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What’s FTX Founder Is Charged With Fraud

News Indictment comes as
SEC and CFTC file
lawsuits and new chief
Business & Finance testifies at hearing

F TX founder Bankman-
Fried oversaw “one of
the biggest financial frauds
FTX founder Sam Bankman-
Fried oversaw “one of the big-
gest financial frauds in Ameri-
in American history,” a top can history,” a top federal
federal prosecutor said in prosecutor said in charging
charging that the former that the former chief executive
chief executive stole billions stole billions of dollars from
of dollars from the crypto- the cryptocurrency exchange’s
currency exchange’s cus- customers while misleading in-
tomers while misleading in- vestors and lenders.
vestors and lenders. A1, A6
 Consumer prices rose By Corinne Ramey,
in November at the slowest James Fanelli
12-month pace since De- and Vicky Ge Huang
cember 2021, closing out a
An indictment by the U.S. at-
year in which inflation hit
torney’s office for the Southern
the highest level in four
District of New York, unsealed
decades and challenged the
Tuesday, charges Mr. Bankman-
Fed’s ability to keep the U.S.
Fried with eight counts of con-
economy on track. A1, A2
spiracy and fraud. Prosecutors
 U.S. stock indexes ended allege he took FTX.com custom-

DANTE CARRER/REUTERS
higher after paring gains seen ers’ money to pay the expenses
earlier in the session, with and debts of Alameda Research,
the S&P 500, Nasdaq and Dow an affiliated trading firm. Mr.
adding 0.7%, 1% and 0.3%, re- Bankman-Fried is charged as
spectively. The yield on the well with conspiring to defraud
10-year Treasury note slid. B13 the U.S. and violate campaign
finance rules by making illegal Sam Bankman-Fried is led in handcuffs out of a Bahamas court Tuesday as he faces eight U.S. counts in the FTX collapse.
 United Airlines said it
political contributions.
would purchase 100 Boeing
Damian Williams, the U.S. at- Mr. Williams said in Manhattan oversaw the Enron Corp. bank- transactions secret.
787 Dreamliners with options
to buy 100 more, a win for the
torney for the Southern District on Tuesday. “While this is our ruptcy in the early 2000s, said FTX, by contrast, is a dif- In Collapse’s Wake
of New York, said he authorized first public announcement, it funds were taken from FTX and ferent case, he said. “This is  FTX CEO doubts recovery
plane maker after a streak of
the charges against Mr. Bank- will not be our last.” misused by Alameda Research, really old-fashioned embezzle- of funds.............................. A6
manufacturing, engineering
man-Fried last Wednesday and Separately, John J. Ray III, which incurred trading losses. ment,” he said. “This is just  Speedy indictment reflects
and regulatory setbacks. B1
a grand jury voted on the in- the new CEO of FTX, said at a Mr. Ray described Enron as taking money from customers DOJ effort on scams...... A6
 Tether said it is winding dictment on Friday. “This inves- congressional hearing Tuesday having been brought down by and using it for your own pur-  Tether to phase out lending
down its practice of lend- tigation is very much ongoing that FTX incurred losses “in ex- sophisticated people whose pose. Not sophisticated at all.” its coins to customers..... B1
ing its own stablecoins to and it is moving very quickly,” cess of $7 billion.” Mr. Ray, who machinations aimed to keep Please turn to page A6
customers by next year,
addressing a broad risk to

U.S. Nears Deal to Supply Inflation Rises

the wider crypto world. B1
 Danske Bank, Denmark’s
largest bank, agreed to
pay about $2 billion to set-
tle probes into anti-money-
laundering failures. B3
 A group of 15 state attor-
Patriot Missiles to Ukraine At Slowest Pace
BY NANCY A. YOUSSEF

In Nearly a Year
neys general demanded that tem the U.S. has provided the West to supply Patriot-mis-
executives at Google and AND VIVIAN SALAMA Ukraine since the war began in sile batteries—most recently
Apple strip TikTok of its February. since Russia began attacking
content rating that classifies WASHINGTON—The U.S. is Defense Secretary Lloyd Ukraine electricity and other
it as appropriate for teens. A5 completing plans to give Kyiv Austin could sign the directive infrastructure. With millions of
its coveted Patriot missile-de- providing the Patriot as early Ukrainians in the dark as win- BY GWYNN GUILFORD medical-care services and used-
World-Wide fense systems, U.S. officials as this week, the officials said. ter sets in, the requests have car prices all falling. Price in-
said, following months of Rus- President Biden would then become more urgent. Consumer prices rose in No- creases moderated for restau-
sian missile and drone attacks have to approve the request. On Monday, Ukraine Prime vember at the slowest 12- rant meals, while prices for
 The U.S. is finalizing plans on Ukraine’s power grid, cities The White House National Se- Minister Denys Shmyhal re- month pace since December new vehicles remained flat.
to give Kyiv its coveted Pa- and civilian infrastructure. curity Council didn’t immedi- Please turn to page A7 2021, closing out a year in The CPI increased 0.1% in
triot missile-defense sys- If the Biden administration ately respond to a request for which inflation hit the highest November from the prior
tems, U.S. officials said, fol- goes forward, the Patriot would comment.  Russian troops lose a supply level in four decades and chal- month, compared with 0.4% in
lowing months of Russian be the most sophisticated sys- Ukraine has long called for line.................................................... A7 lenged the Federal Reserve’s October. Core CPI rose 0.2% in
missile and drone attacks on ability to keep the U.S. econ- November, down from 0.3% in
Ukraine’s power grid, cities omy on track. October and 0.6% in August
and civilian infrastructure. A1
 Ukraine garnered pledges
EU to Tax Imports INSIDE The Labor Department on
Tuesday said its consumer-
and September.
U.S. stock indexes climbed
for fresh aid to help it ride price index, a measure of what and bond yields fell after the
out the winter. Meanwhile, consumers pay for goods and CPI release. The S&P 500 added
explosions rocked a bridge
in the country’s east used
by Russian forces to trans-
Based on Emissions services, climbed 7.1% in No-
vember from a year ago, down
sharply from 7.7% in October.
0.7%; the Nasdaq Composite
rose 1%; and the Dow Jones In-
dustrial Average added 0.3%.
port military hardware to The pace built on a trend of The figures leave the Fed on
the front lines of the war. A7 BY MATTHEW DALTON tions on the details of the moderating price increases track to lift interest rates by
 The European Union plan. The EU is expected to since June’s 9.1% peak, though 0.5 percentage point on
PARIS—The European adopt it in the coming weeks it remained well above the 2.1% Wednesday, following increases
reached an agreement to im-
Union reached an agreement as part of a sweeping package average rate in the three years of 0.75 point at their past four
pose a tax on imports based
to impose a tax on imports of legislation that would step before the pandemic. meetings. Wednesday’s in-
on the greenhouse gases
based on the greenhouse gases up the bloc’s efforts to limit Core CPI, which excludes en- Please turn to page A2
emitted to make them, in-
emitted to make them, insert- global warming. ergy and food prices, rose 6%
serting climate-change regu-
ing climate-change regulation The plan, known as the car- in November from a year ago,  Electricity, air fares and used
lation for the first time into
the rules of global trade. A1
for the first time into the rules bon border adjustment mecha- BUSINESS & FINANCE easing from a 6.3% gain in Oc- cars get cheaper...................... A2
of global trade. nism, would be the world’s WWE’s former CEO tober. September’s 6.6% in-  Data to fuel Fed’s debate on
 The Energy Department The deal on Tuesday morn- first tax on the carbon content crease was the biggest jump rate path........................................ A2
said scientists at a federal fa- ing between European na- of imported goods. It has rat-
Vince McMahon faces since August 1982.  Stocks gain as price increases
cility achieved a milestone in tional governments and the tled supply chains around the legal demands over Prices also softened signifi- moderate.................................... B13
research on nuclear fusion, European Parliament ends globe and angered the EU’s sexual-abuse claims. B1 cantly on a month-to-month  Heard on the Street: New
producing a controlled fusion more than a year of negotia- Please turn to page A8 basis, with gasoline, utility, sign of cooling inflation..... B14
reaction that generated more
energy than it consumed. A3
 Congressional negotiators
said they agreed on a frame-
World Cup’s Fight Stirs on Prices
Hottest Ticket
Small Investors Get
work for a fiscal 2023 govern-
ment funding package, with
lawmakers saying the break-
through in talks puts them on
course to vote next week. A4
Is…Morocco?
i i i Ranked #1 for CRM Applications based on
 U.S. officials are moving
to expand a program creating Fans are flocking Citadel Securities and SEC will face off IDC 2022 H1 Revenue Market Share Worldwide.

a legal process for Venezue- over payment to brokers for order flow
lan migrants seeking asylum to see an African
to also include Nicaraguans, BY ALEXANDER OSIPOVICH del Securities bought Mr.
Cubans and Haitians. A4 team make history Hanson’s Immunovant stock
One morning in Septem- for $5.0221 a share—an im-
 A French court convicted
BY JOSHUA ROBINSON ber, Phil Hanson clicked a provement over the best
seven men and one woman
AND JONATHAN CLEGG button on his TD Ameritrade price quoted on exchanges,
in connection with a Bastille
screen and sold 100 shares where buyers were offering
Day truck attack on a seaside
promenade in Nice six years DOHA, Qatar—Amine of Immunovant Inc. $5.02 for the shares.
Khayatei had flown to the Qa- It was among the millions The result: Mr. Hanson
ago that killed 86 people. A9
tar World Cup from Casa- of trades made by individual made an extra 21 cents,
blanca with just his backpack investors that day. The Hous- earning $502.21. Meanwhile,
CONTENTS Personal Journal. A11-12 and his Morocco jersey. He ton resident’s order didn’t go Citadel Securities paid TD
Arts in Review.... A13 Property Report B6-7
Business News...... B3 Sports....................... A14 planned to watch his team to the New York Stock Ex- Ameritrade a slice of its
Crossword.............. A14 Technology.......... B4-5 play once and then go home change or Nasdaq Inc., profit from handling the or-
Heard on Street. B14 U.S. News............. A2-5 after 24 hours in the country. where buyers and sellers der, a practice called pay-
Markets.................... B13 Weather................... A14 Source: IDC, Worldwide Semiannual Software Tracker, October 2022.
Opinion.............. A15-17 World News........ A7-9
Ten days and a string of haggle over the company’s ment for order flow. Regula-
Moroccan upsets later, Mr. shares. tory filings suggest the
Khayatei is still here. Instead, TD Ameritrade broker got about 10 cents.
> “What’s happening right sent Mr. Hanson’s order to Did Mr. Hanson get a good
now is crazy,” he said. “Mo- Citadel Securities, an elec- deal? Proponents of payment
rocco in a semifinal? That’s a tronic trading firm that for order flow cite gains like
whole new level.” deals directly with broker- his 21 cents as evidence the salesforce.com/number1CRM
s 2022 Dow Jones & Company, Inc.
Morocco’s dreamlike run ages to execute their cus- market works well for small CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
All Rights Reserved through the World Cup has in- tomers’ trades. investors. Critics say the Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2022 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.

Please turn to page A5 Within milliseconds, Cita- Please turn to page A10
A2 | Wednesday, December 14, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Data to Fuel Fed’s Debate on Rate Path
A half-point increase The Fed pays close atten- quent gathering, Jan. 31-Feb. 1. basis points as quickly as pos- rate to around 4.6% next year. inflation trends in three cate-
tion to so-called core prices, One camp of policy doves sible,” she said. In recent weeks, officials gories. First, prices for goods
remains on track this which exclude volatile food thinks high inflation is likely to The probability that the Fed have suggested rates might be such as used cars that rose
week, but early 2023 and energy categories. Over continue slowing and wants to would follow this week’s antic- somewhat higher in Wednes- over the past two years are
the past three months, core minimize potential job losses ipated half-point rate rise with day’s projections, and analysts now slowing sharply. Second,
comes into question prices rose at a 4.3% annual- from high interest rates crimp- a quarter-point increase in are divided over whether most rents and other measures of
ized rate, the lowest such ing economic activity. Another February rose to around 56% officials will pencil in lifting housing costs that are still ris-
BY NICK TIMIRAOS reading in more than one year. camp of policy hawks more late Tuesday morning from the rate to just above or just ing briskly but are expected to
Fed officials began a two- readily embraces stiffer mea- 35% on Monday, according to below 5% for next year. increase more slowly next year.
The Federal Reserve re- day meeting Tuesday in Wash- sures to fight inflation because interest-rate futures markets Tuesday’s inflation report Third, prices for services other
mains on track to lift interest ington, and they had strongly they think it could settle at a tracked by CME Group. “gives Chair Powell and his than housing, which largely re-
rates by a half percentage signaled their intention to level that is unacceptably The Fed is set to release a colleagues a bit of greater con- flect businesses’ labor costs.
point on Wednesday to fight raise their benchmark federal- above the Fed’s 2% inflation policy statement and new fidence” that inflation is decel- Mr. Powell identified the
inflation, but two straight funds rate by 0.5 point this target. quarterly economic projections erating as many officials have third category as the most im-
months of moderating price week following larger in- Tuesday’s report isn’t likely at 2 p.m. Eastern time expected would occur this portant reflection of underly-
pressures could complicate of- creases of 0.75 point at their to alter the Fed’s rate decision Wednesday. Fed Chair Jerome year, said Matthew Luzzetti, ing price pressures.
ficials’ deliberations over how past four meetings. That would on Wednesday, said Aneta Powell is set to hold a news chief U.S. economist at Wage growth hasn’t shown
high to raise rates early next bring the fed-funds rate to a Markowska, chief economist at conference at 2:30 p.m. Deutsche Bank. But he said it meaningful signs of slowing.
year. range between 4.25% and 4.5%, Jefferies LLC, who before the Investors are hoping that was too soon for them to de- Some Fed officials and private-
Consumer prices climbed a 15-year high. report anticipated the Fed to those releases or Mr. Powell’s clare victory over inflation be- sector economists share con-
0.1% in November from the Tuesday’s report is likely to raise rates by 0.5 point, or 50 comments signal that Fed offi- cause of concerns that growing cerns that another calendar
previous month and 7.1% from intensify the officials’ debate basis points, again in February. cials might slow rate increases incomes will sustain stronger year of high inflation could
a year earlier, the Labor De- over whether to further dial “After this data, I could cer- further in the new year. In offi- consumer spending that keeps lead employees to seek and re-
partment said Tuesday, both down the size of rate rises to a tainly see the dovish camp cials’ projections released in inflation above their 2% target. ceive higher pay early next
down notably from comparable more traditional quarter per- pushing more forcefully for September, most of them pen- Last month, Mr. Powell sug- year, which could help fuel
previous increases. centage point at their subse- slowing the pace of hikes to 25 ciled in raising the fed-funds gested the Fed was looking at more inflation.

Overall inflation, change from previous month*

1.5%
November
+0.1%
CPI, change from
a year earlier
9% Consumer-price index, select items

SERVICES ONE-MONTH CHANGE* 12-MONTH CHANGE

Electricity,
Air Fares,
1.0 RECESSION 8
November Airline fares
0.5
Overall

Autos Get
0 Rent of shelter
7
+7.1%
–0.5 Shelter
–1.0 Services (less energy)

Cheaper
6
2019 ’20 ’21 ’22
Car and truck rental
Core CPI, 12-month change Core CPI 5
Services† (excluding −10% 0 10 20 30 40% BY AUSTEN HUFFORD
10% energy, food) FOOD
5 +6% 4 Fats and oils Consumers saw lower
prices for cars, plane tickets
0 Goods‡ Food at home and electricity in November
2019 '20 '21 '22 3 compared with October
Food (overall)
though food and shelter infla-
Food away from home tion continued to be elevated.
2
The consumer-price index
Meats, poultry, fish, eggs
rose 7.1% in November from a
1 year earlier, the smallest in-
ENERGY crease since December, the La-
bor Department said Tuesday.
0 Natural-gas services On a monthly basis, the No-
2019 '20 '21 '22 vember CPI increased a sea-
Energy services
sonally adjusted 0.1% from Oc-
Electricity tober.
CPI in select categories, change from a year earlier The CPI measures the
Energy prices consumers pay for
Gasoline (all types) Used cars Motor-vehicle Groceries New vehicles
and trucks insurance Gasoline goods and services.
60% While many prices remain
15% higher than they were a year
45 GOODS ago, prices have started to
0 ease on a monthly basis in a
New vehicles potential sign that price pres-
Jan. Jan. Jan.
30 sures are easing.
Goods, less food and energy
Eating out Shelter Major Here’s a look at what went
appliances Apparel up and what went down:
15 15%
Overall CPI
Medical care commodities
0
New and used cars
0 Used cars and trucks The seasonally adjusted
Jan. Jan. Jan. Jan. Jan.
price for new vehicles was flat
*Seasonally adjusted. †Core services refers to services less energy services. ‡Core goods refers to commodities less food and energy commodities. Source: Labor Department in the month compared with
October. Prices for used cars

Inflation an annualized basis. “So, of

course, that’s good news.”
Inflation soared in 2021 as
in mid-June at a record $5.02 a
gallon.
Used-car prices—a big
the number of unemployed
looking for jobs. Low unem-
ployment and wage gains are
tion in wage growth, core infla-
tion can come down quite con-
siderably with just the
and trucks declined 2.9% after
falling 2.4% in October. New
cars are 7.2% more expensive

Eases to a the economy recovered from

the Covid-19 pandemic. Prices
leapt as surging consumer de-
driver of inflation last year—
fell for the fifth straight month,
slipping in November to their
helping fuel consumer spend-
ing, which has remained robust
despite rapidly rising prices.
disinflation we’re going to be
getting from goods and shelter
prices,” he said.
than they were a year ago
while used cars are 3.3%
cheaper.

7.1% Rate mand—fueled by very low in-

terest rates and government
stimulus—collided with limited
lowest level since September
2021. They are still up more
than 40% from before the pan-
Fed Chair Jerome Powell in
a recent speech said price
trends for services, not includ-
Mike Smith, owner of Grif-
fith Bag Co., an agricultural-
packaging company, said sup-
Restaurants, groceries
Food continued to cost
supply caused by pandemic-re- demic. Many travel-related ing housing, reflect inflationary ply challenges are receding. more in November, but the
Continued from Page One lated disruptions. Russia’s inva- prices declined in November as pressures in the broader econ- Deliveries of polypropylene rate of the increase has de-
crease would be the Fed’s sev- sion of Ukraine further juiced well, with airline fares down omy and were important when bags from India, which his clined from what was seen in
enth consecutive rate increase inflation worldwide, pushing 3% from October, and car- and gauging inflation’s future path. company supplies to the agri- recent months.
this year. But the two straight up prices for energy and other truck-rental prices dropping “Because wages make up the cultural industry, have returned Prices for food at restau-
months of moderating price commodities. That culminated 2.4%. largest cost in delivering these to normal, following delays of rants and bars grew 0.5%, a
pressures could complicate Fed in June’s U.S. CPI reading, the However, grocery prices services, the labor market nearly six months in 2021. decline from the 0.9% seen in
deliberations over how high to highest since 1982. picked up 0.5% in November holds the key to understanding “An order in July showed up each of the previous three
raise rates early next year. Overall inflation has eased from the prior month, acceler- inflation in this category,” he in mid-September. It com- months. Grocery prices in-
“This number today is con- since the summer as supply ating slightly from October’s said. pressed so amazingly fast,” creased 0.5% in November
sistent with the Fed’s target, bottlenecks have improved. The pace, buoyed by increases in November’s CPI report of- said Mr. Smith, whose business compared with the 0.4%
and that’s the first time we’ve national average price of regu- prices for bakery products and fered possible signs wage pres- is in Harrisonburg, Va. Though growth in October but below
seen a number that low in lar unleaded gasoline was $3.25 fruit and vegetables. sures could be easing. Services- prices for key commodities are the more-than 1% increases
nearly two years,” said Paul a gallon on Tuesday, down Inflation remains high and price increases, excluding above prepandemic levels, they seen earlier this year.
Ashworth, chief U.S. economist more than 50 cents a gallon has spread to more labor-inten- housing and health insurance, have started coming down Meat prices generally de-
at Capital Economics, noting from a month earlier, according sive services as wages surged contributed less to core infla- steadily. clined in the month while
November’s one-month gain in to OPIS, an energy-data and an- in a tight labor market where tion in November compared “Now we’re back to a mostly prices for crackers, bread and
core CPI translates to 2.4% on alytics provider. Prices peaked demand for workers exceeds with the prior two months. normal production cycle, and fruits increased.
Dining out—a service for
Shelter
CORRECTIONS  AMPLIFICATIONS
THE WALL STREET JOURNAL which labor composes a rela-
tively large share of costs— Shelter costs continued to
(USPS 664-880)
rose 0.5% in November from
The CPI report increase, but the rate of in-
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) the prior month, a marked offered possible crease declined from recent
(Western Edition ISSN 0193-2241) The percentage of U.S. on Saturday about U.K. bank- slowdown from the 0.9% aver- highs. The shelter index,
Editorial and publication headquarters: adults age 18-29 who say their ing regulations incorrectly age pace from June to October,
signs wage pressures which tracks housing costs,
1211 Avenue of the Americas,
New York, N.Y. 10036
gender is different from their said it is a wealth-manage- as price gains for both sit-down could be easing. rose 0.6% in November, com-
sex assigned at birth is around ment firm. meals and fast food eased. pared with 0.8% in October.
Published daily except Sundays and general
legal holidays. Periodicals postage paid at 5%. A graphic with The Num- However, recreation services Shelter prices rose 7.1% in
New York, N.Y., and other mailing offices. bers column on Dec. 3 about A map with a Mansion arti- jumped 1% in November from November from a year before.
Postmaster: Send address changes to gender mislabeled the age cle on Friday about Tulsa, the prior month, the sharpest everything seems to be readily Rent prices increased 7.9%
The Wall Street Journal, 200 Burnett Rd., group as 19-29. Okla., incorrectly labeled a increase since lockdowns eased available,” he said. from a year before, while a
Chicopee, MA 01020.
portion of Interstate 44 as In- in May 2020. Admissions to Inflation has prompted con- proxy for owner-occupied
All Advertising published in The Wall The first name of Maria terstate 34. sporting events leapt 3.5%, the sumers to adjust. Emma Chao, housing costs rose 7.1%.
Street Journal is subject to the applicable
rate card, copies of which are available Butina was misspelled as Ma- most since records began in an art director in Brooklyn,
from the Advertising Services Department, rina in some editions Tuesday A Review article on Satur- 1978. Prices for haircuts and N.Y., said she has scaled back Gasoline, electricity
Dow Jones & Co. Inc., 1211 Avenue of the in a World News article about Prices for gasoline, electric-
Americas, New York, N.Y. 10036. The
day about American shoppers other personal-care services on spending as prices surged
Journal reserves the right not to accept an Viktor Bout’s return to Russia. was accompanied by a 1960 rose 1.4% in November from for rent, health-insurance pre- ity and natural gas declined
advertiser’s order. Only publication of an photo of a sit-in at a Wool- October, the biggest gain since miums and veterinary care. during the latest month, in
advertisement shall constitute final
acceptance of the advertiser’s order.
Twitter Inc. has offered to worth’s lunch counter in an July 2021. She has started buying welcome news for consumers
match up to $1 million for ad- unidentified North Carolina “The labor market is sort of clothes for her daughter at who need to heat their homes
Letters to the Editor:
Fax: 212-416-2891; email: [email protected] vertisers that book at least city. The caption said it was the last stand where strength swaps instead of stores. She as the colder months ap-
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$500,000 in incremental Durham, N.C. there is leading to higher wage scrapped plans to buy a car and proach.
By web: customercenter.wsj.com; spending. A Heard on the growth, and that could con- instead purchased an electric Gasoline prices declined 2%
By email: [email protected] Street column on Monday All National Trust for His- tinue to pressure inflation,” bike in a Black Friday sale. And in November from October.
By phone: 1-800-JOURNAL
(1-800-568-7625) about the company incorrectly toric Preservation member- said Michael Pond, head of she is planning to buy a smaller Prices for electricity declined
said the policy applied to ad- ships come with hotel dis- global inflation-linked research Christmas tree after a friend 0.2% and utility gas services
Reprints & licensing:
By email: [email protected]; vertisers that booked at least counts. A Nov. 19 Off Duty at Barclays PLC. told her they were selling for fell 3.5%.
By phone: 1-800-843-0008 $500 million in incremental article in the holiday gift Home sales have fallen as more than $100 in Brooklyn.
WSJ back issues and framed pages: spending. guide incorrectly said that mortgage rates increased. An “I usually get a 5-foot tree, Travel
wsjshop.com discounts at Historic Hotels easing of housing costs and the but this year we’ll just do a 3- The prices of goods and
Our newspapers are 100% sourced from Adaptive Financial Con- Worldwide started at the slowing pace of price increases or 4-foot tree,” said Ms. Chao, services commonly used by
sustainably certified mills.
sulting is a financial technol- $250 Preservation Council for goods will likely take some 37 years old. “Even then, I ha- travelers declined in the latest
ogy firm. An Exchange article Steward level. pressure off inflation, Mr. Ash- ven’t bought one yet because month. Airline fares fell 3%,
GOT A TIP FOR US? worth said. I’m dreading the price tag.” lodging away from home in-
SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by “For the next six to 12 —Nick Timiraos cluding hotels fell 0.9% and
emailing [email protected] or by calling 888-410-2667. months, even without modera- contributed to this article. car rentals declined 2.4%.
THE WALL STREET JOURNAL. * * * * Wednesday, December 14, 2022 | A3

U.S. NEWS

Fusion Breakthrough Offers

Peek at Clean Energy Future
BY AYLIN WOODWARD The U.S. Energy Department announced a major breakthrough in nuclear-fusion research by
AND JENNIFER HILLER scientists at the Lawrence Livermore National Laboratory—a controlled reaction that achieved
ignition, generating more energy than it consumed. The laboratory’s National Ignition Facility
The Energy Department said conducts experiments in fusion using lasers.
Tuesday that scientists at a
federal research facility Laser beams Mixture of hydrogen Hohlraum 1. 192 laser beams were fired into a
achieved a breakthrough in re- isotopes hollow cylinder named a hohlraum.
search on nuclear fusion, long
seen as a potential source of 2. Suspended inside the cylinder was a
clean, virtually limitless energy. peppercorn-size capsule containing
A controlled fusion reaction the fuel needed for a nuclear-fusion
2
at Lawrence Livermore Na- reaction—a partially frozen mixture
tional Laboratory in Livermore, 2 of two hydrogen isotopes, deuterium
Calif., produced more energy 1 and tritium.
than it consumed, Energy Sec-
retary Jennifer Granholm and 3. When laser beams entered the gold
other government officials said 0.4 inch. cylinder, they struck its inside walls
in a press conference from En- and created X-rays. Those X-rays
ergy Department headquarters then bathed the capsule, creating a
Laser entrance holes rapid implosion that superheated
in Washington.
The milestone, known as fu- and crushed the fuel capsule to the
sion ignition, is unprecedented, 3 width of a human hair.
according to the department.
“This is what it looks like 4. Those extreme temperatures and
for America to lead, and we’re pressures—like those in the cores
just getting started,” Ms. Gran- of stars and giant planets and in
holm said, adding that the exploding nuclear
breakthrough “will go down in weapons—triggered a fusion
the history books.” reaction. The hydrogen atoms
Researchers at the lab’s combined to form helium, releasing
X-rays a tremendous amount of energy at
multibillion-dollar National Ig-
nition Facility have been study- the same time.
ing nuclear fusion for more Fusion
5. Unlike fossil-fuel burning, fusion
than a decade, using lasers to 4 doesn't emit greenhouse gases,
create conditions that cause
Deuterium including carbon dioxide, into the
hydrogen atoms to fuse and re- Tritium
atmosphere. Fusion also doesn’t
lease vast amounts of energy.
produce long-lived radioactive waste
Since the facility began opera-
like nuclear-fission reactions. Its only
tions in 2009, the goal of a fu-
byproduct is helium, an inert gas
sion reaction that produces a
net gain of energy—a key step
Helium that doesn’t harm the environment.
The supply of hydrogen needed for
A holiday gem.
toward transforming fusion Neutron fusion is nearly limitless. Fusion
into a practical source of en-
Energy researchers say commercial
ergy—had eluded scientists.
5 application of this technology likely
But an experiment at the fa-
remains years, if not decades, away.
cility conducted Dec. 5 pro-
duced 3.15 megajoules of fusion
energy, compared with 2.05 Sources: LLNL.gov, Energy.gov; EIA.gov; IAEA.org; ITER.org Kevin Hand/ THE WALL STREET JOURNAL
megajoules of energy used to
trigger the reaction. burning of fossil fuels and the that fuel fusion reactions are in controlled fusion reactions.
Researchers said that release of greenhouse gases—a an essentially limitless supply. The Livermore facility uses
shortly after 1 a.m. on Dec. 5, timely objective during “a Commercial application of nearly 200 lasers to heat and
they fired the largest laser in looming energy and climate this technology likely remains compress hydrogen atoms to
the world into a tiny cylinder crisis,” according to Rafael years, if not decades, away, ac- temperatures of more than 180
holding a diamond capsule con- Juárez Mañas, an engineering cording to fusion researchers. million degrees Fahrenheit and
taining hydrogen isotopes. For professor at the National Dis- It is premature to talk about pressures more than 100 bil-
a brief moment, the laser deliv- tance Education University building fusion power plants, lion times Earth’s atmosphere.
ered energy that exceeds the (UNED) in Madrid who wasn’t said Gianluca Sarri, a professor Those extreme conditions cre-
entire U.S. power grid, in an at- involved in the recent experi- of physics at Queen’s Univer- ate a state of matter known as
tempt to compress the cap- ment. sity Belfast who wasn’t in- plasma, in which hydrogen at-
sule’s fuel to reach densities, Existing nuclear power volved in the new research. oms fuse. The same process
temperatures and pressures “There are technical issues powers the sun and other
that are higher than the center that need to be solved still be- stars.
of the sun. In the moments af-
ter the shot, the researchers
Over 30 firms, most fore it becomes an energy
source,” he added.
More than 30 firms, most of
them in the U.S., are chasing
Ultimate Wave Pendant with Diamonds,
weren’t sure what had hap- of them in the U.S., The lasers at the National fusion commercialization and Opal Inlay and Shimmer Diamond in
14K Yellow or White Gold from $1,799
pened.
“The shot goes off. It takes
are chasing fusion Ignition Facility are less than
1% efficient, according to Jona-
have raised more than $5 bil-
lion, according to the Fusion
only a few billionths of a sec- commercialization. than Davies, a senior scientist Industry Association. The com-
Chain included

ond, and so we need an exqui- at the University of Rochester’s panies are vying to be the first Matching Earrings available
site suite of diagnostics to Laboratory for Laser Energet- not only to create net-energy
measure what happened,” said ics. The facility used hundreds machines, but to commercial-
Alex Zylstra, the principal ex- plants—responsible for about of megajoules of electricity to ize them by delivering electric-
perimentalist on the project. 10% of the world’s electricity— produce the laser light needed ity to the grid on the scale of a
“And as the data started to generate electricity by nuclear to produce about 3 megajoules power plant.
come in, we saw the first indi- fission, in which energy is cre- of fusion energy. Fusion companies cele-
cations that we had produced ated by splitting heavy atoms “A laser fusion power plant brated the National Ignition OAHU • MAUI • KAUAI • BIG ISLAND OF HAWAII
more fusion energy than the la- like uranium. Fission creates would have to fire something Facility’s results. “It’s a crucial BOSTON • CHICAGO • DALLAS • DENVER • LAS VEGAS
ser input.” radioactive waste that can last like 10 times per second to step that validates a theory NEW YORK • ORLANDO • PHILADELPHIA • PLEASANTON
The broad appeal of nuclear thousands of years. Fusion give a reasonable electrical and bolsters our growing field PORTLAND • ROSEVILLE • SAN DIEGO • SAN FRANCISCO
fusion to researchers, investors doesn’t produce such waste. power output,” Dr. Davies said. of work in fusion energy,” said SAN JOSE • SEATTLE • WASHINGTON, D.C.
and companies stems from its Nor does it produce carbon di- Fusion researchers around Michl Binderbauer, chief exec- NaHoku.com • 1-866-296-9374
potential as an alternative to oxide or other greenhouse the world use a variety of ap- utive of fusion firm TAE Tech-
energy sources that involve the gases. The hydrogen atoms proaches to trigger and contain nologies. FREE FEDEX SHIPPING ON ALL ORDERS OF $200 OR MORE

Moderna’s Cancer
Vaccine Shows Promise
BY PETER LOFTUS sults with regulators and to
run a larger study to confirm
A customized Moderna Inc. the combination’s safety and
vaccine helped ward off the efficacy next year. Positive re-
recurrence of melanoma in a sults of that study could clear
mid-stage trial, a milestone in the way for potential regula-
long-running efforts to use the tory approval of Moderna’s ex-
shots as treatments and a big perimental cancer vaccine.
step in the biotech’s ascent. Moderna and Merck also
The combination of Mod- plan to test the combination in
erna’s personalized cancer other types of cancers. “We
vaccine and Merck & Co.’s don’t want to waste time.
Keytruda cancer immunother- Given the data is so strong, for
apy reduced patients’ risk of me it’s a Covid-like moment,”
relapse or death by about 44%, Moderna Chief Executive
versus Keytruda alone, in the Stephane Bancel said.
150-volunteer study, the com- The company’s shares rose
panies said Tuesday. 19.6% in trading Tuesday, add-
The results, which the com- ing about $12 billion to Mod-
panies said were statistically erna’s market capitalization.
significant but haven’t been Established in 2010 to har-
reviewed by independent sci- ness the potential of molecular
entists, suggest promise for an advances, Moderna had
emerging but unproven class worked for years to commer-
of vaccines that aim to treat cialize mRNA.
diseases rather than prevent The pandemic gave Mod-
infections like typical shots. erna an opening to prove the
If the combination proves technology’s worth. Its
successful in further testing, Covid-19 shot helped validate
the results could broaden the mRNA vaccines, while generat-
applications for Moderna’s ing tens of billions of dollars
messenger RNA platform be- in sales for the company.
yond the Covid-19 vaccine that Moderna has been eyeing
was the first commercial use new uses for its mRNA tech-
for the gene-based technology. nology since. A successful per-
It would also further cata- sonalized cancer vaccine could
pult the company’s rise up the help diversify its revenue
ranks of the biggest biotechs sources and offset expected
from an unproven startup be- declines in sales of its only
fore the pandemic began. products—its original Covid-19
Merck and Moderna said vaccine and the modified
they plan to discuss the re- Covid-19 booster shot.
 A4 | Wednesday, December 14, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Negotiators Reach Framework on Funding

BY SIOBHAN HUGHES an omnibus spending bill that Lawmakers didn’t announce appealing,” Senate Minority toral votes certified by the 50 package.
would boost funding for both any details about the overall Leader Mitch McConnell (R., states and District of Columbia. Mr. McConnell said that any
WASHINGTON—Congressio- the military and domestic pri- spending levels, a topic that Ky.) told reporters. Senate Ma- The vice president, serving as deal needed to finish no later
nal negotiators said they orities. has eluded negotiators for jority Leader Chuck Schumer president of the Senate, has the than the late evening on Dec.
agreed on a framework for a “We have a framework that weeks. Republicans and Demo- (D., N.Y.) said that “we need a duty to count the votes. 22, saying lawmakers wanted
fiscal 2023 government fund- provides a path forward to en- crats have generally agreed to bit more time beyond this week The House is set to vote to get on the road for the
ing package, with lawmakers act an omnibus next week,” $858 billion in military spend- to get an omnibus done to Wednesday on a one-week Christmas break and signaled
saying the breakthrough in said Ms. DeLauro. She said that ing—up from $782 billion ap- avoid a needless shutdown.” continuing resolution to avoid they wouldn’t pass another
talks puts them on course to the House and Senate Appro- propriated for fiscal 2022—but Mr. Schumer also said that a partial government shut- weeklong extension and would
vote next week before leaving priations Committees would have been at an impasse over he expected the omnibus to in- down with the expiration of an instead throw the matter to
for Christmas break. work around the clock to nego- nondefense spending. Demo- clude funding for Ukraine as interim law that runs through the next Congress, which
Late Tuesday, Senate Appro- tiate the details of the 2023 crats are seeking about $26 well as a measure to update Friday. The Senate plans to starts on Jan. 3.
priations Committee Chairman spending package, which in- billion more in nondefense how Congress deals with dis- take up the measure shortly If Congress can’t meet the
Patrick Leahy (D., Vt.) and cludes 12 separate bills. spending than Republicans putes over certifying presiden- afterward. So far, no Republi- Dec. 22 deadline, “we’d be
House Appropriations Commit- Mr. Shelby, the top Republi- want. tial-election results. cans have indicated that they happy to pass a short-term CR
tee Chair Rosa DeLauro (D., can on the Senate Appropria- Earlier in the day, party Congress has been eager to plan to object to moving into early next year,” Mr.
Conn.) released statements say- tions Committee, said a frame- leaders had indicated that talks update the 1887 Electoral Count quickly to a vote on the one- McConnell said, referring to a
ing that they had reached a bi- work was in place and that were on track toward a deal. Act, which requires Congress to week measure, which would continuing resolution that ex-
partisan framework with Sen. lawmakers should be about to “We’re very close to getting convene for a joint session after extend funding through Friday, tends funding at current levels.
Richard Shelby (R., Ala.) that finish the omnibus by the end an omnibus appropriations bill a presidential election, on Jan. Dec. 23, and give Congress Such a move would shift the
should allow for enactment of of next week “if all goes well.” that would be I think broadly 6, to count and ratify the elec- more time to pass a long-term talks into the next Congress.

U.S. Weighs Expanding Asylum Process Bill Aims

BY MICHELLE HACKMAN
AND ALICIA A. CALDWELL
and other parts of the border.
Earlier this year Republican
To Address
U.S. officials are moving to
expand a program creating a
Gov. Greg Abbott first launched
the effort as part of his
broader Operation Lone Star, a
Hitches in
legal process for Venezuelan
migrants seeking asylum to
also include Nicaraguans, Cu-
state-led border security effort
that brought cross-border com-
merce to a near halt before the
Supplies
bans and Haitians, amid a surge effort was scrapped. BY KATY STECH FEREK
in Nicaraguan migrants that “We are committed to en-
has begun to overwhelm parts forcing compliance with safety WASHINGTON—With Con-
of the border in recent days. standards and one of our de- gress facing pressure to help
The humanitarian program partment’s primary functions fix U.S. supply-chain problems
would allow migrants from is to ensure Texas roadways exposed by the Covid-19 pan-
those countries to apply from are safe for all Texans and vis- demic, a Republican and a
abroad to fly to the U.S., ac- itors to our great state,” Texas Democratic lawmaker are pro-
cording to internal government Department of Public Safety posing steps to force federal
JOSE LUIS GONZALEZ/REUTERS

documents reviewed by The Director Steven McCraw said agencies to take the lead in
Wall Street Journal and offi- in a tweet. Texas officials said preventing future shortfalls
cials familiar with the plans. the inspections are random while better coordinating exist-
The new program, the ad- and won’t involve every truck. ing federal programs to build
ministration plans to argue, The latest surge comes up domestic manufacturing.
would give migrants from amid a record of more than Sen. Marco Rubio (R., Fla.)
those countries an alternative two million arrests along the and Rep. Ro Khanna (D., Calif.)
path into the U.S. so they border in the past year and in introduced legislation on
don’t attempt to cross the Migrants get off a Border Patrol bus after being released at a bus station Monday in El Paso, Texas. advance of the scheduled end Tuesday that would force
southern border illegally. to the use of Title 42. leaders at cabinet-level agen-
It is one of several border- ties amid an expected rise in seekers crossed the border Large groups of several Immigration officials are cies to identify weaknesses in
policy changes the Biden ad- illegal crossings once the pol- Sunday, lining up on the U.S. hundred people, including a also debating what suite of U.S. supply chains that could
ministration is weighing ahead icy is formally lifted. side of the Rio Grande to sur- group of about 700 migrants new deterrence measures to hurt national security and do-
of the scheduled expiration of Two government officials render to waiting Border Pa- near Del Rio, Texas, have been adopt once the policy lifts. mestic manufacturing growth.
Title 42, a pandemic-era pol- cautioned that discussions are trol agents. routinely apprehended at the Among the ideas is the revival Leaders would be charged
icy that allows border patrol ongoing and plans could So far this month, more border in recent days, accord- of a Trump-era policy known with periodically recommend-
agents to rapidly expel mi- change before next week. than 25,000 migrants have ing to statements from U.S. as the transit ban, which ing ways that federal agencies
grants back to Mexico. That The move comes as mi- been arrested after crossing Border Patrol officials. would bar migrants from win- can attract private investment
policy is set to end on Dec. 21. grants, largely those from Ni- the border into the city and Amid the latest surge, the ning asylum if they passed and change federal financing
Officials are looking for nu- caragua, are overwhelming the Border Patrol agents have re- Texas Department of Public through another country such programs to advance U.S. eco-
merous ways—including new southern border. In El Paso, leased more than 11,000 mi- Safety on Tuesday started in- as Mexico along the way to nomic-development policies.
deterrence measures—to limit Texas, a group of about 1,000 grants, according to data pub- specting commercial vehicles the U.S. and didn’t first ask for The 18-page bill, called the
overcrowding in border facili- mostly Nicaraguan asylum lished by the city of El Paso. crossing into Texas in El Paso protection in that country. National Development Strat-
egy and Coordination Act of
2022, is meant to address
Biden Signs Legislation Cementing Same-Sex-Marriage Rights both longtime trends, such as
the migration of solar-panel
manufacturing to Asia, and
short-term problems such as a
shortage in medical supplies
that U.S. officials encountered
once the pandemic hit.
The nascent effort builds on
previous congressional moves
to strengthen U.S. industries
and reduce reliance on other
countries, such as China, and
its prospects for passage
aren’t clear. No other lawmak-
ers have signed onto the pro-
posal, though some have reit-
erated the need for Congress
to address supply-chain issues
and shortages of critical items
such as baby formula.
In July, Congress passed a
$280 billion law aimed at
boosting the semiconductor
industry crucial to modern
technology products, a biparti-
san acknowledgment that the
U.S. manufacturing sector has
struggled to compete with
Chinese firms.
The Biden administration
has called for a number of ac-
tions that represent a more
active government role in sup-
KEVIN LAMARQUE/REUTERS

ply-chain issues and domestic

manufacturing after his staff
investigated problems affect-
ing the supply of semiconduc-
tors, large-capacity batteries
used in electric vehicles, phar-
maceuticals and rare-earth el-
ALL IN: President Biden was flanked by a bipartisan group of lawmakers and others Tuesday as he signed into law the Respect for Marriage Act. The law makes ements that are key to tech-
marriages between same-sex and interracial couples federally recognized, and it requires states to recognize marriages that took place in states where they are legal. nology and defense.
‘Today is a good day,’ Mr. Biden said before signing the bill. ‘A day America takes a vital step toward equality, for liberty and justice, not just for some, but for everyone.’ Mr. Khanna, who represents
a Silicon Valley-area district,
said he believed his proposal
is the type of initiative that

Program Helping Troops Transition to Civilians Faulted could unite Democrats and Re-
publicans in an era of divided
government. Republicans are
set to take control of the
BY BEN KESLING leave the military is plagued by sistance classes for all troops need for troops to remain with cause troops need to be as fully House in January, while Demo-
low participation rates and in that year’s National Defense their unit. prepared as possible for life out crats are keeping control of
The mandatory program that lacks accountability, according Authorization Act, hoping to Veteran advocacy groups of uniform. And the way transi- the Senate.
helps prepare U.S. troops for ci- to findings from a government streamline the process. The have long said the transition tioning troops are treated af- “For decades, we watched
vilian life as they get ready to watchdog released Monday. Government Accountability Of- process remains flawed even fects recruiting, he said. as American industry went
The Transition Assistance fice found that in recent years, as there have been efforts to “Out of one side of their offshore, and we basically of-
Program is used by service some 90% of troops partici- revamp it. According to inde- mouth they say they have these fered a Band-Aid to communi-
members from all branches to pated in the program, but the pendently gathered surveys recruiting problems, then they ties,” Mr. Khanna said.
Crafted in gold & platinum
help them understand their majority didn’t attend classes done by Veterans of Foreign don’t prioritize troops on the Under the legislation, the
Order veteran benefits and prepare a year before they were slated Wars, a third of service mem- back end,” Mr. Murray said. Department of Treasury’s Fed-
by12/21for
Christmas! for what can be a jarring tran- to leave the service, and a bers miss the specialized two- “As stated in the report, the eral Financing Bank would be
sition from a structured mili- quarter of troops didn’t take day class, either because of Department concurred with given $20 billion, to be in-
tary lifestyle to the civilian specialized two-day classes. waivers or because of com- the GAO’s recommendations,” vested over 10 years, to exe-
world. The Defense Depart- The two-day classes are for manders’ reluctance to let said Cmdr. Nicole Schwegman, cute on recommendations us-
ment program for years has those service members most troops attend the classes, said a Defense Department spokes- ing loan guarantees, issuing
been criticized by lawmakers, at risk of having difficult tran- Patrick Murray, the group’s na- woman. A spokesman for the securities-backed financing or
advocacy groups and troops sitions, though they can ask to tional legislative director. Department of Veterans Af- buying purchasing debt. Law-
for not providing adequate waive participation in the Mr. Murray said the waiver fairs declined to comment on makers don’t have a funding
Your Anniversary Immortalized
preparation. classes and commanders can system should be scrapped and the report, saying the findings source yet, but they said they
In Roman Numerals In 2019, Congress mandated prevent troops from attending all separating service members are for a Defense Department expected money extended as a
JOHN-CHRISTIAN.COM 888.646.6466 participation in transition-as- classes by citing operational should attend those classes be- program. loan to be repaid.
 THE WALL STREET JOURNAL. * * * * Wednesday, December 14, 2022 | A5

U.S. NEWS U.S. WATCH

States Demand
Apple, Google Raise
TikTok’s Age Ratings
BY ERIN MULVANEY Google to do their part in
helping parents keep their
A group of 15 state attor- kids safe online and increase
neys general demanded on their TikTok ratings.”
Tuesday that executives at Al- A TikTok spokesman said,
phabet Inc.’s Google and Ap- “One of our most important
ple Inc. strip TikTok of its commitments is supporting the
content rating that classifies safety and well-being of teens,
the video-sharing app as ap- which we strive to accomplish

FATIH AKTAS/ANADOLU AGENCY/GETTY IMAGES

propriate for teens. through robust safety policies
In letters sent to Google and parental controls, age-ap-
Chief Executive Sundar Pichai propriate account settings and
and Apple Chief Executive Tim over 40,000 safety professionals
Cook, the state officials, all dedicated to keeping our com-
Republican, said TikTok con- munity safe and welcoming.”
tains frequent adult content, Representatives from Google
including about sex and drug and Apple didn’t respond to re-
use, and can only plausibly quests for comment.
qualify for a mature or “17+” The state coalition also in-
rating, not the current teen cludes attorneys general from
classifications listed on the Alabama, Arkansas, Florida,
Google Play Store and Apple’s Georgia, Indiana, Kentucky, Lou- BROOKLYN BLAZE: Eight people had minor injuries from a fire at a New York City Police Department warehouse on Tuesday.
App Store. isiana, Mississippi, North Da-
The attorneys general said kota, Oklahoma, South Carolina, OREGON KENTUCKY OBITUARY WEATHER
Google and Apple should be Texas, Utah and Virginia. The
responsible for ensuring accu- letter adds to state efforts push-
Governor Commutes Louisville Settles in Leach Was Longtime Major Storms Keep
rate age ratings and warned ing back against the influence of Death-Row Sentences Police Raid Case College Football Coach Moving Across Nation
they may face legal action TikTok. Indiana filed a pair of
from the states if TikTok’s rat- lawsuits against TikTok last Oregon Gov. Kate Brown said The city of Louisville, Ky., has Mike Leach, the oddball col- Severe thunderstorms were
ing isn’t addressed. week that alleged the platform Tuesday that she would com- settled lawsuits brought by Bre- lege football coach whose em- forecast to sweep across Texas,
“Parents are the first line of deceives consumers about its mute the sentences of 17 in- onna Taylor’s boyfriend, who brace of the unorthodox and ex- Louisiana and Mississippi while
defense, but their job is being adult content and data security. mates on death row. was there when police fatally plosive “Air Raid” offense was blizzard conditions were ex-
made more difficult by ratings Governors in states including There has been a moratorium shot her during a raid in 2020, derided as a gimmick before it pected to drop more than 10
that misrepresent the true Texas, South Carolina and Ala- on executions in Oregon since his lawyers said. proliferated and revolutionized inches of snow in parts of the
content found on the plat- bama moved to block state 2011. The move by the outgoing The city will pay $2 million to the sport, died at the age of 61 High Plains and Upper Midwest.
form,” Montana Attorney Gen- agencies from using TikTok be- governor, a Democrat, effectively Kenneth Walker III to settle on Monday night, according to a The severe weather condi-
eral Austin Knudsen said. “It’s cause of concerns about data ends death-row sentences in the state and federal civil suits that statement by Mississippi State. tions were projected to move
past time for Apple and breaches and national security. state. The individuals will have alleged officers involved in the The cause of death was com- across the central and southern
their sentences commuted to botched raid violated his civil plications from a heart condition, portions of the U.S. over the
life in prison without parole, ac- rights, his lawyers said Monday. according to the university. Mis- next few days and were ex-
cording to a statement released Mr. Walker and Ms. Taylor, a sissippi State, where he has pected to reach the East Coast
by the governor’s office. The or- 26-year-old Black emergency-medi- coached since 2020, said on on Thursday, according to the
der takes effect Wednesday. cal technician, were asleep in Sunday that he was hospitalized National Weather Service.
“I have long believed that jus- March 2020 when they were after suffering a “personal The storm has already left
tice is not advanced by taking a roused by police who had secured health” issue at his home. parts of California with heavy
JESSICA PONS FOR THE WALL STREET JOURNAL

life, and the state should not be a no-knock warrant. Mr. Walker Mississippi State defensive snow. Almost 3 feet of snow fell
in the business of executing shot at the officers thinking they coordinator Zach Arnett on Sun- over the weekend in the Lake
people—even if a terrible crime were intruders. Police responded day was named interim head Tahoe area near the California
placed them in prison,” Ms. by firing more than 30 bullets. coach as the Bulldogs football and Nevada border. In the Sierra
Brown said. The case was one of several team prepares for the Relia- Nevada, UC Berkeley’s Central Si-
The number of executions in 2020 that contributed to pro- Quest Bowl on Jan. 2. erra Snow Lab in Donner Pass
carried out in the U.S. fell to its tests across the U.S. over racial Mr. Leach went from coach- recorded more than 3.5 feet of
lowest level in three decades in injustice and police brutality. ing in college football’s hinter- snow in a 48-hour period. The
2021, according to the Death Representatives for the city lands to seeing the ideas he es- storm also dropped 3 to 5
Penalty Information Center, a didn’t respond to requests for poused become cutting edge in inches of snow on the coast of
nonprofit that studies the death comment Tuesday. The Louisville the National Football League. He Oregon and up to 12 inches in
penalty and is critical of how it Metropolitan Police Department became the pre-eminent advo- the mountains, the National
The attorneys general warned that Google and Apple may face is administered. declined to comment. cate of the Air Raid offense. Weather Service said.
legal action from the states if TikTok’s rating isn’t addressed. —Suryatapa Bhattacharya —Talal Ansari —Andrew Beaton —Joseph De Avila

FROM PAGE ONE

Moroccan bandwagon. town at Al Janoub Stadium.
Morocco Is When Morocco faced 2010
world champion Spain in the
Those were snapped up by a
line of fans that stretched for
first round of win-or-go-home five hours. Rumors of another
World Cup games, nearly all of the ear-
splitting noise inside Educa-
batch of tickets becoming
available there on Wednesday

Hot Ticket tion City Stadium seemed to

be coming from Moroccan
supporters. It somehow got
morning already have some
fans planning to camp out
overnight.
even louder when Morocco “For this, I would sleep out-
Continued from Page One won the penalty shootout. side,” said Khadija Sifelhak, a
spired tens of thousands of The scene at Al Thumama Moroccan who took time off
the country’s fans to flock to Stadium last Saturday was work from her job in Washing-
Doha to witness the miracle much the same, as Morocco ton, D.C., to attend the quar-
themselves. No African or fans seemed to outnumber terfinal. “Jobs come and go,
Arab country has ever made it Portugal supporters 10-to-1. but Morocco in the World Cup
this far. And on Wednesday, And after the game ended 1-0, is once in a lifetime.”
Morocco will play defending Cristiano Ronaldo and his cast Morocco is doing its best to
champion France for a place in of all-star teammates were make sure as many supporters
the World Cup final, sparking heading home. Morocco was as possible can make it to
a ticket rush unlike anything staying at the party. Doha, a seven-hour flight
the tournament has ever seen. All of which has made a away, without getting in trou-
All over Doha, Moroccan semifinal ticket the Gulf’s ble at work. Royal Air Maroc,
fans in the team’s red-and- most sought-after commodity the country’s flagship carrier,
green jersey are keeping their this side of crude oil. announced after the quarterfi-
ears to the ground for the mer- Precisely how many hit the nal that it had organized 30
est hint of an available ticket. market, and when, is always a special flights between Casa-
While tickets for the group mystery. blanca and Doha in the 48
stage are sold out months be-
fore the tournament kicks off,
several thousand seats for the
hours leading up to the game.
As the wave of supporters
descends on Hamad Interna-
KALEIDOSCOPIC COLOR
knockout rounds are held
back, to be distributed to the
‘What’s happening
right now is crazy,’
tional Airport, nine of the
shuttles are due to land be-
HENRI MATISSE
countries that actually qualify
said a fan. ‘Morocco tween 11:25 p.m. on Tuesday Luminary artist. Pivotal period. Beloved subject.
for the matches that matter night and 7 a.m. Wednesday
most. That’s led to a crush as in a semifinal?’ morning. Return flights start Henri Matisse’s Vue de Belle-île is a
supporters scramble to snag after the final whistle. celebration of color and texture,
tickets for a first-of-its-kind Not everyone who touches capturing the sublime beauty of
semifinal. down in Doha will have a Belle-île–a small island off the
No one expected Morocco to Outside the Doha Exhibition ticket. Earlier in the tourna- Brittany coast. Later exhibited at
still be in the World Cup at this & Convention Center, the tour- ment, under Qatar’s strict im-
the Palais des Beaux-Arts in 1950, the
stage. Now no Moroccan can nament’s downtown ticketing migration rules, this would
imagine missing the chance to hub, Moroccan fans milled have been impossible—every- original oil reflects a transformative
be in the building when their about the plaza on Monday, one entering the country was moment in the artist’s career when
team makes history. ready to pounce on any rumor required to have a permit he began to turn away from the traditional style and muted
“It’s now or never,” said of tickets at a moment’s no- linked to their ticket or ac- colors of his formal training to experiment with a more vibrant
Mouhcine Bahraoui, who flew tice. Ahead of the Spain creditation. But those require- and creative palette. Accompanied by original certificate of
here from Marrakesh for the match, word spread quickly ments have since been authenticity. Painted 1897. Signed “Henri Matisse.” Canvas:
quarterfinal victory over Por- through social media and the dropped and Morocco fans are
tugal. He doesn’t have a ticket whisper network of Morocco trying their luck.
181/ 8”h x 213/4”w. Frame: 231/4”h x 267/ 8”w. #31-6195
for Wednesday yet, he said, supporters that the federation Reda Kabbaj, a 35-year-old
“but I’m hoping I can find one, was organizing a one-time, supporter from Paris, has al- This work is currently on view in our exhibition,
inshallah.” first-come, first-served ticket ready made one round trip Revolutionaries: The Impressionists and
It’s not just the 20,000 Mo- giveaway outside one of home. He was here for the Post-Impressionists. Scan for details.
roccans who live in Qatar or Doha’s many malls. group stage and thought Mo-
the thousands more flying in A line materialized in- rocco would head home right
who are on the hunt for tick- stantly. Within hours, 5,000 after he did. When the team
ets. The country’s Cinderella Moroccans were holding tick- stuck around, he knew he had
run here has made it the de ets simply for showing their to come back.
facto home team at the first- passports. Mr. Kabbaj managed to
ever World Cup held in the “It happened so quickly,” score tickets for the Portugal
Arab world. The Qatari na- said Rachid, a 38-year-old piz- game by hanging around the
tional team was a non factor, zeria owner from Cologne, exit at Al Janoub and finding 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com
eliminated after three defeats Germany, who declined to give someone looking to resell it
in the group stage, and Saudi his last name. “We heard and right after the drop Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
Arabia, despite a stunning vic- we just went.” “Since the beginning, we Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
tory over Argentina, was For the quarterfinal against keep telling everyone that
knocked out before the round Portugal, a drop of between we’re underdogs,” he said.
of 16. Ever since then, the en- 3,000 and 5,000 paper tickets “Then everyone underesti-
tire region has jumped on the occurred a little farther out of mates us.”
A6 | Wednesday, December 14, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS

FTX CEO Doubts Recovery of Funds Speedy

Indictment
New leader, testifying ployees to steal from the

to lawmakers, said
prior management
cookie jar of customer funds
to finance their lavish life-
style,” she said.
Is Product
had no record-keeping
In contrast, Rep. Patrick
McHenry (R., N.C.), the com-
mittee’s ranking Republican,
Of a New
BY ALEXANDER SAEEDY
AND PAUL KIERNAN
took aim at the Securities and
Exchange Commission and its
chairman, Gary Gensler, while
DOJ Push
The U.S. entity of failed stressing that his belief in
crypto exchange FTX isn’t sol- cryptocurrencies remains BY BEN FOLDY
vent, putting into doubt strong.
whether American customers “We know the Securities The arrest of FTX founder
can expect to see their funds and Exchange Commission Sam Bankman-Fried roughly a
returned, the company’s new Chair Gensler’s regulation-by- month after the swift collapse

AL DRAGO/BLOOMBERG NEWS
chief executive told Congress enforcement approach is not of his cryptocurrency ex-
on Tuesday. going to stop bad actors,” Mr. change is among the fastest
At a hearing held by the McHenry said. recent indictments in a finan-
House Committee on Financial The SEC, which sued Mr. cial blowup and comes as fed-
Services, FTX CEO John J. Ray Bankman-Fried on Tuesday, eral prosecutors look to speed
III said there is a hole in the didn’t respond to a request for white-collar prosecutions.
balance sheet of the U.S. arm, comment. Mr. Bankman-Fried was ar-
which “as we sit here to- Mr. Gensler has said the law rested Monday night in the
day … is not solvent.” John Ray, center, the new CEO of FTX, testified about the collapse of the crypto-trading platform. is clear but crypto firms have Bahamas at the behest of U.S.
“We’re trying to get cus- chosen not to comply with authorities. He was charged
tomers’ money back as quickly other counterparties to try to was scheduled to appear at and Alameda, but he hadn’t them. Mr. Gensler has said he Tuesday, roughly a month af-
as possible,” he told lawmak- find money for customers of the hearing. yet identified any evidence of believes the vast majority of ter FTX filed for bankruptcy,
ers. But he described the idea the bankrupt crypto exchange. Mr. Bankman-Fried stepped U.S. customer funds being cryptocurrencies are unregis- wiping out billions of dollars
that all American customers “Certainly, we’re investigat- down as CEO when his com- misused in such a manner. tered securities, and the SEC of investors’ capital and ma-
will have their funds returned ing everything that happened,” pany filed for bankruptcy in “I’ve done probably a dozen is investigating major crypto rooning the funds of deposi-
as “speculative.” Mr. Ray said in response to a November, and was replaced large-scale bankruptcies over platforms for listing them. tors in the process.
The comments came in an question about Mr. Bankman- by Mr. Ray, who has been a my career,” Mr. Ray said in re- Rep. Brad Sherman (D., Ca- He faces eight criminal
hourslong congressional hear- Fried’s culpability for FTX’s col- caretaker executive for other sponse to a question by Rep. lif.), one of the crypto indus- counts, including conspiracy
ing in which Mr. Ray described lapse. “We’re focused on accu- troubled firms, including En- Ann Wagner (R., Missouri). try’s loudest critics on Capitol to commit securities fraud,
what he called unacceptable mulating and maximizing ron Corp. “This one is unusual, and it’s Hill, asked Mr. Ray to turn over wire fraud and campaign fi-
management practices and a assets for the victims.” Mr. Ray’s statements about unusual in the sense that liter- documents that could help law nance violations. Financial
lack of control by FTX’s for- Lawmakers used the mo- FTX customers’ funds stood in ally there’s no record-keeping enforcement connect payments regulators have also filed civil-
mer executives, including ment to call for stronger laws contrast to recent comments whatsoever.” made to executives at the col- fraud lawsuits against Mr.
founder Sam Bankman-Fried. to police the crypto industry, made by Mr. Bankman-Fried, FTX’s internal record-keep- lapsed crypto exchange with Bankman-Fried.
Mr. Ray said funds were to criticize the actions of reg- who has said that he believed ing tools included chat service campaign contributions. Mr. Mr. Bankman-Fried “is re-
taken from FTX and misused ulators and to call out col- American customers’ funds Slack and Intuit Inc.’s Quick- Sherman noted an allegation in viewing the charges with his
by affiliated trading firm leagues for accepting cam- should be safe. Mr. Ray didn’t Books, Mr. Ray said. “Nothing the government’s complaint legal team and considering all
Alameda Research, which in- paign contributions from Mr. rule out Tuesday that U.S. cus- against QuickBooks—very nice against FTX that the firm vio- of his legal options,” Mark Co-
curred trading losses. Bankman-Fried and others in tomers’ funds might have been tool—just not for a multibil- lated campaign-finance laws by hen, a lawyer representing Mr.
Mr. Bankman-Fried has said his orbit. commingled with Alameda Re- lion-dollar company.” lending money to executives so Bankman-Fried, said.
he bore responsibility for Mr. Bankman-Fried was ar- search, a crypto hedge fund At the hearing, House Fi- that they could make political The Justice Department has
FTX’s collapse but denied he rested in the Bahamas on also controlled by Mr. Bank- nancial Services Chairwoman donations. pushed to speed up white-col-
committed any fraud. Monday and charged by U.S. man-Fried. Maxine Waters (D., Calif.) cast Mr. Bankman-Fried and lar prosecutions, former and
Mr. Ray suggested in testi- prosecutors in Manhattan on Mr. Ray said he has seen blame on Mr. Bankman-Fried. other FTX employees contrib- current officials said. These
mony that FTX may seek dam- Tuesday with eight counts of credible evidence to date that “I am so deeply troubled to uted more than $70 million to cases have historically been
ages against executives includ- fraud and conspiracy. Before there was commingling of in- learn how common it was for election campaigns ahead of slow-moving due to the
ing Mr. Bankman-Fried and his arrest, Mr. Bankman-Fried ternational customers’ funds Bankman-Fried and FTX em- the 2022 midterm elections. schemes’ complexity and a
need to assemble evidence in-
dicating a suspect’s intent.

Founder Is most of which went to Demo-

crats and liberal-leaning groups.
Mr. Ray said on Tuesday that
laid out reasons for shutting
Alameda, according to the CFTC
suit. Alameda wasn’t making
Deputy U.S. Attorney Gen-
eral Lisa Monaco said in a
September speech that making

Charged FTX is probing whether any

loans taken by FTX executives
were improperly used for cam-
enough money to justify its ex-
istence, he wrote.
The CFTC said the state-
prosecutors and companies
feel that they were “on the
clock” in these cases was a key

With Fraud paign contributions. He noted

that tracing fund flows from
FTX to executives and third
ments contradicted what Mr.
Bankman-Fried and Alameda
were saying publicly at the time.
priority for the department.
Former U.S. prosecutors say
high-profile financial cases with
parties was difficult given the Tuesday’s congressional lots of victims can increase the
KENNY WASSUS/THE WALL STREET JOURNAL

Continued from Page One lack of a paper trail for many hearing on FTX was the first pressure on authorities to bring
Also Tuesday, the Securities corporate transactions at FTX. public appearance for Mr. Ray cases more quickly.
and Exchange Commission al- “We’re dealing with a pa- on FTX’s bankruptcy. Mr. Bank- “If people forget about the
leged in a civil lawsuit that Mr. perless bankruptcy,” he said. man-Fried had been scheduled case by the time it finally
Bankman-Fried diverted cus- “It makes it very difficult to to appear virtually at the hear- comes to fruition, they may
tomer funds from the start of trace and track assets.” ing, before he was arrested in feel that justice deferred is
FTX to support Alameda and to The CFTC complaint con- the Bahamas at the request of justice denied,” said Mark
make venture investments, tains a detailed discussion of the U.S. government. Chutkow, a former federal
real-estate purchases and polit- events at Alameda and FTX “The operation of Alameda prosecutor who is currently
ical donations. The Commodity and argues the agency also has really depended, based on the head of government investiga-
Futures Trading Commission jurisdiction over the case. The way it was operated, on the tions and corporate compli-
filed a lawsuit Tuesday linking In interviews, Mr. Bankman-Fried said he bore responsibility for CFTC regulates U.S. deriva- use of customer funds,” Mr. ance at Dykema Gossett PLLC.
his alleged fraudulent conduct FTX’s collapse but denied he committed any fraud. tives markets, but it can go af- Ray said, responding to ques-
at Alameda and FTX to mar- ter fraud that affects certain tions from members of Con-
kets that the CFTC regulates.
“Sam Bankman-Fried built a ‘Sam Bankman-Fried built
commodity markets.
Besides giving Alameda ac-
gress. “There were virtually no
internal controls…whatsoever.”
Prosecutions of
house of cards on a foundation cess to customer deposits, FTX He described numerous white-collar crimes
of deception while telling inves- a house of cards on granted the crypto hedge fund loans totaling billions of dollars
have historically
tors that it was one of the saf- controlled by Mr. Bankman- taken out by Mr. Bankman-
est buildings in crypto,” SEC a foundation of deception.’ Fried trading-execution privi- Fried from Alameda. “We have been slow-moving.
Chair Gary Gensler said. leges that provided it an edge no information at this time as
The charges are the latest against other traders on the to what purpose or use of those
twist in a saga that rattled the Gary Gensler, SEC chairman platform, the CFTC suit alleges. funds were,” Mr. Ray added.
crypto world, a largely unreg- The CFTC said while insti- Mr. Ray pushed back The speed at which charges
ulated market that boomed “is reviewing the charges with to be sent to an FTX investor in tutional customers had their against statements by Mr. were brought against Mr.
during the pandemic but was his legal team and considering New York that contained false orders routed through the FTX Bankman-Fried that he had lit- Bankman-Fried was fast even
hammered this year by rising all of his legal options.” information about FTX’s finan- system, Alameda was able “to tle involvement in the manage- by recent standards. It took
interest rates and the failure Mr. Bankman-Fried, 30 cial condition. In June 2022, bypass certain portions of the ment of Alameda after passing just over a year for federal
of significant industry players. years old, was arrested Mon- the indictment says, Mr. Bank- system and gain faster access.” control of it to Caroline Ellison prosecutors to charge hedge-
FTX, one of the largest day in the Bahamas and ap- man-Fried and others misap- It resulted in orders being re- and Sam Trabucco, as well as fund manager Bill Hwang and
crypto exchanges in the world, peared in court Tuesday in propriated FTX.com customer ceived by FTX several millisec- his statements that customer another former executive of
filed for bankruptcy in Novem- Nassau. He was denied bail deposits to satisfy Alameda’s onds faster than those of other funds were passed to Alameda Archegos Capital Management
ber after it ran out of cash and and has been remanded to jail loan obligations. institutional clients. The suit because of an accounting er- after their fund collapsed in
a merger with rival Binance until Feb. 8, said a person fa- Mr. Bankman-Fried is also ac- alleges Alameda wasn’t subject ror. “I don’t find those state- March 2021. In October, a
collapsed. The firm’s failure miliar with the matter. cused of defrauding the Federal to certain automated verifica- ments to be credible,” Mr. Ray Manhattan jury con-
marked a sudden fall from Prosecutors allege that from Election Commission starting in tion processes, including on said. victed Nikola founder Trevor
grace for Mr. Bankman-Fried, 2019 through November 2022, 2020 by conspiring with others whether it had available funds —Dave Michaels, Alexander Milton on three counts of
who portrayed FTX as a safer Mr. Bankman-Fried conspired to illegally make contributions before executing a transaction, Saeedy and Hannah Miao fraud relating to Mr. Milton’s
crypto exchange to use and cast with unnamed individuals to to candidates and political com- giving it further advantage on contributed to this article. public statements around the
himself as an ally of regulation. defraud customers and lenders. mittees in the names of other the speed of its trades. company’s initial public offer-
In interviews since the fil- He provided false and mislead- people. He and his associates The edge wasn’t enough to ing in the summer of 2020.
ing, Mr. Bankman-Fried said he ing information to lenders contributed more than $70 mil- keep Mr. Bankman-Fried from Watch a Video In a statement after Mr.
bore responsibility for FTX’s about Alameda’s financial con- lion to campaigns in recent considering shutting Alameda Scan this code Hwang was charged, his law-
collapse but denied he commit- dition, the indictment says. years, The Wall Street Journal in September, according to the to watch FTX’s yer said his client is entirely
ted any fraud. Mark Cohen, a The 14-page indictment said reported. He personally made CFTC complaint. In a document new CEO testify innocent and there is no evi-
lawyer for Mr. Bankman-Fried, that on Sept. 18, 2022, Mr. $40 million in donations ahead titled “We came, we saw, we re- before a House dence he committed any kind
said on Tuesday that his client Bankman-Fried caused an email of the 2022 midterm elections, searched,” Mr. Bankman-Fried committee. of crime. After Mr. Milton’s
conviction, one of his lawyers
said his client would continue

SEC Sues Bankman-Fried, Says Funds Were Diverted to fight the charges.
Those cases, and Mr. Bank-
man-Fried’s, were all brought
by the U.S. attorney’s office in
BY DAVE MICHAELS form, and financial risks posed tures Trading Commission Many of the crypto ex- from investors who supported Manhattan, which specializes
by the relationship between also sued the FTX founder. change’s executives and em- the company. The 30-year-old in financial crime.
FTX founder Sam Bankman- the exchange and the hedge The SEC’s suit seeks civil ployees also plowed money was FTX’s chief executive until Former prosecutors said
Fried diverted customer funds fund, the SEC alleged in its fines, disgorgement of any ille- into FTX, which was valued at he resigned last month. Mr. Bankman-Fried’s case ap-
from the start of his crypto- civil fraud lawsuit. gally earned profits, and a bar $32 billion earlier this year. Alameda had taken billions peared to have several ele-
currency exchange to support “Bankman-Fried was or- from serving as an officer and Some of the large institutions of dollars of FTX customer ments that could have helped
his hedge fund, Alameda Re- chestrating a massive, years- director of a public company. recently said they had con- funds even before the hedge expedite an investigation, in-
search, and to make venture long fraud, diverting billions of The SEC said its investigation ducted extensive due diligence fund faced calls from lenders cluding lots of potential vic-
investments, real-estate pur- dollars of the trading plat- continues, meaning it could on FTX before deciding to in- in May, according to the SEC’s tims, government scrutiny of
chases and political donations, form’s customer funds for his accuse other individuals or vest, and have since marked lawsuit. cryptocurrency and new lead-
the Securities and Exchange own personal benefit and to companies of wrongdoing. down the value of their invest- “Bankman-Fried directed ership at FTX that seems in-
Commission alleged in a law- help grow his crypto empire. The exchange’s investors in- ments to zero. FTX to divert billions more in clined to cooperate with the
suit filed Tuesday. ... Customers around the world cluded Sequoia Capital, which Unlike many of the SEC’s customer assets to Alameda to government.
The SEC said those moves believed his lies, and sent bil- gave more than $200 million to earlier enforcement actions ensure that Alameda main- In addition, the relatively
were concealed from Silicon lions of dollars to FTX,” the FTX and its U.S. affiliate, as against crypto companies, the tained its lending relation- small inner circle at FTX made
Valley investors who poured SEC complaint said. well as other big names includ- SEC’s lawsuit doesn’t cur- ships, and that money could it easier to directly implicate
$1.8 billion into FTX. U.S. in- Mr. Bankman-Fried was ar- ing Dan Loeb’s Third Point LLC, rently hinge on claims that Mr. continue to flow in from lend- Mr. Bankman-Fried in wrong-
vestors contributed $1.1 billion rested on Monday in the Baha- Tiger Global Management, the Bankman-Fried or FTX issued ers and other investors,” the doing whereas executives at
of that total. Mr. Bankman- mas after the U.S. filed crimi- Ontario Teachers’ Pension Plan, digital assets that violated in- SEC said. large companies are usually
Fried also failed to disclose nal charges against him, the SoftBank Group Corp., and vestor-protection laws. In- A spokesman for Mr. Bank- insulated by several levels of
special treatment that FTX authorities in the two coun- Singapore’s investment com- stead, it alleges that Mr. Bank- man-Fried didn’t respond to a other employees, said Mr.
gave to Alameda on its plat- tries said. The Commodity Fu- pany, Temasek Holdings. man-Fried hid FTX’s practices request for comment. Chutkow.
THE WALL STREET JOURNAL. * * NY Wednesday, December 14, 2022 | A7

WORLD NEWS
EU Set to Ease Rules for Data Held in U.S.
Allowing companies to The European Commission, in the balance has been the new rights to challenge U.S. led to the EU court’s invalida- zens would be able to take
the EU’s executive arm, on Tues- ability of businesses to use U.S.- government surveillance. tion of the prior frameworks, complaints about the handling
transfer personal day published a draft approval based data centers to do things Before the Commission can said last month that he finds the of their personal data to an ar-
information to America of the preliminary deal it struck such as sell online ads, measure complete its approval of the U.S. changes to be insufficient. bitration panel. The U.S. has
in March with Washington. The their website traffic or manage accord—called the EU-U.S. The Commission said its de- also committed that its intelli-
gets tentative approval agreement would re-establish a company payroll in Europe. data privacy framework—it cision published Tuesday re- gence agencies will collect only
framework that makes it easy Blocking data transfers must consult with a board rep- flects a conclusion that the data about Europeans that is
BY SAM SCHECHNER for businesses to transfer such could upend billions of dollars resenting EU privacy regula- updated U.S. legal framework necessary and proportionate to
AND KIM MACKRAEL information again following the of trade from cross-border tors and EU member states. “provides comparable safe- protect national security, the
invalidation of a previous accord data activities, including cloud Details of the accord will be guards to those of the EU. ” commission said.
BRUSSELS—The European by an EU court in 2020. services, human resources, closely scrutinized because two U.S. companies would be able Didier Reynders, the EU’s
Union took a significant step to- As part of the new deal, the marketing and advertising, if previous data agreements were to join the data-privacy frame- Justice Commissioner, expects
ward completing a deal with the U.S. is offering—and has started they involve sending or storing rejected by the EU’s top court, work by committing to comply the decision to be challenged
U.S. that would allow personal to implement—new safeguards information about Europeans most recently in 2020, in part with a set of privacy obligations in court, but he urged critics
information about Europeans to on how its intelligence authori- on U.S. soil, tech advocates say. because the U.S. failed to give such as a requirement to delete of the deal to give the new re-
be stored legally on U.S. soil, re- ties can access that data. The U.S. in October began what the court said were ac- personal data when it is no lon- dress process a chance.
ducing the threat of regulatory If concluded, the pact could implementing the agreement tionable rights to challenge ger needed for its original pur- The EU should be able to is-
action against thousands of resolve one of the thorniest on its side, including an execu- U.S. surveillance. pose, the Commission said. sue a final decision approving
companies that routinely trans- outstanding issues between the tive order signed by President Max Schrems, the Austrian As part of the changes the the agreement before the sum-
mit such information. two economic giants. Hanging Biden that gave Europeans privacy lawyer whose lawsuits U.S. is implementing, EU citi- mer of 2023, he said.

Russian Troops
Lose Supply Line
BY JARED MALSIN that the occupiers were using
AND ANN M. SIMMONS to transport military equip-
ment from the Eastern front,”
Ukraine garnered pledges he said in a post on the Tele-
for fresh aid to help it ride out gram messaging channel.
the winter after explosions The Russian-controlled re-
rocked a bridge in the country’s gional administration said the
east used by Russian forces to supports of the bridge were
transport military hardware to damaged as a result of an ex-
the front lines of the war. plosion, causing the road bed
Delegates from dozens of to sag. Officials in the city de-
countries and international in- scribed the incident as “an act
stitutions gathered in Paris on of sabotage.” Both car and pe-
Tuesday and pledged more than destrian traffic were suspended

CELESTINO ARCE/NURPHOTO/ZUMA PRESS

1 billion euros, about $1.05 bil- on the bridge as emergency
lion, in aid to Ukraine, accord- services worked, they said.
ing to French officials. Dele- The blasts in Melitopol
gates discussed ways to provide show Ukraine is determined to
urgent access to water, food, en- continue attacks on Russian
ergy, transport and healthcare forces and infrastructure used
in Ukraine, French officials said. by the Russian military even
The pledges came in re- as winter sets in. Western offi-
sponse to months of Russian cials have warned that freez-
missile and drone attacks that ing conditions are expected to
have targeted Ukraine’s elec- slow the pace of the conflict
trical grid and left millions in and delay further advances by Shelling by the Russian military of the village of Kostiantynivka in Ukraine’s eastern Donbas region left a crater.
the dark as winter approaches. Ukrainian troops in the east.
Hours earlier, Ivan Fedorov, The bridge attack is the For months, Ukrainian forces mars artillery, have been at the Peskov told reporters that a eastern Ukraine, said Valentyn
the exiled Ukrainian mayor of second in the city of Melitopol have been striking deep behind heart of a pair of offensives in pullout of Russian forces from Reznichenko, the governor of
the Russian-occupied city of in recent days after Ukraine’s Russian lines in eastern Ukraine which Ukrainian forces re- Ukraine by year’s end is out of the Dnipropetrovsk region.
Melitopol, said a bridge link- military used U.S.-supplied to break up concentrations of claimed swaths of territory from the question. The attacks damaged more
ing the city to the nearby vil- long-range artillery to demol- Russian troops and cut Mos- the Kremlin in northeastern and Russian forces launched at than a dozen residential and
lage of Kostiantynivka was at- ish a hotel housing Russian cow’s supply lines. Such attacks, southeastern Ukraine. least seven attacks on areas commercial buildings and
tacked. “It was this bridge military personnel. including those by U.S.-made Hi- Kremlin spokesman Dmitry around the city of Nikopol in power lines, he said.

Ukraine
Missile
Deal Near
Continued from Page One
portedly told French broad-
caster LCI that his nation needs
Patriots to defend its infra-
structure and stop Russia’s bid
to overwhelm Europe with
REUTERS

Ukrainian refugees escaping

electricity shortages.
It couldn’t be determined Patriot missiles are coveted for their accuracy and long range.
how many launchers the Penta-
gon could send or from where the world have sought them for the war.
it would source them. A Penta- their accuracy and long-range On Capitol Hill, critics of the
gon spokesman, Air Force Brig. defensive capabilities. proposed Patriot deal raised
Gen. Patrick Ryder, on Tuesday Patriots are a cornerstone of concerns about the cost to U.S.
declined to discuss the pro- the Pentagon’s fast-deployable national security of providing
spective deal or why the U.S. air-defense capabilities and Kyiv the Patriots, particularly
would consider providing have been in heavy demand, while China is modernizing its
Ukraine with the systems. A particularly in the Middle East, military and stepping up its
U.S. defense official in Novem- for years. military posture in the Taiwan
ber told reporters “all capabili- The U.S. has provided nearly Strait.
ties are on the table,” when $20 billion in military aid this “Everybody wants to help
asked whether the administra- year, but has declined to pro- Ukraine defend itself against
tion was considering sending vide much of its most advanced ballistic and cruise missiles,” a
Patriot batteries to Ukraine. weaponry to the Ukrainians for congressional official said. “But
The Patriot was one of sev- fear of escalating the conflict this is the first system where
eral international responses on into a wider war with Russia. we are going to really hash this
Tuesday to a war centered on The U.S. has held back Gray Ea- out because we don’t have
infrastructure attacks. Dele- gle MQ-1C armed drones, as enough for ourselves.”
gates from dozens of countries well as the ATACMS long-range Germany in November of-
and international institutions missile system, which would be fered to send a Patriot to Po-
gathered in Paris and pledged capable of reaching deep into land after a missile landed in
more than €1 billion in aid, the Russian territory. Polish territory, killing two citi-
equivalent of around $1.05 bil- Because the Patriot-missile zens. Poland initially said a sys-
lion, to Ukraine, French officials system is defensive in nature, it tem should go to Ukraine first,
said. Delegates discussed ways doesn’t raise the same concerns but reportedly last week said it
to provide urgent access to wa- within the Biden administration would accept Germany’s offer.
ter, food, energy, transport and about escalation as other U.S.- The U.S. Army has said it
healthcare in Ukraine through- provided weapons systems. takes nearly six months to train
out the winter, French officials In November, the first Na- operators to use the Patriot,
said. tional Advanced Surface-to-Air though industry officials
Hours earlier, Ivan Fedorov, Missile System, or NASAMS, briefed on the Pentagon’s plans
the exiled Ukrainian mayor of
the Russian-occupied city of
produced and delivered by the
U.S., Norway and Spain, arrived
said this could be compressed
to half that time. Raytheon,
Now Inviting Consignments of Fine Jewelry and
Melitopol, said a bridge linking in Ukraine, according to a tweet which has said it produces
the city to the nearby village of from the Ukrainian govern- around one Patriot system a Watches for Our Spring 2023 Auction Season
Kostiantynivka had been at- ment. The two delivered NA- month, declined to comment.
tacked, suggesting that Ukraine SAMS were the longest-range The Patriot missile became
is determined to continue at- systems provided so far. famous during the 1991 Gulf CONTACT
tacks on Russian forces and in- In addition, the U.S. has sent War, when it was used to shoot Lourdes Winnick
frastructure used by the Rus- Ukraine 20 High Mobility Artil- down Iraqi Scud missiles. The
sian military. lery Rocket System launchers, system was later used in the 267.414.1233
CNN earlier reported the or Himars, and a large inven- wars in Iraq and Afghanistan [email protected]
Pentagon’s plan to give Ukraine tory of satellite-guided rockets and to defend nearby troops in
Patriot-missile systems. with a range of almost 50 the region.
A mobile system designed to miles. Those rockets, known as A Patriot-missile battery of
defend against missiles and air- the Guided Multiple Launch eight launchers takes as many
craft, the Patriot is produced by Rocket System, or GMLRS, have as 90 soldiers to run, including
Raytheon Technologies Corp., been used to strike Russian am- maintenance crews, transport- freemansauction.com
with Lockheed Martin Corp. munition depots, supplies and ers and radar operators, the
2 4 0 0 M ar k e t St P hi l ad e l phi a PA
producing the missiles it fires. command centers on Ukrainian U.S. Army said.
It can target ballistic and sur- territory, and Ukraine has de- —Gordon Lubold
face missiles from miles away, scribed them as among the and Doug Cameron
and U.S. commanders across most consequential weapons of contributed to this article.
A8 | Wednesday, December 14, 2022 * * THE WALL STREET JOURNAL.

WORLD NEWS

European Ministers
Spar Over Gas Limit

PAU BARRENA/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY KIM MACKRAEL tions under which the price to redistribute part of energy
cap could be automatically de- companies’ high profits and
BRUSSELS—European en- activated. But they were unable revenues, and efforts to re-
ergy ministers again failed to to reach a deal on what level duce gas consumption.
reach an agreement Tuesday the price cap should be set at. EU member countries also
on the details of an emergency “We were so close today,” separately this month agreed
cap on natural-gas prices that said Jozef Sikela, minister of to an international plan to cap
has divided the continent in industry and trade for the prices paid for Russia oil
its response to Russia’s Czech Republic, which holds worldwide.
squeeze on energy supplies. the EU’s rotating presidency. The commission’s initial
The proposal would set a He said energy ministers would proposal to cap natural-gas
limit on month-ahead prices on resume their talks Monday. prices suggested a limit of €275
the European Union’s main trad- “There will be only one (about $292) a megawatt hour.
ing hub and was put forward open issue for the discussion But the plan said the limit only
last month by the bloc’s execu- on Monday, and this is the could be activated under cer- Moscow’s throttling of natural-gas supplies has pushed up prices. An LNG terminal in Barcelona.
tive body, the European Com- price level triggering the tain conditions: Prices must re-
mission. It was widely criticized mechanism,” Mr. Sikela said. main above that level for two for triggering it were so strict proposals to speed up permit- Many analysts expect Europe
by EU countries on both sides of The push to set a limit on weeks, and would need to be that it was unlikely to be used. ting for renewable-energy to make it through the winter
the debate, with some warning natural-gas prices comes after higher than a reference level Other EU countries, including projects and allow companies without serious shortages, in
of unintended consequences and Russia’s invasion of Ukraine. for liquefied natural gas prices Germany and the Netherlands, to buy natural gas together. part because of warmer-than-
others saying the proposed cap Moscow’s throttling of natu- for at least 10 consecutive days. have said any move to artifi- EU energy ministers agreed usual fall temperatures. But
was too high to be effective. ral-gas supplies has pushed up Countries that have been cially limit prices risks diverting last month on the substance of they warned that 2023 could be
Officials said on Tuesday energy prices and sparked calling for a natural-gas price supplies to other jurisdictions. those proposals but held off tougher because of a further re-
that energy ministers made concerns about possible short- cap, including Italy, balked at The inability to reach an on formally approving them duction in Russian gas supplies
progress on certain aspects of ages. Earlier measures taken the criteria, saying the level agreement on the price cap until a deal on the plan to cap and a tight global market for
the plan, including the condi- by EU countries include a plan was set too high and the rules also is holding up separate natural-gas prices is reached. liquefied natural gas.

EU to Put said Mohammed Chahim, a

European lawmaker who led
talks for the Parliament.
pean Commission, the bloc’s
executive body, would cap
month-ahead prices on the
The tax would apply first to
some of Europe’s most-energy
intensive industries: alumi-
rect emissions in their plan,
which are released not by the
manufacturers themselves but
pressure on prices, as power
companies across the bloc are
burning more coal to replace

Carbon Tax Europe’s carbon border tax

adds to trans-Atlantic trade
tensions as policy makers in
EU’s main trading hub.
The push comes after Rus-
sia’s invasion of Ukraine and
num, steel, fertilizers, cement,
some chemicals and hydrogen
production, which is expected
from the power plants they rely
on for electricity. Most emis-
sions from aluminum produc-
natural gas from Russia.
As Europe negotiated the
plan, White House officials said

On Imports Europe and the U.S. try to po-

sition their industries to catch
the coming wave of investment
its throttling of natural-gas
supplies have pushed up en-
ergy prices and sparked con-
to grow quickly in the coming
years. It would come into ef-
fect in October 2023, first just
tion, for example, are generated
by the huge amounts of electric-
ity used by aluminum smelters.
U.S. manufacturers should be
able to deduct the cost of com-
plying with rules intended to
in low-carbon technologies. cerns about possible short- as a requirement to report the That provision could be a sig- limit greenhouse-gas emis-
Continued from Page One The U.S. Inflation Reduction ages. Earlier measures taken nificant barrier to Chinese pro- sions, even if those rules don’t
trading partners, particularly Act gives huge subsidies for by EU countries include a plan ducers of aluminum and other set an explicit price on a ton of
in the developing world, where deploying renewable energy to redistribute a portion of en- goods, given that they rely carbon. California and North-
manufacturers tend to emit rel- and requires much of those ergy companies’ high profit
The levy adds to heavily on coal-fired electricity. eastern states have such regu-
atively large amounts of car- funds to be spent on goods and revenue, and efforts to re- trade tensions with The legislation would re- lations, but they don’t exist in
bon dioxide. It has also unset- made to a significant extent in duce gas consumption. quire importers to register the U.S. at a federal level. Eu-
tled manufacturers in the U.S. the U.S. European leaders say Europe’s carbon border tax
the U.S. and the with authorities and seek au- ropean negotiators in the end
who are concerned the mea- those provisions violate World aims to protect European developing world. thorization to import goods rejected those arguments.
sure would create a new web of Trade Organization rules pre- manufacturers from competi- covered by the tax. Importers The EU this week was also
red tape to export to Europe. venting discrimination against tors in countries that haven’t would have to pay a price per nearing a deal on fresh loans
Europe’s border tax has foreign companies. regulated carbon-dioxide emis- ton of carbon dioxide set by the for Ukraine for 2023, which
also spurred officials in other The agreement comes as sions. It would also use the greenhouse-gas emissions as- carbon price in Europe’s emis- were being held up by Hungary
countries to consider a similar European governments are at bloc’s economic heft to push sociated with imports. In later sions-trading system. Europe’s because of its fight with Brus-
approach. The U.K. is discuss- odds over a plan to establish countries to set a price on car- years, importers would be re- carbon-dioxide allowance sels over Budapest’s access to
ing it, as is Canada. Democrats an emergency cap on the price bon—either through a tax or quired to pay the tax. That prices have risen sharply over EU funds. Under the deal,
in Congress have introduced of natural gas. Energy minis- other means such as a cap- step would accompany the the past two years to around member states agreed that the
legislation to impose a carbon ters clashed again on Tuesday and-trade system; manufactur- EU’s schedule for phasing out 90 euros, equivalent to $95, per EU should go to the capital
tax at U.S. borders. over a proposal that has di- ers from those countries free emissions allowances the ton because of expectations markets to raise 18 billion eu-
“With this directive, the vided the continent in its re- would benefit from a deduc- bloc gives to its industries un- that the bloc would set a lower ros for Ukraine next year.
polluter is really going to pay, sponse to Russia’s tightened tion of that cost from the Eu- der its cap-and-trade system. cap on overall emissions in the —Kim Mackrael
and we are pushing the rest of grip on energy supplies. ropean tax when their goods Crucially, negotiators de- coming years. The war in and Laurence Norman
the world to do the same,” The proposal from the Euro- arrive at the bloc’s borders. cided to include so-called indi- Ukraine has also put upward contributed to this article.
THE WALL STREET JOURNAL. * * * * Wednesday, December 14, 2022 | A9

WORLD NEWS

In China, Many Still Stay Home Hong Kong

Relaxes
Despite the easing of from the pandemic’s first year lic since authorities suddenly with resurgent consumer last month. Although they kept

Covid-19 restrictions,
residents are worried
in 2020, is likely to endure
further weakness before the
benefits of reopening fully kick
abandoned the government’s
zero-Covid approach last week.
Qian Yingqin and her daugh-
spending and travel helping
offset weakness elsewhere in
the economy. The problem is
their 2023 forecast of 5.6% an-
nual growth, they cut their
growth forecast for the fourth
Rules for
about rising infections
in next year, economists say.
In Beijing, Covid caseloads
are swelling, prompting worried
ter haven’t left their Beijing
compound since Sunday, when
her husband tested positive for
that since only a tiny percent-
age of China’s population has
been exposed to Covid-19, the
quarter to 3.7% from 4.4%.
Behavior in places where
Covid is becoming most preva-
Visitors
BY STELLA YIFAN XIE citizens to self-isolate at home Covid. Concerned about her 72- country still has to get through lent, especially Beijing, suggests BY DAN STRUMPF
and stockpile medications. year-old mother, who hasn’t an expected wave of cases— a rocky stretch in the near term.
HONG KONG—After three Shopping malls have cut open- been vaccinated, Ms. Qian urged and the economic damage that On Tuesday, Christmas mu- HONG KONG—Hong Kong is
years of trying to keep Covid-19 ing hours as foot traffic has her not to leave her apartment can cause, including delayed sic echoed inside a largely de- ending some of its last pan-
at bay, China is finally loosen- dwindled. Delivery services for at least a month. “I’ve never investments and reluctance by serted mall in Beijing. Shop- demic restrictions on people
ing its draconian zero-Covid have been disrupted as infected seen fewer people on the streets many to go to restaurants and keeper Zhao Guangqiang said arriving in the city, in a fur-
rules. But instead of celebrat- workers are barred from hitting and more people wearing masks other public venues. business is worse despite the ther rolling back of virus con-
ing, many people are hunkering the road, according to inter- outside in the past three years,” Beijing also has held back lifting of Covid rules, with sin- trols as China rapidly unwinds
down, cutting spending and views with residents and discus- she said. “It’s simply impossible on major steps to bankroll gle-day sales down as much as its zero-Covid policy.
avoiding public areas as they sions on social-media platforms. to fend off the virus anymore.” mass consumption. 80% below normal levels. Hong Kong leader John Lee
prepare for more Covid cases. Similar patterns are appear- After Beijing issued new “As China enters its first “There weren’t many customers said the city would drop a rule
That means China’s econ- ing in other large cities such rules that essentially phased winter with Omicron, things to begin with,” Mr. Zhao said. banning arrivals from entering
omy, which is already suffer- as Shanghai and Guangzhou, out zero-Covid, many econo- could get worse before getting Counting utility and rent costs, bars, restaurants and other es-
ing its worst downturn in where many people have be- mists began predicting a better,” wrote economists from the skin-care store will be in tablishments for three days af-
more than three decades apart gun avoiding gathering in pub- faster-than-expected recovery, Citigroup in a note to clients the red for December, he added. ter entry—curbs that have frus-
trated many travelers and hurt
tourism, despite the relaxation

Biden’s Africa Summit Aims to Reset Ties

of other restrictions this year.
The city also will end the use
of a QR-code based app for en-
try to many establishments, he
President Biden is seeking said. The app, known as Leave-
to use a summit with African HomeSafe, uses a color-coded
leaders this week to reset rela- system to log entry to establish-
tions with a continent whose ments and enforce movement
governments are divided over restrictions, with arrivals as-
Washington’s tough approach signed an amber code that cur-
toward Moscow and where tailed their activity for the first
China and Russia have chal- three days. The changes take ef-
lenged U.S. power. fect on Wednesday, he said.
“We made these two deci-
By Gabriele sions because we have consid-
Steinhauser in ered the data and the risks,”
Johannesburg and Mr. Lee said. “One of the fac-
William Mauldin in tors considered is that the risk
Washington brought in by imported cases
is actually lower than the risk
The three-day summit, of local infection.”
which kicked off Tuesday, The retreat is the latest in a
comes more than eight years scaled phaseout of Hong Kong’s
after President Obama first in- pandemic rules. The city previ-
vited leaders from across Af- ously enforced some of the
rica to the White House. In the world’s strictest regimes, in-
interim, many African coun- cluding long hotel quarantines
tries have been courted by for arrivals and mandatory iso-
EVELYN HOCKSTEIN/PRESS POOL

other global powers, including lation in centers for close con-

Russia, Turkey and, most tacts of people infected with
prominently, China, whose tri- Covid-19. But the financial cen-
ennial Forum for China-Africa ter began scrapping many re-
Relations has been a major strictions this year.
venue for Beijing’s expanding Mr. Lee said some Covid
influence on the continent. rules would remain. Visitors to
In a meeting with the presi- venues must show vaccine re-
dents of Djibouti, Niger and U.S. Secretary of State Antony Blinken, left, and U.S. Defense Secretary Lloyd Austin, right, met with, from left, Niger’s President cords to enter, he said. There
Somalia, Defense Secretary Mohamed Bazoum, Djibouti’s President Ismail Omar Guelleh and Somalia’s President Hassan Sheikh Mohamud on Tuesday. was no indication the city
Lloyd Austin thanked them for would drop other rules, includ-
their cooperation with the U.S. lawmakers attended sessions trading partner, its dominant substituting imports of crude Ukraine, while countries on ing outdoor mask mandates
military while criticizing Bei- on the African diaspora, civil bilateral creditor and it has from countries such as Nige- the continent struggle with and requirements for arrivals
jing for the way China is ex- society and climate change. constructed some of its big- ria. U.S. trade with the conti- worsening hunger and the ris- to take a series of Covid tests.
panding its economic foot- The summit comes as the gest infrastructure projects. nent now trails not only China, ing cost of debt as the Federal
print. U.S. seeks to hold together a Many African leaders see but also India. Reserve raises interest rates.
“They’re not always trans-
parent in terms of what
they’re doing, and that creates
global coalition aimed at iso-
lating Russia for its invasion
of Ukraine and maintaining
China’s rapid development and
its wealthy diaspora as an eco-
nomic success story. Ghana
The tension of the Trump
years, when the former presi-
dent allegedly referred to Afri-
U.S. national security ad-
viser Jake Sullivan said the
point of the summit was to
France
problems that will be eventu-
ally destabilizing if they’re not
already,” Mr. Austin said of
support for Kyiv in its war ef-
fort. Western nations have
faced resistance from some of
President Nana Akufo-Addo
noted Tuesday that China
doesn’t need to ask any other
can nations as “shithole coun-
tries,” the continent’s difficulties
in accessing Covid-19 vaccines
show African leaders that the
U.S. is a reliable partner for
realizing their development
Convicts 8
China, adding that Russia is
“peddling cheap weapons” and
sponsoring mercenaries. “The
the world’s largest developing
nations with ties to Moscow,
including Brazil, India and
country for respect. “Let us
make our continent the pros-
perous, successful place it
for much of 2021 and the effects
that Western sanctions on Rus-
sia have had on fuel prices have
objectives.
Mr. Sullivan said the U.S.
would commit $55 billion to
In Truck
combination of those activities
by those two countries, I think
that bears watching,” he said.
South Africa.
Russia is Africa’s biggest
arms supplier, and fighters
should be and the rest will fol-
low,” he said.
Two-way trade in goods be-
deepened perceptions among
Africans that they rank low on
the list of America’s foreign-pol-
Africa, a continent of 1.4 bil-
lion people, over the next
three years on key initiatives
Attack
Secretary of State Antony from the Wagner paramilitary tween the U.S. and Africa icy priorities. such as reinforcing countries’ BY NOEMIE BISSERBE
Blinken participated in the group, led by a close associate amounted to $64.3 billion last This year, African politi- defenses against the impact of
meeting with Mr. Austin and of President Vladimir Putin, year, down more than half cians have pointed to the ease climate change, building elec- PARIS—A French court con-
other meetings with African are active in the Central Afri- since 2008, according to the with which the U.S. and Eu- tricity systems that don’t de- victed seven men and one
leaders. Vice President Kamala can Republic, Mali and Sudan. U.S. Census Bureau, mostly be- rope have approved aid pack- pend on fossil fuels and im- woman in connection with a
Harris and other officials and China is the continent’s largest cause of shale oil in the U.S. ages and arms deliveries for proving healthcare. truck attack on a seaside
promenade on Bastille Day six

WORLD WATCH
years ago that killed 86 people
and traumatized the nation.
The driver, Mohamed Lah-
ouaiej Bouhlel, a 31-year-old Tu-
HONG KONG Jin reported to an army train- nisian, was fatally shot by po-
ing center on Tuesday in Yeo- lice after mowing down revelers
Media Tycoon Lai’s ncheon County near the North gathered to watch a fireworks
Trial Is Postponed Korean border, according to local display in the French Riviera
media reports. city of Nice, killing a dozen chil-
A Hong Kong court post- BTS, short for the Korean dren. Islamic State claimed re-
poned the national security trial name Bangtan Sonyeondan, is sponsibility for the attack, say-
of jailed media tycoon Jimmy Lai one of the most popular music ing it was a response to calls by
until September, citing schedul- acts in the world. Formed in the extremist group to target
ing conflicts and an uncertain 2013, the group capitalized on nations allied against it.
wait for a ruling from Beijing on the K-pop genre’s growing popu- Judges sentenced Mohamed
whether he can be represented larity and built a global fan base Ghraieb, a 46-year-old French-
by a foreign lawyer. with songs about self-accep- Tunisian, who worked as a night
Mr. Lai, 75 years old, is the tance and empowerment. watchman in a nearby hotel in
founder of the now-closed Apple —Alyssa Lukpat Nice, and Chokri Chafroud, a 43-
Daily, a staunchly pro-democracy year-old Tunisian construction
newspaper that aggressively GHANA worker, to 18 years in prison for
criticized China’s ruling Commu- helping Lahouaiej Bouhlel pre-
Government, IMF
PEDRO NUNES/REUTERS

nist Party and Hong Kong’s pro- pare the attack. The two defen-
Beijing leadership. Reach Bailout Deal dants were convicted of belong-
Beijing has accused him of ing to a terrorist organization.
helping to orchestrate widespread Ghana will start negotiations Messrs. Ghraieb and Cha-
antigovernment protests in Hong for debt relief with its foreign froud testified they didn’t know
Kong in 2019 and local authorities bondholders and government Lahouaiej Bouhlel was an Is-
have pursued an aggressive legal IBERIAN DELUGE: An Atlantic storm slammed Portugal, including Oeiras in the Lisbon area, above, creditors this week, the West lamic State sympathizer or that
campaign against him. He has and Spain, causing widespread flooding. Severe drought gripped the region for most of the year. African country’s finance minis- he was planning an attack. Wil-
been charged with colluding with ter said Tuesday, setting up an- liam Bourdon, a lawyer for Mr.
foreign countries and the interna- DENMARK government negotiations. SOUTH KOREA other default by a developing Ghraieb, said he would appeal
tional community to impose sanc- During her campaign Ms. Fred- nation amid rising global interest the ruling. A lawyer for Mr.
tions on Hong Kong, which is Leader Agrees to eriksen argued that a broad gov- BTS Member Jin rates and the fallout from the Chafroud declined to comment.
banned under the national security Bipartisan Alliance ernment was needed at a time of Begins Military Duty war in Ukraine. Judges also sentenced Ramzi
law that Beijing imposed on the international and domestic uncer- Last week, Ghana asked own- Arefa, a 28-year-old French citi-
city in 2020. He faces up to life in Denmark’s Social Democratic tainty, caused by Russia’s inva- BTS member Jin has joined ers of about $11 billion in do- zen, to 12 years in prison for
prison for the security law charges. leader Mette Frederiksen said on sion of Ukraine, skyrocketing en- the army. The singer began his mestic bonds to exchange them selling to Lahouaiej Bouhlel the
Mr. Lai also faces sedition Tuesday she had agreed to form ergy prices and the highest mandatory military service in for new ones with longer pay- gun he used during the attack.
charges for articles published by a bipartisan coalition with her inflation in four decades, which South Korea on Tuesday, mark- ment deadlines and lower inter- Mr. Arefa said in court he didn’t
Apple Daily in 2019 and 2020. continuing as prime minister, the hit 11.4% in October. The election ing a new chapter for a band est rates. The debt relief is re- think about how Lahouaiej
“Beijing seems intent on im- first alliance in decades to bridge in early November took place a that has become an economic quired for the country to secure Bouhlel planned to use it. A law-
prisoning one of its most power- the country’s traditional left-right little more than a month after juggernaut in the country. a $3 billion bailout from the In- yer for Mr. Arefa didn’t respond
ful critics for many years, possi- political divide. explosions assumed to be sabo- Jin, who turned 30 this ternational Monetary Fund, to a request for comment.
bly for the rest of his life,” Maya Making up the new govern- tage damaged the Nord Stream month, is the first of BTS’s which was agreed in principle on Five other defendants were
Wang, associate Asia director at ment with Ms. Frederiksen, who pipelines off Denmark’s coast. seven members to enlist in the Tuesday. convicted of belonging to a
Human Rights Watch, said. in the previous term headed a Industry groups have sup- South Korean army. Most men The IMF rescue deal will also criminal organization or arms
More than 200 people have one-party government, are two ported a broad coalition, which between the ages of 18 and 28 require Ghana to raise taxes and trafficking and got sentences
been arrested under the security center-right parties: The Liberal they think will help push through are required to serve in the mili- cut spending, further hurting its ranging from two to eight
law since it came into effect in Party, the other traditional politi- economic reforms. Centrist and tary for at least 18 months. citizens, who are already strug- years in prison. Samia Maktouf,
June 2020 and more than half cal heavyweight in Danish politics, left-wing parties gradually with- Some entertainers, such as Jin, gling with annual inflation that a lawyer for the families of sev-
of those have been prosecuted. and the newly formed Moderates. drew from coalition negotiations. are allowed to delay enlistment topped 40% in October. eral victims, said she was satis-
—Austin Ramzy Tuesday’s pact ended weeks of —Sune Engel Rasmussen until they are 30 years old. —Gabriele Steinhauser fied with the court’s decision.
A10 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

FROM PAGE ONE

Griffin Sues IRS Over Tax-Record Disclosure

BY RICHARD RUBIN July this year. knowingly or negligently. The lawsuit says. “The IRS willfully House of Representatives in many other wealthy people
The IRS inspector general law allows taxpayers to get at failed to establish appropriate January, they plan further in- did, the article said.
WASHINGTON—Billionaire and Justice Department are least $1,000 per disclosure and administrative, technical, and vestigations into the matter. “IRS employees deliberately
hedge-fund manager Ken Grif- investigating the disclosures, attorneys’ fees, and they can physical safeguards to insure Mr. Griffin is a prominent stole the confidential tax re-
fin sued the Internal Revenue and officials say they are tak- seek punitive damages if there the security and confidential- Republican donor whose firm turns of several hundred suc-
Service and Treasury Depart- ing the matter seriously. So was a willful disclosure or ity of Mr. Griffin’s confidential says on its website that it had cessful American business
ment on Tuesday, seeking far, they haven’t released any gross negligence. taxpayer information.” $59 billion in investment capi- leaders,” Mr. Griffin said in a
damages after disclosure of reports and haven’t charged The exact path by which the The Treasury Department tal as of Nov. 1. The Bloomberg statement.
his tax records. anyone with a crime. tax data reached ProPublica declined to comment. The IRS Billionaires Index ranks him “It is unacceptable that
Tax data about some Mr. Griffin, the founder and isn’t publicly known. The law- didn’t respond to a request for 41st in the world with a net government officials have
wealthy people were published chief executive officer of Cita- suit cites a long series of in- comment. The IRS typically worth of $29 billion. failed to thoroughly investi-
by the news organization Pro- del, filed the lawsuit in federal spector general reports dating doesn’t comment on active lit- A ProPublica article in April gate this unlawful theft of
Publica starting in June 2021, court in the Southern District back more than a decade show- igation or individual taxpay- said Mr. Griffin reported an confidential and personal in-
in an unusual breach of the of Florida, where he lives. His ing various flaws and gaps in ers. average income of $1.7 billion formation,” he said.
confidentiality of tax returns. lawsuit is using a section of IRS information security. Republican lawmakers have from 2013 through 2018—the The lawsuit will require a
The news site published arti- the tax code that allows tax- “The IRS made these un- also been pressing the IRS and fourth-highest on their list of written government response
cles mentioning Mr. Griffin payers to sue the government lawful disclosures knowingly, Treasury Department for more what they said was the U.S.’s and could prompt the govern-
and using information from if a federal officer or employee or at the very least negligently detail about the disclosures. top 400 income earners. He ment to disclose if there is a
his tax records in April and discloses their information or with gross negligence,” the After they take control of the paid a higher tax rate than related criminal investigation.

Citadel collapse when Robinhood and

other brokers temporarily
blocked customers’ ability to

And SEC buy the stocks. Many social-

media users embraced the
theory that Citadel Securities

Square Off had spearheaded the decision

to remove the buy button.
Both Citadel and Robinhood
denied this. Robinhood said it
Continued from Page One made the unpopular decision
FROM LEFT: DAVID KASNIC FOR WSJ; JUSTIN T. GELLERSON FOR WSJ

practice has so warped the after the clearinghouse for

market that it’s impossible to U.S. stock trades demanded
say what Mr. Hanson would billions of dollars of collateral
have earned in a truly open amid the mounting volatility.
marketplace. A congressional report in June
For years, that debate was confirmed that explanation.
largely academic. But it’s now Nonetheless, Mr. Griffin
at the core of a showdown be- was vilified by an online
tween powerful trading movement of investors calling
firms—Citadel Securities chief themselves apes, who trolled
among them—and a Securities him with hashtags such as
and Exchange Commission #CitadelScandal, and some
chair who views them warily. paid for truck-mounted digital
On Wednesday, the SEC is billboards to drive around
set to propose the biggest with slogans bashing the firm.
shake-up of U.S. stock market Near the peak of the
structure in more than a de- GameStop frenzy, the Biden
cade. Chair Gary Gensler has Citadel Securities, founded by Ken Griffin, left, is a leader in executing small investors’ trades and in paying brokerages for ‘order administration chose Mr. Gen-
said he wants to give investors flow.’ SEC Chair Gary Gensler, who has criticized the payment practice, is set to propose a shake-up of stock-market structure. sler to head the SEC. Now he
a better deal on stock trades is pursuing the most aggres-
by forcing greater competition firms for their orders. He ac- 45% rule that required brokers to sive agenda for an SEC leader
for their orders. knowledged that his plans disclose whether they were re- in decades.
could hurt the profits of bro- Citadel Securities' share ceiving such payments. It re- Mr. Gensler has called pay-
The proposals will likely
40 of individual investor
stir up a hornets’ nest of op- kers and trading firms. visited the practice later but ment for order flow poten-
“Putting folks in competi- stock-trading volume always stopped short of a ban, tially detrimental to investors’
position. Brokerages and trad-
ing firms say there’s little evi- tion is better for investors and 35 choosing to step up disclosure interests, and last year indi-
dence the current system issuers,” he said. “It might requirements instead. cated he was open to the idea
hurts investors. Some firms, have a tendency to lower some 30 Mr. Griffin founded Citadel of banning it. He has also said
including Robinhood Markets of the economic rents in the Securities in 2002 when the the business of processing in-
Inc., have signaled that they middle.” transition from trading floors dividual investors’ orders is
could sue the SEC if Mr. Gen- Citadel Securities will await 25 to electronic marketplaces was concentrated in too few firms.
sler’s changes go too far. details of Mr. Gensler’s plan creating new opportunities for Citadel says it wins a lot of
Last year, the 12 largest U.S. before deciding how hard to 20 computerized trading. It was retail order flow because it of-
brokerages collected $3.8 bil- fight it said Joseph Mecane, initially called Citadel Deriva- fers the best prices. A recent
lion in payment for order flow, the executive who leads the tives Group and focused on academic study found that Cit-
according to Bloomberg Intel- unit of the firm that processes 15 options market-making. adel Securities saved investors
ligence. The largest source trades for retail brokerages. 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 The firm urged the SEC to more money through price im-
was Citadel Securities, which “Anything that, in our opin- ban payment for order flow in provement than any other
Note: Based on market and marketable limit orders from 100 to 9,999 shares. 4Q 2022 figure
paid just under $1.5 billion. ion, would impact the retail shows data from October. 2004. “This practice distorts market-maker.
At Charles Schwab Corp., experience in a negative way Source: the company order routing decisions, is Mr. Griffin has said his firm
the parent of TD Ameritrade, would be something that we anti-competitive, and creates would be fine even if payment
Jeff Starr, a managing direc- worry about,” he said. save billions a year as a result. savings that investors receive an obvious and substantial for order flow were banned.
tor, said, “When you see the For firms such as Citadel And thanks to payment for or- are inflated, the firm said. conflict of interest between “Payment for order flow is a
sort of execution quality that Securities, it is more consis- der flow, nearly all major bro- “Price improvement on re- broker-dealers and their cus- cost to me,” he said in a public
we’re getting, it’s really hard tently profitable to fill individ- kerages have shifted to zero- tail market orders is akin to tomers,” Citadel wrote the appearance last year. “So if
to say that payment for order uals’ orders than to trade with commission trading. getting a 30% discount on an agency in a letter. Mr. Griffin you’re going to tell me that by
flow is a problem.” large investors encountered on Critics of payment for order item after the shopkeeper has said the letter reflected regulatory fiat one of my ma-
Citadel Securities, though stock exchanges. Citadel Secu- flow—a mix of Wall Street vet- raises the price by 40%,” Citadel’s concerns about the jor items of expense disap-
less known than sister com- rities, Virtu and similar firms erans and advocacy groups BestEx Research wrote. options market at the time. pears, I’m OK with that.”
pany Citadel, a $59 billion earn money by market-mak- —ask if brokers get paid to Could Mr. Hanson have got- Eliminating payment for or-
hedge fund, is a behemoth ing—capturing the difference route orders, are they really ten a better deal? Some ana- der flow would be trickier to
that handles over 20% of the between the buying and sell- putting their customers first? lysts who reviewed the data High-tech disruptor brokerages, some of which
shares that change hands in ing price of stocks, known as “At the heart of it, you’re on his trade say it’s possible. Citadel soon began paying lean heavily on it. Robinhood,
the U.S. stock market. the bid and the ask. putting a perverse incentive For instance, some exchanges for order flow to break into which makes the bulk of its
Both were founded by bil- out for the firm that is sup- allow buyers and sellers to do equities market-making. For- revenue from selling order
lionaire Ken Griffin, known for posed to be working the hard- “midpoint” trades in the mid- mer employees say Mr. Griffin flow for stocks, options and
his art collection and trophy Risky on exchanges est to get you the best possi- dle of the spread, in this case was determined to win busi- cryptocurrencies, indicated
homes, including a $106.9 mil- Market-making is risky on ble price that they can,” said between the $5.02 bid and ness from big-name broker- when it went public last year
lion waterfront estate in Mi- exchanges. If a hedge fund is Doug Atkin, former CEO of $5.04 ask. By selling his stock ages. Citadel positioned itself that new restrictions on the
ami. He is also a Republican selling millions of dollars of brokerage Instinet. at the midpoint, Mr. Hanson as a high-tech disruptor, hon- practice could hurt its busi-
power broker. Since 2021 he Ford Motor, for instance, it They also say the benefits would have earned $5.03 a ing its algorithms to give bet- ness.
has given more than $68 mil- could chop up the transaction of the current system are share, or $503 in all, for a gain ter trade executions than ri- In a June speech, Mr. Gen-
lion to federal campaigns, ac- into hundreds of sell orders overblown. The reported sav- of $1 instead of 21 cents. vals, the ex-employees said. It sler appeared to back away
cording to OpenSecrets.org. over several days. A market- ings that brokers deliver their Executives at brokerages had a breakthrough in 2005 from the idea of banning pay-
GameStop’s January 2021 maker offering to buy Ford customers is based on the dif- and market-makers have ques- when TD Ameritrade agreed to ment for order flow. Instead,
extraordinary rally and crash could lose money as it buys ference between the price an tioned the methodology of the start sending it orders. he is set to unveil a proposal
thrust Citadel Securities into over and over, while the big investor gets for a stock and BestEx paper. Schwab said it By the Covid-19 pandemic, to funnel investors’ orders
the spotlight. Citadel was the seller drives the price lower. its bid and ask price on ex- got midpoint executions or Citadel Securities was han- into auctions, in which mar-
biggest processor of orders Customers of brokers like changes. Some analysts say better on 52% of its custom- dling as much as 47% of U.S. ket-makers would compete to
from Robinhood, prompting a TD Ameritrade typically are that benchmark is flawed be- ers’ market orders last year. individual investors’ stock- give the best price on trades.
conspiracy theory that Citadel more balanced between buys cause about 40% of trading Payment for order flow trading volume. It had grown His agenda has brought
used its influence to halt the and sells. Market-makers can volume takes place outside of emerged in its current form in into a global market-maker in criticism even from Democrats
meme-stock rally. It denies do- offer better prices when they exchanges. the 1980s, when it was cham- futures, Treasurys and curren- who might seem like his allies.
ing this. Still, Mr. Griffin was know they’re facing the little BestEx Research, a trading- pioned by Bernie Madoff. De- cies with revenue of $7 billion “There would be no zero-com-
challenged about his firm’s guy, giving sellers like Mr. technology firm, estimated cades before his conviction for last year, a person familiar mission trading without pay-
role at a contentious House Hanson higher prices for their last year that if all retail or- masterminding a vast Ponzi with the matter said. ment for order flow,” said Rep.
committee hearing. Since then, shares, while giving greater ders were sent to exchanges, scheme, Mr. Madoff led a firm In January 2021, investors Ritchie Torres (D., N.Y.), a
his firm has been less outspo- discounts to buyers of shares. bid-ask spreads there would that paid retail brokerages for banding together on Reddit ig- member of the Congressional
ken in criticizing the SEC’s Traders call this “price im- narrow by 25%. Since the cur- orders and executed them off- nited a huge run-up in Progressive Caucus. “So my
plans than other industry provement,” and data show in- rent system makes those exchange. GameStop and other meme message to the SEC is simple:
players such as rival trading dividual investors collectively spreads artificially wide, the In 1994, the SEC adopted a stocks—only to see the rally Don’t throw out the baby with
firm Virtu Financial Inc. the bath water.”
Citadel Securities instead Supporters of Mr. Gensler
has pressed its case against dismiss such concerns as the
the overhaul at industry con- result of industry scaremon-
ferences and in closed-doors gering. “It’s your standard ter-
meetings with regulators. rify-the-regulators approach,”
Mr. Griffin met with Mr. said Dave Lauer, founder of
Gensler in June 2021 and dis- market-data startup Urvin Fi-
cussed a Citadel Securities nance. “They’ll say, ‘You tinker
white paper on market struc- with anything, it’s all going to
ture, in which the firm out- come falling apart.’”
lined a set of changes less rad- Many SEC watchers expect
ical than what the SEC is now the industry to challenge Mr.
planning, people familiar with Gensler’s proposals in court.
AMIR HAMJA FOR THE WALL STREET JOURNAL

the matter said. In March, a “There has been a secular

team from Citadel Securities trend in the last two decades
met with staff from the SEC’s toward an improved retail
trading and markets division, trading experience,” said Ja-
said people familiar with the son Clague, a managing direc-
meeting. A presentation, seen tor at Schwab. “What we’re
by The Wall Street Journal, struggling to understand from
touted the firm’s ability to de- Chair Gensler and his staff is
liver savings to investors. why they feel the market is
In an interview, Mr. Gensler broken, despite a wealth of ev-
said investors would get bet- idence to the contrary.”
ter prices if there were more —Paul Kiernan contributed
competition between trading investors critical of Citadel Securities are behind mobile-ad trucks such as these, with a caricature of Citadel’s Mr. Griffin. to this article.
 PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, December 14, 2022 | A11

How to Cope
With Feeling
Lonely at

ILLUSTRATION BY CAROLE HÉNAFF

The Holidays
BONDS cial circles are still in rebuilding who studies the phenomenon. Remind yourself that cookies together. Get outside and
mode. And when we do see family The feeling is especially com- others are lonely, too take a family walk.
ELIZABETH and friends, we can be hit with mon around the holidays. Ever Realizing that others share your
BERNSTEIN something we haven’t experienced been excited to go home and see experience can help you feel less Reach out

F
in a while: Feeling alone in a crowd. family, only to get there and think: alone. Look for books, songs and Chances are you do have people in
Loneliness is that feeling of so- “Who are these people?” That is movies that share stories of people your life—you just haven’t heard
lo Schell looked forward cial isolation or dissatisfaction with existential loneliness. coping with loneliness. from them in a while. Instead of
to the holidays in years our level of connection, what hap- Here are some strategies for waiting for others to call you, and
past, putting up the pens when there is a gap between coping with loneliness this season. Get out of your head telling yourself no one cares, con-
Christmas tree and bak- what we want and what we have in When we are lonely, we tend to ru- tact them. And try sharing your
ing cookies. This year is our relationships. Scientists believe Determine which loneliness minate, telling ourselves no one feelings.
different. it is a biological drive, like hunger you are feeling cares. This makes us pull away About a week ago, Ms. Schell
Her husband has dementia, or thirst, that exists to motivate us Do you need more people in your from others even more. To break sat down at her computer, opened
which makes it difficult for her to to seek connection and fulfill our life? Do you wish you felt more this cycle, Dr. Pinel suggests doing an email and started typing. “Dear
gather with friends and family. social needs. It happens to almost connected to others? Or do you something to stop overthinking: Family and Special Friends,” she
He’s often uncomfortable around all of us at some point. need time away from the people Mindfulness meditation. A walk in started.
other people, and she doesn’t like There are different types. Inter- who make you feel lonely? nature. Tug of war with your dog. She wrote about what was go-
going out by herself. personal loneliness is what happens Anything that gives you that glori- ing on in her life—her husband’s
“I’ve never been so lonely in when you don’t have enough people ous feeling of “flow.” illness and decline and how the
my life,” says the 77-year-old art- in your life who you care about and situation was taking a toll on her
ist, who lives in Brielle, N.J. “And who you feel care about you. Imagine connection health. “It’s a lonely and stressful
the holidays make it worse.” Picture what you would like it to time,” she said.
Sometimes the jolliest time of look and feel like. Then practice a Then she asked for help, giving
year can be the loneliest. little art therapy. Write about your suggestions: “Stop in for a short
During the holiday season, it is Sometimes the ideal connection, or make a draw- glass of Christmas cheer. Drop a
easy to feel as if everyone else is ing. (Not the creative type? That is line. Make a quick call. Share a
surrounded by loved ones, laugh- jolliest time of year OK. Try going through pictures on memory. And anything else that
ing, toasting and all getting along. can be the loneliest. your phone and making a photo will help us feel loved.”
(Thank you, Hallmark Channel.) If file that represents connection.) Ms. Schell sent her email to
we are not—if we feel isolated, Strategies can help. Making art does three things to about 45 people. Almost immedi-
disconnected or bereaved—our alleviate loneliness, Dr. Nobel says: ately she started to hear back via
loneliness can loom larger. “It fully engages your attention, phone, text and FaceTime. Many
“If you don’t have those kinds inspires you and it gives you a told her they were proud of her
of connections or you feel they Existential loneliness has noth- sense of empowerment and for reaching out. One neighbor
aren’t accessible to you, it can ing to do with how many people agency.” stopped by with sandwiches and
make you feel worse about your- you have in your life. It is that wine. Another invited Ms. Schell
self, like something is wrong with alone-in-a-crowd feeling that no Connect through activities and her husband over on the
you,” says Jeremy Nobel, a physi- one understands you or relates to Being curious about your loneli- Research shows that sharing an weekend to watch a ballgame. A
cian who teaches about loneliness your experience. It happens a lot ness will allow you to view it as a experience, and feeling we are friend drove four hours from
and public health at Harvard. during poignant moments in peo- signal pointing you toward what having the same response to it, Maryland to visit.
Many of us, no matter how long ple’s lives, such as times of grief, you need, says Dr. Nobel, who runs helps us bond with others. So “I was so convinced that no one
ago we dropped pandemic precau- says Elizabeth Pinel, a professor in Project UnLonely, a nonprofit ini- don’t just sit around the holiday cared, that no one loved me,” Ms.
tions, have a loneliness hangover. the psychological science depart- tiative that works to combat feel- table making small talk (or bicker- Schell says. “My whole being has
We are gathering again, but our so- ment at the University of Vermont, ings of isolation. ing). Play a board game. Bake changed in a week.”

After FTX Collapse, Check If you have a brokerage account in

your own name, a traditional individ-
ual retirement account, a Roth IRA
pany-sponsored deferred compensa-
tion plans can be seized by
creditors in a bankruptcy proceed-
lieves would protect customer ac-
counts from its creditors in a bank-
ruptcy. But Coinbase also said it is
How Safe Your Accounts Are account and a joint account at the
same brokerage firm, each might be
ing, said Mr. Kreps. unclear whether a bankruptcy court
would agree with that interpretation.
eligible for up to $500,000 of protec- Cryptocurrency Accounts When you transfer cash to a
BY ANNE TERGESEN accounts many banks offer through tion, according to SIPC. If the company that holds your cryptocurrency exchange to make
brokerage units.) SIPC replaces missing securities cryptocurrency fails, there is no purchases, the company often

T
he collapse of crypto exchange Some customers can get including stocks, bonds, mutual guarantee that your money won’t holds the money in an FDIC-in-
FTX raises a question for every $250,000 of coverage for each ac- funds, ETFs and certificates of de- go to pay the firm’s creditors, said sured bank account where it is
saver and investor: What hap- count they have at a bank, provided posit. It doesn’t cover investments available for trading.
pens to your assets if the company the accounts are titled differently. that aren’t SEC-registered. If the cryptocurrency exchange
that holds your bank, brokerage, For example, if you have a bank ac- An investor with more than the fails, customers should be able to ac-
401(k) or crypto account goes under? count in your name with $250,000 $500,000 limit in an account will cess any cash they have in a linked
The answer varies depending on and you and your spouse have a receive a share of customer as- bank account, provided the cryp-
the type of account. Bank deposits joint account at the same bank with sets the firm possesses and tocurrency firm titled the ac-
have been backstopped by the Fed- $500,000, both are fully insured. To any assets recovered in a count properly, said Prof. Levi-
eral Deposit Insurance Corporation calculate how much coverage you liquidation in proportion to tin. But the protections don’t
since the Great Depression. In the have, go to the FDIC’s electronic de- the customer’s account extend to any crypto assets
crypto world, there are no clear pro- posit insurance estimator. size at the failed broker- you have purchased.
tections. As FTX customers discov- People with balances that exceed age, said Ms. Wang. In August, the FDIC
ered, with the company entering the limit can protect themselves by If assets are missing accused companies, in-
bankruptcy proceedings, investors transferring the excess deposits to from your account and cluding FTX, of making
can suffer significant losses if the an account at a different FDIC-in- your brokerage firm is “false representations—
company that houses their account sured bank. solvent, SIPC typically including on their web-
ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL; ISTOCK; PIXELSQUID

goes bust. won’t intervene, Ms. sites and social-media

“If the platform fails, you become Brokerage Accounts Wang said. In that situa- accounts—stating or sug-
part of the bankruptcy process,” If a brokerage fails, customer assets tion, the loss “will be be- gesting that certain
said Adam Levitin, a law professor should be safe. tween you and the firm to crypto-related products are
at Georgetown University who spe- The U.S. Securities and Exchange resolve,” she said, adding FDIC-insured.”
cializes in consumer protection and Commission prohibits broker-dealers that firms might have supple- One way to safeguard your
is a principal at Gordian Crypto Ad- from using customer money or com- mental insurance to cover a loss. cryptocurrency against an FTX-
visors LLC, which provides services mingling it with the firm’s assets. style failure is to hold it in your
to cryptocurrency businesses. The federally mandated nonprofit 401(k) Accounts own wallet, said Jerry Brito, execu-
intervenes on behalf of customers If a company with a 401(k) plan files tive director of Coin Center, a non-
Bank Accounts when client assets are missing and a for bankruptcy, the plan’s assets are profit focused on policy issues facing
Banks do fail, but deposits in check- brokerage firm is unable to meet its protected. The federal Employee Re- Prof. Levitin. cryptocurrencies.
ing and savings accounts are obligations to customers. If the firm tirement Income Security Act re- Customer agreements for crypto- But there are risks. A wallet
among the safest of all assets. fails but there are no customer as- quires the assets to be held in trust, currency exchanges and brokers of- stored on a computer or mobile
When a bank goes under and no sets missing, the firm might seek to said Michael Kreps, a principal at ten suggest that customer assets phone might be hacked. A so-called
other bank takes over the deposits, transfer customer accounts to a dif- Groom Law Group who specializes in are shielded. hardware wallet on a device that is
the FDIC covers up to $250,000 in ferent brokerage firm, said Josephine retirement-plan law. The trust also In June, Coinbase Global Inc., a not connected to the internet
checking and savings accounts, Wang, chief executive of the Securi- protects your money if your 401(k) cryptocurrency exchange, updated its might be lost or stolen. In such a
money-market deposit accounts and ties Investor Protection Corp., which plan administrator goes bust. user agreement to say that it had situation, investors without a
certificates of deposit. (FDIC insur- covers up to $500,000 per account, In contrast, the money execu- agreed to be governed by a section backup would lose their digital as-
ance doesn’t cover the investment including up to $250,000 in cash. tives save in other types of com- of U.S. commercial law that it be- sets, said Mr. Brito.
A12 | Wednesday, December 14, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Graduating With
A Global Brand
Penn student juggles fashion design and finals
nomics, had long captured Mr.
ON TREND Kumra’s attention. As a teenager,
JACOB he collected and resold sneakers
GALLAGHER and gear from the hallowed New
York streetwear brand Supreme

K
for profit.
Mr. Kumra didn’t drive, so at
endrick Lamar and Joe first, his mother ferried him
Jonas have worn Karu around the Indian countryside,
Research, designer Kar- cold-calling dyers and embroider-
tik Kumra’s clothing ers. His parents work in the corpo-
brand. It’s carried at 11 rate world and didn’t have fashion
stores worldwide, in- contacts. Mr. Kumra said he still
cluding Mr Porter and Ssense. This owns the entirety of his brand,
year, it’s on track to hit upward of though his mother continues to
$900,000 in revenue, up from work with him.

MYLES LOFTIN FOR WSJ. MAGAZINE

$300,000 a year ago. “If I liked a particular tech-
But first, Mr. Kumra had to nique or style, I’d travel to their
pass his finals. region and connect with the local
“I’ve got two papers due next artisans,” he said. Still, it took
week and one exam,” said the 22- some convincing to get the arti-
year-old Delhi native, who was sans to take him seriously. Mr.
days away from finishing a degree Kumra said he visited one print-
in economics at the University of maker eight times before he
Pennsylvania on the December af- agreed to work with him.
ternoon that we spoke. (He gradu- Mr. Kumra’s patience paid off in Kartik Kumra, 22, would wake up at 5 a.m. in Philadelphia to check in on factories in India before classes.
ated on Monday.) “I’ve been ready his collections, which channel craft
to be done since this took off,” works to brilliant ends.
said Mr. Kumra, his backpack lean- Karu Research’s standouts in- didn’t feel cheesy in any way, like, world were showing an interest. see many peers in the casual,
ing against his chair. clude a $470 hand-knit rugby shirt it felt original.” Many Karu Re- While Mr. Kumra’s initial plan crafty space. His Indian friends
In the time that it takes some stitched together from earth-toned search fabrics are proprietary to was to sell no more than $40,000 think his brand “is some weird
students to pick a major, Mr. Kumra patches, a $470 silk shirt with a the company, Mr. Kumra said. worth of orders (“I’m like, this is a loser project,” he said. It wasn’t
has fleshed out an impressive fash- hand-blocked paisley motif and Handling his network of facto- hobby while in college”), those until he got into the British re-
ion business. (And an actual com- ries while working toward a de- plans went out the window when tailer Selfridges that many began
pany, at that, not some theoretical gree has added to Mr. Kumra’s more than 10 stores placed orders. to respect what he was doing.
case study.) In March, he’ll release heavy collegiate workload. At first, But didn’t he fall behind in Sta- The young South Asian commu-
his first “real collection,” with a
production size of around 2,300 to-
tal pieces, and double his wholesale
business to 22 stores.
$470
The price for Kumra’s silk shirt with a
he was balancing virtual classes at
night during Philadelphian days,
sleeping from about 4 a.m. to 10
a.m. and connecting with his man-
tistics while filling orders of the
hand-knit cardigan that Mr. Lamar
wore? “My GPA has actually gone
up since I started this,” he said,
nity in America, meanwhile, has
embraced his designs. Mr. Kumra
said that South Asian customers
have come from as far as North
Not bad for a company birthed hand-blocked paisley motif ufacturers after that. His schedule though he conceded that he may Carolina to his pop-ups in New
out of pandemic boredom. didn’t get much easier when in- have stacked his course load with York, where he also sells one-off
Just two years ago, back home person classes resumed and he easier classes after founding Karu. quilted jackets with zigzagging em-
at the height of India’s Covid lock- went back to Penn’s campus. That Though many fast-rising inde- broidery and prismatic dyes.
downs, Mr. Kumra was weighing that $330 hand-knit sage green required waking up for remote 5 pendent fashion brands, produce Back at Penn, Mr. Kumra’s
whether to do a virtual internship cardigan with peace signs running a.m. factory check-ins and then clothes in India, a point of differ- peers are usually more concerned
at night from his childhood home. along the hemline, which Mr. La- more calls late into the night. ence for Mr. Kumra—and some- with how he can scale the com-
The nocturnal work would have mar made a top seller. With homework on top of that, thing he takes pride in—is that he pany than weave a sweater.
been dull for the young student, “It’s the workmanship behind it sleep was scarce. And the brand’s is actually from India. “They try to Sean Parker me,”
who admitted that economics isn’t that I really value,” said Jacob popularity rose faster than he ever Thus far, the brand hasn’t he said, referring to the Napster
really a passion. “I was just doing Skoglund, 27, a New Yorker who expected. At first, Mr. Kumra was found a foothold in Mr. Kumra’s founder who became Facebook‘s
it because that’s what I was sup- has purchased six items from Karu just posting images on Instagram home country; not a single Indian president memorably portrayed by
posed to do,” he said. Research. His favorite is a dyed and sending out products to a few store stocks his brand. For the Justin Timberlake in “The Social
What he preferred to do was red shirt with frills. “There was choice people before he signed most part, attention in the Indian Network.” “There’s a lot of banker
start a clothing brand. just something about the patterns with clothing agency DMSR. Soon, fashion industry falls on wedding talk—a lot of ‘how much are you
Clothing, much more than eco- that just drew me in, whereas they buyers from stores around the designers, he said, and he doesn’t making?!’ ”

The $8 Tape Alternative to Botox

Simple adhesives are viral regimens with mixed results
BY CHAVIE LIEBER Beauty and the Face Tape, clients requesting tape. He

C
target users on TikTok with attributes their interest to
hrissy Briel, a 31-year- clips of face transformations. the rise of “siren eyes,” Tik-
old influencer in On- Famous face-tape adher- Tok’s term for the sultry look
tario, has an elaborate ents have helped spread the popularized by Kendall Jenner
nighttime skin-care routine. sticky gospel. Lady Gaga and and “Euphoria” actress Alexa
She washes her face, applies Bella Hadid have spo- Demie. Some have also got-
moisturizer and toner, and ken about using tape to ex- ten the siren-eye look with
scrapes her skin using a gua aggerate their features. Su- threading, a procedure less
sha tool. Forty minutes later, permodel Linda Evangelista invasive than a face-lift,
she completes her routine said she wore face tape for a where dissolvable sutures are
by placing strips of $8 kine- cover shoot for British Vogue, placed under the skin to give
siology tape on her forehead after a fat-freezing procedure the eyes an almond shape.
and smile lines. left her disfigured. “I’ve done threading two
“It’s nature’s Botox,” said In Season 5 of the Netflix times, and it’s the most pain-
Ms. Briel, who has been real estate show “Selling ful thing ever and left me
sleeping with tape on her Sunset,” pot-stirring star bruised for a good week,”
face for about 10 months. Christine Quinn acknowl- Ms. Quinn said, adding that
She even wears it she spent about
while she watches $4,000 on the
TV. “I have a very procedure, and the
expressive forehead, results lasted a
and you don’t even few months. She
realize how much thinks face tape is
you’re mimicking just as convincing.
the facial expres- Rebecca Camp-
sions, especially if bell, a 48-year-old
I’m watching a tear- fitness instructor
jerker like ‘Grey’s in Gilbert, Ariz.,
Anatomy,’ ” she said. recently used a
Consumers are $16 face-lift tape
touting tape as a kit for her holiday-
cheap-and-easy card photo shoot.
beauty hack. The She thinks she
trend has taken off looks rather
on Instagram and youthful in the
TikTok, where users photos, posing
swear an $8 roll of with her four kids
tape has the same and six grandchil-
effects as quarterly dren.
injections and fillers. Users are quick
Others are buying Influencer Chrissy Briel to note that tape
face-lift tape, long used by uses kinesiology tape to get isn’t for every situation. Mr.
professional makeup artists the effects of a face-lift. Kole said it is best used in a
to create the illusion of high controlled setting, such as a
cheekbones and youthful edges her tape when it photo shoot. “God forbid the
taut skin. These adhesives comes loose during filming. tape wears down or lifts in
have stuck with consumers “People don’t want to talk public,” he said.
who want to look younger about it because they don’t Venus De Leon, a 21-year-
without taking more costly like giving away their se- old professional dancer in
or invasive measures. crets, but I’ve definitely seen New York City, likes the
Face-lift tape—clear strips face tape all over the red tape’s look for photos but
applied at the temples and carpet,” said Ms. Quinn. usually takes it off right after.
connected by string that pulls On the competition show “It’s low-key painful and can
back features—has for de- “RuPaul’s Drag Race” adhe- irritate your eyes,” she said.
cades been an open secret in sives can give way to dra- Heather Messineo-Funk,
Hollywood. It was popularized matic transformations. “We an aesthetician in Long Is-
in 1969 by celebrity hair and call it ‘snatched,’” said Steven land, New York, who is exper-
makeup artist Mark Traynor, MacLeod, a 48-year-old drag imenting with face tape,
whose face-tape brand, now performer in Halifax whose doesn’t believe face tape can
owned by the Long Island- stage name is Deva Station. get rid of wrinkles, but thinks
based Alcone Company, re- “It feminizes the face and just it could have other benefits.
CHRISSY BRIEL

mains a top choice for lifts everything.” “You have to prep your skin
makeup artists. Newer en- Armando Kole, a celebrity and massage your face be-
trants in the face-tape mar- makeup artist in Los Angeles, fore you put on the tape, and
ket, including FX Eyes, Babe said he has noticed younger that’s beneficial too,” she said.
 THE WALL STREET JOURNAL. Wednesday, December 14, 2022 | A13

ARTS IN REVIEW
TELEVISION REVIEW | JOHN ANDERSON

A Medieval Landmark Made New

An absorbing ‘NOVA’ special follows the efforts and frequent revelations involved in restoring Notre-Dame

N
o one in “Rebuilding
Notre Dame” goes so
far as to declare that a
silver lining lay behind
the April 2019 fire
that nearly destroyed
the place—never mind that the rel-
evant elements are lead, iron,
limestone and oak. But what’s be-
ing discovered, as the fabled
Notre-Dame de Paris is readied for
a 2024 reopening (to coincide with
the Summer Olympics), is not just
absorbing and revelatory but in-
structive: Perhaps a medieval ca-
thedral should be steam-cleaned
every 850 years.
A presentation of “NOVA,” the
special begins with the inferno
that began in the “forest”—the
network of ingeniously scrambled
oak beams that provided support
for the fabled structure’s roof since
its origins in the 12th and 13th cen-
turies. Much is devoted to the re-
building of the forest and the
church’s spire—a signature of the
structure and the collapse of which
prompted heartbreak among those
watching the conflagration from
around the world. Finding the
proper oak trees—sound, straight,
knotless—is a fascinating aspect of
the show. But hardly the only one.
There is a tendency in “Re-
building Notre Dame” to inject
drama into every move made by
the restorers who, as described by
architectural conservationist Elsie
Owusu, had to build a building in-
side the building to save the build-
ing: Footage from within the fire-
damaged vaults shows an place and converted it into a Tem-
enormous nest of scaffolding ple of Reason.)
erected to support, and prevent
The discoveries are “Rebuilding Notre Dame”
further damage from, the efforts a testament to the doesn’t get into it, but renewed in-
to strengthen the weakened lime- terest in the derelict church was
stone walls and buttresses. No dra-
collaborative genius of kindled by Victor Hugo’s famous
matic emphasis is necessary. The the cathedral builders. novel and led to the previous major
“mysteries” hinted at by narrator restoration, though the extent and
Mercer Boffey are probably more reasoning behind many of Viollet-
about a lack of historical records le-Duc’s moves are revealed only in
left by masons of the 1100s than the gravity-defying construction of the course of re-examining every-
about the kind of secrets behind the spire; the ingenuity of Eugène thing. This includes Notre-Dame’s
Egyptian tombs. But what they Viollet-le-Duc, who led the 19th- rose windows, miraculously spared
find is testament to the collabora- century restoration of the church in the fire and which are found to
tive genius of the cathedral build- after years of neglect and, some- contain glass only from the 13th
ers: The iron “staples” used to se- times, abuse. (French Revolution- and 19th centuries. Why? It’s one of
FROM TOP: WINDFALL FILMS LTD.; BRIAN LAWRENCE/ALAMY; JULIEN DE ROSA/AFP/GETTY IMAGES

cure limestone blocks side-by-side; aries had basically sacked the those things you find out.
Part of the charm
of Notre-Dame, de-
spite its enshrinement
as the great model of
French Gothic archi-
Notre-Dame in its pre-fire glory, above; a rose window during restoration,
tecture, is its eccen-
top; France’s Culture Minister Roselyne Bachelot visits the cathedral, left
tric mix of styles—
Gothic, yes, but also
Romanesque and Ba- and the limestone beneath it and employ marvelous computer ani-
roque, with a spire water—from the 2019 firefight and mation sequences that show in
that served as a crazy rain that fell during the absence of harrowing detail what might hap-
exclamation point. In a roof—leached salt from the plas- pen to Notre-Dame at various
“Rebuilding Notre ter, which in turn ate away at the stages if its surgery doesn’t go
Dame,” however, the walls. The lead dust left on those well. But the patient seems to be
emphasis is on the walls has had to be cleaned, for recovering. Will it be ready for
body rather than the health reasons alone, and in doing 2024? The efforts being made are
soul, and how the re- so the cleanup team has left the Olympian, so one tends to have
habilitation team has surfaces looking the way they did faith.
found things out to its in, say, 1270—before being stained
ultimate chagrin: A by the smoke of “a million can- Rebuilding Notre Dame
layer of plaster, it was dles,” as Mr. Boffey says, in what Wednesday, 9 p.m., PBS
discovered, had been is probably an understatement.
laid originally be- Producer-directors Joby Lub- Mr. Anderson is the Journal’s TV
tween the lead roof man and Alessandra Bonomolo critic.

DANCE REVIEW women and five men, Ms. Tharp’s

Alvin Ailey’s
“Roy’s Joys” takes its name from its
musical accompaniment by Ameri-
can jazz trumpeter Roy Eldridge,
here in eight recorded selections.

New Moves
The era of its music is the 1940s
and ’50s, with some of the tracks
having lyrics in French reflecting El-
dridge’s time in Paris, as Tharp’s
smoothly flowing choreography ex-
BY ROBERT GRESKOVIC modern-dance torsions—and ges- udes a delicate blues tone.
tural, frequently witty incidental ac- Santo Loquasto’s trim unisex

T
New York tivity. The blend mates wonderfully costuming in russet shades helps
he current season of the Alvin with Karen Young’s at-once casual the dance and its dancers stand out
Ailey American Dance Theater and stylish two-piece, iridescent warmly against rich blue lighting,
at City Center consists of costuming and is enhanced by Dan originally designed by Jennifer Tip-
mixed bills drawn from a repertory Scully’s neon-hued lighting and ton and here re-created by Roya
of 15 works. Nine were created by spare décor. Abab. Although essentially a play-
the company’s founding director, Al- Seven women and five men fully evolving ensemble work,
vin Ailey (1931-1989)—including his bring the fluent choreography to us, Tharp’s dancemaking, full of her fa-
enduring classic “Revelations” and, with the cast’s slight majority miliar quirks—here acrobatic, there
(1960, set to traditional spirituals), of female dancers, a woman’s feisty, elsewhere sleekly noncha-
billed to conclude 19 of the run’s 27 “voice”—indicated by the songs’ lyr- lant—offers the performers individ-
performances. Four dances are re- ics concerning love and relation- ual, featured moments.
cent additions to the troupe’s rep- ships—gains an upper hand. This Jacquelin Harris is notably one of
ertory chosen by Robert Battle, the domi-nating theme palpably these, darting with eye-catching
troupe’s current artistic director: a reached the women in the audience clarity through jumps and daringly
world premiere by Kyle Abraham; a at the two performances I saw, as partnered moves; likewise, leggy Mr.
work by resident choreographer Ja- expressions of “Uh-huh!” could be Gilmer, as he passes sleekly through
Belén Indhira Pereyra and Patrick Coker in Paul Taylor’s ‘Duet’
mar Roberts, which the company heard around me. Ms. Tharp’s slyly timed dancemak-
first offered in June at the David H. Mr. Abraham’s ensemble dance at ing. Mr. Coker has some little-guy-
Koch Theater; as well as two mod- times features individual performers to music by Duke Ellington and of the times in which they were out moments as he’s teasingly
ern-dance revivals, “Duet” (1964) by as it gathers momentum, giving Rafiq Bhatia, with costumes and created. toyed with during the flow that
Paul Taylor, also unveiled in June, prominent duet focus to Ashley Kay- décor by the choreographer. The Taylor’s seven-minute “Duet” is elsewhere finds its dancers ani-
and “Roy’s Joys” (1997) by Twyla lynn Green and Chalvar Monteiro, as 20-minute work amounts to a set to a floating, recorded excerpt mated by slouching strides with
Tharp. well as to Caroline T. Dartey and stolid depiction of a shadowy affair from Franz Joseph Haydn’s “The slow-burning insouciance.
In one of his curtain speeches in- Ghrai DeVore-Stokes and to James enacted by a steely woman and her Seven Last Words of Christ” and Of the works Mr. Battle has now
troducing the programs, Mr. Battle Gilmer and Michael Jackson Jr. A combative man, whose physical en- costumed in patterned tights that brought into the Ailey company’s
noted that Mr. Abraham’s 32-min- gentle, female septet to “I’ll Call U counter finds them at odds over a suggest colorful tattooing, credited varied repertory, Mr. Abraham’s “Are
ute premiere “probes the power of Back” by Erykah Badu, in which the vase of roses, evoking a comic- to George Tacet, a pseudonym of You in Your Feelings?” is especially
memory,” and that it is set to a women’s hands dangle and sway strip-noir milieu in theatrically un- the choreographer’s. Performed se- compelling. Its vivid colors, pointed
mixtape of “soul, neo-soul, hip-hop rhythmically, underscores the chore- distinguished terms. renely by Belén Indhira Pereyra and emotions and consistent energy tell
and R&B.” As “Are You in Your Feel- ography’s knowing attitude. Both of Mr. Battle’s new mod- Patrick Coker, the sometimes off-kil- of familiar feelings with unforgetta-
ings?” unfolds, its 12-part tape in- Mr. Roberts’s “In a Sentimental ern-dance stagings give his troupe ter and occasionally knotty choreog- ble impact.
PAUL KOLNIK

spires a vivid suite of dancing that Mood” also fixes on love, here con- rewarding opportunities to work raphy intriguingly suggests a com-
mixes it up with both formal cerning a single couple, Ms. De- their bodies into past aesthetics, plicated love affair. Mr. Greskovic writes about dance
moves—ballet accentuations amid Vore-Stokes and Mr. Monteiro, set providing showcases reminiscent At 29 minutes, for a cast of four for the Journal.
 A14 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

SPORTS
Griner’s
WNBA Plans
Are Unclear
BY ROBERT O'CONNELL

PHOENIX MERCURY head coach

Vanessa Nygaard was elated when
Brittney Griner’s plane landed in
San Antonio, last week, marking the
end of the nearly 10-month saga of
Griner’s detainment in Russia.
“With her return, there is a col-
lective feeling of relief, but most
importantly, joy and love,” Nygaard
said in an interview.
Soon, however, Griner and her
former team will confront a practi-
cal question that is without prece-
dent in American sports: How or
whether she wants to restart her
basketball career after her harrow-
ing foreign detainment.

RICHARD HEATHCOTE/GETTY IMAGES

“We’ve had athletes who were
detained for various reasons, but
nothing of this scope,” said Hap Da-
vis, a psychologist who worked for
more than two decades with Cana-
dian national and professional
teams and has also studied the psy-
chological effects of trauma among
victims of persecution and torture.
Nygaard—who, having taken the Julián Alvarez, right, scored two goals while Lionel Messi added one in a 3-0 victory over Croatia in Tuesday’s World Cup semifinal at Lusail Iconic Stadium in Qatar.
helm of the Mercury in January

Messi Leads Argentina Into Final

2022, has not actually coached her
franchise’s star player—had not yet
spoken to Griner, citing the more
pressing matters of evaluating her
medically and reuniting her with
her family. “Her mental health and
physical health is a priority,” Ny-
With a 3-0 win over Croatia, the two-time World Cup champs will play France or Morocco on Sunday
gaard said. “If she wants to play
basketball again, we’re going to BY JOSHUA ROBINSON tween Morocco and defending dez launched a high pass right into ola was unequivocal.
support her either way.” AND JONATHAN CLEGG champion France, will be the sixth the heart of Croatia’s defense, but He pointed at Álvarez: “You
Still, the team’s plans for the up- in Argentina’s World Cup history. the ball was allowed to bounce, have the best chance.”
coming season, which tips off in Lusail, Qatar But as every Argentine knows, defender Dejan Lovren hesitated, Guardiola’s reasoning wasn’t

L
May, will allow for her return. Gri- ionel Messi came to Qa- those finals have left plenty of and all of a sudden Álvarez was in. complicated. It all boiled down to
ner is technically a free agent, her tar on a mission. scars. The team has won twice in He poked the ball beyond Dominik Messi. Guardiola knows better
latest contract having run only At 35 years old, he ar- 1978 and 1986, but lost its last Livakovic, who body-checked him than most what Messi can do
through the 2022 season, but the rived at this World Cup two, in 1990 in Italy and in 2014 in to the ground, and Argentina had when he’s in full flow after build-
organization will keep a roster spot with nothing left to Brazil. Messi was a child for the a penalty. Messi blasted the pen- ing an entire era of Barcelona
available with the expectation that prove and only one trophy left to first and on the pitch for the sec- alty kick into the top right corner. teams around him in the late
a return would bring her back to win. He had already claimed every ond, as Germany ground out a 1-0 Five minutes later, a total 2000s.
the Mercury, said team president other major prize in the game— win in extra time. breakdown at the back gave Ar- There have been flashes of the
Vince Kozar. “There is no contin- league titles, the Champions “We’ve been through tough situ- gentina a second goal. This one old brilliance—like in his solo
gency where we end up not having League, Olympic gold, and more ations,” Messi said. “We’re going came from Álvarez’s decision sim- goals against Mexico and Austra-
room for her,” Kozar said. individual awards than he cares to for the final game, which is what ply to run straight at the Croatian lia—but the older, slower Messi is
Nygaard said that the WNBA and count. Year after year, he was the we came here for.” defense. He probably should have now dictating the mentality of this
NBA have been on the forefront of greatest player in the world. Argentina came into Tuesday’s been stopped at least twice, but as squad, too. He knows this is his
the conversation prioritizing men- Now, with one more victory, he match bracing his legs kept last dance at the World Cup, and
tal-health care in professional can cement his claim as the great- for another bat- churning and so do his teammates. He’s become
sports, leaving the leagues well-po- est of all time. tle. They had al- the bounces Argentina’s emotional leader, help-
sitioned to assist with Griner’s re- Messi and Argentina advanced ready been
There have been flashes kept breaking ing the team to overcome a nasty
turn to the U.S. and, if she wishes, to the World Cup final on Tuesday dragged into a of the old brilliance, but his way, the habit of choking at World Cups.
to basketball. night with an unusually business- bar fight of a
like 3-0 victory over Croatia at Lu- match in the
Messi is now dictating field opened up
for him. On a
Of course, it took a massive
choke at this World Cup to begin
sail Iconic Stadium. There were no quarterfinals this squad’s mentality. run that started fixing the problem. Despite going
histrionics, no desperate moments against the inside his own 1-0 up in its opening game against
of clinging on. And oddly, for Cro- Netherlands and half, he soon Saudi Arabia, Argentina contrived
atia, no extra time. With 90 min- fully expected found himself to lose 2-1 in one of the biggest
utes of total calm, Argentina’s Croatia to bring similar rough- one-on-one with Livakovic and upsets in the tournament’s history.
players put themselves 90 minutes house tactics. doubled Argentina’s lead. Yet somehow, the team staved off
from soccer immortality. For the first half hour on Tues- Álvarez then capped it off with a national panic. Messi took con-
Their three goals—a penalty day, Croatia was in complete con- another in the 69th minute after trol of the situation.
from Messi and a pair from Man- trol, knocking the ball from one Messi turned Croatia defender He explained that Argentina was
chester City forward Julián Álva- side of the pitch to the other and Josko Gvardiol inside out on the simply getting its crisis out of the
RICK SCUTERI/ASSOCIATED PRESS

rez—took the wind out of Croatia. holding Argentina to less than 30% byline. way early, just as it did in 1990. In
Until Tuesday, the Croatians had possession. Argentina seemed to Álvarez had been sitting around that World Cup, it fumbled its
looked indefatigable. But by half- have no idea how to pick its way a few months ago with his club opener against Cameroon in an up-
time, they were already defeated. through the most suffocating team manager Pep Guardiola and a few set that no one saw coming. Back
“We know what to do in every in world soccer. Manchester City teammates, dis- then Argentina also rallied around
moment,” Messi said afterward. The answer turned out to be re- cussing which of them might have its dazzling star in the No. 10 jer-
“We know how to win a game.” markably simple: straight down a reasonable shot at winning the sey to recover. His name was Di-
Sunday’s final, against the win- the middle. There appeared to be whole thing. They tossed around ego Maradona—and he took Ar-
Griner played in 2021 for the Mercury. ner of Wednesday’s semifinal be- no real danger when Enzo Fernan- all the usual suspects, but Guardi- gentina to the final, too.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
20s Edmonton 20s 20s 20s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 5 Airport sched. 31 Colleague of
0s
0s
abbr. Samuel and
Vancouver Calgary 30s 14 15 16
6 PC key Ketanji
30s 10s
Seattle Winnipeg 17 18 32 Humiliate
10s 20s 7 Pointillism
Portland
Helena
20s Montreal 30s 19 20 21 pioneer 33 Like Loki
40s 30s Bismarck 30s Ottawa 40s
20s
Billings
20s Augusta 40s 22 23 24 25 26 27 8 2022 Cate 36 Child’s
Eugene Mpls./St. Paul
Boise 20s Toronto Albanyy Boston 50s Blanchett punishment,
10s Buffalo
Pierre
Milwaukee Detroit Hartford 60s
28 29 30 31 32 33 movie maybe
Sioux Falls 20s
Reno Salt Lake City
10s Des Moines
40s
Chicago
d
Cleveland
30s
Neww York
70s 34 35 36 9 Finished off 38 Pointer on a
10s Cheyenne Philadelphia screen
Sacramento
Denver
Omaha Springfield Indianapolis Pittsburgh 80s 37 38 39 40 10 Shot in the dark
Washington D.C.
San Francisco St. Louis Charleston 90s 11 When 40 Basis of
20s 30s
Topeka Richmond
Las Colorado Kansas Louisville 40s 100+
41 42 43
Canadians the Greek
50s Vegas Springs Wichita City 50s Raleigh
taramasalata
Los Angeles
30s 40s Nashville Charlotte 44 45 celebrate
Santa Fe Thanksgiving 42 Flower starter
60s Albuquerque
Little Rock Memphis 50s
Phoenix Oklahoma City 46 47 48 49
San Diego
60s Atlanta Columbia
Tucson Warm Rain 12 Tailgate party 43 Dewy
40s Dallas Birmingham
El Paso Ft. Worth 50 51 52 53 54 55 56 57 backdrop 45 High-elevation
50s Jackson Jacksonville Cold
0s 60s T-storms 13 Bookish evergreen
Mobile 70s 58 59 60 61 62
-0s Austin Houston
Orlando 46 Removes
0s
New Orleans
Tampa
Stationary Snow 63 64
15 Univ. senior’s
San Antonio 80s
10s Anchorage Honolulu test 47 Victor’s boast
70s Miami
30s 70s Showers Flurries 65 66
18 Juice Wrld genre
40s 80s 51 Sumptuous
22 Sahara condition 53 Excellent, slangily
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
FIX ME A DOUBLE | By Jeff Stillman 23 Odoriferous 54 Site of the
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 28 Chemical 58 What accessory Oakland A’s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Pretended to be dropped from a instructions 25 “Good spring training
Omaha 36 25 c 32 19 sf Frankfurt 30 22 sn 33 24 pc plane might be kept
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice cholesterol” facility
Orlando 80 65 c 79 56 t Geneva 47 40 r 45 39 r 8 First European
Today Tomorrow Philadelphia 41 30 s 43 40 r Havana 84 60 s 85 65 pc 34 List ender on hand for letters
City Hi Lo W Hi Lo W to reach New 55 Debate side
Phoenix 55 37 s 58 41 pc Hong Kong 56 51 r 60 58 r 63 Biceps, e.g.
Anchorage 23 21 sn 30 3 c Pittsburgh 42 33 pc 39 34 r Istanbul 53 48 c 59 55 r Zealand 35 Increase rapidly 26 Vague 56 Bad mark
Atlanta 55 51 t 59 37 sh Portland, Maine 39 28 pc 40 31 pc Jakarta 90 75 r 90 75 t 14 How flamingos 37 Parceled 64 Fleet admiral’s uneasiness
Austin 69 39 pc 65 38 s Portland, Ore. 44 31 pc 41 29 pc Jerusalem 60 50 c 63 50 s ranking 57 Gender-specific
stand 28 Like the Fr. “la” possessive
Baltimore 44 31 pc 47 41 r Sacramento 51 31 pc 51 30 pc Johannesburg 77 59 t 80 59 t 38 Limit
Boise 27 14 sn 23 12 pc St. Louis 60 33 r 42 29 pc London 36 25 c 38 27 s 16 Duds 65 Largest of the and Ger. “die”
Boston 39 31 s 42 39 pc Salt Lake City 33 23 sn 29 14 pc Madrid 57 48 t 53 42 sh 39 Leafy shelter Finger Lakes 59 Big bird of stories
Burlington 32 25 pc 39 32 pc San Francisco 54 41 pc 54 41 pc Manila 87 78 t 88 78 t 17 Lector in a 29 Bookkeeping
41 Airport transport, 66 Fixes, or, entry 60 Chapter in
Charlotte 47 42 sh 51 35 r Santa Fe 36 17 s 35 14 s Melbourne 60 51 sh 63 49 pc church service often history
Chicago 46 36 r 40 30 sf Seattle 44 31 pc 43 31 pc Mexico City 76 55 s 74 53 s parsed another 30 Perfect in the
Cleveland 42 38 c 44 33 r Sioux Falls 31 25 sn 32 13 sn Milan 40 27 pc 38 34 r 19 Prepared to 43 Not tricked by way, what 61 Apple picker
Dallas 59 38 pc 54 34 s Wash., D.C. 44 32 pc 45 40 r Moscow 24 14 sn 21 17 c drive eyes of the
17-, 28-, 44- judges 62 Gym unit
Denver 37 12 c 33 10 pc Mumbai 92 78 pc 90 76 pc 44 Protected area
20 Sleep clinic and 58-Across
Detroit
Honolulu
41 36 c
83 66 pc 83 68 pc
47 31 r
International Paris
Rio de Janeiro
31 29 sn
79 67 pc
34 27 sn
82 70 s study 46 Snide remark have Previous Puzzle’s Solution
Houston 67 42 pc 66 41 s Today Tomorrow Riyadh 79 55 s 81 58 s
Indianapolis 49 36 r 45 29 c City Hi Lo W Hi Lo W Rome 59 45 r 62 55 r 21 Investment 48 Gains in the NFL Down H A H A MGM T A V A S T
A L A N A R E A P I D A Y
Kansas City 41 27 pc 35 22 sf Amsterdam 35 26 s 41 26 s San Juan 84 73 s 84 74 s choice 49 Hot time in 1 Fence feature L O V E S H A C K B P L U S
Las Vegas 51 35 s 52 35 pc Athens 59 57 c 69 58 pc Seoul 25 15 pc 35 18 pc S T E M S I C E D I D O
22 Copying, in Québec 2 At some past A I R P L A N E C A B I N
Little Rock 55 35 pc 52 32 s Baghdad 74 57 c 72 53 pc Shanghai 47 31 pc 55 43 s O N B A S E E A U
Los Angeles 61 44 pc 61 45 pc Bangkok 87 68 s 85 70 s Singapore 85 75 r 83 75 t cooking 50 Like some time P O E R O A D S N E A K
Miami 82 72 pc 85 69 pc Beijing 31 16 s 32 10 pc Sydney 74 56 sh 70 57 pc medications T H E F O U R T H E S T A T E
Milwaukee 43 35 r 41 28 sf Berlin 29 19 s 28 20 pc Taipei City 62 60 r 72 65 r 24 Physicist 3 Irritated S O R E R C E L L S E E
Minneapolis 38 30 c 34 25 sn Brussels 31 22 c 37 25 s Tokyo 57 39 pc 51 41 pc Georg 52 Unaccountable 4 Children’s writer
E C O AM S T E L
C A E S A R S P A L A C E
Nashville 58 41 r 53 35 pc Buenos Aires 89 69 s 79 60 pc Toronto 31 29 pc 38 32 sn A P R B U R N N O R A S
New Orleans 76 51 t 63 46 s Dubai 84 69 s 83 64 s Vancouver 41 29 s 41 31 c 27 Coral islet 54 Livestock feed Blyton M A R I A MO V I N O N U P
New York City 40 31 s 41 38 r Dublin 38 25 s 38 26 s Warsaw 24 22 c 29 20 pc P R O D S A V I S T E R A
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 47 28 s 43 27 s Edinburgh 33 25 s 33 26 s Zurich 40 37 r 40 33 r S T R A P C E L T S R A S

THE WALL STREET JOURNAL. Wednesday, December 14, 2022 | A15

OPINION
2020’s First Big Lie BOOKSHELF | By Kate Bachelder Odell

When
say
you
the
Hunter Biden
can say for the national media.
It’s a good moment to remind
ourselves: The allegory of the
are trying to convince you
something isn’t true that they
know is true.”
and substantial resources to
investigations.
The point has long since
Car Seat
laptop story
was real,
D e m o c ra t s
and their
emperor’s new clothes is not a
parable of stupidity. It’s a par-
able of cowardice.
When 51 ex-intelligence offi-
So compromised are the na-
tional reporting staffs of the
Washington Post, the New
York Times and other outlets
stopped being whose ox is
gored, Mr. Trump’s or Mr. Bi-
den’s. American voters what-
ever their sympathies don’t
Confidential
BUSINESS
media allies cials said the laptop’s emer- that they can’t be trusted on want their government and
WORLD
respond that gence “has all the classic ear- the biggest story of the day. A media lying to them to shape
Screaming on the Inside
By Holman W.
the private marks of a Russian information Jeff Bezos, say, would have to their political choices. (Put By Jessica Grose
Jenkins, Jr.
embarrass- operation,” they were lying. In take a page from the CIA’s aside lying in a way that (Mariner, 230 pages, $28.99)

L
ments of the long history of Kremlin falsely incriminates a nuclear-
Hunter Biden aren’t news. dirty tricks, there’s no prece- armed hostile power as trying ast Fourth of July is a darkly amusing memory for me.
When you say a large reti- dent for so implausible a caper. Our national press to fix a U.S. election on behalf Fireworks shook the rafters like an incoming cannon-
nue of former top intelligence The officials couldn’t even say of one of the candidates—an ade. The only creature in the house more afraid of the
officials lied when they por- clearly what they meant. A real outlets need a ‘Team element of this episode that noise than the wailing toddler was the 50-pound poodle mix,
trayed the laptop as a Russian laptop had been stolen by the B’ approach to the none want to confront.) The a standard-issue sidekick for a suburban family. The scene
intelligence operation, they Russians and leaked to the election is over; the truth is would have been unremarkable, except that I was staring at
say there’s no evidence that press? A fake laptop had been Hunter laptop story. kept from you now to protect my phone, weeping.
Joe Biden profited from his created with thousands of un- the guilty, not to save the My second son, then 7 days old, had flunked his hearing
son’s activities. cannily real-looking docu- country from the supposed screening at the hospital, and since then I’d been harassed
When you say Twitter cen- ments, photos, videos and own history and recruit a menace of Trumpism. In a dif- via emails, texts and phone calls that he needed more testing
sored a legitimate news story emails, most of them diaboli- “Team B” off-site from his ferent universe far, far away— and might be deaf. It would ultimately prove a false alarm,
and active-duty FBI officials cally designed to have no news Washington Post to investigate that is, America pre-Donald but I couldn’t know that as I stared down at a baby who
may have encouraged the com- or scandal value? The New the laptop ruse, then require Trump—a conscientious press appeared blithely unaware of the booming of fireworks.
pany to do so, they insist that York Post produced not only a his newspaper to report the would be reporting the hell My husband corralled everyone in this mass meltdown
Twitter is a private company complete and sufficient ac- truth however discomfiting to out of all this. into bed. It would be unwise, he told me, to continue reading
and that Hunter’s activities count of how it obtained the its newsroom and leadership. Now House Republicans will about cochlear implants on the
were not illegal and had al- laptop data. It produced a The laptop ruse also ought have to do the job instead, im- internet.
ready been widely reported to dated subpoena showing the to have you rethinking the plicitly holding the press to The demands, uncertainties
the public. FBI was already in possession FBI’s and Robert Mueller’s account in the process. and complex emotions that
In other words, the de- of the original laptop for dragging out of the collusion Whether Joe Biden actively accompany the arrival of
fenses now filling the media months and would know if the inquiry to damage a president promoted his son’s ventures is children can be intense and
evade every important ques- data were fake. they distrusted. It ought to a secondary question but will overwhelming. But “Screaming
tion. Only one intellectually The absurdity of the intelli- have you rethinking James yield to further investigation. on the Inside” is an especially
honest statement has been gence veterans’ claim was ob- Comey’s convenient resolution Whether active-duty officials dark dispatch from the psyche of
heard anywhere and that was vious at the time. The people of the Hillary Clinton email joined in lying to news outlets American moms. Only a woman
offered months ago by liberal who run America’s major news matter based on secret “Rus- about the laptop origins will who never sleeps could “accom-
philosopher and podcaster outlets (at least those who sian intelligence” that he made become clear as the Twitter plish all the things expected of a
Sam Harris: Yes, the laptop aren’t idiots) knew it. sure would remain hidden revelations are followed up. modern American mother,” says
story was true and newswor- So obvious was the lie that from you even today. One question I think we can the author, Jessica Grose, who
thy. Yes, intelligence veterans America’s biggest news organi- Our press would bring say is already resolved conclu- writes a parenting newsletter for
and the press lied in suppress- zations have to remain silent these stories to light if it sively: The 51 former officials the New York Times. Yet not all
ing it to help Joe Biden. And now because of their own com- could refute them, but it can’t lied to the public with deliber- choices can be blamed on a “broken system,” and, alas,
he supports their doing so. plicity. What I wrote in week so it ignores them. And no, ation and premeditation to in- trillion-dollar entitlements can’t alleviate what ails
At least this response owns one remains true: “It ought to Twitter and Substack aren’t a fluence a presidential election, American mothers.
up in healthy fashion to reali- register with you how cravenly substitute for institutions that and the national press abetted Ms. Grose details her own crash landing into motherhood.
ties, which is more than you some in the mainstream media can deploy teams of reporters them. She fell desperately ill while pregnant. She “failed at breast-
feeding immediately,” and felt awful about it. (Like many
other affluent, white women, she wondered if something was

The West Must Help Ukraine Outlast Russia “deeply aberrant and unmaternal” about her for disliking it.)
Ms. Grose also felt chastised by the internet full of ostensible
experts who claim it’s abusive to let a baby cry himself to
Defeating leading Senate Re- economy, and Elvira sleep for 10 minutes while he is safe, warm, fed and living in
Russia’s war publicans so far Nabiullina, the re- the richest country in the history of the world.
of aggression have resisted. Cut- spected chairman of Ms. Grose concedes that raising children is easier now
a g a i n s t ting or delaying aid Russia’s central than in the past. She also says today’s parenting is “uniquely
Ukraine would would be irresponsi- bank, has acknowl- difficult in the amount of information we get about what
be a victory ble and could prove edged that the situa- we’re supposed to be doing, and how high the stakes are
POLITICS for democ- disastrous. Instead, tion is likely to dete- made to seem about every minor decision.” But why are so
racy, decency Congress and the riorate further next many moms craving direction from strangers on the
& IDEAS
IHOR TKACHOV/AFP VIA GETTY IMAGES

and the sta- Biden administra- year. Production has internet?

By William
bility of the tion should cooper- collapsed in Russia’s Take Instagram. Ms. Grose dedicates a chapter largely to
A. Galston
p o s t - Wo r l d ate to get Ukraine auto industry, retail online “influencers,” especially mothers who try to make
War II settle- what it needs to sales are down 10%, money posting about their lives. Whenever these moms,
ment in Europe, and it would survive and move and tax revenues who “always seem to be happy with their children,” post
promote America’s national forward. from non-energy about “parenting difficulties, those problems are in the past.”
interest. This objective should Ukraine doesn’t sectors have de- A clinical psychologist reports many of her clients cite social
enjoy strong bipartisan sup- need only military clined by about 20%. media as a source of their “anxiety, jealousy, shame, guilt.”
port. At the beginning of the assistance. The war The fall’s large mili- Indeed, Instagram has produced a class of distracted parents
conflict it did, but no longer. has dealt a terrible tary draft has fur- who scroll, feeling bad about themselves, unresponsive to
A Wall Street Journal sur- blow to Ukraine’s Ukrainian soldiers fire a mortar launcher. ther weakened the the child in the room.
vey released in early Novem- economy, which is civilian economy. Many women Ms. Grose mentions thought they could
ber found that the share of projected to shrink by 35% continuing civilian needs for But there is no evidence subdue the demands of parenting with the same ambition
Republicans who believe that this year while inflation as long as necessary. that these setbacks will force and careful planning that served them well in profes-
the U.S. is doing too much to surges to about 30%. Its gov- While Ukraine’s patchwork Vladimir Putin to end the war. sional pursuits. Wrong. A woman who claims that her “job
help Ukraine stands at 48%, ernment can’t continue to op- air defenses succeeded in de- On the contrary, he seems de- as an executive in a male-dominated field was her whole
up from only 6% in March. A erate without a steady stream nying Russia the air superior- termined to shift equipment identity” before kids is crushed when she doesn’t live up
month later, the Chicago of financial aid from the U.S. ity it needed to conduct effec- and manpower from civilian to her plans of “wearing a nice silk blouse” and “getting
Council on Global Affairs and its allies. tive bombing raids early in to military production. While s— done.”
asked respondents to choose Russia’s assault on the war, they have proved less Russia is drawing down its
Ukraine’s civilian infrastruc- effective against drones and missile and artillery stocks
ture has disrupted its water, cruise missiles targeted at ci- faster than it can build them, American motherhood is uniquely difficult
Russia’s economy is electricity, heat and transpor- vilian facilities. The battle to imports from Iran and North in the surfeit of information that moms get
tation systems, and it’s likely keep Ukraine’s infrastructure Korea are helping to narrow
slowing, but Putin is to continue. In recent years, going could be lost if its air the gap. about what they’re supposed to be doing.
only more determined Russia officially adopted a defenses aren’t upgraded sub- Artillery is a problem for
new military doctrine, the stantially. A recent report both sides. According to Mi-
to break Kyiv’s will. Strategic Operation for the from the Royal United Ser- chael Kofman, a military ana- In a revealing remark, one psychology professor tells Ms.
Destruction of Critically Im- vices Institute spells out what lyst at the Center for Naval Grose that “being forced to stop or reduce working” during
portant Targets, designed to it will take: renewed supplies Analysis, Ukraine is firing the pandemic “took an emotional toll on moms.” For a subset
between two policies: sup- undermine civilian morale of man-carried surface-to-air about 90,000 rounds a month, of American women, work is no longer just a financial deci-
porting Ukraine for as long as and force the adversary to missiles along with more-ad- and the U.S. is struggling to sion but a pillar of identity—unfortunately, not a sturdy one.
it takes, even if it means capitulate. vanced surface-to-air missile raise its monthly production Ms. Grose complains that “an entire body of research shows
higher prices for food and Countering the effects of systems; state-of-the-art ra- from 14,000 to 20,000. that mothers still ‘fare worse in the labor market’ than men
fuel; or urging the Ukrainians this doctrine will be no small dar-guided antiaircraft guns We have no idea when this or women without children,” a so-called motherhood penalty.
to settle the conflict, even if it undertaking. According to such as Germany’s Gepard; ad- war will end. What we know is But women often divert time or attention away from paid
means territorial concessions Daniel Hamilton of the Johns vanced radar and laser de- that Mr. Putin thinks he can labor when they have kids. For most, the relationship capital
to Russia, so that U.S. con- Hopkins School of Advanced vices to improve the accuracy win it by outlasting Ukraine will be far more valuable later in life than the few years of
sumers can pay lower prices. International Studies, the Bi- of Ukraine’s defenses against and its allies. It is up to politi- marginal retirement contributions they’d gain from working
Democrats chose to stay the den administration has Iranian-built drones and “loi- cal leaders here and abroad to while paying for expensive child care.
course 61% to 36%, while Re- pledged an additional $53 tering” missiles; and, eventu- prove him wrong, a task that Ms. Grose is optimistic about passing “broadly popular
publicans polled 33% to 63%, million worth of equipment ally, advanced Western fighter would be much harder if political entitlements” for child care and paid leave. But
in favor of peace through to help Ukraine repair its en- aircraft. This list should be at House Republicans cut the Congress spent roughly $50 billion on child care across
Ukrainian concessions. ergy infrastructure. But “ad the top of the pro-Ukrainian flow of aid to a beleaguered multiple Covid-relief bills, and no one has the faintest idea
It remains to be seen hockery will no longer do,” alliance’s military agenda, people whose courage and de- what that accomplished. It is highly regressive to ask tax-
whether the new House Re- Mr. Hamilton says. An orga- starting now. termination to defend their payers to underwrite paid leave for educated women with
publican majority will yield nized international group After a lag, Western sanc- freedom has inspired the husbands who earn income. Many of the purported benefits,
to these sentiments, which must respond to Ukraine’s tions have slowed the Russian world. such as allowing women to breastfeed longer and more
successfully, are unlikely to materialize. By Ms. Grose’s own
report, in Sweden, where parents have nearly 500 days of

How Often Can Raphael Warnock Email Me? paid leave, only 15% of mothers are exclusively breastfeeding
at 6 months.
Ms. Grose relates a nice self-aware moment in an inter-
By T.R. Reid day from senders with differ- President Kamala Harris, sev- seat, regardless of how hope- view: She’s “carping about how it all felt a little hopeless,”

I
ent names: “Raphael War- eral other senators and a few less his opponent might be, if and an older woman, a historian, replies that “from where I
didn’t want to see Her- nock,” “Warnock, Raphael,” stray representatives from people like me didn’t shower sit, probably your mother’s generation, the changes have
schel Walker elected to “RW,” “The Rev.,” “Senator around the country. him with donations. been enormous.” That point deserves more attention in both
the U.S. Senate, so I sent a Warnock,” “Sen. Warnock,” At 12:07 p.m. on the day of The campaign-finance ex- the book and the broader debate. My mother, climbing the
campaign contribution to Sen. “Team Warnock,” etc. the runoff election, “Sen. Ra- perts should consider the im- corporate ladder in the 1980s and ’90s, perceived she had no
Raphael Warnock for last I thought this might end as phael Warnock” sent me an pact of their incessant de- option but to cease nursing her children at 6 weeks when she
week’s runoff election. I’m election day neared, since it email with this welcome sub- mands. At some point, returned to work. Fast forward 30 years to me on a recent
glad Mr. Warnock defeated his would be too late to spend ject line: “This is the last time contributors will get fed up. business trip. My company shelled out several hundred
underqualified opponent. But I’m asking.” It wasn’t. The Do I really want to donate to a dollars for a service that shipped pumped milk back to my
I regret this donation—every campaign asked again 77 min- campaign if I know it’s going home, priority overnight in a cooler.
time I open my email inbox. It His fundraisers keep utes later, and again one min- to swamp my inbox for Ms. Grose can be sardonically funny, but in an effort to
has been flooded with con- flooding my inbox, ute after that. The appeals are months or years to come? justify her subtitle, “The Unsustainability of American
tinuing appeals for me to do- still coming. This concern evidently Motherhood,” she has produced a distorted picture. Here are
nate to the Warnock cam- even after the runoff. This seems to be the way hasn’t deterred the Warnock some things I wish someone had told me in the disorienting
paign. The election is over, campaign finance works now; campaign. I just received an days of welcoming my first child—call it counter program-
but that hasn’t ended this re- a friend who donated to Mr. email (“Hello, Friend”) offer- ming to the prevailing notion that children will, in Ms.
lentless barrage. any further donations. Fat Walker reports a similar ex- ing me the opportunity to sign Grose’s words, render you “an empty husk.” Overwhelming
In the last few weeks of the chance! The volume of appeals perience. But it’s sad that we a congratulatory letter to the moments arrive—and pass. What you can handle will expand;
campaign, I received messages increased near the end. On the have a political system senator—to accompany my what overwhelms you now will soon be routine. Life will be
every day from a sender day before the election, I got driven by, and awash in, next contribution. suffused with far more focus, substance and meaning and
named “Sen. Raphael War- 13 emails from my pals at the money. One constant theme less self-absorption. Children will prevent you from pur-
nock.” Worried, I suppose, that Warnock campaign (the mes- in the hundreds of emails I Mr. Reid is author of “A suing personal ambitions at all costs—and thank God for
I might have labeled these sages always refer to me as received from the various Fine Mess: A Global Quest for that guard rail.
spam, the same campaign sent “Friend”) plus heartfelt pleas Warnock senders was that a Simpler, Fairer and More Ef-
me six to 10 extra appeals each from President Biden, Vice “The Rev.” would lose his ficient Tax System.” Mrs. Odell is a member of the Journal’s editorial board.
A16 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Sam Bankman-Fried’s Crypto Crash What’s Happening to U.S. Higher Education?

I
f the rise of Sam Bankman-Fried was a SEC says his hedge fund was granted a “virtually In his conversation with Naomi an already crowded curriculum, di-
modern tale about cryptocurrency tokens unlimited” credit line and was exempt from the Schaefer Riley about “The ‘Suicide’ of versity, equity and inclusion are in-
the Liberal Arts” (Weekend Interview, crementally replacing pathology, car-
and “effective altruism,” his fall seems to “automated risk mitigation protocols” that SBF
Dec. 3), John Agresto shares his con- diology and pediatrics. Physicians
be as old as original sin. “This trumpeted as ensuring FTX’s cern with the comment of a high- graduating from these schools will
is really old-fashioned embez- It’s ‘old-fashioned stability. The mixing of funds school student who was excited about provide warm and nurturing care,
zlement,” John Ray, the care- embezzlement,’ but with was obfuscated in internal ac- history and “learning how to think paying full attention to the psychoso-
taker CEO of the failed crypto counts. The beginning of the like a historian.” Mr. Agresto fears cial and ethnocultural development of
exchange FTX, told the House new blockchain jargon. end arrived when crypto that this student’s “vocationalized” the patient. They may miss, however,
on Tuesday. “This is just tak- prices fell and “many of attitude toward history is evidence of the subtle presentations of appendici-
ing money from customers Alameda’s lenders demanded college professors fashioning students tis, heart attacks and cancer.
and using it for your own purpose, not sophisti- repayment of loans.” into “mini-me’s” whose childlike curi- The task of medicine is to detect
cated at all.” If the authorities are correct, this is a story osity about learning is sacrificed at and to eliminate pathology of the
Mr. Bankman-Fried, FTX’s co-founder, was ar- as old as time that reoccurs every time there is the altar of academic specialization. body human—not the pathology of
Nothing could be further from the the body politic.
rested Monday in the Bahamas and is expected a financial mania. The thoroughly modern twist
truth. Mr. Agresto rightly emphasizes LEO A. GORDON, M.D.
to be extradited. SBF, as he is often called, has in the SBF allegation was to convince investors that practical-minded Americans are Los Angeles
been on a media tour since FTX’s failure, and he to place money into a digital box, except with a suspicious of the liberal arts. What he
portrays himself as a well-intentioned doofus sa- hole in the bottom leading directly to a proprie- doesn’t appreciate is that the practi- Allan Bloom and John Agresto are
vant who got in way over his head and— tary hedge fund. In such a case, the remedy is cal-minded parents and trustees who both right about the decline of Amer-
whoops—lost billions of dollars. The sloppiness also old and familiar: Enforce the fraud laws al- control the fate of American colleges ican higher education, but in a spe-
of bookkeeping is true enough: Mr. Ray said in- ready on the books. will acknowledge that the liberal arts cific order. Relativism, as Bloom
voices and expenses were communicated via House Democrats implied Tuesday that new are important once they are per- knew, is the basis for the destructive
Slack chats, and “they used QuickBooks.” government regulation is needed in response to suaded that the associated thinking, contemporary leftist project. With no
But Mr. Ray’s darker story is backed by allega- FTX’s bankruptcy. It’s notable, however, that the writing and speaking skills are essen- foundational truths to anchor think-
tions in the federal indictment, along with a civil exchange’s collapse and the entire cryptocur- tial to occupational success. ing and policy, everything becomes
When history professors like me contextual and, therefore, relative.
complaint from the Securities and Exchange rency meltdown haven’t created contagion in the meet with high-school seniors and Yet such destroyers, as Mr. Agresto
Commission. Prosecutors say Mr. Bankman- financial system. their parents, we must convince them writes, also “‘know’ what’s true and
Fried “engaged in a scheme to defraud custom- One interesting question is whether this is of the practical value of thinking like [are] going to impose it.” Now, two
ers of FTX.com by misappropriating those cus- due in part to the unregulated nature of crypto a historian. Only then will those high- possibilities follow: Either they real-
tomers’ deposits.” The money was diverted to markets. Nothing screams caveat emptor like school students become the college ize that power is the only enduring
Alameda Research, SBF’s crypto hedge fund. The buying invented digital tokens that lack any his- students with whom I am able to ex- constant in societal interactions and
indictment alleges he defrauded lenders as well, tory of stability. Perhaps a regulated crypto in- plore Thucydides’ writings and the so impose their views, or they come
and prosecutors also threw in a campaign-fi- dustry would look safer even if it isn’t. meaning of democracy. to believe that their subjective under-
nance violation for excessive political donations Special mention to the Federal Reserve for PROF. SEAN J. FLYNN standings are superior to all others in
made “in the names of other persons.” keeping interest-rates too low for too long and in- Dakota Wesleyan University utilitarian virtue, so that they must
Mitchell, S.D. move to impose them.
The SEC complaint is more voluble. “From the spiring the search for exotic returns. The apparent
PROF. JAMES W. VOELZ
inception of FTX, Bankman-Fried diverted FTX lack of due diligence by serious investors to FTX Some medical schools have chosen Concordia Seminary
customer funds to Alameda,” it says, to the point is another point of interest. Mr. Bankman-Fried’s a slower form of curricular suicide. In St. Louis
that “there was no meaningful distinction.” Then case will be fascinating to watch.
SBF “used Alameda as his personal piggy bank His defense might be that he lacked fraudu-
to buy luxury condominiums, support political lent intent and was hoping that his crypto bets
campaigns, and make private investments.” He would save FTX in the end. Maybe so, but a jury
took enormous loans, “including two instances will want to know why so much money went to
Republicans Hold Back Energy Permitting Too
in which Bankman-Fried was both the borrower personal loans and real estate. He will also have Regarding Mario Loyola’s “How Mr. Loyola is correct that a group
in his individual capacity and the lender in his to defend why he didn’t tell investors about his Green Extremists Enrich Oil Compa- of Democrats who oppose energy-per-
capacity as CEO of Alameda.” co-mingling of their money with other assets to nies” (op-ed, Dec. 9): Today it takes mitting reform are hypocritical and
10 years to permit a power line and will end up increasing greenhouse-
Mr. Bankman-Fried claimed Alameda had no fund his ventures. Fraud is a crime, in real or
16 years to permit a mine. To meet gas emissions. Equally, however, GOP
special privileges on the FTX platform. Yet the crypto currency. renewable energy goals, we must opposition to permitting legislation
quickly double mining metals as well proposed by Sen. Joe Manchin will

Inflation Isn’t Vanquished Yet as transmission lines.

Mr. Loyola blames extremist pro-
impose tremendous delays and costs
on energy-infrastructure projects.

I
gressives. This may be true in Con- Historically, Republicans have de-
nvestors on Tuesday cheered the relatively earnings in the past year as a result of inflation. gress, but new transmission lines in served credit for advocating these re-
good inflation news for November, lifting But it also signals that workers and employers my state of Wisconsin will need to forms. Ohio Sen. Rob Portman has in-
equities and bonds. The market hope is are playing catch-up, and there are still 10 mil- cross very rural, conservative Repub- troduced legislation similar to Mr.
that the Federal Reserve will lion unfilled jobs. lican counties, where opposition is Manchin’s for many years. Yet in Sep-
end its interest-rate increases Price increases are All of which suggests the tremendous. Progressive groups like tember and in postelection legislative
the Citizen Climate Lobby are for sessions, Senate Republican leaders
sooner than expected, but slowing, but the Fed Federal Open Market Com- permit reform, and it was former prevented consideration of permitting
that would be a mistake as the mittee (FOMC) has good rea- President Donald Trump who put a fixes. Both parties should support re-
report shows the anti-infla- still has work to do. son to stick to its leaked in- 10-year moratorium on shallow-water form legislation if another attempt at
tion fight is still far from over. tention to lift rates by offshore oil and wind along five passage is made this year. Otherwise,
The Bureau of Labor Sta- another 50 basis points on Southern states. “Nimby” folks run they will share only hypocrisy.
tistics reported that inflation rose only 0.1% Wednesday. Chairman Jay Powell has been the entire political spectrum. PAUL BLEDSOE
in November, and shelter made up half of the forceful in saying he won’t blink in his anti-in- TOM HALLQUIST Progressive Policy Institute
monthly increase. The 12-month inflation rate flation fight. But more dovish noises are com- Oshkosh, Wis. Washington
fell to 7.1% in November, which is down from ing from others at the FOMC, notably Vice
7.7% in October and is the fifth annual rate Chair Lael Brainard, and they are likely to in-
drop in a row since inflation peaked at 9.1% crease going into 2023 as the next presidential Bankman-Fried Would Fit in ‘Atlas Shrugged’
in June. The Fed’s monetary tightening is mak- election approaches. Regarding Daniel Henninger’s “The economy is now on trial. Unless it
ing a difference. There are signs of late that the U.S. economy Moral Vanity of FTX” (Wonder Land, proves its social value and assumes
Yet a 7.1% increase in prices is still a long way is slowing, and recession risks are inevitable Dec. 1). One guesses that Ayn Rand, its social responsibilities, the people
from victory, and inflation continues to be sticky as the price of correcting an historic inflation author of the 1957 dystopian novel won’t stand for it. If it doesn’t de-
across much of the economy. Food rose 0.5%. blunder. Europe may already be in a downturn. “Atlas Shrugged,” wouldn’t be sur- velop a public spirit, it’s done for.” He
Much of the decrease came in energy prices, The Fed’s temptation will be to think that prised by our government-business adds, “The only justification of pri-
which are volatile, and fell by 1.6%. But service slower growth can do the heavy anti-inflation partnerships and moral crusades. vate property is public service.”
prices excluding energy services rose 0.4% and lifting. But the challenge for the Fed isn’t get- Sam Bankman-Fried would fit per- Rand referred to the business and
are up 6.8% in the past year. The core CPI less ting inflation down merely to 4% or 5% as a fectly as a character in an “Atlas political masters (and clueless de-
energy and food rose 0.2% in the month and is new baseline for the next interest-rate cutting Shrugged” sequel. stroyers) of the economy as “looters.”
In Rand’s novel, a do-good indus- Mr. Bankman-Fried’s save-the-planet
still high at an annual rate of 6%. cycle. Then inflation will rise again.
trialist collaborating with political goals were more audacious than
Wage increases will also give the Fed pause, The better policy is to break inflation now managers of the economy opines, those of the “Atlas Shrugged” utopi-
as a separate Labor Department report Tuesday and return sooner to the Fed’s target of 2%. “It’s generally conceded that the free ans, but his looting turns out to be
showed a 0.5% increase in real wages for the That’s a stronger foundation for growth and more transparent and mundane.
month. That’s welcome news for workers who a rising standard of living for workers whose PHILIP GRANT
have seen a 3% decline in real average weekly budgets have been savaged by inflation. Maybe a Plaintiff’s Attorney Palm Coast, Fla.
Can Save My Golf Game
Hold the Fusion Hype After reading your editorial “The
Microwave Pasta Tort” (Dec. 5), I
Elon, Fix the Academy Next

T
In “Elon Musk Slashes Bureau-
he news Tuesday that U.S. scientists ond of the day, a vast increase in laser efficiency have decided to seek out a law firm
cracy, Giving Twitter a Chance to
to pursue my lawsuit against the
have performed the world’s first con- and reduction in their size. maker of Titleist Pro V1 golf balls.
Soar” (op-ed, Dec. 9), Rob Wiesen-
trolled nuclear fusion reaction that gen- There’s good reason to be excited about the thal’s characterizes “systemic paraly-
Titleist advertises that its golf
erates a net energy gain is a breakthrough, but the Biden sis” as “cobwebs of corporate hierar-
balls have the following benefits: long
refutation of American declin- The breakthrough is Administration is overselling distance, low long-game spin, short-
chies with unclear reporting lines and
ism. But don’t believe the exciting but its practical its immediate impact. “This unwieldy teams, along with work
game control and very soft feel. Hav-
groups and positions that have
hype that a fossil-fuel free milestone moves us one sig- ing played with Pro V1 golf balls, I
opaque or nonsensical mandates.”
world is near if only the gov- use may be decades away. nificant step closer to the was unable to experience any of the
That describes the middle manage-
ernment spends more. possibility of zero-carbon benefits claimed by Titleist. I can’t
ment and senior leadership of every
Scientists have spent de- abundant fusion energy pow- rely on the labeling and representa-
research university I have ever
cades studying how to replicate in labs the nu- ering our society,” Energy Secretary Jennifer tions of the product. I will therefore
known. Administrative bloat is crip-
go forward with a lawsuit saying that
clear fusion reactions that power the sun and Granholm said. pling our ability to execute for stu-
the company engaged in negligent
stars. The fission reactions that power today’s What the experiment proved is that scien- misrepresentation, fraud and false
dents and research sponsors. If Mr.
nuclear plants involve splitting atoms and re- tists can recreate the physical reactions in stars. Musk gets bored with Twitter, I know
and misleading advertising.
sult in radioactive waste. Fusion entails com- But scaling the technology and making it com- where he is most needed next.
I’m sure I can find a plaintiff’s at-
bining atoms and theoretically could provide mercially viable by most scientists’ accounts EM. PROF. JAMES E. MOORE II
torney, among the many, to process my
abundant, clean energy with no hazardous will likely take another few decades. University of Southern California
claim. Of course, if Titleist sends me
Los Angeles
waste. It’s also important to distinguish between five dozen Pro V1s, I won’t file a claim.
Hydrogen, fusion’s input, is the most abun- basic and applied research. Government’s JAMES W. CROWLEY JR.
dant element in the universe, and no country proper role is to fund basic research of the sort Fort Myers, Fla.
dominates its supply, unlike some minerals used that produced Tuesday’s breakthrough and Pepper ...
in lithium-ion batteries and wind turbines. The which businesses have little incentive to do. Pri-
The Two Parties Are Different And Salt
reactions also don’t generate CO2. But a stum- vate companies do a far better job of taking dis-
THE WALL STREET JOURNAL
bling block has long been figuring out how to coveries out of the lab to the market. Kimberley Strassel’s column on the
generate more energy from the fusion reactions A bipartisan complaint is that the U.S. Republicans’ fondness for earmarks
than is used to ignite them. spends too little on research and development, (“The GOP Spending Poseurs,” Poto-
In the experiment that resulted in Tuesday’s which has the country trailing China. That’s not mac Watch, Dec. 2) brings to mind
the adage about the difference be-
breakthrough, the Lawrence Livermore Na- true. U.S. businesses in 2019 spent nearly eight
tween Republicans and Democrats:
tional Laboratory used 192 lasers to heat and times more on R&D than the federal govern- Democrats raise taxes and spend. Re-
compress hydrogen atoms at more than 180 mil- ment. The U.S. as a whole spent a third more publicans cut taxes and spend.
lion degrees Fahrenheit. The reaction released as a share of GDP on R&D than China. MARK JOHNSON
3.15 megajoules of energy for every 2.05 mega- China spends more subsidizing politically fa- Berwyn, Pa.
joules of input—with some major caveats. vored companies, but its industrial policy has
The lasers are less than 1% efficient and used reduced productivity, as a new study in the Na-
Letters intended for publication should
about 300 megajoules. As Lawrence Livermore tional Bureau of Economic Research shows. The be emailed to [email protected]. Please
director Kim Budil put it: “300 megajoules at fusion breakthrough shows that America still include your city, state and telephone
the wall [socket], two megajoules at the laser.” leads the world in innovation, and that what the number. All letters are subject to “Just need to check in on my smart
Generating electricity from fusion would re- government does best is basic research, not editing, and unpublished letters cannot appliances. They tend to throw
be acknowledged.
quire such reactions to be performed every sec- picking winners and losers. dinner parties when I’m not there.”
THE WALL STREET JOURNAL. Wednesday, December 14, 2022 | A17

OPINION

Is Social-Media Censorship a Crime?

By Philip Hamburger they couldn’t—some- abridging or reducing it. under Section 241. Nor is it to say

A
times violently, some- Little coercion or that the next administration would
mid growing revelations times more subtly. even economic pressure or should bring conspiracy prosecu-
about government in- Whether for govern- is necessary for a free- tions. That will depend on the ad-
volvement in social-me- ment officers or coop- exercise violation. But ministration and the particulars of
dia censorship, it’s no erating private parties, free-speech violations, each case. But at least some those in-
longer enough to talk Section 241 makes con- at least according to the volved in the censorship—whether in
simply about tech censorship. The spiracy to violate civil text, don’t need even a government or the private sector—
problem should be understood as rights a crime. gentle prohibition. may eventually face sobering legal
gov-tech censorship. The Biden Section 241 was long The history, logic and issues.
White House has threatened tech applied cautiously—for text underscore the un- Such accountability is constitu-
companies and federal agencies instance to protect constitutionality of re- tionally desirable—not for reasons of
have pressed them to censor disfa- against involuntary ser- turning to 17th-century- retribution but because without ac-
vored opinions and users. So it’s vitude and abuses of style censorship countability, the censorship will per-
time to ask about accountability. detained persons. But through private cooper- sist. The platforms probably will re-
Will there be legal consequences now it is being applied ation. The violation is assure their directors, officers and
for government officials, for the more expansively. Last all the clearer because censorship review-board members
companies, or for their personnel year a federal grand tech cooperation often that there’s little to worry about.
who cooperate in the gov-tech cen- jury indicted Douglass occurs in the shadow of That may turn out to be correct. Sec-
sorship of dissent on Covid-19, elec- Mackey under Section explicit or hinted gov- tion 241 is sufficiently broad that
tion irregularities or other matters? 241 for allegedly inter- ernment threats—say, prosecutors should hesitate to pur-
fering with the right to to tighten tech’s regula- sue it in marginal cases.
vote by coordinating tory framework. But there’s nothing marginal
If tech execs cooperated with four unindicted co- The other main issue about the most massive system of
conspirators to distrib- in prosecutions under censorship in the nation’s history. If
with government officials, ute memes claiming Section 241 is specific the gov-tech partnership to suppress
it might be a conspiracy that voters could cast intent. But most of the speech isn’t a conspiracy to interfere
ballots for Hillary Clin- tech companies seem to in the enjoyment of the freedom of
against civil rights. ton via text message or have the specific intent speech, what is?

DAVID GOTHARD
hashtag. (Mr. Mackey to work with the gov- Government officials have little
protests that his memes ernment in suppressing excuse. And after this fall’s revela-
Cooperation between government of- were satire and thus speech. A prosecutor tions—ranging from the portal for
ficials and private parties to sup- constitutionally pro- wouldn’t have to show Homeland Security censorship re-
press speech could be considered a tected speech.) that private participants quests to the FBI’s role in suppress-
criminal conspiracy to violate civil Because the First self-consciously under- ing information about the Hunter Bi-
rights. The current administration Amendment doesn’t bar stood the unconstitu- den laptop—company employees can
won’t entertain such a theory, but a private parties from in- tionality of what the no longer plead ignorance about gov-
future one might. dependently suppress- government was doing. ernment involvement. As for the
Section 241 of Title 18 of the U.S. ing speech, Section 241 Yet it would be relevant companies, they have been saying
Code provides: “If two or more per- would apply to tech censorship only Rights if government could evade it that some private participants recog- the censorship is their editorial
sons conspire to injure, oppress, if government officers, acting as part by using private entities to do its nized they were helping the govern- choice—so can they now avoid the
threaten, or intimidate any person . . . of a conspiracy, have violated the dirty work. As the Supreme Court ment accomplish what in the govern- problem by saying they buckled un-
in the free exercise or enjoyment of Constitution. Doctrine on Section 241 put it in Frost & Frost Trucking Co. v. ment might be an unconstitutional der threat?
any right or privilege secured to him requires this underlying constitu- Railroad Commission (1926), “It is act. As Renee De Resta of the Stan- The companies and individuals in-
by the Constitution or laws of the tional violation to be clear. But clar- inconceivable that guaranties em- ford Internet Observatory acknowl- volved in the censorship need to de-
United States, or because of his hav- ity isn’t elusive. The type of suppres- bedded in the Constitution of the edged on video, private assistance cide where they stand. Perhaps it is
ing so exercised the same, . . . they sion most clearly barred by the First United States may thus be manipu- was necessary because there were time for them to distance themselves
shall be fined under this title or im- Amendment was the 17th-century lated out of existence.” “very real First Amendment ques- from the censorship. Are they com-
prisoned not more than ten years, or English censorship imposed partly The First Amendment’s text con- tions” about what the government fortable with a conspiracy to violate
both.” through cooperative private enti- firms the unconstitutionality of such could do by itself. The observatory is civil rights? Even if that doesn’t
This post-Civil War statute re- ties—universities and the Stationers’ workarounds. Any “prohibiting” of part of a consortium, the Election In- bother them, are they willing to risk
sponded to the depredations of the Company, the printers trade guild. the free exercise of religion violates tegrity Partnership, that developed prosecution?
Ku Klux Klan and similar private or- Government remains bound by the the amendment. In contrast, a mere government expectations of censor-
ganizations. Then as now, govern- First Amendment even when it “abridging” of the freedom of speech ship into specific requests. Mr. Hamburger teaches at Colum-
ment officers sometimes relied on works through private cutouts. There is unconstitutional. The government None of this is to predict what bia Law School and is CEO of the
private allies to accomplish what would be no purpose to a Bill of thus violates the latter merely by courts will do with criminal charges New Civil Liberties Alliance.

Charter Schools’ Success Makes Them a Political Target

We’ve reached a readers of these opinion pages, but types of charter schools outright, blue bottoms. Boys must wear a belt charter schools as “state actors,”
point in journalism it’s not the type of coverage you increasing regulations for others, and can’t wear jewelry. Girls must which he noted is something that
where major news read often in news articles, let alone and giving school boards dominated wear skirts, jumpers or skirt-like neither the Supreme Court nor any
outlets can earn in the New York Times. And the by union allies more power to block shorts known as skorts. other federal appellate court had
praise for doing timing is superb because attacks on their expansion. Earlier this year, The lawsuit was filed by the ever concluded when addressing
something that school choice have escalated. It’s the Biden administration announced American Civil Liberties Union with similar issues in the past. Judge
ought to be the hard to believe, given today’s hyper- new rules that make it far more dif- notable backing from the nation’s Quattlebaum’s dissent also stressed
UPWARD
MOBILITY norm: offering divisive political climate, but after ficult for charter operators to re- two largest teachers unions, the Na- what is at stake if the majority
even-handed cover- their inception in the early 1990s ceive funding from the Charter tional Education Association and opinion is allowed to stand.
By Jason L.
age of controversial charter schools enjoyed bipartisan Schools Program. the American Federation of Teach- “The immediate casualty of the
Riley
topics. support that spanned four presiden- ers. The plaintiffs argued that the majority’s decision is a small part of
A recent news ar- tial administrations. dress code was based on gender a dress code at a particular charter
ticle in the New York Times about Bill Clinton set up the federal An educational innovation stereotypes and violated the Equal school. That is the least of my con-
the growing popularity of charter Charter Schools Program in 1994 to Protection Clause of the Fourteenth cerns,” he wrote. “My worry is that
schools in New York City was re- fund charter startups. George W. that once had bipartisan Amendment. They won, and earlier the majority’s reasoning transforms
markable for its balance. The story Bush said charters “encourage edu- support faces adversity in this year the Fourth U.S. Circuit all charter schools in North Caro-
stated matter-of-factly that the cational entrepreneurs to try inno- Court of Appeals upheld the lower- lina, and likely all charter schools in
“vast majority of students in char- vative methods” and “break up the Washington and the courts. court ruling in a 10-6 decision. the other states that form our cir-
ters are Black or Latino” and that monopoly of one-size-fits-all edu- North Carolina passed a charter cuit, into state actors. As a result,
charters “receive less per-pupil cation.” Barack Obama praised them school law in 1996 that says char- the innovative alternatives to tradi-
funding than district schools” but for giving “educators the freedom Charter schools are also fighting ters may “operate independently of tional public education envisioned
nevertheless “typically outperform to cultivate new teaching models for survival in the courts, where ac- existing schools” and are “exempt by North Carolina when it passed
district schools in math and reading and develop creative methods to tivist judges are undermining state from statutes and rules” that apply the Charter Schools Act, and thus
on state standardized tests.” The meet students’ needs.” Donald charter laws and limiting the ability to government-run schools in the the choices available to parents, will
cap on the number of charter Trump chose an education secre- of the schools to operate indepen- state. Despite the clear wording and be limited.”
schools allowed to open in New tary, Betsy DeVos, whose family had dently, which is the source of their intent of the law, the appellate Next month, the Supreme Court
York was reached three years ago, started a charter school and who success. In 2015 Charter Day School, court ruled that Charter Day is a is expected to decide whether to
but Democrats oppose lifting it. So was easily the strongest school- a public charter school in Leland, “state actor” under North Carolina hear Charter Day’s appeal, and
do the teachers unions, which “are choice advocate ever to hold the N.C., was sued by the parents of law and therefore is constrained by charter advocates have their fingers
major political players and disap- position. three female students who objected the U.S. Constitution. crossed. Like Judge Quattlebaum,
prove of the schools, which tend not Under Joe Biden, however, this to the school’s dress code for girls. In a dissenting opinion, Judge A. they understand that this isn’t re-
to be unionized.” trend has been broken. The presi- Charter Day requires all students to Marvin Quattlebaum took issue ally about school uniforms. It’s
None of that is news to regular dent has called for banning some wear navy-blue tops and khaki or with the novel characterization of about school choice.

Biden Turns the U.S. Into a Shadow Member of OPEC

By Tomas J. Philipson that would further limit U.S. supply. lusion on prices that are mandated million barrels a day since last unfortunate side effect of efforts

P
The new House Republican majority to be paid—taxes—is allowed, while month. against global warming. This may
resident Biden has urged the could help consumers by blocking collusion on market prices, which With the U.S. as a new shadow be a worthy policy goal, but a more
Organization of the Petroleum further cartel-enabling policies. are paid voluntarily, isn’t. member, cartel profits have soared sensible approach is a greater focus
Exporting Countries to in- A cartel in any industry attempts The most famous government compared with pre-pandemic levels. on clean-energy innovation rather
crease production of oil and criti- to raise profits for its members by cartel is OPEC, which since 1960 has Chevron, Exxon, Shell, Saudi Aramco than constraining the supply of the
cized the cartel harshly when it de- increasing prices above costs coordinated oil supply among its and Norway’s Equinor all reported energy we need now.
clines to do so—most recently on through coordinated supply cuts. Al- members. They decide jointly on record third-quarter earnings. A wholesale change in U.S. policy
Dec. 4. But actions speak louder though antitrust laws ban such col- supply decisions to capture profits is unlikely before 2025, but there
than words. Under the Biden admin- lusion in the private sector, govern- that are higher than if they com- are steps the new House majority
istration, the U.S. has been acting as ment collusion is commonplace and peted. Such an arrangement is in- Deliberately constraining could take to limit the damage. It
shadow member of the cartel. often protected by the doctrine of herently unstable, because members can refuse to pass “green new deal”
America has committed itself to state immunity under international can opportunistically “cheat” by U.S. supply helps the legislation that would further con-
constrain its own supply through law. The most recent example is the selling more than their allotment, cartel keep oil prices high strain U.S. oil supply. It can con-
regulations and legislation, which Organization for Economic Coopera- thereby increasing supply. Cheating duct rigorous oversight of the
has enabled OPEC to achieve record tion and Development, led by the can’t be prevented by contract in and profits up. many energy provisions in the In-
profits. The White House response U.S. Treasury Department, proposing the private sector, as collusion is il- flation Reduction Act to eliminate
to higher cartel profits was to dou- price-fixing through corporate tax legal, and cheating is difficult to excessive supply constraints incon-
ble down by proposing a profit tax floors to limit tax competition. Col- prevent between governments as The Biden administration wants sistent with the law. It can reintro-
well owing to lack of international to double down by further limiting duce the No Oil Producing and Ex-
enforcement. Thus OPEC constantly U.S. supply. That would be the con- porting Cartels Act, or Nopec, that
needs to renegotiate with countries sequence of the White House’s pro- aimed to enhance U.S. antitrust au-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY that would like to divert from the posed profit taxes. A 2006 Congres- thority against foreign government
Rupert Murdoch Robert Thomson agreed-on supply schedule. sional Research Service study found oil cartels.
Executive Chairman, News Corp Chief Executive Officer, News Corp The U.S. has traditionally re- that the Crude Oil Windfall Profit If Republicans take the White
Matt Murray Almar Latour sponded to OPEC supply cuts by in- Tax Act of 1980 led to domestic House and the Senate in 2024, Con-
Editor in Chief Chief Executive Officer and Publisher
creasing its own production, supply cuts, increased imports and gress could permanently codify the
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: thereby constraining the cartel in higher prices. deregulatory measures that helped
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; raising prices. But the Biden ad- One may argue that cartel behav- expand supply during the Trump
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
ministration has committed to con- ior isn’t present because oil prices administration.
Thorold Barker, Europe; Elena Cherney, News;
Counsel, Chief Compliance Officer; Dianne DeSevo, strain U.S. supply, through regula- have dropped from $115 a barrel in Without the U.S. as a shadow
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business tion and legislation—not only June to around $75 today. But many member, OPEC would have a harder
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, through direct energy measures market participants attribute this to time imposing supply cuts. Consum-
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; but also through financing restric- demand cuts owing to economic ers in the U.S. and across the world,
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
tions under the rubric of environ- slowdowns and continuing Chinese especially the poor, would benefit.
Investigations; Amanda Wills, Video
WSJ | Barron’s Group; Jennifer Thurman, Chief mental, social and governance in- Covid lockdowns. The relevant com-
Paul A. Gigot Communications Officer; Sherry Weiss, Chief vesting. Washington has worked parison is between prices with and Mr. Philipson, an economist at
Editor of the Editorial Page Marketing Officer with Europe to cut Russian sup- without a stronger cartel regardless the University of Chicago, was a
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
plies as well, through price con- of demand. member of the White House Council
1211 Avenue of the Americas, New York, N.Y., 10036 trols of $60 a barrel. Little wonder The administration will argue of Economic Advisers, 2017-20, and
Telephone 1-800-DOWJONES that OPEC has cut supply by two that higher prices is a necessary but its acting chairman, 2019-20.
A18 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.
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United Orders 100 Dreamliner Jets Tesla

BY ALISON SIDER Investors
jets, which hold more passen- houn said Tuesday at Boeing’s carry an average list price of tion consulting firm, estimated
AND ANDREW TANGEL gers and are generally used for 787 factory in North Charles- $300 million, according to the value of the deal, including

NORTH CHARLESTON,
S.C.—United Airlines Hold-
long-haul international routes.
United’s order, which also
includes 100 new 737 MAX
ton, S.C., in front of new
planes painted in United’s liv-
ery.
Boeing’s most recently publicly
available data.
United said the terms of its
the MAX jets, at about $19 bil-
lion in current economic con-
ditions, not including any esca-
Voice
ings Inc. said it would pur-
chase 100 of Boeing Co.’s 787
Dreamliners with options to
jets, comes after Boeing has
struggled in recent years with
delivery delays, production de-
The Dreamliner deal, worth
$30 billion in confirmed orders
before customary discounts,
agreement allow it to choose
among the three Dreamliner
variants.
lation for inflation.
United said about 100 of the
new wide-bodies will replace
Concern
buy 100 more, a win for the
plane maker after a streak of
manufacturing, engineering
and regulatory setbacks.
fects and tussles with lawmak-
ers and regulators. Boeing
Chief Executive David Calhoun
portrayed the deal as a sign of
also is a victory for Boeing
over Airbus SE, its European
rival. Both manufacturers com-
peted for the deal, according
United and Boeing didn’t
disclose details about the price
United will pay.
Deliveries of the Dreamlin-
decadesold Boeing 767 and 777
jets, which executives said will
help reduce maintenance and
fuel costs, resulting in a more
On Musk
The Chicago-based airline confidence and faith in the to people familiar with the ers United ordered are set to fuel-efficient and profitable BY MEGHAN BOBROWSKY
said the order is the largest by plane manufacturer. matter. begin in 2024. fleet.
a U.S. carrier for wide-body “Today is huge,” Mr. Cal- Dreamliners vary in size but Ascend by Cirium, an avia- Please turn to page B2 The chorus of Tesla Inc.
individual investors express-
ing misgivings that Chief Ex-

WeWork’s Once-Robust Reserves Dwindle

ecutive Elon Musk’s involve-
ment with Twitter Inc. may
be to the detriment of the
electric-vehicle maker is get-
BY KONRAD PUTZIER WeWork free cash flow ting louder, with the car com-
pany’s stock on track for its
WeWork Inc. is trying to $0 million worst full-year performance.
turn a profit before its once “There is no TSLA CEO to-
formidable cash reserves run day,” Gary Black, managing
out. The Federal Reserve’s ef- –200 partner of the Future Fund
forts to fight inflation have LLC, which owns roughly $50
made that harder. million worth of Tesla,
Recession fears and tech-in- –400 tweeted Monday.
dustry job cuts are weighing Mr. Black voiced frustra-
on demand for co-working tion after another sharp sell-
desks. Meanwhile, money-los- –600 Third quarter off in Tesla’s stock Monday
ing companies such as We- –$205M and Tuesday. Shares in the
Work are squeezed by higher world’s largest car company
interest rates, which have –800 by market value fell 6%
made debt harder to come by 2021 ’22 Monday after a tumultuous
and the promise of future weekend for Mr. Musk on
profit less appealing to inves- Office occupancy rate Twitter, including the billion-
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES

tors. aire taking aim at the com-

80% Third quarter 72%
WeWork, saddled with ex- pany’s former head of trust
pensive long-term leases and and safety, calling for the
more than $3 billion of debt, 60 prosecution of top U.S. gov-
recorded a negative cash flow ernment medical adviser An-
of around $4.3 billion between thony Fauci and criticizing
July 2020 and September of 40 people who offer their pro-
this year. nouns without being asked.
It has been able to cover its Mr. Black said, “The mar-
20
losses partly with loans and Please turn to page B4
equity investments from its
biggest backer, SoftBank 0  SpaceX to offer employee-
Group Corp., which to date owned stock............................... B4
2021 ’22
has sunk more than $10 billion
Please turn to page B7 Inside a London WeWork location. Fitch recently downgraded some junk-rated WeWork bonds. Source: the company

INSIDE
Treasury WWE’s Ex-CEO McMahon Faces
Yield Demands Over Sexual-Abuse Claims
Poses BY JOE PALAZZOLO raping her in a limousine. Mr. pany’s leader and into a new sess damage caused by Mr.
AND TED MANN

Puzzle Vince McMahon, the major-

McMahon has long denied the
allegations. The demand letter
was reviewed by The Wall
era.
Mr. McMahon retired as
WWE chief executive and
McMahon’s secret pacts and to
determine whether legal ac-
tion against him by the WWE
BY SAM GOLDFARB ity owner and former chief ex- Street Journal. chairman in July amid a board board is warranted, said peo-
ecutive of World Wrestling In a separate November investigation of sexual miscon- ple familiar with the matter. BUSINESS NEWS
A question looming over Entertainment Inc., is facing email to Mr. McMahon’s attor- duct claims against him and Spokesmen for WWE and Startups offer big
the Federal Reserve’s meeting legal demands from two ney, a lawyer for a former spa after the Journal reported that the company’s independent
this week is how much control women who allege that he sex- manager said that Mr. McMa- he had agreed to pay more board members declined to
money for the catalogs
do officials have over the all- ually assaulted them, accord- hon assaulted his client in than $12 million in secret set- comment. Mr. McMahon de- of YouTube content
important yield on the 10-year ing to internal documents and 2011 at a California resort, an tlements since 2006 to sup- clined to comment. Mr. McDe- creators. B3
U.S. Treasury note. people familiar with the legal incident previously unreported press such allegations. vitt didn’t respond to requests
Fed officials have already negotiations. in the media. The board investigation for comment.
sent clear signals that they In a Nov. 3 demand letter to The private communica- found that the payments to WWE has declined to dis- PROPERTY REPORT
plan to raise their benchmark Mr. McMahon’s representative, tions between lawyers for the the women, though made by cuss the allegations against Falling building values
federal-funds rate by 0.5 per- a lawyer for former wrestling women and Mr. McMahon’s Mr. McMahon personally, Mr. McMahon. The company
centage point when they con- referee Rita Chatterton asked longtime attorney, Jerry should have been booked as previously said it was cooper-
spur tax appeals from
clude their two-day meeting for $11.75 million in damages McDevitt, come as WWE tries WWE expenses because they ating with the board inquiry landlords.
on Wednesday. What happens after publicly accusing Mr. Mc- to move past Mr. McMahon’s benefited the company. A re- and taking the claims seri- B6
to the 10-year Treasury yield, Mahon three decades ago of 40-year tenure as the com- lated board probe seeks to as- Please turn to page B2
though, is far less certain—es-
pecially in light of its surpris-
ing recent declines.
Yields on longer-term Trea-
surys like the 10-year note
play a critical role in the U.S.
Tether Phases Out
economy by setting a floor on
borrowing costs for busi-
nesses and consumers.
Lending of Own The industry
Because bond yields are
largely determined by inves-
tors’ expectations for short-
term interest rates over the
Coins to Clients leader in artificial
life of a bond, the Fed can in- BY PETER RUDEGEAIR deemed for $1.
fluence them by changing the AND JONATHAN WEIL Tether isn’t a household
level of short-term rates or
projecting what those rates
will be over the next couple of
Tether Holdings Ltd. said
it is winding down its prac-
name, but it is a cornerstone
to the crypto ecosystem.
Traders often use tether
intelligence software.
years. tice of lending out its own as an easier way to buy
Still, recent weeks have stablecoins to customers by crypto than through bank ac-
shown how unpredictable the next year, addressing a broad counts or wire transfers.
10-year yield can be. risk to the wider crypto Stablecoin issuers take
Please turn to page B12 world. pains to demonstrate that
In a blog post published they have ample funds avail-
U.S. Treasury yields on its website Tuesday, the able for redemptions.
company said it would re- Cash and other safe finan-
5%
duce secured loans issued cial instruments easily con-
Two-year and denominated in tether to vertible into dollars make up
zero throughout 2023. the majority of the assets
4
The growth in Tether’s se- Tether lists in quarterly fi-
cured-loan program was the nancial reports, but the com-
10-year subject of a Wall Street pany’s secured-loan program
3
Journal article this month. has been growing.
With about $66 billion Tether can’t be certain the
tether in circulation, tether loans will be paid back, that Source: IDC, Worldwide Artificial Intelligence Platforms Software Market Shares, 2021: AI
2 Is Being Used In More Unique Ways Than Ever (2022)
is the market’s largest sta- it could sell the loans to a
blecoin, a digital asset that buyer for dollars in a pinch
1 is supposed to have a fixed or that the collateral it holds
value pegged to the dollar. will be adequate. That could
The appeal of tether is make it difficult for Tether
The information presented in the table above has been compiled and analyzed by IDC using their methodology described in
0 that, unlike bitcoin and other to cover a large volume of the Worldwide Artificial Intelligence Platforms Software Market Shares, 2021: AI Is Being Used in More Unique Ways Than

Jan. 2022 June Dec.

cryptocurrencies that experi- redemptions in a crisis. Ever (2022) report contained on IDC's webstte (www.idc.com). We have not independentlyverthecl, and make no
representations as to, the accuracy or completeness of the data contained in this report.
ence volatile price swings, All secured loans listed in
Source: Tradeweb ICE Closes one coin could be sold or re- Please turn to page B2
B2 | Wednesday, December 14, 2022 NY * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

American Airlines Names

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A G S
Tether
GEO............................B14 Scion Asset
Airbus..........................B1
Phases Out
CFO to Tackle High Debt
Alameda Research......A6 H Management...........B14
Alphabet.........A5,B3,B13 Hon Hai Technology....B5 Silvergate Capital.....B13
Amazon.com ............... B7 SoftBank................B1,B3
I
American Airlines.......B2
Annaly Capital
Management.............B7
Apple......................A5,B5
International Media
Investments............B12
M
Space Exploration
Technologies.............B4
Systematica
Investments............B12
Coin Loans
T BY KRISTIN BROUGHTON American Eagle, overseeing the part because the company pur-
B Man ........................... B12
Meta Platforms TD Ameritrade............A1
company’s regional and cargo chased new aircraft in the Continued from page B1
Boeing ......................... B1
........................ B5,B7,B13 Tesla.....................B1,B13 American Airlines Group operations. years leading up to the pan- the reports were collateral-
C Moderna......................A3 Tether..........................B1 Inc. named a company veteran The airline industry in re- demic, using financing because ized by lots of what the
Carr Properties ........... B6 N Twitter..............A2,B1,B7 as its next finance chief as it cent quarters has benefited rates were low, Ms. Becker said. company called “extremely
CBRE ...................... B6,B7 News Corp...................B7 U
Charles Schwab........A10 reaps the benefits of an uptick from stronger consumer de- As of Sept. 30, American had liquid assets” that could be
Citadel.......................B12 O United Airlines............B1 in air travel and works to pay mand for travel, though busi- $33.45 billion in net debt—a easily sold for dollars in the
Oracle ........................ B14 Urvin Finance............A10
Citadel Securities down debt. ness flights have been slower metric that compares total debt event of a default, the Jour-
............................. A1,A10 Q V Devon May, 46 years old, to recover from the pandemic. to cash—up 4% from a year nal previously reported.
Coinbase....................B13 Quanergy Systems.....B4 Vedanta.......................B5
CoreCivic....................B14 will take over as chief financial The company had earnings of earlier, according to S&P Global “Understandably, after the
R W-X officer on Jan. 1, Fort Worth, $483 million during the third Market Intelligence, a data pro- events that have unfolded
Credit Suisse.............B12
RedBird Capital Partners WeWork ...................... B1
D-E World Wrestling
Texas-based American said quarter, up from $169 million in vider. The company has said it this year, the company rec-
...................................B12
Danske Bank...............B3 Robinhood.................A10 Entertainment..........B1 Tuesday. He succeeds Derek the prior-year period. plans to pay down about $15 ognizes that it is mission
Equity Residential......B7 RXO ........................... B11 XPO Logistics............B11 Kerr, who has held the CFO role American is one of several billion of its total debt by the critical to restore faith in
at American since its 2013 airlines that cut back on flights end of 2025. That figure, which the market,” Tether said in
merger with US Airways Group. this year amid widespread de- includes long-term debt, short- the blog post Tuesday.
INDEX TO PEOPLE Mr. May is now senior vice
president of finance and inves-
lays, staffing shortages and air-
port congestion. The company
term borrowings and leases,
stood at $44.68 billion as of
Quarterly financial reports
published on Tether’s web-
tor relations, a role he has held reduced its flight schedule by Sept. 30, down 4% from a year site showed that secured
B-I Ellenberger, Donald .. B12 Mathrani, Sandeep.....B7 for less than a year. During his nearly 10% during the third earlier, according to S&P. loans reached $6.1 billion as
Arnault, Bernard.........B4 Frey, Bryan..................B6 May, Devon.................B2 20-year tenure at American and quarter, but made more money Chief Executive Robert Isom of Sept. 30, or 9% of the
Bancel, Stephane........A3 Goldfarb, Alexander....B7 McMahon, Stephanie..B2
Greiwe, Brad...............B7 McMahon, Vince.........B1
airlines it absorbed, US Air- per mile flown than it expected, in a message to employees said company’s total assets.
Bankman-Fried, Sam
Harris, Jamie ............ B11 Murphy, Mark ........... B14 ways and America West, Mr. according to an October filing. American will remain focused They were $4.1 billion, or
............................... A1,A6
Black, Gary..................B1
Isom, Robert...............B2 Musk, Elon.............B1,B4 May has held senior-level roles A key challenge that Mr. on operating reliably, sustain- 5% of total assets, at the end
Blessing, Martin.........B3 K Neumann, Adam.........B7 in finance, regional operations May will face in his new role ing profitability and reducing of 2021.
Burry, Michael...........B14 Kamal, Fahad............B13 Pichai, Sundar.............A5 and network planning. The will be to lower the company’s its debt for the remainder of Tether might not have to
Calhoun, David............B1 Kerr, Derek..................B2 S-Z company declined to make him debt as interest rates rise and this year and into 2023. The sell any of the loans to meet
Cardinale, Gerry........B12 Khan, Nick...................B2 Scherer, Christian.......B2
Kirby, Scott.................B2 available for an interview. refinancing becomes less at- CFO transition is the result of a its deadline.
Carr, Oliver..................B6 Schneeberger, Scott.B11
Ciccarone, Richard ...... B6 L-P Mr. Kerr, who was CFO of tractive, said Helane Becker, an long-planned succession pro- A spokeswoman told the
Sedrish, Allison .......... B7
Cook, Tim....................A5 Laderman, Gerry.........B2 Tumlinson, Rick .......... B4 US Airways before the merger analyst at investment firm Co- cess, Mr. Isom said. Journal last month that the
DiFucci, John.............B14 Lehmann, Axel..........B12 Wallace, Brendan........B7 with American, will remain wen Inc. American is more in- —Colin Kellaher loans Tether issues are short
Dowling, Greg...........B12 Liu, Sarah....................B7 Zucker, Jeff...............B12 vice chair and president of debted than other airlines, in contributed to this article. term.

McMahon fered years of ongoing depres-

sion, substance abuse, disor-
dered eating, lost income, and
Ms. Chatterton then or now,
because he didn’t think she
was attractive enough for Mr.

Faces New overall a decreased quality of

life.”
Ms. Chatterton referred the
McMahon.
Leonard Inzitari, who went
to wrestling school with Ms.

Demands Journal to Mr. Clune, who de-

clined to comment.
New York state recently
Chatterton, said in a magazine
interview published earlier
this year that Ms. Chatterton
opened a one-year window was shaking and crying as she
Continued from page B1 that allows victims to file sex- recounted the alleged rape
ously. abuse lawsuits based on de- while the two of them stood
Stephanie McMahon, Mr. cades-old claims. The lookback outside the ring before a 1986
McMahon’s daughter, and for- window is part of the Adult WWF event. Mr. Inzitari said
mer WWE president Nick Khan Survivors Act, a law signed by in a call with the Journal that
succeeded Mr. McMahon as the New York governor earlier he stands by his comments
co-chief executives, but Mr. this year. and believes her allegations.
McMahon remains the com- Mr. McMahon alleged in a The former spa manager al-
pany’s largest shareholder. 1993 lawsuit that Ms. Chatter- leges she was assaulted by Mr.
WWE posted its first year ton was induced to make a McMahon in 2011 at a five-star
of more than $1 billion in rev- false rape charge against him resort in Southern California
enue in 2021, Mr. McMahon’s by a former wrestler with an while he was in town for a
last full year at the company. ax to grind. The lawsuit said WWE event.
Since he left, WWE’s shares her attorney at the time de- The spa manager reported
JOE CAMPOREALE/USA TODAY SPORTS/REUTERS

have risen nearly 20% even as manded $5 million from Mr. the alleged assault at the time
the settlement payments and McMahon to keep Ms. Chatter- to the resort, according to
the misconduct allegations ton’s allegations off the air. people familiar with the mat-
triggered federal investiga- WWF dismissed her because ter.
tions, the Journal previously she was a danger to herself The spa manager also told
reported. and others in the ring, accord- her husband about the inci-
Mr. McMahon has told peo- ing to the lawsuit, which Mr. dent, some of these people
ple he refuses to pay settle- McMahon withdrew in 1994. said. He drove to the WWE
ments to Ms. Chatterton and Mr. Clune, Ms. Chatterton’s event with a baseball bat and
the former spa manager, peo- current lawyer, said in the de- tried to confront Mr. McMa-
ple familiar with his com- mand letter that Ms. Chatter- hon, but was turned away, ac-
ments said. ton had passed a polygraph cording to these people.
WWE’s auditor, Deloitte & A former referee claims WWE majority owner and ex-CEO Vince McMahon raped her in a limo in and that multiple sources cor- The woman’s lawyer, Mi-
Touche LLP, has advised the 1986. He has denied the accusation. roborated her account, two of chael Bressler, has been in
company that resolutions of whom confirmed to the Jour- touch with Mr. McMahon’s at-
the claims, even if confiden- ments. Federation. leged rape in 1986, she said. nal that Ms. Chatterton con- torney since at least July, ac-
tial, would possibly have to be He has said that he received She alleged in two televised The World Wrestling Federa- temporaneously told them cording to people familiar
disclosed by the company pub- bad advice from people close interviews that Mr. McMahon tion changed its name to about the alleged rape. with the discussions.
licly, said a person familiar to him to step down and that raped her in the back of a lim- World Wrestling Entertain- John Wisniski, who wres- California, like New York,
with the matter. Deloitte he now believes the allega- ousine in New York in 1986. ment in 2002. tled as Greg Valentine, told has a new law that allows al-
didn’t respond to requests for tions and investigations would She said in the 1992 inter- Ms. Chatterton’s lawyer, the Journal that Ms. Chatter- leged victims of sex abuse to
comment. have blown over had he views that Mr. McMahon told John Clune, wrote in the Nov. ton disclosed the allegations file lawsuits that would other-
The 77-year-old Mr. McMa- stayed, these people said. her she had to satisfy him if 3 legal demand letter that the while the two were sharing a wise be barred by the statute
hon also has told people that Ms. Chatterton, now 65 she wanted a $500,000 con- damages to Ms. Chatterton marijuana cigarette in a Mar- of limitations. Starting in Jan-
he intends to make a come- years old, was the first female tract with WWF. from the alleged rape were riott hotel parking lot in Al- uary, victims will have a one-
back at WWE, according to the referee in what was then WWF stopped booking her “hard to overstate.” bany, N.Y., in the 1980s. Mr. year window to file such
people familiar with his com- called the World Wrestling for appearances after the al- The letter said she “has suf- Wisniski said he didn’t believe claims.

United Number of Boeing 787 Dreamliners in service

0 aircraft 20 40 60 80
those planes are slated to be
the longer MAX 10 variants.
United Chief Financial Officer
O R D E R B Y D E C E M B E R 1 9 TH

Holiday Specials!
Orders ANA
United
American
Gerry Laderman said the air-
line wanted to secure its spots
for new MAX deliveries as far
Save up to $150
Boeing Jets Japan Airlines
Etihad Airways
out as 2027 and 2028.
The MAX 10 faces an uncer-
tain future, however. Boeing
on selected
Music Systems
$
NOW

349
has said it may cancel the jet SAVE
and turntables. $100
Continued from page B1 Qatar Airways without congressional action
The airline is also betting to grant it and a smaller new
Air Canada
that long-haul international 737 model, the MAX 7, a
flying, which still hasn’t fully British Airways waiver from a looming Dec. 27
recovered after the Covid-19 China Southern deadline related to regulatory
pandemic, will rebound. requirements.
United has been ambitious Ethiopian Airlines After that date, the jets will
in restoring international be required by law to feature
routes and pushing into new Source: Cirium modern cockpit-alerting sys-
markets as pandemic-era tems to help pilots resolve
travel restrictions have re- have resulted in better quality line. emergencies. Furniture
Digital
Integrated Preset Infrared Optical
ceded. controls. Airbus Chief Commercial The deadline was imposed Spotify
Connect
Bluetooth Internet
FM
Radio
Buttons Remote
grade
wood
Color
Display
Input Warranty
United CEO Scott Kirby said Boeing last summer re- Officer Christian Scherer said by a 2020 law enacted after Radio on Unit Control
cabinetry
(Better
TV Sound)
the deal would give United a sumed handing over new that worked against Airbus. two 737 MAX crashes in 2018
headstart in expanding glob- Dreamliners to customers but “This is not the result of a and 2019.          2 Years

ally as airlines emerge from still had about 115 undelivered competition but rather a fleet The accidents took 346 “Como Audio’s Duetto looks good, sounds great,
the pandemic. “International is 787s in its inventory as of the optimization around a fleet lives, and federal lawmakers and is loaded with features.”
going to be really, really strong end of the third quarter, ac- type that was already in the responded with legislation
Bosto on-based Como Audio was created by
in the years to come,” he said. cording to a securities filing. franchise, the 787s,” he said. aimed at making new aircraft Tom DeVesto. He has brought millions of great
Dreamliners are popular Airbus and Boeing have United still has an order for safer. sounding, highly acclaimed music systems to market
among airlines for their fuel been dealing with delivery de- Airbus A350s on its books but Boeing executives thought at hiss Cambridge SoundWorks and Tivoli Audio
efficiency and ability to make lays as supply chains continue doesn’t expect those deliveries they had ample time to get the
new direct routes profitable, to reel from major production to start until 2030 at the earli- new 737 models approved for
bypassing the need to connect cuts at the onset of the pan- est. passenger service by the dead-
cities via a central hub. demic. Getting new planes In addition, United is dou- line, but Federal Aviation Ad- For free shipping use code: BFWALL
United shares closed 6.9% from either manufacturer has bling down on Boeing’s 737 ministration approvals have
lower at $41.17, while Boeing become a challenge for air- MAX jets, building on plans it taken longer than expected. Just take those old records
edged up 0.5% to $187.13. The lines, constraining their announced in 2021 to add Federal lawmakers declined
Wall Street Journal had previ- growth amid revitalized appe- more new, fuel-efficient jets to to include a 737 MAX waiver   

ously reported United was tite for travel. its fleet as part of a multiyear in a defense bill this month.
close to a deal to order dozens United already flies the expansion effort. Boeing is focused on seeking a NOW
of the Dreamliners. Dreamliner and said that ex- United’s deal with Boeing reprieve to be included in a $
The Dreamliner faced a panding its 787 fleet was an will add 100 additional 737 possible spending bill before 249
SAVE
string of manufacturing and easier option than introducing MAX jets to its fleet. the current Congress winds Piano black
$150
regulatory issues that froze a new aircraft type into its op- The purchase includes new down its session and Republi- analog turntable
deliveries for nearly two years, erations, allowing it to avoid confirmed orders as well as cans take over the House next
frustrating customers includ- retraining pilots as it works to the exercise of previously ob- year. 60 Day Home Trial | Free Support
Call us at 844-644-8606 | (M-F 9-5) or Order online at comoaudio.com
ing United. Mr. Kirby said Boe- bring aboard thousands of new tained options. —Benjamin Katz contributed Also available from Amazon
ing’s recent regulatory issues aviators and expand the air- Of the new 737s, 80 of to this article.
THE WALL STREET JOURNAL. * * * * NY Wednesday, December 14, 2022 | B3

BUSINESS NEWS

Danske
Bank in
Startups Buy YouTube Stars’ Content
Investors make big- savvy and, as with any busi-

$2 Billion money bets that

creators’ catalogs will
ness opportunity they encoun-
ter, we encourage them to al-
ways do their due diligence to

Settlement increase in value

BY MILES KRUPPA
find the partner that’s right
for them.”
YouTube, which is part of
BY DYLAN TOKAR Alphabet Inc.’s Google, typi-
AND RICHARD VANDERFORD Justin Watkins for more cally pays creators 55% of the
than a decade has made You- earnings from ads that run on
Danske Bank A/S, Den- Tube videos of himself playing their long-form videos, an ar-

VICTOR LLORENTE FOR THE WALL STREET JOURNAL

mark’s largest bank, has agreed and commenting on games rangement that helped spawn
to pay about $2 billion to settle such as Roblox, for an audi- the so-called creator economy,
probes into anti-money-laun- ence of mostly young children. a growing array of startups of-
dering failures that led to hun- His YouTube channel called fering everything from business
dreds of billions of dollars of Thinknoodles is a hit, with software to financial services
suspicious transactions flowing millions of subscribers, but he catering to online celebrities.
largely unchecked through a was surprised by the pitch he Advertisers are expected to
former branch in Estonia. received from a startup: spend $29.5 billion on You-
The Copenhagen-based bank Would he accept more than $2 Tube this year, according to
on Tuesday said it had reached million in exchange for the ad- Credit Suisse estimates.
coordinated settlements with vertising revenues from his In February, Spotter said a
the U.S. Justice Department, thousands of old videos? $200 million funding round
U.S. Securities and Exchange Investment firms for years led by the Vision Fund had
Commission and Denmark’s have sought to lock up income Justin Watkins was offered $2.1 million for ad-sale rights on his Thinknoodles videogaming channel. valued the company at $1.7
Special Crime Unit. The bank streams from assets such as billion. Jellysmack has also
admitted to defrauding other mineral rights and songwriter ators, who usually run profit- raised funding from the Vision
banks regarding its Estonia catalogs, with classic-rockers able video operations but face Deals Are Met With million subscribers on his main Fund valuing the company at
customers and its anti-money- Bob Dylan and Bruce Spring- pressure to upgrade their channel, struck his first deal more than $1 billion.
laundering controls. steen cashing in for hundreds channels and expand into Doubt, Commitment with Spotter Inc. in 2020. There are signs that busi-
Danske representatives ap- of millions of dollars. Now other businesses, such as food Mr. Arsement used the ness has begun to slow. You-
peared in Manhattan federal YouTube videos are becoming and merchandise sales. money to buy “a few million Tube’s ad revenue fell from
court to formalize an agree- their own asset class. Often, the deals require cre- YouTube creators and in- dollars” worth of real estate in the third quarter of 2021 to
ment under which the bank Spotter Inc. and Keli Net- ators to upload videos on a dustry observers have ex- the Dallas area to house an ex- the same period this year, the
pleaded guilty to conspiracy to work Inc., which does business consistent schedule or risk pressed a mix of doubts and panding roster of crew mem- first such decline on record.
commit bank fraud. The bank as Jellysmack, are flooding the penalties, according to people enthusiasm about startups bers who help produce his gam- On Thursday, a Jellysmack
said that under its plea agree- personalities behind top You- familiar with the terms. buying video content. ing and prank videos, he said. spokesman said the company
ment with the Justice Depart- Tube channels with offers to Jellysmack offered Mr. Wat- Jeremy Burchard, co- Later, Mr. Arsement said he “forecasts a steeper decline in
ment it will be placed on pro- license their old videos, pitch- kins $2.1 million for his You- founder of RootNote, a creator- set aside $2 million for charita- ad spending across most social
bation for three years. ing the deals as timely infu- Tube back catalog’s earnings analytics company, is skepti- ble giving after another deal. video platforms in 2023” while
Danske Bank will pay about sions that can help them ex- during the next five years, he cal. “It takes a lot to win over Mr. Arsement said his man- cutting 55 employees, the
$1.21 billion as part of its deal pand their businesses. said. creators who have spent a lot agement company has devel- startup’s second layoffs this
with the Justice Department The startups offer cash Mr. Watkins said Jelly- of their time getting the run- oped a formula for evaluating year. The spokesman said
and about $178.6 million as sums in exchange for the future smack’s proposal allowed it to around,” he said. future offers. He said Spotter’s Jellysmack would continue to
part of its deal with the SEC, as advertising sales generated by seek recourse if he failed to Others said the money has video-uploading requirements invest in the business and key
well as an additional $678 mil- a YouTube creator’s old videos, create an average of 41 videos proved helpful. Preston Arse- didn’t trouble him. “I am already growth areas.
lion, or around 4.75 billion Dan- striking deals that can stretch a month, a rate the company ment, a 28-year-old YouTube as committed as I can be to Jellysmack and Spotter have
ish kroner, to Danish authori- for as long as five years. calculated based on his up- creator with more than 22.1 YouTube,” Mr. Arsement said. pitched their funding as low
ties, the bank said. Spotter said it had spent loading history. risk and less demanding than
The resolutions bring to an $740 million on content licens- After asking Spotter for a other forms of financing, such
end U.S. and Danish investiga- ing agreements since 2019 af- competing offer, the company Jellysmack said it has made putting it to work to grow as loans or venture capital.
tions, although scrutiny of the ter announcing earlier this returned with a $1 million deal significant improvements to their business.” Jellysmack offered one You-
bank’s anti-money-laundering year that it planned to invest that also required Mr. Watkins its financial offerings since the Spotter Chief Executive Tube creator cash equal to
controls will likely continue for $1 billion by the middle of to regularly upload videos, he beginning of the year. The Aaron DeBevoise said he could 80% of the expected value of
years. Danske Chairman Martin 2023. Jellysmack has put aside said. company has also offered cus- count on one hand the number their back catalog over the
Blessing said the bank has put $500 million for similar deals. Mr. Watkins declined Spot- tomized deals with shorter of times the company needed next five years, citing an algo-
robust measures into place to SoftBank Group Corp.’s Vi- ter’s proposal, and Jellysmack contract lengths and more to enforce contractual terms rithm and other data points,
try to avoid a repeat of the fail- sion Fund invested in both retracted its offer after his flexible terms, said chief busi- with creators. according to a marketing pre-
ures. “We offer our unreserved companies, betting the videos channel briefly lost access to ness officer Dov Marmor. “We track it, but most of sentation viewed by The Wall
apology and take full responsi- would increase in value as You- ad revenues because of a mix- “At the end of the day, I the time the creators deliver Street Journal.
bility for the unacceptable fail- Tube stars attract larger audi- up with YouTube’s monetiza- think capital is not right for on what they promise they’re A separate Spotter presen-
ures and misconduct of the ences. Other smaller firms are tion system. “I don’t see a lot everybody,” Mr. Marmor said. going to deliver,” Mr. DeBev- tation pitching a five-year deal
past, which have no place at also pitching deals to creators. of transparency into how these “The right creator for us is oise said. didn’t provide an estimate of
Danske Bank today,” Mr. Bless- The money spigot is creat- calculations are made,” Mr. one that actually has a specific A YouTube spokeswoman the same creator’s catalog
ing said. ing dilemmas for popular cre- Watkins said. use case for that capital, and said creators are “business value.

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B4 | Wednesday, December 14, 2022 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

SpaceX Offers
Employee Stock
To Boost Value
Company reached SpaceX periodically allows
current and former staffers
worth of $125 billion

MALCOLM DENEMARK/FLORIDA TODAY/ASSOCIATED PRESS

the chance to sell shares,
during a fundraising providing liquidity for a stock
that doesn’t trade publicly,
round earlier this year former employees have said.
Those events suggest an
BY BERBER JIN overall value of the company.
AND MICAH MAIDENBERG A spokesman for Space
Exploration Technologies
SpaceX is offering to sell Corp., as the Hawthorne, Ca-
employee-owned shares at a lif., SpaceX is called formally,
higher valuation than its last didn’t respond to a request
private funding round, people for comment. Bloomberg ear-
familiar with the matter said, lier reported on the offering.
a sign of conviction when a Founded by Mr. Musk 20
market rout has tanked the years ago, SpaceX doesn’t
value of other U.S. startups. publicly report its financial SpaceX has developed a significant business handling rocket launches for government clients, including NASA.
The Elon Musk-led space results as a closely held com-
exploration company has pany. It has raised funds from then designed to value the creased its subscriber count vest at least $5 billion and thing the entrepreneur will
started to market employee outside investors for years, company at $30.5 billion, The this year. More recently, the perhaps as much as $10 bil- be remembered for years
stock for sale, offering to sell bringing in $10.7 billion as of Wall Street Journal previ- company launched a division lion in Starlink before it fully from now is, “Did you open
the shares at $77 each, which the end of last June, accord- ously reported. that aims to win contracts to began generating cash, with the Solar System to humanity
would value the company at ing to PitchBook. SpaceX has developed a deliver satellite-related capa- investments after that. or not? Period.”
around $140 billion, the peo- SpaceX, for example, significant business handling bilities for national-security In addition to overseeing Mr. Musk responded to
ple said. boosted its valuation to rocket launches for govern- agencies. SpaceX, Mr. Musk is chief ex- him by saying that social me-
The company doesn’t plan around $125 billion after ment clients, including the Space-industry analysts ecutive at Tesla Inc. and is dia in general and especially
to use the current offering to bringing in new funds this National Aeronautics and say the company is investing involved in startups. He also Twitter were “eroding civili-
provide SpaceX with fresh year. The company later dis- Space Administration, and for substantial sums in its Star- recently acquired Twitter Inc. zation.”
funds that it could use for closed in securities filings commercial-satellite opera- ship rocket- development Rick Tumlinson, founder of In the tweet, he added: “If
various projects. Rather, the that it has raised a total of tors. program and to build out SpaceFund, a firm that has a civilization collapses before
sale effort would give em- about $2 billion in 2022. It also runs Starlink, its Starlink. position in SpaceX, said in a Mars becomes self-sustain-
ployees the opportunity to In 2018, SpaceX worked on own broadband-satellite fleet, Mr. Musk said last year tweet on Tuesday addressed ing, then nothing else mat-
monetize their holdings. a fundraising round that was a business unit that has in- that SpaceX was likely to in- to Mr. Musk that the only ters.”

Sensor Startup Files for Chapter 11 After SPAC Deal

BY AKIKO MATSUDA filed by the company’s chief panies that went public running its operation, with months after going public ing eye-safe lasers.
restructuring officer, Lawrence through SPAC have crashed costs of about $4 million a through a merger with a blank- In 2021, the company’s net
Silicon Valley tech startup Perkins. and some startups are going month, he said. Quanergy re- check company. Enjoy Technol- loss was $63.5 million, fol-
Quanergy Systems Inc. filed The bankruptcy filing came back on merger deals. tained investment banker Ray- ogy Inc., a retail technology lowed by a $148 million net
for bankruptcy Tuesday, less just 10 months after Quanergy At the time of Quanergy’s mond James & Associates in company started by former loss in the first nine months of
than a year after it became a went public in a merger with merger, it secured a $125 mil- June and tried to sell itself or Apple Inc. retail strategist and 2022. The company has no
publicly traded company on Citic Capital Acquisition Corp., lion equity line of credit, along to raise additional capital, but chief executive of J.C. Penney funded debt but has about $25
the New York Stock Exchange. a special-purpose acquisition with $30 million of cash. But a the effort was unsuccessful, Ron Johnson, went bankrupt million in unsecured debts.
The Sunnyvale, Calif.-based company, or SPAC. decline in investor interest in leading to the bankruptcy fil- in June, less than a year after The company is seeking ap-
company, which designs and SPACs were among the hot- the lidar sector along with ing, Mr. Perkins said. the company went public proval for a marketing and
develops light detection and test investments on Wall general market conditions led A few other recent SPAC through a SPAC merger. sale process for its assets in
ranging, or lidar, sensors used Street early in 2021, booming the company’s market capital- deals also have ended in bank- Founded in 2012, Quanergy chapter 11, court papers say.
in fields such as security and alongside cryptocurrencies, ization to drop to about $48 ruptcy. Fast Radius Inc., an on- has developed a patented tech- Judge Craig Goldblatt with
transportation, aims to sell it- meme stocks and other risky million in the following four demand manufacturer of metal nology in lidar sensors, which the U.S. Bankruptcy Court in
self under chapter 11 protec- assets. The boom has since months, Mr. Perkins said. and plastic parts, filed for provide real-time 3-D images Wilmington, Del., has been as-
tion, according to court papers turned to bust. Shares of com- Quanergy struggled to keep chapter 11 in November, nine in any lighting conditions us- signed to the bankruptcy case.

Investors Tesla’s annual share

performance
growing recession concerns
and cost pressure from high

MEET THE MOST

inflation. Tesla also has

Voice
700%
scaled back vehicle-delivery

VERSATILE
plans. Tesla’s stock has fallen
600 about 28% since the Twitter

Concern 500
deal closed in late October
through Tuesday, when it

PHONE MOUNT Continued from page B1

400
ended trading at its lowest
level in more than two years.
The Tesla boss on Tuesday
ket voted today that the 300 tweeted: “Tesla will be great
$TSLA brand has been nega- long-term, but doesn’t control
tively impacted by the Twit- 200 macroeconomic tides.”
ter drama. Where before EV Tesla didn’t respond to a
buyers were proud to drive 100 request for comment. Mr.
their Teslas to their friends Musk last week said he con-
or show off Teslas in their 0 tinues to work on Tesla as
driveways, now the Twitter well as SpaceX, formally
controversy is hurting Tesla’s t54.3%* known as Space Exploration
–100
brand equity.” Technologies Corp. “I con-
2011 ’15 ’22
Ross Gerber, a longtime tinue to oversee both Tesla &
backer of Tesla, on Monday *Year-to-date Source: FactSet SpaceX, but the teams there
tweeted a question directed are so good that often little is
at Tesla’s board. “Who is run- The only other year where the needed from me,” he tweeted
ning tesla day to day during shares fell was in 2016, when Saturday.
this critical time for the com- Tesla’s stock ended down 11%. Bill Nelson, the National
pany,” Mr. Gerber said. The Nasdaq, which advanced Aeronautics and Space Ad-
He separately tweeted, Tuesday, has fallen around ministration’s administrator,
“There is nothing wrong at 28% this year. said Sunday that he had asked
tesla at all. Other than the Tesla shares closed down SpaceX President Gwynne
CEO working at another com- 4.1% Tuesday, the day Mr. Shotwell if Mr. Musk’s pur-
pany, certainly tesla deserves Musk ceded the unofficial ti- chase of the social-media
a focused ceo. It would be tle to European mogul Ber- platform would divert from
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TECHNOLOGY WSJ.com/Tech

New Instagram Feature

Mimics Rival BeReal
With Unpolished Look
BY CORDILIA JAMES app topped Apple’s App Store
earlier this year, though its
Polished is out and authen- growth has slowed in recent
tic is in among social-media months, Sensor Tower said.
users—and Instagram is taking Instagram’s Candid Stories
note. still prompts users once a day
The photo-sharing app and includes a time stamp so
owned by Meta Platforms Inc. friends know when you
is giving its users new ways to posted.
SUDARSHAN VARADHAN/REUTERS

share and connect with Unlike BeReal, however, us-

friends, including one feature ers can enhance their daily
that might look familiar to us- posts with text or squiggles,
ers of BeReal, the popular so- and can opt out of the daily
cial-media app. alert whenever they like. (They
Candid Stories, which Insta- also aren’t marked tardy.)
gram began testing in South Instagram previously en-
Africa Tuesday, gives users a abled the dual-camera func-
daily notification to snap and tion, which simultaneously
A closed Foxconn iPhone plant near Chennai last year. Foxconn is teaming with India’s Vedanta Group to build a plant in India. share two unfiltered photos uses front and back lenses.
using the front and back cam- More than two billion peo-

India Takes Aim at Chip Industry

era lenses—not unlike the ple use Instagram every
prompts sent by BeReal, which month, Meta says. The app
has recently amassed millions and its parent company have
of users. Instagram didn’t say faced concerns about their im-

With $20 Billion Push for Factory

when or whether Candid Sto- pact on younger users. At the
ries will roll out globally. same time, some users—in-
Another new feature—called cluding the celebrities that
Notes, friend-focused status
BY PHILIP WEN focused commodities power- incentives in the past two years nounced. updates that appear at the top
AND KRISHNA POKHAREL house Vedanta Group. The to draw investment to critical Semiconductor production of the inbox—began rolling out
Foxconn-Vedanta deal would sectors including electronics will be the greatest test yet of to all users Tuesday.
Candid Stories users
DHOLERA, India—India represent the largest corpo- manufacturing, batteries, auto- India’s capabilities. Chip plants Instagram’s updates come can share unfiltered
plans to transform a vast tract rate investment in India and mobiles to solar panels. require years to build, years as young people flock to
of salty marshland in Prime its first privately owned fabri- Manufacturers can claim the more to break even, and de- newer apps such as BeReal
photos using front
Minister Narendra Modi’s home cation plant. funds based on how much they pend upon a highly trained and TikTok. They also address and back lenses.
state into the most ambitious Indian officials are hoping increase their production com- workforce. So much as a flicker some recent criticism that In-
demonstration of its push to be for construction to start next pared with the previous year. in the electricity supply can stagram posts often feel
recognized as a serious player year, and for operations to be- India also has focused efforts create lengthy delays and cost overly curated or inauthentic,
in advanced manufacturing, gin around 2025. on streamlining the processes tens of millions of dollars. with ads and sponsored con- long championed the plat-
and an alternative to China. “It’s an opening of a door to to acquire the varied licenses Despite strides in local auto- tent squeezing out updates form—have urged the com-
Spanning some 355 square many decades of huge oppor- required to operate in India. mobile and smartphone pro- from friends. pany to “make Instagram In-
miles, the agglomeration of 22 tunities,” said Rajeev Chan- The efforts have delivered duction, India remains largely BeReal, which launched in stagram again” by giving
villages in Dholera in India’s drasekhar, India’s junior tech- some encouraging results at a unproven in high-tech manufac- 2020, has become popular priority to friends’ posts over
western state of Gujarat is a nology minister, when the deal time when geopolitical tensions turing and has struggled to marketing itself to younger paid ones.
pet project of Mr. Modi. When was announced in September. and pandemic supply chain dis- shake off its tag as a place diffi- people as an authentic, unfil- The new features are in-
he was chief minister of the The Modi government’s ruptions have prompted West- cult to do business with. State tered alternative to the cu- tended to give users more
state, he envisioned develop- foray into the global semicon- ern companies to look beyond officials acknowledge the chal- rated posts found on Insta- ways to engage with people
ing the underused land into ductor race is part of a con- China. Foreign direct invest- lenge ahead but hope this proj- gram and TikTok. they know, said Tessa Lyons-
the country’s answer to Shen- certed push to boost high-value ment into India crossed more ect will change that perception. At a random time each day, Laing, director of product
zhen, the manufacturing hub manufacturing in India, which than $80 billion last year, a re- “Frankly, I am not aware in users are asked to take a management at Instagram.
of southern China. has long trailed regional rivals cord, and Apple, seen by many India if you can compare this front-and-back shot and sub- Notes—the only announced
The site is now earmarked because of concerns over the as a barometer of India’s place project to any other project mit it. Any posts that show up feature now hitting the app—
as the likely home of a roughly country’s challenging bureau- in the global tech supply chain, anywhere in the country, by two minutes after the prompt lets users share their thoughts
$20 billion semiconductor fab- cracy, protectionist rules and has fast-tracked the production scale, size, execution capabili- are noted as late when viewed in a 60-character text post
rication plant to be built by poor infrastructure. Spurred by of its new iPhone 14 in India. ties, or infrastructure-level by others. with close friends or people
Taiwan’s Hon Hai Technology a desire to expand its economy, India’s exports exceeded connectivity,” said Hareet BeReal has been installed who follow them back. The
Group, also known as Fox- create jobs and shore up supply $400 billion in its fiscal year Shukla, managing director of 73.7 million times from its note appears at the top of re-
conn, which already manufac- chain security, India has an- ended March 31, rising 35% Dholera Industrial City Devel- launch to Dec. 11, according to cipients’ inboxes and invites
tures Apple iPhones in the nounced tens of billions of dol- from two years earlier, before opment Ltd., the agency over- Sensor Tower, which tracks them to respond before it dis-
country, in a tie-up with India- lars worth of production-linked the first incentives were an- seeing the development. app-performance metrics. The appears in 24 hours.

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B6 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Falling Building Values Spur Tax Appeals
Office landlords real-estate assessments that
took place before the pandemic,
seeking new property when occupancies were much
assessments could higher and values were near re-
cord highs, Mr. Frey said.
hurt some areas Mecklenburg County, N.C.,
which includes the city of
BY PETER GRANT Charlotte, is in this category.
Mecklenburg County’s last re-
The sharp decline in office- appraisal was in January 2019.
building values is likely to be- But a new one comes next
come a growing problem for month, according to a spokes-
the budgets of cities, schools woman for the North Carolina
and other jurisdictions that de- Department of Revenue.
pend heavily on property taxes Even among the jurisdic-
from these building owners. tions looking at valuations af-
Most municipal budgets ha- ter the pandemic hit, few are
ven’t suffered much yet. For a recognizing major reductions,
variety of reasons, declines in say private appraisers and tax
property values typically take attorneys. That reflects how
years before they are reflected values are often based on re-
in the real-estate assessments cent sales, which has been
of most taxing jurisdictions. tough to do because sales ac-
But municipalities might tivity has greatly slowed.
soon start feeling pain, say law- Others have barely factored
yers and appraisers throughout in the pandemic period.
the country. Property tax is the In Colorado, property-tax

DAVID ZALUBOWSKI/ASSOCIATED PRESS

largest single expense for most assessments for 2021 and
office landlords. 2022 taxes were primarily
Many hope to reduce it to based on a valuation period
help offset lost revenue from from Jan. 1, 2019, through
the sluggish return of em- June 30, 2020, covering only
ployees to their desks and the the early months of the pan-
cascading damage it is caus- demic, according to Thomas E.
ing to local businesses cater- Downey Jr., a tax attorney
ing to these workers. More based in Foxfield, Colo.
recently, job cuts in the tech The valuation period that
sector are reducing demand Denver is among the major cities considered to be particularly vulnerable to office building re-evaluations. will determine assessments for
for workspace. 2023 and 2024 taxes will pri-
In jurisdictions that reas- ecutive of Carr Properties, matically increasing taxes on tries might intensify fiscal investors are willing to pay for marily be Jan. 1, 2021, to June
sess property values annually, who estimates office values residential. This process is pressure on municipalities and office property partly because 30, 2022, Mr. Downey said.
owner appeals of tax assess- are down 15% to 40%, depend- likely to accelerate in 2023 eventually lead to weakening they have increased the cost Assessors also analyze a
ments are up 30% to 40% com- ing on the building. “We have and beyond. credit and, under extreme con- of financing deals. building’s income when valu-
pared with a typical year be- higher interest rates. We have The prospect of reduced ditions, raise the risk of de- Average quality office ing office property. But cash
fore the pandemic, said Bryan less demand for space. The property taxes could also have fault, said Richard Ciccarone, buildings have lost about one- flow can mask poor market
Frey, a managing director in math just doesn’t work.” implications for the $4 trillion Merritt’s chief executive. quarter of their value since conditions because much of it
the valuation consulting busi- A spokeswoman for the D.C. U.S. municipal bond market. “This is one you have to the beginning of the pan- comes from long-term leases
ness of CBRE Group Inc. Office of Tax and Revenue said Merritt Research Services, a monitor like an asteroid you’re demic, according to real-estate signed before the pandemic.
Carr Properties, a big the district will continue to muni bond research firm, worried about,” he said. analytics firm Green Street. When those leases expire,
owner of office buildings in evaluate the impact of remote warned early in February that Office building values are Meanwhile, assessors who owners will likely have to re-
the Washington, D.C., region, and hybrid work and “make some major cities may be par- falling because most busi- have started to take the pan- duce their asking rents be-
is among the owners looking any adjustments as warranted.” ticularly vulnerable to office nesses are switching to remote demic into account in some cause remote work has under-
to appeal its property values. If landlord appeals to cut building re-evaluations be- or hybrid workplace strategies cases are reducing assessed cut office demand.
The D.C. taxing authority, their tax bills are largely suc- cause at least 8% of their tax that require less space. Va- values an average of 10%, said “I don’t think there are too
which reassesses property ev- cessful, cities, school districts base valuation is concentrated cancy rates in many business CBRE’s Mr. Frey. many places where the asses-
ery year, cut large office build- and other taxing jurisdictions in their 10 largest commercial districts are near record levels Municipalities have been sors are getting out in front of
ing assessed values 11% in may face some tough decisions property taxpayers. This list and landlords are being forced slow to reflect the shrinking this,” said J. Kieran Jennings,
2021. But it raised them 3.6% involving cutting jobs or pro- includes Boston, Detroit and to offer concessions like free office values for a number of managing partner of Siegel
in 2022, according to the D.C. grams or looking for other Denver, the report said. rent or pay for extensive inte- reasons. Jennings, a Cleveland-based
Office of Tax and Revenue. ways to raise revenue. Many The danger is that economic rior work to attract tenants. For starters, about 10% to law firm that handles prop-
“We’re definitely appeal- jurisdictions correct for falling instability and job cuts in the Higher interest rates, mean- 15% of states are still basing erty-tax appeal cases through-
ing,” said Oliver Carr, chief ex- commercial values by auto- tech sector and other indus- while, have reduced the prices commercial property taxes on out the country.

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 THE WALL STREET JOURNAL. Wednesday, December 14, 2022 | B7

THE PROPERTY REPORT

WeWork pursuit of growth at any cost

under former chief executive
Adam Neumann.
short-term co-working mem-
berships more appealing to
companies unwilling to commit

Runs Low Fitch Ratings this month

downgraded some of We-
Work’s bonds, which already
to long-term leases in an uncer-
tain environment, real-estate
brokers say. Even after recent

On Cash were rated at one of the low-

est junk bond ratings. The
company’s shares are down
job cuts, tech companies still
employ far more people than a
few years ago.
more than 70% this year. “Flexible office space has
Continued from page B1 WeWork’s “challenges may tailwinds,” said Mr. Mathrani,
into the business. be exacerbated by deteriorating who served as CEO of mall
WeWork has burned through macro conditions in 2023,” owner GGP Inc. before taking
nearly all of it. The company Fitch wrote in its report. The over WeWork in 2020. “It al-
has $500 million in undrawn ratings firm said that the com- most reminds me of my shop-
debt commitments from Soft- pany may need to raise more ping-center days, when e-com-
Bank and has said it expects to money in 2024. WeWork bonds merce sales were going up and
MACEY J. FORONDA FOR FIFTH WALL

end 2022 with $300 million in were trading 48 cents on the brick-and-mortar sales were
cash, less than one-third of dollar as of Monday, down from going down.”
what it had at the end of 2021. 97 cents in January. A weak office market also
Its debt contracts allow it to The fate of co-working busi- gives WeWork more bargain-
borrow another $500 million. nesses, which sign long-term ing power with property own-
Analysts say WeWork has leases that can be as long as 15 ers, said Alexander Goldfarb,
made progress cutting costs in years and rent out their space an analyst at Piper Sandler &
recent years and its losses have by the month or year, has been Co. He said that while We-
been shrinking. Some real-es- closely tied to the economy. If Work’s leases are long-term,
From left: Dan Wenhold, Brendan Wallace, Sarah Liu and Jonathan Hong of Fifth Wall tate brokers also say that companies lay off workers or the company only signed guar-
the company might benefit start worrying about falling antees for a few years of rent

Fifth Wall Raises

from hybrid work and economic profit, they are more likely to payments in most cases.
uncertainty if more companies ditch desks as well. The tech in- “They can go back to the
back away from long-term dustry, which accounts for a big landlord and be like, look, we
leases in favor of shorter-term share of WeWork’s customers, want to stay, but we’re not
co-working memberships. has seen a surge in layoffs. paying this rent anymore, so

Record Venture Fund WeWork Chief Executive

Sandeep Mathrani said in an
interview that the company
has enough resources to make
it through next year, even if its
Meta Platforms Inc., Amazon
Inc. and Twitter Inc. are among
those announcing job cuts.
Co-working memberships
are often easier to jettison
cut us a new deal,” Mr. Gold-
farb said.
WeWork’s losses have nar-
rowed this year, and 72% of
the company’s desks were
BY KONRAD PUTZIER also hit the valuations of pri- tors. This year there have been occupancy drops by 10 per- than traditional office leases leased in the third quarter;
vate tech companies and made far fewer funding rounds, par- centage points. In November, because of the shorter leases. that is up from 50% in the
Fifth Wall Ventures Man- venture investors more reluc- ticularly for more established WeWork said it would close 40 WeWork pays a fixed rent for summer of 2020 but still well
agement LLC raised the larg- tant to write big checks. companies, and fewer investors money-losing U.S. locations, most of its leases, meaning it below the 84% occupancy rate
est-ever venture fund focused Stock prices of some of the compete for deals, said Allison and Mr. Mathrani said he can can rack up steep losses if it in 2018. Mr. Mathrani said de-
on real-estate technology com- companies that Fifth Wall pre- Sedrish, head of proptech cov- close more to preserve cash. can’t fill desks. mand for flexible office space
panies, the company said, a viously invested in have fallen erage at Barclays PLC. “We’re not waking up today, “If you see occupancy fall, is coming back more slowly
sign that some major investors hard. Shares of home-flipper While last year’s fundrais- like most other companies, talk- then you’re burning more cash,” than he anticipated in the U.S.,
are still bullish on property Opendoor Technologies Inc. ing was at times so competi- ing about streamlining because said Vikram Malhotra, co-head where occupancy continues to
startups despite this year’s are down 90% year to date, tive that investors had little they see the current head- of real-estate investment trust lag behind Europe and Asia.
surge in interest rates. while property-insurance com- time for due diligence, this winds,” he said. “We’ve been research at Mizuho. The company’s negative
The $866 million fund, which pany Hippo Holdings Inc.’s year they are taking more time streamlining the company since WeWork has some things cash flow shrank from $523
closed on Friday, will invest in shares have fallen by 80%. to sift through startups’ March of 2020.” breaking in its favor: Recession million in the third quarter of
both early- and late-stage start- Still, Fifth Wall is betting a books, Ms. Sedrish said. Some analysts say WeWork fears and the growing popular- 2020 to $205 million in the
ups. Annaly Capital Manage- changing economy also creates “There’s been a shift in is still paying the price for its ity of remote work could make third quarter of this year.
ment Inc., Arbor Realty Trust opportunities for some start- terms of who has the power in
Inc., CBRE Group Inc., Equity ups. Fewer home sales, for ex- this market,” she said.
Residential and a number of ample, could lead to more de- Fifth Wall was founded in
other major real-estate compa- 2016 by Mr. Wallace and Brad
nies invested in the fund. Greiwe, a co-founder at the gi-
The fund’s closing comes
during a challenging time for
Fifth Wall is betting a ant single-family rental firm
Invitation Homes. Fifth Wall
property startups, which face changing economy has more than $3 billion in
higher borrowing costs. A
number of real-estate technol-
creates opportunities capital under management.
Earlier this year, the company
ogy companies, often known for some startups. raised a $500 million fund to
as proptech companies, have invest in companies that seek
also been hit by the drop in to reduce carbon emissions

LAURA MORTON FOR THE WALL STREET JOURNAL

home sales. That makes it from real estate.
harder for home flippers, mand for online marketplaces While Fifth Wall executives
mortgage marketplaces and offering home renovations, said agreed that raising money for
similar businesses to make Sarah Liu, a partner at the com- venture funds has become more
money. pany. The rising popularity of challenging this year, the com-
“You’re just dealing with a remote work might entice more pany said it collected more than
world where macroeconomic landlords to pay for technolo- half of the $866 million for its
conditions have changed dra- gies that make being in an of- latest fund in 2022.
matically,” said Fifth Wall’s fice more pleasant. Move Inc., a real-estate list-
managing partner, Brendan Real-estate venture fundrais- ings company that is owned by
Wallace. ing broke records in 2021 as Wall Street Journal parent
Higher rates and this year’s low interest rates and a hot News Corp, is an investor in
slide in technology stocks have housing market drew in inves- Fifth Wall’s new fund. WeWork expects to end 2022 with $300 million in cash, less than one-third of its level at 2021’s end.

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73.79 1.1
10.17 0.8
AirNetTech
AirspanNtwksWt MIMO.WS 0.07 -26.4
GreenlandTech GTEC 1.85 1.1 ProjectEnReimagWt PEGRW
ProSomnus OSA
0.05 -18.2
4.70 -11.7
Austin, TX – One of the
GroveCollab GROV 0.42 -4.5
ApolloStratII A APGB
Aramark ARMK
10.06
43.33
0.1
0.6
JawsMustang JWSM.U 10.10 ... AlerisLife ALR
AlimeraSciences ALIM
0.71 -0.7
2.30 -8.9
Gulf Resources GURE 3.02 -11.6 ProtagenicWt PTIXW 0.01 -10.3 Fastest Growing Major Metros
JupiterWellnessA JWAC 10.15 0.3 HEXO HEXO 0.15 -0.9 Psychemedics PMD 5.01 1.4
Arcellx ACLX 32.37 10.4 KKR Acqn I KAHC.U 10.10 0.5 AlkalineWater WTER 0.15 -5.2 PurpleBiotech PPBT 1.55 1.3
HH&L Acqn Wt HHLA.WS 0.02 -38.8
AthenaCnsmrA ACAQ 10.28 -1.2 KKR AcqnI A KAHC 10.13 0.1 AllarityTherap ALLR 0.30 -23.1
HMN Fin HMNF 21.51 -2.2 PyxisOncology PYXS 1.15 -3.3 Bid Deadline: 2/7/23
Atkore ATKR 128.36 2.3 KL Acqn A KLAQ 10.11 ... Allot ALLT 2.99 -3.5 QualigenTherap QLGN 1.38 -1.7
HallmarkFin HALL 0.48 ...
AuroraAcqnA AURC 10.05 -0.1 KWESSTMicroWt KWESW 1.18 24.5 AlterityTherap ATHE 0.32 -4.9
Hempacco HPCO 1.16 2.6 Quantum QMCO 1.00 7.7 Auction Date: 2/14/23
ADP ADP 274.92 -0.8 KimballElec KE 25.39 1.5 AmericasTechWt ATA.WS 0.00 -99.3 Quantum-Si QSI 2.17 ...
AxcelisTechs ACLS 88.73 3.8 LakeshoreAcqnII LBBB 10.20 0.4 AngelOakMtg AOMR 5.37 -2.7
HepionPharm HEPA 0.31 -7.4
Quotient QTNT 0.33 -50.0
Minimum Bid: $75,836,418
HomePtCap HMPT 1.11 -0.8
AxsomeTherap AXSM 82.00 0.1 LandcadiaIV LCAHU 10.34 2.8 AnghamiWt ANGHW 0.07 13.2 REE Automotive REE 0.46 -2.1
HowmetAeroPfd HWMp 58.25 -1.6
BTRS BTRS 9.51 0.3 LandcadiaIV A LCA 10.12 ... ApolloStratII Wt APGB.WS 0.03 -46.6 RadiantLogistics RLGT 5.11 -1.0
ByteAcqnA BYTS 10.08 0.1 LongviewII A LGV 10.15 0.8 AppliedUVPfdA AUVIP 21.78 -0.3
HuadiIntl
Humacyte
HUDI
HUMA
5.40 0.5
2.77 -8.7 RedHillBio RDHL 0.19 -3.0 Portfolio of 13 Single-Story
BadgerMeter BMI 120.54 0.3 MagnumOpusA OPA 10.06 ... Appreciate SFR 1.66 -11.1 0.19 -11.5
BioMarinPharm BMRN 107.91 0.8 MannKind MNKD 4.93 1.0 AquaMetals AQMS 0.60 -5.0 HumacyteWt HUMAW 0.66 3.3 Remark
RigettiComp
MARK
RGTI 0.93 0.6
Office Buildings &
HyreCar HYRE 0.46 -4.6
BioPlusAcqnA BIOS
BiteAcqn BITE.U
10.22
10.08
0.2
0.4
MerchantsBncpPfdD MBINM 28.06 2.1 ArgoBlockchain ARBK
ArgoBlockchainNts ARBKL
0.36 -37.2
0.80 -39.6 IDW Media IDW 1.00 -3.2 RigettiCompWt RGTIW 0.11 -20.8 1 Retail Strip Center
MeritMedical MMSI 76.14 1.0 Root ROOT 5.21 -5.7
BiteAcqn BITE 10.13 1.5 MicroAlgo MLGO 71.50 -60.8 Arteris AIP 3.29 -1.2 IMAC
IM Cannabis
BACK
IMCC
0.26 -10.3
1.47 -2.6 SHF SHFS 1.87 -4.6 in Austin, TX
BogotaFinl BSBK 11.53 0.4 MingZhuLogistics YGMZ 3.46 8.2 AscendantDigWt ACDI.WS 0.01 -18.5 0.97 -7.5
BostonSci BSX 47.95 0.1 Mobileye MBLY 36.00 4.9 Assure IONM 0.37 -5.2 IMV IMV 2.03 -3.4
SQZ Biotech
Safe-T
SQZ
SFET 2.59 1.1
www.AustinTX-OfficePortfolio-
BullpenParlayAcqUn BPACU 10.62 4.6 ModelN MODN 41.57 1.9 AteaPharm AVIR 4.30 2.2 Identiv INVE
IndaptusTherap INDP
7.54 ...
1.63 9.5
SalemMedia SALM 1.11 -3.5 BankruptcySale.com
C&F Fin CFFI 63.77 -2.4 NWTN Wt NWTNW 0.51 27.9 AtlisMotor AMV 6.66 -15.2 SarcosTech&Robotic STRC 0.67 -4.6
Inpixon INPX 1.77 -8.1
CBIZ CBZ
CCNeubergerIII A PRPC
51.67
10.08
1.1
0.2
NatlWesternLife NWLI
Neuronetics STIM
309.25 16.1
6.88 3.2
Audacy
Augmedix
AUD
AUGX
0.25 0.6
1.01 7.2 InspiraTech IINN 1.05 -1.4
SarcosTechRobotWt STRCW
Science37 SNCE
0.04 -10.0
0.51 -6.3
KEEN-SUMMIT CAPITAL PARTNERS LLC
CGI GIB 89.11 1.0 NewJerseyRscs NJR 51.42 -1.2 Bio-key BKYI 0.79 -0.9 InspiratoWt
InstilBio
ISPOW
TIL
0.08 16.2
0.66 -16.3
Scilex SCLX 3.50 -10.7 (646) 381-9222 • Keen-Summit.com
CovaAcqnA COVA 10.67 3.1 NextEraEnerUn NEEpR 50.96 0.8 Bakkt BKKT 1.56 -0.6 SeaportCalibreWt SCMAW 0.03 -16.2
CapitalworksEM CMCAU 10.22 0.2 BancoBradescoPf BBD 2.55 -4.5 IntelligentLiving ILAG 1.45 -4.6
NortheastBank NBN 48.50 -4.4 SecureWorks SCWX 6.08 -1.0
CascadiaAcqnA CCAI 10.01 0.6 BaudaxBio BXRX 3.06 -17.9 Inter INTR 1.82 -4.6
NorthernStrII A NSTB 10.05 ... SemiLEDS LEDS 1.87 -3.9
CassInfoSys CASS 45.28 0.1 BedBath BBBY 2.84 -5.8 IntrepidPotash IPI 32.20 -3.2
NorthernStarIII NSTC.U 10.10 1.0 SenstarTech SNT 1.25 -0.3
CatchaInvt CHAA.U 10.07 -0.3 NovoNordisk NVO 133.46 2.3 BellicumPharm BLCM 0.88 -3.3 InVivoTherap NVIV 1.61 2.8
1.31 -4.3
SensusHealthcare SRTS 5.58 1.2 CALIFORNIA ARKANSAS AUCTIONS
CatchaInvtA CHAA 10.08 0.1 BensonHillWt BHIL.WS 0.24 8.6 IrisEnergy IREN
OpalFuelsWt OPALW 2.44 2.7 ShapewaysWt SHPW.WS 0.02 2.0
CelsiusHldg CELH 122.24 0.4 BerkshireGrey BGRY 0.70 -7.2 IronNet IRNT 0.26 -5.1
OPYAcqnIA OHAA 10.07 ... SharpLink SBET 0.31 -8.7
ChengheAcqnA CHEA 10.28 ... Biocept BIOC 0.56 -5.4 IsoPlexis ISO 0.87 -3.3
OakValleyBncp OVLY 22.41 4.3 SifyTech SIFY 1.26 -3.1
ChinaEastrnAir CEA 22.92 -0.8 OmniLitAcqn OLITU 11.09 1.3 Biolase BIOL 0.65 -5.8 iSun ISUN 1.29 -5.8
SiloPharma SILO 2.88 -11.2
ChinookTherap KDNY 25.06 3.3 PHGE 0.18 -3.6 IterumTherap ITRM 1.13 -0.9
REAL ESTATE AUCTION real estate
auctions
OmniLitAcqnA OLIT 11.55 2.4 BiomX SilvergateCapital SI 18.02 -11.9
Cigna CI 340.11 -2.7 OrionBiotechOpps ORIAU 10.03 0.5 BiomXWt PHGE.WS 0.01 -26.9 Joann JOAN 3.91 -9.3
SilvergatePfdA SIpA 11.85 -0.9
Cintas CTAS 470.23 1.1 BlueApron APRN 0.62 -3.9 JoffFintech JOFFU 9.41 -0.1 D
CitigrpCapXIIIPf CpN
ClassAccel CLAS.U
28.80
10.10
0.6
-0.1
PJT Partners PJT
ProofAcqnIA PACI
PennsWoodsBncp PWOD
81.41 -0.6
10.12 ...
26.97 -1.0
BoneBiologics BBLG
BoxedWt BOXD.WS
0.20 -15.1
0.03 -9.5
JounceTherap JNCE
JourneyMed DERM
KoreGroupWt KORE.WS
0.58 3.1
1.46 -4.4
0.09 -18.6
Skillsoft
Smith&Wesson SWBI
SKIL

SocialLvgI Wt SLAC.WS
1.34 -1.4
9.09 -1.3
0.05 -45.6
FEBRUARY 15, 2023
ClassAccelA CLAS 10.09 0.1 PepsiCo PEP 186.84 -0.1 Boxed BOXD 0.27 -10.2 SocietyPass SOPA 1.32 -2.0
KORE 1.84 -7.0
Colonnade II A CLAA
ConagraBrands CAG
CornerGrowth2 A TRON
10.08
38.61
11.00
0.2
-0.6
2.7
PerformanceFood PFGC
PeridotAcqnIIA PDOT
Pinduoduo PDD
61.79 1.3
10.07 ...
93.16 3.1
BrightHealth
BroogeWt
BHG
BROGW
BrookfieldDTLAPf DTLAp
0.66 -16.1
0.05 ...
4.64 -0.9
KoreGroup
KwesstMicroSys KWE
KalaPharm KALA
2.36 -5.0
4.52 -5.2
SolidPower
SolunaPfdA
SomaLogic
SLDP
SLNHP
SLGC
2.52 -3.4
1.85 -8.3
2.46 -3.1
SKILLED NURSING
CPI Aero
CresceraCapA CREC
CrixusBH3 A BHAC
CVU 3.86
10.22
10.40
3.0
0.1
-0.3
PowellIndustries POWL
PowerSchool PWSC
PrimeNumberI PNACU
38.14 1.9
21.52 3.5
10.20 0.5
ButterflyNtwkWt BFLY.WS
CalitheraBiosci CALA
CanoHealth CANO
0.30 -8.2
1.33 -9.0
1.27 -9.2
KaryopharmTherap KPTI
KimballIntl B
Knightscope
KBAL
KSCP
3.44 -9.1
6.19 1.4
1.65 -3.2
SpreeAcqn1 Wt SHAP.WS
SpringBig
SpruceBio
SBIG
SPRB
0.00 14.8
0.61 1.0
0.95 -3.3
FACILITY
CrownPropA
CVRx
CPTK
CVRX
10.10
14.94
0.1
7.8
PriveterraAcqnA PMGM
PropSolnsII A PSAG
10.01 0.1
10.10 ...
CardioDiag
CareMaxWt
CDIO
CMAXW
1.23 -24.3
0.27 -37.2
Lensar
LGL Group
LNSR
LGL
2.96 -2.3
3.88 -3.1
SteakholderFds STKH
Stratasys SSYS
0.65 -30.0
12.38 -0.8
6811 S. HAZEL ST., 9027 New Sapulpa Rd
DA32LifeSci DALS
DKS
10.57
125.15
1.6
-6.2
ProspectorCapA PRSR 10.09 0.1 CareMax CMAX
CellectarBiosci CLRB
2.87 0.7
1.53 -11.5
LairdSuperfood LSF
LeeEnterprises LEE
1.00 -4.7
16.25 -4.9
StrongholdDig SDIG 0.47 4.8
PINE BLUFF, ARKANSAS
Dick's
dMYSquaredWt DMYY.WS 0.94 ...
PumaBiotech PBYI
PyxisTankersWt PXSAW
5.16 10.8
1.44 3.0 CenntroElec CENN 0.37 -8.6 LendingClub
LiliumWt
LC
LILMW
9.28 -0.8
0.10 -11.9
SuperLeagueGam SLGG
Surrozen SRZN
0.50 ...
0.41 -6.7 Oklahoma Industrial
EQ Health A EQHA 10.09 ... QomolangmaWt QOMOW 0.07 81.1 CharahNts2026 CHRB 9.75 ... Swvl SWVL 0.24 -6.4 Built in 1992, this currently vacant
ElliottOppII
ElliottOppIIA
EOCW.U
EOCW
10.17
10.03
-0.1
0.1
QuantaServices PWR
RPM RPM
155.00 1.5
106.50 0.9
CipherMining CIFR
CleverLeaves CLVR
0.71 -2.1
0.40 -2.7
LionElectric LEV
LionElectricWt LEV.WS
2.19 -18.0
0.26 -45.8
Synchronoss
TCR2 Therap TCRR
SNCR 0.65 ...
0.98 -9.9 36,045 sq. ft. building is comprised Auctions January 18
EM Horizon A HORI 10.20 0.1 Rambus RMBS 39.34 0.6 CloverHealth CLOV 1.09 ... LisataTherap LSTA 2.86 -4.8 ADS-TEC Wt ADSEW 0.22 -7.3 of 66-units /126-beds situated View 11-2pm Fri Jan 6
EmpowermentI EPWR.U
Ennis EBF
10.11
23.48
0.6
1.2
RayonierAdvMatls RYAM
RelativityAcqnA RACY
9.04 4.8
10.25 0.3
ClovisOncology CLVS
Co-Diagnostics CODX
0.13 -33.9
2.52 -6.1
Lucid
LuciraHealth
LCID
LHDX
7.94 -3.5
0.27 4.1
TH Intl Wt
TMCtheMtlsWt TMCWW
THCHW 0.11 -21.8
0.09 -14.8 NOTABLE on 3.36 acres. Good condition, SAPULPA, OK • 519 W Dewey Ave
FtacHeraAcqn HERAU
Fabrinet FN
10.08
136.08
0.2
1.5
RevelstoneCap RCACU
RossStores ROST
10.11 0.8
120.39 1.0
CodiakBioSci
CoinbaseGlbl
CDAK
COIN
0.57 -2.5
38.50 -9.2
LumentFinance LFT
LumentFinPfdA LFTpA
1.86 1.1
18.93 -8.2
TMCthemetals TMC
T2Biosystems TTOO
0.71 -5.9
1.43 -1.4
COmmErCiAL tranquil~park like setting. 1,591+/- sf Industrial complex.
FairIsaac
FennecPharm FENC
FICO 638.87
10.29
0.7
1.7
ShuaaPtrsI A SHUA
SJW Group SJW
10.29 0.2
81.33 1.1
ColiseumAcqnWt MITAW
ContraFect CFRX
0.03 -34.9
0.09 -20.3
LyellImmuno
MEI Pharma
LYEL
MEIP
3.43 ...
0.21 5.4
TempoAutomation TMPO
TerranOrbital LLAP
1.82 -0.5
1.41 -4.1
prOpErTiEs Previously Valued to Auctions: 12pm on site

Flex FLEX 23.27 2.7 ScorpioTankers STNG 55.19 0.3 Crawford B CRD.B 5.05 -6.3 M-tronInds MPTI 7.99 -2.5 Tesla TSLA 156.91 -4.1
$3,800,000
FocusImpact FIACU 10.17 1.2 7GC A VII 10.07 0.1 CreativeMedia CMCT 5.02 -7.7 MVB Financial MVBF 22.80 0.5 Torrid CURV 2.90 1.3
every Wednesday TULSA, OK • 9027 New Sapulpa Rd
ForbionEuro FRBNU 10.46 1.8 SilkRoadMed SILK 56.73 4.8 CrineticsPharm CRNX 15.81 0.6 MarathonDigital MARA 4.65 -8.1 Trevena TRVN 1.76 -2.1
Suggested Opening Bid Office/Warehouse with 8,051+/- sf.
4D Molecular FDMT 26.49 -2.7 SilverSpikeII SPKBU 10.06 0.3 CustomersBancorp CUBI 29.20 -1.1 Markforged MKFG 0.92 -3.9 Tricida TCDA 0.17 -16.2 LIST YOUR $650,000 Auctions: 2pm on site
FrontierAcqn FRONU 10.06 0.1 SilverSpikeII A SPKB 10.06 0.1 Cybin CYBN 0.30 0.9 MedalistDivREIT MDRR 0.61 -2.3 TuanChe TC 0.76 -4.8
Futu FUTU 70.60 5.3 StarGroup SGU 11.71 6.1 DallasNews DALN 4.20 -2.1 MedigusWt MDGSW 0.02 130.8 TuesdayMorning TUEM 2.52 -11.1 PROPERTY TODAY On-site inspections noon to 2pm on
GSquaredI A GSQD 10.09 0.1 SteelDynamics STLD 113.12 0.6 DatChatWt DATSW 0.05 -20.0 MicroAlgo MLGO 4.02 -60.8 US Energy USEG 2.30 -3.3 SAPULPA, OK • NW Corner Of
GardinerHlthcr GDNR 10.25 0.3 Supernova III A STRE 10.06 0.3 DesignerBrands DBI 9.92 ... MidatechPharma MTP 1.10 -29.6 UnvlSecInstr UUU 2.03 -4.2
Jan. 24, Feb. 1 & 9 and by appointment.
Gartner IT 358.25 1.1 TB SA Acqn TBSAU 10.05 0.2 DolphinEnt DLPN 2.25 -3.4 MyMD Pharm MYMD 1.40 -10.8 VyneTherap VYNE 0.17 0.4 10% Buyers Premium New Sapulpa Rd & W 96th St S
GenworthFin GNW 5.19 0.8 TailwindIntlA TWNI 10.06 0.4 DomaWt DOMA.WS 0.01 -14.5 Mynaric MYNA 3.50 -4.4 VandaPharm VNDA 7.31 -31.1
(800) 366-3975 4.7+/- acres of vacant land.
GesherIAcqn GIACU 10.60 3.8 TargetHosp TH 16.35 -1.1 DyadicInt DYAI 1.16 -7.1 NGL Energy NGL 1.10 -2.7 VenatorMaterials VNTR 0.42 -4.4
NTCO 4.05 -4.5
FOR INFORMATION CONTACT Auctions: 2pm, Wed
GettyRealty GTY 34.32 1.5 Toro TTC 113.99 0.6 EudaHealth EUDA 1.57 -11.1 Natura&Co VicariousSurgicWt RBOT.WS 0.25 -7.2
GileadSciences GILD 89.74 0.2 Trip.com TCOM 34.29 0.5 EudaHealthWt EUDAW 0.06 15.3 NatureSunshine NATR 7.93 -3.1 ViriosTherap VIRI 0.24 -9.6 Advertise today: Rick Levin & Associates, Inc. Jan 18 at 9027 New
GlobalinkInvt GLLI 10.08 0.3 TRIS 10.11 0.1 EagleBncpMT EBMT 16.89 -1.2 NautilusBiotech NAUT 1.59 -1.2 VTSI 4.18 ... wsj.com/classifieds
GoldenArrowA GAMC 10.11 0.5
TristarAcqnI
26CapAcqnA ADER 10.17 0.2 Ecoark ZEST 0.40 -10.8 NerdyWt NRDY.WS 0.18 7.6
VirTra
Waitr ASAP 0.48 -5.6 www.ricklevin.com Sapulpa Road, Tulsa
GoresVII A
GreenVisorI A GVCI
GSEV 10.01
10.30
...
0.1
twoA TWOA
USA Compression USAC
10.05 ...
20.40 1.0
EloxxPharm
EnsysceBio
ELOX
ENSC
2.54 -9.3
0.90 -11.6
Network1Techs NTIP
NewYorkCityReit NYC
2.13 -2.5
1.81 -1.5
WejoWt
WestwaterRscs WWR
WEJOW 0.06 -20.1
0.91 -1.1 312.440.2000 918.509.4908
Griffon GFF 37.69 0.2 UltaBeauty ULTA 483.80 -1.6 EntFinlSvsPfdA EFSCP 16.70 -1.6 NexImmune NEXI 0.30 -7.8 X4 Pharm XFOR 0.81 -9.6 IN CONJUNCTION WITH williamsauction.com/Sapulpa
GpoAeroportSur ASR 254.15 1.5 UnitedRentals URI 372.00 1.8 EnvirotechVeh EVTV 2.26 -5.0 NextPlayTech NXTP 0.11 -9.5 XP XP 14.97 -3.0
© 2022 Dow Jones & Company, Inc. WOOLEY AUCTIONEERS
HH&L Acqn HHLA 10.08 0.1 VelocityAcqnA VELO 10.08 0.1 EnzoBiochem ENZ 1.38 -24.3 Nikola NKLA 2.01 -7.7 XosWt XOSWW 0.04 -14.5 AALB#2150 OK PHIL HEILIGER RE LIC 129912.
HeartbeamWt BEATW 1.35 8.9 Vipshop VIPS 13.29 1.4 EosEnergyWt EOSEW 0.11 -55.2 9MetersBiopharma NMTR 1.37 -4.8 ZyVersaTherap ZVSA 7.21 -66.7 All Rights Reserved. BUYER’S PREMIUM MAY APPLY.
B8 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

COMMODITIES
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures May 18.43 18.69 18.26 18.60 .28 197,565
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Contract Open
March 36.50 –.25 2,212
Open High hi lo Low Settle Chg interest
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. March 79.29 82.39 78.80 81.63 2.24 104,559
Dec 3.8210 3.9145 3.8060 3.8395 0.0410 2,531 May 79.46 82.48 78.82 81.67 2.19 34,732
March'23 3.8080 3.9290 3.8035 3.8420 0.0415 104,340
PUT THE HAPPINESS BACK INTO DRIVING. Gold (CMX)-100 troy oz.; $ per troy oz.
Dec 1780.70 1819.80 1780.50 1813.90 33.40 2,563
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan 207.65 209.40 206.90 207.70 –1.50 5,851
March 198.55 199.95 197.85 198.50 .85 4,735

NO PAYMENTS FOR 90 DAYS

Jan'23 1785.80 1829.00 s 1785.00 1818.30 33.30 1,326
Feb 1792.30 1836.90 1791.80 1825.50 33.20 361,308
April 1807.70 1851.40 1807.10 1840.50 33.10 31,553
Interest Rate Futures
June 1826.00 1866.20 1823.50 1855.80 33.10 13,867 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
AND UP TO $500 OWNER LOYALTY Aug 1843.70 1880.80 1843.70 1871.30 33.00
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec 1914.30 52.60
5,100

1
Dec 142-030 145-110
March'23 142-230 145-270
142-030 143-280 1-18.0

Treasury Bonds (CBT)-$100,000; pts 32nds of 100%

2,905
142-080 143-300 1-18.0 1,416,149

March'23 1883.00 2003.00 1880.50 1936.70 52.60 7,533

ON ALL 2018-2020 BMW CERTIFIED MODELS** Platinum (NYM)-50 troy oz.; $ per troy oz.
Dec 1051.90 30.90 1
Dec 129-250 132-110
March'23 129-210 132-130
129-200 131-080 1-17.0 3,264
129-160 131-070 1-18.0 1,170,071
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan'23 1009.00 1056.00 1006.00 1038.90 30.90 43,959 Dec 113-215 115-025 113-180 114-170 30.0 7,446
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'23 113-270 115-115 113-250 114-250 30.5 3,778,543
Dec 23.325 24.155 23.325 23.801 0.581 1,360
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
2019 BMW X7 xDrive40i March'23 23.520 24.390

Jan
Feb
73.29
73.43
76.37
76.30
23.490

73.21
73.33
23.990 0.587
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
75.39
75.44
2.22
2.16
107,597

173,107
186,058
Dec 108-182 109-180
March'23 108-230 109-262
108-170 109-047
108-217 109-120
22.5

2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%

4,332
22.7 4,084,357

March 73.57 76.33 73.50 75.58 2.12 155,228

Dec 102-166 102-300 102-162 102-256 10.5 4,734
March'23 102-222 103-063 102-216 103-007 11.9 2,139,614
ARCTIC GREY METALLIC June
Dec
73.89
73.03
76.18
74.57
73.82
72.65
75.67
74.02
1.83
1.24
131,505
171,096 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 95.8825 95.8950 95.8800 95.8925 .0100 253,354
Stk# BB41590A, 29,057 mi. Dec'24 70.12 71.22 69.82
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
70.39 0.35 68,509
Jan'23 95.6450 95.6700 95.6400 95.6650 .0200 406,228
Jan 2.9614 3.1167 2.9503 3.0922 .1237 49,934 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Feb 2.9338 3.0816 2.9220 3.0594 .1197 53,365 Dec 93-205 94-160 93-205 93-255 27.0 16,541
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Jan 2.0903 2.1757 2.0815 2.1609 .0799 68,914 Sept 96.5250 96.5275 96.5250 96.5275 .0025 623,306

SMART PRICE Feb 2.1036 2.1906 2.0955

Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.1760 .0808 52,671 March'23 95.0550 95.2250 95.0500 95.1700 .1150 1,170,459
Eurodollar (CME)-$1,000,000; pts of 100%
Jan 6.534 7.105 6.499 6.935 .348 81,751 Dec 95.2175 95.2700 95.2125 95.2550 .0300 1,305,013
*
$
61,698 Feb 6.341 6.871 6.337 6.733 .317 74,631 March'23 94.8400 95.0050 94.8300 94.9650 .1250 813,584
March 5.763 6.192 5.725 6.071 .286 152,365 Sept 94.9350 95.1900 94.9350 95.1100 .1800 684,633
April 5.074 5.397 5.060 5.354 .258 102,167 Dec 95.2600 95.5550 95.2550 95.4550 .2050 755,161
May 5.062 5.334 5.024 5.301 .254 103,934
Oct 5.192 5.447 5.171 5.426 .242 47,538 Currency Futures
Agriculture Futures Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec .7274 .7433 .7254 .7387 .0123 172,521

2022 BMW ALPINA B7 xDrive Corn (CBT)-5,000 bu.; cents per bu.
Dec 642.50 650.50
March'23 654.00 660.00
639.25
652.25
643.75
653.50
2.50 219
–.50 569,287
March'23

Dec
.7357

.7335
.7518
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.7396
.7338

.7329
.7473

.7378
.0124 37,404

.0047 120,354
Oats (CBT)-5,000 bu.; cents per bu. March'23 .7342 .7406 .7338 .7386 .0046 32,569
March 342.50 344.00 336.25 340.75 … 3,577 British Pound (CME)-£62,500; $ per £
BLACK SAPPHIRE, Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.2265 1.2448 1.2250 1.2377 .0116 181,827
Jan 1461.25 1487.75 1460.75 1479.75 19.25 176,236 March'23 1.2301 1.2477 1.2280 1.2407 .0116 51,518
STK # BB41658A, March 1466.00 1492.00 1465.25 1484.50
Soybean Meal (CBT)-100 tons; $ per ton.
19.00 210,158 Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 1.0691 1.0840 1.0674 1.0776 .0096 35,200
8,568 MILES Dec 453.10 453.10
March'23 448.50 457.00
450.40
447.50
450.00
449.90
1.70 52
1.50 160,649
March'23 1.0799 1.0951 1.0781 1.0887 .0100 6,729
Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec .6749 .6896 .6723 .6860 .0116 136,935
Dec 65.42 65.42 65.42 66.31 1.92 30 March'23 .6772 .6919 .6766 .6883 .0116 22,333
SMART PRICE March'23 61.60 63.90 61.33
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
63.37 1.90 140,043 Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec .05027 .05116 .05023 .05104 .00081 236,424
Jan 16.71 16.84 16.71 16.77 .06 4,313
*
$
129,798
March'23 .04956 .05040 .04951 .05028 .00078 58,720
March 17.12 17.20 17.07 17.13 .06 2,499 Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Dec 1.0544 1.0680 1.0533 1.0642 .0113 562,503
Dec 741.00 742.50 736.25 728.75 –4.25 250
March'23 1.0610 1.0748 1.0602 1.0711 .0115 166,644
March'23 756.50 769.25 749.75 750.75 –4.00 178,961
Wheat (KC)-5,000 bu.; cents per bu.
Dec 891.00 891.00 891.00 883.00 3.00 13 Index Futures
March'23 862.25 879.25 862.25 865.25 3.00 88,990 Mini DJ Industrial Average (CBT)-$5 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec

2020 BMW X6 xDrive40i Sport

33997 34984 33911 34133 116 50,633
Jan 183.450 184.450 183.075 184.225 .575 15,971 March'23 34244 35228 34160 34388 119 50,267
March 185.025 185.950 184.825 185.725 .500 15,461 Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3989.25 4145.00 3985.00 4022.25 30.50 1,108,767
Dec 154.550 155.150 s 154.550 154.900 .500 8,396 March'23 4022.25 4180.00 4017.50 4055.25 30.25 1,295,910
Feb'23 156.400 156.775 155.925 156.350 .250 129,174 Mini S&P Midcap 400 (CME)-$100 x index
RIVERSIDE BLUE METALLIC, Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 2491.60 2577.00 2487.70 2510.10 15.00 10,724
Dec 81.900 82.550 81.775 82.400 .450 11,938 March'23 2510.10 2597.80 2507.30 2530.00 14.90 36,218
STK # BB8105XX, Feb'23 83.850 86.000 83.850 84.575 .875 73,727
Mini Nasdaq 100 (CME)-$20 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 11691.25 12236.50 11680.50 11839.75 128.00 161,267
13,871 MILES Jan 418.80 426.40 404.00 406.00 –4.80 2,090
March'23 11816.75 12384.00 11797.25 11958.75 129.00 139,002
March 417.40 424.70 403.70 405.00 –5.10 720
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index
Dec 1820.00 1891.30 1816.60 1834.10 14.20 210,722
Dec 20.50 20.53 20.46 20.50 … 4,503
SMART PRICE Jan'23 19.05 19.38 19.02 19.25 .21 3,795
March'23 1832.10 1905.70 1830.50 1848.50 14.20 289,472
Mini Russell 1000 (CME)-$50 x index
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec 2249.60 2250.30 2189.00 2205.60 17.00 6,356
*
$
67,798
Dec 2,491 39 1
March'23 2,502 2,557 2,502 2,541 39 123,769 March'23 2242.90 2268.30 2207.30 2224.60 17.80 4,540
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 165.50 165.50 165.00 167.15 .80 767 Dec 104.94 105.09 103.53 103.94 –1.16 39,673
March'23 166.40 169.10 165.10 167.90 .85 104,909 March'23 104.58 104.72 103.16 103.57 –1.20 7,362
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 19.47 19.83 19.31 19.76 .38 389,167 Source: FactSet

2018 BMW X6 M SAV Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates December 13, 2022
DONINGTON GRAY, Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
STK # BP1511XX, guide to general levels but don’t always represent actual transactions.
46,012 MILES Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
Nov. index Chg From (%)
level Oct. '22 Nov. '21 Federal funds Libor
SMART PRICE U.S. consumer price index
Effective rate
High
3.8400
4.1000
3.8400
4.0500
3.8400
4.1000
0.0800
0.0900
One month
Three month
4.31786
4.76900
4.22143
4.73457
4.31786
4.77857
0.10125
0.20913
297.711 –0.10 7.1
*
All items
$
66,798
Low 3.8100 3.8100 3.8200 0.0500 Six month 5.20571 5.20200 5.22529 0.29113
Core 299.600 0.10 6.0 Bid 3.8200 3.8300 3.8300 0.0600 One year 5.55129 5.56414 5.66643 0.49788
Offer 3.8400 3.8500 3.8800 0.0800 Secured Overnight Financing Rate
International rates
Treasury bill auction 3.80 3.81 3.82 0.04
Week 52-Week 4 weeks 3.650 3.950 3.970 0.020
Latest ago High Low Value 52-Week
13 weeks 4.270 4.270 4.285 0.055 Latest Traded High Low
Prime rates 26 weeks 4.630 4.570 4.630 0.130

2020 BMW 330i xDrive U.S.

Canada
7.00 7.00 7.00 3.25
5.95 5.95 5.95 2.45
Fannie Mae
Secondary market
DTCC GCF Repo Index
Treasury
MBS
3.815
3.872
40.400 3.842 0.023
38.446 3.895 0.032
Japan 1.475 1.475 1.475 1.475 Notes on data:
30-year mortgage yields
ALPINE WHITE, Policy Rates
30 days 5.799 5.789 6.812 2.518
U.S. prime rate is the base rate on corporate loans
posted by at least 70% of the 10 largest U.S. banks,
Euro zone 2.00 2.00 2.00 0.00 and is effective November 3, 2022. Other prime
STK # BP1588, Switzerland 1.00 1.00 1.00 0.00
60 days 5.816 5.809 6.988 2.556
rates aren’t directly comparable; lending practices
Britain 3.00 3.00 3.00 0.10 Other short-term rates vary widely by location; Discount rate is effective
38,560 MILES Australia 3.10 2.85 3.10 0.10 November 3, 2022. Secured Overnight Financing
Rate is as of December 12, 2022. DTCC GCF Repo
Week 52-Week Index is Depository Trust & Clearing Corp.'s
Overnight repurchase Latest ago high low weighted average for overnight trades in applicable
3.83 3.82 3.85 0.01
SMART PRICE U.S.
Call money
CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as of
U.S. government rates 5.75 5.75 5.75 2.00 5:30 p.m. ET.

*
$
36,998 Discount
4.00 4.00 4.00 0.25
Commercial paper (AA financial)
90 days 4.44 4.29 4.63 0.13
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet;
Tullett Prebon Information, Ltd.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD

2016 BMW 640i xDrive Gran Coupe

Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
iShRussell1000Gwth IWF 228.86 0.92 –25.1
Tuesday, December 13, 2022 Closing Chg YTD
iShRussell1000Val IWD 155.69 0.65 –7.3
ETF Symbol Price (%) (%)
Closing Chg YTD iShRussell2000 IWM 181.38 0.83 –18.5
ETF Symbol Price (%) (%) iShCoreTotalUSDBd IUSB 46.04 0.74 –13.0 iShRussellMid-Cap IWR 70.32 0.87 –15.3
ALPINE WHITE, CnsmrDiscSelSector XLY 139.78 ... –31.6 iShCoreUSAggBd
iShSelectDividend
AGG
DVY
99.47
123.10
0.67
0.30
–12.8
0.4
iShRussellMCValue
iShRussell1000
IWS
IWB
109.06
220.26
0.56
0.78
–10.9
–16.7
CnsStapleSelSector XLP 76.58 –0.14 –0.7
88.94 0.79 –17.6 iShS&P500Growth IVW 62.35 1.20 –25.5
STK # BP1361XY, DimenUSCoreEq2
EnSelSectorSPDR
DFAC
XLE
25.35
86.46
0.64
1.90
–12.5
55.8
iShESGAwareUSA
iShEdgeMSCIMinUSA
ESGU
USMV 74.48 0.05 –7.9 iShS&P500Value IVE 149.09 0.37 –4.8
35.08 0.26 –10.2 iShEdgeMSCIUSAQual QUAL 119.48 0.87 –17.9 iShShortTreaBd SHV 110.01 0.04 –0.4
45,015 MILES FinSelSectorSPDR
HealthCareSelSect
XLF
XLV 139.88 0.31 –0.7 iShGoldTr IAU 34.36 1.78 –1.3 iShTIPSBondETF TIP 108.76 0.30 –15.8
IndSelSectorSPDR XLI 101.15 0.38 –4.4 iShiBoxx$HYCpBd HYG 76.11 1.04 –12.5 iSh1-3YTreasuryBd SHY 81.51 0.30 –4.7
InvscQQQI QQQ 288.65 1.08 –27.4 iShiBoxx$InvGrCpBd LQD 109.67 0.87 –17.2 iSh7-10YTreaBd IEF 98.59 0.90 –14.3
InvscS&P500EW RSP 147.17 0.70 –9.6 iShJPMUSDEmgBd EMB 87.25 0.96 –20.0 iSh20+YTreaBd TLT 107.70 0.97 –27.3

SMART PRICE iShCoreDivGrowth

iShCoreMSCIEAFE
DGRO
IEFA
51.50
63.58
0.54
1.52
–7.3
–14.8
iShMBSETF
iShMSCIACWI
MBB
ACWI
95.13
88.25
1.02
0.92
–11.4
–16.6
iShUSTreasuryBd
JPMEquityPrem
GOVT
JEPI
23.23
56.33
0.65
0.16
–12.9
–10.9
iShCoreMSCIEM IEMG 47.57 0.80 –20.5 iShMSCI EAFE EFA 67.79 1.42 –13.8 JPM UltShIncm JPST 50.21 0.04 –0.5

$
37,498*
iShCoreMSCITotInt IXUS 59.40 1.12 –16.3 iSh MSCI EM EEM 38.59 0.72 –21.0 SPDRBlm1-3MTB BIL 91.54 ... 0.1
iShCoreS&P500 IVV 402.01 0.80 –15.7 iShMSCIEAFEValue EFV 46.45 1.41 –7.8 SPDR Gold GLD 168.51 1.71 –1.4
iShCoreS&P MC IJH 249.61 0.64 –11.8 iShNatlMuniBd MUB 106.69 0.56 –8.2 SPDRS&P500Value SPYV 40.21 0.40 –4.3
iShCoreS&P SC IJR 98.30 0.34 –14.2 iSh1-5YIGCorpBd IGSB 50.15 0.38 –6.9 SPDRPtfS&P500 SPLG 47.27 0.77 –15.3
iShCoreS&PTotUS ITOT 88.67 0.80 –17.1 iShPfd&Incm PFF 31.72 1.02 –19.6 SPDRS&P500Growth SPYG 54.16 1.21 –25.3
SchwabIntEquity SCHF 33.26 1.37 –14.4
SchwabUS BrdMkt SCHB 46.87 0.75 –17.1
SchwabUS Div SCHD 77.35 0.49 –4.3
SchwabUS LC SCHX 47.25 0.79 –17.0
ADVERTISEMENT SchwabUS LC Grw 59.56 1.09 –27.3

Herb Chambers BMW of Boston

SCHG
SchwabUS SC SCHA 42.09 0.74 –17.8

Showroom
Schwab US TIPs SCHP 53.13 0.30 –15.5
SPDR DJIA Tr DIA 341.81 0.35 –5.9
1168 Commonwealth Avenue Boston SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
458.70
401.97
0.59
0.76
–11.4
–15.4
To advertise: 800-366-3975 or WSJ.com/classifieds SPDR S&P Div SDY 129.98 0.42 0.7
877-283-4516 • herbchambersbmw.com TechSelectSector
UtilitiesSelSector
XLK
XLU
135.35
72.67
1.18
0.30
–22.2
1.5
VangdInfoTech VGT 346.86 1.19 –24.3
VangdSC Val VBR 164.55 0.39 –8.0
VangdExtMkt VXF 139.72 0.87 –23.6

BMW Certified Pre-Owned Medford

VangdDivApp VIG 157.96 0.45 –8.0
ROLLS ROYCE VangdFTSEDevMk VEA 43.73 1.30 –14.4

SHOWROOM
VangdFTSE EM VWO 40.27 0.52 –18.6
VangdFTSE Europe VGK 57.76 1.46 –15.4
60 Mystic Avenue Medford VangdFTSEAWxUS
VangdGrowth
VEU
VUG
52.13
229.94
1.20
1.25
–14.9
–28.3
ADVERTISE TODAY VangdHlthCr VHT 255.39 0.46 –4.1
617-765-1385 • herbchambersbmwmedford.com VangdHiDiv
VangdIntrCorpBd
VYM
VCIT
111.52
79.52
0.36
0.91
–0.5
–14.3
VangdIntermTrea VGIT 59.49 0.63 –10.5
(800) 366-3975 VangdLC VV 183.30 0.80 –17.1
*Pricing excludes tax, title, registration and doc fee. Must qualify with BMW Financial Services to be eligible. Rebate varies VangdMC VO 214.19 0.83 –15.9
by model and years. Please contact dealer for details. ** Interest will accrue during 90-day period to first payment and will [email protected] VangdMC Val VOE 140.80 0.36 –6.3
be due prior to maturity of the contract. This offer is available on select model-year 2018-2020 CPO BMW models with VangdMBS VMBS 46.70 0.95 –11.6
For more information visit: VangdRealEst VNQ 88.09 1.85 –24.1
36-to-72 month retail contracts financed through BMW Financial Services NA, LLC, excluding select contracts. To be VangdS&P500ETF VOO 369.39 0.74 –15.4
wsj.com/classifieds
eligible, qualified customers must have excellent credit history and meet BMW Financial Services’ credit requirements. Not SCX1 – THE FIRST ROLLS ROYCE VangdST Bond
VangdSTCpBd
BSV
VCSH
75.76
75.71
0.38
0.38
–6.3
–6.8
all customers will qualify. Other rates and terms available. All offers subject to vehicle availability. From 3.99% APR up to SILVER CLOUD III VangdShtTmInfltn VTIP 48.01 0.25 –6.6
36 months at $29.52 per month per $1,000 financed applies to all 2018-2020 BMW Certified Pre-Owned models. No down VangdShortTrea VGSH 58.05 0.31 –4.6
payment is required. Offer valid through 12/31/2022. Offer available from participating BMW dealers to eligible, qualified Perfect Holiday VangdSC
VangdTaxExemptBd
VB
VTEB
191.62
50.02
0.77
0.34
–15.2
–8.9
customers with excellent credit history who meet BMW Financial Services NA, LLC credit requirements. Not all customers will
qualify for the lowest rate. Other rates and terms available. All offers subject to vehicle availability.
Transport VangdTotalBd
VangdTotIntlBd
BND
BNDX
73.66
49.07
0.68
0.02
–13.1
–11.0
Vantage Motorworks, Inc. North Miami, Florida
VangdTotIntlStk VXUS 53.70 1.19 –15.5
305-940-1161 © 202 Dow Jones & Company, Inc. VangdTotalStk VTI 201.02 0.75 –16.7
VangdTotWrldStk VT 90.21 0.93 –16.0
www.vantagemotorworks.com All Rights Reserved.
VangdValue VTV 144.28 0.29 –1.9
THE WALL STREET JOURNAL. NY Wednesday, December 14, 2022 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
Aptiv APTV 97.58 1.47 Berkley WRB 73.08 -1.14 CVS Health CVS 101.19 -2.60 ColgatePalm CL 78.75 0.14 Doximity DOCS 36.72 1.64 FirstHorizon FHN 24.41 -0.09 HSBC HSBC 30.85 0.39
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. s Aramark ARMK 42.39 0.24 BerkHathwy B BRK.B 312.33 0.88 CadenceDesign CDNS 168.23 2.14 Comcast A CMCSA 36.71 0.19 DrReddy'sLab RDY 54.62 0.31 FirstIndRlty FR 50.55 0.75 H World HTHT 43.54 1.01
Market listed securities. Prices are composite dd-Indicates loss in the most recent
ArcelorMittal MT 27.64 0.48 BerkHathwy A BRK.A 471999920.03 CAE CAE 20.78 -0.15 Comerica CMA 66.29 -1.14 DraftKings DKNG 13.77 -0.54 FirstRepBank FRC 123.95 4.10 Haleon HLN 7.87 0.09
quotations that include primary market trades four quarters. ArchCapital ACGL 59.90 -0.10 BerryGlobal BERY 61.69 0.71 CaesarsEnt CZR 52.55 2.28 CommerceBcshrs CBSH 66.84 -0.31 Dropbox DBX 23.44 0.50 FirstSolar FSLR 157.08 6.80 Halliburton HAL 37.00 2.70
as well as trades reported by Nasdaq BX FD-First day of trading. ArcherDaniels ADM 93.23 -0.10 BestBuy BBY 84.07 1.60 CamdenProperty CPT 118.44 2.15 SABESP SBS 10.13 -0.12 DukeEnergy DUK 103.10 0.78 FirstEnergy FE 42.24 ... HalozymeTherap HALO 58.94 0.89
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing AresMgmt ARES 73.43 2.33 Bilibili BILI 24.09 1.09 Cameco CCJ 22.17 -0.04 s ConagraBrands CAG 38.23 -0.24 DuPont DD 70.86 0.99 Fiserv FISV 101.56 -0.91 HarleyDavidson HOG 46.37 1.23
Cboe, NYSE National and Nasdaq ISE. standards arGEN-X ARGX 384.70-10.16 Bill.com BILL 118.81 0.99 CampbellSoup CPB 56.27 -0.64 Confluent CFLT 23.71 0.25 Dynatrace DT 39.70 1.41 FiveBelow FIVE 179.82 2.59 HartfordFinl HIG 75.78 0.76
The list comprises the 1,000 largest lf-Late filing AristaNetworks ANET 133.02 2.06 Bio-Techne TECH 86.98 4.00 CIBC CM 41.64 -0.66 ConocoPhillips COP 113.41 1.63 EMCOR EME 150.22 0.79 FleetCorTech FLT 191.22 1.68 Hasbro HAS 60.67 0.67
companies based on market capitalization. q-Temporary exemption from Nasdaq ArrowElec ARW 109.79 1.11 Bio-RadLab A BIO 435.03 16.75 CanNtlRlwy CNI 127.21 0.17 ConEd 29.56 0.76 s Flex HealthcareRealty HR 19.74 0.21
ED 98.51 0.16 ENI E FLEX 23.15 0.60
Underlined quotations are those stocks with requirements. AscendisPharma ASND 122.81 0.28 Biogen BIIB 291.24 0.65 CanNaturalRes CNQ 56.43 1.32 ConstBrands A STZ 240.86 -4.63 EOG Rscs EOG 127.46 3.40 HealthpeakProp PEAK 25.63 0.33
Floor&Decor FND 78.61 2.78
large changes in volume compared with the t-NYSE bankruptcy AspenTech AZPN 217.12 2.19 s BioMarinPharm BMRN 107.08 0.82 CanPacRlwy CP 79.84 0.44 ConstellationEner CEG 90.84 -0.04 EPAM Systems EPAM 364.42 18.52 HEI 157.39 0.22
FomentoEconMex FMX 78.59 -0.90 Heico
issue’s average trading volume. v-Trading halted on primary market. Assurant AIZ 130.38 -1.72 BioNTech BNTX 178.24 11.62 Canon CAJ 22.64 0.09 Cooper Heico A HEI.A 123.59 0.42
COO 329.83 15.71 EQT EQT 37.11 0.20 FordMotor F 13.57 0.11
vj-In bankruptcy or receivership or AstraZeneca AZN 69.58 0.30 BlackKnight BKI 60.93 0.84 CapitalOne COF 98.86 1.34 Copart HenrySchein HSIC 83.28 1.33
Boldfaced quotations highlight those issues being reorganized under the CPRT 62.69 -1.69 EastWestBncp EWBC 66.12 -1.14 Fortinet FTNT 54.71 1.07
Atlassian TEAM143.91 0.12 BlackRock BLK 724.15 14.92 Capri CPRI 58.64 0.61 CorebridgeFin CRBG 20.41 0.03 EastGroup EGP 156.84 2.36 Fortis FTS 40.99 0.26 Hershey HSY 236.33 -2.96
whose price changed by 5% or more if their Bankruptcy Code, or securities AtmosEnergy ATO 118.53 -0.47 Blackstone BX 83.44 0.97 CardinalHealth CAH 78.26 -1.26 Corning Hess HES 137.17 3.01
previous closing price was $2 or higher. assumed by such companies. GLW 33.99 0.50 EastmanChem EMN 88.10 1.62 Fortive FTV 67.76 0.73
Autodesk ADSK 203.02 3.14 BlockHR HRB 41.56 -0.05 Carlisle CSL 253.54 1.55 Corteva CTVA 62.64 0.35 Eaton ETN 163.64 2.81 FortBrandsHome FBHS 63.22 1.31 HessMidstream HESM 29.62 0.45
Autoliv ALV 81.27 -0.29 Block SQ 71.03 4.83 Carlyle CG 31.12 0.91 CoStar CSGP 82.00 0.06 eBay EBAY 43.72 ... FoxA FOXA 32.03 0.50 HewlettPackard HPE 16.25 0.01
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s ADP ADP 262.20 -2.23 BlueOwlCapital OWL 11.72 0.29 CarMax KMX 67.18 1.32 Costco COST 488.20 0.52 Ecolab ECL 152.72 2.21 FoxB FOX 30.04 0.38 Hilton HLT 138.11 -0.64
changes in the closing prices from 4 p.m. the previous day. AutoZone AZO 2393.46-58.49 Boeing BA 187.13 0.86 Carnival CCL 8.91 -0.10 CoterraEnergy CTRA 24.90 0.05 Ecopetrol EC 9.40 0.27 Franco-Nevada FNV 144.12 2.27 Hologic HOLX 75.78 0.63
Avalonbay AVB 173.40 1.85 BookingHldgs BKNG 2047.83-32.17 Carnival CUK 8.02 -0.07 Coty COTY 8.23 0.31 EdisonInt EIX 67.87 0.45 FranklinRscs BEN 27.70 0.66 HomeDepot HD 332.89 4.91
Avangrid AGR 43.71 0.06 BoozAllen BAH 104.41 -0.66 CarrierGlobal CARR 44.32 1.06 Coupang CPNG 17.55 -0.27 EdwardsLife EW 75.96 0.64 FreeportMcM FCX 39.26 0.38 HondaMotor HMC 24.32 0.30
Tuesday, December 13, 2022 Net Net Avantor AVTR 22.00 0.60 BorgWarner BWA 41.12 -0.22 CaseysGenStores CASY 244.51 -0.86 Credicorp 169.59 -0.23 Honeywell HON 214.96 0.46
BAP 138.51 -0.65 ElbitSystems ESLT FreseniusMed FMS 16.15 0.52
Net Stock Sym Close Chg Stock Sym Close Chg AveryDennison AVY 185.44 5.94 BostonProps BXP 68.04 0.36 Catalent CTLT 46.78 1.28 CreditSuisse CS HorizonTherap HZNP112.90 0.54
3.38 -0.02 ElectronicArts EA 125.68 0.08 FullTruck YMM 8.57 0.08
Stock Sym Close Chg agilon health AGL 17.70 0.01 AmericaMovil A AMOV 17.98 0.05 AvisBudget CAR 189.46 1.46 s BostonSci BSX 47.20 0.07 Caterpillar CAT 235.49 2.43 CrowdStrike CRWD 120.99 2.45 ElevanceHealth ELV 519.32-14.86 s Futu FUTU 68.85 3.46 HormelFoods HRL 46.66 -0.52
AxonEnterprise AXON 170.81 2.22 BristolMyers BMY 77.35 -1.54 Celanese CE 108.99 3.74 CrownCastle CCI 144.97 4.24 EmersonElec EMR 98.07 1.92 DR Horton DHI 87.29 1.09
AgnicoEagle AEM 52.86 1.57 AmericaMovil AMX 18.24 -0.07
A B C s AirProducts APD 325.25 5.74 AmerAirlines AAL 13.46 -0.74 BCE BCE 46.54 0.18 BritishAmTob BTI 40.58 -0.46 s CelsiusHldg CELH 115.70 0.42 CrownHoldings CCK 82.24 2.91 Enbridge
BHP Group BHP 63.36 0.27 BrixmorProp BRX 22.84 0.22 CenovusEnergy CVE 18.40 0.57 CubeSmart CUBE 43.25 -0.07 Endeavor
ENB 39.81 0.46 G H I HostHotels HST 18.07 -0.03
Airbnb ABNB 93.34 -2.24 AEP AEP 98.62 0.07 BJ'sWholesale BJ 70.25 -0.56 EDR 21.98 0.31 HoulihanLokey HLI 93.21 -0.35
ABB ABB 31.75 0.45 AkamaiTech AKAM 90.15 -0.43 Broadcom AVGO 571.04 14.41 Centene CNC 83.22 -3.67 Cullen/Frost CFR 130.54 -6.73 EnergyTransfer ET 11.91 0.21 GFLEnvironmental GFL 28.84 0.35 s HowmetAerospace HWM 39.21 0.33
s ADT AmerExpress AXP 157.52 0.21 BOK Fin BOKF101.32 -2.36 BroadridgeFinl BR 145.20 0.07 CenterPointEner CNP 30.91 -0.10 Cummins
ADT 9.83 0.02 CMI 242.75 0.63 EnphaseEnergy ENPH 325.99 5.13 GSK GSK 36.15 0.44 s Hubbell HUBB 255.79 0.69
Albemarle ALB 261.91 2.55 AmericanFin AFG 136.13 -0.61 BP BP 35.01 0.91 Brookfield BN 33.85 0.21 CentraisElBras EBR 7.85
AECOM ACM 85.35 1.16 ... Curtiss-Wright CW 169.98 0.27 Entegris ENTG 74.11 1.42 Gallagher AJG 193.85 0.11 HubSpot HUBS 308.42 11.57
s AES Albertsons ACI 21.03 0.09 AmHomes4Rent AMH 32.84 0.42 Baidu BIDU 119.16 2.56 BrookfieldInfr BIP 34.94 0.25
AES 29.27 0.16 GameStop GME 21.00 -1.67 Humana HUM 523.06 -6.93
Alcoa AA 46.17 0.36 AIG AIG 63.56 0.05 BakerHughes BKR 29.26 1.11 BrookfieldRenew BEPC 32.12 1.02 CeridianHCM CDAY 69.28 1.84 Entergy ETR 118.35 -0.05
Aflac
AGCO
AFL 70.67 -0.15
AGCO 133.54 0.66 Alcon ALC 71.72 1.38 AmerTowerREIT AMT 223.39 7.52 Ball CharlesRiverLabs CRL
BALL 53.82 0.22 Brown&Brown BRO 58.91 0.90 CharterComms CHTR 392.68 8.28
209.61 7.67 D E F EnterpriseProd EPD 24.41 0.25 Gaming&Leisure GLPI 52.68 0.92
Garmin GRMN 96.86 0.50
JBHunt JBHT 184.25 -2.66
HuntingtonBcshs HBAN 14.21 -0.40
Equifax EFX 206.96 8.30
Ansys ANSS 254.54 9.68 AlexandriaRlEst ARE 152.70 2.63 AmerWaterWorks AWK 159.19 2.20 BancoBilbaoViz BBVA 5.86 0.07 Brown-Forman B BF.B 69.19 0.35 CheckPoint CHKP 133.64 1.24 DCP Midstream DCP 39.09 0.44 Equinix EQIX 707.01 26.64 s Gartner IT 351.93 3.97 HuntingIngalls HII 231.95 -3.48
APA APA 45.83 1.92 Alibaba BABA 91.41 2.00 AmericoldRealty COLD 29.02 0.26 BancoBradesco BBDO 2.33 -0.09 Brown-Forman A BF.A 69.05 0.47
Chemed CHE 515.50 0.48 DISH Network DISH 16.15 0.75 Equinor EQNR 37.87 1.68 GenDigital GEN 23.01 -0.12 HyattHotels H 101.02 0.89
ASETech ASX 6.62 -0.14 AlignTech ALGN 198.58 3.57 Ameriprise AMP 324.79 -1.18 BancodeChile BCH 19.59 0.10 Bruker BRKR 67.06 0.75 CheniereEnergy LNG 165.20 2.71 DTE Energy DTE 120.46 0.31 Equitable EQH 30.54 0.19 GeneralDynamics GD 248.73 -0.89 ICICI Bank IBN 22.67 -0.14
ASML ASML 628.27 18.28 Allegion ALLE 111.83 1.58 AmerisourceBrgn ABC 165.03 -2.17 BancSanBrasil BSBR 4.88 -0.17 BuildersFirst BLDR 67.39 0.91 8.16 -0.10
CheniereEnerPtrs CQP 60.53 2.17 Danaher DHR 276.68 3.19 EquityLife ELS 66.34 1.46 GeneralElec GE 82.88 -0.33 ICL Group ICL
AT&T T 19.12 -0.18 AlliantEnergy LNT 56.42 -0.15 Ametek AME 143.44 1.37 BcoSantChile BSAC 15.87 0.16 Bunge BG 94.47 -1.00 ChesapeakeEner CHK 99.95 0.98 Darden DRI 145.03 0.54 EquityResdntl EQR 64.16 0.62 GeneralMills GIS 86.97 0.13 IdexxLab IDXX 435.35 12.24
AbbottLabs ABT 111.53 2.04 Allstate ALL 130.32 1.49 Amgen AMGN 272.26 -4.52 BancoSantander SAN 2.95 0.04 BurlingtonStrs BURL 196.67 1.12 GeneralMotors GM 38.77 0.28 ING Groep ING 12.18 0.23
Chevron CVX 173.53 3.78 DarlingIngred DAR 60.87 -0.30 ErieIndemnity A ERIE 268.63 0.16
AbbVie ABBV 164.79 -0.53 AllyFinancial ALLY 25.94 0.21 AmkorTech AMKR 26.79 0.52 BanColombia CIB 26.61 0.76 CACI Intl CACI 298.72 0.09 ChewyA CHWY 44.57 -0.57 Datadog DDOG 79.71 2.72 EssentialUtil WTRG 48.65 0.03 Genmab GMAB 45.93 -0.90 Invesco IVZ 19.61 0.72
Abiomed ABMD380.30 0.29 AlnylamPharm ALNY 236.98 1.12 Amphenol APH 81.97 1.78 BankofAmerica BAC 32.75 0.02 CBRE Group CBRE 79.86 3.36 s ChinaEastrnAir CEA 22.33 -0.19 DaVita DVA 75.05 0.18 EssexProp ESS 223.21 4.60 Genpact G 45.45 0.26 IQVIA IQV 216.80 3.66
AcadiaHealthcare ACHC 84.25 1.30 Alphabet A GOOGL 95.63 2.32 AnalogDevices ADI 175.49 3.23 BankofMontreal BMO 90.66 -1.16 CDW CDW 192.98 3.36 ChinaSoAirlines ZNH 33.64 0.32 DeckersOutdoor DECK 380.18 0.96 EsteeLauder EL 248.16 3.72 ITT ITT 82.50 0.43
Gentex GNTX 27.43 -0.06
Accenture ACN 295.35 3.01 Alphabet C GOOG 95.85 2.29 AngloGoldAsh AU 19.31 0.72 BankNY Mellon BK 45.72 0.87 CF Industries CF 97.81 -0.90 Chipotle CMG 1548.32-12.88 Deere DE 437.19 0.14 Etsy ETSY 131.60 2.08 GenuineParts GPC 178.05 -3.97 IcahnEnterprises IEP 50.60 0.05
ActivisionBliz ATVI 76.73 -0.63 Altria MO 46.81 -0.15 AB InBev BUD 60.81 0.82 BankNovaScotia BNS 49.91 -0.16 s CGI GIB 87.87 0.89 ChoiceHotels CHH 119.63 -0.94 DellTechC DELL 42.85 -0.02 EverestRe RE 331.35 -1.19 Gerdau GGB 5.85 -0.08 Icon ICLR 198.26 1.20
Adobe ADBE 342.46 4.29 Amazon.com AMZN 92.49 1.94 AnnalyCap NLY 22.06 0.23 Barclays BCS 8.07 0.14 CH Robinson CHRW 95.57 -2.06 Chubb CB 217.04 -0.49 DeltaAir DAL 33.38 -1.39 Evergy EVRG 63.25 0.11 s GileadSciences GILD 88.75 0.21 s IDEX IEX 242.05 2.04
AdvanceAuto AAP 145.68 -0.25 Ambev ABEV 2.85 -0.02 AnteroResources AR 33.97 0.87 BarrickGold GOLD 17.44 0.71 CME Group CME 178.13 -2.76 ChunghwaTel CHT 36.42 0.08 DentsplySirona XRAY 31.66 1.14 EversourceEner ES 85.95 0.25 GitLab GTLB 49.29 0.05 IllinoisToolWks ITW 225.67 1.42
AdvDrainageSys WMS 89.73 1.42 Amcor AMCR 12.56 0.08 Aon AON 309.99 2.39 Bath&BodyWks BBWI 42.40 0.25 CMS Energy CMS 64.16 0.26 Illumina ILMN 210.76 2.24
s Church&Dwight CHD 81.99 0.80 DeutscheBank DB 10.91 0.30 ExactSciences EXAS 45.24 -0.19 GlobalPayments GPN 99.45 -0.19
AdvMicroDevices AMD 71.65 0.98 Amdocs DOX 89.16 -0.24 ApolloGlbMgmt APO 65.44 1.37 BaxterIntl BAX 53.17 0.54 CNA Fin CNA 41.25 -0.51 ChurchillDowns CHDN 225.60 4.73 DevonEnergy DVN 61.98 0.90 Exelon GlobalFoundries GFS 65.40 -1.42 ImperialOil IMO 49.24 0.53
EXC 42.54 0.04
Aegon AEG 4.97 0.07 Amerco UHAL 65.26 0.95 Apple AAPL 145.47 0.98 BectonDicknsn BDX 254.05 -0.01 CNH Indl CNHI 16.24 0.26 Ciena DXCM 119.56 2.78 Expedia Incyte INCY 82.91 0.55
CIEN 50.60 -0.44 DexCom EXPE 94.39 -1.21 Globant GLOB 186.64 10.76
AerCap AER 59.46 0.14 AmercoN UHALB 58.64 -1.01 ApplMaterials AMAT 111.87 2.50 BeiGene BGNE 208.07 3.77 CRH CRH 40.67 0.72 s Cigna DEO 187.70 1.32 ExpeditorsIntl EXPD 112.43 -0.85 GL 116.79 -0.60 Infosys INFY 18.73 0.32
CI 330.25 -9.05 Diageo GlobeLife
AgilentTechs A 157.66 2.33 Ameren AEE 90.86 0.17 Aptargroup ATR 108.21 0.13 BentleySystems BSY 39.44 -0.36 CSX CSX 32.74 0.52 CincinnatiFin CINF 107.59 0.22 DiamondbkEner FANG 136.32 2.11 GlobusMedical GMED 74.05 0.01 IngersollRand IR 55.53 1.29
ExtraSpaceSt EXR 157.64 0.52
s Cintas CTAS 462.42 5.00 s Dick's DKS 114.84 -7.53 ExxonMobil XOM 107.25 1.16 GoDaddy GDDY 77.23 0.81 Ingredion INGR 99.77 0.78
CiscoSystems CSCO 49.64 0.34 DigitalRealty DLR 111.09 2.76 F5 FFIV 154.57 0.73 GoldFields GFI 10.79 ... InspireMedical INSP 256.20 19.73
Citigroup C 46.59 0.82 DiscoverFinSvcs DFS 106.56 1.28 FMC FMC 127.60 1.31 GoldmanSachs GS 368.69 5.51 Insulet PODD 313.00 12.16
Bonds | wsj.com/market-data/bonds/benchmarks CitizensFin CFG 39.90 -0.53 Disney
ClearwayEnergyA CWEN.A 31.62 0.42 DocuSign
DIS 94.70 0.04 FactSet
DOCU 58.03 3.96 s FairIsaac
FDS 456.96 7.07
FICO 620.56 4.25
Grab
Graco
GRAB 3.22 0.07
GGG 69.45 0.52
Intel INTC 28.73 0.04
InteractiveBrkrs IBKR 72.02 -2.18
ClearwayEnergyC CWEN 33.88 0.59 DolbyLab DLB 73.66 0.29 Fastenal FAST 50.14 -1.53 Grainger GWW 584.93 -8.53 ICE ICE 106.38 1.12
Tracking Bond Benchmarks Cleveland-Cliffs CLF 15.92 0.26 DollarGeneral DG 243.46 -1.35 FederalRealty FRT 108.55 0.90
Clorox CLX 147.62 -2.35 DollarTree DLTR 144.56 0.34 FedEx FDX 176.88 -0.49
GraphicPkg GPK 22.29 0.01
Grifols GRFS 8.03 0.21
InterContinentl IHG 62.24 -0.17
s IBM IBM 150.57 1.36
Cloudflare NET 51.74 0.82 DominionEner D 59.98 ... Ferguson FERG130.75 2.05 GpoAeroportuar PAC 156.41 0.06 IntlFlavors IFF 107.23 1.11
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Coca-Cola KO 63.99 0.02 Domino's DPZ 361.87 -1.48 Ferrari RACE 225.49 2.96 s GpoAeroportSur ASR 251.13 3.78 IntlPaper IP 37.22 0.42
highs and lows for different types of bonds Coca-ColaEuro CCEP 54.50 0.26 Donaldson DCI 59.93 0.33 FidNatlFin FNF 38.32 0.24 HCA Healthcare HCA 243.10 0.93 Interpublic IPG 33.48 0.62
Cognex CGNX 51.30 1.49 DoorDash DASH 58.24 0.22 FidNatlInfo FIS 73.00 1.78 HDFC Bank HDB 69.68 0.37 Intuit INTU 428.39 17.61
Total Total CognizantTech CTSH 59.18 0.14 Dover DOV 142.59 2.29 FifthThirdBncp FITB 32.94 -0.33 HF Sinclair DINO 51.00 0.16 IntuitiveSurgical ISRG 281.74 7.90
return YTD total Yield (%) return YTD total Yield (%) t CoinbaseGlbl COIN 38.69 -3.91 Dow DOW 51.56 0.45 FirstCitizBcshA FCNCA 758.94-16.14 HP HPQ 28.87 0.11 Continued on Page B11
close return (%) Index Latest Low High close return (%) Index Latest Low High

Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
1976.49 -10.0 Mortgage-Backed 4.510 1.960 5.380 ADVERTISEMENT
1990.58 -11.2 U.S. Aggregate 4.420 1.720 5.210
1943.04 -9.0
The Marketplace
U.S. Corporate Indexes Bloomberg Fixed Income Indices Ginnie Mae (GNMA) 4.620 1.990 5.370

2944.12 -13.6 U.S. Corporate 5.100 2.310 6.130 1164.00 -10.0 Fannie mae (FNMA) 4.470 1.950 5.390

2812.71 -8.5 Intermediate 5.060 1.810 6.050 1776.81 -10.8 Freddie Mac (FHLMC) 4.520 1.950 5.370 To advertise: 800-366-3975 or WSJ.com/classifieds

4007.12 -21.5 Long term 5.180 3.080 6.370 561.69 -6.7 Muni Master 3.104 0.895 3.936
575.81 -14.6 Double-A-rated 4.460 2.000 5.320 400.73 -5.8 7-12 year 2.822 0.918 3.794
BUSINESS OPPORTUNITIES BOATING
780.48 -13.7 Triple-B-rated 5.370 2.540 6.440 448.61 -8.8 12-22 year 3.594 1.180 4.428
High Yield Bonds ICE BofA 420.87 -13.3 22-plus year 4.302 1.673 5.131
474.29 -9.1 High Yield Constrained 8.342 4.198 9.623 Global Government J.P. Morgan† INVEST IN SECURED,
430.17 -14.6 Triple-C-rated 14.974 7.617 16.916 535.70 -10.7 Global Government 2.740 0.880 3.250 COLLATERALIZED
FIRST LIEN Experience
the best.
3188.68 -8.2 High Yield 100 7.591 3.669 8.753 782.54 -6.7 Canada 2.970 1.430 3.780
MORTGAGES
412.41 -10.4 Global High Yield Constrained 8.484 4.601 9.945 350.33 -13.7 EMU§ 2.573 0.280 3.215
312.31 -10.5 Europe High Yield Constrained 7.185 2.822 8.508 653.92 -14.0 France 2.380 0.170 2.980
U.S Agency Bloomberg Fixed Income Indices 465.46 -13.3 Germany 1.830 -0.340 2.400
1699.97 -7.3 U.S Agency 4.380 1.090 4.910 282.59 -4.1 Japan 0.810 0.310 0.910
1502.13
3304.21
-6.1
-21.0
10-20 years
20-plus years
4.370 0.990 4.890
4.510 2.070 5.240
506.98
801.48
-14.9
-22.8
Netherlands
U.K.
2.060 -0.190 2.720
3.550 0.790 4.690
9-10%
ANNUAL RETURNS*
2573.34 -10.8 Yankee 4.940 1.950 5.840 783.03 -14.8 Emerging Markets ** 7.435 4.900 9.159 — MONTHLY DIVIDENDS —

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds InvestWithLYNK.com THE ULTIMATE LUXURY CHARTER EXPERIENCE
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
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Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Call: (954) 519-3980
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session NAPA VALLEY’S TOP moranyachts.com
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
HOT AIR BALLOON CO.
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
4.500 U.S. 2 4.229 t l 4.401 4.324 0.642 INCLUDES REAL ESTATE
4.125 10 3.501 t l 3.611 3.828 1.423 3 PARCELS NOTICE OF SALE NOTICE OF SALE
0.250 Australia 2 3.116 s l 3.083 3.095 0.638 -110.6 -131.1 0.6 Huge Upside, Scalable,
1.750 10 3.410 s l 3.392 3.667 1.614 -9.6 -22.2 20.0 Completely Turnkey NOTICE OF SALE
PLEASE TAKE NOTICE, that in accordance with
0.000 France 2 2.194 t l 2.237 2.275 -0.692 -202.8 -215.8 -132.5 applicable provisions of the Uniform Commercial Code

2.000 10 2.379 t l 2.399 2.670 -0.033 -121.5 -144.7

707-294-2944 NOTICE OF SALE OF COOPERATIVE APARTMENT as enacted in New York, by virtue of certain Event(s) of
-112.8 SECURITY BY VIRTUE OF A DEFAULT Default under those certain Ownership Interests Pledge
and Security Agreement(s) dated as of December 31,
BY VIRTUE OF A DEFAULT, under the terms of certain
2.200 Germany 2 2.146 t l 2.207 2.189 -0.703 -207.7 -218.7 -133.6 Security Agreements executed by Cruger Associates,
2020 and/or May 17, 2021 (the “Pledge Agreements”),
executed and delivered by S&B Realty Partnership, J.
LLC and Pamish Holdings, LLC (“Debtors”) to AM
1.700 10 1.923 t l 1.940 2.158 -0.381 -158.4 -167.4 -179.5 Feurman, LLC (“Secured Party”) in accordance with its
Supor 136-1 Limited Liability Company, Supor-172 LLC,
Supor Properties Devon Holding LLC, Shore Properties
CAREERS rights under the provisions of the Uniform Commercial
0.000 Italy 2 2.598 t l 2.644 2.809 -0.287 -162.5 -175.0 -92.0 Code and its rights as a holder of the Security, AM
Associates North Holding LLC, JL Realty Properties
LLC, Supor Properties 600 UR Holding LLC, Supor
Feurman, LLC, by Mannion Auctions, LLC, Matthew
2.500 10 3.786 t l 3.822 4.212 0.916 28.0 20.8 -49.8 D. Mannion, Licensed Auctioneer, NYC DCA #1434494
Properties Harrison Avenue Holding LLC and Supor
Properties Breiderhoft Holding LLC (individually and
(“Auctioneer”), will conduct a public auction sale of the
0.005 Japan 2 -0.016 t l -0.009 -0.065 -0.105 -423.8 -440.4 -73.7 security consisting of certain shares of Capital Stock of
collectively, the “Pledgor”), and in accordance with it
rights as holder of the security, 1000 Frank E. Rogers
0.200 10 0.255 t l 0.257 0.231 0.050 -325.2 -335.8 -136.4   
 3230 Cruger Owners Corp., all rights, title, and interest
in and to certain Proprietary Leases to Apartments (the
2, LLC (the “Secured Party”), by virtue of possession
of those certain Share Certificate(s) held in accordance
0.000 Spain 2 2.365 t l 2.401 2.358 -0.571 -199.4 -120.4  
     “Collateral”) as set forth below in the building known with Article 8 of the Uniform Commercial Code of
-185.7 and located at 3230 Cruger Avenue, Bronx, New York
         10467.
the State of New York (the “Code”) and by virtue of
2.550 10 2.921 t l 2.943 3.188 0.310 -58.6 -67.1 -110.4         The sale will be held on January 31, 2023 at 2:30
those certain UCC-1 Filing Statement made in favor
of Secured Party, all in accordance with Article 9 of
0.125 U.K. 2 3.521 s l 3.446 3.111 0.395 -94.9 -23.7
   
 pm in conference room A at the office of Smith, Buss the Code, Secured Party will offer for sale, at public
-70.1 & Jacobs, LLP, 60 East 42nd Street, 40th Floor, New auction, (i) all of Pledgor’s right, title, and interest in
  !"     York, New York 10165. The Secured Party may bid at
4.250 10 3.296 s l 3.200 3.351 0.700 -21.1 -41.4 -71.5   !  # !"$ auction and credit bid, without a deposit, up to what the
and to the following: Supor Properties Enterprises LLC,
J. Supor 136-1 Realty LLC, Supor-172 Realty LLC, Supor
! !  ! ! Secured Party is owed, including interest, taxes, late Properties Devon LLC, Shore Properties Associates
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close fees, administrative fees, legal fees, advertising fees, North LLC, JS Realty Properties LLC, Supor Properties
    !   and auctioneer fees. 600 Urban Renewal LLC, Supor Properties Harrison
     ! %  NOTE: In order to gain access to the location of the Avenue LLC, and Supor Properties Breiderhoft LLC (the
Corporate Debt "   
&'(  !  % '" 
auction, due to building security, any prospective
attendees MUST contact Auctioneer, at (212) 267-6698
“Pledged Entities”), and (ii) certain related rights and
property relating thereto (collectively, (i) and (ii) are the
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific or at [email protected], prior to the auction and “Collateral”). Secured Party’s understanding is that the
    )     provide their name in order to be added to the access principal asset of the Pledged Entities is that certain fee
expectations
  ! %! * + ,  roster. interest in real property commonly known as (i) 1000
The Apartments are sold “AS IS”, these units are not Frank E. Rodgers Blvd., Harrison, New Jersey; (ii) 751
 -# %%!   !  $ 
Investment-grade spreads that tightened the most… !     &'( +
owner occupied, the debt is not “Home Loans”, the sale
is subject to existing tenancies, and the sale is subject
Harrison Avenue, Harrison, New Jersey; (iii) 201 Devon
Terrace, Kearny, New Jersey; (iv) Part of 401 Supor
Spread*, in basis points % , .( /  01   to the Terms of Sale, terms of the Proprietary Lease, Boulevard a/k/a part of 500 Supor Boulevard and 608
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week the by-laws, offering plan and any amendments thereto Supor, Harrison, NJ; (v) 600 Guyon Drive, Harrison, New
 2   ! and to any other rules and regulations of 3230 Cruger Jersey; (vi) 94 Mantoloking Road, Brock, New Jersey;
GA Global Funding Trust GBLATL 3.850 5.59 April 11, ’25 159 –14 175     '  Owners Corp. A ten (10%) percent deposit by bank or and (vii) 12 Breiderhoft Road, Kearny, New Jersey
!! !  certified check payable to Veneruso, Curto, Schwartz (collectively, the “Property”).
Toronto–Dominion Bank TD 1.450 4.68 Jan. 10, ’25 68 –14 n.a.    "   % !2
& Curto, LLP, as attorneys is required at the auction; Mannion Auctions, LLC (“Mannion”), under the
balance due upon closing within thirty (30) days. The direction of Matthew D. Mannion, licensed auctioneer
Bank of America BAC 4.450 4.70 March 3, ’26 105 –13 116 !#    ! Terms of Sale may be requested from the Attorneys for (DCA #1434494) (the “Auctioneer”), will conduct a
!  3 % , .( ! the Secured Party. public sale consisting of the Collateral (as set forth in
Cooperatieve Rabobank RABOBK 3.750 5.37 July 21, ’26 161 –11 182   2     
Collateral of Cruger Associates LLC to be auctioned: Schedule A below), via online bidding, on January 26,
The Shares of Capital Stock, as further provided below, 2023 at 11:00am, in satisfaction of an indebtedness
 2 )     ) and the Proprietary Lease allocated to Apartments: 1B in the approximate amount of $1,291,498.33, including
Allstate ALL 5.950 4.98 April 1, ’36 153 –10 n.a. (160 Shares), 1C (160 Shares), 1D (236 Shares), 1E
0 4!  2 ! principal, interest on principal, and reasonable fees and
(166 Shares), 1G (60 Shares), 1H (60 Shares), 1I (166 costs, plus default interest through January 26, 2023,
HCA HCA 5.375 5.10 Feb. 1, ’25 116 –10 128     !  Shares), 1J (166 Shares), 1K (164 Shares), 1L (156 subject to open charges and all additional costs, fees
 5 ! %  Shares), 1M (116 Shares), 1N (50 Shares), 2A (120 and disbursements permitted by law. The Secured Party
ONEOK OKE 6.650 6.16 Oct. 1, ’36 272 –10 n.a. Shares), 2B (166 Shares), 2D (228 Shares), 2E (172
   ! 67589 reserves the right to credit bid.
Shares), 2G (172 Shares), 2H (120 Shares), 2I (166 Online bidding will be made available via Cisco
Philip Morris International PM 5.000 4.76 Nov. 17, ’25 79 –10 88 67:;. &  ( Shares), 2J(172 Shares), 2L (162 Shares), 2M (120 WebEx Remote Meeting, Meeting link: https://bit.
-# <   Shares), 3A (172 Shares), 3C (169 Shares), 3D (232 ly/SuporAuc; Access Code: 2559 890 6016, Password:
=# ! 885+   Shares), 3E (175 Shares), 3G (175 Shares), 3H (126 AatnK (22865 from video systems). Join by video
…And spreads that widened the most Shares), 3I (175 Shares), 3J (175 Shares), 3L (165 system: Dial [email protected]. You can also
Shares), 4A (124 Shares), 4B (172 Shares), 4D (236 dial 173.243.2.68 and enter your meeting number. Join
Credit Suisse CS 2.950 7.50 April 9, ’25 355 34 375 Shares), 4F (132 Shares), 4G (178 Shares), 4H (128 by phone: Use VoIP only.
Shares), 4J (178 Shares), 4L (126 Shares), 4M (124 Bidder Qualification Deadline: Interested parties
BNP Paribas BNP 3.375 5.08 Jan. 9, ’25 110 22 118 Program Director,
Shares), 5A (126 Shares), 5B (175 Shares), 5C (175 who intend to bid on the Collateral must contact Brett
Shares), 5D (240 Shares), 5E (181 Shares), 5F (134 Rosenberg (“Rosenberg”), at JLL Capital Markets, 330
General Motors Financial … 6.050 5.35 Oct. 10, ’25 136 21 153 Western Balkans Program – New York, NY. Shares), 5G (181 Shares), 5I (181 Shares), 5J (181 Madison Avenue, Floor 2-5, New York, NY 10017, (212)
Develop and modify program strategies in Shares), 5K (179 Shares), 5L (171 Shares), 5M (126 812-5926, [email protected], to receive the
Athene Global Funding … 1.716 5.66 Jan. 7, ’25 167 17 150 consultation with trustees, senior staff, and
Shares), 6A (128 Shares), 6C (178 Shares), 6D (244 Terms and Conditions of Sale and bidding instructions
Shares), 6E (184 Shares), 6H (132 Shares), 6J(184 by January 23, 2023 by 4:00 pm. Upon execution of a
experts and implement strategies by actively Shares), 6K (182 Shares), 6L (174 Shares), 6M (128 standard confidentiality and non-disclosure agreement,
Coca–Cola KO 3.375 4.05 March 25, ’27 44 14 n.a. seeking suitable funding opportunities; represent Shares) of 3230 Cruger Owners Corp. additional documentation and information will be
the company with national and regional officials Collateral of Pamish Holdings LLC to be auctioned: The available. Interested parties who do not contact the
Delta Air Lines DAL 7.000 5.97 May 1, ’25 199 12 207 Shares of Capital Stock, as further provided below, and Rosenberg and qualify prior to the sale will not be
to cultivate support for the company’s presence
the Proprietary Lease allocated to Apartments: 3B (169 permitted to enter a bid.
American Airlines AAL 2.875 4.84 July 11, ’34 133 9 n.a. in the Western Balkans; and establish and Shares), 4I (178 Shares) of 3230 Cruger Owners Corp. KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein,
provide oversight for operations in the Western Esq., Attorneys for Secured Party
Conagra Brands CAG 8.250 5.56 Sept. 15, ’30 210 9 226 Balkans to ensure compliance with local law and 360 Lexington Avenue, Suite 1200, New York, New York
regulations. Salary Range: $209,664 - $216,800 10017, (212) 661-2900.
High-yield issues with the biggest price increases… per year depending upon experience. Send resume
to: Patricia Riello, Rockefeller Brothers Fund, 475
Bond Price as % of face value Riverside Drive, Ste. 900, NY, NY 10115.
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Ford Motor F 4.750 6.78 Jan. 15, ’43 77.947 1.95 75.294 BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
Dish DBS … 7.750 13.22 July 1, ’26 84.900 1.90 82.980
Bausch Health BHCCN 11.000 16.24 Sept. 30, ’28 80.750 1.75 78.000
Oil/Gas Production
Navient NAVI 5.625 9.58 Aug. 1, ’33 74.000 1.71 72.680 THE Company for Sale alliance mortgage fund
Bath & Body Works
Hughes Satellite Systems
BBWI
SATS
6.875
6.625
7.78
7.97
Nov. 1, ’35
Aug. 1, ’26
92.750
95.821
1.48
1.43
91.031
94.000
MARKETPLACE Owner retiring 1 MM+ bbls/5 fields /w investors.
7%-8% Return
Assume ops & AR & 300k Bond
Seagate HDD Cayman … 4.750 4.86 Jan. 1, ’25 99.780 1.36 97.855 ADVERTISE TODAY Will train Make millions. Xlent monthly cash flow. REAL ESTATE SECURED
Occidental Petroleum OXY 6.450 5.86 Sept. 15, ’36 105.500 1.25 102.750 985-246-3026 FIXED INCOME FUND
…And with the biggest price decreases (800) 366-3975 SEEKING RIA’S &
OIL & GAS Investment ACCREDITED INVESTORS
Prime Security Services Borrower PRSESE 5.750 6.04 April 15, ’26 99.125 –0.18 98.484 For more information visit:
Tax deductible / $50,000 min. CALL:
–0.05 wsj.com/classifieds
866-700-0600
Telecom Italia TITIM 5.303 8.31 May 30, ’24 95.950 96.750
Dish DBS … 5.000 6.70 March 15, ’23 99.563 –0.04 99.450 Approx. 150% return + royalties
ALLIANCE PORTFOLIO
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
© 2022 Dow Jones & Company, Inc.
Accredited Only 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
Note: Data are for the most active issue of bonds with maturities of two years or more www.AlliancePortfolio.com
Source: MarketAxess All Rights Reserved. Call Frank 713-503-4225 RE Broker • CA DRE • 02066955 Broker License ID
B10 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34108.64 s 103.60, or 0.30% Trailing P/E ratio 21.23 22.12 4019.65 s 29.09, or 0.73% Trailing P/E ratio * 19.18 28.65 11256.81 s 113.08, or 1.01% Trailing P/E ratio *† 24.56 35.71
High, low, open and close for each P/E estimate * 18.46 18.49 High, low, open and close for each P/E estimate * 17.95 22.17 High, low, open and close for each P/E estimate *† 22.75 29.98
trading day of the past three months. Dividend yield 2.01 1.94 trading day of the past three months. Dividend yield * 1.69 1.29 trading day of the past three months. Dividend yield *† 0.97 0.64
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34100 4150 12100

65-day moving average

33050 65-day moving average 4025 11750

65-day moving average

32000 3900 11400

Session high 30950 3775 11050

DOWN UP
t

Session open Close

29900 3650 10700
Close Open
t

Session low 28850 3525 10350

Bars measure the point change from session's open

27800 3400 10000
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,177,322,775 11,765,631
Industrial Average 34712.28 33890.88 34108.64 103.60 0.30 36799.65 28725.51 -4.0 -6.1 6.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 740,686,688 6,645,986
Transportation Avg 14635.14 14096.17 14191.91 11.87 0.08 16718.54 11999.40 -11.3 -13.9 9.6 Most-active issues in late trading Decl. volume* 415,751,697 4,951,483
Utility Average 1013.30 985.98 997.14 2.98 0.30 1071.75 838.99 5.8 1.7 5.2 Volume After Hours Issues traded 3,288 304
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41172.69 40062.99 40327.57 300.15 0.75 48929.18 36056.21 -14.7 -17.1 7.6 Advances 2,227 170
SPDR S&P 500 SPY 9,644.0 401.80 -0.17 -0.04 402.25 401.50
Barron's 400 979.50 949.59 956.04 6.46 0.68 1111.54 825.73 -10.1 -13.6 9.8 Declines 936 123
Intel INTC 8,068.4 28.75 0.02 0.07 28.80 28.67
Unchanged 125 11
Nasdaq Stock Market iShares Russell 2000 ETF IWM 7,923.2 181.38 … unch. 181.53 181.10 New highs 91 2
Nasdaq Composite 11571.64 11160.54 11256.81 113.08 1.01 15871.26 10321.39 -26.1 -28.0 8.8 Disney DIS 6,855.5 94.72 0.02 0.02 94.93 94.56 New lows 56 16
Nasdaq-100 12166.41 11724.90 11834.21 127.77 1.09 16567.50 10690.60 -25.6 -27.5 11.7 Amazon.com AMZN 6,818.1 92.53 0.04 0.04 92.60 92.36 Closing Arms† 1.55 1.28
AT&T T 5,526.3 19.12 -0.01 -0.03 19.16 19.11 Block trades* 5,171 122
S&P
0.73
Apple AAPL 5,497.1 145.43 -0.04 -0.03 145.48 145.21
500 Index 4100.96 3993.03 4019.65 29.09 4796.56 3577.03 -13.3 -15.7 8.3 Nasdaq NYSE Arca
Verizon Communications VZ 4,836.0 37.85 -0.01 -0.03 37.95 37.81
MidCap 400 2564.98 2494.44 2509.78 14.47 0.58 2865.54 2200.75 -8.3 -11.7 7.4 Total volume*6,126,895,639 452,099,363
SmallCap 600 1238.52 1200.14 1203.31 4.23 0.35 1426.13 1064.45 -10.6 -14.2 6.3 Percentage gainers… Adv. volume*4,025,080,301 347,296,495
Icosavax ICVX 67.3 4.68 0.48 11.43 5.20 4.20 Decl. volume*1,995,617,169 102,973,364
Other Indexes
Kite Realty Group Trust KRG 409.3 23.35 1.31 5.94 23.35 21.55 Issues traded 4,911 1,782
Russell 2000 1880.76 1823.00 1832.36 13.75 0.76 2272.56 1649.84 -15.2 -18.4 3.8
Advances 2,781 1,564
NYSE Composite 15819.15 15468.67 15562.54 93.88 0.61 17353.76 13472.18 -6.5 -9.3 4.3 8X8 EGHT 61.5 4.69 0.24 5.39 4.70 4.41
Declines 1,874 210
Value Line 571.73 554.87 558.89 4.02 0.72 680.36 491.56 -13.7 -16.8 1.1 Chinook Therapeutics KDNY 68.0 26.29 1.26 5.03 26.29 25.03
Unchanged 256 8
NYSE Arca Biotech 5447.28 5281.04 5391.05 110.00 2.08 5649.54 4208.43 0.9 -2.3 1.9
Bruker Corp BRKR 69.1 70.41 3.35 5.00 70.41 67.06
New highs 123 28
NYSE Arca Pharma 887.08 873.11 877.80 4.68 0.54 887.27 737.84 11.3 6.1 11.2 ...And losers New lows 247 17
KBW Bank 104.90 101.26 102.05 0.04 0.04 147.56 94.66 -22.4 -22.8 -3.2 Aris Water Solutions ARIS 177.9 14.00 -1.42 -9.21 15.42 14.00 Closing Arms† 0.74 2.30
PHLX§ Gold/Silver 125.65 121.56 122.82 2.90 2.42 167.76 91.40 0.4 -7.3 7.0 Charter Communications CHTR 53.2 370.00 -22.68 -5.78 394.73 369.68 Block trades* 39,590 1,673
PHLX§ Oil Service 81.40 79.85 81.01 2.84 3.63 88.37 50.23 56.3 53.7 3.0 Vishay Intertech VSH 179.1 21.68 -1.03 -4.54 23.00 21.68 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2913.12 2788.94 2821.53 42.32 1.52 4039.51 2162.32 -25.6 -28.5 16.2 ABM Industries ABM 70.5 43.64 -1.97 -4.32 45.84 43.25 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 25.84 21.46 22.55 -2.45 -9.80 36.45 16.60 3.0 31.0 21.3 EQRx EQRX 51.1 2.60 -0.10 -3.70 2.72 2.60 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 629.30 6.71 1.08 –16.6 Summit Therapeutics SMMT 3.91 1.09 38.65 5.03 0.66 -15.6 ZyVersa Therapeutics ZVSA 7.50 -15.00 -66.67 25.00 7.21 ...
MSCI ACWI ex-USA 288.76 4.48 1.58 –16.1 WAVE Life Sciences WVE 4.79 1.18 32.69 5.31 1.16 46.9 MicroAlgo MLGO 4.10 -6.37 -60.84 71.50 4.02 -59.1
MSCI World 2715.49 31.93 1.19 –16.0 Rallybio Holdings RLYB 5.90 1.23 26.34 15.89 4.54 -41.5 Getaround GETR 1.37 -0.68 -33.17 10.17 1.36 -85.9
MSCI Emerging Markets 965.25 1.67 0.17 –21.7 Fluence Energy FLNC 21.73 4.53 26.34 36.71 4.96 -28.8 Vanda Pharmaceuticals VNDA 7.43 -3.36 -31.14 18.00 7.31 -53.4
Americas MSCI AC Americas n.a. n.a. n.a. n.a. Entrada Therapeutics TRDA 20.50 4.26 26.23 24.38 5.12 7.7 Ambrx Biopharma ADR AMAM 2.04 -0.82 -28.67 10.42 0.38 -79.2
Canada S&P/TSX Comp 20023.46 3.76 0.02 –5.7 Schrodinger SDGR 20.54 3.51 20.61 38.40 15.85 -41.8 Aptevo Therapeutics APVO 2.85 -1.06 -27.11 8.55 2.67 -63.9
Latin Amer. MSCI EM Latin America 2088.08 2.21 0.11 –2.0 Gritstone bio GRTS 3.11 0.53 20.54 14.42 1.71 -72.8 Adamas One JEWL 3.75 -1.00 -21.05 11.94 3.62 ...
Brazil BOVESPA 103539.67 –1803.66 –1.71 –1.2 Ventyx Biosciences VTYX 34.28 5.70 19.94 41.29 9.50 124.8 PaxMedica PXMD 2.29 -0.55 -19.37 10.48 1.36 ...
Chile S&P IPSA 3155.11 –18.29 –0.58 12.4 Moderna MRNA 197.54 32.41 19.63 321.31 115.03 -28.7 SatixFy Communications SATX 12.32 -2.93 -19.21 79.21 7.39 26.5
Mexico S&P/BMV IPC 50333.10 –133.15 –0.26 –5.5 Dada Nexus ADR DADA 7.84 1.25 18.97 15.44 2.98 -48.4 Presto Automation PRST 3.14 -0.73 -18.76 10.70 1.61 -68.6
EMEA STOXX Europe 600 442.60 5.62 1.29 –9.3 iClick Interactive ADR ICLK 4.86 0.72 17.39 53.20 2.10 -90.7 Lion Electric LEV 2.19 -0.48 -17.98 10.18 2.19 -77.4
Eurozone Euro STOXX 427.79 6.22 1.47 –10.7 Natl Western Life Cl A NWLI 280.00 38.87 16.12 309.25 166.94 32.3 Baudax Bio BXRX 3.11 -0.68 -17.94 528.36 3.06 -99.3
Belgium Bel-20 3749.83 53.66 1.45 –13.0 Vor Biopharma VOR 7.43 1.02 15.91 13.61 3.48 -39.8 Blue Bird BLBD 10.29 -2.06 -16.68 22.10 7.14 -37.1
Denmark OMX Copenhagen 20 1847.14 27.83 1.53 –0.9 ARS Pharmaceuticals SPRY 8.24 1.12 15.73 8.28 2.80 36.7 QuidelOrtho QDEL 82.08 -15.42 -15.82 180.06 66.88 -41.8
6744.98 1.42 –5.7 ACM Research Cl A ACMR 10.01 1.29 14.79 30.53 5.46 -58.7 Atlis Motor Vehicles AMV 6.66 -1.19 -15.16 243.99 6.66 ...
France CAC 40 94.43
Germany DAX 14497.89 191.26 1.34 –8.7
Israel Tel Aviv 1856.46 20.64 1.12 –6.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24636.94 333.26 1.37 –9.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 732.95 12.26 1.70 –8.1
Oslo Bors All-Share 1392.91 1.76 6.5 ProShares UltraPro QQQ TQQQ 346,327 51.4 22.33 3.14 87.49 16.32 MicroAlgo MLGO 10,573 25168 4.10 -60.84 71.50 4.02
Norway 24.15
1.90 Mullen Automotive MULN 244,830 49.0 0.21 10.83 6.10 0.18 HCM Acquisition Cl A HCMA 1,664 3867 10.24 0.00 10.55 9.87
South Africa FTSE/JSE All-Share 75835.45 1413.27 2.9
Spain IBEX 35 8327.70 68.80 0.83 –4.4 OpGen OPGN 240,093 57215.8 0.23 84.80 1.33 0.12 Nuwellis NUWE 2,402 3776 11.53 2.49 185.00 9.55
822.74 1.74 –20.7 Direxion Dly SCOND 3 BL SOXL 179,384 48.3 13.63 5.01 74.21 6.21 Carney Tech Acqn II Cl A CTAQ 2,003 3052 10.15 0.00 10.15 9.74
Sweden OMX Stockholm 14.04
ProSh UltraPro Shrt QQQ SQQQ 179,135 30.7 43.34 -3.19 69.55 28.15 ZyVersa Therapeutics ZVSA 333 2832 7.50 -66.67 25.00 7.21
Switzerland Swiss Market 11136.62 102.98 0.93 –13.5
Turkey BIST 100 5256.19 62.89 1.21 182.9 Tesla TSLA 175,191 113.4 160.95 -4.09 402.67 156.91 Priveterra Acqn Cl A PMGM 1,348 2174 10.00 0.10 10.01 9.66
U.K. FTSE 100 7502.89 56.92 0.76 1.6 Faraday Future FFIE 145,815 393.9 0.53 15.98 7.85 0.25 Invsc BuyBack Achievers PKW 3,903 1870 87.52 0.21 98.02 73.80
U.K. FTSE 250 19086.29 266.85 1.42 –18.7 SPDR S&P 500 SPY 123,180 36.0 401.97 0.76 479.98 348.11 UserTesting USER 31,663 1783 7.35 -1.47 11.99 3.31
Amazon.com AMZN 98,771 29.3 92.49 2.14 174.17 85.87 GoGreen Investments Cl A GOGN 669 1621 10.33 0.24 11.01 9.87
Asia-Pacific MSCI AC Asia Pacific 158.74 1.61 1.02 –17.8
Apple AAPL 93,792 5.8 145.47 0.68 182.94 129.04 Invesco DB Silver Fund DBS 354 1565 32.35 1.90 37.87 23.88
Australia S&P/ASX 200 7203.30 22.47 0.31 –3.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3176.33 –2.72 –0.09 –12.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19596.20 132.57 0.68 –16.2
62533.30 0.65 7.3
Scan this code
India S&P BSE Sensex 402.73
Japan NIKKEI 225 27954.85 112.52 0.40 –2.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3271.28 31.62 0.98 4.7 and track most-active stocks,
South Korea KOSPI 2372.40 –0.62 –0.03 –20.3 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14522.96 –89.63 –0.61 –20.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1625.91 2.78 0.17 –1.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004233 23625 3.4
CREDIT MARKETS Argentina peso .0058171.7661 67.3 Europe
Brazil real .1889 5.2942 –5.0 Czech Rep. koruna .04375 22.857 4.5
Canada dollar .7383 1.3545 7.2 Denmark krone .1429 6.9961 7.0
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001166 857.30 0.6 Euro area euro 1.0634 .9404 6.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000210 4764.33 17.2 Hungary forint .002591 385.99 18.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007035 142.14 9.5
A consumer rate against its 5-year CDs Mexico peso .0512 19.5313 –4.7 Norway krone .1024 9.7637 10.9
benchmark over the past year 5.00% Uruguay peso .02576 38.8250 –13.2 Poland zloty .2268 4.4086 9.4
Bankrate.com avg†: 2.73% 28% Asia-Pacific Russia ruble .01582 63.215 –15.5
t
Federal-funds VirtualBank 3.51% 4.00 WSJ Dollar Index Sweden krona .0979 10.2113 12.8
Australian dollar .6857 1.4584 6.0
t

s
target rate 3.00% Miami, FL 877-998-2265 Tradeweb ICE 14 Switzerland franc 1.0771 .9284 1.8
China yuan .1440 6.9448 9.3
Tuesday Close 3.00 Turkey lira .0537 18.6188 39.8
TAB Bank 4.00% Hong Kong dollar .1286 7.7744 –0.3
2.00 0 Ukraine hryvnia .0271 36.8500 34.7
2.00 India rupee .01213 82.411 10.6
t Ogden, UT 800-355-3063 Euro UK pound 1.2365 .8087 9.4
s Indonesia rupiah .0000639 15657 9.9
Five-year 1.00 Colorado Federal Savings Bank 4.35% One year ago .007375 135.59 Middle East/Africa
t

1.00 –14 Japan yen 17.8

CD yields Greenwood Village, CO 877-484-2372 Kazakhstan tenge .002130 469.45 7.9 Bahrain dinar 2.6532 .3769 –0.01
s
0.00 First Internet Bank of Indiana 4.39% 0.00 –28 Yen Macau pataca .1248 8.0130 –0.3 Egypt pound .0406 24.6513 56.9
Malaysia ringgit .2258 4.4290 6.3 Israel shekel .2938 3.4034 9.5
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2022
–1.00 New Zealand dollar .6463 1.5473 5.8 Kuwait dinar 3.2638 .3064 1.3
CFG Community Bank 4.60% month(s) years
J F MAM J J A S O N D Pakistan rupee .00445 224.875 27.6 Oman sul rial 2.5975 .3850 –0.01
Baltimore, MD 888-205-8388 maturity Philippines peso .0179 55.915 9.6 Qatar rial .2747 3.641 –0.03
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7424 1.3470 –0.1 Saudi Arabia riyal .2660 3.7597 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007755 1289.57 8.5 South Africa rand .0580 17.2456 8.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027211 367.50 81.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.75-4.00 3.75-4.00 0.00 l 4.00 2.25 Taiwan dollar .03265 30.631 10.5
Yield (%) 52-Week Total Return (%) Thailand baht .02890 34.600 4.1 WSJ Dollar Index 97.01 –0.98–1.00 8.33
Prime rate* 7.00 7.00 3.25 l 7.00 2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.77 4.73 0.21 l 4.78 2.87 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2129.610 3.900 3.970 4.560 1.170 –11.136 –2.141
Money market, annual yield 0.32 0.31 0.07 l 0.32 -0.25
Five-year CD, annual yield 2.73 2.62 0.42 l 2.73 1.32 U.S. Treasury Long, Bloomberg 3360.200 3.700 3.730 4.570 1.820 –25.706 –6.151 Commodities
30-year mortgage, fixed† 6.80 6.72 3.23 l 7.41 2.95 Aggregate, Bloomberg 1990.580 4.420 4.480 5.210 1.720 –11.421 –2.102 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.06 6.04 2.53 l 6.53 2.72 Fixed-Rate MBS, Bloomberg 1976.490 4.510 4.520 5.380 1.960 –9.986 –2.514
Jumbo mortgages, $647,200-plus† 6.85 6.75 3.25 l 7.44 2.61 DJ Commodity 1044.76 19.82 1.93 1264.48 904.89 14.84 10.41
High Yield 100, ICE BofA 3188.681 7.591 7.914 8.753 3.669 –7.291 0.185 Refinitiv/CC CRB Index 275.03 5.66 2.10 329.59 221.84 22.60 18.36
Five-year adj mortgage (ARM)† 5.47 5.44 2.82 l 5.60 1.05
Muni Master, ICE BofA 561.689 3.104 3.122 3.936 0.895 –6.691 –0.225 Crude oil, $ per barrel 75.39 2.22 3.03 123.70 68.23 6.59 0.24
New-car loan, 48-month 6.49 6.46 3.41 l 6.69 2.05
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 783.029 7.435 7.619 9.159 4.900 –14.890 –3.641 Natural gas, $/MMBtu 6.935 0.348 5.28 9.680 3.561 85.08 85.92
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1813.90 33.40 1.88 2040.10 1623.30 2.46 -0.74
THE WALL STREET JOURNAL. * Wednesday, December 14, 2022 | B11

BANKING & FINANCE

Freight Brokerage RXO to Focus on Technology

The company which their early-pandemic highs as tion Systems Inc. The company is also working
many retailers grapple with “It looks like 2023 could be to give drivers more informa-
was hived off XPO overstuffed warehouses. RXO’s a challenging year,” said Scott tion on available loads, allow-
Logistics is facing an revenue during the third quar- Schneeberger, managing direc- ing them to plan their days
ter—before the separation— tor at the financial firm Op- more effectively, he said.
industry slowdown declined 5% from a year ear- penheimer & Co. Inc. RXO’s In advance of the Nov. 1
lier, to just over $1.1 billion. competitors include C.H. Rob- spinoff, RXO set a five-year
BY KRISTIN BROUGHTON Profit shrank to $13 million inson Worldwide Inc. and To- target of earning between
from $33 million over the tal Quality Logistics LLC. $475 million and $525 million
Freight brokerage RXO Inc. same period. A priority for Mr. Harris, of annual adjusted earnings
is investing in technology to Asked about the impact of a who was appointed to the CFO before interest, taxes, depreci-
give its customers more gran- slowing economy, CFO Jamie post in September ahead of ation and amortization. In the
ular information on their ship- Harris said the company is lis- the spinoff, is investing in dig- latest quarter, that metric
ments, its chief financial offi- tening to its customers, which ital capabilities for shippers stood at $66 million, up 6%
cer said, as the newly spun-off include retailers such as and carriers. RXO plans to from a year earlier.
company confronts an indus- Costco Wholesale Corp., Dollar spend about 1% of its revenue Among the advantages of
try slowdown. Tree Inc. and Lowe’s Cos. Inc. on capital investments. Ap- being an independent company
Last month, shipping giant While some are discounting proximately two-thirds of the is RXO now has more control
XPO Logistics Inc. divested their goods to clear excess company’s total capital budget over its capital budget, Mr.
Charlotte, N.C.-based RXO as stock, others are committed to will go toward technology, Harris said. In a big company
part of a larger effort begun in keeping their shelves full after with the remainder focused on with multiple business lines,

RXO INC.
2020 to break itself into finding themselves short of maintenance-related costs, Mr. executives compete for dollars
smaller pieces. RXO, which be- product early in the pandemic. Harris said. to fund a range of compelling
fore the transaction accounted “As a provider of transpor- CFO Jamie Harris sees growth helping firms manage inventories. Specifically, RXO is enhanc- projects. As a stand-alone, RXO
for roughly a third of XPO’s to- tation, we see both of those as ing digital features that will can direct its cash to projects
tal revenue, matches freight positives,” Mr. Harris said, re- mand, he said. and has decelerated through- provide shippers with infor- with the highest returns on in-
loads with available trucks on ferring to companies purging The Cass Freight Index, out 2022 on a year-over-year mation on the location of their vestment, he said.
the spot and contract markets. bloated inventories and those which measures U.S. shipment basis following sharp in- loads and estimated delivery “It allows us to make capi-
Prices across the shipping embracing fuller stock. Both volumes across all modes of creases in 2021. The index is times, helping them to plan on tal-allocation decisions very
and logistics industry have groups will need to be placing transportation, fell 1.4% in Oc- produced by freight audit and the receiving end of transac- much more surgically than we
fallen in recent months from orders to meet consumer de- tober from the prior month, payment firm Cass Informa- tions, according to Mr. Harris. maybe were before,” he said.

BANKRATE.COM® MMA, Savings and CDs Cash Prices Biggest 1,000 Stocks | WSJ.com/stocks Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Tuesday, Dec. 13, 2022 Continued From Page B9 Net Net SVB Fin SIVB 234.15 10.75 TradeDesk TTD 51.94 2.72
Average Yields of Major Banks Tuesday, December 13, 2022
These prices reflect buying and selling of a Net Stock Sym Close Chg Stock Sym Close Chg Salesforce CRM 135.62 2.51 Tradeweb TW 65.55 0.07
Stock Sym Close Chg Samsara IOT 13.49 -0.21 TraneTech TT 176.27 1.06
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR variety of actual or “physical” commodities Mastercard MA 357.15 -1.02 PPG Ind PPG 134.07 1.75 Sanofi SNY 47.04 0.38 TransDigm TDG 626.59 8.57
in the marketplace—separate from the InvitatHomes INVH 32.05 0.90 MatadorRscs MTDR 57.90 1.16 PPL PPL 29.34 -0.11 SareptaTherap SRPT 122.88 1.37 TransUnion TRU 62.72 1.98
National average futures price on an exchange, which IronMountain IRM 55.54 0.71 MatchGroup MTCH 46.89 3.34 PTC PTC 127.06 2.97 Sasol SSL 15.50 0.10 Travelers TRV 187.05 -0.06
ItauUnibanco ITUB 4.33 -0.21 McCormickVtg MKC.V 85.75 0.40 Paccar PCAR 102.22 -0.74 Schlumberger SLB 51.05 1.95 TRMB 55.03 -3.75
Savings 0.26 0.20 0.19 0.49 0.71 1.13 1.11 1.03 1.02 reflects what the commodity might be McCormick MKC 86.60 0.62 PackagingCpAm PKG 136.50 -0.63
Trimble
SchwabC SCHW 77.75 -2.54 s Trip.com TCOM 33.32 0.17
Jumbos 0.63 0.20 0.19 0.57 0.79 1.24 1.24 1.12 1.12 worth in future months. J K L McDonald's MCD 274.28 -2.34 PalantirTech PLTR 7.50 0.21 Sea SE 63.52 1.25 TruistFinl TFC 43.19 -0.27
Tuesday McKesson MCK 371.09 -6.66 PaloAltoNtwks PANW 160.75 -1.03 Seagate STX 56.17 0.55
Weekly change JD.com JD 57.81 0.39 MedicalProp MPW 11.83 -0.02 ParamountB PARA 19.67 ... Seagen SGEN 134.06 2.22
Twilio TWLO 49.75
TylerTech TYL 334.91
1.55
9.70
Savings 0.02 0.02 0.02 0.05 0.09 0.13 0.13 0.14 0.08 Energy JPMorganChase JPM 134.08 -0.13 Medpace MEDP 214.69 3.39 ParamountA PARAA 22.22 0.01 SealedAir SEE 52.55 0.29 TysonFoods TSN 64.58 0.05
s Jabil JBL 72.86 0.81 Medtronic MDT 80.14 0.43 ParkerHannifin PH 298.29 2.45 Sempra SRE 164.66 -0.87
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 199.400 UBS Group UBS 18.76 0.50
Jumbos 0.02 0.02 0.00 -0.13 0.14 0.19 0.17 0.21 0.11 JackHenry JKHY 183.08 0.19 MercadoLibre MELI 870.65 -9.60 Paychex PAYX 123.32 0.35 SensataTechs ST 43.96 0.17 UDR UDR 40.89 0.59
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.600 JacobsSolns J 122.76 1.60 Merck MRK 110.91 1.94 PaycomSoftware PAYC 328.77 2.83 ServiceCorp SCI 69.55 0.18 UGI UGI 39.08 0.10
JamesHardie JHX 20.15 -0.07 MetaPlatforms META 120.15 5.44 Paylocity PCTY 211.38 0.86 ServiceNow NOW 416.17 14.53 US Foods USFD 35.98 0.76
Consumer Savings Rates Metals JazzPharm JAZZ 152.26 -0.34 MetLife MET 73.23 0.05 PayPal PYPL 73.70 -0.10 ShawComm B SJR 26.83 0.02 UWM UWMC 4.69 0.03
JefferiesFin JEF 36.92 0.60 MettlerToledo MTD 1513.02 28.13 Pearson PSO 11.21 -0.16 Shell SHEL 57.38 1.02 Uber UBER 26.98
Gold, per troy oz J&J JNJ 179.21 1.37 MicrochipTech MCHP 77.41 0.08 PembinaPipeline PBA 34.87 0.53
-0.05
Below are the top federally insured offers available nationwide according to Bankrate.com's SherwinWilliams SHW 258.86 4.98 Ubiquiti UI 288.66 6.47
Engelhard industrial 1815.00 JohnsonControls JCI 66.58 0.94 MicronTech MU 55.24 -0.11 PenskeAuto PAG 121.05 -4.59 ShinhanFin SHG 29.60 -0.07 UiPath PATH 13.30 0.14
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please Handy & Harman base 1823.55 JonesLang JLL 170.57 7.64 Microsoft MSFT 256.92 4.41 Pentair PNR 46.58 0.58 ShockwaveMed SWAV 223.31 6.63 s UltaBeauty ULTA 464.41 -7.55
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. Handy & Harman fabricated 2024.14 JuniperNetworks JNPR 33.13 0.08 MidAmApt MAA 165.63 2.01 Penumbra PEN 225.32 9.95 Shopify SHOP 38.78 0.40 Unilever UL 50.66 -0.02
LBMA Gold Price AM *1790.60 KB Financial KB 40.94 0.22 Middleby MIDD 141.93 0.65 s PepsiCo PEP 183.87 -0.10 Sibanye-Stillwater SBSW 10.94 0.09 UnionPacific UNP 218.02 2.19
High yield savings LBMA Gold Price PM *1786.60 KBR KBR 51.61 0.11 MitsubishiUFJ MUFG 5.56 0.09 s PerformanceFood PFGC 61.23 0.81 SignatureBank SBNY 120.00 -2.73 UnitedAirlines UAL 41.17 -3.07
Krugerrand,wholesale-e 1896.26 KE Holdings BEKE 14.62 -0.07 MizuhoFin MFG 2.49 0.03 PerkinElmer PKI 147.94 5.41 SignifyHealth SGFY 28.35 -0.06 UnitedMicro UMC 7.29 0.08
Bank Yield Bank Yield KKR KKR 49.94 1.61 s Mobileye MBLY 34.66 1.61 PetroleoBrasil PBR 10.14 -0.19
Maple Leaf-e 1941.62 SimonProperty SPG 120.24 1.62 UPS B UPS 183.85 1.32
Phone number Minimum (%) Phone number Minimum KLA KLAC 409.03 8.12 Moderna MRNA 197.54 32.41 PetroleoBrasilA PBR.A 8.80 -0.24 SiriusXM s UnitedRentals URI 367.02
(%) American Eagle-e 1941.62 KT KT 14.38 0.04 MohawkInds MHK 103.16 -0.05 Pfizer PFE 53.07 0.91
SIRI 6.16 0.01 6.57
Mexican peso-e 2341.01 SkechersUSA SKX 42.34 -0.22 US Bancorp USB 44.25 0.79
Money market and savings account Six-month CD Austria crown-e 1781.67
Kanzhun BZ 19.91 1.02
KarunaTherap KRTX 210.92 0.44
MolinaHealthcare MOH 348.70 -4.36
MolsonCoorsB TAP 52.61 -0.35
PhilipMorris PM 102.32 -0.28
Phillips66 PSX 102.13 0.06
Skyworks SWKS 98.26 1.54 UnitedTherap UTHR 276.43 -3.58
SmithAO AOS 59.37 0.86 UnitedHealth UNH 538.22 -7.64
CFG Community Bank $1,000 4.05 Popular Direct $10,000 4.50 Austria phil-e 1905.33 Kellogg K 73.66 -0.38 MolsonCoorsA TAP.A 78.20 5.10 s Pinduoduo PDD 88.74 2.67 Smith&Nephew SNN 27.87 0.46 UnitySoftware U 33.63 -0.15
(888) 205-8388 (800) 274-5696 Silver, troy oz. KeurigDrPepper KDP 37.64 -0.45 Mondelez MDLZ 67.60 0.22 PinnacleWest PNW 79.39 0.38 Smucker SJM 154.36 -1.62 UniversalHealthB UHS 129.45 1.05
Engelhard industrial 24.1500 KeyCorp KEY 17.30 -0.26 MongoDB MDB 206.06 2.88 Pinterest PINS 26.42 2.81 Snap SNAP 9.41 -0.05 UnumGroup UNM 38.98 -1.17
Popular Direct $5,000 4.01 Merrick Bank $25,000 4.40 KeysightTechs KEYS 185.20 2.10 MonolithicPower MPWR 401.52 8.49 PioneerNatRscs PXD 224.82 5.86
Handy & Harman base 23.6960 SnapOn SNA 236.21 0.53 VF VFC 28.42 0.27
(800) 274-5696 (866) 638-6851 KilroyRealty KRC 39.88 0.21 MonsterBev MNST 100.44 -0.38 PlainsAllAmPipe PAA 11.86 0.14 Snowflake SNOW 150.58 -0.30
Handy & Harman fabricated 29.6200 KimberlyClark KMB 138.71 0.75 Moody's MCO 301.63 10.59 PlainsGP PAGP 12.46 0.22
VICI Prop VICI 34.39 0.31
LBMA spot price *£19.0600 SOQUIMICH SQM 93.85 0.92 VailResorts MTN 266.94 5.24
UFB Direct $0 3.91 First Internet Bank of Indiana $1,000 4.39 KimcoRealty KIM 21.95 0.13 MorganStanley MS 92.71 1.59 PlanetFitness PLNT 77.28 2.05 SolarEdgeTech SEDG 327.64 12.73 Vale VALE 16.18 0.01
(877) 472-9200 (888) 873-3424
(U.S.$ equivalent) *23.3900 KinderMorgan KMI 18.21 0.39 Morningstar MORN 233.88 3.17 PlugPower PLUG 14.11 0.18 Sony SONY 80.99 0.81 ValeroEnergy VLO 120.53 -0.13
Coins,wholesale $1,000 face-a 22847 KinsaleCapital KNSL 279.87 -4.30 Mosaic MOS 47.03 -0.23 PolestarAuto PSNY 5.78 -0.12 Southern SO 71.21 0.18 ValmontInds VMI 333.23 0.60
One-month CD One-year CD Other metals Knight-Swift KNX 56.27 -0.16 MotorolaSol MSI 267.15 -3.69 Pool POOL 335.47 4.35 SoCopper SCCO 61.07 0.59 VeevaSystems VEEV 176.96 5.36
LBMA Platinum Price PM *1006.0 Philips PHG 14.57 0.40 MurphyOil MUR 42.68 0.80 PrincipalFin PFG 89.85 -0.42 SouthwestAir LUV 37.77 -1.17 Ventas VTR 46.29 0.42
VirtualBank $10,000 2.48 CFG Community Bank $500 4.75 Platinum,Engelhard industrial 1045.0 KoreaElcPwr KEP 7.98 0.02 MurphyUSA MUSA 282.06 -5.03 ProcoreTech PCOR 52.43 0.10 SouthwesternEner SWN 6.20 0.05 VeriSign VRSN 202.35 2.66
(877) 998-2265 (888) 205-8388 KraftHeinz KHC 39.97 -0.31 NICE NICE 205.43 2.02 Procter&Gamble PG 152.24 -0.23 Splunk SPLK 91.81 -0.35
Palladium,Engelhard industrial 1970.0 Kroger KR 45.45 -1.26 NIO NIO 12.31 -0.18 Progressive PGR 128.28 -1.66
VeriskAnalytics VRSK 184.70 2.80
Aluminum, LME, $ per metric ton *2390.0 Spotify SPOT 80.96 1.23 Verizon VZ 37.86 -0.09
Colorado Federal Savings Bank $5,000 0.75 First Internet Bank of Indiana $1,000 4.75 LKQ LKQ 54.44 0.43 NOV NOV 20.65 0.66 Prologis PLD 121.09 3.06 StanleyBlackDck SWK 82.79 2.52 VertexPharm VRTX 307.09 -7.10
Copper,Comex spot 3.8395 LPL Financial LPLA 213.36 -9.00 ProsperityBcshs PB 69.79 -1.16
(877) 484-2372 (888) 873-3424 NRG Energy NRG 33.41 0.74 Starbucks SBUX 102.11 -0.59 Viatris VTRS 11.34 0.20
Iron Ore, 62% Fe CFR China-s 110.3 L3HarrisTech LHX 216.15 -1.44 NVR NVR 4729.98 26.73 PrudentialFin PRU 103.22 0.66 StateStreet STT 81.33 1.07 s Vipshop VIPS 13.16 0.18
State Bank of India California $1,000 0.50 Merrick Bank $25,000 4.70 Shredded Scrap, US Midwest-s,m n.a. LabCorp.ofAmerica LH 231.13 3.58 NXP Semi NXPI 174.31 1.24 Prudential PUK 27.08 0.77 s SteelDynamics STLD 110.38 0.62 Visa V 213.04 -1.55
(877) 707-1995 (866) 638-6851 Steel, HRC USA, FOB Midwest Mill-s 660 LamResearch LRCX 475.94 13.36 Nasdaq NDAQ 64.99 0.31 PublicServiceEnt PEG 61.12 0.50 Stellantis STLA 14.64 0.06 Vistra VST 24.29 0.07
Battery/EV metals LamarAdv LAMR100.49 3.37 NationalGrid NGG 62.75 0.29 PublicStorage PSA 301.92 2.50 Steris STE 199.08 4.30 VMware VMW 123.70 1.09
Two-month CD Two-year CD BMI Lithium Carbonate, EXW China, =99.2%-v,w 81375 LambWeston LW 86.14 0.13 NatlRetailProp NNN 46.49 -0.08 PulteGroup PHM 45.79 1.13
PureStorage PSTG 30.18 0.37
StifelFinancial SF 60.60 -0.43 Vodafone VOD 10.56 -0.14
LasVegasSands LVS 48.67 0.31 NatWest NWG 6.57 0.11 STMicroelec STM 39.84 0.92 VulcanMatls VMC 185.93 1.79
VirtualBank $10,000 2.74 Merrick Bank $25,000 4.65 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 80725 LatticeSemi LSCC 74.14 2.17 NetApp NTAP 64.91 -0.38 Qiagen QGEN 49.78 -0.06 Stryker SYK 253.95 4.78
BMI Cobalt sulphate, EXW China, >20.5% -v,m 8190 Lear LEA 132.19 -0.29 NetEase NTES 69.99 0.64 Qorvo QRVO 102.20 3.00 W X Y Z
(877) 998-2265 (866) 638-6851 BMI Nickel Sulphate, EXW China, >22%-v,m 5635
SumitomoMits SMFG 6.85 0.04
LegendBiotech LEGN 50.13 -1.92 Netflix NFLX 320.34 5.16 Qualcomm QCOM 123.49 2.28 SunComms SUI 145.77 2.11
Colorado Federal Savings Bank $5,000 0.75 Popular Direct $10,000 4.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 Leidos LDOS 106.54 -1.24 Neurocrine NBIX 119.00 -0.48 s QuantaServices PWR 152.54 2.28 SunLifeFinancial SLF 46.99 0.46 WEC Energy WEC 98.98 1.11
NewFortressEner NFE 48.29 3.09 QuestDiag DGX 149.75 0.75 WEX WEX 166.76 1.04
(877) 484-2372 (800) 274-5696 Fibers and Textiles
Lennar B LEN.B 74.00 0.64 SuncorEnergy SU 31.11 0.77
W.P.Carey WPC 80.52 1.08
Lennar A LEN 90.59 1.59 Newmont NEM 47.15 0.75 QuidelOrtho QDEL 82.08-15.42 Suzano SUZ 9.62 -0.71
State Bank of India California $1,000 0.50 HSBC Direct $1,000 4.50 LennoxIntl LII 266.15 6.09 NewsCorp B NWS 18.97 0.59 SynchronyFin SYF 35.39 -0.18 WPP WPP 51.30 0.24
Burlap,10-oz,40-inch NY yd-n,w 0.7325 R S s Wabtec WAB 102.96 -0.21
(877) 707-1995 (844) 867-5750 Cotton,1 1/16 std lw-mdMphs-u 0.8263
LeviStrauss LEVI 16.82 -0.17 NewsCorp A NWSA 18.70 0.51 Synopsys SNPS 338.13 3.79
LiAuto LI 20.34 -0.38 NexstarMedia NXST 180.16 -4.15 Sysco SYY 82.51 -0.62 WalgreensBoots WBA 41.03 -0.03
Cotlook 'A' Index-t *98.80 RELX RELX 28.80 0.02 Walmart WMT 147.49 -0.53
Three-month CD Five-year CD Hides,hvy native steers piece fob-u n.a.
LibertyBroadbandA LBRDA 90.20 1.35 NextEraEnergy NEE 87.15 0.60
s RPM RPM 104.20 0.96
LibertyBroadbandC LBRDK 90.97 1.41 Nike NKE 112.85 0.78
RalphLauren RL 111.16 -0.06
T U V WarnerBrosA WBD 10.89 -0.38
Popular Direct $10,000 4.05 CFG Community Bank $500 4.60 Wool,64s,staple,Terr del-u,w n.a. LibertyGlobal C LBTYK 20.13 0.29 NiSource NI 27.93 -0.15 WarnerMusic WMG 34.28 0.95
LibertyGlobal A LBTYA 19.58 0.36 Nokia NOK 4.99 0.06 RaymondJames RJF 111.52 -3.06 TC Energy TRP 43.20 0.72 WasteConnections WCN 140.73 0.21
(800) 274-5696 (888) 205-8388 Grains and Feeds RaytheonTech RTX 99.89 0.33 TD Synnex SNX 99.49 0.51 WasteMgt WM 166.75 -0.04
LibertyFormOne A FWONA 55.26 0.64 NomuraHoldings NMR 3.64 0.05
Luana Savings Bank $1,000 3.25 Sallie Mae Bank $2,500 4.55 Barley,top-quality Mnpls-u n.a. LibertyFormOne C FWONK 61.88 0.75 Nordson NDSN 238.37 -0.01 RealtyIncome O 64.96 0.29 TE Connectivity TEL 125.51 1.63 Waters WAT 344.62 3.76
RegalRexnord RRX 126.59 1.44 Telus TU 20.63 0.07 Watsco WSO 268.67 2.34
(800) 666-2012 (877) 346-2756 Bran,wheat middlings, KC-u,w 253 LibertyBraves A BATRA 32.91 0.20 NorfolkSouthern NSC 257.93 4.88
RegencyCtrs REG 65.68 0.11 TFI Intl TFII 106.92 2.01 WebsterFin WBS 45.84 -1.62
LibertyBraves C BATRK 32.52 0.22 NorthernTrust NTRS 90.66 1.13
Merrick Bank $25,000 3.20 Popular Direct $10,000 4.50 Corn,No. 2 yellow,Cent IL-bp,u 6.4300 LibertySirius A LSXMA 41.47 0.07 NorthropGrum NOC 525.59 -9.59 RegenPharm REGN 747.56 5.08 TJX TJX 79.16 0.40 WellsFargo WFC 42.62 -0.24
(866) 638-6851 (800) 274-5696
Corn gluten feed,Midwest-u,w 203.4 LibertySirius C LSXMK 41.39 0.08 NorwegCruise NCLH 15.03 -0.43 RegionsFin RF 21.65 -0.74 T-MobileUS TMUS 140.58 -1.82 Welltower WELL 66.26 0.53
Corn gluten meal,Midwest-u,w 666.3 LifeStorage LSI 107.49 0.35 Novartis NVS 91.21 0.33 ReinsGrp RGA 139.07 -1.84 TPG TPG 32.77 0.35 WestPharmSvcs WST 251.90 10.62
Cottonseed meal-u,w 385 EliLilly LLY 358.66 -8.59 s NovoNordisk NVO 132.84 3.03 RelianceSteel RS 204.68 -0.03 TRowePrice TROW 123.47 2.48 WestAllianceBcp WAL 61.57 -0.50
High yield jumbos - Minimum is $100,000 Hominy feed,Cent IL-u,w 215 LincolnElectric LECO 147.73 0.06 Novocure NVCR 75.83 -1.73 RenaissanceRe RNR 180.70 -3.80 TaiwanSemi TSM 80.51 0.08
RentokilInit RTO 32.79 0.12 TakeTwoSoftware TTWO 104.55 1.94
WesternDigital WDC 36.30 0.09
WesternMidstrm WES 26.87 0.35
Meat-bonemeal,50% pro Mnpls-u,w 370 Linde LIN 342.45 6.40 NuHoldings NU 3.88 -0.14
Repligen RGEN 177.99 11.11 TakedaPharm TAK 15.24 0.32 Westlake WLK 110.62 2.22
Money market and savings account Six-month CD Oats,No.2 milling,Mnpls-u 4.2575 LiveNationEnt LYV 74.17 0.57 Nucor NUE 149.45 1.39
RepublicSvcs RSG 136.40 -0.42 Tapestry TPR 38.36 1.03 WestRock WRK 36.89 0.24
Rice, Long Grain Milled, No. 2 AR-u,w 36.13 LloydsBanking LYG 2.29 0.04 Nutanix NTNX 32.93 0.46
ResMed RMD 223.70 2.80 TargaResources TRGP 72.74 2.32 Weyerhaeuser WY 32.89 0.57
CFG Community Bank 4.05 Popular Direct 4.50 Sorghum,(Milo) No.2 Gulf-u n.a. LockheedMartin LMT 480.22 -6.10 Nutrien NTR 77.05 -0.53
RestaurantBrands QSR 67.25 -0.12 Target TGT 150.87 0.84 WheatonPrecMet WPM 39.84 0.74
Loews L 56.75 0.06 nVentElectric NVT 39.19 -0.49
(888) 205-8388 (800) 274-5696 SoybeanMeal,Cent IL,rail,ton48%-u,w 479.60 LogitechIntl LOGI 62.78 1.77 NVIDIA NVDA 180.72 5.37 RexfordIndlRealty REXR 56.55 1.64 TataMotors TTM 25.16 0.43 Whirlpool WHR 147.47 0.02
UFB Direct 3.91 Merrick Bank 4.40 Soybeans,No.1 yllw IL-bp,u 14.6400 Lowe's LOW 211.22 6.14 ReynoldsCnsmr REYN 31.09 -0.27 TeckRscsB TECK 37.51 0.73 Williams WMB 33.79 0.60
Wheat,Spring14%-pro Mnpls-u 11.4275 t Lucid LCID 7.99 -0.29 O P Q RioTinto RIO 71.61 0.48 TeledyneTech TDY 420.91 1.11 Williams-Sonoma WSM 117.71 0.99
(877) 472-9200 (866) 638-6851 Wheat,No.2 soft red,St.Louis-u 7.1325 lululemon LULU 326.27 -1.96 Rivian RIVN 24.96 -0.65 Teleflex TFX 253.49 5.02 s WillisTowers WTW 247.04 1.98
First Internet Bank of Indiana 3.87 First Internet Bank of Indiana 4.39 Wheat - Hard - KC (USDA) $ per bu-u 9.2025 LyondellBasell LYB 84.12 1.16 OGE Energy OGE 40.12 -0.09 RobertHalf RHI 76.05 1.13 Ericsson ERIC 6.60 ... WillScotMobile WSC 46.64 0.03
ONEOK OKE 66.96 1.01 Robinhood HOOD 9.35 -0.23 TelefonicaBras VIV 6.99 -0.08 Wipro WIT 4.83 0.03
(888) 873-3424 (888) 873-3424 Wheat,No.1soft white,Portld,OR-u 8.6750
M N OReillyAuto ORLY 818.76-15.59
OccidentalPetrol OXY 64.28 0.25
Roblox RBLX 32.25 -1.07 Telefonica TEF 3.44 0.02 Wolfspeed WOLF 83.46 0.23

One-month CD One-year CD Food M&T Bank MTB 146.15 -5.39 Okta OKTA 70.52 2.03
RocketCos. RKT 8.47 -0.02 TelekmIndonesia TLK 23.74 0.15
Rockwell ROK 271.73 7.28 Tenaris TS 33.70 1.16
WoodsideEnergy WDS 24.25 0.29
WooriFin WF 29.73 0.25
Beef,carcass equiv. index MGM Resorts MGM 37.46 0.56 OldDomFreight ODFL 304.65 2.85 RogersComm B RCI 44.52 -0.26 TencentMusic TME 7.83 0.14 Workday WDAY 177.33 4.60
VirtualBank 2.48 CFG Community Bank 4.75 choice 1-3,600-900 lbs.-u 236.99 MPLX MPLX 32.80 0.48 OldRepublic ORI 23.96 -0.07 Roku ROKU 52.53 0.99 Teradyne TER 96.51 1.92 WynnResorts WYNN 86.67 0.26
(877) 998-2265 (888) 205-8388 select 1-3,600-900 lbs.-u 209.63 MSCI MSCI 512.02 14.75 Olin OLN 54.93 0.03 Rollins ROL 38.30 -0.04 t Tesla TSLA160.95 -6.87 t XP XP 15.13 -0.47
Broilers, National comp wtd. avg.-u,w 1.2510 MagellanMid MMP 50.44 0.57 OmegaHealthcare OHI 29.41 -0.16 RoperTech ROP 443.85 3.97 TetraTech TTEK 154.05 2.14 XcelEnergy XEL 71.60 0.01
Colorado Federal Savings Bank 0.75 First Internet Bank of Indiana 4.75 Omnicom s RossStores ROST 117.53 1.14 TevaPharm TEVA 9.11 0.42 XPeng
Butter,AA Chicago-d 2.7700 MagnaIntl MGA 59.87 0.15 OMC 80.94 2.65 XPEV 10.31 -0.16
(877) 484-2372 (888) 873-3424 ManhattanAssoc MANH 123.30 3.24 ON Semi ON 71.56 0.57 RoyalBkCanada RY 95.97 -1.01 TexasInstruments TXN 177.50 0.02 Xylem XYL 114.99 1.70
Cheddar cheese,bbl,Chicago-d 186.00 ManulifeFin MFC 18.01 0.16 OpenText OTEX 29.66 0.80 RoyalCaribbean RCL 55.76 -1.24 TexasPacLand TPL 2573.19 56.57 YumBrands YUM 130.15 0.51
State Bank of India California 0.50 Merrick Bank 4.70 Cheddar cheese,blk,Chicago-d 207.25 MarathonOil MRO 27.68 0.50 Oracle ORCL 80.56 -0.72 RoyalGold RGLD 112.44 3.45 TexasRoadhouse TXRH 98.04 0.02 YumChina YUMC 57.11 0.03
(877) 707-1995 (866) 638-6851 Milk,Nonfat dry,Chicago lb.-d 135.75 MarathonPetrol MPC 111.12 -0.09 Orange ORAN 9.82 0.03 RoyaltyPharma RPRX 41.82 -0.36 Textron TXT 71.93 -0.28 ZTO Express ZTO 26.50 0.73
Coffee,Brazilian,Comp-y 1.6866 Markel MKL 1289.52 -3.24 Organon OGN 28.20 0.62 RyanSpecialty RYAN 40.74 0.43 ThermoFisher TMO 571.38 3.78 ZebraTech ZBRA 263.27 5.17
Two-month CD Two-year CD Coffee,Colombian, NY-y 2.2492 MarketAxess MKTX 289.44 2.69 Orix IX 81.98 1.47 Ryanair RYAAY 76.13 -2.74 ThomsonReuters TRI 116.53 0.88 Zillow A ZG 37.07 2.62
VirtualBank 2.74 Merrick Bank 4.65
Eggs,large white,Chicago-u 4.6550 Marriott MAR 163.12 -0.05 OtisWorldwide OTIS 80.95 0.41 SAP SAP 109.81 1.45 3M MMM 127.29 0.44 Zillow C Z 37.97 2.53
Flour,hard winter KC-p 21.90 Marsh&McLen MMC 173.46 0.43 Ovintiv OVV 50.91 2.18 S&P Global SPGI 357.69 10.50 Toast TOST 19.62 -0.25 ZimmerBiomet ZBH 128.43 2.30
(877) 998-2265 (866) 638-6851 Hams,17-20 lbs,Mid-US fob-u 0.89 MartinMarietta MLM368.73 8.88 OwensCorning OC 95.91 1.06 SBA Comm SBAC 301.48 10.95 s Toro TTC 112.14 0.67 ZionsBancorp ZION 48.28 -0.12
Colorado Federal Savings Bank 0.75 Popular Direct 4.60 Hogs,Iowa-So. Minnesota-u 80.95 MarvellTech MRVL 43.51 0.93 PG&E PCG 16.01 ... SEI Investments SEIC 61.33 0.29 TorontoDomBk TD 65.40 -1.52 Zoetis ZTS 154.97 2.11
Pork bellies,12-14 lb MidUS-u 1.1505 Masco MAS 51.42 1.76 PLDT PHI 29.34 -0.32 SK Telecom SKM 21.25 0.20 TotalEnergies TTE 61.66 1.90 ZoomVideo ZM 74.05 0.36
(877) 484-2372 (800) 274-5696 Masimo MASI 150.36 7.00 PNC Fin PNC 154.03 -2.67 SS&C Tech SSNC 53.51 0.77 ToyotaMotor TM 144.50 0.38 ZoomInfoTech ZI 31.07 0.88
Pork loins,13-19 lb MidUS-u 1.0229 MasTec MTZ 89.36 2.23 POSCO PKX 55.35 1.18 StoreCapital STOR 31.98 0.01 TractorSupply TSCO 214.20 -0.27 Zscaler ZS 123.76 2.52
State Bank of India California 0.50 HSBC Direct 4.50 Steers,Tex.-Okla. Choice-u n.a.
(877) 707-1995 (844) 867-5750 Steers,feeder,Okla. City-u,w 190.63
Three-month CD Five-year CD Fats and Oils Dividend Changes
Popular Direct 4.05 CFG Community Bank 4.60 Degummed corn oil, crude wtd. avg.-u,w 59.0000
Grease,choice white,Chicago-h 0.6600 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
(800) 274-5696 (888) 205-8388 Lard,Chicago-u n.a.
Luana Savings Bank 3.35 Sallie Mae Bank 4.55 Soybean oil,crude;Centl IL-u,w 0.6486 Amount Payable / Amount Payable /
(800) 666-2012 (877) 346-2756 Tallow,bleach;Chicago-h 0.6750 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Tallow,edible,Chicago-u n.a.
Merrick Bank 3.20 Popular Direct 4.50 Increased Stocks
KEY TO CODES: A=ask; B=bid; BP=country elevator
(866) 638-6851 (800) 274-5696 bids to producers; C=corrected; D=CME; AGNC Invt Pfd. C AGNCN 9.3 .5744 /.4375 Q Jan17 /Jan01 Team TISI 1:10 /Dec22
E=Manfra,Tordella & Brookes; H=American
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Commodities Brokerage Co; K=bi-weekly; American Vanguard AVD 0.5 .03 /.025 Q Jan11 /Dec28 Foreign
compounding and rate stated for the lowest required opening deposit to earn interest. CD M=monthly; N=nominal; n.a.=not quoted or not Eli Lilly LLY 1.3 1.13 /.98 Q Mar10 /Feb15 Pentair PNR 1.9 .22 Q Feb03 /Jan20
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of available; P=Sosland Publishing; R=SNL Energy;
which may be checks. Rates are subject to change. S=Platts-TSI; T=Cotlook Limited; U=USDA; Initial Special
V=Benchmark Mineral Intelligence; W=weekly; TriplePoint Venture Grw 12.6 .10 Dec30 /Dec22
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Y=International Coffee Organization; Z=not quoted. AGNC Inv Pfd. Series G AGNCL 8.8 .6512 Jan17 /Jan01 TPVG

Internet: www.bankrate.com *Data as of 12/12 Source: Dow Jones Market Data Sources: FactSet; Dow Jones Market Data

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
GblStock 13.93 +0.14 -3.5 Fidelity Invest TotRtnBdFdClInst 23.82 +0.17-13.5 LrgCpStr 15.23 +0.13-19.2 EqIdxInst 28.39 +0.21-15.5 TotIntBdIdxAdm 19.66 +0.04-10.0 IdxIntl 17.24 +0.19-14.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.55 +0.09 -9.0 Balanc 23.90 +0.18-15.1 Harbor Funds Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.84 +0.31-14.1 MdCpGrAdml 82.18 +1.13-24.6
Intl Stk 44.86 +0.52 -5.1 BluCh 121.49 +1.32-33.5 CapApInst 66.97 +0.50-33.5 ParnEqFd 48.91 +0.29-15.3 500Adml 372.17 +2.71-14.4 TotStAdml 97.84 +0.73-15.8 MdCpVlAdml 72.94 +0.25 -4.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 230.06 +1.20 -4.6 Contra 12.57 +0.10-25.4 Harding Loevner PGIM Funds Cl Z BalAdml 41.49 +0.30-13.9 TxMCapAdml207.83 +1.57-15.3 SmValAdml 70.71 +0.27 -6.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlEq
DoubleLine Funds ContraK 12.61 +0.09-25.4 NA ... NA HighYield 4.69 +0.04 NA CAITAdml 11.21 +0.02 -6.1 TxMIn r 14.04 +0.19-13.1 TotBd2 9.59 +0.07-11.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 8.99 +0.06-10.7 CpInc 9.29 +0.06 -8.4 Invesco Funds A CapOpAdml r167.14 +0.68-13.7 TotIntlInstIdx r115.32 +1.23-14.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TotalReturnBond 12.15 +0.09 NA USGroAdml 109.09 +1.30-35.2
Edgewood Growth Instituti GroCo 25.89 +0.28-29.0 EqIncA 10.59 +0.06 -5.6 PIMCO Fds Instl DivAppIdxAdm 42.85 +0.17 -6.7 ValAdml 56.28 +0.15 -0.1 TotItlInstPlId r115.35 +1.23-14.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; EdgewoodGrInst 38.37 +0.67-36.6 InvGrBd 10.10 +0.07-10.6 Invesco Funds Y EMAdmr 33.28 +0.06-16.9 TotSt 97.80 +0.72-15.9
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. AllAsset NA ... NA WdsrllAdml 72.83 +0.48-10.3
Fidelity LowP 46.55 +0.12 -5.1 DevMktY 35.99 +0.12-23.5 TotRt 8.75 +0.07 NA EqIncAdml 92.37 +0.45 2.3 WellsIAdml 63.95 +0.41 -6.8 VANGUARD INSTL FDS
500IdxInstPrem139.91 +1.02-14.4 Magin 11.40 +0.13-22.3 JHF III DispVal PIMCO Funds A ExplrAdml 95.16 +0.93-20.1 WelltnAdml 72.70 +0.38-11.9 BalInst 41.49 +0.29-13.9
Tuesday, December 13, 2022 Contrafund K6 17.48 +0.12-24.3 NASDAQ 143.04 +1.43-27.3 DispValMCI 26.37 +0.14 -4.7 IncomeFd 10.61 +0.09 -7.1 ExtndAdml 105.97 +0.91-23.1 WndsrAdml 80.18 +0.56 -0.9 DevMktsIndInst 14.06 +0.19-13.0
Net YTD Net YTD Net YTD ExtMktIdxInstPre 66.78 +0.58-23.1 OTC 13.73 +0.18-27.4 John Hancock PIMCO Funds I2 GNMAAdml 9.37 +0.08 -9.1 VANGUARD FDS DevMktsInxInst 21.98 +0.30-13.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.21 +0.10-15.8 Puritn 21.25 +0.14-14.5 BondR6 13.67 +0.09-12.4 Income 10.61 +0.09 -6.8 GrwthAdml 118.36 +1.44-28.0 DivdGro 37.09 +0.12 -2.4 ExtndInst 105.96 +0.91-23.1
GrowthCompanyK6 16.46 +0.16-28.1 SAIUSQtyIdx 15.98 +0.07-14.5 JPMorgan I Class PIMCO Funds Instl HlthCareAdml r 93.81 +0.52 1.5 IntlVal 37.57 +0.43 -9.6 GrwthInst 118.37 +1.44-28.0
American Century Inv WshA 54.72 +0.28 -5.7 MunicipalBond 9.78 +0.01 -7.1 InflPrBdIndInsPr 9.99 +0.02-10.5 SrsEmrgMkt 15.89 +0.11-22.6 CoreBond 10.33 +0.07 NA HYCorAdml r 5.27 +0.04 -7.1 InPrSeIn 9.85 +0.02-10.3
Ultra 63.68 +0.49-27.3 Artisan Funds Calamos Funds IncomeFd 10.61 +0.09 -6.7 LifeCon 19.94 +0.14-12.4
IntlIdxInstPrem 42.42 +0.67-11.7 SrsGlobal 12.65 +0.15-13.7 EqInc 23.15 -0.31 NA Price Funds InfProAd 24.19 +0.07-10.2 InstIdx 341.54 +2.49-14.4
American Funds Cl A IntlVal Inst 39.02 +0.31 -5.8 MktNeutI 13.90 +0.03 -4.0 LifeGro 37.76 +0.31-14.3
LgCpGwId InstPre 22.37 +0.19-24.4 SrsGroCoRetail 14.76 +0.14-27.7 LgCpGwth 47.12 -1.13 NA IntlGrAdml 102.12 +1.97-26.7 InstPlus 341.54 +2.49-14.4
AmcpA 31.59 +0.30-25.2 Baird Funds Columbia Class I BlChip 110.85 -4.86-37.7 LifeMod 28.83 +0.22-13.3
MidCpInxInstPrem 27.35 +0.22-13.8 SrsIntlGrw 15.09 +0.25-18.4 JPMorgan R Class
DivGro 66.30 -1.66 -9.8
ITBondAdml 10.31 +0.08-11.4 InstTStPlus 71.19 +0.52-15.8
AMutlA 51.50 +0.19 -1.9 AggBdInst 9.82 +0.07-11.7 DivIncom I 29.60 -0.58 -2.8 SAIUSLgCpIndxFd 17.58 +0.13-14.4 CoreBond 10.35 +0.07 NA PrmcpCor 30.67 +0.06 -8.8
SrsIntlVal 10.18 +0.14 -5.8 ITIGradeAdml 8.51 +0.06-12.0 MidCpInst 58.61 +0.49-15.0
BalA 29.56 +0.02 -9.7 CorBdInst 10.09 +0.07-11.3 Dimensional Fds CorePlusBd 7.31 +0.05 NA Growth 66.37 -1.49-37.6 STAR 26.98 +0.24-15.0
SeriesBondFd 9.08 +0.06-11.1 TotalBond 9.58 +0.06-10.9 LarCapAd 92.56 +0.68-15.9 MidCpIstPl 289.05 +2.39-15.0
BondA 11.64 +0.08-10.8 BlackRock Funds 5GlbFxdInc 9.87 +0.02 -6.3 HelSci 94.13 +0.53 -9.6 TgtRe2020 27.37 +0.18-11.8
SeriesOverseas 11.38 +0.20-19.6 Fidelity SAI Lord Abbett A LTGradeAdml 8.27 +0.07-21.3 RealEstaInstl 19.33 +0.36-22.2
CapIBA 65.04 +0.40 -5.5 HiYldBd Inst 6.81 +0.05 -9.1 EmgMktVa 27.05 +0.02 -9.8 SerLTTreBdIdx 6.27 +0.06-24.6 ShtDurIncmA p 3.85 +0.01 -4.7 LgCapGow I 50.91 +0.48-30.8 TgtRe2025 17.70 +0.13-13.0
TotalBd 9.07 +0.06-10.6 MidCpAdml 265.30 +2.19-15.0 SmCapInst 91.79 +0.68-14.5
CapWGrA 53.16 +0.09-14.8 BlackRock Funds A EmMktCorEq 20.38 +0.01-15.4 SmCpIdxInstPrem 22.83 +0.17-17.2 U.S.TreBdIdx 8.84 +0.05-10.8 Lord Abbett I MidCap 92.96 -1.39-20.8
MuHYAdml 10.42 +0.03-10.4 TgtRe2030 33.22 +0.26-13.5 SmCapIstPl 264.94 +1.97-14.5
EupacA 51.35 +0.53-20.3 GlblAlloc 16.89 +0.15-14.6 IntlCoreEq 13.77 +0.19-11.8 TMktIdxInstPrem112.46 +0.84-15.8 First Eagle Funds ShtDurInc p 3.85 +0.01 -4.3 NHoriz 49.22 -1.46-35.9 MuIntAdml 13.47 +0.02 -6.2 TgtRe2035 20.54 +0.16-13.8 STIGradeInst 10.01 +0.04 -5.3
FdInvA 63.73 +0.48-13.7 BlackRock Funds III IntSmCo 17.95 +0.27-16.4 TotalMarketIndex 14.18 +0.10-15.5 GlbA 58.59 +0.54 -5.5 Metropolitan West R2020 19.46 +0.11-12.4 MuLTAdml 10.71 +0.03 -9.2 TgtRe2040 36.07 +0.29-14.2 STIPSIxins 24.08 +0.05 -2.5
GwthA 54.17 +0.45-27.1 iShS&P500IdxK470.65 +1.11-14.6 IntSmVa 18.70 +0.28-10.3 USBdIdxInstPrem 10.42 +0.07-11.1 FPA Funds TotRetBdI 9.28 +0.09 NA R2025 16.93 +0.10-13.3 MuLtdAdml 10.71 +0.01 -2.6 TgtRe2045 24.27 +0.21-14.5 TotBdInst 9.70 +0.06-11.3
HI TrA 9.25 +0.06 -7.6 BlackRock Funds Inst LgCo 27.35 +0.19-14.4 Fidelity Freedom NwInc 9.49 +0.02 -3.1 TRBdPlan 8.70 +0.08 NA R2030 25.25 +0.18-14.3 MuShtAdml 15.59 ... -0.7 TgtRe2050 40.07 +0.35-14.6 TotBdInst2 9.59 +0.07-11.2
ICAA 44.02 +0.39-12.9 EqtyDivd 18.69 +0.08 -2.2 US CoreEq1 30.97 +0.20-11.6 FF2020 13.62 +0.10-13.5 Franklin A1 MFS Funds R2040 27.52 +0.21-16.0 PrmcpAdml r149.93 +0.10-11.5 TgtRe2060 41.05 +0.36-14.6 TotBdInstPl 9.70 +0.06-11.3
IncoA 23.07 -0.94 -4.6 StratIncOpptyIns 9.36 +0.03 -5.1 US CoreEq2 28.18 +0.18-11.0 FF2025 12.52 +0.10-14.0 IncomeA1 2.32 +0.02 -3.0 IIE 29.09 +0.33-12.0 Putnam Funds Class A RealEstatAdml124.87 +2.29-22.2 TgtRet2055 44.61 +0.38-14.6 TotIntBdIdxInst 29.50 +0.06-10.0
IntBdA 12.55 +0.07 -6.8 Bridge Builder Trust US Small 39.89 +0.17-10.9 FF2030 15.66 +0.13-14.3 FrankTemp/Frank Adv MFS Funds Class I PutLargCap p 28.83 +0.12 -1.0 SmCapAdml 91.79 +0.68-14.5 TgtRetInc 12.76 +0.07-10.6 TotStInst 97.85 +0.72-15.8
N PerA 51.44 +0.43-22.5 CoreBond 9.02 +0.07-11.2 US SmCpVal 42.51 +0.07 -1.3 FF2035 13.50 +0.12-14.9 IncomeAdv 2.30 +0.02 -2.8 GrowthI 140.43 +0.31-27.1 Schwab Funds SmGthAdml 74.32 +0.94-24.7 WellsI 26.40 +0.17 -6.8 ValueInst 56.28 +0.15 -0.1
NEcoA 45.34 +0.32-26.7 CorePlusBond 8.95 +0.07-11.4 US TgdVal 29.22 +0.08 -2.3 FF2040 9.56 +0.09-15.3 FrankTemp/Franklin A ValueI 52.14 +0.35 -3.3 1000 Inv r NA ... NA STBondAdml 9.93 +0.04 -5.1 Welltn 42.10 +0.22-12.0 WCM Focus Funds
NwWrldA 68.68 +0.38-20.2 Intl Eq 11.32 +0.17-15.4 USLgVa 43.75 +0.25 -3.5 Freedom2030 K 15.66 +0.13-14.1 Growth A 118.86 +1.13-21.0 Northern Funds S&P Sel NA ... NA STIGradeAdml 10.01 +0.04 -5.3 WndsrII 41.05 +0.27-10.4 WCMFocIntlGrwIns 20.82 +0.32-24.7
SmCpA 58.47 +0.57-26.9 LargeCapGrowth 18.10 +0.19-23.0 Dodge & Cox Idx2030InsPre 17.75 +0.14-14.0 RisDv A 89.21 +0.71 -7.3 StkIdx 44.18 +0.32-14.4 TSM Sel r NA ... NA STIPSIxAdm 24.06 +0.05 -2.5 VANGUARD INDEX FDS Western Asset
TxExA 12.18 +0.02 -8.2 LargeCapValue 16.55 +0.07 -2.9 Balanced 101.22 +0.62 -5.4 Idx2040InsPre 20.06 +0.18-15.1 Guggenheim Funds Tru Old Westbury Fds TIAA/CREF Funds TotBdAdml 9.70 +0.06-11.3 ExtndIstPl 261.50 +2.25-23.1 CorePlusBdI 9.71 +0.10 NA
B12 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

FINANCE & MARKETS

Hedge Funds Boost Teacher Pension Credit

Suisse’s
Texas group loses Boston College Center for Re-

money but tops peers

with Man Group,
tirement Research.
Texas Teachers has carved
a different path.
Mission:
Citadel investments
The pension’s hedge-fund
portfolio has grown fairly
steadily since its creation in
Win Back
BY JULIET CHUNG
AND HEATHER GILLERS
2000. It had $16.3 billion in
hedge funds as of the end of
June, or about 9% of the port-
Customers
Bets on hedge funds have folio, just under a 10% state
paid off for the giant Teacher cap. BY MARGOT PATRICK
Retirement System of Texas. Board members voiced

ANDY JACOBSOHN FOR THE WALL STREET JOURNAL

The roughly $184 billion doubt about the retirement Credit Suisse Group AG got
pension fund, one of the big- plan’s hedge-fund investments onto firmer financial footing
gest in the U.S. and a signifi- over the years, according to by selling $4.3 billion in stock.
cant investor in hedge funds, meeting minutes. Now, it needs to woo back rich
lost 2.3% for the fiscal year That includes discussing a customers who pulled their
ended June 30, outpacing the 2014 plan by the California money while the bank’s fate
median 5.1% loss for large Public Employees’ Retirement was uncertain.
pension funds reported by System to phase out its hedge- The Swiss bank is attempt-
Wilshire Trust Universe Com- fund portfolio and questioning ing to mount a comeback from
parison Service. whether Texas Teachers was financial losses and scandals.
Its $9.7 billion portfolio of paying high fees only to trail It is spinning off an invest-
stable-value hedge funds— passive benchmarks. ment-banking arm and cutting
which includes funds run by Mr. West in a 2017 board one in six of its 52,000 staff.
Man Group PLC, Systematica The Teacher Retirement System of Texas redeemed roughly $1.4 billion from hedge funds in 2022. meeting said hedge funds’ Investors including Saudi Na-
Investments and Citadel that performance for the prior five tional Bank bought shares in
are intended to zig when mar- compared with 8.1% for the rates, and equity-market-neu- Hedge-fund assets as a share years hadn’t contributed sig- the recent stock sale at rock-
kets zag—gained 9.4% for the trust as a whole. Texas Teach- tral strategies, where a fund’s of Texas Teachers pension fund nificantly to the pension but bottom prices to help pay for
period. ers doesn’t report an overall long exposure to the market is pushing fund managers to a yearslong restructuring.
9%
Texas Teachers also invests hedge-fund return. offset by its short wagers. move away from traditionally But Credit Suisse’s reputa-
$6.6 billion in what it calls Hedge funds have been in a “You’re seeing the benefits 8 expensive fee structures tion with some rich customers
“directional hedge funds” in- yearslong slump, on average of broad diversification” be- 7
would lead to greater benefits. wobbled this fall while the
tended to more closely track trailing the total return of a yond stocks and bonds in Texas Teachers’s push for plans were still being crafted
stock markets. That portfolio traditional portfolio made up portfolios, he said. 6 lower fees, along with its 2012 by its new management team.
lost 6.6% for the year ended of 60% global stocks and 40% Mr. West said the pension’s 5 deal to buy a minority stake in They pulled around $67 bil-
June 30, bringing the pen- U.S. bonds in nine out of the hedge-fund investments added Bridgewater Associates, at- lion, or around one-tenth of
sion’s overall hedge-fund re- last 10 years ended 2021, ac- value by providing returns un- 4 tracted attention in the hedge- their balances, in a matter of
turn to slightly more than 2%, cording to data from research correlated to stock markets. 3 fund industry. weeks. The withdrawals were
according to an estimate by firm HFR and Dow Jones Mar- He also said hedge funds were In a recent interview, Mr. largely sparked by online
The Wall Street Journal—in a ket Data. proving valuable by providing 2 West said the majority of the speculation that the 166-year-
year when major stocks and Bright spots included bio- cash from redemptions when 1 pension’s hedge-fund manag- old bank was in trouble, which
bond indexes have registered tech funds and stock picking generating liquidity from in- ers have moved to alternative- also caused plunges in Credit
0
double-digit losses. funds focused on fast-growing vestments at anything other fee structures. Suisse’s share price and jumps
“For a decade, stocks and companies, both strategies than depressed prices has 2001 ’05 ’10 ’15 ’20 He also said hedge funds in the cost of insuring its
bonds have had high returns, that have reversed this year. been difficult. Note: All years are as of Aug. 31. looked attractive, given inves- bonds against default. Chair-
so the usefulness of hedge But investors who remained The pension redeemed Source: Teacher Retirement System of Texas tors’ expectations for volatil- man Axel Lehmann recently
funds to portfolios has been invested in a range of hedge- roughly $1.4 billion from ity and the potential gains said the outflows have largely
low,” said Dale West, senior fund strategies are reaping hedge funds in calendar year passing part of a historic bull from funds specializing in stopped.
managing director of public the rewards. 2022. It expects some $500 run pushed some U.S. pen- trading distressed debt if the On Friday, Fitch Ratings an-
markets for Texas Teachers. “The large percentage of million in cash in January sions to pull back from hedge economy slows. alysts said Credit Suisse has to
“But when you have a year hedge funds have done ex- from year-end hedge-fund re- funds over the past five years, For its fiscal year ended overcome cracks in customer
like this, the fact that hedge traordinary this year relative demptions. including moving more heav- Aug. 31, the pension lost 6.7%. confidence to succeed in its
funds are sort of steady in the to stocks and bonds,” said The redemptions, mainly ily into private equity or shift- Those losses are greater than revamp. They said the bank’s
background—you really see Greg Dowling of Cincinnati- aimed at keeping hedge funds ing into lower-cost strategies. the June 30 return because credit ratings would come un-
the value of that.” based investment consulting to about 10% of the pension’s Average allocations to the August figure doesn’t in- der pressure if the wealth-
Texas Teachers earned an- firm Fund Evaluation Group. portfolio as other assets lost hedge funds by large U.S. pub- clude strong gains in July and management franchise suffers
nualized five-year returns of He cited as examples macro value, covered many retired lic pensions fell from a high of August 2021. The Journal lasting damage.
6.7% and 5.6% on its stable- funds, which try to anticipate teachers’ pension checks. 8% in 2017 and 2018 to 5% in used the pension’s June 30 re- Rival bankers and analysts
value and directional hedge- big-picture market movers Hedge funds’ mixed perfor- 2021, the most recent year turns to facilitate peer com- said it could take years for
fund portfolios as of June 30, like the direction of interest mance over a period encom- data were available from the parisons. Credit Suisse to recover the
lost customer deposits and in-
vestments.

Ex-CNN Boss
In 2021, when booming
markets drew investors, Credit
Suisse attracted around $33
billion net new assets. The

Zucker to Lead
outflow across the bank be-
tween Oct. 1 and Nov. 11 was
more than $88 billion.
Having a large base of cus-

Investment Firm tomer assets is crucial to

Credit Suisse’s recovery be-
cause of the fees and commis-

BY JESSICA TOONKEL build companies, he said.

“It’s a time of tremendous
In 2021, Credit
Former CNN President Jeff change in large part because Suisse attracted
Zucker is getting back into the of technology,” Mr. Zucker
media business as chief execu- said in an interview. “This is
around $33 billion
tive of a new joint venture be- also an incredibly exciting net new assets.
tween private-equity firm time around what comes
PAUL SANCYA/ASSOCIATED PRESS

RedBird Capital Partners and next.”

International Media Invest- Both RedBird and IMI al-
ments, an Abu Dhabi-based ready have sizable invest- sions that make up its main
media holding company. ments in sports and media source of revenue. This year,
In his new role, Mr. Zucker properties. RedBird owns a Credit Suisse depleted its capi-
will focus on building, buying minority stake in Fenway tal with consecutive quarterly
and investing in sports, media Sports Group, the owner of the losses. In November, it said it
and entertainment entities Boston Red Sox and the Liver- expects a pretax loss of
around the world with the pool Football Club; a stake in Jeff Zucker will focus on building, buying and investing in sports, media and entertainment entities. around $1.6 billion for the
backing of RedBird and IMI, SpringHill Co., LeBron James’s fourth quarter.
which together are investing entertainment company; and a a mutual friend to discuss pos- before he left CNN, he was in- WarnerMedia’s sports proper- “The market headwinds re-
$1 billion in capital to fund the stake in Skydance Media, the sible opportunities. While the volved in early discussions to ties; and was CEO of NBCUni- sult in a volatile environment
joint venture, the companies entertainment company two executives were at Har- partner with IMI to launch versal. Mr. Zucker joined NBC for our clients, and we are
said. started by film producer David vard University together, they CNN Business Arabic, which News in 1986 as a researcher fully focused on providing
Mr. Zucker is returning to Ellison. Meanwhile, IMI owns had never met, they said. At the two companies announced for the network’s coverage of them with differentiated ad-
media and entertainment at a all or a piece of a number of the time, Mr. Zucker was also this year. the 1988 Olympic Games in vice and solutions that are in
time when larger entertain- media companies in the United having discussions with IMI, a The new joint venture, Red- Seoul and rose through the line with market rates,” a
ment companies—including Arab Emirates, including Eng- private company owned by the Bird IMI, will look to invest in ranks, becoming executive Credit Suisse spokesman said.
his old employer, Warner Bros. lish-language news outlet the U.A.E., about potential oppor- companies across the globe— producer of “Today” in 1991 at Credit Suisse is Switzer-
Discovery Inc.—are slashing National. It also has a minor- tunities to work together. tapping into the expertise of the age of 26. land’s No. 2 bank by assets af-
costs as they continue to see ity stake in European news IMI has a longtime relation- both firms, Mr. Cardinale said. Mr. Zucker resigned from ter UBS Group AG. Outside its
losses in their streaming busi- channel Euronews. ship with CNN, which has a Before his nine-year stint CNN in February, citing his home market, Credit Suisse’s
nesses. With such changes in Mr. Zucker met RedBird large bureau in Abu Dhabi that running CNN, Mr. Zucker had failure to disclose a consen- main business is managing
the industry, Mr. Zucker sees founder and CEO Gerry Cardi- worked with the team there his hand in different corners sual relationship with a col- money and creating invest-
an opportunity to buy and nale earlier this year through for years. Mr. Zucker said that of the media world. He ran league. ment products for the global
rich, particularly in Asia. It
also has a Wall Street invest-

Yields to 3.508%, early Tuesday after

the Labor Department re-
leased weaker-than-expected
on Wall Street as an inverted
yield curve, noted Donald El-
lenberger, a senior portfolio
flation back to its 2% annual
target. Mr. Powell has pointed
out repeatedly this year how
period to guard against the
risk of unexpected inflation
and interest-rate increases.
ment bank raising financing
for companies and connecting
investors with trading mar-

Pose consumer-price index data.

Highlighting the confusion,
some investors said that they
manager at Federated Hermes.
“The problem is the more
hawkish Powell sounds in the
investors’ rising expectations
for short-term interest rates—
as reflected in higher bond
For months, the 10-year
yield repeatedly failed to drop
more than 0.5 percentage
kets. It has plans to shrink
that unit through disposals
and outside investment.

Puzzle could get advance notice of

the Fed’s messaging this week
and still have a hard time pre-
face of inflation on the down-
swing and rising recession
risks, the more the yield curve
yields—have done more to
fight inflation than the actual
increases in the fed-funds
point below the two-year
yield.
More recently, though, it
In recent television inter-
views, Mr. Lehmann said cli-
ents still like the bank and
dicting how the 10-year Trea- rate. has blown past that barrier, that few cut ties entirely.
Continued from page B1 sury yield would respond. At times, Mr. Powell and falling as much as 0.85 per- Credit Suisse’s relationship

3.501%
Over that time, Fed offi- Their rationale: If the Fed other Fed officials have tried centage point below the two- managers got in touch with
cials, including Fed Chair Je- sends a hawkish message, em- to push back against the mar- year yield—the largest such around 8,000 customers in re-
rome Powell, have signaled phasizing concerns about in- ket when yields have de- gap in more than four de- cent weeks to provide reassur-
that they are likely to raise flation and projecting higher clined—though it isn’t clear if cades. ance, he said.
the federal-funds rate a little interest rates than expected, Settlement yield on 10-year they see the most recent de- Some analysts point to the Analysts said customers
higher than they had previ- the 10-year yield could climb, Treasury note on Tuesday cline as a problem. Fed’s apparent decision to could be drawn back by the
ously projected in their last as investors expect higher One question that could de- slow the pace of rate in- high yields they can get on
official forecast made in Sep- rates for longer. Then again, it termine where the 10-year creases as one reason longer- some investment products be-
tember. Even so, the 10-year could fall, if investors think yield goes from here is term yields have fallen re- cause of Credit Suisse’s weak-
yield settled at 3.501% Tues- that higher short-term rates inverts,” he said. “Powell can whether there is a limit to cently. Officials, in recent ened state. Many of the prod-
day. That was down more alone could be enough to push up short-term rates, but how far it can fall below weeks, have indicated that ucts the bank structures or
than 0.7 percentage point choke off the economy, forc- it’s getting increasingly diffi- yields on shorter-term Trea- they will raise rates in smaller sells are tied to its own credit
from its recent peak in early ing the Fed to quickly reverse cult for him to push up long- surys, like the two-year note. increments going forward—to quality, and its cost of borrow-
November and down from course and start rapidly cut- term rates.” Regardless of their baseline guard against the risk of caus- ing has gone up sharply. This
3.611% Monday after a lower- ting rates next year. Falling long-term bond interest-rate expectations, in- ing an unnecessarily severe month, it issued structured
than-anticipated monthly in- Already, longer-term yields yields are important in part vestors generally like to get recession—while at the same notes in the U.S. maturing in
flation reading. are well below that of shorter- because they could make it some extra compensation for time stressing their intention 15 months and paying 7% an-
It was down even further, term yields in what is known harder for the Fed to bring in- holding bonds over a longer to keep going next year. nual interest.
THE WALL STREET JOURNAL. * * * * Wednesday, December 14, 2022 | B13

MARKETS

Stocks Gain After Good Inflation Data

Bonds rally as from a year ago, compared with 4.0% from 3.611% the day before. more than a month. Hong
7.7% in October—and cooler Bond yields and prices move in Kong’s rollback of Covid-19 re-
government reports than economists surveyed by 3.5 opposite directions. strictions on people arriving in
slowing in price The Wall Street Journal had ex- Shares of technology heavy- the city spurred more optimism
pected. Core inflation, which 3.0 Index performance Tuesday weights, among the most sensi- about China’s reopening, as
increases last month excludes food and energy, in- tive to interest rate expecta- well as positive sentiment rip-
creased 6%, softening from 2.5 Nasdaq Composite tions, led the way in trading pling through markets on the
BY GUNJAN BANERJI 6.3%. S&P 500 Tuesday. Meta Platforms back of the inflation data.
AND ANNA HIRTENSTEIN “I’m happily surprised. We added $5.44, or 4.7%, to The pan-continental Stoxx
2.0 Dow Jones
have cooler headline inflation Industrial Average
$120.15. Alphabet shares Europe 600 advanced 1.3%.
Stock indexes climbed and and cooler core,” said Fahad jumped $2.32, or 2.5%, to Early Wednesday, Japan’s
bond yields fell after fresh data Kamal, chief investment officer 1.5 $95.63. Nikkei 225 was up 0.7%, Hong
showed inflation eased last at Kleinwort Hambros. Tesla shares fell $6.87, or Kong’s Hang Seng Index and
month, a wel- Meanwhile, rising expecta- 1.0 4.1%, to $160.95, continuing a the Shanghai Composite were
TUESDAY’S come develop- tions that the Federal Reserve slump that has dragged the up 0.1% and South Korea’s Ko-
MARKETS ment for inves- could slow its plans for tighten- 0.5 stock down 54% for the year. spi was up 0.7%. S&P 500 fu-
tors who have ing financial conditions because Shares of publicly traded tures rose 0.2%.
been anxious about rising of inflation easing have also 0 companies tied to cryptocur-
prices for much of the year. driven stocks higher. Markets rency kept slumping, with a
The S&P 500 added 29.09 are pricing in a higher proba- House Financial Services Com- AUCTION RESULTS
–0.5 Here are the results of Tuesday's Treasury auction.
points, or 0.7%, to 4019.65, par- bility of a 0.5-percentage-point 10 a.m. 11 noon 1 p.m. 2 3 4
mittee hearing on the FTX col- All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
ing some of its stronger gains rate rise at the Fed’s meeting lapse taking place Tuesday. between that price and the face value.
from earlier in the session. The on Wednesday, which would Source: FactSet Shares of Silvergate Capital, a 29-YEAR, 11-MONTH BONDS
Nasdaq Composite rose 113.08 mark the first slowdown in the bank tied to crypto, tumbled Applications $40,474,162,200
$18,000,021,400
points, or 1%, to 11256.81. The pace of rate hikes since the indexes rocketed higher after Nasdaq shot up 3.8% earlier in $2.53, or 12%, to $18.73. Coin- Accepted bids
" noncompetitively $22,242,200
Dow Jones Industrial Average central bank began raising in- the open before trimming some the session before whittling base shares dropped $3.91, or " foreign noncompetitively $0
Auction price (rate) 108.967370
added 103.60 points, or 0.3%, to terest rates. of those gains later in the ses- much of those gains. 9.2%, to $38.69. (3.513%)
34108.64. Still, Tuesday’s trading ses- sion. The Dow was up more Bond yields have also been Oil prices climbed, with Interest rate 4.000%
The latest data on the con- sion showed how uncertain than 700 points at its high and falling from recent highs. The global crude benchmark Brent Bids at clearing yield accepted 98.88%
Cusip number 912810TL2
sumer-price index showed that many investors remain about later dipped in and out of nega- yield on the benchmark 10-year rising 3.4% to $80.68 a barrel, The bonds, dated Dec. 15, 2022, mature on Nov. 15,
inflation rose 7.1% in November the path of the economy. Major tive territory. The tech-heavy Treasury note slid to 3.501% the biggest one-day jump in 2052.

OPEC Keeps Oil-Supply Growth Forecasts Steady

BY WILL HORNER million barrels a day in 2023. revised higher its forecast for from rising. Previous sanctions Crude oil futures prices native buyers of its crude. But
OPEC’s latest forecasts sug- Russian crude output next year targeting Russia’s oil industry at $60 a barrel, some analysts
$130 a barrel
OPEC maintained its out- gest the group sees little rea- to 10.11 million barrels a day have weakened its oil output, have said the cap is too high to
look for global oil supply and son so far to expect Russian from an earlier estimate of but its oil income has re- Brent have much effect as Russia is
demand on Tuesday, suggest- crude-oil production to be 10.08 million barrels a day but mained high as soaring oil 120 WTI already selling most of its
ing it doesn’t badly hit by the latest Western noted that there was “high un- prices have compensated for crude at a similar price.
COMMODITIES expect West- sanctions targeting Russia’s oil certainty” surrounding Rus- fewer customers. 110
Oil prices have largely
ern attempts revenue. A European Union sia’s crude production. The price-cap plan, which shrugged off the measures.
to set a price cap for Russian ban on Russian crude-oil im- The EU ban on Russian counts the Group of Seven na- Last week, Brent crude, the in-
oil to have much impact on ports came into effect at the crude imports has seen Rus- tions and Australia among its 100 ternational oil benchmark, fell
global crude flows. start of the month, as did a sian crude-oil flows to Europe members, bans members’ ship- below $80 a barrel for the first
The Organization of the Pe- U.S.-led plan to cap the price drop by close to 1 million bar- ping and insurance firms from 90 time since the start of the
troleum Exporting Countries of Russian oil sold interna- rels a day in November, year handling Russian crude oil car- year. On Tuesday, Brent rose
left its forecasts for oil-supply tionally. over year, OPEC said, but other goes unless the oil was sold 2.7% to $80.68 a barrel.
growth from non-OPEC coun- But while the measures had regions had compensated by below $60 a barrel. 80 Also in the report Tuesday,
tries largely unchanged at 1.9 prompted fears that more Rus- buying more Russian oil. Turk- As most shipping and insur- OPEC said its own output had
million barrels a day in 2022 sian crude oil could be ish imports of Russian crude ance firms are based in G-7 na- 70 declined 744,000 barrels a day
and 1.5 million barrels a day in stranded in the country, the had increased, OPEC noted, tions, the ban makes it hard in November to 28.8 million
Jan. 2022 June Dec.
2023. initial reaction from oil mar- reaching 400,000 barrels a day for Moscow to sell its oil above barrels a day, with Saudi Ara-
The Vienna-based oil pro- kets has been muted. Mean- from minor levels last year. the price cap. Countries not Source: Dow Jones Market Data bia’s output dropping by
ducers group also held off while, Russia has yet to carry The EU ban and price cap party to the plan can continue around 400,000 barrels a day.
from revising its oil-demand out threats that it would re- are aimed at constricting the buying Russian oil and using it won’t sell energy supplies to The cartel this month opted
growth forecasts for both this spond by intentionally cutting Kremlin’s oil revenue, while Western shipping and insur- countries involved in the price to keep its production levels
year and next. It expects oil production. allowing enough Russian bar- ance services if the oil is cap, and analysts feared Russia unchanged but in doing so
demand to grow by 2.6 million In its monthly oil-market rels to flow to global energy bought below the price cap. could be forced to cut its oil locked in a 2 million-barrel-a-
barrels a day this year and 2.2 report Tuesday, OPEC actually markets to prevent oil prices In response, Russia has said output if it failed to find alter- day cut decided in October.

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 B14 | Wednesday, December 14, 2022 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Inflation’s Cold Case Oracle

Spends
A benign report on consumer prices is another clear sign of a cooling trend
Like There
Suddenly, inflation is running a
lot less hot. It could get cooler still
in the months ahead.
to raise its target range on rates by
a half percentage point and to sig-
nal that it expects to continue rais-
ber, which was the smallest two-
month gain since September of
last year.
clude shelter costs and core prices
fell by about 0.1% in each of the
past two months. Those were the
Is a Big
The Labor Department on Tues-
day reported that U.S. consumer
prices rose a seasonally adjusted
ing rates next year, but it would be
hard for policy makers to not ac-
knowledge that inflation has
Moreover, that gain was driven
by an increase in shelter costs.
These largely reflect rents, since
first declines since May 2020.
Meanwhile, the combination of
easing supply-chain problems,
Tomorrow
0.1% last month from October— started to come off the boil. At the the Labor Department measures cooling consumer demand, weak-
well short of the 0.3% economists very least, that suggests they can homeowners’ housing costs by cal- ness overseas and many retailers’ Oracle knows that you need to
had expected. That put overall raise rates in even smaller incre- culating what it would cost them still swollen inventories should spend money to make money in the
prices 7.1% above their year-earlier ments next year, and perhaps hold to rent their homes. Lately rent continue to put downward pres- cloud, but it has picked a hell of a
level, marking the smallest gain off from raising rates at some of prices have been cooling, with sure on goods prices. And while time to do it.
since December of last year. Prices their policy-setting meetings, to see data from rental marketplace there is some worry that rising la- The software giant’s fiscal sec-
excluding food and energy items— how things pan out. Apartment List showing them fall- bor costs could lead to protracted ond-quarter results late Monday
the so-called core that economists For investors, this counted as ing during each of the past three services inflation, services prices were better than Wall Street was
and policy makers look to for a good news. The more the Fed slows months, for example. But because excluding rents have eased in each expecting. Revenue grew 18% year
better understanding of inflation’s its rate increases, the closer it is to the Labor Department’s rent mea- of the past two months. over year to about $12.3 billion—ex-
trend—rose a smaller-than-ex- stopping them altogether. Stocks sures reflect not just newly signed It isn’t a given that every infla- ceeding analysts’ estimates by
pected 0.2% from October and shot higher on Tuesday while Trea- rents but existing leases, it is slow tion report in the months ahead about 3%. Projected revenue for the
were up 6% versus a year earlier. sury yields continued to retreat. to pick up such shifts. So the La- will show such unambiguous signs current quarter also was a bit
Tuesday’s report changes the Dig into Tuesday’s inflation re- bor Department’s shelter-cost of cooling as Tuesday’s, but infla- ahead of estimates as the company
context for the Federal Reserve’s port and, if anything, it looked measure seems destined to slow in tion’s temperature will keep drop- continues to benefit from growing
interest-rate decision on Wednes- even better. Core prices were 0.5% the months ahead—something of ping all the same. demand for its own cloud services
day. The central bank seems certain higher in November than Septem- which the Fed is well aware. Ex- —Justin Lahart as well as the addition of elec-
tronic-medical-records provider
Cerner Corp., which Oracle acquired
for $28 billion earlier this year.
The positive results contrasted
with more downbeat numbers
posted by many of Oracle’s peers
recently. Even cloud titans Amazon
and Microsoft disappointed inves-
tors with their most recent results
for those segments, while Sales-
force is now facing the slowest
growth in its history.
The slumping economy is mostly
to blame; corporate IT managers
are now closely scrutinizing invest-
ments even in crucial areas such as
cybersecurity. Few are being
spared; the 25 largest companies on
the BVP Nasdaq Emerging Cloud In-
dex saw year-over-year revenue
growth in their most recent quarter
decelerate an average of 15 percent-
age points from the same period
last year, according to data from
S&P Global Market Intelligence.
DILARA SENKAYA/REUTERS

Oracle isn’t fully immune to

those trends but, with a cloud busi-
ness still much smaller than Ama-
zon’s and Microsoft’s, it has the
benefit of easier comparisons. Plus
its legacy database business gives
the company access to a swath of
Lately, there have been signs indicating the lira’s stability over the past few months has restored confidence. A currency-exchange office in Istanbul. existing customers to which it can
upsell cloud services. Analyst John

Turkey’s Economic Model May Have Legs

DiFucci of Guggenheim also notes
that Oracle’s approach of building
smaller data centers in a greater
number of regions than its peers
gives the company some advantages
After a difficult year, it may be Turkey’s current-account the last time next year. Although record $23 billion, and uses them in cost and scalability. In an Octo-
tempting for investors to see 2023 balance, monthly he is partly responsible for prices to keep the system afloat. Lately, ber report, he said Oracle’s data
as the point when Turkey either skyrocketing by pledging to keep households even started venturing center footprint covered 40 regions,
$4 billion
succumbs to its overwhelming fi- interest rates low, it isn’t impossi- out of their currency-hedged de- versus 27 for Amazon’s AWS.
nancial vulnerabilities or is forced ble that he gets his wish in time posits, indicating that the lira’s It is an advantage Oracle wants
to clean house. But the reality is 2 for the election: Turkey’s inflation stability over the past few months to keep, and the company will
that neither may happen. has stabilized, the dollar has come has restored confidence. spend dearly to do so. Capital ex-
Turkey’s current account re- 0 off its peak and some developing Fund managers rightly point out penditures have surged, hitting a
corded a deficit of $400 million for nations are likely to start cutting that this is a mirage. The central record $2.4 billion in the November
October, according to data released –2
rates soon. bank is ultimately borrowing all of quarter and equating to 14.5% of
Monday—a sharp reduction from But what about Turkey’s finan- these dollars from other countries: revenue over the past four quar-
the previous month’s $2.9 billion cial vulnerabilities, which trig- Swaps and forwards jumped to a ters—far above the 4.7% Oracle av-
gap. While the improvement is less –4 gered its 2018 currency crisis? record $69 billion in November. eraged in the five-year period from
substantial once adjusted for sea- Back then, foreign investors re- The credit binge simply shifted its 2017 through 2021.
sonal patterns, it does show how –6 fused to roll over financing to form as the Turkish president se- Mark Murphy of JPMorgan said
the lira’s 60% fall over the past two Turkish banks, which fueled a dol- cured currency-swap agreements that while investors will likely take
years has at least engineered a tour- –8 lar-borrowing binge among local with Qatar, the United Arab Emir- the spending boom in stride given
ism boom that is boosting exports corporations. Most of the guilty ates, China and even South Korea. growth prospects, the move also
July 2021 Jan. ’22 Oct.
and bringing in much-needed for- parties have since reduced their It is reportedly about to close an pressures “a key valuation back-
eign currency. Source: Central Bank of the Republic of Turkey non-lira liabilities. Corporations even better deal whereby Saudi stop.” Oracle’s free cash flow took a
Chiefly, the narrowing deficit is brought dollar borrowing more in Arabia would deposit $5 billion in rare turn into negative territory in
a result of falling commodity been hit hard even by the stan- line with dollar revenue. Savers Turkey’s central bank. the most recent quarter and is ex-
prices since June. A key weakness dards of emerging markets—Vladi- flocked to depreciation-hedged de- Investors shouldn’t make the pected to end the current fiscal
of the Turkish economy is its reli- mir Putin’s Russia notwithstand- posit accounts introduced a year mistake of thinking such arrange- year around $8 billion—well below
ance on buying energy abroad. On ing. With global inflation easing, it ago. The government replaced for- ments can’t last just because they the low-teens range that has been
top of this, Turks have taken to could be that 2023 lifts all boats, eign creditors with domestic aren’t market-based: Even if Mr. the company’s typical level.
importing more gold, probably to even Turkey’s. banks, which in turn reduced their Erdogan can’t keep this going for- Such spending stands out at a
insure themselves against inflation Indeed, President Recep Tayyip liabilities to the rest of world and ever, his geopolitical clout won’t time when other tech companies
running above 80%. This helps ex- Erdogan said Monday that he ex- increased their liquid dollar assets. be spent soon. With enough are starting to play it safe. But Ora-
plain why, in a year characterized pects inflation to come down to This has all been possible be- friends, even the unsustainable can cle typically isn’t one for throwing
by a strong dollar and surging oil 20% in 2023, after recently sug- cause the central bank increased be sustained. good money after bad: This cloud
and metals prices, Turkey has gesting he will run for office for its net international reserves to a —Jon Sindreu could make it rain. —Dan Gallagher

Prison Stocks Get Out of Solitary

Nowhere in GEO Group’s 108- In recent years, being able to Total return between Election Day and Inauguration Day for each president ment recently put about half of its
word “Who We Are” description correctly read the political tea portfolio into Geo and CoreCivic.
on its website can one find the leaves has been the secret to mak- Trump Biden Dr. Burry, who didn’t respond to a
word “prison.” The same goes for ing money trading their stocks. request for comment, has been ex-
competitor CoreCivic’s 103-word For example, between Donald 66.7% tremely pessimistic about the out-
GEO Group
“About Us” blurb, though it does Trump’s election in November –10.8 look for stocks in general. Geo
at least feature “correctional” and 2016 and his inauguration the fol- Group and CoreCivic shares,
“detention.” lowing January, Geo Group and 101.1 though, fetch just 4.6 and 7.4 times
Private prisons are a touchy CoreCivic had total returns of 67% CoreCivic projected 2023 funds from opera-
–10.7
business but a surprisingly resil- and 101%, respectively. His admin- Source: FactSet tions, respectively, according to
ient one. Of the nearly 2 million istration rescinded federal plans to FactSet.
people incarcerated in the U.S., reduce the use of private prisons. have been used since the Trump shifted its stance by seeking to re- Federal developments notwith-
about 8% are in private facilities. Over the same span following Joe administration to expel more than tain the right to quickly expel mi- standing, there are opportunities
The Prison Policy Initiative, an ad- Biden’s election, they each trailed 2 million migrants at the southern grants. It might be forced to take a at the state level. Geo Group
vocacy group, largely absolves pri- the S&P 500 by 24 percentage border, using the pretext of con- more nuanced attitude on private noted in a recent presentation
vate prisons of responsibility for points. Mr. Biden has been unam- trolling Covid-19, could unleash a border detentions and monitoring, that more than 200,000 state
the shockingly high number of biguously hostile to the industry, surge in arrivals once a temporary too: U.S. Immigration and Customs prison beds are in facilities that
Americans behind bars, dubbing saying “there should be no private delay expires later this month. De- Enforcement doesn’t have its own are more than their “economically
private prisons a “parasite” on a prisons, period, none, period.” And taining or electronically tagging facilities, relying on contractors or useful life” of 75 years old. Its
broken system. They haven’t been on the day following Republicans’ migrants, or enrolling them in an local jails. own facilities are just 19 years
especially efficient parasites, ei- disappointing showing in midterm “Intensive Supervision Appearance Political uncertainty, high in- old, on average—far younger than
ther. In the past decade, much of elections last month, Geo Group’s Program,” is a profit center for debtedness and a social stigma the average in each state where it
which time the companies spent as and CoreCivic’s shares fell 11% and private-prison companies, but only have left private-prison stocks operates.
real-estate investment trusts— 6.5%, respectively. if money is made available—an- beaten down, which seems to have Though far from an open-and-
both recently converted back into Now the partisan backdrop is other uncertainty as Washington attracted iconoclastic value inves- shut case, long-shunned private-
regular corporations—they had murkier. A ruling last month strik- debates a funding bill. The Biden tor Michael Burry of “Big Short” prison stocks seem due for a re-
paltry returns on equity. ing down Title 42 provisions that administration seemingly has fame. His Scion Asset Manage- prieve. —Spencer Jakab