WSJ : Jeffrey Epstein’s Friends Sent Him Bawdy Letters for a 50th Birthday Album

Jeffrey Epstein’s Friends Sent Him Bawdy Letters for a 50th Birthday Album. One Was From Donald Trump.
The leather-bound book was compiled by Ghislaine Maxwell. The president says the letter ‘is a fake thing.’

President Trump with Jeffrey Epstein at Mar-a-Lago in 1997. Photo: Davidoff Studios/Getty Images
It was Jeffrey Epstein’s 50th birthday, and Ghislaine Maxwell was preparing a special gift to mark the occasion. She turned to Epstein’s family and friends. One of them was Donald Trump.

Maxwell collected letters from Trump and dozens of Epstein’s other associates for a 2003 birthday album, according to documents reviewed by The Wall Street Journal.

Pages from the leather-bound album—assembled before Epstein was first arrested in 2006—are among the documents examined by Justice Department officials who investigated Epstein and Maxwell years ago, according to people who have reviewed the pages. It’s unclear if any of the pages are part of the Trump administration’s recent review.

The president’s past relationship with Epstein is at a sensitive moment. The Justice Department documents, the so-called Epstein files, and who or what is in them are at the center of a storm consuming the Trump administration. On Wednesday, after angry comments about how the files are a hoax created by Democrats, President Trump lashed out at his own supporters for refusing to let the matter go.

The letter bearing Trump’s name, which was reviewed by the Journal, is bawdy—like others in the album. It contains several lines of typewritten text framed by the outline of a naked woman, which appears to be hand-drawn with a heavy marker. A pair of small arcs denotes the woman’s breasts, and the future president’s signature is a squiggly “Donald” below her waist, mimicking pubic hair.

The letter concludes: “Happy Birthday — and may every day be another wonderful secret.”

In an interview with the Journal on Tuesday evening, Trump denied writing the letter or drawing the picture. “This is not me. This is a fake thing. It’s a fake Wall Street Journal story,” he said.

“I never wrote a picture in my life. I don’t draw pictures of women,” he said. “It’s not my language. It’s not my words.”
He told the Journal he was preparing to file a lawsuit if it published an article. “I’m gonna sue The Wall Street Journal just like I sued everyone else,” he said.

Allegations that Epstein had been sexually abusing girls became public in 2006 and he was arrested that year. Epstein died in 2019 in jail after he was arrested a second time and charged with sex trafficking conspiracy.
Justice Department officials didn’t respond to requests for comment or address questions about whether the Trump page and other pages of the birthday album were part of the agency’s recent documents review. The FBI declined to comment.

The existence of the album and the contents of the birthday letters haven’t previously been reported. The album had poems, photos and greetings from businesspeople, academics, Epstein’s former girlfriends and childhood pals, according to the documents reviewed by the Journal and people familiar with them.

Among those who submitted letters were billionaire Leslie Wexner and attorney Alan Dershowitz. The album also contained a letter from a now-deceased Harvard economist, one of Epstein’s report cards from Mark Twain junior high school in Brooklyn and a note from a former assistant that included an acrostic with Epstein’s name: “Jeffrey, oh Jeffrey!/ Everyone loves you!/ Fun in the sun!/ Fun just for fun!/ Remember…don’t forget me soon!/ Epstein…you rock!/ You are the best!”

Epstein was Wexner’s money manager at the time. The longtime leader of Victoria’s Secret wrote a short message that said: “I wanted to get you what you want… so here it is….” After the text was a line drawing of what appeared to be a woman’s breasts. Wexner declined to comment through a spokesman. Wexner’s spokesman previously told the Journal that the retail mogul “severed all ties with Epstein in 2007 and never spoke with him again.”

Dershowitz’s letter included a mock-up of a “Vanity Unfair” magazine cover with mock headlines such as “Who was Jack the Ripper? Was it Jeffrey Epstein?” He joked that he had convinced the magazine to change the focus of an article from Epstein to Bill Clinton. Dershowitz, who represented Epstein after his first arrest, said, “It’s been a long time and I don’t recall the content of what I may have written.”

The book was put together by a New York City bookbinder, Herbert Weitz, according to people who were involved in the process. Weitz, who died in 2020, listed Epstein as a client on his website in 2003.

It isn’t clear how the letter with Trump’s signature was prepared. Inside the outline of the naked woman was a typewritten note styled as an imaginary conversation between Trump and Epstein, written in the third person.

“Voice Over: There must be more to life than having everything,” the note began.

Donald: Yes, there is, but I won’t tell you what it is.
Jeffrey: Nor will I, since I also know what it is.
Donald: We have certain things in common, Jeffrey.
Jeffrey: Yes, we do, come to think of it.
Donald: Enigmas never age, have you noticed that?
Jeffrey: As a matter of fact, it was clear to me the last time I saw you.
Donald: A pal is a wonderful thing. Happy Birthday — and may every day be another wonderful secret.
President Trump at the White House on Wednesday. Photo: Aaron Schwartz/Bloomberg News

‘Jeffrey enjoys his social life’
When he turned 50, Epstein was already wealthy from managing Wexner’s fortune and was socializing with Trump, Clinton and other powerful people. He often entertained at his Manhattan townhouse, Palm Beach, Fla., home and private Caribbean island.
A spokesman for Clinton referred to a 2019 statement that former President Clinton had cut off ties more than a decade before Epstein’s second arrest and didn’t know about Epstein’s alleged crimes.

Epstein and Trump spent time together in the 1990s and early 2000s and were photographed at social events, including with Maxwell and Melania Trump. A 1992 tape from the NBC archives shows Trump partying with Epstein at his Mar-a-Lago estate; Trump is seen pulling a woman toward him and patting her behind.

Trump, along with others including Clinton, also appeared several times on flight logs for Epstein’s private jet.

A 2002 New York magazine profile of Epstein quoted Trump. “I’ve known Jeff for 15 years. Terrific guy,” Trump said.

“He’s a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it—Jeffrey enjoys his social life.”

Both men said that they subsequently had a falling-out. Trump has said their friendship ended before Epstein pleaded guilty to procuring a minor for prostitution in 2008, served time in a Florida jail and registered as a sex offender.

When Epstein was arrested again in 2019, Trump said he hadn’t talked to Epstein for about 15 years. “I knew him like everybody in Palm Beach knew him,” Trump said in the Oval Office at that time. “I was not a fan of his, that I can tell you.”
Trump’s spokeswoman told the Journal in 2023 that Trump had banned Epstein from his Mar-a-Lago club at some point in the past, without elaborating.

Maxwell, a British socialite, was convicted in 2021 of helping Epstein’s sex-trafficking and sentenced to 20 years in prison. Maxwell didn’t respond to a letter requesting an interview sent to her in prison. Arthur Aidala, an attorney who represented Maxwell, said, “At this point, she is focused on her case before the Supreme Court of the United States.”

The FBI’s Epstein files
Epstein’s associations with Trump and many powerful people have been well documented. There remain questions about what the FBI possesses about Epstein and his well-connected friends. In 2019, the FBI confiscated evidence from Epstein’s properties in the U.S. Virgin Islands and New York.

Earlier this week, after the Journal sought comment from the president about the letter, Trump told reporters at the White House that he believed some Epstein files were “made up” by former Presidents Barack Obama and Joe Biden and former FBI Director James Comey.

He said that releasing any more Epstein files would be up to Attorney General Pam Bondi. “Whatever she thinks is credible, she should release,” Trump said.

Allegations that bureaucrats covered up Epstein’s connections with participants in his trafficking scheme were fanned by people now in top roles in the Trump administration, including FBI Director Kash Patel and his deputy, Dan Bongino.

In June 2024, Trump was asked in a Fox News interview whether he would release the Epstein case files. The Republican presidential candidate initially responded, “Yeah, I would.” But he also expressed some reservations. “You don’t want to affect people’s lives if it’s phony stuff in there, because it’s a lot of phony stuff with that whole world. But I think I would.”

Soon after she was confirmed as attorney general, Bondi said she was preparing to release new Epstein files. In late February, Bondi announced the release of “Phase 1” of the documents. But the material contained few new revelations, drawing criticism from right-wing influencers.
Attorney General Pam Bondi released documents on the Epstein case in February. Above, conservative influencers at the White House with the documents. Photo: Evan Vucci/Associated Press

Bondi initially blamed the FBI’s New York office for withholding information and promised to release the remaining documents after redacting the victim’s names. Patel also said, “There will be no coverups, no missing documents and no stone left unturned.” They tasked hundreds of FBI employees to review the materials and prepare them for release.

The issue took on new life in June when Elon Musk, amid a public feud with Trump, alleged that the FBI was withholding documents from the Epstein case because Trump was in the files.
“The truth will come out,” Musk wrote on X on June 5. He later deleted the message and said he regretted some of his comments.

On July 7, the Justice Department backtracked on Bondi’s pledge to release more Epstein files. The Justice Department said that after an “exhaustive review” it had found no “incriminating client list” or additional documents that warrant public disclosure.

Democrats on the House Judiciary Committee demanded this week that Republican Chairman Jim Jordan hold hearings on the Trump administration’s handling of the Epstein files and, if necessary, subpoena Bondi, Patel and Bongino.

At a cabinet meeting on July 8, Trump criticized a reporter for asking about Epstein. “Are people still talking about this guy, this creep?” Trump said. “That is unbelievable. Do you want to waste the time?”

That same day, Musk wrote on X: “How can people be expected to have faith in Trump if he won’t release the Epstein files?”

>>> US After Hours Summary: NFLX -1.7% lower on earnings; NSC +4% on WSJ report

After Hours Summary: NFLX -1.7% lower on earnings; NSC +4% on WSJ report that UNP in talks to acquire NSC; IBKR +4.4% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: IBKR +4.4%, WAL +1% (also names new CFO), FNB +0.7%, OZK +0.4%

Companies trading higher in after hours in reaction to news: BZAI +52.8% (secures $120 mln contract to deliver hybrid AI infrastructure across Asia), TLN +15.6% (to acquire two combined-cycle gas-fired plants), NSC +4% (UNP in talks to acquire NSC, according to WSJ), CAN +2.7% (CIFR and CAN enter into purchase agreement), CSX +2.4% (UNP in talks to acquire NSC, according to WSJ), CIFR +1.7% (CIFR and CAN enter into purchase agreement), ONL +1.4% (confirms receipt of revised indication of interest from Kawa Capital), KBR +1.1% (secures renewal of contract with Basra Oil), JBL +0.9% (authorizes new $1 bln share repurchase program), WBD +0.9% (in sympathy with NFLX earnings), UNP +0.7% (UNP in talks to acquire NSC, according to WSJ), ORLA +0.5% (files an updated technical report), GOGL +0.1% (CMBT provides update on GOGL merger process), BA +0.1% (Gulf Air to add up to 18 Boeing 787 Dreamliners)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NFLX -1.7%, CNS -0.7%

Companies trading lower in after hours in reaction to news: BKSY -21.6% (private offering of $125 mln of convertible notes), XXII -2.4% (reports expanded state authorization progress), CMBT -1.2% (CMBT provides update on GOGL merger process), ROKU -0.7% (in sympathy with NFLX earnings), NKE -0.2% (files mixed securities shelf offering), PARA -0.1% (in sympathy with NFLX earnings), UAL -0.1% (discloses $561 mln of expenses related to labor deal), WMT -0.1% (plans to sell Vizio TVs as private brand, according to Bloomberg)

WSJ : Railroad Operator Union Pacific Exploring Deal for Norfolk Southern

Railroad Operator Union Pacific Exploring Deal for Norfolk Southern
Two companies are holding preliminary deal talks

Railroad operator Union Pacific UNP -1.60%decrease; red down pointing triangle is holding talks to acquire its smaller rival Norfolk Southern NSC 3.65%increase; green up pointing triangle in what would be a megamerger in the railroad industry, according to people familiar with the matter.

The talks are early-stage and there are no guarantees they will result in any deal or receive regulatory signoff, the people said. It is also possible another suitor could emerge.

Union Pacific has a market value of some $140 billion, while Norfolk is valued at about $60 billion.

>>> Top quant to quit Millennium

Top quant to quit Millennium

Hedge fund giant Millennium Management has reportedly lost one of its top-performing portfolio managers from its flagship quant unit Azur, with his proposed departure sparking a legal battle over restrictive covenants, according to eFinancial careers.

Romain Castillon, a key profit driver within the New York-based Azur team, is believed to be heading to rival GSA Capital, the London-based quant fund known for its lucrative partner payouts and global reach. The report cites unnamed sources as saying that Paul Mayer, Azur’s Chief Technology oOfficer, may also be making the move, though neither firm has confirmed the exits.

The high-profile departures come amid reports that Millennium has initiated employment tribunal proceedings in Geneva, a jurisdiction often used in hedge fund disputes over non-compete and non-solicit clauses. Details of the case remain private, but similar legal spats in the industry have delayed or restricted PM transitions to competitors.

Castillon joined Millennium in 2019 from Squarepoint, and like Azur founder Jonathan Bensimon, is an alumnus of Société Générale’s equities desk.

Azur, founded six years ago by Bensimon and operating across New York, Paris, and Asia, is considered one of Millennium’s largest and most successful quant pods.

Millennium declined to comment. Castillon did not respond to inquiries, and GSA Capital has not confirmed any new hires.

>>> Netflix beats by $0.12, reports revs in-line; guides Q3 EPS above consensus,

Netflix beats by $0.12, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY25 revs above consensus (1,274.17 +23.86)
  • Reports Q2 (Jun) earnings of $7.19 per share, $0.12 better than the FactSet Consensus of $7.07; revenues rose 15.9% year/year to $11.08 bln vs the $11.06 bln FactSet Consensus.
    • Q2 operating margin came in at 34.1% vs 33.3% prior guidance.
    • Revenue was slightly above guidance due primarily to favorable F/X impact, net of hedging. Member growth was ahead of forecast, although this occurred late in the quarter, limiting the impact on Q2 revenue.
    • Both operating income and operating margin were slightly ahead of forecast given the revenue upside in the quarter and timing of expense spending.
  • Co issues upside guidance for Q3, sees EPS of $6.87 vs. $6.69 FactSet Consensus; sees Q3 revs of $11.526 bln vs. $11.28 bln FactSet Consensus.
    • Co guides to Q3 operating margin of 31.5%. Similar to past years, co expects operating margin in 2H will be lower than 1H due to higher content amortization and sales and marketing costs associated with a larger second half slate.
  • Co issues upside guidance for FY25, sees FY25 revs of $44.80-45.20 bln vs. $44.55 bln FactSet Consensus and vs $43.50-44.50 bln prior guidance. Revenue guidance increase primarily reflects the weakening of the US dollar vs. most other currencies, plus healthy member growth and ad sales.
    • Co raises guidance for F/X neutral operating margin to 29.5% (vs. 29% previously), or 30% on a reported basis.
  • In Q2, co had a wide variety of hit series like Squid Game S3, Sirens, Ginny & Georgia S3, The Eternaut and Secrets We Keep, and popular films like Tyler Perry's STRAW and Exterritorial.
  • Co has completed the rollout of the Netflix Ads Suite, its proprietary first-party ad tech platform, across all ads markets.
  • Co has also launched its redesigned TV homepage, which enhances the member experience. This new TV UI is simpler, more intuitive and better represents the breadth of entertainment on Netflix today.
  • Co is optimistic heading into 2H25, with a standout slate that includes Wednesday S2, the Stranger Things finale, the highly anticipated Canelo-Crawford live boxing match, Adam Sandler's Happy Gilmore 2, Kathryn Bigelow's A House of Dynamite and Guillermo del Toro's Frankenstein.
  • Advertising: Co continues to make progress building its ads business and still expects to roughly double ads revenue in 2025. A key focus this year is enhancing capabilities for advertisers.

WSJ : China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Pa

China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It
Beijing pushes for state-owned Cosco to become shareholder of two Panama Canal ports, dozens of others in BlackRock deal

  • China threatens to block the sale of more than 40 ports to BlackRock and MSC if Cosco, a Chinese shipping company, doesn’t get a stake.
  • The proposed sale of ports owned by CK Hutchison includes two ports at the Panama Canal.
  • China has leverage over BlackRock, MSC and Hutchison, which are now open to Cosco’s taking a stake.

China’s government is threatening to block a deal that would transfer ownership of dozens of seaports to Western investors if Cosco, China’s largest shipping company, doesn’t get a stake.

The proposed sale includes two ports at the Panama Canal and more than 40 others around the world, all owned by Hong Kong-based CK Hutchison 1 0.52%increase; green up pointing triangle.

China is pushing for state-owned Cosco to be an equal partner and shareholder of the ports with BlackRock BLK 1.86%increase; green up pointing triangle and Mediterranean Shipping Co., a containership operator, according to people familiar with the deal talks. BlackRock and MSC in March reached a preliminary agreement to buy the ports in a deal valued at nearly $23 billion.

Now, BlackRock, MSC and Hutchison all are open to Cosco’s taking a stake, the people familiar with the talks said.

The parties aren’t likely to reach a deal before a previously agreed upon July 27 end date for exclusive talks between BlackRock, MSC and Hutchison, the people familiar with the talks said. The parties can’t strike a deal that includes Cosco until the exclusivity period ends.

Any deal giving a stake in the Panama ports to a Chinese-owned company would likely upset President Trump, who has threatened to take control of the canal and has objected to Hutchison’s ownership of two ports there. The White House didn’t immediately respond to a request for comment Thursday.

Hutchison’s initial plan to sell the ports angered Beijing, according to people familiar with the talks. Chinese authorities have told Chinese state-owned companies to freeze any coming deals with Hutchison or other businesses linked to its controlling shareholder, the family of the Hong Kong billionaire Li Ka-shing, these people said.

The proposed sale of the ports has added to the growing tensions between China and the U.S. During U.S.-China trade talks in Switzerland in May, Chinese representatives raised the prospect of China’s involvement in the deal, according to people familiar with the trade negotiations.

Chinese officials have told BlackRock, MSC and Hutchison that if Cosco is left out of the deal, Beijing would take steps to block Hutchison’s proposed sale, according to people familiar with the deal talks.

In past global mergers, China’s Commerce Ministry has asserted rights to review a deal, sometimes insisting on changes that can appear politically motivated. China also has significant leverage over the parties involved in the Panama Canal ports deal. BlackRock and Hutchison have business interests in China, and MSC is one of the biggest movers of Chinese exports around the world.

In 2014, Beijing blocked three Western companies from forming a shipping alliance that could have hurt its trade interests. In that case, China scuttled a deal between MSC, Denmark’s A.P. Moeller-Maersk and France’s CMA CGM in which the companies would have shared vessels and port calls worldwide.

WSJ : FDA Authorizes Juul’s E-Cigarettes, Reversing Ban That Nearly Bankrupted F

FDA Authorizes Juul’s E-Cigarettes, Reversing Ban That Nearly Bankrupted Firm
Regulator allows firm’s original vaporizer and refill cartridges in tobacco and menthol flavors to remain on U.S. market

  • U.S. regulators have authorized Juul Labs to keep its e-cigarettes on the U.S. market after a federal ban in 2022.
  • The FDA authorized Juul’s original vaporizer and refill cartridges, determining their benefit to adult smokers outweighed any public-health risks.
  • Juul is now the No. 3 e-cigarette brand in the U.S., holding about 18% of e-cigarette sales in U.S. stores.

U.S. regulators have authorized Juul Labs to keep its e-cigarettes on the U.S. market, according to people familiar with the matter. The decision breathes new life into the vaping company after a federal ban in 2022 pushed it to the brink of bankruptcy.

The Food and Drug Administration gave a green light to Juul’s original vaporizer, along with refill cartridges in tobacco and menthol flavors, the people familiar with the matter said. The decision means that regulators determined that the products’ benefit to adult cigarette smokers outweighed any potential public-health risks.

The FDA’s decision—five years after Juul first submitted its products for federal review—follows a period of tumult for the company.

Juul was once a vaping juggernaut and one of the most valuable startups in America. But in 2022, the FDA ordered Juul to halt its sales because of unresolved questions related to the toxicology data Juul had submitted in its application to remain on the U.S. market.

The FDA ban, though it was quickly paused, sent Juul into a financial tailspin as the company attempted to settle thousands of lawsuits alleging that the company had marketed its addictive devices to children and teens. The company narrowly averted bankruptcy and its workforce shrank to a fraction of its former size.

Marlboro maker Altria Group, which in 2018 paid $12.8 billion for a minority stake in Juul, divested five years later at a near-total loss. The FDA considered Juul’s appeal for two years and in 2024 formally rescinded the ban, putting the company’s application back under scientific review and opening the door for federal clearance.

Juul has denied allegations that it marketed its e-cigarettes to children and teens. The company agreed to a $1.7 billion legal settlement covering more than 5,000 lawsuits.

Juul is now the No. 3 e-cigarette brand in the U.S., after Vuse and Geek Bar. Juul represents about 18% of e-cigarette sales in U.S. stores tracked by Nielsen, according to a Goldman Sachs analysis.

>>> GE Aerospace beats by $0.23, beats on revs; raises FY25 guidance (266.18 +1

GE Aerospace beats by $0.23, beats on revs; raises FY25 guidance (266.18 +1.51)
  • Reports Q2 (Jun) earnings of $1.66 per share, excluding non-recurring items, $0.23 better than the FactSet Consensus of $1.43; revenues rose 21.2% year/year to $11.02 bln vs the $9.59 bln FactSet Consensus.
  • GE Aerospace Chairman and CEO H. Lawrence Culp, Jr., said, "The GE Aerospace team delivered an excellent second quarter with free cash flow nearly doubling and more than 20% growth in orders, revenue, operating profit, and EPS. We are raising our 2025 guidance and 2028 outlook, with our operating performance and robust commercial services outlook underpinning our higher revenue, earnings, and cash growth expectations. Our team is using FLIGHT DECK to improve safety, quality, delivery and cost—always in that order—as we strive to provide unrivaled customer service and deliver on our roughly $175 billion backlog."
  • Co sees FY25 revs increasing mid teens versus low double digits prior guidance. Co issues raised guidance for FY25, sees EPS of $5.60-5.80 from $5.15-5.45, excluding non-recurring items, vs. $5.63 FactSet Consensus.
    • Company raises its 2025 guidance and 2028 outlook, including achieving ~$11.5 billion of operating profit and ~$8.5 billion of free cash flow in 2028—both up $1.5 billion from prior 2024 Investor Day outlook.
    • Company to increase capital returns to shareholders from 2024 to 2026 by 20%, to ~$24 billion; expecting to sustainably return at least 70% of free cash flow via dividend and buybacks beyond 2026-a

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • SRPT +34.8%, MCRI +15.1%, GEF +5%, BZAI +4.7%, EVTL +4.4%, AIR +4.2%, TSM +3.8%, SPFI +3%, TCBI +2.7%, SLG +2.5%, PEP +2.1%, BPOP +1.9%, WRD +1.7%, RIG +1.6%, SNV +1.4%, AA +1%
  • Gapping down:
    • BRCC -12.9%, MP -7.3%, ELV -6.1%, ADM -5.5%, INGR -5.4%, SQNS -4.7%, STWD -4%, UAL -2.8%, TFIN -2%, FFAI -1.8%, GRVY -1.6%, CRTO -1.5%, BVN -1.4%, UNP -1.3%