05-26-2018  9:05 pm      •     
The Skanner Report
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NEWS BRIEFS

Attorney General Forms Hate Crime Task Force

The task force will study hate-motivated crimes and review existing legal protections for victims ...

Portland Art Museum Celebrates Art Museum Day with Free Admission on May 25

Portland Art Museum joins art museums across North America, with great works of art and public programs ...

June Key Delta Community Center Hosts May Week ’18 Health Fair May 26

Event includes vision, glucose screenings, medication disposal and car seat installation ...

Mississippi Avenue Giving Tuesday

On Tuesday, May 22, 10 percent of proceeds from participating Mississippi Ave. businesses will go to SEI ...

Oregon advances with 11-1 run-rule victory over Kentucky

EUGENE, Ore. (AP) — DJ Sanders hit a grand slam in a seven-run second inning and the Oregon Ducks are headed to the women's College World Series after an 11-1 run-rule victory over Kentucky Saturday night in the deciding game of the Eugene Super Regional.Shannon Rhodes hit a solo home run...

Amtrak: No evidence injured passenger was in fight

RENO, Nev. (AP) — The family of a 22-year-old train passenger found severely injured next to railroad tracks in Truckee, California, suspects he may have been the victim of a hate crime, but Amtrak said Saturday that investigators have found no evidence of foul play.Aaron Salazar's family...

City aims to block release of dangerous psychiatric patients

LAKEWOOD, Wash. (AP) — The city that houses Western State Hospital, Washington's main psychiatric facility, is fighting to keep patients from being released into its boundaries.The News Tribune reports Lakewood on Monday approved a moratorium on city business licenses for new adult family...

Missing fisherman found by divers in submerged vessel

SEATTLE (AP) — The body of a missing fisherman was found by divers inside the sunken vessel, the Kelli J.The Coast Guard said Saturday that the body was found before the vessel was refloated by contractors in Willapay Bay on Friday.The Pacific County Sheriff's Office took the fisherman's...

OPINION

Racism After Graduation May Just Be What's on the Menu

Dr. Julianne Malveaux says that for our young millennials, racism is inevitable ...

Prime Minister Netanyahu Shows Limits of Israel’s Democracy

Bill Fletcher, Jr. on racial politics in Israel and Prime Minister Benjamin Netanyahu’s uneven treatment of African immigrants ...

Golfing While Black Is Not a Crime

Grandview Golf Club asks five Black women to leave for golfing too slow ...

Discovering the Best of Black America in 2018

Dr. Benjamin F. Chavis discusses the DTU Journalism Fellowship & Scholarship Program ...

AFRICAN AMERICANS IN THE NEWS

Meeting draws people angry over fatal police shooting

RICHMOND, Va. (AP) — More than 200 people turned out for a community meeting Saturday to protest the death of a young black man who was fatally shot by a Virginia police officer after he ran naked onto an interstate highway.Speakers at the meeting at Richmond's Second Baptist Church said...

The Latest: Family: Police need to handle people better

RICHMOND, Va. (AP) — The Latest on the fatal police shooting of a naked and unarmed man in Richmond (all times local):5:16 p.m.Family and friends of a man who was fatally shot by Richmond police after running naked onto an interstate highway are calling on police to find non-lethal ways of...

White neighbor gets prison for harassing black family

EASTON, Pa. (AP) — A neighbor accused of harassing and using racial epithets against a black Pennsylvania family for years has been sentenced to prison.A Northampton County judge sentenced 45-year-old Robert Kujawa to the term Friday after a jury convicted him of ethnic intimidation,...

ENTERTAINMENT

Glenn Snoddy, inventor of fuzz pedal for guitarists, dies

MURFREESBORO, Tennessee (AP) — A recording engineer whose invention of a pedal that allowed guitarists to create a fuzzy, distorted sound most famously used by Keith Richards in the Rolling Stones' hit "(I Can't Get No) Satisfaction" has died.Glenn Snoddy was 96. His daughter Dianne Mayo...

Reaction to criminal charges filed against Harvey Weinstein

Reaction to rape and other criminal charges filed in New York on Friday against Harvey Weinstein:"I hope this gives hope to victims and survivors everywhere, that we are one step closer to justice. Because one win is a win for all of us." — Weinstein accuser Rose McGowan, to The Associated...

Vindication, triumph, also fear: Weinstein accusers react

NEW YORK (AP) — Watching the stunning images of Harvey Weinstein walking into a courthouse Friday in handcuffs, a detective on each arm, Louisette Geiss still felt a shiver of fear in reaction to the man who, she says, once cornered her and tried to physically force her to watch him...

U.S. & WORLD NEWS

Klay Thompson score 35, Warriors force Game 7 in West finals

OAKLAND, Calif. (AP) — Klay Thompson hit nine 3-pointers and scored 35 points, the Warriors held James...

AP FACT CHECK: Trump on border stats _ and a Merkel mystery

WASHINGTON (AP) — Illegal border crossings, as President Donald Trump measures them, have gone up since he...

US Gulf Coast prepares as Alberto brings wind, rain north

ST. PETERSBURG, Fla. (AP) — Florida, Alabama and Mississippi launched emergency preparations ahead of the...

Declassified US cables link Uribe to Colombia drug cartels

BOGOTA, Colombia (AP) — As Alvaro Uribe, Colombia's most powerful politician, was making his rise to the...

Ebola vaccinations begin in rural Congo on Monday: Ministry

KINSHASA, Congo (AP) — Ebola vaccinations will begin Monday in the two rural areas of Congo where the...

Israeli soldier badly wounded in West Bank arrest raid dies

JERUSALEM (AP) — The Israeli military says a soldier who was seriously wounded in action this week has...

Marcy Gordon AP Business Writer

WASHINGTON (AP) -- Federal regulators are reviewing what JPMorgan Chase told investors about its finances and the risks it took weeks before suffering a multibillion-dollar trading loss.

Mary Schapiro, chairman of the Securities and Exchange Commission, told the Senate Banking Committee Tuesday that the agency is examining JPMorgan's earnings statements and first-quarter financial reports to determine if they were "accurate and truthful."

Schapiro and Gary Gensler, chairman of the Commodity Futures Trading Commission, said the $2 billion-plus loss at JPMorgan should be a lesson for regulators to tighten rules mandated under the 2010 financial overhaul.

"It would be wrong for us not to take this example," Schapiro said. JPMorgan is the biggest U.S. bank by assets and the only major U.S. bank to stay profitable during the 2008 financial crisis.

Most Republican lawmakers voted against the financial overhaul. They say it won't prevent another financial crisis. And the worry that it will drive business overseas.

Sen. Richard Shelby, the ranking Republican on the panel, questioned why Schapiro and Gensler weren't aware of what was happening at JPMorgan.

"So you really didn't know what was going on ... until you read the press reports" in April? Shelby asked them.

The trading loss was disclosed May 10 by JPMorgan CEO Jamie Dimon in a hastily convened conference call with investors and journalists. In April, Dimon had dismissed concerns about the bank's trading as a "tempest in a teapot" - a characterization he recently acknowledged he had been "dead wrong" to make.

Two more hearings are scheduled before the Senate panel in the coming weeks. Officials from the Federal Reserve and the Treasury Department will testify on June 6.

Dimon has agreed to testify at the third hearing, which has yet to be scheduled.

Dimon has said the loss came from trading in credit derivatives that was designed to hedge against financial risk, not to make a profit for the bank.

Gensler said the CFTC is investigating JPMorgan's ill-timed bet on complex financial instruments that led to the trading loss.

Under the financial overhaul, the CFTC gained powers to monitor trading in indexes of derivatives. JPMorgan invested heavily in an index of insurance-like products that protect against default by bond issuers. Hedge funds were betting that the index would lose value, forcing JPMorgan to sell investments at a loss.

Schapiro and Gensler said they were hopeful that a key part of the overhaul could prevent the type of loss that occurred at JPMorgan.

The so-called Volcker Rule would prevent banks from trading for their own profit. The idea is to protect depositors' money, which is insured by the government. Regulators are finalizing the rule, which is scheduled to take effect in July. But banks will have until July 2014 to meet the requirements of the rule.

Dimon has been among the most vocal critics of the rule. The big Wall Street banks won an exemption in the rule: It would let them make such trades to hedge not only the risks of individual investments but also the risks of a broader investment portfolio.

Gensler acknowledged that the various federal regulators working on the rule, from a half-dozen agencies, don't agree on how strict it should be.

"We will ultimately have differences," he said.

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