last year, jp morgan chase posted $6.2 billion in losses on derivatives trading conducted at the london office. in august, u.s. prosecutors filed criminal charges in a new york federal court against two jp morgan chase traders accusing them of trying to hide the losses. on thursday, the bank accepted responsibility for the oversight. jp morgan chase will pay the fines to financial authorities, including the u.s. securities and exchange commission and britain's conduct authority. >>> heavy downpours triggered by tropical storm manuel and hurricane ingrid hit mexico since sunday. the death toll has risen to 80. a massive landslide occurred at the village of guerro leaving 58 people missing. a wide urban area of acapulco in the same state was also hit by flooding. many residents tried to evacuate or called for help from rooftops. the government sent a military aircraft to rescue 40,000 tourists who became is stranded after roads were cut off. an alligator emerged on wednesday in an urban area setting off a panic. it is said to have been carried by an overflowing river. >>> japan's prime mi

an exclusive report says next month will mark the end of student loans at jp morgan chase. jp morgan chase college students wells fargo and discover treasury according to reuters-- bank executives no longer view lending money for college as a significant growth market. jp morgan's exit leaves less competition for the remaining players such as wells fargo, discover financial services and the government. in peru -- children as young as 13 are helping the country become a top producer of counterfeit cash. just use first 15 seconds of that video -- no peru election stuff :) the south american country has overtaken colombia's title as a capital for counterfeit production. children reportedly work on the design of the fake bills by hand --adding small details to improve the credibility of the notes. 100 million dollars in fake cash tied to peru has been seized over the last decade. a modern family star is shining in hollywood. actress sofia vergara ranks number one on forbes list of the top earning ladies on tv . she brought in 30 million dollars this year, thanks to a variety of

. >> jp morgan chase is admitting wrongdoing in the london tra whe trading loss. morgan chase lost more than $6 billion in bad derivatives trade at its london office last year. >>> a week ago russian president vladimir putin made headlines with an op-ed of "new york times" sharply criticizing president obama. now it's john mccain's turn. he slammed the russian president. he this is what mccain said: you argues that putin rules by using weaknesses corruption, repression and violence. he rules for himself, not you. >>> no driver, no problem. coming up, the company developing auto pilot, first line of electric cars. >>> plus caroline kennedy talkings about how she's carrying on her father's legacy. on techknow, our scientists bring you a sneak-peak of the future, and take you behind the scenes at our evolving world. techknow - ideas, invention, life. >> the washington navy yard opens today just 72 hours after the mass shooting that killed 12 people. the gunman who sought medical help last month was supposedly hearing voices. president obama will attend a memorial ser

america's biggest bank, jp morgan chase is getting out of the student loan business. will stop accepting new applications next month. jp morgan chase cut back the program last year when it made new loans available to existing chase customers. now the bank cites a boost in lending from the federal government. the firm, the college board, reports that less than 10% of all student loans came from private lenders during the 2011, 2012 school year. at long last pro football is back. the national football league kicks off the regular season in about an hour from now, and it comes after an ugly off season. since the super bowl back in february, get this, authorities have arrested or charged at least 37 players with crimes. most notably the former new england patriot tightened who is facing murder charges and potentially more is due in court for arraignment. concussions have taken center stage. the league itself agreed to a $765 million settlement with the players, with the former players last week. and on top of that there are renewed calls for the nfl to force the washingto

. >> settlement talks between jp morgan chase and the government over the banks role in the 2008 crisis reached the highest lev level. attorney general eric holder confirmed today that jp morgan jamie dimon were in talks and confirms a $11 billion payment with $4 billion going to bad securities. >>> shares are on the rise after the struggling jc penny gave a positive outlook for the second half of the year. penney stock has been in a free fall because of fear of a cash crunch. >>> a female big three in front of the auto maker. it's been speculated he'll be replaced by mary bera when he retires. >>> china is relaxes long-standing ban on social media but only for shanghai the free trade zone in shanghai. >> reporter: social met y such as facebook, twitter and media outlets such as the new york times have been banned in china since 2009. china maintains very strict controls on information and the flow of information in foreign media outlets have been banned because they're considered politically sensitive. china watched in great interest the political up risings in the middle east and the

coming up next, five years later and the governnt is still going after bigbacks like jp morgan chaser the mortgage crisis. but what about going after lawmakers who also helped create it and make this debacle especially thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. ♪ ♪ >> david: well, five years after the financial crisis hit, the government is slapping new fines on big banks like jp morgan. regulate torse say it's because the banks helped cause the crisis by pushing loans on people who couldn't afford them. but steve, you say if you are going to prosecute anybody for this, start with a lawmaker. who are pushing banks to approve the sub prime loans. >> that is right. since the 1990s, and going to the late 1970s, the government is pushing up t

we had a large investment recently by jp morgan chase into our loan fund. we are looking for businesses that are looking to put in more energy-efficient equipment or retrofit or remove toxins from processed here we have been lending to drive cleaners that are giving you more environmentally friendly products, truck drivers putting in new exhaust systems. finally, just to give you kind of a scale of what we do, mark mentioned the sba right guaranteed 275 loans in a year. we expected to 50 or 60 in san francisco this year, and more like 250 or 300 throughout the bay area. if you are hearing something interesting and you want to talk, the dominant in the purple suit has been handing me question cards out. >> i am the ne community federal community union. we are like a bank except we are nonprofit. we are 501 c 14. we are insured up to 250,000. we build credit. what we do a lot is one-on-one counseling. we are also a part of the bank of san francisco, so we do pay their lending -- payday lending. we help people build up their credit before helping them to get a

jp morgan chase stock is up, 27.5% in the last year.ow come number seems to worry about a company that could end up paying or losing at the end of the day somewhere around $18 billion of shareholder money? probably because that kind of dough does not mean much when it's spread across shareholders. maybe it would be better if regulators could get $100 billion from jp morgan. but what if it were divided up amongst those who were most responsible for losings shareholders money. that would take a lot of time to repay that money but that would teach them a lesson. going back to made in america. what is prompting companies to bring jobs from china back to the u.s. i'll alle ali velshi, see you on "real money." >> i'm lisa fletcher, and you're in the treatment. to label or not to label. we're debating genetically modified foods and if you want to see them on store shelves. >> gmos, it stands for genetically modified organisms, and dozens of states are looking at labeling requirements, but there are a lot of

jp morgan chase will pay the penalties to u.s. and british financial authorities for the trading scandal known as the london whale. the bank posted $6.2 billion in losses last year on derivatives trading conducted at its london office. last month prosecutors filed criminal charges in a new york federal court against two former traders. they accused them of trying to hide the losses. regulators at the securities and exchange commission condemned executives for failing to quickly inform financial authorities about the trades in question. chief executive officer james dimon took a rare step of accepting responsibility for the wrongdoing. he said they've learned from their mistakes and have worked to fix them. that's all for now in business news. i'll leave you with a check on markets. >>> thousands of residents are still waiting to go home. vast tracts of land are still waiting to be restored. and more than half the fishing ports on the pacific coast must be rebuilt. people in northeastern japan still face challenges following the 20

coming up next, five years later and the government is still going after bigbacks like jp morgan chaser the mortgage crisis. but what about going after lawmakers who also helped create it and make this debacle especially (vo) you are a business pro. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrft. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ ♪ ♪ >> david: well, five years after the financial crisis hit, the government is slapping new fines on big

. >>> jp morgan chase agreed to pay $18.3 million to settle a class-action lawsuit claiming it made inadequate disclosure about the resetting of interest rates on adjustable rate mortgages. >>> delta airlines announced plans to buy 40 new passenger jets worth about $5.5 from airbus. it's the first order from delta in two decade s. the first bach of brand-new will arrive in 2013 and the rest are due in 2016. >>> toyota is recalling 369,000 vehicles worldwide. it's high-end hybrid suvs may stop running if an engine system alarm goes off and the luxury lexus sedans could go out. no accidents related to either problem have been reported. >>> we begin the market focus tonight with a retailer having a rough day. shares of francescas fell sharply after the company reported weaker than expected earnings and said sales would continue to decline. it's the latest to take a hit from cautious spending as they forgo impulse items like shoes and dresses and focus on houses and cars. the stock fell 26% to $17.79. >>> a different story for sienna, this network equipment maker reporting a narrower than expected

starting october 12th, jp morgan chase will no longer accept new applications for student loans even from chase customers. the bank says it can't compete with lower rates available from the government through stafford and perkins. wells fargo already ended making new student loans. >>> in cities all over the u.s. today, walmart workers and their supporters took to the streets demanding higher wages, better jobs, and the right to form unions. but many of the protesters including some who were arrested, weren't store employees and walmart is te defending what it pays the staffers and how they are treated. >> reporter: about 40 protesters associated with our walmart showed up outside the manhattan office building of walmart bored member christopher williams today. they brought a petition with 200,000 signatures to present to williams asking for a public commentment to walmart providing full-time work with a minimum salary of $25,000 and reinstatement of the 25 workers fired since june for striking, an agreement to stop retaliation against workers calling for better jobs. walmart says on

we have rising rates, layoffs in the housing departments of many banks including jp morgan chase and a fall off on mortgage applicatio applications. are the best days behind it? >> i really don't think so, tyler. i think the housing market will cohe recovery. go. remember that at this point, prices when you look at one of the most accurate ways of measuring housing prices are still down about 23% from the peak in may of 2006. so, i think that given all the demand that's certainly built up over the past couple years, housing has a ways to go. >> prices have been rising, maybe not from 2008 levels, interest rates are going up. the only thing not going up are people's wages. do you think that it's getting to the point that people are being priced out of the housing market? >> i think you're going to see some of that and it's unrealistic to expect that the trends in housing won't slow down a little bit because mortgage rates are picking up, and some people, of course, will get priced out of the market and initially when interest rates rise, what you see is a lot of people on the fence ju

that company went public just la walststreet journal reported that even as jp morgan chase prepares to pay upwards of $800 million in fines to settle regulatory charges, the bank may face criminal actions related to last year's so-called london whale trading fiasco. the paper says the fbi and manhattan prosecutors are collecting evidence that could lead to criminal charges against the firm. the company could face yet a third action tied to the trades. that would come from the commodity futures trading commission which regulates derivatives. here to discuss the trouble the bank faces, former securities and exchange commission chairman harvey pit. welcome, good to have you with us. >> good to be with you. >> what's significant here, sir, apart from the size of the problem and settlement since it is massive, apparently the sec chair has to admit to wrongdoing. how big a deal and what will it mean to jp morgan. could they lose clients? >> i think it is a very big deal. they're going to admit they didn't discover the london wales trades quickly enough, and had lax procedures or lack of sign

. >>> jp morgan chase is facing a mull knit tud of legal investigations, so many in fact it needs to beef up oversight of itself. the biggest bank plans to spend an additional $4 million and commit 5,000 extra employees this year to help clear up compliance issues. >>> thousands of colorado residents are being evacuated from their homes after 15 inches of rain fell in just three days turning mountain streams and creeks into raging rivers. 90 miles of interstate 25 have been shut down to drivers. rocky mountain national park closed to visitors and three deaths have been attributed to the flooding. colorado's governor sign add disaster decoloration. >>> a devastating fire on the jersey shore wiping out dozens of businesses and a popular boardwalk that was just rebuilt less than a year after being wiped out by super storm sandy. scott cohn joins us from seaside park. >> reporter: they were so close to a come back, at least they believe, emotionally and economically. they limped through this season but made it but now tonight, seaside park new jersey stands as the very definition of a cr

. >> i did meet with representatives from jp morgan chase, that is an ongoing matter. i don't want to really get into the nature of the conversations, the discussions that we had. but i will say that as we indicated yesterday in the case that we announced in the criminal division, this is something that is a priority for this justice department. to hold accountable people who would manipulate companies. that would manipulate our financial markets for their own customer's benefit or for the benefit of the companies. >> reports say the two men are negotiating a massive $11 billion settlement that would take care of multiple claims filed by federal regulators as well as several states over those failed securities. >>> apparently it was a busy day at the justice department today. officials also broke up a massive international price fixing operation. nine japanese auto parts makers and two of their executives have agreed to plead guilty and pay $740 million in fines for conspireing to fix prices on 30 items. >>> meantime, the treasury is now selling more of the shares it o

coming up next, five years later and the government is still going after bigbacks like jp morgan chaser the mortgage crisis. but what about going after lawmakers who also helped create it and make this debacle especially -- debacle even worse?72. we'll debate that next. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to serve military members, veterans, and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. [ female announcer ] at 100 calories, not all food choices add up. some are giant. some not so giant. when managing your weight, bigger is always better. ♪ ho ho ho ♪ green giant see, i knew testosterone could affect sex drive, but not energy or even my mood. that's when i talked with my doctor. he gave me some blood tests... showed it was low t. that's it. it was a number. [ male announcer ] today, men with low t have androgel 1.62% testosterone gel. the #1

we had a large investment recently by jp morgan chase into our loan fund. we are looking for businesses that are looking to put in more energy-efficient equipment or retrofit or remove toxins from processed here we have been lending to drive cleaners that are giving you more environmentally friendly products, truck drivers putting in new exhaust systems. finally, just to give you kind of a scale of what we do, mark mentioned the sba right guaranteed 275 loans in a year. we expected to 50 or 60 in san francisco this year, and more like 250 or 300 throughout the bay area. bay area.

jp morgan chase fell after agreing to pay a $920 million nine a trading scandal.disney parent company of abc 7 dropped after announcing would it have no pixar movies to release next year. google opened its wallet to iphone users today until now, only for an droid phones and let's you store loyalty in your phone and scan discount coupons you can buy things from your phone. >> tonight a big fashion show in san francisco raising money for the treatment of aids and hiv. it's a fashion show at and this year's theme is nation a you new light. >> great thing is that there is something for everybody. for men, women, for avante garde to tro decisional. >> it's afun night. >> there is also music cheryl grow and cirque du soliel will perform, local causes will benefit from the show. the annual show donated more than $30 kblinl to services prevention and research over the years. >> there is more still to come here tonight at 6:00 just ahead million dollar home of a school superintendent and the back room deals that allowed him to buy it. >> tonight mr. zuckerberg goes to wash

. >> jp morgan chase says they will not accept new student loan applications as of october 12th this government programs limit the ability to grow the student loan business. they tell fox they made $200 millions in student loans this 2012. that is down since 2008. they back loans from lenders like sallie mae because they are cheaper for the interest rates that have more protection. it is a trend that trumped the ast ten years.arket by 75 >> jolene kent fox news. >> still ahead a husband taking to the streets to save his wife's life. we will tell you how it is finally paying off. >> forget the golf car this is the fastest way to get around the golf course. let's check in with brian kilmeade to see what's coming up on f"fox & friends." >> we are going to ask former congressman dennis kucinich about a strike on syria. also the rebels ties to al qaeda. is that really happening. mark seigel is here telling us what you need to know about a brain cease disease so you don' it. country legend charlie daniels plays the violin. and we are talking to a mom so upset at johnny football she wrote h

jp morgan chase fell after agreing to pay a $920 million nine a trading scandal.nd disney parent company of abc 7 dropped after announcing would it have no pixar movies to release next year. google opened its wallet to iphone users today until now, only for an droid phones and let's you store loyalty in your phone and scan discount coupons you can buy things from your phone. >> tonight a big fashion show in san francisco raising money for the treatment of aids and hiv. it's a fashion show at and this year's theme is nation a you new light. >> great thing is that there is something for everybody. for men, women, for avante garde to tro decisional. >> it's afun night. >> there is also music cheryl grow and cirque du soliel will perform, local causes will benefit from the show. the annual show donated more than $30 kblinl to services prevention and research over the years. >> there is more still to come here tonight at 6:00 just ahead million dollar home of a school superintendent and the back room deals that allowed him to buy it. >> tonight mr. zuckerberg goes to w

jp morgan chase is paying out one of the largest regulatory fines ever regarding the london whale scandal. most importantly jp morgan is admitting wrongdoing in its trading loss and that is very rare. that could lead to more payouts ahead. >> then they became a target for mass litigation from everybody else saying, look, they violated the law. see, they said they did. this way the other people who want to sue jp morgan will now have more evidence to use against jp morgan in other legal action. >> in a statement ceo jamie dimon said the bank accepted responsibility from the start and is now a stronger, smarter, better company. >>> food stamps could soon be on the chopping block. who will be hit the hardest ahead. >>> if you're one of those shoppers who like to buy it, wear it, return it, one luxury retrailer is on to you. >> welcome back everyone. today a former halliburton manager was charged with destroying evidence related to the 2010 gulf oil spill. anthony was involved in the effort to plug bp's oil spill with cement. his actions earned halliburton a fine and two years of probation. >

jp morgan chase lost $2 billion on bad trade. sheila bayer, said that kind of problem is evident the u.s. banking system needs fixes. >> we did fail in some restructuring of these institutions. a lot of speculation in trading but not enough in lending. >> fallout is affecting main street an even more. it's harder for small business and for consumers to get loans. >> people don't take out loans. they don't take risk because they're not sure what will happen next. >> despite the shockwaves that the bankruptcy of lehman brothers across the system, no one was ever prosecuted. >> i spoke with david katz, the former securities and exchange commissioner. i asked if banks are still too big to fail. >> the top ten financial institutions have 3 trillion-dollar more in assets than before the financial crisis. there is no question that we have not solved the too big to fail. as watchdog one of the things i did was i arrived shortly around the financial crisis. i did an audit of the sec's oversight of bear turns, and the sec was aware, the la

. >> owner general eric holder confirms he held discussions with jp morgan chase ceo jamie dimon this morning. the bank is negotiating an estimate payment regarding its actions during the 2008 financial crisis. toyota is ramping up production of cars made in america for export. the carmaker said it will produce 7500 corollas in its mississippi plant starting next april. those cars will be sold in latin america and caribbean. they increased their exports to 45% since 2012. the rising value of the yen made it more expensive to ship cars from japan. >>> ross is here with the sports headlines and a big announcement from the baseball commissioner. >> yes, bu bud selig decided toy aloha. he took over on a permanent basis in 98, and now under his watch the league skyrocketed to a 9 billion-dollar industry, he's willing known for overseeing the steroid era of baseball. >>> on the field the tigers are living large because detroit with their third straight final after beating minnesota. struck out ten for league leading 21st victory. as for the new york yankees they can start booking their vaca