Good Morning! Today’s edition is 861 words, a 3-minute read.

What’s on tap: 

• DOJ sues Visa for monopolizing the debit bard market

• Astronauts return from the ISS

• The Cure is releasing a new song

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Big Story

DOJ Sues Visa For Debit Card Market Monopoly

The U.S. Justice Department (DOJ) has sued Visa, accusing the company of controlling the debit card market and driving up prices.

• Debit cards are the most commonly used payment method in America. The DOJ claims Visa controls over 60% of debit transactions, earning $7 billion a year in fees, and that it forced merchants to use its network by penalizing them if they used other, cheaper options.

• The DOJ alleges that Visa's dominance in the market discouraged competition, especially from smaller companies and tech rivals like Apple, PayPal, and Square. Visa reportedly made secret deals to prevent these companies from growing. For example, a Visa executive mentioned that they kept Square “on a short leash” to stop it from becoming a bigger threat.

• The DOJ wants to block Visa from using contracts and pricing that penalize using a competitor. It also is asking that Visa be barred from mentioning rivals in contracts. Visa called the lawsuit “meritless” and plans to fight it.

Big Story

Caroline Ellison Sentenced in FTX Case

Caroline Ellison, the former CEO of Alameda Research and ex-partner of FTX founder Sam Bankman-Fried, was sentenced to 24 months in prison for her part in the FTX fraud.

• She played a key role in the downfall of the crypto exchange FTX and testified against Bankman-Fried in his trial. Alameda Research had been using customer funds for risky trades, leading to FTX’s collapse. Ellison’s testimony was crucial in proving Bankman-Fried’s role in the fraud.

• Ellison pled guilty to seven charges, including wire fraud and money laundering, and agreed to cooperate with prosecutors. Her cooperation was praised as “exemplary,” and her attorneys asked for leniency, hoping for no prison time.

• While Bankman-Fried received a 25-year sentence, Ellison’s cooperation earned her a much lighter punishment. Other FTX executives, such as Ryan Salame, received harsher penalties, with Salame sentenced to seven and a half years for his role in illegal political contributions. Two other FTX executives, Gary Wang and Nishad Singh, are awaiting sentencing.

Big Story

Biden’s Last Speech at the UN

President Biden gave his last speech to world leaders at the United Nations.

• His talk focused on major conflicts, including Russia's war in Ukraine and the ongoing violence between Israel and Hamas. He stressed that Russia's war in Ukraine has failed, as Ukraine remains free, and reaffirmed U.S. support for Ukraine until they achieve a lasting peace.

• Biden also mentioned that a diplomatic solution to the conflict between Israel and Lebanon’s Hezbollah is still possible, urging world leaders to work toward peace.

• He also spoke of the importance of cooperation with China on global issues like stopping the flow of dangerous drugs, while also managing competition between the U.S. and China to avoid conflict.

• Biden acknowledged that challenges like Ukraine, Gaza, and U.S. relations with China and Iran will continue beyond his presidency. He noted that whether the next president is Vice President Kamala Harris or former President Donald Trump, these issues will remain crucial.

Little Stories

• Three astronauts from Russia and the U.S. returned to Earth on Monday after leaving the International Space Station. Russians Oleg Kononenko and Nikolai Chub, along with American Tracy Dyson, landed safely in Kazakhstan. Kononenko and Chub set a record for the longest stay on the ISS, while Dyson spent six months there on her third space mission. (More)

• Former Green Bay Packers quarterback Brett Favre revealed to Congress on Tuesday that he’s been diagnosed with Parkinson’s disease. He was testifying before the House Ways and Means Committee, where he's accused of using political connections to divert public funds to his alma mater and himself. (More)

• Ryan Wesley Routh was indicted for trying to assassinate former President Trump at his Florida golf course. A federal grand jury in Miami charged Routh with attempted assassination and four other crimes, including assaulting a federal officer, related to the September 15 incident. (More)

• Nebraska Governor Jim Pillen decided not to call a special session to change how the state's electoral votes are allocated before the November election. Republicans wanted to switch to a winner-take-all system, which could have given Trump one more electoral vote in a close race. However, the effort failed because they couldn't get enough support to overcome a filibuster. (More)

• The obesity rate in the U.S. is no longer growing, but the number of people with severe obesity, especially women, has gone up over the past 10 years, according to new research. A survey from 2021-2023 showed that about 40% of people are obese, and nearly 1 in 10 have severe obesity. Women are almost twice as likely as men to have severe obesity. (More)

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