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   DealBook: The war on regulation rages on
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   Also, How business moguls pressed New York City’s mayor on protests.
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             May 17, 2024
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                  SUPPORTED BY
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          Good morning. We look at a big win for the Consumer Financial Protection Bureau.; a report on how some business leaders pressured New York City’s mayor to act on campus protests; and the global fight for copper. (Was this newsletter forwarded to you?
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             The Consumer Financial Protection Bureau won a reprieve in the Supreme Court on Thursday, but other legal challenges loom.
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         <span>
          Regulatory wars
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Supreme Court
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lifted the existential threat
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          hanging over the Consumer Financial Protection Bureau, rejecting a challenge to the agency’s funding.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The decision could have huge consequences for a raft of conservative-led lawsuits involving administrative authority — but business groups and Republicans are vowing to fight on.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          A recap:
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         <span>
          Payday lenders had sued the C.F.P.B. over a rule that would limit the number of times they could withdraw money from a customer’s account for repayment.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The companies and conservative groups argued that the practice wasn’t harmful, and said the way the regulator is funded — via annual allocations from the Fed’s profits rather than from Congress — was unconstitutional.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The stakes were high for an agency created after the 2008 financial crisis.
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          If the C.F.P.B. lost, its past enforcement actions could have been under threat. More widely, other similarly funded federal regulators and agencies — including the Federal Deposit Insurance Corporation — would face similar questions.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Democrats cheered the decision.
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         <span>
          Senator Elizabeth Warren, the Massachusetts Democrat who helped create the agency, took to the steps of the Supreme Court to marvel that Justice Clarence Thomas, the conservative who wrote the decision, saved it.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “
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          Will wonders ever cease?” she asked.
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              A MESSAGE FROM EXXONMOBIL
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               Let’s deliver carbon capture for American industry
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               ExxonMobil is working on solutions to reduce carbon emissions in its own operations – like carbon capture – that could help industries in manufacturing, commercial transportation and power generation deliver lower emissions, too.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The ruling could have ripple effects on other legal fights.
         </span>
         <span>
          Last week, another court temporarily blocked a C.F.P.B. rule on credit-card late fees in a case brought by the Chamber of Commerce and the Consumer Bankers Association. But that was based on the same argument that the Supreme Court just rejected.
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Separate legal challenges
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         <span>
          to the agency’s actions were on hold until the Supreme Court ruled, including a rule requiring banks to share data on small business loans so regulators can police them for incidences of discriminatory lending practices and enforcement actions against FirstCash, the pawnshop chain, and MoneyGram, the international money transfer group.
         </span>
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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">
          Meanwhile, the fight continues.
         </span>
         <span>
          Daryl Joseffer, the Chamber of Commerce’s chief counsel, told DealBook that the group would try to block the fee rule on different grounds and was ramping up an “unprecedented” litigation campaign against the government’s “regulatory tsunami.”
         </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What next?
         </span>
         <span>
          The Supreme Court is expected to rule on two other challenges to agency power in the coming weeks: a lawsuit on the so-called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Chevron Doctrine
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         <span>
          , which allows agencies to interpret ambiguous laws, and another on the constitutionality of the S.E.C.’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          administrative tribunals
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          .
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                In other regulatory news:
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                Democrats, including officials from Warren’s office, have been working to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                protect Martin Gruenberg
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the embattled F.D.I.C chair, after a scathing report into management at the agency, according to Semafor.
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             <span>
              HERE’S WHAT’S HAPPENING
             </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Reddit’s stock jumps after striking a deal with OpenAI.
         </span>
         <span>
          Shares in the social media company were up 12 percent in premarket trading today after it allowed OpenAI to train its artificial intelligence models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on its forums’ huge store of content
         </a>
         <span>
          ; Reddit struck a similar deal with Google in February. In related news,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sony Music warned A.I. companies
         </a>
         <span>
          about unauthorized use of work from its artists — including Beyoncé and Harry Styles — to train their models.
         </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">
          China will buy homes to revive its moribund real estate market.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The plan
         </a>
         <span>
          , which was accompanied by a lowering of mortgage rates and down-payment requirements, is intended to strengthen efforts to revive a key part of the Chinese economy. The plan came as Beijing reported economic data showing a record amount of unsold homes and plummeting housing prices.
         </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">
          Tesla’s chair says winning investor support for Elon Musk’s big pay package is a huge challenge.
         </span>
         <span>
          Robyn Denholm told The Financial Times that the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          must climb “Mount Everest”
         </a>
         <span>
          to persuade the electric carmaker’s shareholders to re-approve a plan to award Musk $56 billion in compensation, after a Delaware judge voided the scheme. A vote on the package is planned at Tesla’s annual meeting on June 13.
         </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">
          Figma announces its Plan B after the collapse of its $20 billion sale to Adobe.
         </span>
         <span>
          The design company said it would allow employees to sell
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          up to $900 million worth of stock
         </a>
         <span>
          at a $12.5 billion valuation, with backing from investors including Andreessen Horowitz, Kleiner Perkins and Sequoia Capital. The transaction will be a relief to Figma workers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hoping to cash in
         </a>
         <span>
          via the Adobe deal.
         </span>
        </p>
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         <span>
          When business moguls pressed N.Y.C.’s mayor on university protests
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In public, prominent business leaders including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Robert Kraft
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Barry Sternlicht
         </a>
         <span>
          have been outspoken opponents of the pro-Palestinian protests that gripped college campuses like those at Columbia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In private, others appear to have gone further: Several moguls
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          held a Zoom video call
         </a>
         <span>
          with Mayor Eric Adams of New York City last month, urging him to more forcefully disperse the Columbia protest, according to The Washington Post.
         </span>
        </p>
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         <span>
          The report — which the newspaper said it based on named and unnamed participants in both the call and a broader group chat, as well as chat logs that it verified — underscores how strongly some business leaders feel about what they fear is rising antisemitism, as well as what steps they’re willing to take to combat it.
         </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 call arose out of a WhatsApp group chat involving top executives,
         </span>
         <span>
          according to The Post. Formed after Hamas’s Oct. 7 attacks on Israel, the chat group members include Howard Schultz, the former Starbucks C.E.O.; Michael Dell, the tech mogul; the financiers Bill Ackman, Dan Loeb, Sternlicht and Josh Kushner; and Daniel Lubetzky, the founder of Kind snack bars, the Post reported. (A number of the business leaders confirmed to The Post that they were members of the group chat.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since the group’s formation, some of its members have discussed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $50 million anti-Hamas media campaign
         </a>
         <span>
          that was reported earlier by Semafor and held background briefings with top Israeli government officials.
         </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">
          Members sought to persuade Adams to use the police to break up the Columbia encampment,
         </span>
         <span>
          The Post reports. The April 26 call — whose attendees included Loeb, Lubetzky, the industrialist Len Blavatnik and the real estate mogul Joseph Sitt — included discussions about making political contributions to the mayor, who is up for re-election next year; ways to get Black leaders to condemn antisemitism (one member asked if anyone knew Jay-Z or Alicia Keys); and offers to pay for private investigators to help the police.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The next day, Loeb wrote in the chat that it was “a sad state that we feel the need to grovel to ask our elected officials to do their jobs.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On April 30, the police returned to Columbia and arrested dozens of protesters who had stormed a university building.
         </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">
          Adams officials pushed back against the report:
         </span>
         <span>
          A lawyer for the mayor’s campaign said several members hadn’t made political donations, but didn’t comment on a $2,100 contribution from Blavatnik that a spokeswoman for the businessman confirmed was made last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fabien Levy, a deputy mayor for communications, said police officers were sent to Columbia after “specific written requests” from school leaders, adding, “Any suggestion that other considerations were involved in the decision-making process is completely false.”
         </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 group was shut this month,
         </span>
         <span>
          after months of inactivity from some members (including Schultz, Ackman and Sternlicht), according to The Post.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But business groups have continued to respond to concerns about rising antisemitism. Sullivan &amp; Cromwell, the white-shoe law firm, said this week that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more closely vet potential hires
         </a>
         <span>
          for “participation in pro-terrorist groups and other similar activities.”
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “If you say you are targeting China, people will ask why we are not also talking about others.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Puma Shen, a lawmaker from Taiwan’s ruling Democratic Progressive Party, on why the country
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          hasn’t banned TikTok
         </a>
         <span style="font-style:italic">
          , but is instead tightly regulating all social media platforms that can be used to spread disinformation.
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Copper diplomacy
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Copper is the new gold. Futures prices have soared this year,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hitting a record in New York
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          far outperforming oil and tech stocks
         </a>
         <span>
          as global demand skyrockets for the metal, a key element in the artificial intelligence and energy transition fields.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That has set up an international race to snatch up copper supplies — and is weighing on the Biden administration as it considers easing sanctions on an Israeli mining mogul.
         </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 copper is so important:
         </span>
         <span>
          It’s used in batteries and in data centers. The mineral “is the foundation of current climate policy,” the International Energy Forum wrote in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a report this week
         </a>
         <span>
          , adding that there’s not enough being mined to meet the world’s electric vehicle and electricity targets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such is the demand for copper that police are dealing with a global crime wave of scrap-metal thieves targeting copper wires in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Europe’s train yards
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          copper pipes in the Midwest
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          copper cabling in Australia
         </a>
         <span>
          . And it’s a major driver behind BHP Group’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $43 billion hostile takeover bid
         </a>
         <span>
          for its rival, Anglo American.
         </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 surge in demand has increased global attention on Africa’s copper belt.
         </span>
         <span>
          China has used its presence in Zambia and the Democratic Republic of Congo to secure a steady supply of the minerals needed to build up its E.V. sector and power its cities and high-tech industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meanwhile, the
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          U.S. and the European Union have funneled nearly $1 billion into
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a massive infrastructure project
         </a>
         <span>
          that spans Angola, the D.R.C. and Zambia. It includes the Lobito rail project, which would transport copper and cobalt from the heart of Africa to a port in Angola, en route to the U.S. and Europe.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          (China aims to expand the rail infrastructure in the other direction, by bringing mined materials from the same region to Africa’s eastern coast and onward to Asia.)
         </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 Biden administration is stepping up its copper diplomacy efforts.
         </span>
         <span>
          The White House is debating whether to allow Dan Gertler, who was sanctioned by the U.S. in 2017, to sell three of his Congolese copper and cobalt mines,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times reports
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The hope is that Western-leaning companies would buy the concessions, securing a new supply line for U.S. companies. But the plan’s future is far from certain, amid strong opposition from some Treasury and State Department officials.
         </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
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          Deals
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                Ping An
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                , the big Chinese insurer, is reportedly considering options to sell down its 8 percent stake in HSBC after failing to win support for its plan to shake up the British bank. (Bloomberg)
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                A.I.G. agreed to sell a
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                20 percent stake in Corebridge
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                , the life insurance and annuities provider it spun out but still controls, to Nippon Life for $3.8 billion. (WSJ)
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                overturn an S.E.C. cryptocurrency accounting rule
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                that the industry opposes, though President Biden is expected to veto the measure. (CoinDesk)
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                David Trone Torched $60 Million of His Own Money.
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                He’s Not the Only One.” (NYT)
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                The Serbian government approved plans by Jared Kushner to
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                build a luxury hotel in Belgrade
               </a>
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                , putting the two in business as his father-in-law, Donald Trump, seeks re-election. (NYT)
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                led by Dana Walden
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                , the media company’s entertainment co-chair. (Vanity Fair)
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