JP Morgan was sued over Epstein’s sex trafficking scheme

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Matt Allen

A passion for helping the average person led Matt to start his newsletter, The Common Capitalist, which is a newsletter that focuses on helping the average investor better understand finance.

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JP Morgan was sued over Epstein’s sex trafficking scheme

Happy new year and welcome to The Free Press Report’s Weekly Digest. This week a lot has happened – JP Morgan was sued over Epstein’s sex trafficking scheme, Sam Bankman-Fried gave crypto advice to the White House, and Ghana banned New Year prophecies. Read on for more of the stories you might have missed.

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Market Recap

U.S. Politics

Chinese military jet spooks U.S air force. A military spokesperson said that the Chinese Navy J-11 fighter jet flew within 10 feet of a U.S air force RC-135 aircraft over a contested region in the South China sea last week. The U.S aircraft was forced to take evasive measures. The U.S “raised the issue” with the Chinese government, which has previously said that international aircraft flying in the region would be “not good for peace.” [Reuters]

U.S Virgin Islands sue over Epstein sex trafficking. The attorney general of the territory has accused JP Morgan Chase of helping the billionaire financier to illegally exploit women including underage girls. The case claims that America’s largest bank failed to report Epstein’s “suspicious activities” and turned a blind eye to the sex crimes at Epstein’s Little St. James Island, which lies in U.S Virgin Islands territories (it does beg the question of why the U.S Virgin Islands also failed to notice anything unusual going on there). [NY Times]

Novartis pays $245 million in antitrust case. The Swiss drugmaker was accused of using an illegal “reverse payment” scheme in an attempt to delay the launch of cheaper generic versions of its proprietary Exforge drug for hypertension treatment. The settlement, which was approved by a Manhattan judge on Wednesday, will see direct and indirect purchasers and retails compensated in exchange for the resolution of all outstanding antitrust litigation against the company. [Reuters]

Social & Business

Criminal justice student murders four. Bryan Christopher Kohberger, a 28 year old postgraduate student at Washington State University has been charged with first degree murder after stabbing to death four University of Idaho students. He was arrested in Pennsylvania under a fugitive warrant six weeks ago and remained jailed without bond until last week’s hearing. Kohberger had just completed his first semester as a PhD student with Washington State’s Criminal Justice and Criminology department. His motives for the killings are unknown. [Reuters]

Tesla clocks worst month ever, with shares in the electric car company down over 36.7% in the past 30 days, kicking the former trillion-dollar company out of the top ten largest companies list. This caps off a terrible year for Elon Musk, which saw him become the first man ever to lose $200 billion from his personal fortune, although Tesla shareholders shouldn’t feel too sorry for him, and he’s still the second richest man in the world (and Tesla is still trading at over 33 p/e – more than 8x the average for the U.S automotive industry). [Reuters]

World View

ECB slammed by top ministers. This week, Italy’s Prime Minister, Giorgia Meloni, joined the legions of European politicians condemning the European Central Bank’s communication and policy decisions. Meloni warned that the ECB should avoid making "choices that make things worse" for Europe’s economy, after suggestions that further rate hikes were incoming lead to a sell-off in Italian government bonds. Meloni also criticized the bank’s sovereign debt bailout fund, saying it would “never be used” because applying for the loan would lead to “"a series of disadvantageous things” in the credit markets of the applicant country. [Reuters]

Ghana bans New Year prophecies. Police forces have warned faith leaders not to make prophecies, which they claim can cause “fear, anxiety or death.” Millions of Christians will gather in churches in Ghana to listen to preaches who often foretell imminent doom. The police insist that the ban is crucial for preserving public order, while critics claim that it is a violation of religious freedoms. [BBC]

Former Pope Benedict dies. The 95 year old had lived in a former monastery in the Vatican since 2013, after becoming the first pontiff in six centuries to resign as head of the Catholic church. World leaders offered their condolences, and Giorgia Meloni, Italy’s right-wing Prime Minister, praised Benedict as "a great man who history will not forget." [Reuters]

Soccer legend Pelé passes away. The Brazilian “king of football” won three world cups and is regarded as the “standard-bearer” for soccer worldwide. He died at the age of 82 as a result of colon cancer, and his funeral procession will be held in the coastal city of Santos this week. [ESPN]

Crypto

Sam Bankman-Fried was invited to the White House. Biden administration officials have admitted that the disgraced former FTX billionaire met with Counselor to the President Steve Ricchetti in September. This is in addition to three previously disclosed meetings between SBF and top Biden advisers. SBF – who was the second largest individual donor to the Democrats during the 2022 election cycle – is currently facing criminal charges of fraud. [BBG]

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