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Jeffrey Epstein wasn’t even a competent investor: report

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There can be no doubt that high-powered hedge fund manager Jeffrey Epstein would rather the public know him for his prominence and success as an investor than for the allegations of child sex trafficking, for which he has now been indicted and faces life in prison. And there has for years been mystique surrounding Epstein’s business — his wealth fund is so exclusive that it reportedly requires a billion dollars up front from clients.

But according to the Dow Jones’ periodical Barron’s, Epstein may not even be good at that.

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Barron’s looked at the tax returns of one of Epstein’s foundation, which generated investment income for its charitable causes through day-trading and flipping of initial public offerings, and found that the foundation enjoyed a return of only 14 percent in the 21-month period they looked at. To put that in perspective, the stock market itself rose 34 percent in that time.

Questions have swirled about Epstein’s finances, including how exactly he makes his money and whether he is even really a billionaire. Regardless, it seems likely that much of whatever fortune he does have will be stripped away by prosecutors, victims, and his own defense lawyers.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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‘Making things worse’: National Farmer’s Union chief unloads on Trump in blistering statement on trade war

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Roger Johnson, the president of the National Farmers Union, delivered a blistering rebuke to President Donald Trump after he responded to new tariffs from China by issuing a purported "order" telling American companies to look for alternative places to manufacture their goods.

In an official statement, Johnson pointed out that farmers so far have felt the brunt of the president's trade war, as China has slapped heavy tariffs on key agricultural products such as soybeans.

He also crushed the president for failing to make any progress on reopening the Chinese market to American goods.

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Doctors treat Ruth Bader Ginsburg for tumor on her pancreas: SCOTUS spokesperson

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Supreme Court Justice Ruth Bader Ginsburg this week had underwent a procedure to treat a tumor from her pancreas, a court spokesperson tells Washington Post reporter Robert Barnes.

According to the Court, "the tumor was treated definitively" with radiation "and there is no evidence of disease elsewhere in the body."

The 86-year-old Ginsburg late last year underwent surgery to treat lung cancer and she returned to the bench this past February.

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REVEALED: Trump associate Felix Sater gave Osama bin Laden’s phone numbers to the feds

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The Russian businessman Felix Sater has been linked to Trump family enterprises for years. He was central to the effort to bring Trump Tower to Moscow. He also worked on the Trump SoHo condominium hotel in the mid-aughts.

During that time, Sater also worked as an informant for the FBI and CIA and aided prosecutors on various cases. He started working with the FBI in 1998, after he was caught in a stock-fraud scheme, reports the Wall Street Journal.

That's been previously reported. But what the WSJ found is that a letter just unsealed from the government praises Sater for being an especially good collaborator.

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