Jun 7, 2019

Meet Joe McLean, the NBA's "money whisperer"

Joe McLean is the premier wealth manager of the NBA's richest stars. He also has clients in the NFL and MLB, but the "gobs are the biggest in the NBA," writes NYT's Devin Gordon.

What he does: As Managing Partner at Intersect Capital, McLean's job is not to negotiate his clients' contracts (that's the job of an agent), but to "grow every dollar that comes in and track every dollar that goes out."

  • "He's part investor, part butler, a CFO and a golf buddy, a sports therapist and, when necessary, the disapproving dad," writes Gordon.
  • To retain his services, athletes must agree to put aside at least 60% of every dollar they earn. If they can't commit to spending their money wisely and playing the long game, they're gone.

How it works: Intersect manages contracts worth $1.7 billion dollars for around 50 athletes, yet only employees 11 people. The idea is to provide them with intimate, white-glove treatment.

  • "Say I need golf clubs — like, custom golf clubs," said Magic star Aaron Gordon. "[Joe] knows exactly where to go ... He's just a do-it-all guy."

Go deeper: NBA suspends Warriors minority owner after incident with Raptors player

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Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 1 hour ago - Health

Watchdog opens probe into VA secretary over handling of sexual assault claim

VA Secretary Robert Wilkie on Fox Business Network’s "The Evening Edit" on Jan. 7. Photo: Steven Ferdman/Getty Images

The Department of Veterans Affairs Inspector General Michael Missal said Thursday he had opened an investigation into VA Secretary Robert Wilkie after lawmakers demanded an inquiry into his handling of a sexual misconduct report, the Washington Post reports.

Context: Wilkie allegedly "worked to discredit" the credibility of Democratic aide and veteran Andrea Goldstein after she reported last fall "that a man groped and propositioned her in the main lobby of the agency's D.C. Medical Center," a senior VA official told the Post.