It's election day for millions of Americans. Do you know where your democracy is?
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11/7: It's News Day Tuesday! Sam and Emma break down the biggest headlines of the day.
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Today you'll read about Trump's histrionics on the witness stand, the latest on the war in Gaza, beefing hedge-fund tycoons, and yet another embarrassing chapter for WeWork.
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THE BIG NEWS
Former president Donald Trump took the stand in Manhattan as part of a civil fraud trial that seeks to impose a fine of as much as $250 million and revoke the New York business licenses of the Trump Organization. As might be expected, he whinged and whined his way through a rambling testimony that provoked this plea from Judge Arthur Engoron to Trump's lawyer: "I beseech you to control him." The former president's attorney said that he could not.
"This is a very unfair trial," said Trump, in one of many denouncements of the proceedings. "I hope the public is watching."
Trump, of course, denied that he had intentionally inflated the values of his properties but said that perhaps mistakes were made. He took many opportunities to tout his business, claiming that Mar-a-Lago was not worth $18 million, as Judge Engoron decided, but $1.5 billion.
The hysterics aside, the trial could impose a major financial penalty on Trump, his sons, and Trump Organization executives. It would also essentially be the death knell for Trump's ability to do business in New York.
MORE STORIES TO WATCH
Israeli Forces Encircle Gaza City as Palestinian Death Toll Passes 10,000
After what it described as a "large" attack, the IDF has surrounded Gaza City, separating it from the rest of the Palestinian coastal enclave. The Gaza Health Ministry announced that more than 10,000 people had died and 25,000 had been injured since the start of the war one month ago. The dead include dozens of Palestinian journalists (and some of their families), along with 89 employees of the UN agency charged with aiding Palestinian refugees.
DC Think Tanks Devise a Dark Plan for Trump's Second Term
A group of 75 political organizations, led by the arch-conservative Heritage Foundation, has come together to plan for a potential second Trump presidency. Project 2025, as their collaboration is known, has focused on weaponizing the Justice Department against Trump's political enemies, according to the Washington Post. The plan also lays the groundwork for Trump to invoke the Insurrection Act on his first day in office and deploy soldiers in US cities to suppress protests. (Tom Cotton can only drool.)
- Father of Highland Park Mass Shooter Pleads Guilty to Misdemeanor Robert Crimo Jr., the father of a 19-year-old man who allegedly murdered seven people and wounded 31 at a Fourth of July parade last year, pleaded guilty to misdemeanor charges that acknowledged his role in helping his son acquire guns. In one of the first cases of its kind, Crimo Jr. was charged for sponsoring his son's gun ownership application, despite knowing that his son had made violent threats. via CNN.
- China Has Acquired a Global Network of Ports Under President Xi's Maritime Silk Road initiative, Chinese government-owned companies have accumulated stakes in about 100 major ports around the world. The massive expansion covers every continent and some strategically important trade routes, which naturally spooks the spooks in DC, for whom building stuff comes less naturally than blowing stuff up. via The Washington Post.
- WeWork Files for Bankruptcy The coworking startup WeWork, which was once inexplicably hailed as the next big thing despite mostly being a pretty boring subleasing business, has filed for bankruptcy. The company listed assets of $15 billion against $19 billion in debts. Bailouts and restructurings failed to save the company, which lost investors billions while making hundreds of millions of dollars for founder Adam Neumann. via Bloomberg.
- 57 Cop City Protestors Appear in Court on RICO Charges Dozens of Copy City protestors were arraigned Monday in an Atlanta court on racketeering charges. The heavy-handed suppression of peaceful protest – which included the killing of a 26-year-old activist by police – has echoes of the J20 indictments and other draconian surveillance-state-era responses to what should be constitutionally protected activities. via The Guardian.
That's how much money is managed by Two Sigma, a major hedge fund whose billionaire co-owners have been feuding so fiercely that they practically don't speak to one another anymore. The financier fracas has become so messy that it has hampered company operations – a "material risk," as Two Sigma put it in an SEC filing. The fund is also in the midst of a trading scandal after an over-zealous trader went rogue and retooled some algorithms, resulting in large unexpected gains and losses across several funds. The SEC is now investigating.
DON'T MISS MR CLIPS
Face it: no one wants the 80-year-old guy. But they aren't calling for Pritzker or Whitmer either.
You can't cancel Christmas, bro.
"Apes, we are aware of the eye-related issues that affected some of the attendees of ApeFest and have been proactively reaching out to individuals since yesterday to try and find the potential root causes. Based on our estimates, we believe that much less than 1% of those attending and working the event had these symptoms."
-- The NFT company Bored Ape Yacht Club, in a tweet, responding to reports that attendees of its annual festival had experienced severe pain and (hopefully!) temporary blindness after being exposed to dangerous doses of UV light during a stage show.
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