| Stunning revelations expose FBI’s Trump probe as dirtiest political trick in US history | | Evidence continues to mount that Trump has been victimized by rogue and lawless government actors throughout his entire [...] |
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TOGETHER WITH
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Good morning. This
is your friendly neighborhood business newsletter checking in to make
sure you're registered to vote, and if not, point you in the right
direction.
Thing is, those directions aren't that complicated. We've got a website, Brew Votes,
that allows you to check your registration status and/or register to
vote. To sweeten the deal, we'll send you an exclusive Brew Votes
sticker sheet when you brag to your friends about registering on social
media.
The registration deadline for many states is coming up really fast, so don't procrastinate any longer and register to vote.
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NASDAQ
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10,913.56
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+ 21.63%
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S&P
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3,298.46
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+ 2.09%
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DJIA
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27,173.96
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- 4.78%
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GOLD
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1,864.30
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+ 22.65%
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10-YR
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0.658%
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- 126.20 bps
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OIL
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40.04
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- 34.59%
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*As of market close
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Stocks: Investors are contending with a broad slump over the past month as well as the potential for heightened volatility
around the presidential election. Futures and options contracts signal
that an “ambiguous” election result is the baseline expectation, reports the WSJ.
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Robert Alexander/Getty Images
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Last night, the New York Times released a detailed rundown of President Trump’s financial dealings based on tax return data spanning more than two decades.
Go ahead and
slap the “bombshell” label on this investigation, because the
president's tax returns are some of the most sought-after documents in
the world. Trump, who ran a sprawling business operation before running
for president, broke precedent by becoming the first president since the
1970s to keep his tax returns under wraps.
Key takeaways
For a billionaire, Trump paid very little income tax. In
10 of 15 years leading up to his 2016 election, Trump paid $0 of
federal income tax “largely because he reported losing much more money
than he made," the NYT writes. In 2016 and 2017, he paid $750 each
year.
He made a lot of money from saying “You’re fired.” Trump’s TV show The Apprentice brought in $427.4 million including licensing and endorsement deals associated with his personal brand.
- The NYT also found that he took tax deductions on $70,000 he spent on hairstyling for his television appearances.
Golf is a tough business for Trump.
The report found that many of the president’s signature properties,
including his various golf courses and hotels, have been losing millions
of dollars every year, resulting in lower taxes.
A bill looms. More than $300 million in loans that Trump is personally responsible for will come due in the next four years, per the NYT.
What Trump is saying
Trump’s camp
is beating the “fake news” drum once again. “Most, if not all, of the
facts appear to be inaccurate,” a Trump Organization lawyer told the
NYT, going on to say in a statement that President Trump has paid
“millions in personal taxes since announcing his candidacy in 2015.”
- In a press conference
last night, Trump echoed his lawyer, saying that an IRS audit of his
taxes is currently underway and will paint a more accurate picture.
“It’ll all be revealed,” he said.
Looking ahead...you can bet this report will be brought up in the first debate
between President Trump and Joe Biden tomorrow night. The NYT also
promised to release additional investigations related to these tax
documents in the coming weeks.
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Chen Mengtong/China News Service via Getty Images
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On Saturday, President Trump nominated
Judge Amy Coney Barrett, a conservative favorite, to occupy the Supreme
Court seat vacated when Justice Ruth Bader Ginsburg died over a week
ago.
A longtime
Notre Dame law professor and a clerk to the late Supreme Court Justice
Antonin Scalia in the 1990s, Barrett is considered a “textualist,” meaning she focuses on the original text of the Constitution rather than trying to determine lawmakers' intent.
It’s more
clear where Barrett stands on social issues like abortion than on
business cases. But if confirmed, she’d face plenty of private sector
battles.
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Big Tech: Section 230,
a provision granting tech platforms legal immunity from what users post
(and a Trump administration target), will likely make its way to the
Supreme Court in the coming years.
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The power of corporations: An
upcoming case looks at fatal car accidents involving malfunctioning Ford
cars. Barrett won’t be involved in this case, but if the court sides with Ford
in limiting the circumstances under which corporations can be sued, it
could kick off an era of decisions favorable to big business.
Still...“A conservative philosophy doesn’t necessarily mean a pro-business outcome,” William Jay, another former Scalia clerk, told Barron’s.
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David M. Benett/Dave Benett/Getty Images
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Just raising a fresh $100 million round, according to the WSJ.
The company
is now valued at $1.7 billion. But before you say “by golly that’s
impressive,” remember that Allbirds was valued at $1.4 billion two years
ago. That’s not the valuation growth rate you come to expect from
Silicon Valley's star-studded unicorns.
The backstory: Allbirds launched
in 2016 as a direct-to-consumer footwear brand committed to sustainably
made products. Its $95 Wool Runner sneaker quickly became a staple of
the modern tech worker’s wardrobe, and it earned $100 million in revenue
in its first two years.
But once you
have a hit, figuring out what to do next is the tricky part—just ask
Billy Ray Cyrus. To maintain its mojo, Allbirds has expanded into socks,
underwear, and other shoe styles (including a running sneaker), and
last week launched a standalone shopping app.
Looking ahead…despite
the pandemic, Allbirds plans to expand its physical store footprint
from 21 locations currently, per the WSJ. It’s one of many digitally
native brands to see promise in a blend of online and brick-and-mortar
channels.
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This section of the newsletter is about a better sweater: When strutting around wearing this cashmere, the world's best cashmere sourced straight from goats in the Gobi Desert, you will be seen.
What makes these sweaters better? They're made from the fairest, most sustainable, most affordable, top-of-the-line cashmere the world has ever known.
People will certainly dote on you in your better sweater.
And you’ll say, “Oh yes this cashmere sweater is
environmentally-sustainable, affordable, and cruelty-free.” And they’ll
be like, “Wow you know a lot about sweaters!”
People will
even try to touch your better sweater. They’ll follow you around, hoping
to feel the luxurious, elevated, and rich quality of the cashmere that
is both durable and soft.
What can make a better sweater even better? Brew readers get 20% off their better sweater using code BREW20.
Get your better sweater here.
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Hector Retamal/Getty Images
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In the world
of travel, China’s “Golden Week” holiday is like Labor Day, Memorial
Day, and the Wednesday before Thanksgiving rolled into one. Beginning
Oct. 1, more than 600 million trips are expected as Chinese people set their OOO messages and hit the road.
Of course, things will be different this year—not all worse, though.
- Domestic flight trips are projected to increase 10% because of curbs on international travel.
- Bookings for luxury hotels, especially, are skyrocketing.
- And in Wuhan, the city
where the coronavirus originated, the Yellow Crane Tower is the most
sought-after attraction in the entire country during Golden Week. Number
two? Shanghai Disneyland.
Still, the pandemic is stunting overall travel; those 600 million trips are down from 782 million last year.
Zoom out: China’s
largely kept the coronavirus under control since the initial outbreak.
It detected its first local asymptomatic cases in more than a month last
week.
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Cory Doctorow / Flickr
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The first presidential debate, Palantir's IPO, and the jobs report? What a week.
Monday: Yom Kippur (have an easy fast!)
Tuesday: Presidential debate in Ohio; MLB playoffs begin; NATIONAL COFFEE DAY
Wednesday: Palantir will go public; the CDC’s “No Sail Order” for cruise ships is set to expire; Google expected to reveal Pixel 5
Thursday: Jobless claims; ISM manufacturing index; PepsiCo earnings
Friday: September jobs report
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A U.S. judge
blocked a Trump administration order that would ban TikTok from being
downloaded on U.S. app stores starting at midnight last night.
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EBay’s stalking scandal of 2019 is explained in detail in a new NYT report.
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Electric automaker Nikola
bought the original design for its flagship truck from a third-party,
the FT reports, counter to the company's claim that founder Trevor
Milton drew them up in his basement.
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Americans are starting businesses at the fastest clip in more than a decade, the WSJ writes.
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China’s rebounding auto market was on display at the Beijing auto show.
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Half-home protection stinks. SimpliSafe
protects every window, room, and door from intruders, fire, water
damage, and more. It’s holistic home security. And holy cow is it easy
to setup by yourself. Their top plan is just $25/month.*
Save money; ditch the lash extensions. Thrive Causemetics’
Liquid Lash Extensions Mascara has 275,000+ five-star Ipsy reviews. Get
the defined look of extensions for a fraction of the price: $24, to be exact.*
Privacy inspector: The Markup released a tool that will show you the user-tracking technologies of every website you visit. Check it out.
WFH setup tips: So you think you’re all fancy with your two monitors? Learn the proper ergonomic method for actually setting them up.
Who owns the future of tech? No one, argues Business Casual host Kinsey Grant in her latest Sunday column. Catch up on the tech arms race between the U.S. and China here.
*This is sponsored advertising content
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Every
Monday, we curate a handful of balanced resources about a hot-button
business issue and encourage you to discuss with friends, family, or
coworkers.
This week’s topic: Should workers be allowed to wear Black Lives Matter (BLM) gear at work?
The backdrop: This
summer, Wawa and Starbucks revised their policies to allow employees to
wear BLM apparel. But other companies, including Costco, Whataburger,
and Amazon-owned Whole Foods, have allegedly retaliated against
employees who wore BLM clothing or accessories. Last Thursday, Facebook banned employees from displaying any messages in their profile pictures promoting a political or social cause.
- What options do employers have? (HR Daily Advisor)
- Is it even legal? (FisherBroyles)
- Allowing employees to
wear attire celebrating one movement (such as LGBTQ rights) but not BLM
could be grounds for discrimination. (The Detroit News)
- The federal government ruled that its employees are allowed to wear BLM apparel without violating the Hatch Act. (Government Executive)
- First Amendment protections are fuzzier when it comes to private employers. (Bloomberg Law)
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This week's puzzle from Martina Waluk oozes class—you're going to have a great time filling it out. Check out her crossword here.
Think you have what it takes? Check out our crossword guidelines then submit your own puzzle.
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