Cheat Sheet - Behind JPMorgan’s Stunning $2B Loss

Today: African-Americans Support Obama’s Same-Sex Marriage Stance , Romney Tries to Shift Focus , FBI: Tenn. Fugitive Dead May 11, 2012 WHOOPS 1. JPMorgan Chase’s Risk-Aversion Blunder Ironically, the bank suffered huge losses in an internal fund set up to hedge its own capital against potential risks. That result will strengthen those who want more stringent restriction on banks’ internal trading, writes The Daily Beast’s Zachary Karabell. Read it at The Daily Beast Reconsideration 2. Blacks Back Barack on Gay Marriage African-Americans who oppose gay marriage are reconsidering their beliefs, thanks to Obama’s shift, The Daily Beast’s Allison Samuels reports. Read it at The Daily Beast Where Was I 3. Romney Tries to Shift Focus Mitt Romney is trying to shift the national focus back to the economy by shrugging off discussions of gay rights after President Obama's historic endorsement of same-sex marriage Wednesday. His schedule is making that tough, since on Friday he heads to North Carolina, the state that just approved a ban on same-sex unions. He'll also give a commencement address Saturday at Liberty University, the Virginia school founded by the late Rev. Jerry Falwell, who vehemently opposed gay rights. Read it at Associated Press Over 4. FBI: Tenn. Fugitive Dead Adam Mayes, the Tennessee fugitive charged with kidnapping two young girls and suspected of killing their mother and older sister killed himself Thursday as a SWAT team approached the location he was holding the two girls at, the FBI confirmed. The girls, Alexandria Bain, 12, and Kyliyah Bain, 8, were said to be safe in en route to a local emergency room, a Mississippi’s Union County Sheriff Jimmy Edwards told local media. Mayes was last seen two weeks ago and was said to have believed that the Bain girls were his daughters. The girl’s mother and sister were confirmed dead late last week, having been shot outside of Mayes’s home in Guntown, Miss. Read it at FBI Political Party 5. Clooney Raises $15M for Obama It's believed to be the largest one-night campaign haul ever: $40,000 a plate, 150 people, and President Obama stayed a while and gave a speech. Obama pal George Clooney threw a backyard party at his Los Angeles house Thursday night for the president, raising $15 million for the campaign. "Obviously yesterday we made some news," Obama said to the applause one day after his historic endorsement of gay marriage. "But the truth is it was a logical extension of what America is supposed to be.” Wolfgang Puck cooked, and guests included Robert Downey Jr., Diane Von Furstenberg, and James Brolin. Read it at Los Angeles Times Carnage 'Outside Forces' Blamed for Syria Bombs According to Russian foreign minister. ‘TOUGHEST SHERIFF IN AMERICA’ DOJ Files Lawsuit Against Joe Arpaio For civil-rights violations. Unwelcome Shoe Thrown at Breivik Trial Relative of victim disrupts hearing. Tragedy Jet Wreckage Combed in Indonesia A dozen bodies found in the morning. Political Party Clooney Raises $15M for Obama Could be largest one-night haul ever. GET The Cheat Sheet A speedy, smart summary of news and must-reads from across the Web. You'll love the featured original stories on politics, entertainment, and more from The Daily Beast's diverse group of contributors. GET The Yes List Weekly cultural recommendations from The Daily Beast. Davos for Dissidents by Eli Lake Will Edwards Take the Stand? by Diane Dimond ‘Dark Shadows’ for Dummies by Jace Lacob

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