Business News: JPMorgan Chase to pay billions for Madoff fraud

(CBS) - JPMorgan Chase will pay for Bernie Madoff's crimes.

The bank will shell out more than $2 billion dollars to resolve charges it ignored warning signs about Madoff's massive ponzi scheme.

JP Morgan was the primary bank Madoff used.

This is the largest forfeiture for a bank in U.S. history.



(CBS) - Get ready for what some are calling the 'cheese-pocalypse'.

Kraft says there may be a shortage of Velveeta.

The company won't say why they're running low on the processed cheese product, but does say demand is high at this time of year and it's only a short term issue.



(CBS) - Fireworks at the Consumer Electronics Show in Las Vegas.

T-Mobile's CEO, John Legere , crashed a party thrown by arch-rival 'AT&T' late Monday.

Security escorted him out after a photo appeared on Twitter.


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