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   DealBook: Warsh’s dilemma
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   Also, Sam Altman on the stand.
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             May 13, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Will Kevin Warsh be able to lower interest rates? We go deep on that question this morning as he is likely to soon be confirmed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We also go inside the courtroom for Sam Altman’s testimony in the Musk v. OpenAI case. And we take a look at the gobs of lobbying money from Silicon Valley swirling around Washington — and the influence it is buying. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Kevin Warsh, President Trump’s pick to run the Fed, appears set to inherit a central bank at a crossroads as inflation surges.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/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>
          “Impossible situation”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kevin Warsh appears to be on a glide path to becoming the next Fed chair, with a Senate vote on his nomination coming
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as today
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Warsh’s probable future job has become more complicated. Yesterday’s Consumer Price Index data showed inflation accelerating
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to a three-year high
         </a>
         <span>
          , leaving him and the central bank in a bind on interest rates.
         </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 Warsh could face:
         </span>
         <span>
          A growing number of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          economists
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Fed
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          officials
         </a>
         <span>
          have warned recently that interest rates shouldn’t come down to counteract inflation propelled by the war with Iran.
         </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 risks drawing the ire of President Trump,
         </span>
         <span>
          whose repeated challenges of Fed independence — including his efforts to fire the governor Lisa Cook and his threats toward the current Fed chair, Jay Powell — are driven by his desire for lower borrowing costs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warsh faces “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          complicated circumstances, to put it delicately
         </a>
         <span>
          ,” David Wilcox, a fellow at the Peterson Institute for International Economics and a former Fed economist, told The Financial Times. Wilcox added: “He really is caught in an impossible situation between a president who is insistent on rate cuts and an inflation scenario that is problematic.”
         </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 economic data doesn’t appear to be fazing Trump.
         </span>
         <span>
          Speaking to reporters yesterday before his China trip, he professed little concern about the war-linked
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          affordability crunch
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          I don’t think about Americans’ financial situation
         </a>
         <span>
          ,” he said, adding, “I think about one thing: We cannot let Iran have a nuclear weapon. That’s all.”
         </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">
          But Americans feel differently.
         </span>
         <span>
          Consumer inflation expectations
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have risen
         </a>
         <span>
          since the start of the war in late February, according to the New York Fed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bondholders are getting antsy, too. The yield on a 10-year Treasury note hit 4.46 percent this morning. That’s solidly in “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yippy
         </a>
         <span>
          ” territory, the point last April when bond-market turmoil drove Trump to back off from his most bruising tariffs.
         </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">
          Other numbers to watch:
         </span>
         <span>
          The Cleveland Fed’s “trimmed mean” C.P.I. measure, which Warsh
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has talked up
         </a>
         <span>
          because it strips out especially volatile categories of goods and services, came in yesterday at its highest monthly rise since January 2024, Deutsche Bank analysts noted this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Traders are betting that the Fed will be on hold. The futures market this morning sees no cuts before September 2027, ahead of today’s Producer Price Index release at 8:30 a.m. Eastern.
         </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">
          The oil rally stalls.
         </span>
         <span>
          Brent crude, the international benchmark for oil, dipped to around $107 a barrel today, even though the Strait of Hormuz has remained
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          virtually closed to ship traffic
         </a>
         <span>
          . The Times reported that much of Iran’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          missile firepower remains intact
         </a>
         <span>
          , suggesting that Tehran could still threaten the vital waterway. Elsewhere, the cost of the war has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          risen to roughly $29 billion
         </a>
         <span>
          , a Pentagon official testified before Congress 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">
          Nvidia’s chief is joining President Trump’s trip to China after all.
         </span>
         <span>
          Jensen Huang, the chipmaker’s C.E.O.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          boarded Air Force One
         </a>
         <span>
          during a stopover in Alaska, as Trump headed to Beijing with an entourage of business leaders. Huang’s presence
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lifted shares in some Chinese A.I. companies
         </a>
         <span>
          and Nasdaq Composite futures today, as investors believe artificial intelligence will be a key discussion point at the summit meeting with Xi Jinping, China’s leader.
         </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">
          Zohran Mamdani drops his threat to raise property taxes for New York City homeowners.
         </span>
         <span>
          The mayor’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $125 billion budget announcement
         </a>
         <span>
          yesterday didn’t include the proposal, which faced widespread opposition. But Mamdani is still supporting a new tax on luxury second homes in the city. Speaking of which: Trump urged Mamdani to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          patch things up
         </a>
         <span>
          with the billionaire Ken Griffin, whom the mayor had invoked in pushing for the so-called pied-à-terre tax. Political opponents have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised more than $1 million
         </a>
         <span>
          to fight his agenda.
         </span>
        </p>
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           </td>
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         <tbody>
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           </td>
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           </td>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Sam Altman of OpenAI, in a suit and tie, seen through a window." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F13%252Fmultimedia%252F13db-altman-mcjt%252F13db-altman-mcjt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg2NzM4OTcuMjYyNTM3N30:1wN8Kf:WoDoPImk2q-jFON10n9XLBmnjcKl2L_pxqWA2Vooa7A" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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           <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">
              Sam Altman, OpenAI’s leader, faced tough questions in court over his credibility.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry 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>
          “Are you completely trustworthy?”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the heart of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          v. OpenAI, the trial that has riveted the artificial intelligence industry, is a major question: Can
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          , the start-up’s co-founder and C.E.O., be trusted?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a key attack by Musk’s lawyers in the trial. But it’s also weighing on many OpenAI stakeholders, including investors.
         </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">
          Yesterday was Altman’s first time testifying in court,
         </span>
         <span>
          and the OpenAI chief was grilled by Musk’s lead lawyer,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steven Molo
         </span>
         <span>
          . “Are you completely trustworthy?” Molo asked, raising a number of issues, including:
         </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">
                Whether Altman took advantage of Musk’s concerns about Google dominating A.I. when forming OpenAI. (“Unfortunately, humanity’s future is in the hands of Demis,” Musk
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                wrote in a 2018 email
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , referring to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Demis Hassabis
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a top Google A.I. executive.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Altman’s apparent focus on leading OpenAI. Molo pointed to a 2017 email from two fellow co-founders,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Ilya Sutskever
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Greg Brockman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , in which they told Altman: “We don’t understand
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                why the C.E.O. title is so important to you
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” Altman was considering running for California governor at the time; Sutskever and Brockman asked whether A.I. advancements were “truly your primary motivation.”
               </span>
              </li>
              <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">
                Altman’s personal investments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in companies that stand to benefit from being associated with OpenAI, including Helion Energy and Cerebras.
               </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">
          But Altman turned the spotlight back on Musk,
         </span>
         <span>
          accusing his fellow OpenAI co-founder of sometimes making “hair-raising” demands.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among them: When Musk was asked what would happen to his control of a potential for-profit arm of OpenAI — then only a nonprofit — the billionaire said it would pass on to his children.
         </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">
          A lot is riding on what jurors think of Altman’s trustworthiness.
         </span>
         <span>
          Musk is seeking $150 billion in total damages and wants to unwind OpenAI’s conversion into a for-profit enterprise now valued at $852 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The A.I. lab has also minted billions for its backers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          including the Japanese tech giant SoftBank
         </a>
         <span>
          . The stability of that wealth may depend on the trial’s outcome.
         </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">
          In other A.I. news:
         </span>
         <span>
          Isomorphic Labs, the drug discovery start-up born out of Google, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $2.1 billion
         </a>
         <span>
          from investors including Thrive Capital and the Emirati fund MGX.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move raises questions about Isomorphic’s growing independence. Hassabis, the Google A.I. leader who also runs Isomorphic, told DealBook’s Michael de la Merced that the start-up could eventually buy more computing power separate from Google. Could it lead to a spinoff down the line? “We’ll see,” Hassabis said.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Big Tech goes to Washington
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Silicon Valley’s deep-pocketed artificial intelligence companies and venture capitalists are throwing money at politics like never before.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, OpenAI is opening its first lobbying office in Washington, called the Workshop. The A.I. start-up spent $1 million on federal lobbying in the first quarter. Its rival Anthropic, which is in a battle with the Pentagon over its technology, opened a Washington office last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI and Anthropic are contributing to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surge of spending by technology giants
         </a>
         <span>
          , Cecilia Kang reports for The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          A quarter of the 13,000 federal lobbyists in Washington are involved in A.I. issues, up from 11 percent in 2023, according to an analysis of congressional disclosures by Public Citizen, a nonprofit watchdog group. Meta, Nvidia and Alphabet, Google’s parent company, spent a combined $47.8 million on federal lobbying last year, up 22 percent from 2024, according to Senate disclosures. Meta and Alphabet were top corporate spenders.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A list of donors showing that Andreessen Horowitz has contributed the most this midterm cycle so far, at $115.5 million." class="css-1b7vfn3" height="387" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F12%252Fbusiness%252Fdealbook%252FoakImage-1778641694319%252FoakImage-1778641694319-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg2NzM4OTcuMjYyNjU1fQ:1wN8Kf:62guqISbzBJkuudiMPLrnj0_IbHJSCsTLO4vA8SOiMY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Note: Figures are rounded and include federal contributions disclosed by donors and their affiliated organizations since November 2024. Elon Musk’s contributions in November and December 2024 are excluded because they were designated for 2024 election cycle expenses. Source: Federal Election Commission. Ashley Cai/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And with the midterm elections just months away, the biggest political donor so far is the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          venture capital firm Andreessen Horowitz
         </a>
         <span>
          , Theodore Schleifer reports for The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The Silicon Valley firm, along with its lead partners who have their names on the door, Marc Andreessen and Ben Horowitz, have funneled more than $115 million so far in disclosed federal contributions to midterm election efforts, according to a New York Times analysis. That makes it the biggest known spender on this campaign cycle.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Andreessen Horowitz is not new to politics. Its founders are billionaires and experienced donors. But the amount of zeros on its checks has increased beyond even the $63 million or so that it and its eponymous founders spent in the 2024 cycle, as part of an astonishing effort by an investment shop to bend politics to its will.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The firm and its co-founders have donated heavily to President Trump’s super PAC and to a crypto super PAC network called Fairshake. Recently, Andreessen Horowitz helped found Leading the Future, a bipartisan super PAC network dedicated to electing pro-A.I. legislators, and donated $50 million.
         </span>
        </p>
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           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
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            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Reader feedback: carried interest
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On Monday, Andrew asked where readers stood in the debate over carried interest, the billions of dollars in profits paid to many kinds of investment executives that is taxed at capital gains rates. A new report from the Budget Lab at Yale found that closing the carried interest loophole
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could rake in an estimated $87.7 billion
         </a>
         <span>
          in tax revenue over a decade. An industry advocacy group called that estimate “wrong,” arguing that changing the tax policy could lead to a drop in federal tax revenue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We received a lot of messages, the majority in favor of ending the exemption. Here’s what you had to say. The answers have been condensed and edited for clarity:
         </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">
                “There is no question that tax revenue from carried interest should be treated as ordinary income. I do not understand by what sophistry the V.C.s and other earners of this income have convinced Congress and the I.R.S. that this income is anything other than the reward of sweat of the brow.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                John Broude
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              </li>
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                “If carried interest changes from its current capital gains tax rate, we would be forced out of the private equity space. The reward of any P.E. project mainly comes through the carried interest component; a reward deferred over many years. A change in taxation of that deferred reward removes any incentive to work on projects where a financial reward is years out.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Christopher Telles, managing principal, AlphaStak Capital
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                “I was a corporate lawyer for 40 years, working with V.C.s, P.E. firms and their partners. G.P.s invariably claimed that without the carried interest exemption they wouldn’t be incentivized, would not start funds or would move offshore. Knowing these G.P.s as I did, this is all BS. Face it: Carried interest is really no different than a bonus corporate executives receive on a successful deal.” —
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Bill Asher
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            <span>
             THE SPEED READ
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          Deals
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                Anduril, the defense tech start-up,
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has raised $5 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $61 billion valuation from investors including Thrive Capital and Andreessen Horowitz. (NYT)
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                Fervo Energy
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a geothermal energy producer backed by Bill Gates, has raised nearly $1.9 billion in an I.P.O. (Bloomberg)
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          Politics, policy and regulation
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                The Clarity Act, a major crypto regulation bill, faces new
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                opposition from prominent labor unions
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (CNBC)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jho Low, the man accused of orchestrating the billion-dollar 1MDB fraud scandal, is reportedly
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                seeking a pardon
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from President Trump. (WSJ)
               </span>
              </li>
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          Best of the rest
         </span>
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                Russian forces have
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                attacked the operations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Ukraine of U.S. companies like Coca-Cola and Mondelez. The Trump administration is keeping quiet. (NYT)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “There Is a
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                Fire Sale on M.B.A.s
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” (WSJ)
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          Correction: Because of an editing error, yesterday’s newsletter misidentified Bain Capital. It is a private equity firm, not a consulting firm.
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