Inboxes

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

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: Facebook plays the underdog
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   @media (max-width:480px){.css-kd0pk{padding:20px 0 15px!important}}@media (max-width:480px){.css-1nu1ipb img{width:100%!important}}.css-5nb5nb:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-13ktpoc{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-1ukdnh3{padding-top:6px!important;padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-atnqj9{font-size:normal 12px!important}}@media (max-width:480px){.css-hpkdsj{font-size:normal 11px!important}}@media (max-width:480px){.css-fd883z{height:10px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-1q4lnbl{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:600px){.css-132hdgt{font-size:17px!important;line-height:25px!important}}@media (max-width:600px){.css-ivj8p2{width:100%!important;height:auto!important}}@media (max-width:600px){.css-1rg59gv{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-27qc8p{padding-left:30px!important}}@media (max-width:480px){.css-11scvta{line-height:25px!important}}.css-1iyjcs6:hover{border-bottom:none!important}.css-14cwm9a:hover{border-bottom:none!important}.css-1vpmr0r:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-ge16ha{display:inline-block}}@media (max-width:480px){.css-g1j07a{border-right:1px solid #dcdcdc!important;padding-right:10px!important;margin-right:10px!important}}@media (max-width:480px){.css-5zpqw8{display:inline-block!important}}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FQ3thJpLAyFfjwI6pqcC5BQ~~%252FAAAAAQA~%252FRgRi_3uiPVcDbnl0QgphGqL2HGF12P_xUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1mGKGa:40NaOTBEE-R3K9z4pRuXyHAHFyD16EwJoDIRUFykOmE" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   In finance, the tech giant says it's a "challenger."
  </div>
  <div>
   <!--[if mso | IE]>
      <table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
        <tr>
          <td> 
    <![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr style="width:100%">
           <td style="padding:15px 0 5px;border-bottom:1px solid #dcdcdc;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a alt="View in browser" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a alt="The New York Times" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              nytimes.com
             </a>
            </div>
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <span style="width:100%;text-align:center">
             <table align="center" border="0" cellpadding="0" cellspacing="0">
              <tr>
               <td align="center" colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
              <tr>
               <td height="10px">
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr id="_a11y-skip-ad-marquee" style="width:100%">
           <td align="center" class="css-kd0pk e2w5h5p0" style="border-bottom:1px solid #dcdcdc;padding:25px 0 20px;width:100%;text-align:center" width="100%">
            <div class="css-1nu1ipb e2w5h5p2" style="margin-bottom:15px">
             <a alt="DealBook">
              <img alt="DealBook" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Femail-images%252FNew_Headers%252FNYT-Headers-F-DealBook%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mGKGa:eXIkNXWv9Vb4w8kPUwo_-p5TnjRX5qNA4OUZRo_jN5I" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             August 18, 2021
            </p>
           </td>
          </tr>
          <tr>
           <td height="20" style="font-size:0;line-height:0" width="100%">
           </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-style:italic;font-size:inherit">
              Good morning. (Was this newsletter forwarded to you?
             </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">
               Sign up here.
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              )
             </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 height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </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">
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-13ktpoc e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F08%252F18%252Fbusiness%252F18db-newsletter-facebook%252Fmerlin_178854627_c96455f8-95cf-47f7-806f-2f8b6155682c-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mGKGa:eXIkNXWv9Vb4w8kPUwo_-p5TnjRX5qNA4OUZRo_jN5I" style="display:block;width:100%;height:auto;padding-top:5px"/>
               </td>
              </tr>
              <tr>
               <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">
                  Looking for friends in finance.
                 </span>
                 <span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Laura Morton for The New York Times
                 </span>
                </span>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td class="css-fd883z eagip7l0" height="20" style="font-size:0;line-height:0" width="100%">
           </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">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Facebook wants a ‘fair shot’ in finance
            </h2>
           </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">
             Facebook’s mission is to “bring the world closer together.” Increasingly, that’s not just about connecting friends and family to share messages, but also serving as a platform for people’s financial lives. Some $100 billion in payments have been enabled by Facebook over the past year, said David Marcus, who runs the company’s financial services. But that’s just the start of the social network’s ambitions in the finance industry, Marcus writes
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in a new memo about America’s “broken” payments system
             </a>
             .
            </p>
           </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">
             At the center of Facebook’s push into payments is Novi, a digital wallet intended for users to move money around the world quickly and cheaply (free, in many cases). The company
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              had plans
             </a>
             to pair it with a “stablecoin” cryptocurrency called Libra, but that was shelved amid regulatory scrutiny, and now the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              scaled-back project
             </a>
             , known as Diem, is overseen by an outside nonprofit group seeking the necessary government approvals to launch.
            </p>
           </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">
             In recounting some of Facebook’s setbacks in trying to break into the crypto
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             payments industry, Marcus describes the tech giant, the subject of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              antitrust
             </a>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              inquiries
             </a>
             around the world, as an underdog.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-0" 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">
              Facebook faces unfair resistance in the financial industry,
             </span>
             Marcus writes. “I’ve heard multiple conversations about how this proposal would be so great if only Facebook wasn’t involved,” he says. “I understand and accept the need for extra scrutiny due to our scale.” But he describes Facebook as a “challenger in the payments industry,” with no specific plan yet to monetize use of the Novi wallet, which won’t charge for person-to-person payments, even across borders.
            </p>
           </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">
              Payments would be better with crypto.
             </span>
             Marcus says that allowing users to pay with dollars, euros and other fiat currencies via the Novi wallet would bring a lot of value. “So why not just do that and call it a day?” he writes. “Well, we might,” he says, but before deciding on that, he doesn’t want to “waste our shot” at incorporating stablecoins into an “open, interoperable protocol” for online payments. “To have the maximum impact, building a closed system using fiat only wasn’t going to cut it,” he writes.
            </p>
           </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">
             Crypto advocates say blockchain technology allows for products that eliminate middlemen, credit checks and fees and allow people excluded from traditional financial services to transact anytime, anywhere. Marcus says that a well-designed stablecoin pegged to a fiat currency, backed one-to-one in cash reserves, would offer strong consumer protections. It would also be quicker to access funds than
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             traditional bank accounts.
            </p>
           </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">
              In practice, regulators are wary of stablecoins.
             </span>
             A New York attorney general investigation of the popular stablecoin Tether found that the company minted tokens without
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reserves to back them
             </a>
             . In recent weeks, the Treasury secretary, Janet Yellen, the S.E.C. chair, Gary Gensler, and Senator Elizabeth Warren have all expressed concerns about the crypto tokens.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-1" 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">
              What happens next?
             </span>
             “We will continue to persevere and demonstrate we can be a trusted player in this industry,” Marcus writes. The Novi wallet has licenses or approvals in nearly every U.S. state and the Diem stablecoin project “has addressed every legitimate concern,” he adds. Facebook’s digital wallet is ready to come to market, Marcus says, and “we deserve a fair shot.” Judging by Facebook’s difficulties getting to this point, regulators remain to be convinced.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <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
            </h3>
           </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">
              Early data hint at a rise in “breakthrough” coronavirus infections.
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Preliminary numbers
             </a>
             in some states showed that vaccinated people accounted for at least one in five new diagnosed cases, and for a higher percentage of hospitalizations and deaths than previously reported (though the absolute numbers remain very low). Gov. Greg Abbott of Texas, who has challenged mask and vaccine mandates in court,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tested positive for the coronavirus
             </a>
             yesterday. He is fully vaccinated and has no symptoms, his office said.
            </p>
           </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">
              Robinhood reports its first set of earnings as a public company
             </span>
             . After the market closes today,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              analysts expect
             </a>
             the company to report nearly $600 million in second-quarter revenue, but still to record a loss for the period. Shareholders are keen to hear about the trading app’s crypto plans, according to the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              most upvoted query
             </a>
             ahead of the company’s earnings call.
            </p>
           </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">
              Are American consumers losing steam?
             </span>
             A 1.1 percent decline in retail sales last month was
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              worse than economists expected
             </a>
             , led by a fall in spending on homes and cars. But the effect of the rise in coronavirus infections, which has dented consumer confidence
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in recent surveys
             </a>
             , wasn’t necessarily the cause, as sales at restaurants and bars increased.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
              <tr>
               <td colspan="2">
                <a rel="nofollow">
                 <img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" style="width: 100%; max-width: 600px !important;" width="600"/>
                </a>
               </td>
              </tr>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-2" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <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%252F2021%252F08%252F18%252Fbusiness%252F18db-retailsales%252F18db-retailsales-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mGKGa:eXIkNXWv9Vb4w8kPUwo_-p5TnjRX5qNA4OUZRo_jN5I" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
               </td>
              </tr>
             </tbody>
            </table>
           </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">
              The U.S. blocks the Taliban’s access to the Afghan central bank’s assets.
             </span>
             The Biden administration froze the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              central bank’s assets
             </a>
             held in the U.S., putting economic pressure on the group after its takeover of the country. (Most of the Afghan central bank’s assets are held abroad.) Separately, a group of lawmakers called on the Treasury to intervene to stop the release of I.M.F. funds this month that could grant Afghanistan and the Taliban access to $450 million.
            </p>
           </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">
              More media deals are in the works.
             </span>
             Politico is said to be seeking a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $1 billion valuation
             </a>
             in a potential deal to be acquired by the German publishing giant Axel Springer, in what would be one of most expensive digital media deals in recent memory. And Forbes is reportedly mulling a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              merger with a SPAC
             </a>
             that values it at more than $650 million, another sign that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              deal-making in the industry
             </a>
             continues to gather pace.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </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">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Amazon &gt; Walmart
            </h2>
           </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">
             In 1995, the year Amazon sold its first book online, Walmart reported sales of nearly $94 billion. At the time,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pundits doubted
             </a>
             that buying stuff on the internet would catch on. Now, 26 years later, with an assist from a pandemic-driven boom in online shopping,
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Amazon has surpassed Walmart in total sales
             </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 align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The gross value of all things sold on Amazon, by the company and its third-party sellers, surpassed $610 billion over the 12 months ending in June, according to Wall Street estimates compiled by FactSet. Walmart yesterday
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reported $566 billion in sales
             </a>
             over a similar period.
            </p>
           </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">
              It’s a huge milestone for online shopping
             </span>
             , which still represents only
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              14 percent
             </a>
             of all retail sales. Walmart still makes far more in revenue than Amazon because the e-commerce giant takes only a cut of third-party sales on its platform. Walmart also remains the largest private employer in the U.S. But Amazon accounts for up to 41 cents of every dollar spent online in the U.S., compared with Walmart’s 7 cents, and the category is growing quickly.
            </p>
           </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">
             How did Amazon win? Shira Ovide at the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              On Tech newsletter
             </a>
             argues that “Amazon rose to power because it nailed convenience, the force of habit and a system to move merchandise from place to place.” She adds that “Amazon isn’t always the best place to shop, but it is winning by mastering everything but the shopping.”
            </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </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">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “There’s a tremendous amount of camaraderie by working together on projects over the weekends.”
            </h2>
           </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-style:italic;font-size:inherit">
              — John Mack, the former C.E.O. of Morgan Stanley, on the trade-offs in
             </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">
               work-life balance of junior bankers
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , who have been pushing for higher pay and fewer hours, often to the chagrin of managers who accepted grueling conditions as part of the deal when they first joined the industry. “Status quo isn’t always fine,” Mack told Bloomberg Businessweek, “but it’s proven it works.”
             </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </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">
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-percentage%252Fdealbook-icon-percentage-articleLarge-v11.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mGKGa:eXIkNXWv9Vb4w8kPUwo_-p5TnjRX5qNA4OUZRo_jN5I" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
               </td>
              </tr>
             </tbody>
            </table>
           </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">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The Paycheck Protection Program produced a lot of fraud
            </h2>
           </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">
             From the start, the Paycheck Protection Program, the $800 billion small-business rescue plan that was a centerpiece of the government’s pandemic aid efforts, seemed vulnerable to fraud. Now, we are finding out the extent of it. As much as 15 percent of the program’s loans may have been fraudulent — that’s 1.8 million loans worth $76 billion —
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              according to a new study
             </a>
             by economists at the University of Texas.
            </p>
           </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">
             By comparison, the Great Recession’s much-hated Troubled Asset Relief Program, the official name for the bank bailout fund, was about the same size, with
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $11 billion in fraud
             </a>
             .
            </p>
           </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">
              So, is the government getting better or worse at bailouts?
             </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 align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Worse, says Aaron Klein, a senior fellow at the Brookings Institution. Focusing on small businesses made P.P.P. more popular than TARP, even though TARP funds were almost entirely repaid by the banks they saved, while many P.P.P. loans convert into grants that don’t have to be paid back. “P.P.P. would poll higher even though TARP was way more effective at achieving economic recovery at a low cost to taxpayers,” Klein said.
            </p>
           </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">
             But despite the waste, P.P.P. had positive effects. Foreclosure and loan default rates didn’t rise nearly as high as they did during the financial crisis, despite worse job loss. And the unemployment rate returned to a low level much faster than after the Great Recession.
            </p>
           </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">
              “Was the fraud worth it?”
             </span>
             asked Vadim Elenev, an economist at Johns Hopkins University. Elenev’s research shows a big, imperfect bailout like the P.P.P. is just as successful at bolstering the economy as a smaller, more targeted one. “It’s better not to waste $75 billion than to waste it,” Elenev said. “But from an economic perspective, I don’t think it matters a great deal. Speed was more important than precision last year.” That’s something policymakers will probably keep in mind for next time.
            </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </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">
              Subscribe Today
             </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 align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Subscribe to The New York Times with this special offer.
             </a>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <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>
          <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">
              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">
               Tilray, the Canadian cannabis company, is buying a majority stake in the U.S. cannabis retailer Medmen for about $165 million. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                CNBC
               </a>
               )
              </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">
               KKR is selling a portfolio of warehouses for $2.2 billion, as the pandemic-driven boom in online shopping makes distribution centers a hot commodity. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg
               </a>
               )
              </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">
               Short-sellers and activist investors are preparing to pounce on SPAC mergers. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg Businessweek
               </a>
               )
              </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">
              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">
               House Democratic leaders will push ahead with a vote next week to advance a $3.5 trillion budget blueprint, disregarding moderates who said they would oppose it without first voting on the $1 trillion infrastructure bill. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </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 curb on “excessive incomes” could be in China’s future, President Xi Jinping hinted at an economic meeting. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                CNBC
               </a>
               )
              </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">
               Apple’s plan to root out child sexual abuse has opened up a Pandora’s box of privacy and cybersecurity issues. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </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">
               Palantir bought $51 million worth of gold to hold on its balance sheet, and said it would accept the metal as payment for its data services. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg
               </a>
               )
              </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">
               Ford has started to shift to a build-to-order model, hoping more people order customized cars online and take delivery at a dealership, reducing the inventory held at the lot. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WSJ
               </a>
               )
              </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">
               Alibaba has opened an NFT marketplace, selling digital tokens produced by artists, game developers and musicians. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                SCMP
               </a>
               )
              </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">
               “When Kmart Moved Out, Churches and Flea Markets Moved In” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </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">
               If employees at the restructuring firm Alvarez &amp; Marsal aren’t vaccinated by the end of October, they will be placed on unpaid leave. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Insider
               </a>
               )
              </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-style:italic;font-size:inherit">
              What’s next for New York? Join the Democratic mayoral nominee Eric Adams, the playwright Jeremy O. Harris, the chef Marcus Samuelsson and Times reporters as they consider the city’s path forward at an exclusive virtual event for Times subscribers tomorrow at 1 p.m. Eastern.
             </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">
               R.S.V.P. here to attend
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </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 height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </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-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">
               Anna Schaverien
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              contributed reporting.
             </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 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">
              Thanks for reading! We’ll see you tomorrow.
             </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 align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             We’d like your feedback. Please email thoughts and suggestions to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              dealbook@nytimes.com
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
        <table border="0" cellpadding="0" cellspacing="0" height="6" width="40">
         <tbody>
          <tr>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20210818%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1mGKGa:CQX9Zm-LhaUbzMfLEaabuZ6IhnAUYmtRXM0EuYP8tuI" width="2"/>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-3" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:22px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span style="color:#000">
             , Founder/Editor-at-Large,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Jason Karaian
            </a>
            <span style="color:#000">
             , Editor,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @jkaraian
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span style="color:#000">
             , Deputy Editor,
             <!-- -->
             Chicago
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Stephen Gandel
            </a>
            <span style="color:#000">
             , News Editor,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @stephengandel
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif">
            <a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             Washington D.C.
            </span>
            <a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @el72champs
            </a>
           </td>
          </tr>
          <tr>
           <td height="9" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             Need help? Review our
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              newsletter help page
             </a>
             <!-- -->
             or
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              contact us
             </a>
             <!-- -->
             for assistance.
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             To stop receiving these emails,
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              unsubscribe
             </a>
             <!-- -->
             or
             <!-- -->
             <a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              manage
              <span class="css-ge16ha e28ago31">
               your email preferences
              </span>
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0">
            <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a class="css-g1j07a e28ago33" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <span class="css-5zpqw8 e28ago34" style="display:none">
              <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
               Get The New York Times app
              </a>
             </span>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:9px 0 8px">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a>
                 <img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1mGKGa:db2O5DhTEwwG7_qT1GCsa1zZgAFBHGFwFi7OFxsAwVk" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:8px 0">
            <p style="display:inline-block;font:12px/20px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:5px 0 7px">
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;line-height:0">
             <img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1mGKGa:db2O5DhTEwwG7_qT1GCsa1zZgAFBHGFwFi7OFxsAwVk" style="vertical-align:middle" width="150"/>
            </a>
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1mGKGa:db2O5DhTEwwG7_qT1GCsa1zZgAFBHGFwFi7OFxsAwVk" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p color="#999999" style="display:inline-block;font:12px/15px arial,sans-serif;color:#999;text-align:left;margin-bottom:0">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]> 
      </td>
    </tr>
  </table>
  <![endif]-->
  </div>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FFHIiSzKcs8J3QX63evecJg~~%252FAAAAAQA~%252FRgRi_3uiPlcDbnl0QgphGqL2HGF12P_xUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1mGKGa:40NaOTBEE-R3K9z4pRuXyHAHFyD16EwJoDIRUFykOmE" width="1"/>
 </body>
</html>