Follow the bouncing stocks: Today's market doesn't know where to turn. Dow is down 10 points at last check, but it's been all over the place.
Jamie Dimon is sorry: In Congressional testimony, the JPMorgan CEO regrets the bank's huge trading losses from what he called an isolated incident. But he added that some risk is unavoidable in the banking business.NYT has a live blog. From AP:
According to Dimon's prepared testimony, JPMorgan adopted a strategy late last year to reduce risk, but it backfired in its investment operation by heightening risk instead. Dimon also plans to say that the bank has named a new leader for the investment operation that was responsible for the losses, has established a risk committee and is investigating what went wrong. A key regulator of JPMorgan, Thomas Curry, the U.S. Comptroller of the Currency, suggested last week that the bank lacked strong controls to contain risk in its investment operations.
May retail sales fall: It was the second straight down month, though some of the decline was due to a drop in gas prices. (Reuters)
Gas update: Prices are really tumbling - an average gallon of regular in the L.A. area is $4.081, according to the Auto Club, down 11 cents from last week. Oil is trading at around $82 a barrel.
Brown, legislature still divided on budget: The governor wants deeper cuts in welfare spending. A Friday deadline has been set for wrapping up a deal. From the LAT:
The major difference between the two sides remains Brown's proposal to cut welfare benefits by $880 million. Democrats in the Legislature have balked at Brown's call to reinstitute and tighten work requirements for some welfare recipients with young children which were suspended two years ago in a cost-saving move. They also bristle at Brown's call to reduce some monthly welfare checks by as much as 27% for a single parent with two children.
Health insurers file for rate hikes: Aetna, Anthem Blue Cross, Blue Shield of California and Kaiser are among the companies looking for increases. Combined, the higher rates would affect almost 100,000 businesses. (OC Register)
Calpers to raise health care premiums: The increase will cost members, on average, nearly 10 percent (or roughly $30 a month), which is one of the biggest hikes in recent years. (Sacramento Bee)
LAX's Wi-Fi contract under review: City Council is having a look because of concerns that a two-year agreement with Advanced Wireless Group - valued at under $700,000 - didn't go through a competitive bidding process. (KPCC)
1-800-GET-THIN-affiliated surgery centers are sued: Two former workers allege that the clinics used improperly sterilized surgical equipment and failed to notify patients that they might have been exposed to the hepatitis C virus. An attorney representing the centers says the suit is without merit. (LAT)
Honda recalls 50,000 Civics: Problem involves the drive shaft on certain 2012 models. They apparently were not properly assembled and could come loose. (AFP)
Saab finds a buyer: The bankrupt Swedish car company, which stopped making cars more than a year ago, is being sold to a group of Chinese and Japanese investors who plan to focus on electric vehicles. (NYT)