that it lost at least $2 billion in investments it called "egregious." today j.p. morgan lost $14 billion in stock value. chesapeake energy lost $1 billion of its stock value today in 46 minutes as questions mount about its business practices. we have two reports. first anthony mason on j.p. morgan chase. >> reporter: the losses for j.p. morgan chase continued today, this time to its stock price which tumbled more than 9%. as the bank reeld from its $2 billion trading blunder and bank analysts took aim at c.e.o. jamie dimon. >> he should have done his home work better. >> reporter: mike mayo, who closely watches the company for the investment firm c.l.s.a. says in april dimon dismissed concerns the bank was making big bets on credit derivatives that even then were rattling the markets.

>> one month ago jamie dimon gave a reassurance that this was "a tempest in a teapot" when it came to the company's investments. here one one month later and there's a $2 billion loss on their books. >> reporter: the risky bets were placed out of the bank's london office by a trader named bruno ixill, nicknamed the london whale but he was not a rogue and critics say that raises serious questions about risk management at america's biggest bank. michael houston is an analyst with the london investment firm c.m.c. markets. >> the "too big to fail" culture really is still there and there is a concern and i think it will make the proponents of the volcker rule more emboldened. >> reporter: the volcker rule, set to go in into effect in july would prevent banks from making speculative bets that could put both themselves and taxpayers at risk. it's named for the man who proposed it, the 84-year-old former federal reserve chairman paul volcker. do you believe the culture on wall street has to change?

>> yes. (laughs) >> reporter: in an interview for cbs sunday sunday in march, volcker said he thought the traditional culture of banking had been distorted by speculation. >> my concern about the health of the banking system. >> reporter: but banking executives-- including dimon-- have attacked both the reforms and volcker himself. some c.e.o.s have been particularly critical of you. >> what in the world? that amazes me! you're telling me that? no. >> reporter: jamie dimon the said of j.p. morgan chase said "paul volcker said he doesn't understand capital markets. he's proven that to me." >> well, unfortunately, i think they do some of that to me, too, their own misunderstanding. how did they get in so much trouble? >> reporter: j.p. morgan chase could face up to another billion dollars in losses from its bad bets. but the biggest loss may be to its reputation and to trust in the banking system.

>> pelley: anthony, these are huge numbers we're talking about but let me ask you directly. is j.p. morgan chase in jeopardy? >> reporter: no, scott, it's not. as big a loss as it was-- and that's a big number-- the bank is well capitalized, it can absorb it. the company was downgraded by one ratings agency today. fitch said it's worried about the company's risk management, scott. >> pelley: anthony, thanks very much. the j.p. morgan chase story had a lot of folks worried their their 401(k)s invested in the stock market would take a hit today and while bank stocks did post big losses, the dow jones industrial average shrugged it off. it fell just 34 points. now to chesapeake energy. it has been a darling of wall street, a swashbuckling leader in the huge growth of natural gas exploration. chesapeake is the second-largest gas producer in the u.s. but, as we said, its vok value lost a billion dollars in less than an hour today in part because the

company is under a securities and exchange commission review. a lot of questions are being asked of chesapeake's flamboyant founder and nancy cordes has been looking into this. >> reporter: in the race to tap america's natural gas reserves, no company has drilled as many wells as oklahoma city-based check piece energy. more than 46,000. but in doing so, the company has buried itself in debt and contributed to a glut of natural gas that's driven prices down by 40% and hurt chesapeake's own bottom line. arthur berman is an energy consultant based in houston. >> so many of us watched this slow train wreck happening and asked, well, why are all of these smart people running smart companies consciously producing more gas than the market needs? everybody knew this. >> reporter: chesapeake had had to borrow more than $6 billion to stay afloat. chesapeake's stock, valued at

over $66 billion per share in 2008, now sells for less than $15. shareholders-- including some of the largest state pension funds in the country-- worry the company is being run into the ground. the focus of their anger is the company's risk-taking and visionary co-founder and c.e.o. aubrey mcclendon. >> natural gas is probably our best bet. >> reporter: mcclendon is now under scrutiny by the securities and exchange commission for taking out more than a billion dollars in loans for chesapeake's creditors for his own personal investments-- a move that could affect the terms chesapeake gets from those lenders. when stockholders found out last month they sued. mark gross is their attorney. >> this is not a matter of how he manages his company, it's how he manages his personal assets and creates a conflict with those of his investors. >> reporter: stockholders were already furious about another venture of mcclendon's: his $200 million investment fund which traded oil and gas, a potential

conflict of interest because it allowed him to bet against chesapeake. >> it's clearly a fraud on the investors. >> reporter: mcclendon declined our repeated requests for an interview this week, but back in april he said that his personal transactions created no conflict of interest with the companies he helped to start, scott. >> pelley: nancy, thank you very much. a lot of americans are still suffering from the investment disasters of 2008. back then, congress extended unemployment benefits to 99 weeks in many states, but tomorrow that extension ends in the states that you see highlighted. 236,000 americans will get notices that the checks are over-- including in california. john blackstone is there. >> reporter: at the community action agency in merced, california, brenda callahan johnson is bracing for a flood of unemployed seeking emergency food, housing, and financial aid. >> a lot of these people are not

going to know that they're not getting unemployment until they get the letter in the mail and they're going to be scared. >> reporter: tomorrow, 93,000 californians are losing extended unemployment benefits. have you ever seen this many people... >> i've never. in 19 years i've never seen this many cuts in unemployment at the same time. >> reporter: in california's agricultural heart land, merced is being hit hard by federal law that cuts extended benefits in states where unemployment has fallen. in the last year, california's rate has dropped from 11.9% to 11%. but here it's 20%. >> merced county is experiencing dire unemployment. >> reporter: while finding work in merced is difficult, finding places where people used to work is easy. this plant, where they made ladders, closed in october with the loss of 140 jobs. the closed pepsi bottling plant once employed 40. here, 60 people used to make parts for toyota. this man has been looking for work for 18 months.

>> sometimes it becomes a depressing place. you get some people even called it her-dead. >> reporter: he was laid off as a counselor in a county youth program and has been collecting unemployment insurance for 75 weeks. he thought he could go to 99. you're going to get a letter that says no more unemployment benefits. what is that going to be like? >> even just you saying that i can feel it... i can feel it right here. >> reporter: the father of four has been collecting almost $300 a week. now he's turning to the community action agency, but it, too, is running out of resources. >> we have one program that we can assist more people in, otherwise we're over 100% served. >> reporter: basically everything is filled. >> right. right. >> reporter: forecasters say merced county should begin seeing modest job growth as california's economy continues to improve. that provides a bit of hope in a place where the safety net is quickly filling with holes.

john blackstone, cbs news, merced, california. >> pelley: there are no money troubles in the presidential race. last night president obama raised a record $15 million at a fund-raiser at the los angeles home of actor george clooney. the hollywood crowd cheered when the president spoke about his decision this week to support same-sex marriage and in a new gallup poll 60% of americans said the president's position on that issue will make no difference in how they vote. john dickerson is in washington. he is our cbs news political director. john, i wonder, what do you make of the gallup poll? >> people, scott, at that fund-raiser described et it as buoyant and uplifting in conversations today but in the rest of the country it's not necessarily as monumental an issue as it was for that audience. in that poll people largely registered their opinion along party lines but among independents 23 said the president's decision would make them less likely to vote for president obama. 11% said they would be more likely.

so obama's same-sex marriage position could cost him so independent and a very small amount of democratic votes but these are small numbers. >> pelley: john, the republicans have had a muted response, so to speak, a measured response to the president's announcement this week. i wonder why that is. >> well, in talking to republican strategists they give three reasons for why this won't be an issue they'll strain to take advantage of. the first, is they feel like their base is already fired up by their dislike of the president. second, there's no policy to fight over the president simply expressing an opinion and third republicans feel they must stay focused on the economy. they want this election to be about jobs and as one top republican strategist put it, every fight we get into this isn't about jobs takes time away from the conversation we want to have and any time democrats are not talking about jobs we'll point out they don't have the solution it is american people want. >> pelley: thanks, john. one sdwloob never seems to end is cracking down on counterfeit goods from china. the man behind some detroit's

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chinese counterfeiters and we asked justice correspondent bob orr to take a look. >> reporter: it's a search that plays out everyday inside this cavernous warehouse in elizabeth new jersey. customs officers looking for counterfeit goods and phony louis vuitton handbags. paula heacock oversees the inspections. if you had to guess based on your expertise this looks fake? >> this looks counterfeit, yes. >> reporter: 2.5 million containers arrive here each year. mixed in with the legitimate cargo are knockoff cargoes and imitation ugg boots turned out by chinese counterfeiters. >> china is our number one source counterfeiter for pirated goods. about 62% of is from china. >> reporter: the losses from counterfeit goods are enormous. last year, customs officers seized more than a billion dollars in phony sneakers, electronics and handbags. yet no one knows how much is

still getting through. in california, beach bodies-- a producer of workout videos-- knows how much it's losing. company executive jonathan gelfand says thieves copy his exercise disks and pedal the fakes at half price. >> piracy is leveling our bottom line and hurting the company. >> reporter: gelfand estimates beach body is losing $75 million a year to counterfeiters. he arrived at that figure by pretending to be a counterfeiter. >> we put up replicated sites and copied what the pirate rrs doing. we did it for a very long period of time and it was well over $75 million. >> reporter: over counterfeit goods like purses and sneakers are sold on the black market and street corners. >> a shipment of sneakers that have come in. >> reporter: heacock says the counterfeiters are adapting, constantly changing their schemes in an effort to pass inspection. for example, fake nike manufacturers have tried hiding the signature swoosh behind

tear-away panels. >> it's a cat-and-mouse game. they're staying one step ahead of us. >> reporter: heacock likes to think she's winning but with billions of dollars in corporate profits and u.s. jobs on the line it's a battle with no foreseeable end. bob orr, cbs news, elizabeth, new jersey. >> pelley: carroll shelby was an american original. a champion auto racer who went on to design some legendary muscle cars in the 1960s including the shelby co-a and the high performance ford mustang. shelby was also one of the longest-living heart transplant recipients. he got his new heart in 1990 and six years later he received a kidney from his son. carroll shelby died yesterday in texas. he was 89 years old. a dad comes home from war and gets a gift he never expected. a dad comes home from war and gets a gift he never expected. that's next. here at the hutchison household but one dark stormy evening... there were two things i could tell:

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>> pelley: a u.s. marine serving in afghanistan-- staff sergeant jeremy cooney-- traveled thousands of miles home for a reunion with his family. but it was the last few feet of that journey to camp lejeune, north carolina, that he will never forget. sergeant cooney saw something he'd never seen before: his six-year-old son michael walking michael has cerebral palsy and when his father left for a seven month deployment in afghanistan michael couldn't walk.

doctors once said he never would but the cooneys never accepted that. while the sergeant was away, his wife melissa and their three other children taught michael to stand up on his own and take his first steps. but they kept it all secret from his dad until he returned. >> there's no words. it's just one of the most proudest moments of my life, that's all i could tell you, because i'm just... i never thought it would happen and can't describe the feeling. >> pelley: the reunion happened in december but mrs. cooney just posted the video online and that's when we noticed it. it was quite a ride for an american surfer. 44-year-old garrett mcnamara of hawaii has grabbed the world record for surfing the largest wave ever. look at that! he caught the wall of water off the coast of portugal last november. the old record was 77 feet high but today experts confirmed that

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>> pelley: we end tonight where the rio grande and the rio conchos meet in west texas, believed to be to be the oldest cultivated land in north america. the oldest crop you'll find there is dream. steve hartman met a woman who cultivates them troord. >> reporter: in the middle of the texas desert on the border with mexico sits the tiny town of presidio. this is the way in and for some this is the way out. if you're a kid looking to escape the poverty and isolation of ces video, there's really no greater vehicle than the press video rocket club. it was launched a few years ago by a firecracker of a science teacher named sheila condino. >> i wanted to teach the kids you want something so bad you put your heart into it. >> reporter: her goal isn't really to make future rocket scientists, it's more just to

make futures. >> in rocketry you don't have the instructions of how to build it. and that's how life is. it doesn't come with instructions. you have to make it on your own. >> reporter: her teacher knows all about that. born dirt poor in the philippines sheila came to the u.s. on a temporary work visa, came to presidio because no american teachers would. now she really wants to stay, but to become a permanent resident she has to prove to american immigration officials that she is a person of "exceptional ability." >> they're asking for more documents, more support. and i really do not know what else they would want from me. >> reporter: you're the best aerospace teacher in america, what more could they want. >> thank you. >> reporter: it wasn't me saying that, you got the award. she was recently honored as the aerospace teacher of the year. it was no surprise to her students. >> she'll teach you things and you'll learn it like this-- as long as you pay attention, of course. >> reporter: she's such a motivating force her kids often get up before sunrise to learn and launch.

their passion is so present you could probably see it from the moon. >> ejection charge ready. >> reporter: tomorrow she and her kids will compete against some of the best schools in the country in the team america rocketry challenge outside washington, d.c. the challenge this year is to make your rocket go as close to 800 feet as possible. then return it to earth in between 43 and 47 seconds. 44... (screaming) jup one other thing, you have to preserve two raw eggs inside. and to think they do this in equipment that's begged, borrowed and broken and on a bake sail, barbecue and goat auction. what it l it be like if you show up to washington and win this thing? >> oh, my goodness, nobody knows where we're at and then you represent the united states. that would be a big thing. >> reporter: as for her dream of becoming a permanent resident of

these united states, on that the teacher would be wise to listen to the student. >> never give up. you can do anything in this world as long as you never give up. >> reporter: sometimes even the sky isn't the limit. steve heart unanimous troord in presidio, texas. >> pelley: and that's the "cbs evening news" for tonight. for all of us at cbs news all around the world, i'm scott pelley. see you sunday on "60 minutes." good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org

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now, "entertainment tonight." the most-watched entertainment news magazine in the world. >> john travolta and a third male accuser. the claim that john offered him money for sex. now, how is his wife kelly coping? and her new interview about the death of their son. >> the biggest heart. >> then rihanna at her big "battleship" premiere. >> we saw a twitter picture with an i.v. in your arm. are you okay? >> exclusive foot froes of clooney's party for president obama. >> it's my wedding. >> shannen doherts