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   DealBook: Mismanagement, or missed warning signs?
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   Also, regulators step up their crypto crackdown.
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             March 28, 2023
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              Good morning. In today’s DealBook: Banking regulators prepare to face tough questions from lawmakers; U.S. authorities take on another big cryptocurrency player; and China’s new role as a lender of last resort. (Was this newsletter forwarded to you?
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                  The Fed’s Michael Barr is one of three regulators set to testify on Capitol Hill today and tomorrow.
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             Regulators in the hot seat
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             Starting today, representatives from three of the country’s top banking regulators — the F.D.I.C., the Fed and the Treasury Department — will
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              testify before Congress
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             about how problems at Silicon Valley Bank were allowed to metastasize and threaten the U.S. banking system.
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             Expect sharp questions at the hearings, especially as regulators point the finger at Silicon Valley Bank’s management, while lawmakers ask whether banking authorities were asleep at the switch.
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              Was it a matter of executive failures?
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             Michael Barr, the Fed’s top banking overseer, plans to cite SVB management’s failure to, well, “effectively
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              manage its interest rate and liquidity risk
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             ,” according to prepared testimony released ahead of today’s hearing before the Senate Banking Committee. (In other words, the lender didn’t hedge its bond portfolio against rising interest rates, and didn’t hedge against having a start-up-heavy client base that might run at the first sign of trouble.)
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              Or was it because regulators weren’t paying attention?
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             Left unsaid in Barr’s testimony was that Fed supervisors and staff members rated SVB
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              satisfactory
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             for liquidity last year — even after problems, including with liquidity risk management, had already been raised. Meanwhile, Martin Gruenberg, the chair of the F.D.I.C.,
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              will testify
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             that regulators are awakening to the potentially cataclysmic consequences that the failures of midsize lenders like SVB and Signature Bank can cause.
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             While Barr is spearheading the Fed’s review into SVB’s collapse, some politicians want an independent review.
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              There are still questions about what comes next
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             ,
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             particularly as lenders like First Republic are still teetering and in search of aid. Nellie Liang, Treasury’s under secretary for domestic finance, will
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              defend the resiliency of U.S. banks
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             , but senators are likely to press on what more can be done.
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             Some lawmakers want banking regulators to bolster deposit insurance above the current $250,000 cap, especially since so many banks now have customer accounts that far exceed that limit. Gruenberg said that the F.D.I.C. would consider changing those limits.
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             Some Democratic senators, including Elizabeth Warren of Massachusetts, are expected to press again on whether Trump-era rollbacks of banking regulation need to be undone. Barr is already considering whether stricter regulatory requirements, including tighter capital and liquidity standards, could prevent trouble at midsize lenders. “All of these changes are in the scope of our review,” he plans to say.
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             Some lawmakers may take the opposite political approach: Could future bank crises be resolved more quickly through
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              letting nonbank investment firms
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             bid on assets or by setting aside qualms about consolidation and letting bigger lenders acquire failing ones?
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             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               In other banking crisis news: SVB’s collapse has
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                chilled start-up funding
               </a>
               . Did the F.D.I.C. have to sweeten the terms of the SVB rescue to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                revive a “stale” deal
               </a>
               ? And the governor of the Bank of England said that
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Britain’s banks would be resilient enough
               </a>
               to withstand further rises in interest rates.
              </span>
             </li>
            </ul>
           </td>
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            <h3 class="css-132hdgt" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
            </h3>
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         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Benjamin Netanyahu delays a contentious judicial overhaul.
             </span>
             The Israeli prime minister
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              backed down
             </a>
             , at least temporarily, from an effort to give the government more control over the judiciary, after protests that shut swaths of the country (and
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pressure from the Biden administration
             </a>
             ). It’s unclear what Netanyahu, whose
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              allies still want the overhaul
             </a>
             , will do next.
            </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">
              Disney prepares to lay off 7,000 workers.
             </span>
             The long-awaited move, which will
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              take place in three stages
             </a>
             over the next few months, is meant to cut $5.5 billion in costs. Among the divisions hit: the 50-person team
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              focusing on the metaverse
             </a>
             , The Wall Street Journal reports.
            </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">
              Alibaba will split itself six ways.
             </span>
             The Chinese internet giant said it will
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              divide itself into core businesses
             </a>
             including artificial intelligence and e-commerce — and each can pursue “independent fund-raising and I.P.O.s when they are ready,” the C.E.O., Daniel Zhang, said. The announcement came after Jack Ma, Alibaba’s co-founder, reappeared in China, signaling that regulators there may be easing a crackdown on tech.
            </p>
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              BioNTech falls from pandemic heights.
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             The drugmaker behind Pfizer’s blockbuster Covid vaccine forecast that revenue from the shots would
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slide to about €5 billion
             </a>
             ($5.4 billion) this year, from €17 billion in 2022. It’s one of many businesses that boomed in the pandemic — think Zoom and Peloton — now tumbling back to earth. (One exception:
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Crocs shoes
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             .)
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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">
              Russia tells Western companies they must pay to leave.
             </span>
             A Moscow commission on foreign investments ruled that businesses trying to exit must make a donation
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              directly to the Russian state budget
             </a>
             . For hundreds of international companies still considering whether to cut ties with Russia over the invasion of Ukraine, it’s an additional complication: Leaving, too, could fund Moscow’s war effort.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Turning the screws on Binance
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             U.S. regulators are stepping up their crackdown of the unregulated corners of the cryptocurrency market after a wave of high-profile bankruptcies, led by the collapse of the crypto exchange FTX.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Yesterday, the Commodity Futures Trading Commission
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              filed a lawsuit
             </a>
             in a Chicago federal court against Binance and two top executives: Changpeng Zhao, the founder, and a former chief compliance officer, Samuel Lim.
            </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">
              The complaint accuses Binance of running an illegal shadow operation
             </span>
             that let U.S.-based customers trade on a platform that does not have permission to operate in the country. It says the company guided users to virtual private networks, or VPNs, to cloak their identity and where they logged in, and implemented a “VIP Handling” program for U.S.-based corporate customers.
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Other charges
             </a>
             : Binance is accused of turning a blind eye to money laundering, and to the “potentially illegal activities” of some users, like Hamas, a Palestinian militant group under U.S. sanctions.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose — over and over — to place profits over following the law,” said
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Gretchen Lowe
             </a>
             , the agency’s chief counsel. (Twitter
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              was buzzing
             </a>
             over the fact investigators gained access to Zhao’s cellphone chat logs and his Signal account.)
            </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">
              Zhao called the complaint “unexpected and disappointing,”
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              adding
             </a>
             that Binance had complied with U.S. law enforcement requests to freeze or seize millions in suspicious funds on its exchange. His initial response to the complaint was
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              to tweet
             </a>
             the number four, shorthand to his 3.9 million followers to ignore the news.
            </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">
              The agency is seeking fines, disgorgement of trading profits and outright bans
             </span>
             for Zhao and his companies. Binance coin, the firm’s in-house token, has fallen 6 percent since the suit was announced. Still, the token has soared more than 25 percent this year.
            </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">
              The latest complaint adds to a heap of legal troubles.
             </span>
             Binance is reportedly
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              being investigated
             </a>
             by the Justice Department for potentially violating money-laundering and sanctions laws, and
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              by the S.E.C.
             </a>
             for possible trading violations.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Elsewhere in crypto:
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Michael Saylor, the crypto-bull founder of MicroStrategy, tweeted yesterday that
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                the company had repaid
               </a>
               a $205 million loan to Silvergate, the collapsed crypto-friendly bank, and that it had purchased a further 6,455 Bitcoin at an average price of $23,238 — implying a 16 percent profit over this morning’s Bitcoin price.
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               FTX gave privileged access to new tokens to executives of Genesis, a business partner that collapsed in January,
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                The Financial Times reports
               </a>
               .
              </span>
             </li>
            </ul>
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        </table>
       </div>
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           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “We did not buy Credit Suisse only to close it.”
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Ralph Hamers
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , C.E.O. of UBS, writing in an internal memo that the Swiss banking giant views the acquisition of its ailing crosstown rival as a growth opportunity.
             </span>
            </p>
           </td>
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           </td>
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        </table>
       </div>
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           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             China’s new debt diplomacy
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             After years of providing high-interest loans as part of its international infrastructure project, the Belt and Road Initiative, China has a new role: bailout lender. Beijing has become one of the world’s
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              biggest bilateral lenders of last resort
             </a>
             to countries that have geopolitical significance or natural resources that China needs.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             China provided $40.5 billion of emergency funding to distressed countries in 2021, according to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              AidData
             </a>
             , a research institute at the College of William &amp; Mary. By comparison, the I.M.F. lent $68.6 billion over the same period.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The emergency loans reflect China’s growing economic might and international influence, writes The Times’s Keith Bradsher:
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
             In many ways, China has replaced the United States in bailing out indebted low- and middle-income countries. The U.S. Treasury’s last sizable rescue loan to a middle-income country was a $1.5 billion credit to Uruguay in 2002. The Federal Reserve still provides very short-term financing to other industrialized countries when they need extra dollars for a few days or weeks.
            </p>
            <p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
             China’s emerging position as a lender of last resort reflects its evolving status as an economic superpower at a time of global weakness. Dozens of countries are struggling to pay their debts, as a slowing economy and rising interest rates push many nations to the brink.
            </p>
           </td>
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         </tbody>
        </table>
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              <span style="font-size:17px;line-height:25px">
               The hot new sector for I.P.O. investors:
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Middle Eastern companies
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               . (FT)
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               The investment firm CVC and the hedge fund Elliott Management have reportedly offered to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                buy parts of Cineworld
               </a>
               , the movie theater operator that filed for bankruptcy in September. (Sky News)
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               The SPAC market may be moribund, but Ares Management is reportedly considering
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                raising $400 million
               </a>
               for a new blank-check fund. (Bloomberg)
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               French financial prosecutors are reportedly
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                searching five banks
               </a>
               as part of a probe into tax fraud and money laundering, including Société Générale, HSBC, BNP Paribas and Natixis. (Bloomberg)
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               California lawmakers approved a first-in-the-nation
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                price gouging law
               </a>
               targeting oil companies. (AP)
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               The E.U. reportedly plans to give member countries an option to
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                ban Russian liquid natural gas imports
               </a>
               , without having to impose new sanctions. (Bloomberg)
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               President Biden signed an executive order
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                restricting the U.S. government’s use of commercial spyware
               </a>
               , which other countries have deployed against dissidents, journalists and activists. (NYT)
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               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Lyft’s co-founders are stepping back
               </a>
               from daily management as the ride-hailing company loses ground to its archrival, Uber. (WSJ)
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               CNN is reportedly close to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                signing up the CBS morning anchor Gayle King
               </a>
               and the ex-basketball star Charles Barkley for a prime-time show, as the news channel’s ratings continue to drop. (Variety)
              </span>
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              <span style="font-size:17px;line-height:25px">
               Uber Eats is culling the number of
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                online-only restaurants on its platform
               </a>
               . (WSJ)
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               “Why do Americans
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                own AR-15s
               </a>
               ?” (WaPo)
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               Those pictures of Pope Francis in a swag white parka?
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                They’re A.I.-generated
               </a>
               — and a sign of potential misinformation campaigns to come. (The Verge)
              </span>
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