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Nightly Business Report - Thursday August 8 2013

Nightly Business Report - Thursday August 8 2013

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Tonight on Nightly Business Report, an influential highway safety group put small cars to the test. The results are prompting new concerns for automakers and drivers.

And instead of buying American, some are calling on Americans to buy imports as a way to boost the economy. NBR will meet a small business owner who’s taking that approach and growing his business as part of our special series ‘Made in America’.
Tonight on Nightly Business Report, an influential highway safety group put small cars to the test. The results are prompting new concerns for automakers and drivers.

And instead of buying American, some are calling on Americans to buy imports as a way to boost the economy. NBR will meet a small business owner who’s taking that approach and growing his business as part of our special series ‘Made in America’.

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Published by: Nightly Business Report by CNBC on Aug 09, 2013
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<Show: NIGHTLY BUSINESS REPORT><Date: August 8, 2013><Time: 18:30:00><Tran: 080801cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for August 8, 2013, PBS><Sect: News; Domestic><Byline: Susie Gharib, Tyler Mathisen, Jackie DeAngelis, Hampton Pearson, Diana Olick, JuliaBoorstin, Courtney Reagan><Guest: Francis Gaskin><Spec: Abuse; Banking; Government; Policies; Automotive Industry; Consumers; Safety;Business; Economy; Trade><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The heat is on. Thegovernment ramping up investigations into some of the world`s biggest banks. At issue: securities that led to the financial meltdown. But what
 
happens next and what might it mean for bank shareholders?SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Crash test a dummy.Aninfluential highway safety group puts small cars to the test. And theresults are prompting new concerns for automakers and drivers.MATHISEN: And the United States of imports. Why bringing in goodsfrom overseas may be the only way for some small businesses to survive andthrive. We`ll meet one owner whose putting the "Made in America" slogan tothe test as our special series continues -- tonight on NIGHTLY BUSINESSREPORT for Thursday, August 8th.GHARIB: Good evening, everyone.Our top story tonight: banks under fire. Remember those controversialfinancial products that were at the center of the financial crisis? Well,they are back in the spotlight, and so is JPMorgan (NYSE:JPM) Chase. The bank revealed it`s facing two investigations by the Department of Justice, both criminal and civil involving the sale of mortgage backed securities.And as Jackie DeAngelis reports, JPMorgan (NYSE:JPM) isn`t the onlyone under scrutiny as government regulators ramp up investigations of thenation`s largest banks.(BEGIN VIDEOTAPE)
 
 JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):The government is turning up the heat on banks about their dealings withmortgage-backed securities leading up to the financial crisis. JPMorgan(NYSE:JPM) said in a filing yesterday, it`s the target of parallel, civiland criminal investigations being conducted by the U.S. Attorneys Officefor the eastern district of California.The probe relates to low quality mortgages that were packaged and soldin securities between 2005 and 2007.(on camera): The California prosecutor came to a preliminaryconclusion that JPMorgan (NYSE:JPM) had violated certain federal securitieslaws in connection with its products. But it`s too soon to say if thesewill result in either criminal or civil charges.(voice-over): JPMorgan (NYSE:JPM) shares today fell on the news.Investors like Charlie Bobrinskoy of Ariel Investments saying lawsuits area fact of life for the bank.CHARLIE BOBRINSKOY, ARIEL INVESTMENTS VICE CHAIRMAN: There is nodoubt about it the share price for JPMorgan (NYSE:JPM) is lower than itwould, otherwise be if all of a sudden, magically, all of these lawsuitswent away, but they`re not going to go away. And investors know thatthey`re not going to go away.

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