Inboxes

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: A banking bombshell
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   @media (max-width:480px){.css-9k65el{padding:20px 0 0!important}}@media (max-width:480px){.css-p8oerp{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-rqc852{padding-bottom:6px!important}}@media (max-width:480px){.css-u9v36b{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-1uqm1ol{margin:0 0 20px!important}}@media (max-width:480px){.css-1expd9{vertical-align:top!important;display:block!important;width:100%!important;padding:0 14px!important}}@media (max-width:480px){.css-kf37zi{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:480px){.css-9m6grc{padding-left:30px!important}}@media (max-width:480px){.css-1ux4czy{padding-bottom:0!important}}.css-13ccda7:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-13ccda7:hover{border-bottom:none!important}.css-irp95o:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-irp95o{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-aqjl7v:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-aqjl7v{display:inline-block!important}}.css-76jd1b:hover{-webkit-text-decoration:none!important;text-decoration:none!important}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FoDdhCs0fxDy22YkXWU5uUQ~~%252FAAAAAQA~%252FRgRnzD_APVcDbnl0Qgpl4sC66WViNP0fUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MDk4MTY1MTUuMzA4OTQ3OH0:1riDNj:3dLdTfA0411WcJ7YEpDfd3Zz82Z7ijtm7RggZ5wjyMw" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, Steve Mnuchin throws NYCB a lifeline.
  </div>
  <div>
   <!--[if mso | IE]>
      <table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
        <tr>
          <td>
    <![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td align="center" style="padding:15px 0 5px;text-align:center;width:100%" width="100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr>
               <td>
                <span style="width:100%;text-align:center">
                 <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
                  <tbody>
                   <tr>
                    <td colspan="2">
                     <a rel="noopener noreferrer nofollow">
                      <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzA5NjU3Nn0:1riDNj:3iG4cRxSWiPneqn94y2Pkbctp5X_9LNbBSzcAhSOcbs" style="width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td style="height:10px">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td align="center" class="css-9k65el" style="padding:19px 0 0;width:100%;text-align:center" width="100%">
            <div style="margin-bottom:15px">
             <a title="DealBook">
              <img alt="DealBook" class="css-p8oerp" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MDk4MTY1MTUuMzEwMDc4fQ:1riDNj:rSDF0E-gOMG8pXJb1YfnyHpUNycAcKHfGUR0DTztaiM" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             March 7, 2024
            </p>
            <div>
             <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
              <tbody>
               <tr>
                <td style="border-top:1px solid #dcdcdc;padding-top:18px">
                </td>
               </tr>
               <tr>
                <td align="center" style="text-align:center">
                 <a style="font:400 11px/12px arial,sans-serif;color:#8b8b8b;letter-spacing:.8px;text-decoration:none;display:block;margin:0 auto">
                  <span>
                   SUPPORTED BY
                  </span>
                  <span style="line-height:20px;display:inline-block;padding-left:5px;vertical-align:text-bottom">
                   <img alt="Apple Card " src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252FMorning_briefing%252Fus%252FA16/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MDk4MTY1MTUuMzEwMjAxNH0:1riDNj:D4IT_nwKjgvXnZIUCXdNb02PUIx-KxDoDaiJJ1e7BMo" style="display:block;height:15px;max-height:15px;max-width:150px;font-size:0"/>
                  </span>
                 </a>
                </td>
               </tr>
               <tr>
                <td style="padding-bottom:23px">
                </td>
               </tr>
              </tbody>
             </table>
            </div>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. We’re covering Washington’s possible reversal on new banking rules; digging into Steven Mnuchin’s investment in NYCB; the PGA Tour’s latest deal; and the star lawyers breaking out on their own. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
         </a>
         <span style="font-style:italic">
          )
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td>
            <img alt="Jay Powell, the Fed chair, looks over his microphone as he prepares to testify." class="css-rqc852" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F03%252F07%252Fmultimedia%252F07db-powell-jlzt%252F07db-powell-jlzt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MDk4MTY1MTUuMzEwMzE5NH0:1riDNj:CcHzGwHOjg4FbBAA4qWe0ZxGHC_dlIZrCWo6bPSY9rE" style="width:100%;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
           </td>
          </tr>
          <tr>
           <td align="left" class="css-u9v36b" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px" width="100%">
            <span style="color:#666;font:normal 14px georgia,serif">
             Jay Powell, the Fed chair, stunned Wall Street yesterday with an apparent U-turn in bank regulation.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Kenny Holston/The New York Times
            </span>
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Jay Powell’s surprise
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For months, Wall Street C.E.O.s have been complaining bitterly and lobbying against the prospect of higher capital requirements, which would require them to keep more money on hand and would lower their profits. It appears they have scored a big win.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jay Powell dropped the bombshell in his testimony before the House yesterday.
         </span>
         <span>
          Markets were still digesting the Fed chair’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          go-slow comments on interest rate cuts
         </a>
         <span>
          when he signaled that proposed new rules to force lenders to beef up their books would be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scaled back, or reworked
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I do expect that there will be broad and material changes to the proposal,” he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The capital rules, known as the “Basel III Endgame,” would apply to the largest banks.
         </span>
         <span>
          They would have to set aside a bigger emergency cushion to soak up losses stemming from shocks like the bank run last year that led to the collapse of Silicon Valley Bank and prompted a wider crisis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the proposals have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          come under fire
         </a>
         <span>
          from bank chiefs, industry lobbyists, Republican lawmakers and even some liberal members of Congress, who fear that a mandate to set aside billions to fight the next potential crisis could feed
         </span>
         <span style="font-style:italic">
          another one
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Critics fear that Basel III would crimp lending just as banks grapple with upheaval in commercial real estate.
         </span>
         <span>
          Lenders face a looming “maturity wall” of as much as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $1.5 trillion in commercial real estate loans
         </a>
         <span>
          set to come over the next two years.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <div style="padding-top:10px;padding-bottom:27px">
         <table border="0" cellpadding="0" cellspacing="0" style="width:100%;background:#f8f8f8">
          <tbody>
           <tr>
            <td style="padding-top:16px">
            </td>
           </tr>
           <tr>
            <td colspan="1">
             <h3 class="css-1uqm1ol" style="font:10px/10px arial,sans-serif;letter-spacing:.1em;color:#5a5a5a;text-align:center;text-transform:uppercase;margin:0 0 14px">
              A MESSAGE FROM APPLE CARD
             </h3>
            </td>
           </tr>
           <tr>
            <td class="css-1expd9" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
             <a style="text-decoration:none;display:block">
              <p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
               Earn 4.50% APY. Effortlessly.
              </p>
              <p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
               Anytime you make a purchase with Apple Card, you’ll get up to 3% unlimited Daily Cash. That's right, daily. Not monthly. You can also choose to open a high-yield Savings account through Apple Card and automatically send your Daily Cash to Savings where it’ll grow at 4.50% APY. All it takes is a few steps -- no additional credit checks. And because it's all built into the Wallet app, it's simple to get started. Apply now for Apple Card. Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC.
              </p>
              <p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
               Apply now
              </p>
              <img alt="Apple Card  Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252FMorning_briefing%252Fus%252FA16/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MDk4MTY1MTUuMzEwNDMyN30:1riDNj:0DIfOJEo0jTBcMV1QPKn0Xf8uK_Oj1Jatd3a1YwQmlM" style="height:15px;max-width:150px"/>
             </a>
            </td>
           </tr>
           <tr>
            <td style="padding-bottom:16px">
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          That risk came into blaring focus during Powell’s testimony
         </span>
         <span>
          . The stock price of New York Community Bank, a Long Island-based lender with a mountain of souring real estate loans, plummeted on news it was seeking emergency funding. (More on that below.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Is the political will waning in an election year?
         </span>
         <span>
          When pressed by House members on the same issue last month, Treasury Secretary Janet Yellen said she was concerned that credit availability
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “is not significantly diminished
         </a>
         <span>
          .” Last year, she sounded
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more supportive
         </a>
         <span>
          of Basel III as a defense against the next crisis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (It’s worth noting that Yellen doesn’t set the rules. That responsibility falls to the Fed, the F.D.I.C. and the Office of the Comptroller of the Currency in conjunction with international standards set by the Basel Committee on Banking Supervision, the global regulatory body.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Expect Round Two today
         </span>
         <span>
          . Powell is set to testify before the Senate Banking Committee. Elizabeth Warren, the Massachusetts Democrat and a committee member, has pushed Powell to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          resist bank lobby pressure
         </a>
         <span>
          ” and approve tougher capital requirements for banks.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzEwNjEzNH0:1riDNj:SoSH8Zh-VqwIGuCZUt-wKOd6HXXhFGb14MyQ4FLd3GI" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              HERE’S WHAT’S HAPPENING
             </span>
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Biden is set to pitch raising corporate taxes in the State of the Union address.
         </span>
         <span>
          The speech tonight is expected to feature the accomplishments of Bidenomics, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hint at second-term policy goals
         </a>
         <span>
          , such as increasing levies on big companies and reducing housing costs. Polls have consistently shown that voters question Biden’s handling of the economy despite a series of indicators showing the U.S. far outperforming most of its peers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The House passes a $460 billion spending bill to avert a partial government shutdown.
         </span>
         <span>
          Speaker Mike Johnson again needed Democrat votes to overcome hard-right members of his Republican Party. The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          deal will fund
         </a>
         <span>
          much of the federal government through Sept. 30.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          JPMorgan Chase reportedly weighed a deal for Discover.
         </span>
         <span>
          The banking giant opened talks with the credit card company in 2021,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to The Financial Times
         </a>
         <span>
          , before Capital One made a $35 billion bid for the company last month. A tie-up between JPMorgan and Discover would have most likely faced intense regulatory scrutiny.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A former Google employee is charged with sending A.I. tech to a Chinese firm.
         </span>
         <span>
          Prosecutors accused Linwei Ding, a Chinese citizen and former engineer at the tech giant, of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trying to supply a Beijing-based company with trade secrets
         </a>
         <span>
          on artificial intelligence. The case comes as the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          U.S. is pushing allies
         </a>
         <span>
          , including the Netherlands and Japan, to tighten restrictions on semiconductor technology exports to China.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzEwNzg5OH0:1riDNj:6Cex0ZmQBcc1JAGBEVBiBBJxd_xrDNy5XmlVNaSqAX4" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          NYCB gets a lifeline
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Former Treasury Secretary
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Steven Mnuchin
         </a>
         <span>
          came to the rescue of New York Community Bank, leading a more than $1 billion investment round that appears to have quieted many of the concerns stalking the lender for weeks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in the Long Island bank were up in premarket trading after a wild ride yesterday. The transaction is also notable for its reliance on private equity, the big names involved, and how the bank’s woes haven’t (yet) prompted a wider crisis.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzEwOTMyNn0:1riDNj:_4YInZX5OtzELWXzh70Cm_YBf4mQCkgXaXMEWNtiGMo" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s the latest instance of a struggling bank seeking private equity help in recent months.
         </span>
         <span>
          The deal by Liberty Strategic Capital, Mnuchin’s investment firm, comes after a series of recent private equity and bank deals, including:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                FirstSun Capital Bancorp and HomeStreet announced a merger in January backed by Wellington Management.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Banc of California’s agreement to buy PacWest, which was backed by Warburg Pincus and Centerbridge Partners last July.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Private equity firms are also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plowing into lending
         </a>
         <span>
          , traditionally the preserve of banks, in what some are calling a “boom” in private credit or shadow banking.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mnuchin is reconnecting with a familiar name.
         </span>
         <span>
          NYCB appointed Joseph Otting, the comptroller of the currency during the Trump administration, as C.E.O. (He replaces Alessandro DiNello who was only appointed last week, but will return to a previous role as a nonexecutive director.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mnuchin and Otting
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worked together previously
         </a>
         <span>
          as chairman and C.E.O. of OneWest Bank, which bought most of the assets of IndyMac after the mortgage lender collapsed in the financial crisis. Mnuchin made
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hundreds of millions
         </a>
         <span>
          from that deal. He will join the NYCB board.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          NYCB’s problems have so far been self-contained.
         </span>
         <span>
          The KBW Nasdaq Regional Bank Index, which tracks the performance of dozens of NYCB’s peers, has gained over the past month while NYCB has sunk. That might be because NYCB is especially exposed to the commercial real estate. The sector is still struggling to recover from high interest rates and the pandemic-era shift to hybrid working.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mnuchin was confident that the cash injection would be enough of a cushion. With the investment, he said, “we believe we now have sufficient capital.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The PGA Tour tees up a new deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As the PGA Tour seeks to fend off the Saudi-backed LIV Golf, it has been making deals with the likes of Steve Cohen and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          LeBron James
         </a>
         <span>
          . Now, it’s spinning off a media company to a start-up founded by two industry veterans,
         </span>
         <span style="font-style:italic">
          write
         </span>
         <span>
         </span>
         <span style="font-style:italic">
          Benjamin Mullin and Lauren Hirsch.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The PGA Tour will sell Skratch to Pro Shop.
         </span>
         <span>
          Skratch publishes a range of golf content, including how-to videos and behind-the-scenes footage of professional players; Pro Shop will also get the rights to show clips and highlights. The PGA Tour will take a minority stake in Pro Shop as part of a $20 million funding round (the companies didn’t disclose Pro Shop’s valuation).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Pro Shop wants to marry content and commerce as
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          digital advertising languishes.
         </span>
         <span>
          The company was founded by Joe Purzycki, a former C.E.O. of Puck, and Chad Mumm, an executive producer on “Full Swing,” a Netflix documentary series about the PGA Tour.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pro Shop plans to acquire a golf equipment business and sell programming to media companies. “We’re not trying to service everybody,” Purzycki told DealBook. “We have a very specific ethos in bringing golf and culture together.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “Full Swing” was a PGA Tour effort to extend its reach.
         </span>
         <span>
          The
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          second season premiered yesterday. Christopher Wandell, a senior vice president of media development at the PGA Tour, said 63 percent of Season 1 viewers tuned into PGA Tour coverage soon after its debut. “Everything that we’re doing between now and the next time our media rights are available in the U.S. in 2031 is to generate increased and diversified” fans, Wandell told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The bet is that Skratch will succeed outside the PGA Tour.
         </span>
         <span>
          “Our vision for Skratch was always to reach a different type of audience — but in order to reach that type of audience, Skratch really needs to have on-camera talent with an opinion,” Wandell added, saying that was difficult under the PGA Tour.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Other Pro Shop backers include Powerhouse Capital,
         </span>
         <span>
          the venture capital firm that has previously invested in the podcasting start-up Wondery and The Athletic, the sports website acquired by The New York Times in 2022.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A star litigator sets up his own shop
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As a senior litigator under Benjamin Brafman, Marc Agnifilo established a reputation as a top criminal defense lawyer, with a client list that included
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Martin Shkreli
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Roger Ng
         </a>
         <span>
          , a former Goldman Sachs banker prosecuted in the 1MDB scandal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, Agnifilo and two colleagues, Zach Intrater and Teny Geragos, are setting up their own shop, Agnifilo Intrater, DealBook is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The three have been climbing up the ranks of the criminal defense bar.
         </span>
         <span>
          Agnifilo began his career as a prosecutor for the Manhattan district attorney and then the U.S. attorney’s office in New Jersey, where he prosecuted gangs as the head of the violent crimes unit. He later joined Brafman &amp; Associates in 2006, becoming a senior trial counsel and, in his now former boss’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          onetime estimation
         </a>
         <span>
          , his “heir apparent.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Intrater worked at the U.S. attorney’s office in New Jersey for 11 years before joining Brafman’s firm. And Geragos — whose father is Mark Geragos, the noted defense lawyer — joined in 2016.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Among their notable cases:
         </span>
         <span>
          Beyond Shkreli and Ng, Agnifilo has also defended
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Keith Raniere
         </a>
         <span>
          , the founder of the Nxivm cult who is serving 120 years for sex trafficking and other crimes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Agnifilo also represented
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          John Venditto
         </a>
         <span>
          , the former supervisor of the Town of Oyster Bay, N.Y., in a political corruption trial, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Stefan Buck
         </a>
         <span>
          , a Swiss banker who had been accused of helping wealthy American clients commit tax fraud.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Agnifilo Intrater will specialize in big, complex criminal defenses.
         </span>
         <span>
          “We are going to focus relentlessly on what we do best — winning hard criminal cases,” Agnifilo told DealBook in a statement.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              THE SPEED READ
             </span>
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The venture capital firm Andreessen Horowitz is said to be raising up to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                $7 billion for a new fund
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (Axios)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Deutsche Bank reportedly plans to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                cut investment bankers’ bonuses
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                by more than 10 percent because of a deals slump. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Exxon
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                files for arbitration
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                over Chevron’s deal for Hess. (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The S.E.C. passed a watered-down
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                climate disclosure rule
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Spain’s data protection regulator is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                blocking Sam Altman’s eyeball-scanning cryptocurrency venture
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , Worldcoin, from collecting users’ personal information. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The National Transportation Safety Board says that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Boeing has not provided key information
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                to its 737 Max inquiry. (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The armorer who put a live round in a gun used by Alec Baldwin on the set of the film “Rust” is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                convicted of involuntary manslaughter
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Could Big Solar be the next industry set for a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                wave of consolidation
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ? (Semafor)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “How Apple Sank
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                About $1 Billion a Year
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Into a Car It Never Built.” (Bloomberg)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzExMDQ4NX0:1riDNj:WQKBkdE28tef_qdzvTJpgEannHFm2vUjDSfBxVYqAPE" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzExMTY5fQ:1riDNj:ywHKpgbCGcYhOJuk6dpEs9LB6wlRmOhPXrArIRXz3yM" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzExMjgwN30:1riDNj:kVX1BBGhFQw0sns_HY8AKrh5zSGEO521Q_3N2d5f0Is" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzExMzkwNn0:1riDNj:xCicv2x3YpF_slolCxmr21k2aVq6eN9EuITft6ZmEHY" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240307%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MDk4MTY1MTUuMzExNTA0NH0:1riDNj:tt78R8DVwd-ZhjEGuh1UaQjepkb1tI5KCJ11ZQuIv_A" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ravi Mattu
            </a>
            <span>
             , Managing Editor, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @ravmattu
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span>
             , Reporter, Washington D.C.
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @el72champs
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             . To opt out of updates and offers sent from The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              submit a request
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
             <a class="css-irp95o" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-aqjl7v" style="-webkit-text-decoration:underline;display:none;text-decoration:none;color:#286ed0">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a>
                 <img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MDk4MTY1MTUuMzExNjA5M30:1riDNj:QJug0mXHsc3wJg11FWYY_L9Uu3rY_A8Y-RCRKsfkpKs" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666;line-height:20px">
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Change Your Email
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Privacy Policy
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#666;line-height:0">
             <img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MDk4MTY1MTUuMzExNzEyN30:1riDNj:Nffw0MTMkXgiRmn7RkTfMrNOrH_ZUhi9oVN1mRPWyKw" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MDk4MTY1MTUuMzExODE0M30:1riDNj:OXX1Q0CjJIeOKJ8sKtbHoRJS51ayqIyvte28NJuj_JU" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#999">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]>
      </td>
    </tr>
  </table>
  <![endif]-->
  </div>
  <script>
   window&&window.parent.window!==window&&function(){const e=document;for(var t=e.querySelectorAll("a"),r=0;r<t.length;r++)t[r].onclick=function(e){e.preventDefault()},t[r].style.cursor="default";(e.referrer.match(new RegExp("https://(.*?).nytimes.com"))||e.referrer.match("https://nytimes.com"))&&window.parent.postMessage({tableHeight:e.querySelector("table").scrollHeight},e.referrer)}()
  </script>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252F6iFRShayvUDUkouK3SCj4g~~%252FAAAAAQA~%252FRgRnzD_APlcDbnl0Qgpl4sC66WViNP0fUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MDk4MTY1MTUuMzExOTI1Nn0:1riDNj:x_0lOHl_Hum3mN5jOwKwgUWaHXPR3gp1uc7-N0ZNKYE" width="1"/>
 </body>
</html>