6.13.2023

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Good morning. It's Tuesday, June 13, and we're covering a new NBA champion, America's largest bank settling a case tied to Jeffrey Epstein, and much more. First time reading? Sign up here.

 

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Need To Know
 

Nuggets Raise Trophy

The Denver Nuggets captured their first title in franchise history last night, defeating the Miami Heat 94-89 in Game 5 of the NBA Finals. 

 

The championship caps a dominating 16-4 postseason for Denver, who dropped only one game at home. The Nuggets were powered by two-time league MVP Nikola Jokić, who also nabbed Finals MVP honors after notching 151 points, 70 rebounds, and 36 assists in five games. For Miami, the loss ends an otherwise magical postseason that began with a pair of play-in games and ended as just the second eight seed to make the finals. 

 

Founded as the Denver Larks in 1967, the franchise was a charter member of the American Basketball Association (see history), joining the NBA during the 1976 league merger. One of four original ABA teams in the NBA (including San Antonio, Indiana, and Brooklyn), Denver has made the postseason 29 of 47 seasons but had never previously made—let alone won—the finals. 

 

See celebrations photos here.

 

JPMorgan Epstein Settlement

JPMorgan Chase agreed yesterday to pay $290M to dozens of victims of sexual predator Jeffrey Epstein to settle claims the bank knowingly supported the financier's crimes. The amount, if approved, would be one of the largest in a civil sex-trafficking case. 

 

The bank—America's largest—managed Epstein's accounts from 1998 until 2013, five years after he pleaded guilty to soliciting prostitution from a minor in Florida. A separate FBI investigation in 2019 alleged the financier—whose contacts included presidents, princes, and tech CEOs—recruited dozens of underage girls for sexual purposes between 2002 and 2005. Epstein died by suicide while awaiting trial in 2019. See an overview of Epstein here.

 

JPMorgan Chase denies liability in the case, with CEO Jamie Dimon suggesting former executive Jes Staley—a close friend of Epstein's—was to blame in a deposition last month. The bank faces similar claims in a separate lawsuit with the US Virgin Islands, where Epstein owned a private island. 

 

Silvio Berlusconi Dies

Silvio Berlusconi, former Italian prime minister and billionaire media mogul, has passed away at the age of 86 in Milan after being hospitalized for treatment of chronic leukemia. The official cause of his death has not been announced; however, he had a history of health issues, including heart surgery and repeat hospitalizations due to COVID-19.

 

Berlusconi, a one-time cruise ship singer, gained fame as a media mogul who transformed Italian television before entering politics in the 1990s. He led Italy's center-right Forza Italia party and served as prime minister multiple times over nine years from 1994 to 2011. His political career was marred by scandals, including a conviction for tax fraud and a conviction, which was later cleared, for having sex with an underage dancer at one of his so-called "bunga bunga" parties. In 2019, Berlusconi secured a seat representing Italy in the European Parliament, which he held until his death.

 

He leaves behind a fortune valued near $7B, primarily from his media empire and other business interests. A state funeral will be held tomorrow in the Milan Cathedral. See Berlusconi's life in photos here.

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Demystifying Retirement

 

Retirement should be filled with relaxation, family, and fun—not finances.

 

Enter: Working with a financial advisor. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with 15% more money to spend in retirement.¹ The past few years have shown us just how quickly decades of planning, investing, and saving can be upended. Work toward a more comfortable retirement by avoiding these 7 common mistakes people make when hiring a financial advisor.

 

With thousands of options available, SmartAsset developed a free tool to match you with up to 3 vetted financial advisors serving your area, each legally bound to work in your best interest. Get your financial advisor matches today.

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In The Know
 

Sports, Entertainment, & Culture

In partnership with The Ascent

> Pat Sajak to retire in 2024 as host of "Wheel of Fortune" after 41 years; a replacement for Sajak has not yet been named (More) | Hollywood Foreign Press Association, organizers of the Golden Globes, to shut down after 80 years after selling rights to the awards show (More)

> Washington Post publisher and CEO Fred Ryan to step down after nine years; owner Jeff Bezos appoints Amazon board member Patty Stonesifer as interim CEO (More)

> US Senate to investigate the proposed merger between the PGA Tour and the Saudi-backed LIV Golf series (More) | Vegas Golden Knights try to win their first Stanley Cup in Game 5 tonight (8 pm ET, TNT) against the Florida Panthers (More)

From our partners: Say hello to a one-card wallet. The Ascent's credit card experts personally signed up for this credit card, thanks to its impressive mix of benefits. Up to 5% cash back, a big bonus, no annual fee, the list goes on. Learn more.

 

Science & Technology

> Thousands of Reddit forums set themselves to private in protest of the company's upcoming policy change that would charge third-party developers to integrate with the Reddit platform (More)

> Gene-editing technique may allow suppression of vinegar fly populations, an invasive insect species that eats ripening fruits across Europe and North and South America (More) | What are gene drives? (More)

> Researchers engineer white blood cells to identify and eliminate cancerous tumors; unmodified white blood cells, which attack bacteria and viruses, typically treat cancer cells as part of the body and, therefore, don't attack them (More)

 

Business & Markets

> US stock markets close higher (S&P 500 +0.9%, Dow +0.6%, Nasdaq +1.5%) on hopes the Federal Reserve will skip rate hikes tomorrow; S&P 500 up to highest level since April 2022 (More)

> Federal Trade Commission to file a lawsuit to block Microsoft’s proposed $69B acquisition of video game giant Activision Blizzard (More)

> Nasdaq to acquire financial trading software maker Adenza for $10.5B (More) | Food delivery giant Grubhub to layoff 15% of workforce, or approximately 400 employees (More

 

Politics & World Affairs

> Former President Donald Trump arrives in Miami for today's arraignment in federal criminal case over classified documents found at his Mar-a-Lago estate; he plans to plead not guilty (More) | See our previous write-up (More) | Fox News sends former host Tucker Carlson cease-and-desist letter over new show on Twitter (More

> The US plans to rejoin UNESCO in July and pay more than $600M in back dues after a five-year hiatus from the cultural and scientific United Nations group (More) | NATO begins largest-ever air exercise coordinated by Germany, bringing together 250 military aircraft from 25 members (More

> India and Pakistan prepare for Cyclone Biparjoy, the first named cyclone in the Arabian Sea of this year, which is expected to make landfall Thursday and could reach maximum wind speeds of 124 mph (More) | Track the cyclone (More)

 

In-Depth

> What the Rich Want

Vice | Maxwell Strachan. Dive into the world of Rey Flemings, who has become the go-to fixer for the global elite in their pursuit of happiness. (Read)

 

> The Last Public Space

The Walrus | Nicholas Hune-Brown. A look at the public library's transformation from being solely a repository of books to an essential hub for people in need of support. (Read)

In partnership with SmartAsset

True Cost of a Financial Advisor, Revealed

 

In a society where people turn to social media for help deciding between paint colors, it’s unthinkable that so many of us continue to entrust our financial futures to ... ourselves.

 

According to a Fidelity Study, financial advice can add between 1.5% and 4% to account growth over extended periods.² So, why do some Americans continue to walk the financial road alone? For some, the excuse is the false assumption that they can’t afford it. In actuality, the fees financial advisors charge are often less than most people think. Learn the true cost here.

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Etcetera
 

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Why thousands of dead fish are washing up on the Texas coast.

 

NASA is sending a poem to Jupiter's moon, Europa.

 

Pokémon card crime spree hits Japan

 

Florida beachgoers visited by a black bear (w/video).

 

Silky anteater resembles a plush toy

 

Creepy giant teddy bear among mall's liquidation auction

 

Clickbait: The mystery of the headless millipedes

 

Historybook: Miranda rights are established (1966); Thurgood Marshall becomes first African American nominated to Supreme Court (1967); Pioneer 10 is first human-made object to exit our solar system (1983); Actresses Mary-Kate and Ashley Olsen born (1986).

"Sometimes history takes things into its own hands."

- Thurgood Marshall

Why 1440? The printing press was invented around the year 1440, spreading knowledge to the masses and changing the course of history. More facts: In every day, there are 1,440 minutes. We’re here to make each one count.

 

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1. Journal of Retirement Study Winter (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study. 2. “Why Work With A Financial Advisor?”, Fidelity (11/1/2021). Please follow the link to see the methodologies employed in the Fidelity study.

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