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Plus: How To Hide A Billion Dollars: Three Techniques The Ultra-Rich Use To Dodge Ex-Spouses, The Taxman And Disgruntled Business Partners

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881,000 people filed temporary unemployment claims last week on a seasonally adjusted basis. The numbers have declined since last week thanks to the combined effect of small improvements in the job market and a new data adjustment method.

A bulletin from the Department of Homeland Security alleges that Russian state actors are seeking to “amplify criticisms of vote-by-mail” in the U.S. election, with specific critiques echoing those made by President Trump and his allies.

U.S. Attorney General Bill Barr is reportedly planning an antitrust case against Google this month, despite career lawyers saying they need more time to build a strong case. The timing raises concerns that Barr is rushing the inquiry on behalf of the Trump administration.

Bloomberg Philanthropies, the charitable arm of former presidential contender Michael Bloomberg’s empire, pledged $100 million in scholarships to four of America's historically Black medical schools over the next four years.

Rocket Lab has successfully deployed its first Photon satellite, a spacecraft designed and built in-house. The deployment shows the space startup’s Photon technology platform, which it says can be configured in a multitude of ways to provide solutions for its customers.

Coronavirus halted filming for The Batman in the U.K. for the second time this year after a member of production tested positive for the virus—while the name of the person in question wasn’t initially revealed, Vanity Fair reported it was Robert Pattinson, who plays the title character.

Today's Must-Read

At 81, high-frequency trading pioneer Ed Bosarge is in court battling ex-business partners, the founder of a stem cell clinic he took control of and the wife he dumped. She says he’s got billions stashed in a constantly changing array of offshore and South Dakota trusts.

At the heart of the Bosarges’ brawl are three techniques used by the rich to protect their wealth from (among other threats), tax collectors, creditors, disaffected business partners and yes, soon-to-be-ex-spouses. The oldest is offshore trusts, which have long frustrated creditors, but have been under attack by U.S. tax authorities for more than a decade.

The two newer and increasingly popular techniques are domestic asset protection trusts (DAPTs) and “trust decanting.” DAPTs allow rich folks to put assets in a U.S. trust for their own benefit and then protect those assets from future creditors, reports senior editor Chris Helman.

Traditional trust law prevented someone from shielding assets in a trust, if they continued to control those assets and used them for their own benefit—and that’s still the case in a majority of states. But other states have been competing to attract trust business by rewriting their laws to favor those with the assets over those with the claims—hence the growth of DAPTs.

With even Switzerland and Luxembourg now forced by an international crackdown on tax evasion by the rich to turn over records of some account holders, tiny South Dakota has become a nouveau international trust magnet, attracting more than $300 billion in assets.

Read the full story here.

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