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| 1 | | A federal jury in Manhattan found that former President Donald Trump sexually abused writer E. Jean Carroll in a department store in 1996 and awarded her $5M for battery and defamation. Trump, who was found guilty of defaming Carroll for calling her allegations false, described the verdict as a "political witch hunt" and said he plans to appeal. More: - Carroll filed the lawsuit against Trump last November under the “New York State Adult Survivors Act,” which removed the statute-of-limitations window for victims of sexual assault who want to sue their alleged abusers.
- Trump did not attend the trial but was deposed about the incident and his knowledge of Carroll.
- He had claimed that Carroll lied about the alleged sexual assault to gain publicity.
- The jury did not find Trump liable for rape, but concluded that he sexually abused her in the Bergdorf Goodman department store.
Zoom Out: - Trump is the front-runner for the 2024 GOP Presidential nomination.
- He faces criminal charges from the Manhattan district attorney's office for allegedly making a hush money payment to keep Stormy Daniels quiet about an alleged affair he had with the porn actress.
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What the numbers say: KRE, the SPDR S&P Regional Banking ETF (exchange-traded fund), is down 36.36% YTD after the collapse of Silicon Valley Bank, Signature Bank, and First Republic put unprecedented pressure on U.S. regional banks. Relevance: Investors have pulled $782M from the ETF, which has $2.82B in assets under management, since March 1. Between May 8, 2022, and March 1, 2023, KRE never experienced a daily trade volume higher than 16 million shares. Since March 1, KRE has experienced an average daily trading volume of 35 million shares. There have been 15 days with trading volume higher than 50 million shares since March 1. | | | |
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| 3 | | The U.S. consumer-price index (CPI) rose by 4.9% annually in April, down from a 5% increase in March. Inflation peaked at 9% in June 2022, but annual CPI growth has slowed over the past ten months. More: - Core CPI, which removes volatile food and energy prices, was up 5.5% in April versus 5.6% in March, largely due to high shelter costs.
- The price of renting a home rose 8.8% in April from a year before, the same rate seen in February and March.
- Food prices were flat for the second consecutive month in April after rising by 0.4% on a monthly basis in February.
- Average hourly wages were up 4.4% annually in April.
Zoom Out: 
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| 4 | | GOOD NEWS: After leaving a job interview at an Applebee's in California, a man saved a baby in a stroller that was rolling into car traffic. Ron Nessman was sitting outside the restaurant when he saw the stroller rolling toward a busy intersection. He sprinted toward the street, grabbed the stroller, and returned it to the baby's great-aunt. More: - Nessman is a former big rig driver who became homeless eight years ago, following the sudden death of his girlfriend. He recently moved to the San Bernardino area to be closer to his family.
- A video showing how Nessman rescued the baby after gusty winds pushed the stroller toward the road has gone viral.
- After several media outlets reported on Nessman's heroic act, Applebee's offered him a job as a dishwasher.
- He reportedly received other job offers to work as a truck driver and painter.
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| A message from our sponsor, VANTA. |  | | Ready to turn your security program into a competitive advantage and win more deals? Join Vanta’s live webinar, Building Trust to Drive Business Growth, on May 23 at 12 PM to learn best practices for advancing your security program. Learn how to enhance customer satisfaction and gain a competitive advantage, accelerating your business growth. This webinar will cover the following: -
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| 5 | | U.S. Representative George Santos (R-NY) was indicted on federal charges of embezzlement, campaign finance law violations, and unemployment fraud on Wednesday. Santos lied about his personal finances on congressional disclosure forms and used campaign funds to buy designer clothes and pay off his credit card, prosecutors said. More: - U.S. Attorney Breon Peace said that Santos relied on "repeated dishonesty and deception to ascend to the halls of Congress and enrich himself."
- Santos is also accused of receiving unemployment benefits in 2021, while he was working full-time for an investment firm that was later shut down amid claims that it was a Ponzi scheme.
- Later that year, Santos founded a company named Redstone Strategies. Prosecutors allege that Santos used Redstone to solicit campaign donations, including ~$74,000 that he later transferred to his personal account.
- Santos surrendered to federal authorities in Long Island, New York, and is expected to appear before a judge on Wednesday afternoon.
Zoom Out: - Santos attracted national attention shortly after his election last November, when it was revealed that he had fabricated much of his personal and professional history during his Congressional campaign.
- Rep. Marc Molinaro (R-NY) called on Santos to resign, but House Speaker Kevin McCarthy (R-CA) responded to the news by saying: "In America, you're innocent until proven guilty."
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| 6 | | Geneticists published an updated version of the human genome on Wednesday, more than 20 years after the first draft sequence of the human genome was published. The new "pangenome" is based on near-complete genetic sequencing from 47 men and women of diverse ethnicities. More: - The "pangenome" will help scientists identify genetic variations associated with different diseases, and could revolutionize the field of genomic medicine.
- It aims to fill gaps in the previous genome map, which was based on the DNA of one man, by including nearly 120 million DNA letters that had been missing from the three-billion-letter-long genomic code.
- The "pangenome" features genetic sequences from different ethnic groups, including African Americans, Caribbean people, East Asians, West Africans, and South Americans.
- Researchers aim to update the "pangenome" again to include at least 350 genomes representing all the different global variations of human diversity.
- The "pangenome" was described in a study published in Nature by more than 100 researchers.
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| 7 | | QUICK HITS - Backed by Mark Cuban on Shark Tank, Collars & Co. makes polos and long-sleeve shirts that are lightweight, comfy, and have just the right amount of stretch. Use code INSIDE for 15% off.*
- West Virginia men's basketball coach Bob Huggins, who was criticized for using a homophobic slur in a radio interview earlier this week, agreed to a $1M salary cut next season. Huggins will be suspended for three games and take part in sensitivity training.
- The Justice Department is investigating whether short sellers manipulated the prices of U.S. bank stocks in recent months.
- OpenAI CEO Sam Altman will testify before Congress during a hearing titled "Oversight of AI: Rules for Artificial Intelligence" next week.
- An Islamabad court ruled that former Pakistani Prime Minister Imran Khan must stay in government custody for eight days. Khan was arrested on Tuesday on corruption charges, sparking nationwide protests from his supporters.
- Get the latest Axios Pro report on what the current economic downturn means for your bottom line and how to plan for the future. Download for free.*
*This is a sponsored post. | | | |
| 💡 | | ART OF THE DAY | |
Term of the Day Shareholder voting rights: Shareholder voting rights are rules that give shareholders the power to participate in corporate decisions. Question of the Week What's the most bizarre work-related dream you've ever had? Join the conversation Today's Knowledge Hub Is Brought To You By Get the latest Axios Pro report on what the current economic downturn means for your bottom line, and how to plan for the future. Download for free. Backed by Mark Cuban on Shark Tank, Collars & Co. makes polos and long-sleeve shirts that are lightweight, comfy, and have just the right amount of stretch. Use code INSIDE for 15% off.
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| Upcoming Events | | MAY
11 | | Testing and monitoring large language models (LLMs) with TruEra | | | | | | | MAY
17 | | Monthly Meditation guided by Nicholas Whitaker | | | | | | | MAY
17 | | Join Vanta's webinar to see Vendor Risk Management in action and learn about automating security reviews. | | | | | | | MAY
23 | | Advance your security program and win more deals by joining this Vanta webinar | | | | | | | MAY
25 | | Inside.com Book Club - Zero To One by Peter Thiel | | | | | | * This is a sponsored event | | | |
 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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