It's MORNING EDITION, from NPR News. I'm Linda Wertheimer.
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And I'm Steve Inskeep. Good morning. Let's talk next about what's being described as the largest criminal fine in U.S. history. BP will pay nearly $1.3 billion for crimes associated with its 2010 drilling rig accident and oil spill, in the Gulf of Mexico. On top of that, the company will pay more than $3 billion to settle claims from the Department of Justice and the Securities and Exchange Commission. NPR's Jeff Brady reports.
Listen carefully to both President Obama and Republican leaders, and you hear hints of room for compromise. They're talking of taxes and spending as a deadline approaches, December 31st, when higher taxes and spending cuts would take effect. That would reduce the federal deficit, but also damage the economy, according to forecasters.
NPR's business news starts with more mortgage problems.
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INSKEEP: Independent auditors released a report this morning, showing that the Federal Housing Administration is facing a shortfall from losses on the mortgages it insures. The Obama administration says it's going to take steps to prevent a taxpayer bailout.
As NPR's Ailsa Chang reports, the FHA has been struggling since the foreclosure crisis hit four years ago.
For those who want to buy Nintendo's new video game console, you may have to wait a while. The Wii U goes on sale Sunday, but many stores have already sold out pre-orders. On Amazon, you can find the new console, but for much more than Nintendo's $350 price.
To find out what's the big deal for gamers and for Nintendo is, we've called Daisuke Wakabayashi. He covers Japanese video game companies for The Wall Street Journal, and joins us from Tokyo.
Honda, which has long aspired to launch off the road and into the skies, is one step closer to that goal. It has started production on its HondaJet. It's a twin jet engine aircraft, being assembled in North Carolina, aimed at the business market. Industry insiders call it the "Honda Civic of the skies."
Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.
I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.
This is TALK OF THE NATION. I'm Neal Conan, in Washington. As the holidays get underway, retailers go on high alert against shoplifters. Cases spike at this time of the year, and they're expected to raise losses for the year to nearly $35 billion.
Switching gears now, we've all heard about how veterans leave the military with lifelong lessons about discipline, camaraderie and staying cool under fire, but our next guest says his military service also helped him with his finances.
Steve Repak is a veteran who is now a certified financial planner. He says he's applied what he learned in the Army to apply discipline to his finances. He's written a book to share what he learned. It's called "Dollars and Uncommon Sense: Basic Training for Your Money," and he's with us now.
There were 439,000 first-time claims for unemployment insurance last week, up by 78,000 from the week before, the Employment and Training Administration says. Behind the big increase: Superstorm Sandy, which threw some people in the Mid-Atlantic onto the unemployment rolls and shut down state unemployment offices the week before — meaning that some claims were postponed into last week.