We've opened up nominations for our next class of Wall Street rising stars. We want to spotlight the standouts in investment banking, investing as well as sales and trading. Here's how to nominate someone.
Over the past decade, Paul Weiss has boosted its profits with the help of legal fees from its large private-equity client, Apollo Global Management. The account also changed the law firm's culture, insiders say, and opened it up to criticisms about its independence.
AI-based lenders say that their models can eliminate discrimination, but there are risks to these models - including the quality of the data we feed them. Read the full story here.
Banking fees - particularly overdraft charges - don't affect all Americans equally. In fact, overdraft fees are often paid by those with the lowest balances in their checking accounts. Here's what else you need to know.
Payday lenders target Black and Latinx communities, setting up more stores in minority neighborhoods. Fintechs offering small-dollar loans and early access to wages could prove a replacement for those in need of short-term cash. More on that here.
One thing to watch for: President Joe Biden and the first lady, Jill Biden, are set to tour the area where a Surfside, Florida, condominium building partially collapsed.
1. A MAJOR DAY IN TRUMPWORLD: Former President Donald Trump's legal problems are about to get a lot worse. The cornerstone of the former president's brand, the Trump Organization, along with Allen Weisselberg, one of his most loyal aides, are said to have been indicted, with the charges expected to be made public later today.
Going after Trump's company is a rare move: Prosecutors would most likely have to show that at least one executive - referred to as a "high managerial agent" in New York state law - engaged in or at least tolerated misconduct. Legal experts say the strategy could make it easier for prosecutors to garner cooperation. And the risks to the Trump brand are substantial.
Key quote: "If, and more likely when, the golden paint is tarnished or fades from what might become a Titanic of an organization post-indictment, not only will banks, lenders, and business associates begin to flee, the financial consequences may send employees running for lifeboats and pointing a finger at the captain to protect themselves before everyone is submerged along with the former president," Jeremy Saland, a former prosecutor in the Manhattan district attorney's office, told my colleagues.
Should this go to trial, experts expect a document-intensive case: Manhattan and New York prosecutors went all the way to the Supreme Court to obtain Trump's tax returns and financial records. Experts also said the relatively small size of the company meant few employees would be likely to testify, but this could also limit the company's defense.
She also detailed Weisselberg's role, including how he may have skirted tax rules: "It was like, 'OK, the way we're going to maestro this is instead of a raise, we're going to pay my daughter's tuition,'" she said of Weisselberg's approach. "'Instead of a raise, we're going to pay for the apartment.'"
4. Two children are among 18 confirmed dead in Florida condo: Two young sisters - Lucia, 10, and Emma Guara, 4 - are the youngest victims identified so far among the rubble of a partially collapsed condominium building in Surfside, Florida, the Miami Herald reports. Still, 145 people who lived in the tower remain missing.
5. Donald Rumsfeld's legacy: Rumsfeld is the only person to have led the Pentagon twice: once as the youngest defense secretary and later as the oldest. Rumsfeld's second stint, during the George W. Bush administration, dwarfs his legacy, as he led the department into wars in Afghanistan and Iraq. He died Tuesday at 88. More on his influential and controversial legacy, including his role in the Iraq War.
6. The cost of inequality: A new Insider series dives into how and why inequity persists in the institutions that govern daily life in America while illustrating the real economic cost to society.
7. Republican lawmakers flocked to the border: The GOP sees immigration as one of the key issues to retaking the House, Politico reports. Roughly two dozen GOP lawmakers traveled to a Texas border town before Trump's visit to argue that the Biden administration was failing to properly secure the border.
9. Historians ranked Trump the lowest of any president from the past 150 years: The latest edition of C-SPAN's historian survey ranked Trump among the worst presidents in US history. The survey since 2000 has been taken each time there's a new president, and the latest pegs Trump even below William Henry Harrison, who died just 32 days into his term. At the same time, Barack Obama cracked the top 10 for the first time. Here's where everyone else stacked up.
10. 'You CLEARLY owe it to yourselves': The former New York Times Styles editor Choire Sicha recently quit his high-profile job - and offered some brilliant advice for anyone feeling burned out. "You can't solve your own burnout," he wrote. "You can only change the system or your situation." Read more from his helpful advice.
Today's trivia question: On the heels of a historic day for college athletics, which president is credited with helping lead to the creation of the NCAA?Email your guess and a suggested question to me at bgriffiths@insider.com.
Yesterday's answer: It took until 2005 for every state to have two statues in Statuary Hall. New Mexico's statue of Po'pay, who is known for leading an 1860 Pueblo revolt against Spanish settlers, was the 100th statue.
The investment firm of hedge fund legend George Soros is actively trading bitcoin, after its chief investment officer Dawn Fitzpatrick gave the green light to get involved with digital currencies, The Street reported on Wednesday.
Soros Fund Management has been looking at investing in cryptocurrencies since 2018. In recent months, a number of hedge and investment funds have been drawn to the market, which was worth over $2 trillion before the latest plunge in prices.
Fitzpatrick, the chief investment officer at Soros Fund Management, approved traders to prepare to trade bitcoin in recent weeks, people familiar with the matter told The Street.
She told Bloomberg in March that a fear that governments and central banks were debasing fiat currencies was driving demand for bitcoin. Fitzpatrick said she viewed bitcoin more as a commodity than as a currency.
Soros Fund Management has previously made investments in crypto infrastructure. The firm was once a hedge fund but is now structured as a family office, and manages around $27 billion, Bloomberg said in March.
It was one of a handful of firms that backed New York Digital Investment Group in a $200 million funding round, alongside Morgan Stanley and others.
Bitcoin bull and tech investor Anthony Pompliano said on Twitter that Soros' investment could be "positive or negative depending on how they trade it."
George Soros came to worldwide prominence in the 1990s by betting against the British pound, giving him a reputation as the man who broke the Bank of England.
Soros Fund Management is only the latest major fund to get involved in cryptocurrencies. Paul Tudor Jones was an early mover, while $14 billion fund Brevan Howard moved into the space in April. Steve Cohen's $22 billion fund Point72 is now seeking to hire a head of cryptocurrencies, The Street reported.
Earlier this week, interdealer broker TP ICAP announced it would be setting up a crypto-trading platform aimed at hedge funds, investment banks and other institutions.
Insider was unable to contact Soros Fund Management, but the firm declined to comment to Bloomberg and other outlets, they reported.
A judge has blocked Florida Gov. Ron DeSantis' anti "deplatforming" bill, one day before it was due to come into force.
The bill, which DeSantis signed in May, was designed to stop social-media companies from "willfully deplatforming" political candidates in Florida by suspending them.
US District Judge Robert Hinkle issued a preliminary injunction Wednesday blocking enforcement of the bill.
If passed into law, the bill would allow Florida to fine companies $250,000 a day, and private citizens could seek damages of $100,000.
Hinkle said the bill violated social media companies' First Amendment rights.
"The legislation compels providers to host speech that violates their standards - speech they otherwise would not host - and forbids providers from speaking as they otherwise would," the injunction stated.
"The legislation now at issue was an effort to rein in social-media providers deemed too large and too liberal. Balancing the exchange of ideas among private speakers is not a legitimate governmental interest," the injunction added.
2. Bill Gates hosted nude pool parties and "got drunk pretty easily," insiders say. Biographer James Wallace said Gates went to a Seattle all-nude strip club and invited dancers to come swim in his pool. Here's what else he said.
3. SentinelOne's first investor also wrote Zoom's first check without hearing a pitch. SentinelOne, which surged 17% in its first day of trading in what was likely the biggest cybersecurity IPO ever, saw support from Dan Scheinman, who blindly supported Zoom. Here's what he looks for in founders.
4. Amazon wants the FTC's new chair removed from any enforcement decisions surrounding the company. It filed a 25-page request to have big tech critic Lina Khan removed from any decisions, including FTC's current review of Amazon's MGM acquisition, and an antitrust investigation. Why it wants her gone.
6. Lime just debuted a new mode of ride-sharing transportation: mopeds. Lime, which is best known for its e-scooters, recently launched a moped-sharing service in NYC. Here's what it's like to use one for a day.
8. Some Uber drivers say a glitch is charging them, rather than paying them, for rides. One driver lost $50 on a single journey - so they quit the app. Get the full scoop here.
9. Google is radically changing the way you search online with the biggest search shake-up in years. We spoke with a top executive who laid out the timeline for some dramatic changes to the way people use Search. Here's what you need to know.
10. Facebook just changed how it reviews employee performance. One employee said it could be a sign the social-media giant is maturing and attracting different kinds of employees. Read up on its new performance review process.
