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MARKETS
💰NYT: The Untold Story of How Jeffrey Epstein Got Rich

The Scoop: A New York Times investigation reveals how Jeffrey Epstein, a college dropout and soon-to-be-fired teacher, leveraged connections and evaded consequences for lies and scams to launch his Wall Street career at Bear Stearns in 1976, building his early fortune through manipulation rather than financial genius.
The Details:
In 1976, Epstein, 23 and about to be fired from Dalton School, attended a gallery event where a student's parent connected him to Bear Stearns CEO Ace Greenberg, who hired him despite no credentials or Wall Street knowledge, favoring "PSD" hires (poor, smart, desirous of wealth).
Epstein lied on his résumé about college degrees; when discovered, supervisor Michael Tennenbaum spared him due to ties like dating Greenberg's daughter, viewing it as Epstein's manipulative charm.
At Bear Stearns, Epstein abused expenses (e.g., charging jewelry for girlfriends), shared hot IPO shares improperly with a girlfriend, lent money violating rules, and faced insider-trading probes but resigned in 1981 amid investigation without severe consequences.
Post-resignation, former colleagues like Clark Schubach introduced clients and young women, enabling scams such as defrauding investor Michael Stroll of $450,000 in a fake oil deal.
Epstein used young women as "leverage," including secret relationships with assistants like Patricia Schmidt (diary reveals tours and escorts for prestige) and Suzanne Ircha (later tied to elite circles).
What’s Next: The investigation—amid ongoing Epstein file releases and victim lawsuits—heightens scrutiny on Wall Street institutions and enablers like Bear Stearns executives, potentially fueling calls for accountability in historical misconduct and related probes into his broader network.
Market Roundup
🏦 Economy
⭐ Editor’s Pick: U.S. employers are expected to have added 50,000 jobs in November. (BBG)
Kevin Warsh surged ahead of Kevin Hassett as the frontrunner for Fed Chair on prediction markets, with Polymarket odds rising to 48% from 7%. (BIT)
Energy Secretary Chris Wright predicted electricity prices will decline, citing reversals of Biden-era plant closures and increased supply. (FBN)
Federal Reserve Governor Stephen Miran argued that inflation is overstated due to measurement distortions in shelter and services. (INV)
📈 Hot Stock Picks
⭐ Editor’s Pick: Morningstar analysts highlighted Tyler Technologies and CoStar Group as top growth stocks to buy in 2026, citing strong revenue growth forecasts, and significant undervaluation. (MS)
Teal Linde, manager of the Linde Equity Fund, highlighted Blue Owl Capital and Pinterest as top stock picks, citing strong growth prospects, attractive valuations. (BBG)
T-Mobile shares, trading near 52-week lows with a forward P/E of 18.2, represent a compelling buy as the wireless leader posts record growth, raises guidance, according to Seeking Alpha. (SA)
Marvell Technology earned Zacks' Bull of the Day honors with a top rank, fueled by surging AI-driven data center demand and upward earnings revisions. (ZCK)
🏢 Industry
⭐ Editor’s Pick: Trump sued the BBC for $10 billion in Florida federal court, accusing the broadcaster of defaming him through deceptive editing of his Jan. 6 speech in a 2024 documentary. (FOX)
Ford said it will record roughly $19.5 billion in charges, largely tied to writedowns of electric-vehicle investments. (CNBC)
Elon Musk's net worth surpassed $600 billion for the first time, fueled by a SpaceX tender offer valuing the rocket maker at $800 billion. (FOR)
Meta tolerated elevated levels of fraudulent Chinese ads—generating $3 billion in revenue—despite internal warnings. (RTS)
🛢️ Energy & Commodities
⭐ Editor’s Pick: Korea Zinc, backed by U.S. government funding, plans a $7.4 billion critical minerals smelter in Clarksville, Tennessee with annual production capacity of 540,000 metric tons. (CNBC)
U.S. is pressing the European Union to exempt American natural gas exports from its stringent methane emissions regulations until 2035. (RTS)
U.S. oil and natural gas production hit record highs in November, with crude output at 5.9 million barrels per day led by Texas. (TCS)
🌕 Crypto
⭐ Editor’s Pick: Gemini launched regulated prediction markets across all 50 states. (CT)
Senate Banking Committee has delayed a markup on crypto market-structure legislation until early 2026. (CD)
MetaMask expanded to support Bitcoin, allowing users to buy, sell, send and manage BTC alongside assets on Ethereum, Solana and other networks. (DEC)
Bitcoin fell toward $86,000, down nearly 4%, as weak ETF inflows and declining trading volumes signal waning investor conviction. (YF)
TECH
💻 Trump Admin Launches "Tech Force" to Supercharge Government with AI

(Credit: White House)
The Scoop: The Trump administration has launched “Tech Force,” a new initiative to recruit 1,000 early-career technologists to accelerate AI adoption across federal agencies.
The Details:
Recruits will serve two-year terms at agencies like Defense, State, Homeland Security, and Health and Human Services.
Work includes AI implementation, software development, and modernizing aging government systems.
Annual salaries range from $150K–$200K, with career development opportunities and a post-program job fair.
Over 25 tech companies, including Apple, Microsoft, Google, and NVIDIA, are partnering to guide modernization.
The program complements Trump’s executive order outlining a national AI policy framework.
What’s Next: Over the next two years, Tech Force recruits will help modernize federal technology, implement AI solutions, and set the stage for a more agile government, while the administration evaluates long-term strategies to retain top talent and maintain U.S. leadership in AI.
Tech Roundup
🧠 AI
⭐ Editor’s Pick: An AI tool from DoMore Diagnostics analyzes colorectal cancer tissue images to more accurately predict recurrence risk, potentially sparing thousands of patients unnecessary chemotherapy. (EUN)
Notion initiated a $300 million employee tender offer at an $11 billion valuation. (FOR)
Nvidia unveiled the Nemotron-3 family of AI models, featuring a hybrid mixture-of-experts and Mamba-Transformer architecture to boost efficiency in agentic applications. (VB)
OpenAI's chief communications officer, Hannah Wong, is departing in January after five years. (WIR)
🤖 Robots
⭐ Editor’s Pick: China approved its first Level 3 autonomous driving vehicles—electric sedans from Changan and BAIC—permitting conditional self-driving in Beijing. (RTS)
UPS is investing $120 million to acquire 400 truck-unloading robots from Pickle Robot Co. (BBG)
Abu Dhabi developers erected a 15-storey tower in just 12 days using 200 robots and prefabricated modules assembled without concrete. (IBT)
MIT engineers unveiled a tiny microrobot that flips, accelerates, and maneuvers with bumblebee-like agility for potential use in tight-space rescue operations. (ETH)
🚀 Defense & Space
⭐ Editor’s Pick: Advanced military technologies once shrouded in secrecy—such as Cold War aircraft tests mistaken for UFOs—are now publicly acknowledged, revealing glimpses into classified defense programs. (BBC)
NASA's James Webb Space Telescope has detected signs of a substantial atmosphere on super-Earth exoplanet TOI-551 b, a scorching "wet lava ball" with magma oceans. (VC)
Ukraine claimed the world's first successful underwater drone strike, critically damaging a Russian Kilo-class submarine at Novorossiysk port. (TWZ)
💰Venture Capital
⭐ Editor’s Pick: AI drug discovery startup Chai Discovery raised $130 million in a funding round led by Oak HC/FT and General Catalyst, valuing the company at $1.3 billion. (SA)
Last Energy, a nuclear startup, raised $100 million in an oversubscribed Series C round led by Astera Institute to advance commercialization of its small modular reactor. (BBG)
Octane, a fintech specializing in instant loans for recreational vehicles, raised $100 million in a Series F round led by Valar Ventures at a $1.3 billion valuation. (CB)
Mirelo raised $41 million in seed funding from Index Ventures and Andreessen Horowitz to develop technology that adds synchronized sound effects to AI-generated videos. (TC)
FREEDOM
📢 U.S. Suspends Tech Pact with Britain, Citing Online Safety Concerns

(Credit: Simon Dawson/No 10 Downing Street)
The Scoop: The U.S. has paused parts of its tech-focused trade agreement with Britain, citing insufficient progress on digital policies, including online safety rules, digital services taxes, and censorship of U.S. tech firms, the Financial Times reports.
The Details:
The Tech Prosperity Deal depends on Britain advancing commitments from the Economic Prosperity Deal.
American officials are frustrated that Britain has not adjusted its digital services tax, which heavily affects U.S. tech firms like Amazon and Google.
Britain also hasn’t made broader updates to online safety regulations that the U.S. views as trade barriers.
Ofcom’s enforcement of online safety rules has led to censorship pressure and fines impacting U.S. technology companies such as Rumble and 4chan.
Both governments have agreed to continue negotiations in January.
What’s Next: U.S. tech firms and investors are watching closely, and the Trump administration may escalate pressure through trade leverage or delay further AI and tech collaborations if progress isn’t made.
Freedom Roundup
🏛️ Policy & Culture
⭐ Editor’s Pick: Alabama Gov. Kay Ivey (R) ordered state flags at half-staff through Dec. 19 to honor Ella Cook, an Alabama native and Brown University student—who served as vice president of the school’s College Republicans—killed in a campus shooting. (NW)
UK Labour’s watered-down Islamophobia definition still risks chilling free speech and misunderstands protections already in law, critics warn. (TEL)
Britain's Online Safety Act is censoring adult access to independent journalism, such as Bari Weiss's The Free Press newsletter. (TFP)
J.K. Rowling blasted advocates of mixed-gender facilities after a report revealed at least 16 rapes and dozens of sexual assaults targeting girls and women in U.K. leisure center changing rooms in 2023. (BN)
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DISCLAIMER: The CAPITAL newsletter is for informational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research and consult a qualified financial advisor before making investment decisions. The CAPITAL newsletter and its owner and operator, Josh Caplan, are not liable for any loss or damage resulting from reliance on this information. The CAPITAL newsletter is solely owned and independently operated by Josh Caplan, separate from any employer affiliations.

