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   DealBook: Pelosi means business
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             August 3, 2022
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                  On the agenda: chips and geopolitics.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Taking stock of a Taiwan trip
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Speaker Nancy Pelosi left Taiwan today after a short visit that could have major repercussions. It drew
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              unusual support
             </a>
             from Republicans,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              condemnation from Beijing
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             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              quiet defiance
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             from her hosts in the face of Chinese threats. But China experts predict more fallout may be ahead for businesses and investors from a trip that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tested China’s appetite for confrontation
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             .
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              “The world faces a choice between democracy and autocracy,” Pelosi said today
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              during a meeting with Taiwan’s president
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             , Tsai Ing-wen.
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             “America’s determination to preserve democracy here in Taiwan and around the world remains ironclad.”
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             </span>
             Economic growth and trade were among
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              her agenda items
             </a>
             — along with the pandemic, climate change, human rights and democratic governance — but these were overshadowed by geopolitics and China’s fury at her visit to a self-governing island
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              it considers its territory
             </a>
             .
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              Among many other things, the trip was about chips.
             </span>
             Pelosi
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              spoke today
             </a>
             with Mark Liu, the chairman of Taiwan Semiconductor Manufacturing Company, the world’s biggest chip maker. T.S.M.C. is building a plant in Arizona, and Pelosi and Liu
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reportedly discussed
             </a>
             the recently passed CHIPS and Science Act, which offers subsidies to companies that open U.S. chip plants (more on that below).
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             Continue reading the main story
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              China’s business backlash to Pelosi’s visit
             </span>
             included
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              banning some fish and fruit imports
             </a>
             from Taiwan, but the broader impact could reach U.S. shores. Bloomberg reported that China’s CATL, the world’s biggest maker of batteries for electric cars,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              delayed its decision on a North American factory
             </a>
             because of “tensions” surrounding the trip. Semiconductor company
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              stocks slipped
             </a>
             yesterday on mounting fears of conflict — especially China’s plan to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              hold live-fire military drills
             </a>
             in areas encircling Taiwan starting Thursday. Liu of T.S.M.C. warned in a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              CNN interview this week
             </a>
             that war over Taiwan threatens to disrupt the geopolitical landscape and the global economy, citing the effect of Russia’s invasion of Ukraine.
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Robinhood lays off nearly a quarter of its staff.
             </span>
             The company’s brokerage app surged in popularity at the start of the pandemic, but it is now
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              losing customers
             </a>
             , including 1.9 million active monthly users in the second quarter. Separately, New York State regulators announced that they were
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fining Robinhood’s crypto unit $30 million
             </a>
             over violations of anti-money laundering and cybersecurity regulations.
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              Senators will propose a new regulator for Bitcoin and Ether.
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The legislation
             </a>
             , backed by leaders of the agricultural committee, would make the Commodity Futures Trading Commission the chief regulator of the two largest cryptocurrencies. The S.E.C. has recently stepped up its crypto enforcement, arguing that many digital assets should be regulated like stocks and other investments.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Forbes is up for grabs.
             </span>
             The company said it was exploring
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a sale after a deal to go public
             </a>
             through a merger with a special purpose acquisition company was scrapped in May. Forbes is seeking a buyer at a time when digital media companies
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              are out of favor with investors
             </a>
             , and when the value of SPAC transactions
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              has plunged 90 percent
             </a>
             .
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Blake Masters, a Peter Thiel-backed Senate candidate, wins the Arizona Republican primary.
             </span>
             Masters, who was also endorsed by Donald Trump and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              has complained about “wokeness,”
             </a>
             will face off against the Democratic incumbent, Mark Kelly, who won a special election in 2020.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Other election results
             </a>
             yesterday included a win for abortion rights in Kansas, and a poor showing generally for candidates following the Trump playbook.
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              Warner Bros. axes “Batgirl.”
             </span>
             The studio, which spent $90 million on the nearly finished superhero flick, said it
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              would never see the dark of a theater
             </a>
             , or make it onto any streaming service. Warner said the decision was not based on the film’s quality, but was part of a new strategy to be more selective in the movies it releases.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The CHIPS Act has strings attached
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             Lawmakers used a shelved plan by Intel meant to expand its chip manufacturing capacity by taking over an abandoned factory in Chengdu, China, as an argument for passing the CHIPS and Science Act,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times’s Ana Swanson reports
             </a>
             . The legislation, which contains $52 billion in subsidies and tax credits for global chip manufacturers that establish or expand operations in the U.S., will hand significant power over the private sector to the Commerce Department.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “This is not a blank check to these companies,”
             </span>
             said Gina Raimondo, the commerce secretary. “There are a lot of strings attached and a lot of taxpayer protections.” Her department has the authority to review future company investments in China and to claw back funds from any firm that it deems to have broken its rules, as well as the ability to make certain updates to the rules for foreign investment as time goes by.
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              China’s increasing dominance of key global supply chains has generated new support among Republicans and Democrats
             </span>
             for the government to nurture strategic industries. South Korea, Japan, the European Union and other governments have
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              outlined aggressive plans
             </a>
             to woo semiconductor factories. And the production of many advanced semiconductors
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in Taiwan
             </a>
             has become for many an untenable security threat. “The question really needs to move from why do we pursue an industrial strategy to how do we pursue one,” said Brian Deese, the director of the National Economic Council.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The bill still has plenty of critics.
             </span>
             In focusing its restrictions on newer generations of semiconductors, the legislation could leave the door open for China to dominate the production of older chips that are used in cars and other consumer products. Some Republicans, like Senator Marco Rubio of Florida, say the guardrails aren’t strong enough to prevent U.S. technology from leaking to China. Some Democrats and their allies, like Senator Bernie Sanders of Vermont, describe the bill as a corporate giveaway.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              How efficiently will the funds be spent?
             </span>
             The disbursement of tens of billions of dollars in the coming years is likely to raise many questions about how those investments are allocated. And it may touch off more jostling among semiconductor companies that spent more than $20 million on lobbying in the first half of this year alone, according to their disclosures. A 10-year ban on investments in more cutting-edge facilities in China has been particularly contentious, with firms arguing that it would make them less competitive globally and ultimately set the U.S. back in a race against Chinese competitors. But there are signs that the ban is already having an effect: Two South Korean chip makers are reportedly
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rethinking their investments in China
             </a>
             .
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I’ve tried three courses and one expert on the side, and the only thing I got out of it was an empty wallet.”
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Scott Mitchell, 33, who is one of many people trying to make money through an approach called
             </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">
               YouTube automation.
              </a>
             </span>
            </p>
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                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-split%252Fdealbook-icon-split-articleLarge-v6.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oJDH9:K6h6Pgs6sz746zzmxHBI1ioz-jDAwifzkE3I4QleYGA" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             An antitrust horror story
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             There is a ghost lurking in the background of Penguin Random House’s proposed $2.2 billion deal to buy its rival Simon &amp; Schuster, writes our colleague Shira Ovide, the author of The Times’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              subscriber-only newsletter On Tech
             </a>
             . (Spoiler alert: It’s Amazon.)
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Yesterday, Stephen King, the best-selling author known for his horror books, testified in support of the lawsuit filed by the Justice Department to block the merger. It’s one of several efforts by the Biden administration to stem what it has said is excessive concentration in the U.S. economy.
            </p>
           </td>
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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 administration says the merger will hurt authors.
             </span>
             The deal will shrink the number of large American publishers of mass-market books to four from five.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              King testified
             </a>
             that the options for authors to get published have decreased since he started selling books in the mid-1970s. With fewer imprints competing, King said, advances have slowly dwindled, particularly for writers without a track record of sales. The merger of two of the country’s largest publishers would make it even harder for writers to earn a living, he said.
            </p>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But, Ovide argues, the trial is haunted by the specter of Amazon.
             </span>
             “Book publishers want to become bigger and stronger partly to have more leverage over Amazon, by far the largest seller of books in the United States,” she wrote. “One version of Penguin Random House’s strategy boils down to this: Our book publishing monopoly is the best defense against Amazon’s book selling monopoly.”
            </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">
              Companies have long tried to justify acquisitions by saying they are trying to level the playing field.
             </span>
            </p>
           </td>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               When AT&amp;T bought Time Warner, part of its rationale was that it wanted to become an
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                alternative to digital advertising powers
               </a>
               like Google and Facebook.
              </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">
               Music companies
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                have consolidated over the past 15 years
               </a>
               , in part to have more sway over digital services like Spotify.
              </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">
               Even Penguin Random House was formed out of a merger that a decade ago was justified as
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                one answer to Amazon’s influence
               </a>
               over book sales.
              </span>
             </li>
            </ul>
           </td>
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        </table>
       </div>
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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">
              Nonetheless, Ovide says, another mega-merger is unlikely to solve the book business’s concentration problem.
             </span>
             Competition experts told her that the best way to deal with Amazon’s dominance in books is not to allow publishers to become monopolists themselves, but to deal with Amazon’s outsize power with laws, regulations and enforcement. There’s growing bipartisan support for such a move, but don’t hold your breath.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “This legal case about book publishing is a window onto deep-rooted problems in the U.S. economy,” Ovide wrote. Those problems “took decades to make and will take a long time to change.”
            </p>
           </td>
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              Deals
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Neon, the film distributor behind the hit “Parasite,”
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                is exploring a sale
               </a>
               . (NYT)
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The owner of Grubhub wrote down its value
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                by $3 billion
               </a>
               , nearly half of its purchase price last year. (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Investment in
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                start-ups in Africa
               </a>
               more than doubled in the first half of the year, bucking global economic uncertainty. (Bloomberg)
              </span>
             </li>
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              Policy
             </span>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Georgia says
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                fetuses can be claimed as dependents
               </a>
               for tax purposes after six weeks. (WaPo)
              </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">
               President Biden will issue an executive order aimed at
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                helping Americans cross state lines
               </a>
               for abortions. (NYT)
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               The electric-vehicle maker Rivian says climate-focused tax credits in the proposed Inflation Reduction Act
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                would hurt it
               </a>
               . (WSJ)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Tim Wu, a White House adviser on antitrust,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                is expected to leave
               </a>
               . (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “Who’s to Blame for a
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Factory Shutdown
               </a>
               : a Company, or California?” (NYT)
              </span>
             </li>
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              Best of the rest
             </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Equifax sent lenders
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                incorrect credit scores
               </a>
               for millions of customers this year. (WSJ)
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              <span style="font-size:17px;line-height:25px">
               Hackers have drained funds from thousands of
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                crypto wallets on the Solana blockchain
               </a>
               . (Verge)
              </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">
               CNN’s profits are on track to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sink below $1 billion
               </a>
               for the first time since 2016. (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The N.F.L.
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                suspended Stephen Ross
               </a>
               , the Miami Dolphins owner and real estate developer, and took away two of the team’s draft picks. (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               A
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                jump in the use of Adderall
               </a>
               is leading to supply disruptions. (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               In New York, there are more rats, more cars and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                more rats in cars.
               </a>
               (NYT)
              </span>
             </li>
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             , Deputy Editor,
             <!-- -->
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