After Trump’s Split, Epstein Suggested He Could ‘Take Him Down’ with Damaging Information [NYT]
In a shocking release of over 20,000 pages containing Mr. Epstein’s poorly written emails and various messages by a congressional committee on Wednesday, it became evident that Mr. Epstein made derogatory comments about Mr. Trump while insinuating that he possessed damaging information about him. These communications suggest that Mr. Epstein or his associates believed they had valuable, insider knowledge concerning Mr. Trump’s extensive properties and business dealings across the globe. Furthermore, Mr. Epstein’s emails revealed that Virginia Giuffre had “spent hours at my house with him” — referring to Mr. Trump — yet he pointed out that Mr. Trump “has never once been mentioned.” Notably, Ms. Giuffre stated during a deposition in 2016 that Mr. Trump had never engaged in any sexual conduct with her nor had he ever flirted with her.
Increasing Tensions: A War on Top Investor Advisers Is Gaining Momentum [DB]
The Federal Trade Commission (F.T.C.) is currently investigating whether ISS and Glass Lewis are violating antitrust laws in the manner they advise clients on important proxy issues, particularly those related to climate and social policies. Ann Lipton, a law professor at the University of Colorado Law School, expressed to DealBook that regulators are increasingly scrutinizing proxy advisers that make recommendations contrary to a company’s interests. She remarked, “A proxy adviser that wants to avoid such controversies will likely recommend actions aligned with management’s preferences.” This scrutiny indicates a significant shift in the regulatory landscape for proxy advisory services.
White House Asserts Public Will ‘Likely Never’ Access Recent Economic Data Despite the End of the Shutdown [MSNBC]
There have been several protracted shutdowns in the past; however, this administration has taken an unprecedented step by choosing to discard a crucial monthly jobs report entirely. While the Trump White House may attempt to attribute the absence of this data to the shutdown, many analysts believe that a more political motivation underlies this decision. Private-sector data strongly suggests that the struggling job market continued to worsen during September and October, contradicting the president’s recent misguided claims of “record” job growth and economic stability.
As Consumer Bureau’s Funds Dwindle, Trump Administration Claims Its Funding Is Illegal [NYT]
Unlike the majority of federal agencies that receive funding through congressional appropriations, the Consumer Financial Protection Bureau (CFPB) relies on funds generated from the Federal Reserve. In a recent legal filing, the bureau warned that it would exhaust its financial resources early next year and indicated that it could not secure additional funds from the Fed. The Justice Department highlighted that the Fed has been operating at a deficit since 2022, which has resulted in a lack of available “earnings” to allocate to the bureau, adding to the challenges faced by this critical consumer protection agency.
Michael Burry, Notable for ‘Big Short,’ Deregisters Scion Asset Management Fund [Reuters via CNBC]
The act of deregistering implies that the fund is no longer required to submit reports to regulators or state authorities. Scion Asset Management, which managed assets worth $155 million as of March, has long been scrutinized for its investment strategies, often interpreted as indicators of potential market bubbles and signs of excessive market activity. On a recent post on the social media platform X, Burry stated, “On to much better things Nov 25th,” hinting at future endeavors that could reshape his investment strategies.
Cliff Asness Reveals AQR’s Consideration of Expanding into the Sports Betting Market [Bloomberg]
Cliff Asness did not provide specific details regarding whether AQR is exploring the possibility of making directional bets on sporting events or engaging in the more immediate activity of creating markets on exchanges. Tobias Moskowitz, a principal at AQR and a finance professor at the Yale School of Management, co-authored the book “Scorecasting: The Hidden Influences Behind How Sports Are Played and Games Are Won,” which delves into the intricacies of sports like basketball, baseball, football, and hockey. This exploration indicates AQR’s potential strategic pivot toward a lucrative and growing sector within the financial landscape.
