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   DealBook: Did Bessent tie Warsh’s hands?
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   Also, what’s behind an A.I. deals spree.
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            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             August 20, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          spent his career on Wall Street, and now he’s using that trader mind-set in Washington to financially engineer lower interest rates. The unconventional move is raising plenty of questions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Was it political? Probably. Will it work? Maybe in the short term. The real story is what happens down the road. We unpack the potential long-term consequences below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Treasury Secretary Scott Bessent, wearing a dark suit and tie, walks outside the White House. Two men walk behind him." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F20%252Fmultimedia%252F20db-bessent-chwm%252F20db-bessent-chwm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcyMjc3NzEuNzg0ODAwM30:1wx1aN:OhWheDJSaXf7lzHMVSfhSyJS4nRIIWECX7zamC6mo3Y" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Treasury Secretary Scott Bessent surprised Wall Street in announcing a new intervention in the bond market. Did he take the Fed by surprise, too?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Eric Lee for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Possible fallout from the Bessent buyback
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global bond markets finally look tame this morning, after the Treasury Department unexpectedly unveiled a stunning plan to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy back billions in long-dated government bonds
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But that calm may mask new tensions between the Trump administration and the Fed, while market watchers warn that the intervention could backfire, Bernhard Warner reports.
         </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 effect of the buyback, not its size, matters.
         </span>
         <span>
          The Treasury Department will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at least double repurchases
         </a>
         <span>
          of longer-dated Treasuries, spending up to $4 billion at a time, at several points between Sept. 9 and Nov. 4, the day after Election Day in the U.S.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Traders responded by buying up 30-year Treasury bonds, pushing yields lower yesterday. The dollar sunk and stocks barely budged, as investors flooded into gold and cryptocurrencies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some analysts don’t regard the scale of the operation as significant. “I think it’s just jawboning to get market yields lower,” Lawrence Gillum, the chief fixed income strategist for LPL Financial, told DealBook, calling it a “temporary” fix.
         </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">
          But the message could have a more enduring effect.
         </span>
         <span>
          Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          put traders on notice that the Trump administration would intervene in the markets to lower borrowing costs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After efforts to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prop up Argentina’s currency market
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the struggling Japanese yen
         </a>
         <span>
          , Bessent, a former hedge fund chief and currency trader, has been called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the most “interventionist” Treasury secretary
         </a>
         <span>
          in decades.
         </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">
          Some see a political motive in the timing.
         </span>
         <span>
          Joe Brusuelas, the chief economist at the audit and consulting firm RSM US,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote to investors yesterday
         </a>
         <span>
          that Bessent’s “interest is purely short term and is organized around the upcoming election and not a return to price stability.”
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Worth noting: The Treasury does this kind of maneuver from time to time, but usually at scheduled intervals. In 2024,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                some economists and Republican lawmakers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                criticized
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Janet Yellen
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Bessent’s predecessor during the Biden administration, for intervening in the Treasury market ahead of the general election.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Market observers are wondering if Treasury market interventions will become a permanent feature of American politics. Or, at the least, whether they’ll become more frequent so long as Congress fails to address ballooning federal deficits.
         </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 more immediate issue could involve Bessent and Kevin Warsh,
         </span>
         <span>
          Trump’s handpicked Fed chairman. Bessent’s desire to lower yields (to bring down prices) appears to be at odds with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the Fed’s growing focus
         </a>
         <span>
          , raising rates to bring down inflation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It probably means more volatility ahead within the rates market,” Gillum told DealBook.
         </span>
        </p>
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           <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>
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        <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">
          U.S. public debt surpasses $40 trillion.
         </span>
         <span>
          Economists and Fed officials have long warned that the rate of federal borrowing —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on track to exceed $2 trillion
         </a>
         <span>
          this year — is unsustainable. The ominous milestone has spooked the bond market, but the prospects of either Republicans or Democrats moving to reduce it remain remote at best.
         </span>
        </p>
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            <img alt="A line chart shows the rise in the U.S. gross national debt since 1990." class="css-mcckse" height="514" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F20%252Fbusiness%252F20db-chart%252F20db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcyMjc3NzEuNzg0OTIwMn0:1wx1aN:8R2vW-DKgkh3otr7SG5FHo5SQrsUWXk3OhP3cGEoQtM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <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 Chinese court sentences the founder of Evergrande to life in prison.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          punishment
         </a>
         <span>
          for
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hui Ka Yan
         </span>
         <span>
          came after he pleaded guilty to charges including misuse of funds and fund-raising fraud. Evergrande’s collapse in 2021 brought China’s financial system to the brink, and the country’s property market is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          still languishing
         </a>
         <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">
          President Trump urges Congress to pass a big cryptocurrency bill.
         </span>
         <span>
          His
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          support for the Clarity Act
         </a>
         <span>
          , which would establish national regulation for the crypto industry, prompted a rally in the prices of Bitcoin and other digital tokens. The legislation has stalled in the Senate amid concerns over
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          national security
         </a>
         <span>
          and whether it did enough to stop the Trump family from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          improperly benefiting from crypto
         </a>
         <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">
          Shares in Merck and Moderna soar on prospects for a cancer treatment breakthrough.
         </span>
         <span>
          The drugmakers said yesterday that a personalized vaccine has shown
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          promising clinical trial results
         </a>
         <span>
          , which Stephane Bancel, Moderna’s C.E.O., called “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a big moment for medicine
         </a>
         <span>
          .” But regulatory approval won’t come for some time.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260820%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcyMjc3NzEuNzg1MDQwNH0:1wx1aN:Q5xaRSQqSYl7dSDZccStIczlG9i-NMgnZBQUvGw5Xe0" style="max-width:96px;margin-bottom:7px"/>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I.’s merger era?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Silicon Valley is paying close attention to Stripe’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          deal to buy OpenRouter
         </a>
         <span>
          , a buzzy marketplace for artificial intelligence models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One reason was the $7.5 billion price tag. But the acquisition also points toward a new phase of the A.I. start-up boom, Michael de la Merced and Sri Muppidi write.
         </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 details:
         </span>
         <span>
          Stripe is paying $1.5 billion to OpenRouter’s founders and $6 billion to its investors, The Times reports. Compare that with the $1.3 billion valuation that OpenRouter fetched
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          just three months ago
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That provides a healthy return to OpenRouter’s investors, including Andreessen Horowitz, the start-up’s biggest shareholder. The venture capital firm, known as A16Z, owns a roughly 17 percent stake, according to a person with knowledge of the matter who wasn’t authorized to speak about it publicly. That would net it nearly $1.3 billion.
         </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">
          Has the A.I. era entered its acquisitions phase?
         </span>
         <span>
          Since ChatGPT shot to fame in 2022, A.I. start-ups have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised billions with ease
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But some investors are getting more discerning, venture capitalists and start-up founders have told DealBook. For companies unlikely to dominate potentially huge sectors, selling — not fund-raising or an I.P.O. — may become a more likely outcome.
         </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">
          Incumbent companies are racing to build their A.I. capabilities.
         </span>
         <span>
          Strategic buyers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spent $50.5 billion
         </a>
         <span>
          for so-called unicorn start-ups in the first half of the year, excluding SpaceX’s $250 billion acquisition of xAI, according to Pitchbook. That’s compared with $18.9 billion for all of last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stripe is already a giant in processing companies’ payments. Buying OpenRouter appears to be the company’s “deliberate attempt to embed itself into the middle of capital flows in the A.I. era,” said Franco Granda, an analyst at Pitchbook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even A.I. companies are turning to M.&amp;A. Consider SpaceX’s purchase of Cursor or reported
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bid for Cognition
         </a>
         <span>
          , another major coding start-up, according to Bloomberg.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
                Follow this story line, too: Stripe has long insisted it can stay private for a long time. Buying OpenRouter mostly in stock — and also
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                pursuing a multibillion-dollar takeover of PayPal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with a private equity firm — is a flex demonstrating why that’s the case.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A Wall Street legend’s brush with a fashionable fraud
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Years before the fashion-tech start-up CaaStle — pitched as a kind of Shopify for clothing rentals that tried to popularize “clothing as a service” —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          imploded amid a $283 million fraud
         </a>
         <span>
          , one of Wall Street’s savviest investors sensed something was wrong, Anita Raghavan reports for 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">
          Henry Kravis
         </span>
         <span>
          of the private equity giant KKR grilled
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Christine Hunsicker
         </span>
         <span>
          , a founder and the C.E.O. of CaaStle, in 2019 over the start-up’s financial opacity, said two people familiar with the situation who were not authorized to speak publicly about the matter.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The details of the confrontation have not been previously reported.
         </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">
          Hunsicker is set to be sentenced today in a Manhattan federal court
         </span>
         <span>
          after pleading guilty in March to securities fraud. CaaStle, which promised to turn shipping boxes for Bloomingdale’s and Banana Republic into a high-margin business, disclosed last year that Hunsicker had been vastly overstating its financial results.
         </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">
          Step back:
         </span>
         <span>
          Hunsicker started CaaStle in 2011 with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jaswinder Pal Singh
         </span>
         <span>
          , a Princeton professor. Singh helped bring in Kravis as an investor, two people familiar with the situation told DealBook. The hedge fund mogul
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Ackman
         </span>
         <span>
          was also an investor.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Singh hasn’t been charged with a crime, and there is no evidence that he had prior knowledge of or participated in the fraud.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Over all, CaaStle raised more than $600 million, and in 2018 was valued at $1.25 billion.
         </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">
          In 2019, investors, including Kravis, put pressure on Hunsicker.
         </span>
         <span>
          By then,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          CaaStle’s sales had started to stall, according to a sentencing memo prepared by Hunsicker’s lawyers and filed with the court.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The memo describes a confrontation between Hunsicker and an unnamed investor, who the people familiar with the situation say is Kravis.
         </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">
          Kravis, who invested his own money, began demanding detailed quarterly financial data from Hunsicker.
         </span>
         <span>
          But his investment gave him access only to general annual financial information, Hunsicker’s lawyers wrote in the sentencing document.
         </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">
          Also in the memo:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
                Before the 2019 meeting, Hunsicker created a false income statement and balance sheet that she believed would satisfy Kravis.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                At the meeting, Kravis “became hostile, repeatedly yelled and ‘wiped the floor’ with her,” threatening to ruin her career if she didn’t start providing him with more information.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Asked about the characterization of Kravis, a KKR spokeswoman told DealBook: “Hunsicker has a long record of deception. This latest fiction is a desperate attempt by a convicted fraudster to rewrite history and evade accountability.”
         </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">
          Another person caught wind of the confrontation.
         </span>
         <span>
          “Hunsicker told me, ‘I have come from the most horrendous meeting with Henry,’” said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Brick
         </span>
         <span>
          , who in 2019 was a senior adviser to SWaN &amp; Legend Venture Partners, a venture capital firm, and sat in on CaaStle meetings as a nonvoting board observer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brick added, “She literally said, ‘He screamed at me.’”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Questions about Anthropic’s multiclass stock
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As Anthropic prepares for a potentially enormous I.P.O., it’s taking a page from some of the biggest publicly traded tech companies: letting its founders maintain control.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Information reported
         </a>
         <span>
          that the artificial intelligence giant is set to provide its seven founders — including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dario Amodei
         </span>
         <span>
          , its C.E.O., and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Daniela Amodei
         </span>
         <span>
          , his sister and the company’s president — with supervoting stock that has more voting power than standard shares.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Anthropic appears to be doing things a little differently. Niko Gallogly and Sri Muppidi take a closer look.
         </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">
          It’s unusual for a big bloc of nonfamily founders to have supervoting shares.
         </span>
         <span>
          Most tech companies with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          multiclass stock
         </a>
         <span>
          tend to restrict that power to just one or two individuals: Think Google, where
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sergey Brin
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Larry Page
         </span>
         <span>
          control roughly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          53 percent
         </a>
         <span>
          of the shareholder vote; Meta, where
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          owns about 13 percent of the equity but controls about 60 percent of the vote; or SpaceX, where
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          gained supervoting stock after not taking it at Tesla.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The closest comparison with Anthropic is
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Palantir, where its founders,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Karp
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Peter Thiel
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Stephen Cohen
         </span>
         <span>
          , collectively control the voting power
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in perpetuity
         </a>
         <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">
          We have questions about Anthropic’s setup:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
                Will all seven founders have equal voting power? (The Information reported that they each hold roughly the same amount of stock.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                What happens if there is a dispute among the founders? “You would expect some kind of tiebreaking mechanism,” Ann Lipton, a professor at the University of Colorado Law School, told DealBook. The challenge of shared voting rights, she added, is that “you don’t know what the standoffs or quarrels are going to be.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                What does this mean for the founders’ tax bill?
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                California’s Proposition 40, which would impose a onetime levy on the state’s billionaires and is on the ballot in November, appears to value supervoting shares
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the same
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as an equivalent amount of standard voting stock. That could supersize the Anthropic founders’ tax bill.
               </span>
              </li>
             </ul>
            </td>
           </tr>
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           <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>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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             <ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
                Muon Space, a satellite start-up,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $250 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in funding in a round led by Google and Salesforce Ventures. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Marvell Technology soared after the chipmaker struck a deal with Google that could let the tech giant
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy up to $12.2 billion worth of stock
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (CNBC)
               </span>
              </li>
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          Politics, policy and regulation
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Commodity Futures Trading Commission
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                banned two former FTX executives
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Caroline Ellison
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Gary Wang,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from trading for five years over their roles in the crypto exchange’s collapse. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Trump backed down from 50 percent tariffs on Canada.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                It’s not a TACO
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” (Politico)
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Prince Harry
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Meghan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and their children are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                moving to Britain
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after six years in the U.S. and a clash with other members of the royal family. (NYT)
               </span>
              </li>
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                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Everyone’s Using This A.I. Dictation App
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                That I Want to Murder With a Hammer” (NYT Magazine)
               </span>
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