Business News: JP Morgan Chase under investigation

Business News

(CBS) - In Business News, U.S. regulators are reportedly investigating whether JP Morgan Chase tried to boost its business in China by hiring the children of Chinese officials. 

The New York Times reports Morgan hired the son of a former Chinese banking official, that resulted in several contracts.

The daughter of a Chinese railway official was also given a job.



(CBS) - President Obama holds a private meeting today with financial regulators to discuss implementation of the Dodd-Frank law.

Dodd-Frank is designed to revamp the nation's financial system and the consumer protection act.

It would implement the most comprehensive oversight and enforcement reform since the great depression.



(CBS) - This is one very expensive car.

It's a rare 1967 Ferrari sold at auction for $27.5 million dollars. It was one of just ten made, and owned by a man from North Carolina.

Eddie Smith was an orphan turned millionaire and the former mayor of Lexington North Carolina.

His family is donating the money to charity.


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