Morning Edition

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RENEE MONTAGNE, HOST:

The largest bank in the U.S., JPMorgan Chase, this morning released its second quarter results. It's net income was $5 billion, but it turns out that loses in a failed hedging strategy involving a secretive trader were much higher than what the bank originally said the loss would be. In fact, JPMorgan lost $4.4 billion last quarter on those risky trades.

As NPR's Yuki Noguchi reports, that's not the full extent of the firm's damage.

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RENEE MONTAGNE, HOST:

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STEVE INSKEEP, HOST:

Good morning. I'm Steve Inskeep. People in Beirut are sick of political protests across the country. Protesters have been blocking highways with burning tires. So there was only one thing to do. Yesterday, they held a protest using tires against protests using tires. Instead of burning the tires in the street, they painted the tires many colors. The protesters held up signs reading: We are tired. And a police officer refused to ticket them, saying, their tires are pretty. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.

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NPR's business news starts with a warning about LIBOR.

It came years ago. We now know that Treasury Secretary Tim Geithner pointed out problems with the way that London's key interest rates were set. He did this in 2008, in the midst of the financial crisis at the time he was head of the New York Federal Reserve.

The ancient desert town of Timbuktu is under assault in the west African nation of Mali. Islamist forces have taken over much of northern Mali where Timbuktu is located. One group, allied with al-Qaida, has begun systematically destroying Shrines that celebrate ancient Muslim saints. Human Rights Watch Senior Researcher Corinne Dufka talks to Renee Montagne about the destruction.

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RENEE MONTAGNE, HOST:

And the biggest bank in the U.S., JPMorgan Chase, says it has lost $4.4 billion from its failed hedging strategy involving a secretive trader. That's more than twice the bank's earlier estimate. The company released its second-quarter earnings report this morning, and NPR's Jim Zarroli is with us now to talk about them. Jim, what is the company telling investors this morning about that money?

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STEVE INSKEEP, HOST:

Some future news now. The Olympics begin two weeks from today in London, and we can already tell you the likely big winners. China will take the most gold medals, followed by the U.S. and host country, Great Britain. Team USA will win the most overall medals, followed by China and Russia.

RENEE MONTAGNE, HOST:

YouFace is the name of a new social networking site that aims to lure local Internet users away from Facebook, and "boost patriotism among young people in Uzbekistan."