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<img class="css-13ktpoc e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F08%252F25%252Fmultimedia%252F25db-biden-debt%252F25db-biden-debt-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oRBcC:dEtSBsb8yVmoZ6ZJpmO31r_bEhsk7UUVJkKsrM5K4Lg" style="display:block;width:100%;height:auto;padding-top:5px"/>
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<td align="left" class="css-1ukdnh3 esd8w5v1" style="text-align:left;width:100%;padding-top:8px;padding-bottom:15px;line-height:14px" width="100%">
<span>
<span class="css-atnqj9 esd8w5v2" style="margin:0;font:normal 14px georgia,serif;color:#666">
Debt wipeout.
</span>
<span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Pool photo by Bonnie Cash/EPA, via Shutterstock
</span>
</span>
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</td>
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</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Biden faces a new fight over debt
</h2>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
It’s official. President Biden announced yesterday that the federal government would
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cancel billions in student debt
</a>
. The move, which promises to offer widespread relief for tens of millions of Americans, has ignited a fiscal debate and raised the possibility of opening a deep political rift that could rival those created by last year’s stimulus check scuffle and the 2008 bank bailouts.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The program, in a nutshell:
</span>
It would forgive up to $20,000 per borrower, so long as the person earned less than $125,000 a year, or is in a household that earned less than $250,000. Current students are eligible, though if they were claimed as dependents, that would cap their relief.
</p>
</td>
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</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Because Biden used executive action instead of going through Congress, legal challenges are expected. (That said, it isn’t clear
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
who would have the standing
</a>
to file a lawsuit.)
</p>
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<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Praise came from some.
</span>
Liberal Democrats and labor advocates, who had pressed Biden to fulfill one of his campaign promises, lauded the announcement. But some Biden allies said the president didn’t go far enough. They wanted $50,000 in relief per borrower.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Even some in the business community offered some support. The C.E.O. of the National Housing Conference, David Dworkin, called the initiative “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
one of the most consequential administrative actions for housing
</a>
in a generation,” and said it could bring millions of new home buyers into the market.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Criticism came from others.
</span>
Much of it — including the
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
cost
</span>
of the program and its effect on
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
inflation
</span>
— was captured in a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Twitter thread by Jason Furman
</a>
, a former Obama economic adviser who has opposed the move. “Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” he wrote.
</p>
</td>
</tr>
</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Others argue that the move
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
doesn’t address the underlying problem of soaring higher-education costs
</span>
, with some worried that universities may raise tuition and students may borrow more if they believe debt could be canceled again. Some experts say a better solution is making student loans
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
erasable through bankruptcy
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
And then there is the criticism that student debt cancellation is a
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
giveaway to the wealthy
</span>
(though the highest amount of relief will go to those who qualified for Pell grants for low-income families). That point was echoed by both Democrats and Republicans:
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Representative Tim Ryan, Democrat of Ohio
</a>
, who’s locked in a tight race for an open Senate seat there, said the move sent “the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”
</p>
</td>
</tr>
</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
In some ways, that backlash echoes the outrage over aid to Wall Street banks
</span>
after the financial crisis, which helped create the Tea Party movement. But some polls so far suggest that a narrow majority of Americans
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
favor some level
</a>
of student debt relief.
</p>
</td>
</tr>
</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Biden has acknowledged the polarized response. “I understand that not everything I’m announcing today is going to make everybody happy,” he said yesterday. “But I believe my plan is responsible and fair.”
</p>
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HERE’S WHAT’S HAPPENING
</h3>
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</tbody>
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California moves to ban the sale of gasoline-powered cars.
</span>
Today, state officials are set to adopt rules that would require all new vehicles sold to be
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
free of greenhouse gas emissions
</a>
by 2035. Given California’s size and influence on other states, that could affect a third of the U.S. auto market.
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Twitter’s whistle-blower will head to Capitol Hill.
</span>
Peiter Zatko, Twitter’s former security chief, will
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
testify before the Senate Judiciary Committee
</a>
about his claims that the company failed to protect users’ data. Twitter’s C.E.O., Parag Agrawal,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pushed back against the accusations
</a>
yesterday in a meeting with employees.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Amazon will shut its primary and urgent health care arm.
</span>
The division, Amazon Care, which will
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
close by year end
</a>
, has failed to gain significant market share. The move comes a month after Amazon agreed to buy a larger competitor, One Medical, for $3.9 billion.
</p>
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</tbody>
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Social networks remove a pro-U.S. influence campaign.
</span>
Facebook, Twitter and WhatsApp were among those that
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
took down a nearly five-year operation
</a>
to promote U.S. foreign policy interests abroad, researchers found. The campaign didn’t appear to have gained much traction.
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Investors face billions in hidden costs
</h2>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Retail investors using some of the most popular brokers and investing apps may be spending billions of dollars annually on invisible costs, new research shows. A team of finance professors, led by Christopher Schwarz of the University of California, Irvine, executed
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
85,000 trades
</a>
— using their own money — from December to June through five retail brokers: E-Trade, Fidelity, Interactive Brokers, Robinhood and TD Ameritrade.
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The good news:
</span>
They found no evidence that the payment-for-order-flow practice negatively affects the price of executing a trade.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The less good:
</span>
Zero commission does not actually mean “free” trading.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The study, which has not been peer-reviewed, sheds some light on the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
contentious practice
</a>
, which has raised questions about conflicts of interest, competition and pricing. (At a conference in June, Gary Gensler, the S.E.C. chairman, previewed potential
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
new market rules
</a>
that would ostensibly add trading transparency for the investor.) Payment for order flow allows brokerages, like Robinhood, to make bulk execution agreements with market makers, like Citadel Securities, routing trades their way in exchange for a payment. The study shows concern is warranted, but it suggests that hidden price disparities could be a bigger worry for investors.
</p>
</td>
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</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
What’s behind the hidden costs:
</span>
The study found that “actual retail price” can vary widely between market makers, and observed “an astonishing dispersion in the quality of price execution” for simultaneous identical trades. The researchers found that the six execution venues studied offered some brokers more competitive execution prices than others.
</p>
</td>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Payment for order flow may not be the devil it’s made out to be.
</span>
Overall, the professors write, “there is no evidence that PFOF harms price execution.” Brokers with these arrangements did not pay more to execute trades. Still, the researchers contend, “systematically different execution prices at the same venues for identical trades originating from different brokers” suggests that market makers have outsize power in setting prices, and that investors should be made aware of that.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
In aggregate, the price differences offered by market maker and broker, and broker and customer, could add up to tens of billions of dollars annually for retail investors, based on their estimates. They suggest that the S.E.C. require added disclosures from brokers to illuminate execution quality, and alert investors to this hidden cost.
</p>
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</td>
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</tbody>
</table>
</div>
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<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Were economists wrong about the carbon tax?
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
After his work on the effects of global warming on economic growth,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
first published in 1992
</a>
, the Yale economist William Nordhaus became a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
leading voice
</a>
for a nationwide carbon tax. But the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Inflation Reduction Act
</a>
, the nation’s sweeping initiative to address climate change, is built on a different foundation from what he had proposed,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reports The Times’s Lydia DePillis
</a>
: The new legislation instead offers tax credits, loans and grants. That is making economists ponder why the professor was so focused on a solution that ultimately went nowhere.
</p>
</td>
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</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A central shift in thinking is that climate change has moved faster than foreseen,
</span>
and in less predictable ways, raising the urgency of government intervention. Technologies like solar panels and batteries are getting cheap and abundant enough to enable a fuller shift away from fossil fuels, rather than slightly decreasing their use. “There was an idealization and simplification of the problem that started in the economics literature,” said
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Robert Kopp
</a>
, a climate scientist at Rutgers University.
</p>
</td>
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</tbody>
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<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Dr. Nordhaus’s model has drawn criticism for underestimating climate change’s havoc.
</span>
It also relies on broad assumptions and places less weight on harm to future generations than on people today. Dr. Nordhaus dismissed the criticisms as “subjective and based on selective interpretation of science and economics.”
</p>
</td>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Many economists think there’s still an important place for carbon pricing
</span>
<span style="font-style:italic;font-size:inherit;font-weight:700;font-family:arial,sans-serif">
and
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
subsidies.
</span>
Subsidies can be viewed as a variant of pricing policy: They effectively raise the cost of fossil fuels relative to renewable alternatives. Only recently did the supply of those alternatives reach the point where a tax credit would make the difference, on a large scale, between buying an electric vehicle or not.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Studies into the effect of climate change
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
on economic performance are becoming more important
</span>
in an era of superstorms and long droughts. The Congressional Budget Office, for example, has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
begun to look
</a>
at the relationship between extreme weather and federal revenue.
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“This is a space where having more models early on would be better,”
</span>
said Carter Price, a mathematician at the nonprofit RAND Corporation. “Rather than, someone has an assumption, that assumption goes into a model, nobody questions it and 10 years later, we realize that assumption is pretty powerful, and maybe not right.”
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“You try again and then eventually you give up if you can’t get it to work. That’s where I maybe say, ‘You know what, just give me your cellphone number.’”
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
— Rob Krugman, the chief digital officer of Broadridge Financial Solutions, on efforts to create
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
digital alternatives to traditional business cards
</a>
</span>
<span style="font-style:italic;font-size:inherit">
.
</span>
</p>
</td>
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</tbody>
</table>
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<table cellpadding="0" width="100%">
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</td>
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</table>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The toll of war in Ukraine
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Russia’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
invasion of Ukraine
</a>
has prompted
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Europe’s biggest refugee crisis since World War II
</a>
, according to the United Nations. It has also spurred a surge in food and energy prices, pushed the global economy to the brink of recession and walloped the markets.
</p>
</td>
</tr>
</tbody>
</table>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Here’s a quick snapshot of the war’s toll on key asset prices over its first six months:
</p>
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<tbody>
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<td align="center" style="width:100%;padding:0;line-height:1;text-align:center" width="100%">
<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F08%252F25%252Fbusiness%252F25db-newsletter-ukrainechart%252F25db-newsletter-ukrainechart-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oRBcC:dEtSBsb8yVmoZ6ZJpmO31r_bEhsk7UUVJkKsrM5K4Lg" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Europe is also being slammed by a sinking euro and sky-high natural gas and crude oil prices
</span>
. Add it up, and the eurozone is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
far closer to recession
</a>
than the U.S.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Blackstone is reportedly among the bidders seeking to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
buy Pink Floyd’s song catalog
</a>
. (FT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bed Bath & Beyond
</a>
is said to be near a deal to borrow $400 million from Sixth Street. (WSJ)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The billionaires Ted Leonsis and David Rubenstein are reportedly considering bids for the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Washington Nationals or the Baltimore Orioles
</a>
pro baseball teams. (Bloomberg)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The SPAC business looks so challenged that a top adviser to the industry is now
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
helping wind down such funds
</a>
. (Bloomberg)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Inside Wall Street’s effort to find a way around Biden’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tax on stock buybacks
</a>
. (FT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
California’s Civil Rights Department is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
investigating Pinterest
</a>
, after former employees accused the social network of discrimination. (Protocol)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Nasdaq is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
at war with itself
</a>
over E.S.G. (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
How a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
bacteria outbreak in a Similac factory
</a>
led to the U.S. baby formula shortage. (Bloomberg Businessweek)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A jury
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
awarded Vanessa Bryant $16 million
</a>
in her lawsuit over the inappropriate sharing of photos from the helicopter crash that killed her husband, Kobe Bryant, and daughter Gianna. (NYT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Peloton will now sell its fitness equipment and apparel
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
on Amazon
</a>
, in a move away from direct-to-consumer. (NYT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Leaders of the national yoga chain Yoga to the People were accused of
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
evading taxes for seven years
</a>
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3 years ago - nytdirect@nytimes.com
DealBook: Battle lines over student debt
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