Inboxes List

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: “Perimeters of a deal” — again
  </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-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-r2ey6x{width:100%!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:600px){.css-14cus5q{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-tmef31{padding:0 0 0!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-18ei5jy{padding-bottom:6px!important}}@media (max-width:600px){.css-18ei5jy{width:100%!important;height:auto!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}@media (max-width:480px){.css-14jlz04{margin:0 30px 15px!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%252FzUU_q0_zbhnMuvY7qHcklw~~%252FAAAAARA~%252FkaWrTYoz1GTMiduFk5sJtSM6XAaUX_Pzb5GBO48RDh81gjjU89vSM0aZt4nqWLL764AO3guWUBsmoPQyhudMMg~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3ODU3NTc3NjEuOTk0NTE3Nn0:1wqrAX:ZIOUW69dabxqkcy85-E4x60LwtmECowUz9rlmjA9HNU" 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">
   Also, how Paul Weiss bent the knee to Trump.
  </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 border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="padding:15px 0 5px;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr aria-hidden="true">
               <td>
                <span style="text-align:center">
                 <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
                  <tbody>
                   <tr>
                    <td style="line-height:0;font-size:0">
                     <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                      <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk1MjY3OX0:1wqrAX:ZewhS0qelrLK8Qk1geuQbAEA-J-4YZd8jC-jXdkwShM" style="display:block;width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                   <tr class="css-1npprw9" style="display:none">
                    <td style="line-height:0;font-size:0">
                     <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                      <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk1NDE2Nn0:1wqrAX:J5J_SRk7xYenT4tcg44LJBAKTi7LyiltfoLTXXon9yk" style="display:block;width:100%;max-width:480px" width="480"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td height="10">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td class="css-tmef31" style="padding:8px 0 0;width:100%;text-align:center">
            <div style="margin-bottom:7px">
             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
              <img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fnewsletters%252Fpadded-logos%252FDealBook.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU3NTc3NjEuOTk1NTQ2Nn0:1wqrAX:Afz7RtAcolTktfqEV02jlqM9nduGpE2nN5PAq5OmLd4" style="width:300px" width="300"/>
             </a>
            </div>
            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             August 3, 2026
            </div>
            <p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
             <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
              <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk1Njh9:1wqrAX:8UnyJy7YaM8jDDfblGJ9P0lWO3bqw9psHaoOWK01Q4k" style="max-width:600px;width:100%" width="600"/>
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          The joint intervention by Washington and Tokyo to prop up the falling yen — foreshadowed by a picture of a notepad scrawled with “Buy Japanese Yen (JPY) $5-10 bil,” seemingly by Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          — signals a significant pivot in foreign exchange policy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While framed as assistance for a key ally against disorderly market swings, Wall Street knows the real story: This was a pre-emptive strike to protect the U.S. Treasury market, and therefore the American economy. Was this a one-off or will we have to do this again? History shows that these kinds of moves only buy time. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
         </a>
         <span>
          )
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump is seen speaking onboard Air Force One." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F03%252Fmultimedia%252F03db-trump-vcgz%252F03db-trump-vcgz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU3NTc3NjEuOTk1Nzg4Nn0:1wqrAX:aIsdxub43kJ6CWkv2blEPbR1q1ACrrPNTLyko3ghpuA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump’s statement that Iran peace talks are back on have lifted global markets.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Pete Marovich for The New York Times
             </span>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Bulls are back
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are feeling some déjà vu this morning after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          suggested that he wanted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          another go at peace talks with Iran
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump said negotiations would resume today, though he didn’t say who would participate. He added that the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          perimeters of a deal
         </a>
         <span>
          ” had been reached to reopen the virtually closed Strait of Hormuz. (Iran hasn’t confirmed any pact about the strait. Furthermore, an Iranian government spokesman said that there were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no direct talks at the moment
         </a>
         <span>
          between Iran and the U.S. Talks were being held today between Iran and Oman, Iranian officials said.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Veteran market watchers are divided on the significance of Trump’s statements from yesterday. But bulls so far are winning out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the international benchmark for oil, has fallen by more than 4 percent to $83.60 a barrel. (That’s after it climbed more than 20 percent last month.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are rallying, as are bonds.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The yield on the 30-year Treasury bond, which is sensitive to oil prices and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit a multidecade high
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                last week, fell to 5.227 percent.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will Trump do whatever it takes to make a deal?
         </span>
         <span>
          Bond markets have been in turmoil over rising oil prices and inflation, adding pressure on the White House to end the monthslong war. (Trump’s poll numbers have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit a new low
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I think Trump wants a deal, and that’s why he’s gone back to negotiations,” Derek Halpenny, the head of global markets research at the Japanese bank MUFG, told Bloomberg Television this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Others fear a quagmire.
         </span>
         <span>
          “We see the uneasy truce scenario dragging on for a while with violations from Iran and sporadic attacks on ships,” Mohit Kumar, an economist at Jefferies, wrote to investors this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The upshot, he added, would be more volatile market swings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There’s another reason for concern.
         </span>
         <span>
          On Friday, Exxon Mobil and Chevron warned that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fuel prices were likely to remain high
         </a>
         <span>
          for some time if the standoff continued to deplete oil reserves. (That said, Javier Blas of Bloomberg Opinion doesn’t see stockpiles
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at “crisis” levels
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Samantha Dart, a commodities analyst at Goldman Sachs,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fears a wider fallout
         </a>
         <span>
          on the global supply of diesel, from Ukrainian attacks on Russia’s oil infrastructure. That could drive up costs for agriculture and logistics sectors.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          AstraZeneca’s stock tumbles amid reports of a potential megadeal.
         </span>
         <span>
          London-listed shares in the drug maker were down over 5 percent today after The Financial Times reported that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had held talks about combining
         </a>
         <span>
          with Bristol Myers Squibb, in what would be one of the biggest-ever pharmaceutical transactions. A deal would bolster AstraZeneca’s U.S. footprint, but it is likely to raise concerns from antitrust regulators.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Todd Blanche bows to pressure from Republican senators.
         </span>
         <span>
          Blanche, the acting attorney general,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          confirmed in writing
         </a>
         <span>
          last night that the Justice Department was formally abandoning a nearly $1.8 billion fund for
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump’s
         </span>
         <span>
          allies and clarified the terms of a proposed I.R.S. settlement with Trump. The move may clear the path for Blanche to be confirmed as attorney general.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          California’s Democratic Party endorses a billionaire tax proposal.
         </span>
         <span>
          The party
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted to back the plan
         </a>
         <span>
          , which would impose a one-time 5 percent tax on the state’s roughly 200 billionaires voters approve it in November. The vote exposes fissures within California Democrats: Both Gov.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gavin Newsom
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Xavier Becerra
         </span>
         <span>
          , the Democratic candidate trying to succeed him, have opposed the measure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “Spider-Man: Brand New Day” helps set a box office record.
         </span>
         <span>
          The latest Spidey movie is expected to have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grossed $927 million
         </a>
         <span>
          in global ticket sales in its opening weekend, blowing past expectations by analysts (and even by Sony, the studio that released the film). Together with a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          still-strong showing from “The Odyssey,”
         </a>
         <span>
          the Spider-Man movie will help make 2026 a banner year for movies at the box office.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jobs and earnings will be in focus this week.
         </span>
         <span>
          July jobs data is expected to be released on Friday; a hot number could rekindle fears that the Fed will raise interest rates at its next meeting, in September. SpaceX, Apollo and AMD report quarterly results tomorrow; Eli Lilly, Novo Nordisk and the memory chip giants SanDisk and Western Digital announce theirs on Wednesday. SoftBank reports on Thursday.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk1ODk3NX0:1wqrAX:QQroJGJzFtk_LTfwRld64ct7kSt2pCxjkLbrSFcQST4" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk2MDExM30:1wqrAX:eBD0NP-lOVfLQpV4MlpYJZLb-WXlT1z7hMoZpfpqzPo" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk2MTIzfQ:1wqrAX:EeRTGEvX8W0sHn3hncrjTHcJUqdUNP719A7gTF1zHi0" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Brad Karp, the former leader of Paul Weiss, in a suit and open-necked dress shirt, sitting in a chair with his head on his chin." class="css-18ei5jy" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F03%252Fmultimedia%252F03db-karp-qbjt%252F03db-karp-qbjt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU3NTc3NjEuOTk2MjI3NX0:1wqrAX:57U9eCTqodz_TrQH0s0qLGl6maCmFLOEsNRkz8IYiWo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Brad Karp, the former leader of the law firm Paul Weiss, had the backing of Democratic partners of the firm in reaching a deal with the Trump administration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Carly Zavala for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Let’s get this done!!!!”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The legal world was astonished last year when Paul Weiss, the Wall Street firm long known as a bastion of pro bono work in service of progressive causes, bent the knee to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          An investigation
         </a>
         <span>
          by Michael Schmidt and Jessica Silver-Greenberg of The Times delves into what led to the decision. This included the transformation of Paul Weiss from an elite shop of litigators, led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brad Karp
         </span>
         <span>
          , to a powerhouse corporate deal practice led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Barshay
         </span>
         <span>
          that was more sensitive to anything that could alienate clients.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Schmidt and Silver-Greenberg also explain how Paul Weiss
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          arranged a deal
         </a>
         <span>
          with the Trump administration, which involved Karp;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robert Kraft
         </span>
         <span>
          , the owner of the New England Patriots and a contact of Karp’s; and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          From The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          It took two days of Mr. Karp leaving messages before Mr. Trump called back. He told Mr. Karp that in addition to Mr. Kraft,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marc Rowan
         </span>
         <span>
          , the head of Apollo, had vouched for him. They agreed to meet the next morning at 8 a.m. in the Oval Office.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Mr. Karp arrived alone. In the Oval Office was the president’s personal lawyer
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Boris Epshteyn
         </span>
         <span>
          . Another one of Mr. Trump’s personal lawyers,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robert Giuffra
         </span>
         <span>
          , was dialed in.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          For Mr. Karp, Mr. Giuffra’s presence was likely to be unnerving.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Mr. Giuffra is a fierce rival of Paul Weiss as co-chairman of Sullivan &amp; Cromwell, and he was handling Mr. Trump’s appeal of his criminal conviction in the Manhattan district attorney’s case involving Stormy Daniels. Now, Mr. Giuffra appeared to be helping the president bring Paul Weiss to heel.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The meeting lasted several hours. Mr. Trump complained that Paul Weiss had wronged him. He raised the fact that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          E. Jean Carroll,
         </span>
         <span>
          the woman who won a civil judgment against him for sexual abuse, was represented by Ms. Kaplan, a former Paul Weiss partner, at a trial overseen by a judge who was also a former Paul Weiss partner.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Mr. Karp refused one demand from the White House: that Mr. Karp commit to help re-litigate the 2020 election and that Paul Weiss say it had been part of weaponizing the justice system against Mr. Trump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Still, even partners who were stalwart Democrats were eager to strike a deal: “Let’s get this done!!!!”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Karen Dunn
         </span>
         <span>
          , who oversaw debate prep for
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kamala Harris
         </span>
         <span>
          , wrote an email reviewed by The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet in announcing the deal, Trump declared on social media that Paul Weiss had agreed not to “adopt, use, or pursue any DEI policies,” something that Karp told his partners he hadn’t agreed to. “My god,” he wrote, according to The Times.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk2MzM1M30:1wqrAX:BMIn08n3R4DFbTIL592l1fbrBhDKGajV2Tclvu-7fVc" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk2NDQ3fQ:1wqrAX:rakRrqimK1ZrxD8gS_PV438mvB1_PyiPg53pREHzGuE" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk2NjM3fQ:1wqrAX:SKkyDijElX85EtQDK2Oucybadb-icnFoVLpt6hziQDQ" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         PICTURE OF THE DAY
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A notepad is seen in close up in which the words “To Do Buy Japanese Yen $5-10 bil” are written." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F03%252Fmultimedia%252F03db-bessent-yen-jhcp%252F03db-bessent-yen-jhcp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU3NTc3NjEuOTk2ODEyNn0:1wqrAX:q6aSeW8gTmPLSl2OP5lx4J3AZA_nZ225P5xdtKDopU0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The markets were buzzing after a Reuters photographer snapped this picture at a cabinet meeting on Friday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Daniel Heuer/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The yen is rebounding today after Tokyo and Washington
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          confirmed a joint intervention
         </a>
         <span>
          in the foreign exchange markets. Speculation about the move had gripped currency trading desks after a Reuters photographer on Friday, during a Trump administration cabinet meeting,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          snapped a picture of a notepad
         </a>
         <span>
          on which the words “To Do” and then “Buy Japanese Yen (JPY) $5-10 bil” were scrawled.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The notepad was spotted where Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          , who made a hugely profitable bet against the Japanese yen at Soros Fund Management more than a decade ago, was sitting.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Paul Grewal, in a suit and tie, sitting in front of a microphone during a House hearing." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F03%252Fworld%252F03dealbook-nl-Grewal%252F03dealbook-nl-Grewal-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU3NTc3NjEuOTk2OTY5NX0:1wqrAX:sKt-rBAxm3rtME1RsY_EgUwq6I_8wez2kFam_NMqpyw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Paul Grewal, a veteran corporate lawyer, is jumping from crypto to artificial intelligence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anna Rose Layden/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A prominent crypto lawyer joins a buzzy A.I. start-up
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence industry’s lobbying muscle is growing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest example?
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Paul Grewal
         </span>
         <span>
          , the former chief legal officer at Coinbase, is joining the A.I. start-up Cognition AI as its first chief legal and global affairs officer, Niko Gallogly is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move reflects the A.I. industry’s growing focus on Washington lobbying efforts. Grewal brings deep experience representing Silicon Valley’s interests in the capital.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cognition AI is behind Devin, a coding agent.
         </span>
         <span>
          The company, valued at $26 billion, counts Goldman Sachs and Mercedes-Benz as customers, and reached $492 million in annual recurring revenue in May.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Grewal’s new focus in Washington:
         </span>
         <span>
          He told DealBook that ensuring continued access to open-source models was a major priority for Cognition AI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Cognition AI is one of roughly 230 companies and organizations — including Google, Meta and Microsoft — that signed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a recent letter
         </a>
         <span>
          spearheaded by Nvidia in support of open-source A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It is important that the government is “not unnecessarily handcuffing itself in the global competition with China and other countries,” Grewal told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Grewal’s résumé is notable:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                As deputy general counsel at Meta (then Facebook), he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                became the company’s leading legal face
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                through a scandal in which Cambridge Analytica, a British consulting firm, collected the data of millions of Facebook users.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In 2020, Grewal joined the crypto exchange Coinbase, where he spearheaded its legal defense against a 2023 lawsuit by the S.E.C. that argued that Coinbase operated as an unregistered securities exchange. The S.E.C. dismissed the case last year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Grewal also helped lobby for the GENIUS Act, which passed in 2025 and provided a regulatory framework for stablecoins.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Grewal said he planned to spend equal time on Capitol Hill and Pennsylvania Avenue.
         </span>
         <span>
          “As lawmakers in Congress learned more about how crypto worked, they became much more comfortable and confident,” he said, adding he expected the same would be true for A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The A.I. lobbying bonanza is likely to continue.
         </span>
         <span>
          OpenAI and Anthropic spent a combined $3.17 million on federal lobbying last quarter, up 23 percent from the previous one. Expect more start-ups like Cognition AI to join them.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jefferies was close to closing an embattled investment fund tied to a bankrupt auto parts maker. Then
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                trouble at an iron ore trader emerged
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Italian bank Banco BPM
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                withdrew a takeover bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for Banca Monte dei Paschi di Siena, potentially clearing the path for a rival offer from Intesa Sanpaolo — or perhaps Monte dei Paschi taking the lead in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bidding for Banco BPM
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ, FT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Capital One’s response to a Trump Organization lawsuit over its closing of the company’s accounts: It did so
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                after an anti-money-laundering review
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (CNBC)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Anger Over Data Centers Is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fueling a New Political Movement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Politico)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Larry Ellison
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is betting his multibillion-dollar fortune on artificial intelligence. Will that prove to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a cautionary tale
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “A.I.’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                manifesto war
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Axios)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Some struggling colleges are using a once-unthinkable tactic to pay their bills:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                taking money from their endowments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3MTE4NX0:1wqrAX:XNCUB5UC9voLApm2LSzuEX9dSGuifydLpinCXvvSmOI" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3Mjc5NH0:1wqrAX:RGmydo-j99uZ3hMu6Hs4qCvTfAxjN6yBy9S4Q9FQ1GI" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260803%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3NDMyMn0:1wqrAX:j1Bu0_YcvFGruU87M33HyveZFK_rV7Zq9J0ZCFe631A" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Follow DealBook on Instagram: @
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nytdealbook
         </a>
        </p>
        <div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <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_20260803%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3NTU0NX0:1wqrAX:HMH2xXF6UW7V-8CZq8r0b4QoI1tO79e-44w_aK5qUK8" width="2"/>
            </td>
            <td height="6">
             <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_20260803%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3NjgzM30:1wqrAX:A0SYxifc-n-XIiev9YX6Yg7Qpi_AOc37cXPhvfBzpQc" width="2"/>
            </td>
            <td height="6">
             <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_20260803%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk3ODQ5N30:1wqrAX:TQxKRF9cGAACG1_OixsUEFR71gq184qJ-F7KseqvLOs" width="2"/>
            </td>
            <td height="6">
             <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_20260803%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk4MDA4M30:1wqrAX:CrWDCtNy6mzdkCNlHHLcA0itHg9NIijmDRwopCLQBFM" width="2"/>
            </td>
            <td height="6">
             <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_20260803%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU3NTc3NjEuOTk4MTUxNX0:1wqrAX:iqPpH3jsqIToSSWT43AWb1Gkatq2OSaa9kuuoxRWu1A" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="15">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <span style="font-weight:600">
             Brian O'Keefe
            </span>
            <span>
             , Managing Editor, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @brianbokeefe
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Niko Gallogly
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @nikogallogly
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             If you received this newsletter from someone else,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              subscribe here
             </a>
             .
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
             <a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODU3NTc3NjEuOTk4MjkyMn0:1wqrAX:hBw9VYmfxqeuQMbXz1TWjIvhLIBQgdeQFO4Bb1eh3a0" style="vertical-align:middle" width="25"/>
                </a>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODU3NTc3NjEuOTk4NDI2fQ:1wqrAX:nsHxK62lh5mM00Ad2lt9Praz-eM0lzLmPxYGAjD1bbY" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
             <img alt="Zeta Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fads-powered-by-zeta-cropped.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODU3NTc3NjEuOTk4NTM0NH0:1wqrAX:9hHmQY-B6QYD7pg_KQKINoVe1spLqxLb041UmUdgST4" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODU3NTc3NjEuOTk4NjM0M30:1wqrAX:wzM2-mgcYol-Vhb3kpIi_OxwvilfSPQqzdecVvWtshA" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="color:#999;font:12px/15px arial,sans-serif;margin: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%252FD0OP7sV4PX08XEi2Dc9lgQ~~%252FAAAAARA~%252FGYnHUawl8h8n95puLBoGw3hEtXJKWywMwKBH1cgPycOm8NkPtS4xT-8JJ4MSZnUdUmu1xkkDXfUVFIkegHWBRQ~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3ODU3NTc3NjEuOTk4NzUzNX0:1wqrAX:kACtHhlS_zyivmwIYxqlrqRTCVtG8XHVmw3bNRKka3U" width="1"/>
 </body>
</html>