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All your news in a single email. We scour 100+ sources so you don't have to. Culture, science, sports, politics, business, and more - all packaged in a 5-minute read below.
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Wells Fargo Hit With Massive Fine.
Banking giant Wells Fargo was hit with a massive $2.1B fine yesterday for violations around its mortgage lending in the run-up to the 2007-2008 financial crisis. According to the Justice Department, the company originated and sold residential loans in instances where it knew incomes were misstated, and the quality of the loans was then misrepresented by Wells Fargo. The violations occurred as the company began a 2005 effort to double the number of subprime loans - which have higher interest rates because the recipients are considered at higher risk of default (see more here). The company has had a string of punishments resulting from behavior linked to the financial crisis, including a $1.2B fine in 2016 for hiding bad loans that were receiving federal subsidies and accusations of pushing subprime loans on minorities.
Refugee Among Winners of Math's Nobel.
The 2018 Fields Medal, the most prestigious award in the field of mathematics, was awarded to four separate mathematicians yesterday. Among the winners was Caucher Birkar, a Kurdish refugee who grew up on a subsistence farm during the Iran-Iraq war, and left in 2001 to live in Britain. Birkar is now a Cambridge professor studying advanced (birational) geometry. Other winners include Peter Scholze, Alessio Figalli, and Akshay Venkatesh. Scholze, one of the youngest to be awarded the prize, is considered a prodigy in his field of number theory (think really complicated arithmetic). Venkatesh also studies number theory, while Italian Alessio Figalli focuses on network analysis - applicable to everything from weather fronts to the best way to design fortifications. The prize is only awarded once every four years to mathematicians under 40 years old.
Swedish Crown Jewels Stolen.
In a daring heist in broad daylight, thieves stole three national treasures of Sweden before escaping on a speedboat. The items, on exhibition in a church in the small town of Strangnas, included two crowns made for the 17th-century King Charles IX and his wife, as well as a decorative orb. The thieves reportedly simply smashed the case while the chamber was empty before taking off in a motorboat across Lake Malar, one of the largest in Sweden. Historians say the thieves may be disappointed in their haul - the items were meant for burial and are decorated with less-valuable stones then would normally be worn. The items would also be recognizable at any international auction house, leading officials to believe the group had a specific buyer in mind (or did not understand what they were stealing).
See some of the most daring jewel heists in recent memory (paywall).
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Sports, Entertainment & Culture.
> Ohio State football coach Urban Meyer placed on admin leave as school investigates claim that Meyer knew of domestic violence allegation against former assistant coach ( More)
> Anthony Bourdain's Parts Unknown will return for final season on CNN with footage filmed prior to his death ( More)
> The Sandlot prequel in development with original writer ( More) | Nicole Kidman, Charlize Theron to star in Fox News scandal film ( More)
Science & Technology.
> Trump nominates Kelvin Droegemeier to lead the Office of Science and Technology Policy (More) | An accomplished meteorologist who researches extreme weather events at the University of Oklahoma (More)
> Engineers develop method to convert white fat to healthier brown fat outside of the body before reimplanting it in patients ( More)
> Teenager makes a major quantum computing advance obsolete by solving the "recommendation problem" - which underlies Netflix and Amazon suggestion algorithms - using classical computing ( More)
Business & Markets.
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> Electric carmaker Tesla delivers steadier production, reduces cash burn; shares up 10% in after-hours trading ( More)
> US Federal Reserve holds interest rates steady, signals expected rate hike in September ( More)
> Publishing giant Conde Nast to sell 3 magazine titles - Bridges, Golf Digest and W - after losing a reported $120M last year ( More)
Gain access to the private market. Invest in or sell pre-IPO shares on EquityZen, a platform for buying shares in private companies ( More)
Politics & World Affairs.
> Harrisburg, PA, church diocese releases list of over 70 clergy and church members accused of child sexual abuse, dating back to 1970 ( More)
> Administration increases access to short-term health insurance plans that aren't required to adhere to Obamacare rules ( More)
> President Trump again urges Attorney General Jeff Sessions to end Russian election meddling probe by Special Counsel Robert Mueller ( More)
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Cardi B's Money Moves.
GQ | Caity Weaver. Hip-hop star Cardi B's meteoric rise to fame was no accident, though her success was unlikely for a former stripper from the Bronx just trying to make ends meet. Through tales of gang life, partying, and risky basement butt injections, see how Cardi B is continuing to top the charts while adjusting to superstardom.
Summer Camp for the Ultra-Wealthy Teaches Kids How to Stay Rich.
Bloomberg | Suzanne Wooley. The Young Successors Program, orchestrated by the Swiss bank UBS Group AG, is a workshop for exorbitantly wealthy young people who plan to stay that way. Such programs allow for exclusive networking opportunities, as well as a chance for several banks to attempt to woo these important youths - assuming participants like Bon Jovi's son Jesse aren't too busy enjoying a wine tasting.
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"Not everything that is faced can be changed, but nothing can be changed until it is faced."
- James Baldwin
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