Swiss banking giant UBS said Thursday that one of its traders lost an estimated $2 billion through unauthorized transactions, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades.

Police in London's financial district said they arrested a 31-year-old UBS trader, Kweku Adoboli, in connection with the alleged fraud. UBS declined to confirm the trader's name, but the employee reportedly worked in the company's London equities division.

"Unauthorized trading" by one of its traders has led to a loss "in the range of $2 billion," Swiss banking giant UBS announced this morning.

He reportedly worked in the bank's London equities division, Larry Miller reports for NPR, and was arrested by authorities there early today "on suspicion of using his position to commit fraud."

According to UBS, none of its clients were affected by the loss.

The tornado that hit Joplin, Mo., in May destroyed a third of the town and killed 162 people. While the storm lasted just minutes, the psychological damage continues, and the community is mobilizing to cope with continuing trauma. The city's children are dealing with both the unsettling effects of the tornado and what the loss, disruption and heartache is doing to their parents.

Shortly after dawn on a September morning in 2009, American and Afghan troops set out on patrol along a rocky mile-long stretch in eastern Afghanistan. They were heading to a small village for a routine meeting with tribal elders.

Suddenly, everything went wrong.

Cpl. Dakota Meyer and Staff Sgt. Juan Rodriguez-Chavez, who had stayed behind with the vehicles, heard small arms fire in the distance and knew instantly it was an ambush. Rodriguez-Chavez then heard an officer yelling for help on the radio.

As gloom mounts over Europe's debt crisis, some are looking to China to play a leading role in stabilizing the shaky world economy.

But China made clear its reluctance to take on the role of the global economic savior as it hosted the World Economic Forum's Annual Meeting of the New Champions.

Polite applause greeted Premier Wen Jiabao as he stepped onto the stage Wednesday in the northeastern Chinese city Dalian, but his words depressed markets in Europe, a sign of the shift in the center of financial gravity.

In his jobs speech last week, President Obama also took time to say he wants to help more Americans save money on their mortgages.

"To help responsible homeowners, we're going to work with federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent," he said to applause from lawmakers on both sides of the aisle.

Col. Latifa Nabizada, the only female pilot in the history of Afghan aviation, travels to some of the most remote and dangerous corners of her country with a devoted partner next to her in the cockpit — her 5-year-old daughter, Malalai.

They walk hand in hand as they head into the hangar at Kabul's Military Airport, and then board a chopper. They have flown together on more than 300 missions over the past few years, and Nabizada acknowledges the risks of having her daughter onboard.

But she says she has no choice. The air force has no child care facility.

First of a two-part report.

Here's a startling figure: The typical white family has 20 times the wealth of the median black family. That's the largest gap in 25 years. The recession widened the racial wealth gap, but experts say it's also due to deeply ingrained differences in things such as inheritance, home ownership, taxes and even expectations.

You'd be excused if you didn't lose sleep over the news that made its way across the blogosphere overnight: Tareq Salahi, who is better known as the husband in the duo who snuck into a White House state dinner in 2009, called the police and the news media to say his wife Michaele was kidnapped.

The Colorado Rockies Eliezer Alfonzo is joining some ignominious company: Today Major League Baseball announced it was suspending the catcher for 100 games, after failing a drug test for the second time. Alfonzo tested positive for PED in 2008, when he was in the minor leagues.

The Denver Post reports: