Transcript

DAVID GREENE, HOST:

NPR's business news starts with J.C. Penney's revolving door.

(SOUNDBITE OF MUSIC)

GREENE: J.C. Penney has ousted its high-profile CEO, Ron Johnson. The retailer recruited Johnson from Apple, to revitalize the company. But since his arrival less than 18 months ago, things at J.C. Penney have only gotten worse.

Here's NPR's Wendy Kaufman.

The budget President Obama will send to Congress Wednesday is expected to include some $400 billion in reductions to Medicare and other health programs.

And if the word around Washington is correct, it may also include a proposal aimed at winning some bipartisan backing — by changing the way Medicare patients pay for their care.

In New York and Washington, government regulators are cracking down on insider trading, the illegal practice in which people with internal information about important company events make stock market trades before ordinary investors find out what's happening.

April Fool's Day was one week ago — but an elaborate hoax targeting Pastor Joel Osteen gained wide attention Monday, after those behind the hoax used Twitter, YouTube, and other social media to spread spurious claims that the pastor had renounced his faith and would close his huge Texas church.

Update at 12:15 p.m. ET, Tuesday: Man Behind Hoax Describes Motives, Public Response

Joint Base San Antonio-Fort Sam Houston is going green. New electric vehicles have taken to the streets of the post to save money and reduce pollution.

On-post errands at Fort Sam Houston used to be done in large, multi-passenger or cargo vans, sometimes even when only a smaller vehicle was needed.

About six months ago the post acquired 36 Low-Speed Electric Vehicles that Army North spokesman Eric Lobsinger said are working out well in more ways than one.

After an unsuccessful makeover of the retailer J.C. Penney, Ron Johnson, the company's chief executive, is out.

In a press release, the company said Myron "Mike" Ullman, who was the company's previous CEO, is retaking the reins.