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   DealBook: What Trump did (and didn’t) say
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             February 25, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          President Trump’s State of the Union address last night included a number of remarks — and guests in the audience — that will probably pique your interest about how he plans to approach business and policy going forward. We’ve put together a cheat sheet on everything he said, and didn’t say.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re also focused on the Pentagon’s pressure campaign on Anthropic. PayPal may be up for sale. And Benjamin Weiser has an exclusive on a big move in Big Law. (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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            <span style="color:#666;font:normal 14px georgia,serif">
             President Trump sought to paint a glossy picture of the U.S. economy in his State of the Union address, which critics said belied reality.
            </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>
          The big speech
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump sought to accomplish a lot in his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          State of the Union address
         </a>
         <span>
          last night, notably trying to bolster his sagging poll numbers before the midterm elections in the fall.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In his record-breaking 107-minute speech, he repeatedly played up the economy’s gains and what he called a “winning” country, as well as his usual taking shots at perceived enemies and airing grievances about issues like diversity initiatives. But he played down the severity of the affordability crunch — an omission that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Gov. Abigail Spanberger of Virginia seized on
         </a>
         <span>
          in the Democrats’ rebuttal address.
         </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 to know:
         </span>
         <span>
          Trump’s address was full of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exaggerations
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outright whoppers
         </a>
         <span>
          , including his claims about inflation, the labor market and billions of dollars in investment flowing into the U.S., according to fact-checkers at The Times and elsewhere. He also
         </span>
         <span style="font-style:italic">
          didn’t
         </span>
         <span>
          talk much about Iran, despite previously threatening potential military action over its nuclear program.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here were some of the notable focuses of the speech:
         </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">
          Tariffs:
         </span>
         <span>
          The president vigorously defended a central pillar of his economic policy, which has upended global trade (and is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          deeply unpopular with voters
         </a>
         <span>
          ). Trump called levies a revenue driver that could one day “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          substantially replace
         </a>
         <span>
          ” the income tax, something many economists say is unlikely. He also argued that businesses support tariffs, despite a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wave of companies seeking refunds
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Worth watching: Trump said that “congressional action will not be necessary” for his levies, which appeared to run counter to arguments that lawmakers’ approval was needed for some new tariffs — but which could spare Republicans from an unpopular vote before the midterms.
         </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">
          Inflation:
         </span>
         <span>
          Last night, Trump described it as “plummeting,” pointing to the prices of rent, eggs and gasoline. “It’s like another big tax cut,” he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Government data last week showed consumer prices that were still rising
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          above the Fed’s 2 percent target
         </a>
         <span>
          . This is another
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Achilles’ heel for
         </a>
         <span>
          the president, as it was for his predecessor.
         </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">
          Congressional stock trading.
         </span>
         <span>
          He urged lawmakers to pass the Stop Insider Trading Act, legislation that would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          put some stock-trading limits
         </a>
         <span>
          on lawmakers and their families. Trump punctuated the moment by calling out Representative Nancy Pelosi, Democrat of California, whose husband’s prolific trading was frequently criticized.
         </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">
          Retirement plans:
         </span>
         <span>
          Trump suggested that those who don’t have an employer-sponsored retirement plan like a 401(k) would be eligible to join a retirement plan akin to the kind “offered to every federal worker.”
         </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">
          Electricity and artificial intelligence:
         </span>
         <span>
          Tapping into a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growing consumer concern
         </a>
         <span>
          , the president said that a new “ratepayer protection pledge” would shield households from utility bill increases caused by tech giants’ build-out of data centers in their regions.
         </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">
          Real estate:
         </span>
         <span>
          Trump doubled down on a vow to “ban large Wall Street investment firms from buying up” single-family homes, a move that seems
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aimed at the private equity sector
         </a>
         <span>
          . That initiative has drawn a muted reception in Congress.
         </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>
          </td>
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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">
          Warner Bros. Discovery signals it may leave Netflix for Paramount.
         </span>
         <span>
          A new offer from Paramount,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worth $31 a share
         </a>
         <span>
          and that includes sweeteners like a $7 billion breakup fee if it were blocked on regulatory grounds, could lead to a “superior proposal” to its current agreement with Netflix, Warner Bros. Discovery said. If Paramount’s offer were deemed superior, Netflix would have four days to make a counteroffer.
         </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">
          Banks reportedly could be required to record their customers’ citizenship status.
         </span>
         <span>
          The Trump administration is considering an executive order that would require financial institutions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          collect citizenship information
         </a>
         <span>
          from people who want to hold bank accounts in the U.S., according to The Wall Street Journal. Banks have lobbied against the rules and questioned the legality of the proposal, The Journal reported.
         </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">
          Stripe is said to weigh a bid for PayPal.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The potential move
         </a>
         <span>
          , reported by Bloomberg, would combine PayPal Holdings, a struggling pioneer in the digital payment processing industry, with Stripe, a younger, fast-growing rival. It comes amid a recent management shake-up at PayPal and a slowdown in its payment business.
         </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 on the Epstein files.
         </span>
         <span>
          Bill Gates
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          apologized to the staff of the Gates Foundation
         </a>
         <span>
          over his ties to Jeffrey Epstein, who developed a tight bond with Microsoft executives
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          over more than two decades
         </a>
         <span>
          . And the Justice Department’s latest release of the Epstein files shows that Deutsche Bank
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          offered the convicted sex offender preferential treatment
         </a>
         <span>
          after JPMorgan Chase cut ties with him in 2013.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260225%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzIwMjUxNTEuMDM4NDI4OH0:1vvEgp:FPFfDlvxm9YlWCZ27strgjDus6v4pk32ofCX6G-CCaI" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260225%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzIwMjUxNTEuMDM4NTQzN30:1vvEgp:M_XZx8djnFy_2RH2_96U6jqBlXNGGaA3ntMHzI92-s4" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Putting safety-first A.I. to the test
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic has long depicted itself as the top safety-focused artificial intelligence start-up, promising not to work on models that could eventually do dangerous things.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question is how committed the start-up is to that pledge in the face of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threat from Defense Secretary Pete Hegseth
         </a>
         <span>
          — and growing competition from less-encumbered rivals.
         </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">
          Hegseth gave Anthropic until Friday to remove guardrails on its A.I. model.
         </span>
         <span>
          The start-up doesn’t allow Claude Gov, the only A.I. model operating on classified military systems, to be used on mass surveillance of Americans or autonomous weapons without human intervention.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the Pentagon says it wants to use Claude for all lawful use. And in a meeting yesterday with Dario Amodei, Anthropic’s C.E.O., Hegseth threatened to invoke the Defense Production Act to essentially make Claude available for free to the military, and to label Anthropic a supply chain risk. (Some critics have argued that the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threats are contradictory
         </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">
          The stakes are high.
         </span>
         <span>
          The Pentagon’s current contract with Anthropic is fairly modest, at about $200 million. But overall, the U.S. government is expected to be a major customer for A.I. companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the same time, designating Anthropic a supply chain risk would require other companies to certify that they don’t use Anthropic in their military work. And even Defense Department officials concede that Claude is considered superior to several competitors: “The only reason we’re still talking to these people is we need them and we need them now,” a department official
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told Axios
         </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">
          A.I. rivals are watching closely.
         </span>
         <span>
          Elon Musk’s xAI has signed an agreement with the Pentagon for its Grok model to be used in classified applications, and Musk — who isn’t a fan of Anthropic’s pro-A.I.-regulation policy — has taken to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          needling
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          his rival
         </a>
         <span>
          on X. (Musk is already a major government contractor via SpaceX.) The Pentagon is also reportedly close to signing a deal with Google.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Axios reports that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          xAI has agreed
         </a>
         <span>
          to the Pentagon’s “lawful use” criteria for use at any classification level.
         </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">
          Will Anthropic yield on its safety-first stance?
         </span>
         <span>
          Reuters reports, citing an unnamed source, that the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t ease restrictions
         </a>
         <span>
          for military applications despite Hegseth’s ultimatum. Amodei also told Hegseth that the limits wouldn’t hinder the Pentagon’s current operations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But yesterday, company officials told Time that they were dropping a central pledge of its operations: that it categorically wouldn’t train models above a certain capability level
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          if it couldn’t guarantee robust safety measures
         </a>
         <span>
          . “We didn’t really feel, with the rapid advance of A.I., that it made sense for us to make unilateral commitments” if rivals were “blazing ahead,” Jared Kaplan, Anthropic’s chief science officer, told Time.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kaplan argued that the move wasn’t tied to market incentives, and the new policy calls for transparency on safety limits. But Anthropic has become a darling of the tech world because of its rapidly advancing (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          and market-moving
         </a>
         <span>
          ) A.I. tools — and its rivals aren’t standing still.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="David Ellison, the C.E.O. of Paramount, in a dark suit, blue shirt and dark tie, walking through Statuary Hall in the Capitol, a TV camera behind him." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F25%252Fmultimedia%252F25db-ellison-mlzt%252F25db-ellison-mlzt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIwMjUxNTEuMDM4NzY0N30:1vvEgp:k4uDFkbWirlD3AzjCFINZb5Y7Hv01eaxnldCJgI2P8A" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <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">
              David Ellison of Paramount was among the notable business figures invited to the State of the Union.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Anna Moneymaker/Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Who was at the State of the Union
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s State of the Union address was notable not just for what he said, but also for who was in the room, including industry titans and newly minted Olympic heroes. Here are some of the notable guests:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Ellison
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Paramount, attended as 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">
                guest of Senator Lindsey Graham
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Republican of South Carolina. Ellison, whose media conglomerate is competing with Netflix to buy Warner Bros. Discovery,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                met privately with Trump
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at the White House this month.
               </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Brad Gerstner
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                C.E.O. of Altimeter Capital
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an investment firm, and a guest of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Senator Todd Young
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Republican of Indiana. Some cameras panned to Gerstner when Trump praised him for contributing to the “Trump accounts” initiative of investment accounts for Americans born from 2025 to 2028. Trump also
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                praised Michael Dell
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the tech billionaire, and his wife, Susan Dell, for donating $6.25 billion to fund the accounts, though they were not present.
               </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Erika Kirk,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the C.E.O. of Turning Point USA and the widow of Charlie Kirk, was a guest of Trump’s.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Members of the U.S. men’s hockey team,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                fresh off its 2-1 overtime victory over Canada in the Olympics gold medal match. Republicans and Democrats applauded when Trump noted their presence. The president said that he would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                award the Presidential Medal of Freedom
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Connor Hellebuyck, the team’s goalie, whom he previously
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                called his “secretary of defense.”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (Not present: The U.S. women’s hockey team, which had also won gold, citing prior commitments.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260225%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzIwMjUxNTEuMDM4ODg5Nn0:1vvEgp:NZXmXvGxCIO-fwWy6rdI-4Nn6BIdIofQu8pj_GanZiE" style="max-width:96px;margin-bottom:7px"/>
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           <td style="text-align:center">
            <img alt="Maurene Comey is pictured outside a courthouse in New York wearing a winter coat. " class="css-xsf469" height="398" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F25%252Fmultimedia%252F25DB-Comey-jphb%252F25DB-Comey-jphb-jumbo-v2.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIwMjUxNTEuMDM5MjI5fQ:1vvEgp:whuMaUp-usDSzeaAVcdW6D5XnXQxhlihKe8nwLuzWz4" 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">
              As a U.S. attorney, Maurene Comey helped to prosecute Jeffrey Epstein, Ghislaine Maxwell and Sean Combs.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Jefferson Siegel 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>
          Exclusive: Maurene Comey’s new gig
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Maurene Comey, the veteran federal prosecutor in Manhattan who was abruptly fired by the Trump administration in July without being given a reason, has joined the New York law firm Patterson Belknap Webb &amp; Tyler as a partner in its litigation department, Benjamin Weiser is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first to report for The Times
         </a>
         <span>
          .
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        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Comey, 37, who helped to prosecute Jeffrey Epstein, Ghislaine Maxwell, Sean Combs and other high-profile defendants, is the daughter of James Comey, the former F.B.I. director whom President Trump has long considered an adversary.
         </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 a lawsuit that Comey filed challenging her dismissal,
         </span>
         <span>
          she argued that no plausible explanation existed for her firing other than she is Comey’s daughter, or “because of her perceived political affiliation and beliefs, or both.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For nearly a decade in the U.S. attorney’s office for the Southern District of New York, Maurene Comey handled 11 jury trials and also served as co-chief of the unit that investigates violent and organized crime, and later a unit that pursues public corruption offenses.
         </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">
          Comey told The Times on Monday that she had felt privileged
         </span>
         <span>
          to represent the United States in court. But, she added, “what we’ve seen over the last year is a complete destruction of the space between politics and the Department of Justice.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          She said a series of “norm-shattering events” in the department had “made all the clearer just how important a robust defense bar is to stand up to government overreach, and I feel privileged to be able to join that bar with my partners at Patterson Belknap.”
         </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">
          Prosecutor purge:
         </span>
         <span>
          Comey did not specify the events she was referring to. But in addition to her own dismissal, the Trump administration has fired other federal prosecutors in Manhattan, Washington and elsewhere; and Trump has ordered Attorney General Pam Bondi to investigate his perceived enemies, including Letitia James, New York’s attorney general, and Comey’s father.
         </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">
          At Patterson Belknap, which has about 200 lawyers in a single office in Midtown Manhattan,
         </span>
         <span>
          Comey will focus her practice on high-stakes, white-collar defense and investigations, as well as on complex civil litigation.
         </span>
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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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        <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>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <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">
                CoreWeave reportedly plans to raise $8.5 billion from banks including Morgan Stanley to help it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                build cloud computing capacity
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                contracted by Meta. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Spirit Airlines reached an agreement with creditors 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">
                shed an expected more than $5 billion in debt
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and leases, helping it emerge from bankruptcy protection by the summer. (WSJ)
               </span>
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          Politics, policy and regulation
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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">
                Senator Richard Blumenthal, Democrat of Connecticut,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                opened an inquiry
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                into the movement of $1.7 billion in cryptocurrencies from Binance accounts to groups tied to Iran. (NYT)
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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">
                U.S. officials reportedly plan to tell energy companies that they
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                can sell to private Cuban businesses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                amid a pressure campaign on Havana that the U.N. said was having severe effects on Cuba’s population. (Bloomberg)
               </span>
              </li>
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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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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            <td style="padding:0 0 5px">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Novo Nordisk
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plans to cut U.S. prices
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for Ozempic and Wegovy by up to half starting next year, escalating a price war in the obesity drug market. (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">
                “Wealthy spouses 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">
                hiding crypto assets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in divorce cases, say lawyers” (FT)
               </span>
              </li>
             </ul>
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          Correction:
         </span>
         <span style="font-style:italic">
          Saturday’s newsletter misstated the central message of an ad campaign sponsored by the Computer and Communications Industry Association. In the ads, the group urged the E.U. to simplify its tech rules; it did not take a stand on proposed social media bans.
         </span>
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             Andrew Ross Sorkin
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             , Founder/Editor-at-Large, New York
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             Brian O'Keefe
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             , Managing Editor, New York
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             , Reporter, New York
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