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   DealBook: The TACO question returns
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   Also, Bill Ackman returns to the I.P.O. market.
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             March 10, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Is the TACO trade back? President Trump’s signals that U.S. strikes on Iran could conclude soon appear intended to soothe a market rattled by soaring oil prices. This raises a provocative question: Does the S&amp;P 500 now dictate U.S. foreign policy?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also in today’s mix: Bill Ackman officially files to take his hedge fund public. Details below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="President Trump, in a dark suit, walking toward the White House." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F10%252Fmultimedia%252F10db-trump-pbwc%252F10db-trump-pbwc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMxNDUzMTEuMTkzMDgzOH0:1vzw5v:rumikg5zRvsmR25SNCBJuZYfj5gviM2KDoXWN8HdO98" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             President Trump’s conflicting signals about ending the strikes on Iran have kept investors on edge.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Al Drago for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An off-ramp ahead?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since the U.S. and Israel attacked Iran, markets, boardrooms and international capitals have debated when President Trump would signal that he’s had enough of the war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That question has come full circle after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a dizzying trading session
         </a>
         <span>
          yesterday, as Trump sent conflicting messages that the fighting could be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          over “very soon
         </a>
         <span>
          .” Today, global markets are rallying despite continuing strikes, and Trump himself warning of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more aggressive action
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Businesses are bracing for more fallout.
         </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">
          Here’s the latest:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the global benchmark for oil, was trading around $91 a barrel this morning — a steep drop from a roller-coaster session yesterday that saw prices spike to nearly $120.
               </span>
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                Stocks in Asia and Europe were up, including hard-hit sectors like airlines, banks and autos.
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            <img alt="A line chart shows the steep recent rise in the price of Brent crude, the global oil benchmark, over the past month." class="css-xsf469" height="533" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F10%252Fbusiness%252F10db-chart%252F10db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMxNDUzMTEuMTkzMTgwNn0:1vzw5v:EMr1MMQSY0RSX6CaNJFshLtbdMx9ruVezhd4C25Xpfw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <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">
          Are the bulls getting ahead of themselves?
         </span>
         <span>
          The world is still grappling with an energy supply crunch that’s pushing up prices for households and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          businesses
         </a>
         <span>
          . And, Iran has vowed to continue its attacks that have essentially paralyzed the Strait of Hormuz. Iraq, Kuwait, Saudi Arabia and the United Arab Emirates have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reduced output by as much as 6.7 million barrels per day
         </a>
         <span>
          , according to Bloomberg, citing unnamed sources.
         </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">
          Also worth watching:
         </span>
         <span>
          Wild market swings have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          walloped hedge fund giants
         </a>
         <span>
          like Steve Cohen’s Point72 and Balyasny Asset Management since war began last week.
         </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">
          Resolving the Hormuz bottleneck is key to containing the economic pain.
         </span>
         <span>
          The administration has floated measures including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a $20 billion government-backed insurance plan
         </a>
         <span>
          for vessels and possible naval escorts to try to ensure safe passage through the strait. (The administration has temporarily
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          waived some sanctions
         </a>
         <span>
          against Russia and its oil, and Trump said yesterday he “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had a very good talk
         </a>
         <span>
          ” with President Vladimir Putin.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Details have been scant, though. As doubts for a timely fix grow, analysts see
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          triple-digit oil prices
         </a>
         <span>
          on the horizon again.
         </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">
          That could heap pressure on Trump to de-escalate.
         </span>
         <span>
          The war is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unpopular with voters
         </a>
         <span>
          , opinion polls show. A prolonged spike in energy prices could drive up inflation and delay the Fed cutting interest rate cuts by months, undercutting the Republicans’ message that they’re focused on the affordability crisis.
         </span>
        </p>
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           <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>
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        <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">
          Apple now makes a quarter of its iPhones in India.
         </span>
         <span>
          The tech giant ramped up production there
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          by about 53 percent last year
         </a>
         <span>
          , to 55 million from 36 million a year earlier, according to Bloomberg, as it looked to minimize the blow from President Trump’s tariffs on imports from China, a main manufacturing hub. The move comes as U.S. manufacturers bet on where to refocus their supply chain amid the administration’s ever-shifting trade policy.
         </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">
          Novo Nordisk drops its feud with Hims &amp; Hers.
         </span>
         <span>
          The Danish drugmaker
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          withdrew its lawsuit
         </a>
         <span>
          against the online retailer that had sold compounded versions of Novo’s Ozempic and Wegovy. As part of the deal, Hims &amp; Hers agreed to sell Ozempic and Wegovy, and to stop promoting its copycat versions. Hims &amp; Hers shares rallied on the news.
         </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 Alexander brothers are found guilty in a sex-trafficking trial.
         </span>
         <span>
          The three brothers, two of whom were successful high-end real estate agents, were convicted in Manhattan of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          engaging in a yearslong conspiracy
         </a>
         <span>
          to traffic women and girls for sex. Each could receive a sentence of up to life in prison. Women who testified accused the brothers of drugging and raping them at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exclusive parties and on trips
         </a>
         <span>
          in the Hamptons and New York City.
         </span>
        </p>
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            <img alt="Bill Ackman, in a blue suit, shirt and tie, wearing a headphone microphone and raising his hands." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F10%252Fmultimedia%252F10db-ackman-vbzq%252F10db-ackman-vbzq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMxNDUzMTEuMTkzNjA3fQ:1vzw5v:tVX5NhdPdwEFeZQBbsBc_vRExqHnsNg8yS35NhBaRAg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Bill Ackman has believed that a publicly traded investment fund would help his mission to become the next Warren Buffett.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Mike Blake/Reuters
             </span>
            </span>
           </td>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Pershing Square seeks the public markets again
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bill Ackman is trying to take his hedge fund public once more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His Pershing Square just filed for an I.P.O. in New York, as well as one for an investment fund that he had sought to take public in 2024.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s the latest effort by the billionaire to turn his financial empire into a durable publicly traded business, as he aims to become the next Warren Buffett.
         </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">
          What’s happening:
         </span>
         <span>
          Ackman is seeking what his company called a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          combined I.P.O.
         </a>
         <span>
          ” of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Pershing Square Inc.
         </a>
         <span>
          , his $30.7 billion hedge fund, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Pershing Square USA
         </a>
         <span>
          , a closed-end fund that makes big investments in about a dozen North American public companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More details:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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             <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">
                Pershing Square USA is seeking to price its shares at $50 apiece, with hopes of raising $5 billion to $10 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Prospective investors in Pershing Square USA will receive 20 shares in Pershing Square Inc. for every 100 shares in the closed-end fund they buy.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Investors otherwise can’t buy into the Pershing Square Inc. offering.
               </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 group of investors, including family offices and pension funds, have agreed to buy roughly $2.8 billion worth of shares in Pershing Square USA. They’ll also get 30 shares in Pershing Square Inc. for every 100 shares in the closed-end fund they buy.
               </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">
          The context:
         </span>
         <span>
          In 2024, Ackman initially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sought to raise up to $25 billion
         </a>
         <span>
          for the closed-end fund.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The offering was expected to draw strong interest from retail investors, including followers of Ackman’s frequent public pronouncements on social media. But Ackman
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scaled back the offering
         </a>
         <span>
          before
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          withdrawing it altogether
         </a>
         <span>
          .
         </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">
          Ackman has long shown interest in permanent-capital vehicles.
         </span>
         <span>
          Ackman has viewed Pershing Square USA as a big part of his business’ future.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pershing Square has run a similar London-listed fund for several years. And the financier has sought to turn Howard Hughes Holdings, a conglomerate in which he owns a big stake, into a deal machine like what Buffett created at Berkshire Hathaway.
         </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">
          Ackman has also laid the groundwork for taking Pershing Square Inc. public.
         </span>
         <span>
          In 2024, he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold a 10 percent stake
         </a>
         <span>
          in the hedge fund at a $10 billion valuation.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The question hanging over the Live Nation settlement
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street and Washington were abuzz yesterday over the Justice Department’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tentative settlement with Live Nation
         </a>
         <span>
          , a week into the high-profile trial.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The department’s treatment of the case was widely seen as an indicator of its direction after the departure of Gail Slater as its antitrust chief. For some deal makers, the settlement underscored a new level of political influence on competition enforcement, Lauren Hirsch writes.
         </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">
          What’s in the settlement:
         </span>
         <span>
          Under the arrangement’s proposed terms, Live Nation would restrict its use of exclusive contracts but not abolish them all together. It also agreed to offer venues a tech platform that would allow for multiple ticketing systems.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          far short of the breakup
         </a>
         <span>
          that the Justice Department sought in 2024 when it sued Ticketmaster. Live Nation’s shares rose more than 6 percent yesterday.
         </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">
          Justice Department lawyers appeared surprised by the settlement.
         </span>
         <span>
          A federal prosecutor told Judge Arun Subramanian that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he had received the term sheet
         </a>
         <span>
          yesterday, at around the same time the judge did.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Subramanian appeared to express anger that there had been no discussion of the term sheet, which was signed on Thursday, in a Friday morning meeting at his chambers. “It shows absolute disrespect for the court, the jury and this entire process,” the judge said, calling it “absolutely unacceptable.”
         </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">
          Questions about political influence have hung over the Justice Department
         </span>
         <span>
          . They grew prominent after the department’s handling of Hewlett Packard Enterprise’s takeover of Juniper Networks, a case that a former antitrust official at the department said had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          usurped by political appointees.
         </a>
         <span>
          Slater left
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          last month
         </a>
         <span>
          amid rumors of a potential Live Nation settlement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Perceptions about political influence have changed how some M.&amp;A. advisers approach antitrust reviews, experts say. Steven Haas, a partner at the law firm Hunton Andrews Kurth, told DealBook that “there is at least a sense among some people that the decisions can be made, or influenced, early on, at more senior levels.”
         </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">
          What happens now?
         </span>
         <span>
          The Live Nation settlement still needs approval — and Subramanian said that he expected Michael Rapino, the C.E.O. of Live Nation, and Omeed Assefi, the acting head of the Justice Department’s antitrust division, in court today to discuss it. Lawyers representing some of the 39 states and the District of Columbia involved in the litigation said they would seek a mistrial.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a court filing last night, Live Nation said it would drop its objection to a mistrial in return for court mandated settlement discussions within the next 30 days. If no deal is reached, the company would agree to a trial 30 days after the conclusion of a federal court review of the new Justice Department agreement.
         </span>
        </p>
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            <img alt="Senator Elizabeth Warren, Democrat of Massachusetts, is seen speaking at a lectern with the U.S. flag behind her." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F10%252Fmultimedia%252F10db-warren-pzbh%252F10db-warren-pzbh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMxNDUzMTEuMTk0MDI4OX0:1vzw5v:USokcSgVk76VCUq49o3QgZoK5V32gMcqRLzT6C1IaLU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Senator Elizabeth Warren, Democrat of Massachusetts, will call out C.E.O.s for securing “special deals” with the Trump administration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Allison Robbert for The New York Times
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Exclusive: Elizabeth Warren sees “flashing red” signs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Democrats are coalescing around a line of attack before the midterm elections: President Trump is cashing in on his presidency while failing to address affordability.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This morning, Senator Elizabeth Warren of Massachusetts is set to deliver the latest salvo along those lines. She will give a speech connecting what she calls a “tsunami of corruption” under the Trump administration to growing danger for the U.S. financial system.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Because there has been such trust in our markets, we can survive some corruption for some period of time,” Warren told Niko Gallogly in an exclusive preview of the speech, “but not this much corruption for very much longer.”
         </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">
          Democrats say corruption is a potent line of attack against Trump.
         </span>
         <span>
          In a poll last month, roughly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          49 percent of Americans
         </a>
         <span>
          said they would describe Trump as “corrupt.” This year, The Times’s editorial board argued that Trump had used the presidency to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          make at least $1.4 billion
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In Warren’s remarks today, which she will deliver to the Council of Institutional Investors, a group representing pension funds, endowments and union funds, the senator will call out C.E.O.s for securing “special deals” with the Trump administration. They include:
         </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">
                Tim Cook of Apple, who donated to Trump’s inaugural committee and visited him in the Oval Office. Apple was able to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                secure exemptions on some tariffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
                Palmer Luckey, a founder of the military tech start-up Anduril and an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                early Trump supporter
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Erebor Bank, which he helped start, became
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the first new bank
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to be granted a national charter in Trump’s second term.
               </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">
          High among Warren’s concerns are the Trump family’s crypto ties,
         </span>
         <span>
          which Fortune recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          valued at $3 billion
         </a>
         <span>
          .
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Last week, Trump took to social media in apparent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          support of the Clarity Act
         </a>
         <span>
          , a crypto bill that has been languishing in the Senate. Warren told DealBook that the legislation was “affirmatively dangerous for the economy.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Clarity Act will need Democratic support to pass the Senate. Warren is seeking to put pressure on fellow Democrats to demand the inclusion of an ethics provision — something the Trump administration has called a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nonstarter
         </a>
         <span>
          .
         </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">
          Why now?
         </span>
         <span>
          Warren said her speech came at a time when
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the “economic lights are flashing red,” and pointed to growing financial stress on middle-class families and questions about risks in private capital.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Corruption in the system accelerates all of those,” she said.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <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">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                AMI Labs, a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                start-up co-founded by Yann LeCun
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former Meta artificial intelligence scientist, has raised $1 billion from investors including Nvidia, Samsung and Jeff Bezos. (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">
                Goldman Sachs is said to have pitched hedge funds on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ways to short corporate loans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to bet against software companies and other industries A.I. threatens. (FT)
               </span>
              </li>
             </ul>
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        <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>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The National Bureau of Economic Research, the leading economics group,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cut ties with Larry Summers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over his relationship with Jeffrey Epstein. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Prediction markets
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                face questions on Iran war bets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , from regime change to nuclear detonation” (CNBC)
               </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">
                The MacKenzie Scott playbook for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                giving away her fortune
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                : cryptic emails from a sender having something to do with a horse, no application process and more. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “An Amish Avatar and an A.I. Monk Are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Pitching Supplements on Social Media
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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