work for a grand slam and 8-4 walkoff win. another ninth inning grand slam in rainy cincinnati. joey votto hid his third homer of the game giving the reds 6-3 win over the nationals. first time in four years there were two walk offgrand slams. another look at this morning's top stories. head of the class. an unlikely student graduates with honors from a top ivy league school. [ indistinct conversation ] did somebody just...? impossible. ♪

yes. yes. yes. noooooooo! [ male announcer ] yep, subway broke the 200-calorie breakfast barrier with delicious subway fresh fit breakfast sandwiches. like the black forest ham, egg white & cheese on mornin' melt flatbread. subway. build your better breakfast. [ female announcer ] weak, damaged hair needs new aveeno nourish+ strengthen. active naturals wheat formulas restore strength for up to 90% less breakage in three washes. for strong, healthy hair with life, new aveeno nourish+ strengthen. it's real milk full of calcium and vitamin d. and tastes simply delicious. for those of us with lactose intolerance... lactaid® milk. the original 100% lactose-free milk.

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 can 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: 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 rescue 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. 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. >> when i learn, you learn. >> reporter: 19 years of hard work and learning behind him got him 52 graduated from columbia university with honors.

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. this is the "cbs morning news." 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... sweat, even 100-degree heat. for uva/uvb protection in seven conditions, banana boat.

sire. good morning. welcome to 9news now. today is monday, may 14. i'm andrea roane. enjoy the pollen. i'm mike hydeck.

andrea certainly isn't. monika santami in. howard bernstein, we start with weather. >> i'll keep my tissue handy. >> we've got to do something about that. we've got some rain today and tomorrow. it will help cleanse the air for a couple of days. keep the rain gear handy. you look at our day planner, looks good right now but cloudy skies. by 9:00 some showers. there are showers around south and west of d.c. that will be the case all day. showers on and off all day. maybe a rumble of thunder. highs upper 60s to low 70s. i think we'll get to 70, 71. we won't be seeing much movement on the thermometer. temperatures have dipped into the mid-60s here in town. upper 60s on the bay in annapolis with 59 in hagerstown and martinsburg. winchester at 61 degrees. we are looking at a lot of rain. you see the break along the i- 95 corridor but out to the west

in northern virginia we have some rain. also heavier showers southwest of us moving northeast. at times the rain could be coming down at a good clip. other times a few lulls closer in. not much going on in prince george's county, montgomery county, down toward dahlgren but keep the rain gear handy. as far as our high temperatures they'll struggle to be in the upper 60s to perhaps low 70s in a couple of spots. let's go to beverly farmer in for monika this morning. good morning. starting pretty well on the roadways. all the overnight work about to be cleared out of way. overnight road work out of the way southbound on the right side of your screen there. 644 along the right side. northbound the headlights toward you both main and hov lanes open at speed as you make wawr way past the belt -- make yourway past the beltway. the overnight road work they've been doing on the beltway between springfield and 66

pulling out of your path, westbound 66 crews were working out in falls church. coming on into the beltway falls church and rosslyn the road work should be out of the way. on connecticut avenue south of the beltway. work on 29 insides the beltway at dale drive. one lane getting by to the right in that active work zone right now. one vehicle broken down ahead of you on the outer loop of the beltway to 214. that's blocking the right side of the roadway. a heavy duty wreck other the way for that disabled tractor- trailer. heads are rolling. published reports say jpmorgan chase's chief investment officer and two traders could be stepping down in the wakeof the bank's $2 billion loss. >> reporter: 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. c.e.o. jamie dimon apologized for ignoring warning signs about the complex trade the company made. >> we made a terrible egregious mistake. >> reporter: the jpmorgan investments were part of a hedging strategy which many banks used to lower risks and protect profits. >> jpmorgan chase and jamie dimon are the brightest guys in the room. if they have this problem, god knows how many other people have these problems. 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 rules. >> we have to be careful the