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   DealBook: Don’t say E.S.G.
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             August 24, 2022
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              Good morning. Today is both Ukraine’s Independence Day and six months since Russia’s invasion of the nation. With thousands confirmed dead, millions displaced and the global economy upended, Times reporters around the world
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                  Ron DeSantis is no fan of E.S.G.
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                 <span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Marco Bello/Reuters
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             DeSantis vs. ideological investing
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             Gov. Ron DeSantis of Florida yesterday advanced his campaign against environmental, social and governance investing. The State Board of Administration, on which he sits,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              adopted his proposal
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             to ban the consideration of “social, political or ideological interests” when making investment decisions for the state’s pension fund.
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              “Corporate power has increasingly been utilized to impose an ideological agenda
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             on the American people through the perversion of financial investment priorities under the euphemistic banners of environmental, social and corporate governance and diversity, inclusion and equity,” DeSantis, a Republican,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said in a statement.
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              The resolution imposes broad limits on the pension fund’s investments.
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             State administrators will be instructed to prioritize “the highest return on investment for beneficiaries, without consideration for nonpecuniary beliefs or political factors.”
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              But what if E.S.G. factors affect investment returns?
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             Maine last year passed a law to divest the 200 largest publicly traded fossil fuel companies from its pension funds by 2026, citing environmental risks on potential investment performance. Red and blue states are increasingly split: In the past year, more than a dozen have introduced new initiatives, either to divest state pension funds from gun and ammunition companies, or oil and gas companies and coal companies — or, conversely, to divest from ones that boycott fossil fuel companies.
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              Asset managers may not be as divided as states
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             , according to Joshua Lichtenstein, a partner at the law firm Ropes &amp; Gray who has been
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tracking the battle
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             . “Florida and Texas have a lot of money, but it’s not clear we’ll see enough money line up for the red states to change things,” he said, noting that the European Union has already adopted E.S.G. investment principles. When it comes to pensions, managers play a long game, and ignoring E.S.G. could be risky. It’s too soon to say whether the resolution will have a major effect, or if the governor is just “saber rattling,” Lichtenstein said.
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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">
             HERE’S WHAT’S HAPPENING
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              Consumer advocates urge regulators to block TD Bank’s First Horizon deal.
             </span>
             In a letter to the Philadelphia Fed and the Office of the Comptroller of Currency, groups including Americans for Financial Reform Education Fund and the Center for Responsible Lending
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              outlined their concerns
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             about the $13.4 billion takeover, DealBook is first to report.
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              Primaries reshape Manhattan’s congressional leadership.
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             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Representative Jerry Nadler defeated
             </a>
             his longtime colleague Representative Carolyn Maloney in a bruising Democratic primary for New York’s redrawn 12th District. And Dan Goldman, a former federal prosecutor, won the Democratic primary for a district connecting Brooklyn and Lower Manhattan.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Intel strikes a $30 billion funding deal to build chip plants.
             </span>
             The semiconductor giant is forming a partnership with Brookfield Asset Management to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              help finance factories
             </a>
             in Arizona. Intel executives said the arrangement could become the first in a series of ventures to help the company expand its American manufacturing base.
            </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">
              More signs of economic pain ahead.
             </span>
             Macy’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              lowered its full-year sales outlook
             </a>
             , citing a continuing glut of unsold goods as consumers pull back from shopping. Meanwhile, the White House said it expected
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slower economic growth
             </a>
             and higher inflation than previously forecast, citing an Omicron-fueled coronavirus wave and Russia’s invasion of Ukraine.
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Musk (and now Mudge) go after Twitter
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Twitter’s latest headache goes beyond a sinking stock price. The company made false and misleading comments about its security practices and potentially violated its 2011 consent decree with the F.T.C., Peiter Zatko, a former head of Twitter security,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said in a whistle-blower complaint
             </a>
             . The decision to send the complaint and supporting documents to the S.E.C., the Justice Department and the F.T.C. indicates that Zatko, who goes by the nickname Mudge, is seeking a wide range of regulatory action. What does this mean for Elon Musk’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $44 billion deal
             </a>
             to buy Twitter?
            </p>
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             Continue reading the main story
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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">
              Zatko claims that Twitter is misleading consumers
             </span>
             about the steps it takes to protect their information and honor their privacy choices, running afoul of the F.T.C. agreement. In short, Twitter never sufficiently disclosed the weakness of its security and systems, he claims. “Years of regulatory filings in multiple countries were misleading, at best,” he said. (In May, the F.T.C. and the Justice Department
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fined Twitter $150 million
             </a>
             in a privacy settlement.)
            </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">
              Twitter will probably face new heat.
             </span>
             “There’s a near certainty that this will provoke a careful review by the Federal Trade Commission, maybe other public agencies,” Bill Kovacic, a former F.T.C. chair, told DealBook. The agency has gotten tough on Big Tech in recent years, punishing companies for violating consent decrees — notably
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              by lodging a $5 billion fine against Facebook in 2019.
             </a>
             The S.E.C. is also likely to take a close look, said Howard Fischer, a former senior trial counsel at the agency. Last year, the S.E.C. fined companies over insufficient cybersecurity disclosures,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              including the educational publisher Pearson.
             </a>
            </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">
              What it means for Musk.
             </span>
             Mudge and Musk ostensibly agree on just one point: Twitter is not incentivized to police its platform for spam. Their point of
             <span style="font-style:italic;font-size:inherit">
              disagreement
             </span>
             is more striking when it comes to bots. In his lawsuit seeking to free him from being forced to buy the company, Musk says that Twitter’s central disclosure, which states that approximately 5 percent of its active user base, or mDAU, consists of bots, is materially misleading. In contrast, Zatko says don’t put much stock in Twitter’s bot calculation, which he says is inherently flawed. (That said, he concludes the 5 percent figure is correct.)
            </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">
              Musk’s legal team could now argue
             </span>
             that Twitter’s business has suffered a “material adverse effect.” They could contend, for example, that Twitter’s security and privacy disclosures were misleading. The problem: no such contention is mentioned in his original claim. Could Musk amend his countersuit? Yes, but he would need court permission. He could also try to delay the trial to allow more time for discovery. It’s more likely that he could use the new claims as grounds to push for more expansive discovery.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              We may get a preview today.
             </span>
             At a hearing about discovery in Delaware, expect Musk’s lawyers to jump all over the new accusations, and potentially tip their hat on any new strategy.
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Student loan debt relief really bugs inflation hawks
            </h2>
           </td>
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         </tbody>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             President Biden is expected to announce today a long anticipated move to erase a significant portion of student loan debt that could affect millions of borrowers. The full details are unknown, but aides have said that Biden is considering wiping out $10,000 of debt relief for some borrowers,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              report The Times’s Jim Tankersley, Zolan Kanno-Youngs and Stacy Cowley
             </a>
             . The president is also expected to extend, for all borrowers, a pause on loan payments, which has been in effect since the pandemic’s start.
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             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Studies have shown
             </a>
             that the debt load puts recent graduates off buying houses and starting a family, a point liberal Democrats cite when arguing for relief. But two well-known economists and former top advisers to President Barack Obama say providing relief now is a bad idea.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The main concern for critics of student loan forgiveness is inflation.
             </span>
             Recently, Jason Furman, a Harvard professor who headed the Council of Economic Advisers in Obama’s second term,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted that
             </a>
             he sees a debt-cancellation move nullifying the deflationary powers of the Inflation Reduction Act. Larry Summers, a Treasury secretary under President Bill Clinton and former Obama economic adviser,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted,
             </a>
             “Student loan debt relief is spending that raises demand and increases inflation.”
            </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">
              But inflationary fears might be overblown.
             </span>
             Kent Smetters, a professor at the University of Pennsylvania’s Wharton School and head of the Penn Wharton Budget Model, told DealBook that the effect of such relief on inflation “would be small, probably one-tenth of 1 percent.” Dean Baker, a founder of the left-leaning Center for Economic and Policy Research think tank, said the move would bring inflation down, even in the event of a $10,000 reduction in everyone’s loan balance.
            </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">
              Look for this argument to get more divisive.
             </span>
             Furman has run the debt-relief numbers for the typical American family and for higher net-worth recipients, and he doesn’t like what he sees. “I think that is not worth it,” he told DealBook.
            </p>
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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 consensus is that it’s a five-alarm fire.”
            </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">
              — Zeve Sanderson, the founding executive director at New York University’s Center for Social Media and Politics, on the
             </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">
               proliferation of election falsehoods and disinformation on TikTok
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Remembering a tiger of the hedge fund world
            </h2>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Julian Robertson, who gained fame and wealth as one of Wall Street’s top investors — and just as notably, as the backer of a constellation of hedge fund moguls —
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              died yesterday
             </a>
             at age 90.
            </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">
              Robertson regularly beat the stock market
             </span>
             at his Tiger Management hedge fund, reporting average annual returns that exceeded 25 percent.
            </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">
              He also spawned a hedge fund dynasty.
             </span>
             Many top firms today were started by Robertson protégés known as “cubs.” He also seeded a host of others. (The Financial Times counts
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              nearly 200 funds
             </a>
             that trace their origins back to Tiger Management.)
            </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">
              Robertson was also a prolific philanthropist
             </span>
             who gave away over $2 billion to charity. Explaining his motivation, Robertson
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said in 2013
             </a>
             , “I didn’t want my obituary to read, ‘He died getting a quote on the yen.’”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             What Wall Street had to say:
            </p>
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            <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">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Steve Schwarzman of Blackstone
               </span>
               called Robertson “one of the few people in the hedge fund history who created a dynasty.”
              </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">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Chase Coleman of Tiger Global
               </span>
               , one of the pre-eminent cubs, said Robertson was “a pioneer and a giant in our industry.”
              </span>
             </li>
            </ul>
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