Big Bank's Profit Doubles in 2009

Big Bank’s Profit Doubles in 2009 JP Morgan Chase says profits doubled last year to more than $11.5 billion. It made $3.3 billion in the fourth quarter alone. Its investment banking business drove those profits and those bankers will be rewarded. JP Morgan says they stand to make over $400,000.00 in pay and bonuses. But Wall Street seemed more focused on JP Morgan to rising loan losses in its credit carded mortgage businesses. That dragged down the rest of the banking sector and the overall market. The Dow Industrials gave up more than 100 points, the NASDAQ Composite finishing the day down nearly 29. A mixed reading on the economy, new reports find inflation as under control but consumers sentiment rose less than expected this month as Americans continue to worry about high unemployment. US Airways joins Delta, Continental and United in raising baggage fees by $5.00 each weight per bag. It will charge $25.00 each weight for the first bag, $35.00 for the second. If you pay in advance on line, you’ll save $2.00 for the first bag, $3.00 for the second. Johnson & Johnson has expanded a recall of over-the-counter medications. It is no longer just Tylenol brands. J&J is now recalling Motrin, Benadryl, Roll Aids and St. Joseph’s Aspirin. A moldy spell in the packaging is making some people sick. The FGA sent a warning letter to J&J for not notifying the authorities about the problem quickly enough. You can track the latest money headlines at CBS moneywatch.com. In New York, I'm Alexis Christoforous.