Wall Street Roundup: JPMorgan’s credit card problem, starving the police

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Gold: Trading now at $1,511 per ounce, down 0.7% from Thursday. Dow Jones industrial average: Trading now at 11,966.59, down 0.7% from Thursday.

JPMorgan’s credit card problem. The Wall Street Journal tells a fascinating tale of how JPMorgan Chase is calling off its collection efforts on credit card debt as it deals with internal concerns about its paperwork; the best material is buried low in the story.

Starving the police. Just as the Securities and Exchange Commission is receiving new responsibilities to police Wall Street, Congress voted down a measure to increase its funding.

Details of a default. Moody’s explains what it might mean if the United States defaults on its debt.

Perils of celebrity. A number of big-name hedge fund managers have been falling on hard times in recent months -- is all the attention bad for investors?

-- Nathaniel Popper

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