Joe Biden debates Donald Trump on Tuesday.
The Los Angeles Lakers play the Miami Heat in Game 1 of the NBA Finals on Wednesday.
The September jobs report drops on Friday.
Meanwhile, remote learning continues:
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🚨 Those Dying From Covid-19 Are Least Likely to Own Life Insurance
“U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance.”
“Driving the rapid reduction in exposure are two groups: older Americans and minorities.”
“More than a fifth of Covid-19 deaths have been non-Hispanic Black people, above their roughly 13% representation in the overall population, according to government data.”
“In a pattern dating back decades, Black Americans typically have bought modest policies aimed at paying burial and related costs, rather than bigger face-value policies, according to life-insurance agents and historians.”
“Going back a century, life insurers sold burial policies to both Black and white people, with agents walking door-to-door collecting premiums. Up to about the 1960s, African-Americans generally paid more for such policies than whites did, for reasons including their shorter life expectancies. Insurers abandoned race-based pricing practices under pressure from civil-rights activists, but many were slow to provide corrective benefits for the old policies on their books.”
(Wall Street Journal)
🔎 New York Times' Trump Tax Returns Investigation: 18 Revelations
“In addition to the 11 years in which he paid no taxes during the 18 years examined by The Times, he paid only $750 in each of the two most recent years — 2016 and 2017.”
“Over the past two decades, Mr. Trump has paid about $400 million less in combined federal income taxes than a very wealthy person who paid the average for that group each year.”
“Mr. Trump did face large tax bills after the initial success of ‘The Apprentice’ television show, but he erased most of these tax payments through a refund. Combined, Mr. Trump initially paid almost $95 million in federal income taxes over the 18 years. He later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010.”
“In 2011, the I.R.S. began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.”
(New York Times)
💰 Inside the JPMorgan Trading Desk the U.S. Called a Crime Ring
“The Justice Department has famously used the RICO statute to bring down mafia bosses and drug gangs. It has used other statutes to extract penalties and guilty pleas from big banks accused of market manipulation. But it’s been decades since the government has attempted to apply the anti-racketeering law to members of a major bank’s trading desk, placing [JPMorgan traders] in crosshairs once trained on the likes of the Latin Kings and the Gambino crime family.”
“The government says the traders caused tens of millions of dollars in losses for those on the other side of the transactions and harmed market integrity. It says JPMorgan’s precious metals trading desk — which brings in as much as $250 million in annual profit — generated millions of dollars in unlawful gains.”
(Bloomberg)