Morning Edition

Mortgage broker Freddie Mac named Donald Layton as its new chief executive officer. Layton worked for JPMorgan Chase for nearly 30 years before retiring in 2004.

Charles Baird will be alone on the island for one year. He'll able to send short text messages, but won't be receiving any. By freeing himself from all media, he expects to have enough time to make a documentary about himself.

JetBlue Airways apologized after removing a passenger from her flight because she was on a no-fly list. The passenger looks innocent enough — maybe because she's 18 months old. Her mother told WPBF-TV in Florida that the idea her daughter is a threat was "absurd" and "made no sense."

J.P. Morgan Chase reported $2 billion in losses over the last six weeks, and said there may be more to come. In a news conference shortly after the market closed Thursday, CEO Jamie Dimon said the losses stemmed from a credit default swap that was "poorly executed and poorly monitored."

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with Sony hitting a three-decade low.

(SOUNDBITE OF MUSIC)

INSKEEP: Sony shares fell to their lowest level since 1980 on Japan's Nikkei stock exchange today. That drop follows yesterday's report that the company suffered a net loss of $5.7 billion for the last fiscal year. The once dominant tech company has fallen behind other industry giants like Samsung and Apple, and has seen especially heavy losses in its TV division. Transcript provided by NPR, Copyright NPR.

Mitt Romney's presidential campaign is in damage control mode after an article in The Washington Post accused the candidate of bullying in high school. Romney says he does not remember the incidents. Several of his classmates independently recall him going after students who seemed different, vulnerable or effeminate.

According to a survey by the National Retail Federation, mothers will be treated to a little more this holiday. All told, American consumers are expected to spend about $18.6 billion on the moms, stepmoms or grandmas in their lives.

The Postal Service announced Thursday that it lost more than $3 billion during the first three months of the year. Post office officials are pushing Congress to give it more authority to cut some of its burgeoning costs.