The Commentariat -- May 13, 2012

My column in today's New York Times eXaminer is on Ross Douthat's fact-free ruminations. The guy is almost as talented as Willard at making up stuff. The NYTX front page is here.

William Black gets into the nitty-gritty of the Times' flawed reporting on the European economic crisis, which boils down to (a) they view it solely from the German perspective, and (b) they don't read Krugman so they don't understand where the problems lie.

** "Capitalists & Other Psychopaths." William Deresiewicz, in a New York Times op-ed: "A recent study found that 10 percent of people who work on Wall Street are 'clinical psychopaths,' exhibiting a lack of interest in and empathy for others and an 'unparalleled capacity for lying, fabrication, and manipulation.' ... Ethics in capitalism is purely optional, purely extrinsic." CW: this really is a must-read. And it sure helped me understand why Mitt Romney is such a facile liar.

Tom Friedman: philosopher Michael Sandel argues that "market values are crowding out civic practices."

My administration is the only thing between you and the pitchforks. -- President Barack Obama, to Wall Street fat cats, Spring 2009

Peter Boyer & Peter Schweitzer in Newsweek: "Despite his populist posturing, the president has failed to pin a single top finance exec on criminal charges since the economic collapse. Are the banks too big to jail — or is Washington’s revolving door at to blame?" Follow the money. ...

... Glenn Greenwald: "But the worst part of it all is that Obama is going to spend the next six months deceitfully parading around as some sort of populist hero standing up for ordinary Americans and the safety net against big business, and hordes of people who know how false that is will echo it as loudly and repeatedly as they can, tricking many people who don't know better into believing it." ...

... A pretty funny and informative post by Jessica Pressler of New York magazine on "Dimonfreude." ...

... AND Matt Yglesias: JPMorgan loses $2 billion in massive failed effort to exploit Volcker Rule loophole."

Joe Romm of Think Progress: think climatologists are exaggerating the effects of climate change? Actually, they've been downplaying it for decades.

Dean Baker & Kevin Hassett in a New York Times op-ed: "The American economy is experiencing a crisis in long-term unemployment that has enormous human and economic costs.... Policy makers must come together and recognize that this is an emergency, and fashion a comprehensive re-employment policy that addresses the specific needs of the long-term unemployed.

N. C. Aizenman of the Washington Post: "In about two dozen states across the country, the insurance marketplaces at the heart of the 2010 health-care law remain in limbo, with Republican governors or lawmakers who oppose the statute refusing to act until the Supreme Court decides its constitutionality. New Jersey's Republican governor, Chris Christie, joined the ranks Thursday,vetoing a bill from the majority Democratic legislature that would have set up the Garden State's version of the 'exchanges,' through which individuals and small businesses could shop for insurance."

In a New Yorker post, novelist Edmund White remembers his time at Cranbrook.

Matt Williams of the Guardian: "A leading Republican pollster has pushed for a party rethink on gay marriage, stressing the conservative nature of encouraging commitment between same-sex couples. In a memo to GOP operatives, Jan van Lohuizen -- a former public opinion researcher for George Bush -- notes a shift in attitudes towards gay marriage and calls for a Republican response."

David Maraniss in the Washington Post: "Obama is his mother's son." ...

... AND Valerie Strauss in the Washington Post: Anna Jarvis, who was the driving force behind the celebration of Mothers Day, eventually came to despise it because of its commercialization. Jarvis got Congress to designate Mothers Day, and later joined her sister in spending the family assets to try to end it. Jarvis had no children.

Presidential Race

War-Weary Vets. Margot Roosevelt of Reuters: "Disaffection with the politics of shock and awe runs deep among men and women who have served in the military during the past decade of conflict.... If the election were held today, Obama would win the veteran vote by as much as seven points over Romney, higher than his margin in the general population."

John Cassidy of the New Yorker: "Obama's stance [against gay marriage] in 2008 was a product of careful cost-benefit analysis, and so, I would wager, was his reversal yesterday.... Make no mistake, he has handed a wedge issue to an opposing party that has a long history of successfully exploiting them." ...

Maureen Dowd: Obama's "embrace of gay marriage was not a profile in courage."

Don Melvin & Rod McGuirk of the AP: "In a world weary of war and economic crises, and concerned about global climate change, the consensus is that Obama has not lived up to the lofty expectations that surrounded his 2008 election and Nobel Peace Prize a year later. Many in Asia, Africa, the Middle East and Latin America were also taken aback by his support for gay marriage, a taboo subject among religious conservatives. But the Democrat still enjoys broad international support. In large part, it's because of unfavorable memories of his Republican predecessor, George W. Bush, and many people would still prefer Obama over his presumptive Republican challenger Mitt Romney."

Zack Ford of Think Progress: Mitt Romney's support of same-sex adoption lasts one day.

Frank Rich: Romney isn't qualified to be a dictator.

Local News

Gary Fineout of the AP: Florida "Gov. Rick Scott's embattled chief of staff abruptly resigned from his job on Saturday following a series of news stories detailing his job performance and handling of contracts. Steve MacNamara said in his resignation letter that he would step down from his post July 1.... The Associated Press recently reported that while working for the Senate, MacNamara helped steer a $360,000 no-bid consulting contract to a friend who now leads a task force rooting out state government waste. The Miami Herald and St. Petersburg Times this week wrote a series of additional stories about other contracts and how MacNamara clashed with one agency head.... Several top agency heads -- who were hired by Scott when he first took office -- wound up resigning within months of MacNamara's arrival." You can find the Miami Herald background stories here.

News Ledes

AP: "California's budget deficit has swelled to a projected $16 billion -- much larger than had been predicted just months ago -- and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday."

New York Times: "Mullah Arsala Rahmani, a former Taliban minister who was an important go-between in potential peace talks, was shot and killed on Sunday as he headed to a government meeting on reconciliation, Afghan officials said."

New York Times: "In the face of spiraling costs and Iraqi officials who say they never wanted it in the first place, the State Department has slashed -- and may jettison entirely by the end of the year -- a multibillion-dollar police training program that was to have been the centerpiece of a hugely expanded civilian mission here."

New York Times: "China's central bank announced late Saturday that it would loosen monetary policy in a clear effort to stimulate the economy after the release on Thursday and Friday of a batch of economic indicators for April that were considerably weaker than most economists had expected."

Al Jazeera: "Israel and the Palestinian Authority have issued a rare joint statement saying both are committed to peace, after Prime Minister Benjamin Netanyahu dispatched an envoy to meet Palestinian President Mahmoud Abbas. Netanyahu's office issued the joint statement on Saturday after envoy Yitzhak Molcho met Abbas in Ramallah, the Palestinian Authority's administrative capital."

Al Jazeera: "German Chancellor Angela Merkel looks poised for a setback as polls show the country's most populous state will likely vote in favour of a centre-left government, which she has sought to label as irresponsibly spendthrift. A week after voters in Greece and France clearly plumped for anti-austerity policies, the citizens of North Rhine-Westphalia could also punish conservative champions of belt-tightening."

The Commentariat -- May 12, 2012

The President's Weekly Address:

     ... The transcript is here.

David Ingram of Reuters: "Two big cases addressing marriage rights for gays and lesbians are on track to reach the U.S. Supreme Court as soon as this year, keeping the focus on an issue President Barack Obama reignited with his endorsement this week."

Risky Business

Edward Wyatt of the New York Times: "Soon after lawmakers finished work on the nation's new financial regulatory law, a team of JPMorgan Chase lobbyists descended on Washington. Their goal was to obtain special breaks that would allow banks to make big bets in their portfolios, including some of the types of trading that led to the $2 billion loss now rocking the bank."

Peter Eavis & Susan Craig of the New York Times: "Every big bank has risk controls. Teams of executives are assigned to manage and review trades to ensure the bank’s safety and health. Yet trading debacles happen with surprising regularity. Last year, losses at two big institutions rocked the financial world. MF Global went out of business after making an ill-timed bet on European debt. Before that, a UBS trader in London lost the firm $2.3 billion. The 2008 financial crisis was the result of major risk miscalculations that brought down several big financial institutions, including Bear Stearns, Lehman Brothers and the American International Group."

It just shows they can't manage risk -- and if JPMorgan can't, no one can. -- Simon Johnson, former chief economist for the International Monetary Fund.

Daniel Wagner of the AP: "JPMorgan is the largest bank in the United States and was the only major bank to remain profitable during the 2008 financial crisis. That lent credibility to its tough-talking CEO, Jamie Dimon, as he opposed stricter regulation in the aftermath. But Dimon's contention that the $2 billion loss came from a hedging strategy that backfired, not an opportunistic bet with the bank's own money, faced doubt on Friday, if not outright ridicule."

Ben Protess, et al., of the New York Times: "While the [$2BB] loss [JPMorgan Chase experienced] is not a huge threat to a bank as large and powerful as JPMorgan, whose shares tumbled 9.3 percent on Friday, it is a stark reminder that the banking system remains vulnerable to market shocks more than three years after the financial crisis. It has heightened concerns that big banks continue to make risky financial bets that could threaten the economy. ...

JPMorgan has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them. -- Rep. Barney Frank (D-Mass.) ...

... Nelson Schwartz & Jessica Silver-Greenberg of the New York Times: JPMorgan Chase CEO Jamie "Dimon's reputation and possibly his influence have been cut down to size. The trading loss disclosed late Thursday is a rare misstep by a man who prides himself on having his fingers on the pulse of his 270,000-employee company, and it suggests his vaunted confidence edged toward hubris." ...

... Here are some videos of Dimon complaining about regulation & the Volcker Rule.

... New York Times Editors: "... the loss also occurred because of a continued lack, nearly four years after the crisis, of rules and regulators up to the task of protecting taxpayers and the economy from the excesses of too big to fail banks; and, yes, of protecting the banks from their executives' and traders' destructive risk-taking.... JP Morgan, like the nation's other big banks, is still engaged in activities that can provoke catastrophic losses.... Mitt Romney has called for repealing Dodd Frank. That may win him Wall Street cash, but it is profoundly dangerous."

Presidential Race

Dan Eggen & Sandhya Somashekhar of the Washington Post: "President Obama’s endorsement of same-sex marriage is energizing Christian conservative support for Mitt Romney in a way that the likely GOP nominee has so far not been able to do on his own, according to religious leaders and activists. Pastors in Ohio, North Carolina, Florida and other swing states are readying Sunday sermons inveighing against same-sex unions, while activist groups have begun laying plans for social media campaigns, leaflet drives and other get-out-the-vote efforts centered on the same-sex marriage issue. Romney could benefit from a strong turnout among evangelicals and other social conservatives, many of whom remain skeptical of his commitment to their causes."

Jeffrey Jones of Gallup: "A majority of Americans, 60%, say President Barack Obama's newly announced support for same-sex marriage will make no difference to their vote. Twice as many say it will make them less likely to vote for Obama as say more likely, though roughly half of the 'less likely' group are Republicans who probably would not support Obama anyway."

Mitch Weiss of the AP: "Once a bright spot for President Barack Obama, North Carolina is now more like a political migraine less than four months before Democrats open the party's national convention in Charlotte. Labor unions, a core Democratic constituency, are up in arms. Democratic Gov. Bev Perdue isn't running for re-election; Democrats say she was likely to lose. The state Democratic Party is in disarray over an explosive sexual harassment scandal. Voters recently approved amending the state constitution to ban gay marriage.... And unemployment in the state remains persistently high.... Now traditional Democratic Party groups are threatening huge protests in part because they're deeply uncomfortable that the convention is being held in one of the least union-friendly states. And thousands of Democrats across the country are calling for the convention to be relocated because of the gay-marriage vote."

Not Bringing the Scissors Today. Ashley Parker of the New York Times: "Mitt Romney's commencement address Saturday at Liberty University, the evangelical institution in Virginia founded by Jerry Falwell, comes on the heels of President's Obama's announcement Wednesday that he supports same-sex marriage. But in a conference call with reporters Friday, Romney campaign aides said ... Mr. Romney would not overtly wade into the issue of same-sex marriage. 'Marriage isn't the focus of the speech, but he will mention the fact that marriage is an enduring institution, which deserves to be defended,' one aide said." ...

     ... Update. Philip Rucker of the Washington Post reports on Romney's speech at Liberty.

Steve Benen catches Romney in 20 lies this week. (CW: The funniest one, to me, is his repeated insistence that Syria is Iran's route to the sea -- funny because Iran & Syria don't even share a border & Iran has hundreds of miles of coastline. Maybe if Romney hadn't let Ric Grenell go, Grenell would have updated Romney's stupid stump speech.)

Charles Blow: "There was a malicious streak at the core of the high-school boy in these accounts. Romney's muddled and confusing explanation and half-apologies only reinforce concerns that there is also something missing from the core of the man: sincerity and sensitivity. Targeting the vulnerable is an act of cowardice. The only way to vanquish cowardice is to brandish courage. Romney refused to do so."

Beth Reinhard of the National Journal: As Massachusetts governor, Romney's evolving record on anti-gay bullying got worse, not better, as he repositioned himself to run for president.

Right Wing World

New York Times Editors: "Mr. Broun owes an apology to history."to

Dana Milbank compares Richard Mourdock, who beat out Sen. Dick Lugar in the Indiana primary to Keith Judd, the federal inmate "who won 41 percent of the ballots against President Obama in West Virginia’s Democratic presidential primary."

New York Times Editors: "For more than a year, House Republicans have energetically worked to demolish vital social programs that have made this country both stronger and fairer over the last half-century. At the same time, they have insisted on preserving bloated military spending and unjustifiably low tax rates for the rich. That effort reached a nadir on Thursday when the House voted to prevent $55 billion in automatic cuts imposed on the Pentagon as part of last year’s debt-ceiling deal, choosing instead to make all those cuts, and much more, from domestic programs."

Local News

Tim Ghianni of Reuters: "Tennessee teachers can no longer condone so-called 'gateway sexual activity' such as touching genitals under a new law that critics say is too vague and could hamper discussion about safe sexual behavior. Governor Bill Haslam's office Friday confirmed that he had signed the bill, which stirred up controversy nationwide and even was lampooned by comedian Stephen Colbert." CW: in related news, the state's top sociologists, psychiatrists and other members of the scientific community have remarked on the anomaly that the state's adult legislators are more interested in sex than are teens. A Vanderbilt University bacteriologist has recommended testing the water in the drinking fountains at the capitol building in Nashville. "There's something wrong with these people," she said.

Jason Stein & Patrick Marley of the Milwaukee Journal Sentinel: "A filmmaker released a video Thursday that shows Gov. Scott Walker saying he would use 'divide and conquer' as a strategy against unions. Walker made the comments to Beloit billionaire Diane Hendricks, who has since given $510,000 to the governor's campaign -- making her Walker's single-largest donor and the largest known donor to a candidate in state history.... In the 2010 campaign, Walker won the support of Operating Engineers Local 139, a union that represents about 9,000 heavy equipment operators in Wisconsin. The union is not endorsing anyone in this year's recall election. Terry McGowan, the union's business manager, said the union gave its 2010 endorsement only after getting assurances Walker would not pursue right-to-work legislation.... But he added that divide and conquer is a phrase that is anathema to those in the labor movement. 'It means turning worker against worker,' he said." Via Charles Pierce.

News Ledes

** New York Times: "Louis H. Pollak, a federal judge and former dean of two prestigious law schools who played a significant role in major civil rights cases before the Supreme Court, including the landmark Brown v. Board of Education desegregation case, died on Wednesday at his home in Philadelphia. He was 89."

New York Times: "Mayor Michael R. Bloomberg on Friday sharply criticized the Brooklyn district attorney, Charles J. Hynes, over his handling of child sexual abuse cases among the borough's large ultra-Orthodox Jewish community."

AP: "An Israeli envoy will submit a letter to the Palestinian president regarding the possibility of substantive peace talks, said officials from both sides Saturday. The modest exchange is the highest-level communication between the two sides in months."

Guardian: "Chicago police have been accused of intimidating protesters ahead of the Nato conference next week. A video posted to YouTube appears to show officers saying they would 'come looking for' protesters after a traffic stop in the city." Includes video.

Washington Post: "Facebook co-founder Eduardo Saverin has given up his U.S. citizenship, a move that will reduce his taxes when Facebook goes public in the coming weeks. Saverin, who was born in Brazil and moved to the U.S. in 1992 and has been a U.S. citizen since 1998, has decided to become a resident of Singapore."

The Commentariat -- May 11, 2012

My column in today's New York Times eXaminer is on "The Essential Mitt Romney." The NYTX front page is here.

Today Paul Krugman directly attacks David Brooks' most recent column. Krugman doesn't mention Brooks by name, so see if you can spot the direct refutation. "... claims that our problems are deep and structural offer an excuse for not acting, for doing nothing to alleviate the plight of the unemployed.... Inventing reasons not to do anything about current unemployment isn’t just cruel and wasteful, it's bad long-run policy, too." The last word: "David Brooks is off today."

Savvy Businessmen. Nelson Schwartz of the New York Times: "JPMorgan Chase's $2 billion trading loss, which was disclosed on Thursday, [see today's News Ledes] could give supporters of tighter industry regulation a huge new piece of ammunition as they fight a last-ditch battle with the banks over new federal rules that may redefine how banks do business. 'The enormous loss JPMorgan announced today is just the latest evidence that what banks call "hedges" are often risky bets that so-called "too big to fail" banks have no business making,'; said Senator Carl Levin...." ...

... Kevin Roose of the New York Times: "The news of JPMorgan Chase's estimated $2 billion loss stemming from a misguided hedging strategy in the bank's chief investment office has set off a spring-loaded schadenfreude cannon among the industry’s critics.... Since the shocking disclosure, [CEO Jamie] Dimon was flayed by industry analysts as well as media onlookers for having been a vocal opponent of the Dodd-Frank regulatory overhaul while at the same time overseeing risky trades that could hurt his bank's earnings."

Tim Egan remembers his mother. Perhaps he will cause you to remember yours. If she's still around, tell her something fulsome.

Ray Rivera & Sharon Otterman of the New York Times: "... in recent years, as allegations of child sexual abuse have shaken the ultra-Orthodox Jewish community in Brooklyn, victims' rights groups have expressed concern that [Brooklyn D.A. Charles Hynes] is not vigorously pursuing these cases because of his deep ties to the rabbis. Many of the rabbis consider sexual abuse accusations to be community matters best handled by rabbinical authorities, who often do not report their conclusions to the police." Guardian story here.

Peter Wallsten & Scott Wilson of the Washington Post: "Some inconsistencies remain in Obama's stance [on gay marriage]. Though he thinks gays and lesbians should have the right to marry, he still says he views it as a states' rights issue at a time when many states are moving to tighten prohibitions on same-sex unions."

Presidential Race

Steve Kornacki of Salon: "At the very least, this makes Biden a major figure in what will go down as one of the Obama administration's signature moments, guaranteeing that his vice presidency will be remembered in history -- something that can't be said for many of his predecessors. But this also has the potential to generate newfound respect and appreciation for Biden among the younger, more culturally liberal party base, voters who until now have been conditioned to regard Biden as an almost comic figure -- the tone-deaf, gaffe-prone great-uncle of American politics."

NEW. Reader Bonnie has been catching up on some serious epistolary prose. ...

     ... Andy Borowitz reports on Mitt Romney's letter to the American people about his days as a merry prankster. The letter ends, "I hope when you vote in November, you won't judge me as the teenager who bullied one gay boy, but rather as the adult who fired thousands of people. Vote for me." ...

     ... Octogenarians Helen & Margaret correspond about Mitt's youthful hijinks. Helen doesn't think Mitt should be the one in three million people who becomes president. CW: Poor Helen! She seems unaware that it's Mitt's turn.

Felony bullying = Gang physically attacks a gay person.
Boyish hijinks = Romney-led gang physically attacks a gay person.

... See the Jason Horowitz WashPo story linked in yesterday's Commentariat. ...

... Emily Friedman, et al., of ABC News: Stu White, "one of Mitt Romney's closest friends and a high school classmate, has been asked by the Romney campaign to come out and offer 'supporting remarks' in defense of the candidate.... According to White, he knows of several other classmates that have also been approached by the campaign to counter the article.... One former classmate and old friend of Romney's -- who refused to be identified by name -- said there are 'a lot of guys' who went to Cranbrook who have 'really negative memories' of Romney's behavior in the dorms, behavior this classmate describes as 'like Lord of the Flies.' The classmate believes Romney is lying when he claims to not remember it." ...

We were like a pack of dogs. This was bullying supreme. -- Phillip Maxwell, Friend of Mitt's ...

... David Muir of ABC News: "A high school classmate of presidential candidate Mitt Romney told ABC News today that he considers a particular prank the two pulled at Michigan's Cranbrook School to be 'assault and battery' and that he witnessed Romney hold the scissors to cut the hair of a student who was being physically pinned to the ground by several others." ...

... Benjy Sarlin of TPM: "Mitt Romney clashed with a state commission tasked with helping LGBT youth at risk for bullying and suicide throughout his term as Massachusetts governor over funding and its participation in a pride parade. He eventually abolished the group altogether."

... Kaia Mursi of Wonkette: "Mitt Romney is sorry if he hurt you when he went too far." ...

... ** Jamison Foser of Media Matters: "A clear, forceful statement of regret and denunciation of bullying could have been incredibly powerful -- a welcome and valuable contribution to ongoing efforts to reduce the kind of anti-gay bullying Romney once led.... Instead, Romney offers a perfunctory apology -- while laughing -- for 'hijinks and pranks' that 'might have gone too far.' ... Just yesterday, Romney indicated he still favors bullying of gays -- only now he prefers to use the law rather than a pair of scissors."

... Digby: "Certainly, there are plenty of instances in his career at Bain in which he essentially held down workers and forced them into submission --- and walked away laughing. That's the grown-up, rich guy version of what he did." ...

... Charles Johnson of Little Green Footballs: "... there’s something especially troubling about this; it seems to reveal a privileged young man with no empathy at all for those who were different.... Perhaps even more disturbing: in this incident we see the special treatment granted to people like Romney. He suffered no consequences at all for his sadistic prank." CW: Romney was the governor's son. His victim later was permanently expelled when a student prefect caught him smoking a cigarette. ...

... Elspeth Reeve of The Atlantic: "No one ever likes a bully, but" the day after President Obama comes out in favor of gay marriage "is really a bad time to be an anti-gay bully." ...

... Paul Waldman of the American Prospect: "Is there a correlation between the kind of cruel streak that makes you hold down a screaming, crying boy and cut off his hair, and the kind of cruel streak that makes you want to take away people's health insurance?" Waldman doesn't think so. Suppose Romney instead had stood up for the gay kid against other bullies. "Would that make it less abhorrent that he wants to repeal the Affordable Care Act, or that he wants to cut social programs, or that he wants to cut protections for clean air and clean water, or that he thinks gay people should be second-class citizens? No. Whether he wants to do those things because deep down in his soul he's a cruel person and always has been, or because ... he believes in an ideology that is fundamentally cruel, doesn't matter a bit." ...

... Alec MacGillis of The New Republic thinks "the prep-school Mitt was an insecure figure, even a sort of misfit," & that explains "his oddly sensitive temperament." ...

... "The Content of His Character." Jonathan Chait of New York magazine revives a story of George W. Bush in 1965 -- the same year Romney & his gang attacked the gay student -- telling friends who made fun of a "queer" to "Shut up." "Why don't you try walking in his shoes for a while and see how it feels before you make a comment like that?" Bush said to his friends.

... AND Chait digs up exculpatory evidence: "... he also forcibly cut a dude's hair in college: 'At Stanford, he lured rival University of California students into a trap in which his buddies "shaved their heads and painted them red," according to a 1970 speech at Brigham Young University by his father, George Romney.' ... Maybe Romney didn't hate gays -- maybe he just hated hair. Or, other peoples' hair, anyway. Perhaps that is the deeper fixation: It is not enough for Romney to have perfect hair. Others must have terrible hair." ...

... FROM Right Wing World, Erick Erickson of Red State: "After four years of ignoring Barack Obama's bullying of religious groups and others from inside the White House, it’s fair game to go after Mitt Romney as a supposed high school bully." CW: Damned librul media.

Right Wing World

Steve Benen: (For backstory, see yesterday's News Ledes.) "To offset the Pentagon cuts Republicans proposed but no longer support, the House GOP voted to find all of the savings by taking from programs that benefit struggling workers and families. Today's measure is nothing short of brutal, slashing food stamps, nearly eliminating job-training programs, eliminating health care subsidies, slashing the child tax credit, and taking school meals from 200,000 low-income children. And all of this would come on top of the spending cuts Democrats already agreed to as part of the same debt-ceiling deal. It's almost as if House Republicans want to collectively personify C. Montgomery Burns." ...

"GOP Leaves Debt Accord in the Dust." David Rogers of Politico has a good straight report on the bill.

Swiss Miss

May 9. Devin Henry of the Minn Post: "Michele Bachmann (R-Switzerland). Rep. Michele Bachmann lives in Stillwater, hails from Iowa and works in Washington, D.C. -- and as of March is a citizen of the country of Switzerland. Bachmann's spokeswoman confirmed that the third-term Republican and some of her family had became citizens of Switzerland." ...

... May 10. Devin Henry: "U.S. Rep. Michele Bachmann intends to withdraw her dual citizenship in Switzerland, she said in a statement. Bachmann says she sent a letter to the Swiss consulate in Chicago asking for her citizenship to be withdrawn. She said she did so to make clear her loyalty to the United States." CW: Bachmann denies she is the model for the little Swiss girl who appears on the hour & bangs herself on the head on a brand of Swiss cuckoo clocks. Bachmann also has renounced Nestle's in favor of Hershey's chocolate, & she denies the voice on this recording is hers:

News Ledes

New York Times: "A judge in Virginia has cleared [J. Randolph Babbitt,] the former chief of the Federal Aviation Administration, of the drunken driving charges that cost him his job at the agency.

President Obama, in Nevada, spoke today on helping responsible homeowners:

Washington Post: "President Obama rolled into a modest hilltop neighborhood [in Reno, Nevada,] Friday to champion his administration's efforts to help underwater homeowners get back on their feet -- and to urge Congress to do more.... Obama announced a dramatic spike in the number of Americans who are taking advantage of federal programs that let them refinance their loans."

New York Times: In Greece, "Alexis Tsipras, the leader of the Coalition of the Radical Left, or Syriza..., rejected calls to join a unity government, pushing Greece closer to new elections in a climate in which it is becoming increasingly difficult for any party to enforce Greece's debt deal with foreign creditors."

New York Times: "Rebekah Brooks, the former chief executive of Rupert Murdoch's British newspaper subsidiary, testified in the so-called Leveson inquiry into press ethics on Friday, facing close scrutiny about her ties to Prime Minister David Cameron before and after he took office." The Guardian is liveblogging the hearing, including livestreaming video here. ...

     ... An updated Guardian story is here.

Reuters: "JPMorgan Chase & Co, the biggest U.S. bank by assets, said it suffered a trading loss of at least $2 billion from a failed hedging strategy, a shock disclosure that hit financial stocks and the reputation of the bank and its CEO, Jamie Dimon. For a bank viewed as a strong risk manager that went through the financial crisis without reporting a loss, the errors are embarrassing, especially given Dimon's public criticism of the so-called Volcker rule to ban proprietary trading by big banks." Guardian story here. ...

     ... New York Times Update: "Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about the trading activities at the nation's biggest bank."