Illustration: Lazaro Gamio/Axios

Malaysia is seeking a $7.5 billion fine from Goldman Sachs; France is seeking a $4.2 billion fine from UBS. Both cases are unabashedly political, and are accompanied by criminal charges against the relevant bankers.

My thought bubble: Foreign banks make for a very appealing piñata in most countries at most times. Global banks such as Goldman and UBS should expect more fines and prosecutions in future, whether they're deserved or not. After all, there are 195 countries in the world today. It stands to reason that at any given moment, one or two of those countries will find bank prosecutions rather appealing.

Go deeper: How Goldman Sachs facilitated the heist of the century

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Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.

51 mins ago - Health

Axios-Ipsos poll: There is no new normal

Data: Axios/Ipsos poll; Chart: Andrew Witherspoon/Axios

The longer the coronavirus pandemic lasts, the farther we're moving apart, according to our analysis of nearly four months of data from the Axios-Ipsos Coronavirus Index.

Why it matters: Ever since life in the U.S. as we knew it came to a screeching halt, we've been trying to get our heads around what a "new normal" will look like. But so far, the politicization of the virus — and our socioeconomic differences — are working against any notion of national unity in impact or response.