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What’s UBS Agrees to Buy Rival Credit Suisse

News Deal for over $3 billion
forged by regulators is
pen before Asian markets
opened for the week. They had
to walk a fine line, needing to
the first big merger of get the two banks’ boards to
Business & Finance global banks since ’08
agree to the deal and avoiding
the alternative, a regulator-led
winddown of Credit Suisse,

U BS agreed to take
over its longtime rival
Credit Suisse for more than
UBS Group AG agreed to take
over its longtime rival Credit
Suisse Group AG for more than
which could have proved more
protracted and painful for the
financial system.
$3 billion, pushed into the $3 billion, pushed into the big- The urgency on the part of
biggest banking deal in gest banking deal in years by regulators was prompted by an
years by regulators eager regulators eager to halt a dan- increasingly dire outlook at
to halt a dangerous decline gerous decline in confidence in Credit Suisse. The bank faced as
in confidence in the global the global banking system. much as $10 billion in customer
banking system. A1, A6 outflows a day last week, ac-
 U.S. policy makers warily By Margot Patrick, cording to a person familiar
watched the rushed rescue Ben Dummett, Dana with the matter.
of Credit Suisse, hoping its Cimilluca and Patricia Regulators also worried that
purchase would stem a slide Kowsmann Credit Suisse’s failure could
in financial stocks triggered make Switzerland a new source
by the recent collapse of The deal between the twin of contagion for global stress.
two regional banks. A1 pillars of Swiss finance is the Hours after the UBS deal, a
first megamerger of systemi- group of central banks, including
 The Fed raised concerns
FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGES

cally important global banks the U.S. Federal Reserve and the
about risk management at
since the 2008 financial crisis, Swiss National Bank, announced
Silicon Valley Bank starting
when banks across the land- an expanded dollar swap line, a
at least four years before its
scape were carved up and type of international lending op-
failure earlier this month,
matched with rivals, often at eration. They called the expan-
documents show. A6
the behest of regulators. sion “an important liquidity
 Signature Bank’s foray The Swiss government said backstop to ease strains in
into crypto starting in it would provide more than global funding markets.”
2018 helped set the lender $9 billion to backstop some Credit Suisse Chairman Axel
up for a fall after its niche losses that UBS might incur by Lehmann said the recent bank
clientele drained their ac- taking over Credit Suisse. The troubles that started in the U.S.
counts in a panic over the Swiss National Bank also pro- were too much to withstand.
safety of their deposits. B1 vided more than $100 billion of “The acceleration of the loss of
liquidity to UBS to help facili- trust and the worsening of the
 Wall Street sees a lot to
tate the deal. last few days made it clear that
like about Chinese stocks,
UBS Chairman Colm Kelleher said Sunday in Bern that the deal ‘supports financial stability Swiss authorities were under Credit Suisse cannot continue to
but many skeptics see bet-
in Switzerland and creates significant sustainable value for UBS shareholders.’ pressure to make the deal hap- Please turn to page A6
ter ways of betting on a
rebound in the second-

First Republic Looms Large for Regulators

largest global economy. B1
 One of the hottest apps
in the U.S. right now is
CapCut, a video-editing
tool owned by ByteDance,
TikTok’s Chinese parent. B1 BY DAVID BENOIT The central banks then lend In the U.S., the President’s In the U.S., First Republic
 Auto makers and deal-
AND ANDREW ACKERMAN those dollars out to financial Banking Turmoil Working Group on Financial has become the latest pressure
institutions, an effort to back-  Outlook: Risk of recession Markets, which includes offi- point. Its stock has fallen more
erships in China are slash-
U.S. policy makers warily stop other countries’ funding is increasing...................... A2 cials from the Fed and Trea- than 80% in March. Customers
ing prices after the lifting
watched the rushed rescue of needs should strains emerge in  Fed raised concerns about sury Department, met to moni- have pulled some $70 billion in
of pandemic controls
Credit Suisse Group AG over global markets. SVB in 2019........................A6 tor the situation. deposits, almost 40% of its to-
failed to reverse slumping
the weekend, hoping that its As jittery markets open  Signature Bank’s client After the Credit Suisse take- tal, according to people famil-
demand in the world’s
purchase by UBS Group AG Monday, U.S. officials’ main mix was a problem......... B1 over was made public on Sun- iar with the matter. But the
largest car market. B4
would stem a slide in financial concern is First Republic Bank, day, Treasury Secretary Janet withdrawals stabilized Friday
stocks triggered by the recent which required rescue funding Yellen and Fed Chair Jerome after the nation’s biggest banks
collapse of two regional banks. last week from a group of the confidence forced the sale of Powell welcomed the deal came to its aid, the people said.
World-Wide Late Sunday, the Federal Re- nation’s biggest banks. Credit Suisse for more than $3 while also trying to reassure That slowdown and the $30
serve and five major central Whether it and other regional billion. Regulators globally U.S. investors. “The capital and billion in new deposits from 11
banks announced a coordinated lenders stabilize in the coming worried that a collapse of liquidity positions of the U.S. of the biggest banks gave First
 In his first trip to terri- effort to improve liquidity by days will dictate whether addi- Credit Suisse, a systemically banking system are strong, and Republic a chance to catch its
tory seized in the past moving U.S. dollars between tional private or government important financial institution, the U.S. financial system is re- breath and consider its future
year, Putin visited the oc- themselves every day, starting assistance is needed for banks. could reverberate among large silient,” the two said in a joint options.
cupied Ukrainian port city Monday, instead of once a week. In Switzerland, crumbling banks in a number of countries. statement. Please turn to page A6
of Mariupol, which for Rus-
sia is a symbol of its goal

At the Border, China-Russia Putin Makes Visit

to control eastern Ukraine
and for Kyiv an illustration
of Russian atrocities. A1
 Putin hailed Moscow’s
deepening relations with
China and hit out at the
West for trying to contain
Partnership Shows Frayed Ties To Razed Mariupol,
Symbol of War Toll
the two countries’ develop-
ment, while Xi, on the eve
of his Russia visit, stressed
that their relations aren’t
The meeting between Vladimir Putin and Xi Jinping is expected to
directed at third parties. A7 showcase unity, but cities along the border reveal the challenges BY MATTHEW LUXMOORE president behind the wheel of
 Top Republicans derided a vehicle as a Russian official
Trump’s possible indict- BY BRIAN SPEGELE gether,” 47-year-old merchant Yang Wen, In his first trip to territory reports on the city’s recon-
ment over payoffs to a porn one of the few holdouts, said last Monday. seized in the past year, Presi- struction. The clip shows him
star as politically motivated, HEIHE, China—Years of investment in cit- With the disappearance of Russian shoppers dent Vladimir Putin of Russia driving through a cityscape
while Democrats warned ies along the China-Russia border were in- in the past three years during pandemic bor- visited the occupied Ukrainian lighted by streetlights.
that his social-media ex- tended to open the door to mutual prosper- der closures, Ms. Yang mostly sold Russian port city of Mariupol, which Since the start of the war,
hortations were irresponsi- ity and close partnership between the two nesting dolls and other trinkets to the occa- for Russia is a symbol of its Mariupol has assumed special
ble and risked new violence global powers. sional Chinese tourist. The prospect of the goal to control eastern significance for both Ukraine
akin to the Capitol riot. A4 The potholed streets, stray dogs and border reopening isn’t bringing much hope. Ukraine and for Kyiv an illus- and Russia. For Ukraine, it has
empty storefronts of Heihe, on the border in While shopfronts display both Cyrillic script tration of Russian atrocities. become a symbol of Russian
 Pence, without mention- China’s far north, are more reminiscent of a and Chinese characters, few in Heihe believe Mr. Putin drove through the brutality after Moscow’s indis-
ing DeSantis by name, re- declining U.S. Rust Belt city. The city’s Inter- Russians have cash to spare because of streets of Mariupol, which was criminate shelling of civilians
buked the Florida governor national Trade Center, a three-story shop- Western sanctions and the war in Ukraine. captured by his forces in May, there. Meanwhile, Moscow has
for his isolationist approach ping complex, was once popular with Rus- The meeting in Moscow this week be- after arriving there by helicop- used its conquest of the city as
to the war in Ukraine. A4 sian shoppers looking for furs, leather coats tween Chinese leader Xi Jinping and Russian ter, the Kremlin said in a a key part of the false narrative
 Military pilots and ground and shoes. Now, stores covering only half Please turn to page A10 statement. A clip of the visit that it is freeing Ukraine from
crews who fuel and maintain the ground floor are open for business. broadcast on Russian state violent nationalists.
military aircraft are at higher “People don’t have two pennies to rub to-  For Xi, Moscow is an unpredictable ally........... A7 television shows the Russian Please turn to page A9
risk for certain types of
cancer than the general U.S.
population, according to a
study from the Pentagon. A3
Pampered Pets Live in Doggie INSIDE New Super Commuters
Mansions, Dine on Tiffany Bowls
Travel Greater Lengths
 Biden administration
efforts to pursue trade i i i
agreements that bypass
Congress to counter China
have sparked a fight with
One man built a $10,000 dog abode and
BY GRETCHEN TARRANT Even with the extra housing
lawmakers that threatens to
upend the president’s trade
yet his pooches turned up their noses and travel expenses, some
A new breed of commuter longhaulers said the payoff
strategy at a critical point of BY CANDACE TAYLOR and installed as a relaxing is going to great lengths—and can translate to thousands of
FRED GREAVES/REUTERS

rising global competition. A5 space for the couple’s pups, doing a lot of number-crunch- dollars in savings or better
Robbie Timmers went all- and sits in the backyard of— ing—to pull off living and work-life balance.
JOURNAL REPORT out adding a contemporary- and matches—the Timmerses’ working in far-apart places. “By the time I get to bed
Workplace Technology: style house on his property in own home. “I wanted to have A super commuter used to it’s going to be close to a 24-
A curriculum for Thailand. White with chic something that looks cool,” mean someone who trekked at hour day,” said Frank Croas-
black trim, the two- says Mr. Timmers. “I least 90 minutes to work each dale of some of the crazier
today’s office. R1-10 story, air-conditioned love it so much.” way, often five days a week. days he commutes to his phys-
abode has security Pets these days are U.S. NEWS But with more companies em- ical-therapy practice in Re-
CONTENTS Opinion.............. A15-17 cameras, smart light- living more luxurious bracing hybrid work, the new dondo Beach, Calif., from his
Arts in Review.... A13 Personal Journal A11-12 The West Coast
ing and a sliding door lives than ever as hu- super commuter is one of the home in Austin, Texas.
Banking Turmoil.. A6 Sports....................... A14
to the porch. mans increasingly
braced for another many people who now live hun- Still, the arrangement “is a
Business News B3,6-7 Technology............... B4
Crossword.............. A14 The Ticker................. B7 Mr. Timmers would pour money into mak- round of storms on dreds of miles or multiple win-win,” he said.
Economic Calendar A2
Heard on Street.. B10
U.S. News............. A2-5
World News........ A7,9
have added a swim- ing their properties Sunday. A3 states away from where they He and his family moved to
ming pool, too, but fetching for nonhuman work. They commute fewer Austin in 2021 from Southern
his wife objected. family members. days but even longer distances. California, eager to live some-
> Her reasoning? It The rub: Sometimes INVESTORS Making it work often means where slightly less expensive
seemed unnecessary the pets don’t dig it. U.K. billionaire Jim predawn flights to another and vulnerable to climate
for the home’s in- Dinner is served. “I have to be hon- time zone, paying for a second change, he said. But he didn’t
tended occupants: est, my dogs never
Ratcliffe is making a apartment or hotel stays, or want to give up his practice.
the couple’s five dogs. set foot in the house,” says Mr. deeper push into the hopping on a plane or train He flies there two to three
s 2023 Dow Jones & Company, Inc.
All Rights Reserved The roughly 10-foot-high Timmers, who spent about U.S. market. B1 impromptu to make a last- times a month to see patients,
canine mansion was designed Please turn to page A10 minute meeting with the boss. Please turn to page A11
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A2 | Monday, March 20, 2023 * ** * THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Gwynn Guilford
ECONOMIC

Banking Mess Raises Recession Risk CALENDAR

Tuesday: The National Asso-
ciation of Realtors reports sales
of previously owned homes in
Main Street wider crisis. But the possibil- Small and medium-sized essentially flat in 2023, com- loans, and if you make them, February. Existing-home sales
businesses ity that other banks have banks’ share of all outstanding paring the fourth quarter you increase your spreads,” fell 0.7% in January from the
and American similar problems has trig- loans, by type with the same quarter in he said. “Credit will become prior month. Also, Canada re-
families are gered a selloff of financial 2022. The economy ex- somewhat more expensive.” leases February inflation fig-
likely to find it stocks as investors scrutinize Commercial panded 0.9% in 2022 on the He added that some invest- ures.
real estate 67%
harder to get bank solvency. This, in turn, same basis. ment projects might be de- Wednesday: The Federal Re-
a loan because of turmoil in stoked public alarm about Other consumer Goldman Sachs econo- layed, which could translate serve announces its latest inter-
the banking industry, denting the safety of deposits and loans 48 mists increased the probabil- into less hiring. est-rate decision. The central
economic growth and raising the size of unrealized losses. ity that the economy enters Hiring has been strong bank is confronting banking-in-
the risk of a recession. 38 a recession in the next 12 through the first two months dustry turbulence and still-high

S
Loans (overall)
“The risk in terms of the maller banks are likely months to 35%, from 25% be- of the year, before the bank inflation. Fed officials will also
spark from SVB is real,” said to respond by tighten- Residential fore the SVB failure. failures. Employment losses release updated projections of
Greg Daco, chief economist ing standards and real estate 37 Regional and smaller often lag behind the broader interest rates, inflation, unem-
at EY-Parthenon, a strategy slowing lending to raise cap- banks are important to the economy because employers ployment and economic output.
Commercial
consulting unit of Ernst & ital ratios, said Torsten Slok, and industrial 28 overall economy, and certain tend to cut jobs after making The U.K will also release Feb-
Young LLP. The collapse of chief economist at Apollo corners are even more reli- other cost-saving measures. ruary inflation figures. U.K. con-
Silicon Valley Bank set off Global Management Inc., a ant on them for credit, said The economy has recently sumer prices rose 10.1% in Janu-
fear among depositors that private-equity firm. He said
Credit cards 27 Bill Adams, chief economist shown signs of slowing, in- ary from a year earlier.
led to the failure of Signa- those moves would brace at Comerica Bank, a large re- cluding a decline in retail Thursday: The Bank of Eng-
ture Bank and the move to against the risks of more Auto loans 15 gional bank based in Dallas. spending in February. land announces its latest mone-
rescue First Republic Bank. fickle depositors and volatile “The banks that are out- Banks had begun tighten- tary-policy decision. The Labor
“Once there is stress in a funding costs. Note: Small and medium-sized banks are side of the largest dozen are ing lending standards at the Department reports the number
domestically chartered banks that are smaller
particular set of institutions, “If it’s suddenly much than the top 25 U.S. lenders more focused on banking end of last year, as the sharp of worker filings for unemploy-
then those institutions and harder to get an auto loan, a Source: Federal Reserve services for small businesses rise in interest rates made it ment benefits in the week
those that have similarities consumer loan, a mortgage and small towns and rural harder to find creditworthy ended March 18. The Commerce
will tend to be more cautious for commercial real estate the economy would keep areas,” he said. borrowers, and demand for Department reports the number
in their lending,” he said. simply because smaller re- growing, despite signs of commercial loans weakened, of new homes sold in February.

F
“We’re likely to be in this gional banks have to reorga- slowing. “But add this risk to inancial-system turmoil according to a Fed survey of And Japan’s statistics agency re-
state for a prolonged period.” nize balance sheets,” Mr. small and medium-sized could tighten credit— senior loan officers. leases February inflation figures,
Smaller banks are crucial Slok said, “then you run the banks, and we’re headed for and ultimately weaken The SVB fallout will likely after core consumer prices rose
drivers of credit growth, the risk that many people won’t a hard landing,” he said, or a the economy—via several intensify that tightening, 4.2% in January from a year ago.
fuel that powers the econ- get the financing to buy that painful downturn. channels. On a basic level, which bodes ill for the job Friday: S&P Global releases
omy. Banks smaller than the car, to buy that washer, and Mr. Daco also said he be- slumping stock and bond market because it slows ex- March business-activity surveys
top 25 largest account for that corporate lending takes lieves the SVB fallout has markets make funding invest- pansions and investments, of purchasing managers from
around 38% of all outstand- a hit.” sharply increased recession ments more expensive. More said Padhraic Garvey, ING around the world. The February
ing loans, according to Fed- He expects the U.S. econ- odds, and he expects one directly, banks might try to Bank’s regional head of re- surveys showed activity im-
eral Reserve data. They ac- omy to enter a recession by this year. Barring financial heal their balance sheets search for the Americas. proved in China, the U.S. and the
count for 67% of commercial the middle of this year trig- meltdown, he expects tighter faster than they otherwise “There’s a pretty strong eurozone.
real estate lending. gered by a pullback in lend- credit and financial condi- would, said Daniil Manaen- correlation between lending Also, the Commerce Depart-
Aggressive moves by the ing from smaller banks. tions to shave off around kov, economic forecaster at standards and unemploy- ment releases February figures
federal government and Wall Until the SVB failure, Mr. 0.5% of GDP over the next 18 the University of Michigan. ment,” he said. on demand for long-lasting
Street to calm these fears Slok had expected a “no months, keeping real growth “That means that you —Sarah Chaney Cambon goods. New orders for durable
are intended to stave off a landing” scenario, meaning in gross domestic product start making fewer risky contributed to this article. goods fell sharply in January.

U.S. WATCH
ALASKA Capitol grounds. The bill was ap-
proved by lawmakers last week.
Earthquake Shakes A law Arkansas approved in
Southcentral Coast 2019 banning nearly all abor-
tions took effect last year when
A magnitude 5.4 earthquake the U.S. Supreme Court struck
struck off the coast of south- down the 1973 Roe decision.
central Alaska on Sunday and —Associated Press
was reported as widely felt in
communities on the Kenai Penin- FLORIDA
sula, the Alaska Earthquake Cen-
ter said. Miami Beach Imposes
The earthquake occurred just Curfew After Gunfire
after 7 a.m. It was 13 miles
west of Homer and 130 miles Miami Beach officials imposed
southwest of Anchorage, the a curfew beginning Sunday night
center said. The quake was re- during spring break after two fa-
ported felt as far away as the tal shootings and rowdy, chaotic
Matanuska-Susitna Valley, the crowds that police have had diffi-
center said. culty controlling.
—Associated Press The city said the curfew
would be from 11:59 p.m. Sunday
ARKANSAS until 6 a.m. Monday.
The latest shooting happened
New Law Allows about 3:30 a.m. Sunday on
Anti-Abortion Marker Ocean Drive in South Beach, ac-
cording to Miami Beach police.
Arkansas Gov. Sarah Hucka- A male was shot and died
bee Sanders has signed a new later at a hospital, and officers
law that will allow a monument chased down a suspect on foot,
TASOS KATOPODIS/GETTY IMAGES

near the state Capitol marking police said on Twitter.

the number of abortions per- In the Friday night shooting,
formed in Arkansas before the one male victim was killed and
U.S. Supreme Court struck down another seriously injured, send-
Roe v. Wade. ing crowds scrambling in fear
Ms. Sanders’s office said Fri- from restaurants and clubs.
day the Republican governor Police detained one person at
signed the bill that will allow the the scene and found four fire-
PRETTY IN PINK: People converged on the Tidal Basin to check out the cherry blossoms Sunday in Washington, D.C. The colder creation of a privately funded arms.
temperatures didn’t stop people from visiting the area to see the trees, which are expected to hit full bloom this week. “monument to the unborn” on the —Associated Press

CORRECTIONS 
Rural America Grows Weary of Waiting for Its Mail AMPLIFICATIONS
BY ELIZABETH FINDELL previously cited trouble hiring derstand the extent of mail have lacked substantive an- Michael Bennet last week, Mr.
staff as its primary problem. problems there, she said. swers. “We are at our wits’ DeJoy issued a statement say- First Republic Bank’s chief
CRESTED BUTTE, Colo.— Others familiar with the issue Within eight days she had re- end trying to get the Postal ing alleviating mail problems credit officer sold shares in
Residents of this small moun- say a boom in e-commerce has ceived 3,361 responses citing Service to do its job,” he said. would require solutions from the company on March 6, ac-
tain town used to get their also strained its staff. In many everything from lost prescrip- “Most of us are realizing it’s local leaders. cording to government docu-
mail without incident, they rural areas, USPS has agree- tions to weekslong delivery de- not just Vermont, it’s not just In a joint statement, the ments. A Banking Turmoil ar-
said. A few years ago, some- ments with Amazon.com Inc. lays. The state’s four Republi- Colorado, it’s all across rural senators, both Democrats, ticle on Friday about stock
thing changed. and other carriers to provide can congress members have America.” called the postmaster’s re- sales by First Republic execu-
Now, those who live in the the final phase of package de- demanded solutions from USPS, Nowhere are the staffing is- sponses unsatisfactory. Mr. tives incorrectly said the com-
ski community of 1,600, which livery. sending a letter to Postmaster sues more pronounced than in DeJoy’s message also angered pany’s chief risk officer sold
has no home delivery of either Many small towns’ resi- General Louis DeJoy in January. mountain tourist towns, where local leaders, who called it an shares on that date.
mail or parcels, say they must dents must pay $70 to $170 Vermont’s congressional the cost of living is high, excuse and spoke of their own
wait in line for up to an hour annually for a post office box. delegation in December wrote workforce housing is scarce efforts to keep city services on Readers can alert The Wall Street
Journal to any errors in news articles
during midday to pick up any But now they are having to to Mr. DeJoy about nonfunc- and hiring is a challenge. track amid workforce chal- by emailing [email protected] or
package. In other Colorado wait in long lines in spaces of- tioning mail-sorting equip- State leaders, including Re- lenges. When Steamboat by calling 888-410-2667.
towns, such as Silverthorne and ten inundated with online de- ment and increasingly serious publican Colorado Rep. Lauren Springs was failing to hire bus
Steamboat Springs, residents liveries, local leaders said. issues with daily mail delivery. Boebert, have sought answers drivers, the city threw in free THE WALL STREET JOURNAL
say mail delivery has ceased for USPS, which operates as an Democratic Sen. Peter Welch from USPS. After meeting with ski passes as an incentive to (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition
weeks or months at a time. independent agency and is ex- said that the USPS’s responses Sens. John Hickenlooper and get the jobs filled, according ISSN 0193-2241)

“Christmas cards began ar- pected to support its own op- to the city manager. Editorial and publication headquarters: 1211 Avenue
of the Americas, New York, N.Y. 10036
riving in February,” said Ryan erations, makes most of its The Postal Service doesn’t Published daily except Sundays and general legal
Hyland, town manager of Sil- money by selling postage but have pay differentials based holidays. Periodicals postage paid at New York, N.Y.,
and other mailing offices.
verthorne, a town of 4,500 on receives some funds from Con- on local cost of living, said Postmaster: Send address changes to The Wall Street
Interstate 70. “But what’s not gress. After years of falling Karl Hanlon, a lawyer repre- Journal, 200 Burnett Rd., Chicopee, MA 01020.
funny at all is driver’s licenses, revenue, it has implemented senting several of the Colo- All Advertising published in The Wall Street Journal is
subject to the applicable rate card, copies of which are
disability payments, election cost-cutting measures includ- rado towns on the matter. available from the Advertising Services Department,
Dow Jones & Co. Inc., 1211 Avenue of the Americas,
ballots, prescriptions.” ing using more private truck- Others who have studied USPS
ELIZABETH FINDELL/THE WALL STREET JOURNAL

New York, N.Y. 10036. The Journal reserves the right

Last month, seven Western ing operators. processes said its hiring is a not to accept an advertiser’s order. Only publication of
an advertisement shall constitute final acceptance of
Colorado towns and cities said Mail-delivery failures have lengthy bureaucratic process the advertiser’s order.
they had banded together to made the news in recent that can take up to two Letters to the Editor:
Fax: 212-416-2891; email: [email protected]
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P2JW079000-0-A00300-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | A3

U.S. NEWS

Child Care
Keeps Parents
Out of Work
BY HARRIET TORRY who no longer received them
by the final quarter of 2022.
Many lower-income Ameri- The findings add to signs
cans who left the workforce that the high cost and limited
when the pandemic began three availability of child care is keep-
years ago are staying on the ing some parents out of the la-
sidelines because of a lack of bor force.
child care, a factor contributing A Federal Reserve report,
to worker shortages and histori- known as the Beige Book, this
cally low unemployment. month showed that a lack of

KIM RAFF FOR THE WALL STREET JOURNAL

An estimated 380,000 Ameri- available child care is impeding
cans in their prime working labor-force participation in
years, aged 25 to 54, held jobs many parts of the country. A
before the pandemic but no lon- Census Bureau survey con-
ger did late last year, according ducted in mid-February said 4.9
to estimates from Bank of million people missed work be-
America. Bank economists said cause they were caring for chil-
the lack of affordable and qual- dren not in daycare, roughly un-
ity child care is a significant changed from a year earlier,
factor. showing persistent challenges
Bank-account data shows 7% even as the pandemic’s effects
fewer customers were making otherwise fade. There were Kaylee Farnes said child-care bills would have eaten up all her former paycheck, so she stopped working and stayed at home.
child-care payments at the end about 60,000 fewer daycare
of last year compared with the workers in the U.S. last month nant with twins, she calculated Share of workers in early 2020 Americans who missed work in the past week mainly because
beginning of 2020. The decline compared with February 2020, that paying for child care—en- who stopped working during they were caring for children not in school or daycare
comes despite a roughly 2% in- according to the Labor Depart- abling her to return to her job the pandemic, by generation
crease in the number of jobs in ment. as a receptionist at a doctor’s 8 million
the U.S. since February 2020, The lack of child care com- office—would use up her entire Gen Z
born 1997 to 2013 21%
Labor Department data shows. bined with early retirements paycheck.
6
“Affordable child care has and lingering concerns over ill- “I would rather be at home Millennials
been a big issue,” said Anna ness is a factor that has de- than pay someone to watch 1981 to ’96 13
Zhou, an economist at the pressed the number of Ameri- them if it’s net zero,” she said. 4
Bank of America Institute, the cans seeking work, helping push Ms. Farnes, who lives with Gen X
1965 to ’80 11
bank’s research arm. “Some the unemployment rate to a 53- her husband and three chil-
people can’t afford it, it’s keep- year low at the start of the year. dren near Salt Lake City, occa- Baby Boomer 2
ing lower-earning workers at Many Americans who sionally does paid babysitting 1946 to ’64 23
home.” stopped working during the work. She would like to get a
Silent 0
Bank of America data show pandemic are older, the Bank of job now that her children are in 1928 to ’45 30
most prime-age workers who America Institute report said. preschool, but the half-day 2020 ’21 ’22 ’23
stopped working left lower-in- They are more likely to have re- school schedule makes that Sources: Bank of America Institute (workers who stopped working); Census Pulse Survey (workers who missed work)
come jobs in the restaurant and tired. But relatively younger complicated. “I’m trying to find
retail sectors. Some 74% of the workers also stopped receiving something I can do from home ness employees don’t have ac- for workers, including de- That suggests “child care is a
missing workers were in the paychecks in recent years, in- or part-time,” she said. cess to affordable child care, creased income, reduced sav- longer-term structural impedi-
bottom two quintiles by income cluding about 11% of Generation A survey by health-related they’re likely to have to reduce ings and higher debt, she said. ment to labor-force participa-
distribution, while 6% of top X, those born between about website Everyday Health Group their hours or quit,” said Asahi The labor-force participation tion,” said Nick Bunker, an
earners quit working. The re- 1965 and 1980, and roughly 13% found that 22% of parents Pompey, who is president of the rate was 62.5% in February, economist at the jobs site In-
port defined missing workers of millennials, born 1981 to switched jobs or reduced work Goldman Sachs Foundation and close to a percentage point be- deed. “Balancing life and work
as people who received pay- 1996, according to the report. hours to prepare for a baby’s leads the firm’s small business low its prepandemic level of is a big issue outside of what
checks by direct deposit for at When 32-year-old Kaylee arrival. initiative. The situation often 63.3% in February 2020, accord- we saw over the past few
least six months in 2019, but Farnes found out she was preg- “It’s just math: If small-busi- leads to negative consequences ing to the Labor Department. years.”

Hispanic Vote Is Wild Card in Chicago Election Storms Set

BY JOE BARRETT old owner of a computer repair
shop in the largely Hispanic
To Soak
CHICAGO—The two candi-
dates competing to become
mayor of the nation’s third-
Brighton Park neighborhood on
the southwest side, said he is
supporting Mr. Vallas because
California
largest city are courting His-
panic voters, who make up
roughly 30% of the population
crime is his No. 1 issue.
Mr. Martinez vividly recalls
protecting his shop from rioters
Once Again
CHRIS SWEDA/CHICAGO TRIBUNE/GETTY IMAGES

and could decide next month’s after the murder of George BY MELISSA KORN
election. Floyd by Minneapolis police in
Paul Vallas, a former schools 2020. “I’ve been robbed a cou- The West Coast braced for
chief and moderate Democrat, ple of times at gunpoint. My another round of storms on
has strong backing among shop has been robbed,” he said. Sunday, with wet weather ex-
white voters, while Brandon Mr. Johnson’s platform calls pected in California through
Johnson, a progressive Cook for hiring or promoting 200 the middle of the week and the
County commissioner, is work- more detectives, freeing up offi- Sierra Nevada region anticipat-
ing to solidify his support cers to spend more time fight- ing more snow.
among Black voters. The crucial ing violent crime by diverting A first storm was set to roll
question is which candidate can mental-health calls to profes- through the Central and
expand his base to win the Chicago mayor candidates Paul Vallas, left, and Brandon Johnson go head to head in the April 4 runoff. sionals more suited to respond Northern California coast Sun-
April 4 runoff. and attacking the root causes of day night, delivering a modest
“The wild card is the His- Johnson campaign. “We basi- at least two of the city’s three aren’t U.S. citizens, Mr. crime, Mr. Neidhardt said. amount of rain as well as more
panic vote,” said Jaime cally are going to relentlessly major demographic groups, said Dominguez said. Mr. Vallas has proposed fill- than a foot of snow in the
Dominguez, an associate pro- be looking to build a multira- Dick Simpson, a former City Mr. Vallas, who is backed by ing 1,100 vacancies to increase mountains, with little impact
fessor of political science at cial, multigenerational coali- Council member and retired police and firefighters, blue-col- the number of officers on the in the southern part of the
Northwestern University. tion.” professor of political science at lar unions and the business street and adding more detec- state, according to the Na-
Mr. Vallas won the Feb. 28 Phil Swibinski, a consultant the University of Illinois Chi- community, has been endorsed tives by welcoming back re- tional Weather Service.
primary with 32.9% of the vote, for the Vallas campaign, said cago. “From the Johnson point by moderate Hispanic aldermen tired officers. The next storm will hit
and Mr. Johnson came in sec- the candidate’s tough-on-crime of view, it’s the most important and some old-guard Hispanic Carolina Sanchez, a 31-year- Southern California harder be-
ond at 21.6%. Mayor Lori Light- message could help him win the endorsement he’s gotten so figures such as Gery Chico, a old worker at a thrift store in ginning Tuesday morning, me-
foot, who came in third with Latino vote. “I think the mes- far,” he said of Mr. Garcia’s onetime chief of staff to former the largely Hispanic Pilsen teorologist Brian Hurley said,
16.8%, didn’t make the runoff sage is the primary thing,” he backing, but the race is far from Mayor Richard M. Daley. neighborhood, said she sup- with potential flooding in low-
round. said, noting the campaign will over. “It’s still up for grabs.” Mr. Johnson, with support ports Mr. Johnson because he lying areas and heavy snow at
On Friday, Mr. Johnson won continue to work on lining up The city’s population is from the Chicago Teachers seems more community- higher elevations. Coastal ar-
the key endorsement of fellow endorsements in the Latino about a third non-Hispanic Union and other public-sector minded than Mr. Vallas, whom eas are expected to get 1 to 3
progressive U.S. Rep. Jesus community and on get-out-the- white and about 29% Black and unions, has endorsements from she said she considers more inches of rain, with the poten-
‘Chuy’ Garcia, who also ran for vote efforts in Hispanic neigh- Hispanic, respectively, accord- several progressive Hispanic al- corporate. tial for flash flooding, he said.
mayor and came in fourth in borhoods. ing to the U.S. Census Bureau. dermen along with Illinois At- “If he is going to do some- Windy conditions are also ex-
the first round with 13.7% of the In recent elections, success- But there are relatively fewer torney General Kwame Raoul, thing, then he needs to talk to pected.
vote. “It’s a huge get,” said Bill ful mayoral candidates in Chi- Latino voters because they are who is Black. the community because we’re The latest bands of precipi-
Neidhardt, an adviser to the cago have needed to win over generally younger and some Arturo Martinez, a 44-year- the ones living here,” she said. tation add to what has been a
dramatic, dangerous winter in
the region, with near-record

Higher Rates of Some Cancers Found in Military Pilots snow and fatal flooding. Cali-
fornia’s levee systems, crucial
tools protecting the Central
Valley farmlands and provid-
BY GINGER ADAMS OTIS Aircrew members had an military service in aircrew or ing water to more than 20 mil-
87% higher rate of melanoma ground crew occupations lion people, are already under
Military pilots and ground and a 39% higher rate of thy- causes cancer, because there strain.
TECH. SGT. RICHARD MEKKRI/U.S. AIR FORCE/AP

crews who fuel and maintain roid cancer, the study said. are multiple potential con- The California Governor’s
military aircraft are at higher Male aircrews had a 16% higher founding factors that could Office of Emergency Services
risk for certain types of cancer rate of prostate cancer. Overall, not be controlled for in this said Saturday it has stationed
than the general U.S. popula- aircrews had a 24% higher rate analysis,” the report said, in- flood rescue teams across the
tion, according to a study from for cancers of all types when cluding smoking, alcohol use state, from Los Angeles
the Defense Department. compared with the general and family history. County north to Sacramento
The data was collected dur- population, the study said. Congress included a man- County.
ing a yearlong study of nearly Studies of aircrew members date for the study in the 2021 The addition of 1½ to 2½
900,000 members who either in the past found similar re- defense bill. feet of snow in the southern
flew or serviced military air- sults for melanoma and pros- The Pentagon said it planned Sierra Nevada Tuesday—and
craft from 1992 to 2017, the tate cancer, the report said. to do a wider review to try to likely between 1 and 2 feet far-
Pentagon said. The finding of a higher rate of identify personnel exposure to ther north—makes for danger-
The study found higher thyroid cancer is new. Aircrews had a 24% higher rate for cancers of all types when known toxins or carcino- ous conditions and avalanche
prevalence of some cancers Ground crews who main- compared with the general population, the study said. gens. First, it will conduct a threats, Mr. Hurley said.
among the service members, tain, fuel and help launch mili- “Phase 1-b study” to try to ad- “It really can’t take much
but lower or similar cancer tary aircraft had higher inci- population, the study said. lower mortality rate for all dress what is said were limita- more,” he said of the region.
mortality rates compared with dences of cancers of the brain The Defense Department cancer types compared with a tions in its initial investigation. “You’re adding more snow to
the general population, ac- and nervous system by 19%, data, adjusted for age, sex and demographically similar U.S. Roughly 70% of the 156,050 areas that really don’t need
cording to the Pentagon. thyroid by 15% and melanoma race, also found that aircrews population, while ground aircrew members studied came any more.”
This is the first time cancer by 9%, the study said. Kidney had lower rates of bladder and crews had a 35% lower mortal- from the Air Force, with 20% Mr. Hurley said that while
risk has been evaluated among or renal cancer was 9% higher colon cancers than the general ity rate, the study found. coming from the Navy, the it is serious, Tuesday’s storm
military ground crew person- than the general population. population and both air and The study didn’t include study said. Among the 737,891 likely won’t be as brutal as
nel, the report said. The study Overall, ground crew members ground crews had lower rates significant data on members ground crew in the study, ap- what parts of the state experi-
didn’t try to identify the cause had a 3% higher rate of cancer of lung cancer. who served prior to 1990. The proximately 48% were Air enced during the last atmo-
of the cancers. compared with the general Aircrew members had a 56% study “does not imply that Force and 38% were Navy. spheric river.
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A4 | Monday, March 20, 2023 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

Sides Square Off

As Trump Predicts
His Indictment
FROM TOP: VICTOR J. BLUE/BLOOMBERG NEWS, TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

BY NATALIE ANDREWS lawyers settled on a potential

AND ALEX LEARY surrender date, according to
people familiar with the grand
Top Republicans derided jury investigation of the 2016
the possible indictment of payment.
Donald Trump over payoffs to On Saturday, Mr. Trump’s
a porn star as politically moti- campaign fired off a series of
vated, while Democrats fundraising emails around the
warned that the former presi- possible indictment. “Make no
dent’s social-media exhorta- mistake: This isn’t about me.
tions were irresponsible and It’s about YOU. The regime
risked new violence akin to wants to intimidate YOU out
the Capitol riot. of voting for someone who is
The precise charges that not beholden to the globalist
the prosecutors are consider- ruling class.”
ing aren’t known, but the On Monday, a New York de-
Manhattan district attorney’s fense attorney who briefly ad-
office has looked at charging vised Michael Cohen is expected
Mr. Trump with a felony ver- to testify before the Manhattan
Police used pepper spray against pro-Donald Trump demonstrators as they breached the Capitol on Jan. 6, 2021. sion of a state offense for fal- grand jury, according to people
sifying business records. A familiar with the matter. Robert

Within the FBI, Jan. 6 Spurs

grand jury has been hearing Costello, a partner in the New
from witnesses involved in the York office of Davidoff Hutcher
hush-money payment to & Citron LLP and former federal
Stormy Daniels and its after- prosecutor, is slated to testify at

Protests, Conspiracy Theories

math since late January. the request of Mr. Trump’s law-
Mr. Trump, in all-caps posts yers, according to people famil-
on social media Saturday, said iar with the matter.
he expected to be arrested on Mr. Costello advised Mr.
Tuesday. He referred to allega- Cohen after the Federal Bu-
tions related to the hush- reau of Investigation searched
BY ARUNA VISWANATHA according to Mr. Hill, wouldn’t Jordan (R., Ohio), is a close ally ton field office to pursue peo- money payments as “old & Mr. Cohen’s home, hotel room
AND SADIE GURMAN share videos that might have of Mr. Trump and a frequent ple on that list. Boston FBI offi- fully debunked” and called the and office in April 2018 in a
shown the bus riders were in critic of the FBI. “I wouldn’t be cials rebuffed that request, prosecution an effort to derail federal probe into the hush
WASHINGTON—The U.S. the Capitol that day. Without surprised if other agents come according to Mr. Hill, arguing his presidential campaign. He money Mr. Cohen paid to Ms.
government’s sweep-up of Jan. that evidence, he said, the FBI forward and tell us some of the that appearing on that list also said that “evil & sinister” Daniels and other conduct. Mr.
6 suspects has led to conflict would essentially be investigat- things that they’re concerned wasn’t sufficient evidence to political foes are “killing our Cohen, who formerly was Mr.
within the Federal Bureau of In- ing subjects over actions that about as well,” Mr. Jordan open a criminal inquiry. A nation as we sit back & watch. Trump’s lawyer, is now a wit-
vestigation over the agency’s fell under the Constitution’s said. spokesman for the bank de- We must save America! Pro- ness in the investigation by
expansive efforts to pursue free-speech protection. Democrats say the Republi- clined to comment. test, protest, protest!!!” the office of Manhattan Dis-
charges against more than can-led investigation is parti- “We said ‘no’ so many House Speaker Kevin trict Attorney Alvin Bragg Jr.
1,000 people, according to a re- FBI strategy defended san, writing in their own report times,” Mr. Hill said in his testi- McCarthy (R., Calif.), who has
view of testimony by three for- Other current and former se- that the witnesses haven’t pro- mony. Other former FBI offi- maintained a close relation-
mer or suspended bureau em- nior law-enforcement officials vided evidence of misconduct, cials said investigators were ship with Mr. Trump, tweeted
ployees before a House defended the bureau’s broad lack firsthand knowledge of the justified in trying to run basic Saturday that the possible
Mr. Trump posted
committee and other people fa- strategy in the Capitol prosecu- investigation and endorse an checks on potential participants charges against Mr. Trump on social media that
miliar with the matter. tions and said disagreements “an alarming series of conspir- in the attack. represent an “outrageous
The investigation into a pro- arise in all investigations, acy theories related to the Jan- Mr. Hill has often posted on abuse of power by a radical
he expected to be
Trump mob’s Jan. 6, 2021, as- which unfold in real time and uary 6 Capitol attack.” social media since his 2021 re- DA.” Rep. Steve Scalise (R., arrested on Tuesday.
sault on the Capitol, two weeks are easy to second-guess. “The FBI Director Christopher tirement, including discredited La.), the House majority
before President Biden’s inaugu- FBI will never open an investi- Wray has said the bureau has to theories that blamed far-left leader, called the possible
ration, is the largest in FBI his- gation based solely on First activists for the assault. He also charges a political vendetta.
tory in terms of the number of Amendment-protected activity,” compared the FBI, where he New York Rep. Elise Stefanik, into Mr. Trump’s alleged role
cases and national reach. Prose- an FBI spokeswoman said. spent more than a decade, to chair of the GOP conference, in the payment.
cutors have said they may indict Paul Keenan, who ran the In- Nazis. A Marine Corps veteran, called it an “attempt to silence Mr. Costello and a spokes-
another 1,000 people in addition dianapolis field office before he previously worked at the and suppress the will of the woman for Mr. Bragg declined
to those already charged. Led by retiring in November 2021, said National Security Agency. voters who support President to comment.
agents in Washington, all 56 while the yearslong probe A special agent in Kansas, Trump.” Prosecutors have also called
field offices were enlisted to caused fatigue at the FBI, “99% Garret O’Boyle, told the panel Democrats shot back that for Mr. Cohen to be available
help trace the rioters in the of agents in the bureau know that a Washington-based agent Mr. Trump was echoing lan- Monday if needed, according
months after the attack. that this was a moment in his- asked him to pursue an anony- guage he used before the Jan. to people familiar with the
In recent testimony before a tory, an insurrection like we mous tip related to a Jan. 6 6, 2021, storming of the Capitol matter. While it wasn’t clear
Republican-led House commit- had never seen before, and suspect that he wasn’t able to and that Republicans were too why Mr. Cohen, who has al-
tee, the former FBI employees these people, if the evidence is corroborate, leaving him feeling afraid to denounce him for it. ready testified, would be
from offices outside the capital there, deserve to be prosecuted pressured to pursue a probe he Mr. McCarthy is “once again called again, prosecutors could
said they felt that some of their and convicted.” didn’t feel was warranted. playing the part of criminal use him to rebut testimony
Washington colleagues proposed Attorney General Merrick defense counsel to shield from Mr. Costello.
investigative tactics that put the Garland has called the investi-
Christopher Wray Extremist views posted Trump from accountability,” Mr. Trump is currently one
pursuit of criminal behavior gation the most important in Mr. O’Boyle had his security tweeted Rep. Adam Schiff (D., of the front-runners for the
above free-speech rights. the Justice Department’s his- said the FBI must clearance suspended in Sep- Calif.), who had a central role Republican nomination for
tory. “We have to hold account- tember 2022 for allegedly mak- in Mr. Trump’s first impeach- president in 2024, and his leg-
Retaliation claimed able every person who is crimi-
work carefully to ing an unauthorized disclosure ment, which focused on pres- acy still dominates Republican
Two of them had their secu- nally responsible for trying to engender faith. to the media, something he de- suring Ukraine to announce in- politics, more than two years
rity clearances suspended for overturn a legitimate election,” nied doing. Since, Mr. O’Boyle vestigations into the family of after he left office. Mr. Trump
reasons that are in dispute. he said last year. has often posted extremist now-President Biden. was impeached by the House
They said they have done noth- So far, the Justice Depart- views on social media, includ- Rep. Jimmy Gomez (D., Ca- for his actions related to the
ing wrong and have been un- ment has secured dozens of work carefully for Americans to ing comparing receiving a lif.) said the speaker was Capitol riot, in which his sup-
fairly retaliated against. They convictions at trial and more have faith in its investiga- Covid-19 vaccine shot to follow- “standing idly by as Trump in- porters tried to stop now-
also have espoused right-wing than 500 guilty pleas. Though tions. “Our folks need to make ing Nazi orders. cites political violence.” President Biden’s win from be-
conspiracy theories. Democrats many are for misdemeanors, sure that they’re not just doing Stephen Friend, an agent in Rep. Nancy Pelosi (D., Ca- ing certified. He was acquitted
and some FBI colleagues said more than 100 are for felonies, the right thing, that they’re do- Florida at the time, told law- lif.), who was the speaker in the Senate.
those factors have undermined including dozens of assaults on ing it in the right way and that makers he disagreed with his of- when the House was stormed, After falsely claiming that
their credibility. law-enforcement officers. Sev- they avoid even the appearance fice’s decision to use a SWAT said Mr. Trump’s announce- the election was stolen, Mr.
George Hill, a now-retired eral right-wing militia members of bias or lack of objectivity,” Mr. team to arrest a Jan. 6 defen- ment was reckless. She ac- Trump held a rally on the El-
intelligence analyst and super- have been convicted of sedi- Wray told lawmakers last year. dant who expressed willingness cused him of doing it “to keep lipse in Washington, D.C., on
visor in the FBI’s Boston field tious conspiracy. In another dispute Mr. Hill to cooperate with investigators himself in the news and to fo- Jan. 6 in which he told sup-
office, told lawmakers the office The former bureau employ- cited, Bank of America but was known as an armed mi- ment unrest among his sup- porters: “We fight like hell.
pursued two people who partic- ees have come before a special Corp. provided the FBI with a litia member and used tactical porters.” She added: “Right- And if you don’t fight like hell,
ipated in the attack but rejected House panel on the so-called list of potential Jan. 6 partici- gear on Jan. 6. Mr. Friend had fully, our legal system will you’re not going to have a
a request from an agent in weaponization of the federal pants by cross-referencing his security clearance suspended decide how to hold him ac- country anymore.” Mr. Trump
Washington to examine 140 government and have received travel and credit-card informa- after disagreements with his su- countable.” has denied wrongdoing.
others who traveled to D.C. on financial and legal support tion, including gun purchases. pervisors. He resigned in Febru- Mr. Trump hasn’t been —Corinne Ramey
buses those two helped orga- from Trump allies. He said that prompted agents ary, arguing he had been retali- charged. Nor have Manhattan and Joe Palazzolo
nize. The agent in Washington, The panel’s chairman, Jim in Washington to ask the Bos- ated against for his views. prosecutors and Mr. Trump’s contributed to this article.

Pence, Other Republicans Pounce on DeSantis for Ukraine Remarks

BY JOHN MCCORMICK not our war, but freedom is Republicans said that. are Messrs. DeSantis and
AND ALEX LEARY our fight.” Francis Rooney, a Florida- Trump.
A sharp divide inside the based donor, former congress- “It might not be a winning
Former Vice President Mike GOP over U.S. involvement in man and DeSantis backer, said lane, obviously, but there is
Pence, without mentioning Ron Ukraine has made Mr. DeSantis he isn’t pleased with Mr. De- some nontrivial number of Re-
DeSantis by name, rebuked the the target of widespread Re- Santis’s comments. “I would be publican primary voters who
Florida governor Saturday for publican criticism for suggest- concerned if he took it further,” are anti-Putin and pro-
his isolationist approach to the ing America should focus on he said. “I don’t think it does Ukraine,” Mr. Kristol said. “But
war in Ukraine. problems closer to home. His him any good to be aligned to get them to vote on this, a
KATHRYN GAMBLE/BLOOMBERG NEWS

Mr. DeSantis, a likely 2024 approach aligns him with for- with Trump in anything.” third candidate has to make an
Republican presidential candi- mer President Donald Trump, During an appearance issue of it, which means criti-
date, earlier in the week called who is warning the conflict Thursday in Florida, Ms. Haley cizing Trump and DeSantis on
the Russian invasion a “territo- could cause “World War III.” was direct. “With all due re- this issue, not just quietly dif-
rial dispute,” triggering back- “There must also be a com- spect, your governor is fering with them.”
lash on Capitol Hill and from plete commitment to disman- wrong,” she said to applause. Kevin Rodden, a retired intel-
some donors and voters. tling the entire globalist neo- “We need to have the back of ligence analyst who lives in
Mr. Pence repeated the con establishment that is Ukraine.” Holly Springs, N.C., was so upset
phrase Mr. DeSantis used to perpetually dragging us into Former Arkansas Gov. Asa by the position Mr. DeSantis
describe the war as he spoke endless wars, pretending to Florida Gov. Ron DeSantis in Des Moines, Iowa, on March 10. Hutchinson, who is also consid- took that he wrote a letter ex-
to a conservative audience in fight for freedom and democ- ering a GOP presidential bid, pressing his displeasure. The
Iowa, where the first GOP racy abroad,” Mr. Trump said presidential hopefuls who hold support for Ukraine. said he thought what Mr. De- 82-year-old said that he consid-
nominating contest will be in a campaign video Thursday. a more traditional, hawkish Polling shows a steady de- Santis said about Ukraine was ers himself a “conservative Re-
held in less than a year. Mr. Pence said those who foreign-policy view and are cline in Republican support for “naive.” An aide to Mr. DeSantis publican” and is part of a family
“The war in Ukraine is not a suggest the U.S. can’t take care struggling to dent the polling aiding Ukraine over the past declined to comment. with deep military roots.
territorial dispute,” he said to of its problems at home and still dominance of the governor and year. A Gallup survey in Janu- Bill Kristol, co-founder of “It showed you are a com-
applause. “It is a Russian inva- remain the leader of the free former president. ary showed Democrats are the now-closed conservative plete neophyte in world affairs,”
sion and I believe the United world are selling America short. Beside Mr. Pence, former much more likely than Repub- Weekly Standard magazine and Mr. Rodden wrote to Mr. De-
States of America needs to “That’s a pretty small view of United Nations Ambassador licans to support U.S. involve- a critic of Mr. Trump, said he Santis. “The battle for Ukraine,
continue to demand that the the greatest nation on Earth,” and South Carolina Gov. Nikki ment in the war, with four in thinks there is room in the another in the continuing fight
free world join us in giving the he said. “We can do both.” Haley, Sen. Tim Scott of five agreeing America should GOP primary for a candidate of civilization against the bar-
courageous fighters in Ukraine The stances of Messrs. De- South Carolina and former support Ukraine in reclaiming more supportive of Ukraine, barians, is pivotal in today’s
the resources that they need to Santis and Trump provide a New Jersey Gov. Chris Chris- territory, even if it is a pro- and more critical of Russian conflict between the West and
repel the Russian invasion. It’s potential opening for 2024 tie all have expressed strong longed conflict, while 53% of President Vladimir Putin, than Russia and China.”
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THE WALL STREET JOURNAL. * * Monday, March 20, 2023 | A5

U.S. NEWS

Biden Bypasses Congress on Trade, Draws Warnings

BY YUKA HAYASHI “I am increasingly con- to answer to Congress.” they have held numerous con- last week in Bali to accelerate Trade pacts that don’t offer
cerned about the administra- Congress has traditionally sultations with lawmakers on talks in sensitive areas such as better access to the U.S. mar-
WASHINGTON—The Biden tion’s decision to ignore Con- approved free-trade agree- the EV minerals deal and digital trade and labor. ket through tariff cuts face
administration is accelerating gress and go it alone when it ments negotiated by the exec- other trade pacts. A U.S. Trade The U.S. Trade Representa- difficulty gaining concessions
its efforts to pursue trade comes to trade deals,” said utive branch. Officials under Representative spokesman tive’s office also reported last from trading partners. They
agreements that bypass Con- Sen. Ron Wyden (D., Ore.), the past two administrations said the agency hosted more week progress in bilateral also lack an enforcement
gress as it seeks to counter chairman of the Senate Fi- have opted for arrangements than 380 congressional brief- trade pacts with Taiwan and mechanism.
China, but the moves have nance Committee, which over- that bypass congressional in- ings over the past year. Kenya and agreed to step up Mr. Wyden and 20 biparti-
sparked a fight with lawmak- sees trade policy. volvement, worried that for- Along with the EV minerals trade discussion with the U.K. san members of the Senate Fi-
ers that threatens to upend Rep. Adrian Smith (R., mal trade deals would fail or deal, Biden administration of- The administration is also for- nance Committee raised con-
the president’s trade strategy Neb.), chairman of the House take too much time. ficials are accelerating negoti- mulating a new economic stitutional concerns about the
at a critical point of rising Ways and Means Committee’s Rather than expanding mar- ations on several other agree- partnership with a dozen Cen- administration’s handling of
global competition. trade subcommittee, said the ket access through tariff cuts, ments, including the Indo- tral and South American na- the IPEF and other “solo exec-
Tensions have boiled over in administration is “attempting the current generation of Pacific Economic Framework, tions. utive agreements” in a letter
recent days amid the adminis- to unilaterally define what a agreements focuses on areas or IPEF, Mr. Biden’s most am- Officials say the goal of to Mr. Biden in December.
tration’s push to forge a free- trade agreement is” to sweep such as supply chains and dig- bitious trade initiative, which pursuing such pacts is to rap- Agreements such as the
trade deal on critical minerals the concerns of lawmakers ital trade, which the adminis- seeks to enhance ties with idly bolster economic ties with IPEF, which aim to “regulate
to resolve a dispute with the and trading partners under tration says don’t require con- more than a dozen friendly na- allies and partners, but deals foreign commerce and re-
European Union over electric- the rug. “If the administra- gressional signoff because tions amid intensifying rivalry forged without congressional shape international trade
vehicle subsidies, the latest in a tion isn’t able or willing to they don’t involve tariff pol- with China. approval are also less likely to flows,” do require congressio-
string of such pacts that skirt clarify their intent, they icy. U.S. officials met with offi- withstand legal or legislative nal approval, the senators
congressional approval. should expect they will have Administration officials say cials from other IPEF nations challenges. wrote.

Lawmakers
Consider
Rescinding
War Power
CONGRATULATIONS
BY LINDSAY WISE
AND ERIC BAZAIL-EIMIL
TO THE
WASHINGTON—Two decades

AMERICAN
ago, the House and Senate voted
to give President George W. Bush
the authority to use military
force in Iraq.
With the 20th anniversary of
the 2003 Iraq invasion this week
and the fighting long over, law-
makers now are weighing
AUSTRALIAN ASSOCIATION
whether to repeal that authori-
zation, with proponents saying
the measure has outlived its ini-
tial intent and Congress needs to
claw back some power from the
White House on waging war.
Critics say ending the authoriza-
tion is unnecessary and could
send a message of weakness
abroad.
A repeal bill is expected to
clear the Senate soon. Sponsored
by Democrat Tim Kaine of Vir-
ginia and Republican Todd
Young of Indiana, it would re-
voke the October 2002 authori-
zation along with an even older
one from the 1991 Gulf War. The
measure easily passed an initial
procedural hurdle on Thursday.
A final Senate vote could come
this week, but its fate in the
GOP-led House is uncertain.
The outcome will hinge in
large part on whether enough
House Republicans side with
Democrats on retiring the mea-
sure. The Republican Party once
championed aggressive post-9/11
military actions. But now it is
torn over foreign policy, follow-
ing the costly and ultimately un-
popular wars in Iraq and Afghan-
istan, and the influence of
former President Donald
Trump’s doctrine of limiting U.S.
engagement abroad.
Senate Majority Leader Chuck
Schumer (D., N.Y.), who supports
the bill that advanced Thursday,
said repealing the authorizations
is a necessary step toward leav-
ing the remnants of the war in
Iraq squarely in the past.
“Americans are tired of end-
less wars in the Middle East,”
Mr. Schumer said.
Senate Minority Leader Mitch
McConnell (R., Ky.) has warned
that repeal would weaken the
authorities that support the U.S.
military’s overseas operations.
Some Republicans who oppose
JENNA BASCOM PHOTOGRAPHY
the bill said they worried that
revoking the authorizations
would telegraph retreat to Amer-
ica’s allies and adversaries Thank you Ambassadors Kennedy and Sinodinos
abroad.
“At a time when people are
wondering whether they can de-
pend on the United States, I
think that sends a wrong mes-
for opening the headquarters of the AAA in New York
sage,” said Sen. John Cornyn (R.,
Texas).
In the House, the bill has sup-
port from both the far-right Sincerely,
Freedom Caucus wing of the
party—Rep. Chip Roy of Texas is
a sponsor—and from some
members close to GOP leader-
ship, such as House Rules Chair-
man Tom Cole (R., Okla.).
Speaker Kevin McCarthy (R., Anthony Pratt
Calif.) said at a press conference
Sunday that the bill has a “clear Executive Chairman
opportunity to come to the Pratt Industries
floor.”
Backers of repeal say presi-
dents have stretched authoriza-
tions far beyond their original
purposes. The October 2002 Au-
thorization for Use of Military
Force was put into action with
Mr. Bush’s invasion of Iraq in
March 2003. Since then, the au-
thorization has been cited by the
Bush, Obama and Trump admin-
istrations—along with the 2001
authorization passed after the
9/11 terrorist attacks—to use
force in Iraq and Syria against al
Qaeda, Islamic State and other
militant groups.
P2JW079000-4-A00600-1--------XA

A6 | Monday, March 20, 2023 * ** * THE WALL STREET JOURNAL.

BANKING TURMOIL

Credit Suisse Never Lost Taste for Risk Fed Raised

Red Flags
BY JOE WALLACE At UBS, executives slimmed which Credit Suisse revolved
AND ELIOT BROWN

Credit Suisse Group AG, the

down the investment bank that
had almost brought the lender
down with a disastrous bet on
began to disappoint investors
with its returns. Smaller, it
lacked some of the scale that
On SVB
Swiss banking giant that liked
to live dangerously, has run out
of road.
subprime mortgages and
haunted it again with a rogue-
trading scandal in 2011. The
helped the giant banks afford
higher regulatory costs. Con-
stant cost-cutting exercises fol-
In 2009
The bank struck a deal this bank turned its attention to lowed, hindering investment in BY ANDREW ACKERMAN
weekend to be bought by rival wealth management, the busi- technology and other areas. AND DAVE MICHAELS
UBS Group AG after an uncon- ness of selling investment and The bank’s revenue kept fall-

KYLE GRILLOT/BLOOMBERG NEWS

trolled slide in its stock and savings products for the ing. By 2019, its sales were WASHINGTON—The Federal
bonds. world’s rich. about 25% less than those of Reserve raised concerns about
The agreement marks the Credit Suisse didn’t undergo UBS. The two had nearly the risk management at Silicon Val-
end of 167 years as an indepen- the same overhaul—in business same revenue in 2010. ley Bank starting at least four
dent institution, a humbling or in culture—former execu- There was another problem: years before its failure earlier
comedown for a bank that once tives said. Under Mr. Dougan, Credit Suisse’s investment bank this month, documents show.
went toe-to-toe with U.S. giants who had cut his teeth as an in- retained the thrill-seeking atti- In January 2019, the Fed is-
on Wall Street and boasted a vestment banker, the company tude rivals had sought to sued a warning to SVB over its
market value greater than that Brady Dougan, former chief executive of Credit Suisse Group kept plowing resources into quash. And it took more risks risk-management systems, ac-
of Goldman Sachs Group Inc. businesses such as leveraged to try to land business when cording to a presentation circu-
The bank’s downfall has The result was 15 years of savior, was the problem child finance, securitization and coming up against U.S. banks lated last year to employees of
roots in the way it exited the scandal, litigation and strategic of Swiss banking during the high-yield bonds after the fi- with greater firepower. That SVB’s venture-capital arm,
last financial crisis flush with zigzags while other major last financial crisis. It skirted nancial crisis. When Credit culture seeped into other arms which was viewed by The Wall
confidence. When the financial banks became more focused, bankruptcy by swallowing a Suisse did prune its investment of the group, which one former Street Journal.
system seized up in 2008, more regulated and more free $5.3 billion government bail- bank, it was piecemeal. executive said lacked the com- The Fed issued what it calls a
Credit Suisse emerged in better of drama. A spying imbroglio, a out. Credit Suisse’s business-as- mand-and-control structure Matter Requiring Attention, a
shape than many rivals. It was $5.5 billion loss on a single cli- Credit Suisse, which weath- usual approach emerged as a needed to rein in risk taking. type of citation that is less se-
then slow to adjust to how the ent, executive turnover, fines in ered the storm better, rejected vulnerability. Regulations de- Blowups and scandals be- vere than an enforcement ac-
crisis changed banking. connection with tax and sanc- a rescue offer from the author- signed to stop a repeat of the came frequent. Fines and litiga- tion. Regulators are supposed to
The lender relied on a free- tions evasion and a fraud set- ities and raised about $9 bil- credit crunch penalized many tion added up rapidly, hurting make sure the problem is ad-
wheeling investment bank, tlement over Mozambican loan lion from private investors led risky activities and forced results and hindering the dressed, but it couldn’t be
dawdled in its pivot to more sales weakened the bank finan- by Qatar’s sovereign-wealth banks like Credit Suisse to hold bank’s ability to plow money learned if the Fed held SVB to
stable lines of business and cially while eroding the confi- fund. Then-Chief Executive more capital. into areas such as technology that standard in 2019.
above all failed to shake its dence of investors. Brady Dougan said the move The bank increasingly strug- for tracking risk. Over time, the central bank
predilection for risk. So when tremors shook the gave Credit Suisse “unques- gled to compete for deals and “Credit Suisse’s problem for issued numerous warnings to
“They felt, ‘We are the win- banking world again this tioned capital strength.” trade flow with the likes of decades, and I really mean de- SVB, suggesting the bank’s
ner from the financial crisis, month, Credit Suisse became a In the years that followed, Goldman Sachs and JPMorgan cades, is terrible operational problems were on the radar of
and everyone else is hurt,’ ” said magnet for the fear that global banking became more Chase & Co. U.S. megabanks risk management,” said Mayra the Fed, the bank’s primary fed-
Andreas Venditti, a banking an- gripped markets. Not even conservative. Major banks, had amassed fortress balance Rodriguez Valladares, a U.S.- eral regulator.
alyst at Vontobel. “So they dou- emergency funding from the chastened though well capital- sheets since the crisis and had based consultant who advises An SVB spokeswoman didn’t
bled down on these kinds of Swiss central bank could right ized due to bailouts, shed ex- superior access to the Ameri- banks on regulation. “Everyone respond to a request for com-
businesses and on investment- the lender. traneous units and focused on can capital markets. lets them get away with it: The ment. The San Francisco Fed
banking exposure in general.” UBS, now Credit Suisse’s what they could do best. The investment bank around U.K., the U.S., the Swiss.” didn’t respond to a request for
comment.
Risks to SVB’s financial condi-

UBS Steps investors last fall to finance a

sweeping overhaul. But custom-
ers were fleeing in droves and
Total assets
$1.2 trillion Credit Suisse
Net income
$8 billion
tion were apparent for months
before its failure. The bank’s par-
ent company, SVB Financial

Up to Buy taking with them $120 billion in

assets under management in the
last months of 2022.
1.0
UBS
6
4
Group, disclosed that the market
value of its held-to-maturity
bonds was $15.9 billion less than

Its Rival Its stock price and bonds in

free fall, Credit Suisse took a
$54 billion lifeline from the
0.8

0.6
2
0
their balance-sheet value at the
end of September 2022. That gap
was slightly more than SVB’s
Swiss National Bank last Thurs- $15.8 billion of total equity at the
-2
Continued from Page One day. Switzerland’s finance min- 0.4 time.
exist in its current form,” he said. ister said on Sunday that the li- -4 SVB’s large and concentrated
UBS Chairman Colm Kelleher quidity line was doubled later 0.2
-6
number of uninsured deposi-
said UBS would shrink Credit that day to ensure the bank tors began to flee after the
Suisse’s investment-banking could survive until the weekend. 0 -8 bank announced a capital raise
business and align it with UBS’s But Swiss officials, along 2018 ’19 ’20 ’21 ’22 2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 and the sale of a large amount
“conservative risk culture.” He with regulators in the U.S., U.K. of securities at a loss.
said the deal “supports financial and European Union, who all Market capitalization Examiners had raised con-
stability in Switzerland and cre- oversee parts of the bank, $70 billion
cern about SVB’s portfolio of
ates significant sustainable feared it would become insol- UBS securities, which lost signifi-
value for UBS shareholders.” To vent this week if not dealt 60 cant value as the central bank
help absorb the deal, however, with, and they were concerned raised interest rates.
UBS said it would pause its crumbling confidence could 50 The Fed applies more strin-
stock buyback program. spread to other banks. gent rules to bigger banks, so
40
The sudden collapse of Sili- Finma, Switzerland’s finan- SVB’s rapid growth over the
con Valley Bank earlier this cial regulator, said Credit 30 past few years likely would have
month prompted investors glob- Suisse experienced a “crisis of moved the bank into a progres-
ally to scour for weak spots in confidence.” It added that there 20 Credit Suisse sively tougher form of supervi-
the financial system. Credit was “a risk of the bank becom- sion from the regulator.
Suisse was already first on ing illiquid, even if it remained 10 Following the 2019 warning,
many lists of troubled institu- solvent, and it was necessary 0
the Fed informed SVB in 2020
tions, weakened by years of self- for the authorities to take ac- that its system to control risk
inflicted scandals and trading tion in order to prevent serious 2019 ’20 ’21 ’22 ’23 didn’t meet the expectations for
losses, most notably the failure damage to the Swiss and inter- Sources: S&P Global Market Intelligence (assets, arket capitalization); S&P Capital IQ (income) a large financial institution, or a
of two key clients in 2021, national financial markets.” bank holding company with
Greensill Capital and Archegos Finma said the banks would ment bank was the opposite of would have been fully protected. An end to Credit Suisse’s more than $100 billion in assets,
Capital Management. open normally on Monday. UBS’s model built around man- Swiss ministers rejected the nearly 167-year run represents a the presentation said.
Despite repeated executive The talks among the regula- aging the finances of rich cli- offer outright, according to the new global dimension of damage At that time, the bank was
changes and pledges to reform, tors and the two banks began ents. But other parts of the deal people. The shareholders from a banking storm that growing quickly as deposits
there was what felt to investors last Wednesday. were attractive, as Credit Suisse wanted the same government started with SVB’s collapse. poured in during the early
like a never-ending series of Regulators laid out two is UBS’s chief rival in the Swiss backstops being offered to UBS, Credit Suisse had a half-tril- months of the pandemic. The
stumbles. choices: A takeover or a bank- banking system. such as the liquidity line, but lion-dollar balance sheet and average level of interest-earn-
The bank’s new management, ruptcy. Bankruptcy would be a On Sunday, there was a last- were turned down. around 50,000 employees at the ing assets grew 76% in the first
which took over last year, many protracted mess, and UBS exec- ditch effort by a group including Agitation by the shareholders end of 2022, including more quarter of 2021, the presenta-
of them hailing from UBS, tried utives worried that it would Credit Suisse’s largest share- did have an effect. An earlier than 16,000 in Switzerland. tion says.
a campaign of reassurance taint the whole brand of Swiss holder, Saudi National Bank, to UBS proposal to pay around 1 UBS has around 74,000 em- The bank’s assets rose to
among customers and promised banking, according to a person keep the lender alive, according billion Swiss francs, or around ployees globally. It has a bal- $114 billon at the end of 2020,
a restructuring that would turn familiar with the matter. to people familiar with the offer. $1.1 billion, was eventually lifted ance sheet about twice as large, from about $70 billion in 2019,
the bank around. A forced marriage of the two The group made a rival proposal to 3 billion francs, paid in UBS at $1.1 trillion in total assets. the year the Fed voiced its con-
The bank had just raised $4 titans was something UBS had to inject around $5 billion into shares. Still, that is less than —Summer Said cerns. They nearly doubled
billion in fresh equity from never wanted. Credit Suisse had Credit Suisse. Under the plan, half of Credit Suisse’s last and Julie Steinberg from 2020 to the end of 2021
Saudi National Bank and other its scandals, and its big invest- Credit Suisse bondholders traded market value on Friday. contributed to this article. to about $209 billion.

U.S. Eyes tions, such as by lifting bor-

rowing rates and pushing
down asset prices. A big ques-
vate-sector solutions, which
would be preferred.
Last week, for example, Bi-

Swiss Bank tion at their two-day meeting,

which ends Wednesday, is how
much additional tightening
den administration officials
talked with billionaire investor
Warren Buffett as the banking

Merger they anticipate to get from the

turmoil in markets and the
banking sector.
crisis intensified. It wasn’t im-
mediately clear what was dis-
cussed. Mr. Buffett didn’t re-
BRYAN BANDUCCI FOR THE WALL STREET JOURNAL

Central-bank officials who spond to requests for

Continued from Page One think financial conditions are comment, and the Treasury de-
“First Republic Bank is well at greater risk of tightening clined to comment.
positioned to manage short- abruptly due to the banking And on Sunday, House Fi-
term deposit activity,” a bank shock could favor holding nancial Services Committee
spokesman said Sunday. steady their benchmark rate, Chairman Patrick McHenry (R.,
Regulators, too, were rela- currently in a range between N.C.) told CBS News that major
tively quiet over the weekend, 4.5% and 4.75%. Those who see U.S. banks buying up smaller
worried that after two weeks the effects as more likely to be troubled lenders is a possible
of intervention in the banking temporary, contained or mod- solution to ensure that Ameri-
sector, too much more activity est could argue for pressing cans continue to have confi-
too soon would signal to skit- ahead with the next increase, dence in the financial system.
tish markets that the regula- aimed at cooling the economy, Although policy makers pre-
tory work done so far was in- U.S. officials’ main concern is First Republic Bank, which required rescue funding last week. amid still-high inflation. fer private action, there con-
sufficient. Further action at the Meanwhile, the Fed, Federal tinue to be calls for bolder,
current juncture might also Still, with the stock down a $13.5 billion capital hole at fects broader economic activity. Deposit Insurance Corp. and broader steps, especially re-
discourage potential suitors for sharply Friday and analysts First Republic. The market’s reaction to the Biden administration con- garding bank deposits. On Fri-
the struggling bank. warning the rescue plan On Sunday, S&P Global Rat- developments at First Repub- tinue to grapple with the ques- day, the Mid-Size Bank Coali-
First Republic had discussed didn’t patch a hole in the ings cut the credit rating on lic and Credit Suisse could in- tion of whether and when they tion of America urged
with advisers other potential bank’s balance sheet, inves- First Republic for the second fluence how the Federal Re- might have to seek to provide regulators to immediately
solutions, such as an equity tors and analysts are ques- time in the past week. serve approaches its rate- further assistance to the bank- guarantee all deposits in the
sale, before the bank rescue. tioning how stable First Re- How First Republic fares in setting meeting this week, ing industry, in particular country for two years. In a let-
Such options remain on the ta- public is and for how long it the markets could determine where officials face a finely smaller lenders. ter, the group said deposits are
ble, the people said. can hold out. whether the biggest banks, in- balanced decision over For the moment, regulators leaving banks of all sizes and
While bankers this weekend Analysts said First Republic cluding JPMorgan Chase & Co., whether to raise interest rates were inclined to wait and see flooding into the four biggest
continued to debate potential still needed to raise funds or Bank of America Corp., Citi- by one-quarter of a percent- how the bank and peers fare in banks, putting everyone at risk
next steps, no deal seems im- sell itself because it is sitting group Inc. and Wells Fargo & age point or to forgo an in- markets early this week. The of a wider panic.
minent. First Republic’s leaders on losses similar to the ones Co., have managed to stem the crease altogether. calculus was that while First —Nick Timiraos, Andrew
are hoping to prove the rescue that helped sink Silicon Valley panic that has gripped the Fed officials have raised Republic is weak, it is still via- Restuccia, Rachel Louise En-
deal stabilized the lender and Bank earlier this month. For in- banking system this month. And rates rapidly to slow the econ- ble, so action by the Fed or sign, Ben Eisen and AnnaMaria
avoid fire-sale prices, the peo- stance, Wedbush analysts said it will play a role in how the omy and combat inflation by government could be seen as Andriotis contributed to this
ple said. any acquirer would have to fill market tumult ultimately af- tightening financial condi- overreacting and hinder pri- article.
P2JW079000-0-A00800-1--------XA

A8 | Monday, March 20, 2023 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, March 20, 2023 | A9

WORLD NEWS

French Protests Take Aim at Macron Violence

Flares in
BY SAM SCHECHNER The offices of Eric Ciotti, and political changes in France.

President Emmanuel Macron

of France may have circum-
head of the Les Républicains,
were smashed with rocks this
weekend in Nice. A warning
In 2006, rounds of demon-
strations pushed then-President
Jacques Chirac to rescind a
West Bank
vented Parliament in passing
his pension overhaul, but there
remains a large constituency—
scrawled on the office’s facade
threatened, “The motion or
the cobblestone,” according to
provision of a law Parliament
had passed just weeks earlier.
Protesters have forced gov-
As Summit
millions of street protesters—
who contend they have final
say in the matter.
a photo Mr. Ciotti posted to
Twitter on Sunday.
“I will never give in to
ernments to abandon changes
to retirement pensions. Mr.
Chirac, in 1995, backed down
Seeks Calm

TERESA SUAREZ/SHUTTERSTOCK
Protest movements have these new disciples of terror,” from his government’s proposal BY AARON BOXERMAN
long been the final arbiter, al- Mr. Ciotti said. to overhaul France’s pension
beit an unofficial one, of Mr. Macron’s office said the system by eliminating special The Israeli military said a
France’s political system, president spoke with the lead- categories of early retirement Palestinian shot a U.S.-Israeli
bringing successive govern- ers of the Senate and the Na- for some government workers. man as he drove through the
ments to their knees and forc- tional Assembly following Mr. Macron also has ceded Palestinian town of Huwara in
ing previous presidents to threats and intimidation to- to protests. The yellow-vest the occupied West Bank, as Is-
abandon or even rescind legis- ward elected officials and other protest movement that started raeli and Palestinian officials
lation protesters oppose. That French Senator David Assouline at a rally Sunday in Paris. representatives. Mr. Macron in 2018 forced Mr. Macron to met in Egypt in an attempt to
is why thousands of protesters told the lawmakers everything back off from a fuel-tax in- curb a deadly wave of violence
have streamed into public Behind the scenes of vio- rality of seats and Les Répub- was being done to ensure their crease, and later to promise bil- between the two sides.
squares across France since lence lies a strategy: Turn up licains—the establishment con- safety and that he hoped the lions of euros in new aid and Huwara has become a flash-
Mr. Macron exercised Article the protests and turn the servative party that holds the pension overhaul could com- tax-free bonuses for workers. point for violence between Is-
49 of the constitution to raise screws on lawmakers and balance of power in the cham- plete its “democratic progress Mr. Macron, however, has raelis and Palestinians. Last
France’s retirement age to 64 other officials until they force ber—is loath to foment further with respect for everyone.” managed to face down protests. month, two Israeli brothers
from 62 by 2030 without the Mr. Macron to reverse course. political instability. French protests have a long In 2019, he waited out the lon- were killed while driving
consent of Parliament. An early test will come Mon- “We don’t know why the history of forcing change, gest transport strike in France’s through Huwara, which was fol-
Over the weekend, protest- day when the National Assem- government and especially the stretching all the way back to history. lowed by an attack by hundreds
ers set fire to piles of garbage bly is expected to hold votes of president didn’t take our Parisians’ storming of the Bas- This time, unions and far- of Israeli settlers on the Pales-
in Paris that had accumulated no-confidence that, if passed, warnings seriously,” Philippe tille prison in 1789 at the start left leaders are threatening to tinian town that left one Pales-
from a two-week trash-collec- would kill the legislation and Martinez, head of the far-left of the French Revolution. In push Mr. Macron to his limit. tinian dead and hundreds in-
tors strike, leading police to force Mr. Macron’s ministers to CGT union, said on French May 1968, a series of French “I would never say we must jured.
disperse those who had gath- resign. The no-confidence votes television on Sunday. “This re- student sit-ins became a na- stop the mobilization,” far-left Israeli authorities said 30-
ered with tear gas and water face an uphill battle, because form is unfair, it’s brutal, it’s tional protest movement that leader Jean-Luc Mélenchon said year-old David Stern, who lives
cannons on Saturday evening. Mr. Macron’s party holds a plu- authoritarian.” laid the groundwork for social on Sunday. “It must continue.” in a settlement in the northern
West Bank, was seriously
wounded in the attack. His wife

Putin Visits appearing uninformed about

the realities of the war that
has claimed tens of thousands
was treated for clinical shock,
according to first responders.
The two had been driving on

Captured of Russian lives.

As part of its reconstruc-
tion-drive in Mariupol, Russia
Road 60—the West Bank’s
main highway—which passes
through the middle of Huwara.

Mariupol said it has built new residen-

tial districts for those whose
homes were destroyed by
Israeli troops set up road-
blocks in the area and later ar-
rested the suspected Palestin-
SERGEY SHESTAK/AGENCE FRANCE-PRESSE/GETTY IMAGES

fighting. Marat Khusnullin, ian shooter, an Israeli military

Continued from Page One Russia’s deputy prime minis- spokesperson said. Palestinian
A day after he also visited ter, reported to Mr. Putin dur- militant groups praised the at-
Crimea—the Ukrainian penin- ing his visit on the construc- tack as legitimate resistance,
sula occupied by Moscow tion of new residential although none immediately
since 2014—the Russian presi- districts, schools and medical took responsibility. The Israeli
dent was signaling his inten- centers, the Kremlin said. military said it was preparing
tion to pursue what could be a A report on Russia’s flag- for possible revenge attacks by
protracted conflict. At the ship state news channel Israeli settlers in the area.
same time, Ukraine is prepar- showed Mr. Putin being Israeli Prime Minister Ben-
ing for a spring counteroffen- greeted by people at a new jamin Netanyahu said he was
sive and has said it ultimately residential district, and check- praying for the recovery of the
seeks to take back all Russian- ing the rooms of a three-bed-
held territory, including Cri- room apartment in the pres-
mea and Donetsk. ence of its inhabitants, who LEBANON
Kremlin spokesman Dmitry A Ukrainian soldier on Sunday prepared a T-64 tank to move to the front line near Bakhmut. thanked him for the visit. “We SYRIA
Peskov said in a briefing Sun- had three, and they gave us Mediterranean
Sea
day that the visit to Mariupol murderer of thousands of Mari- mately left a group of Ukrai- screens broadcasting Russian three,” they said, referring to
was unplanned and took place upol families came to admire nian defenders holed up in one propaganda traveled through the rooms in the apartment.
late Saturday and into the the ruins of the city.” of the plants. They held off Mariupol after its capture. In the wake of setbacks on
early hours of Sunday. He said Mariupol fell to Russian Russian forces until their sur- Since Russia launched its the battlefield last year, Mr.
local residents told Mr. Putin forces after months of brutal render in mid-May. invasion of Ukraine in Febru- Putin has effectively scaled Tel Aviv
Tel-Aviv WEST Amman
Am
mm
mman
m
BANK
about the difficulties of receiv- fighting in May. Relentless The full extent of the losses ary 2022, multiple Russian of- back his immediate war aims
ing Russian passports. Russian bombardment razed in the city remains unknown. ficials have been filmed tour- to securing all of four territo-
Mr. Putin’s trip to Mariupol much of it to the ground, and The exiled Ukrainian mayor has ing occupied areas and ries—including Donetsk—that GAZA
comes two days after the In- Russia has touted a major re- estimated that at least 22,000 outlining plans for their re- Russia annexed last autumn, STRIP JORDAN
ternational Criminal Court is- construction campaign there people died in the city, while construction under Russia. But but doesn’t fully control.
sued arrest warrants for Mr. as an example of its determi- many residents are still search- Mr. Putin had kept his dis- Russian and Ukrainian 25 miles
ISRAEL
Putin and another Kremlin of- nation to rebuild parts of ing for friends and family who tance from the war zone. troops are engaged in a brutal
EGYPT 25 km
xxxx kkm
m
ficial for war crimes tied to Ukraine it has taken over after were scattered after the siege. That has stood in contrast battle for Bakhmut, a city in
Russia’s alleged forced depor- destroying residential areas. Besides its push to rebuild to his Ukrainian counterpart, eastern Ukraine that is now
tation of children from Rus- Mariupol was a bustling the city, which has been heav- Mr. Zelensky, who visited the epicenter of the conflict. wounded man. “Anyone trying
sian-occupied areas of city of 400,000 residents be- ily promoted on Russian state front-line positions in Severo- Ukrainian commanders are to harm the citizens of Israel
Ukraine, including Mariupol. fore the war, with two sprawl- television, Russia has sought donetsk last summer and seeking to degrade the Rus- will pay the price,” he added.
The Kremlin has rejected the ing steel plants powering the to convince locals that Mariu- Bakhmut in December and sian forces ahead of Kyiv’s The shooting came as Is-
court’s authority. local economy. pol is a rightful part of its ter- traveled to towns retaken by planned spring campaign. raeli and Palestinian officials
“The criminal always returns When Russia launched its ritory. In September, Mr. Putin Ukrainian forces, including Iz- On Monday, President Xi met in Egypt’s southern resort
to the crime scene,” Mykhailo full-scale invasion of Ukraine announced he was annexing ium and Kherson. Jinping of China is scheduled city of Sharm El Sheikh in an
Podolyak, an adviser to Presi- in February 2022, the city be- the surrounding Donetsk re- Some Russian military blog- to arrive in Russia for talks effort to calm rising tensions
dent Volodymyr Zelensky of came a major early target for gion, only part of which is un- gers, whose criticism the with Mr. Putin, reflecting the ahead of the Muslim holy
Ukraine, wrote on Twitter after its forces. It endured a der Russian control. Kremlin has sought to rein in, deepening ties between their month of Ramadan, which this
Mr. Putin’s Mariupol visit. “The monthslong assault that ulti- Trucks mounted with have slammed Mr. Putin for two countries. year overlaps with Passover
and Easter. Egyptian, U.S. and
Jordanian mediators were also
WORLD WATCH present, the Egyptian Foreign
Ministry said.
Israeli and Palestinian offi-
ECUADOR cials made a joint statement at
the end of the summit repeat-
At Least 15 Dead ing an Israeli pledge made at a
After Strong Quake February summit in Aqaba,
Jordan, to temporarily freeze
Juan Vera lost three relatives the approval of new settle-
when a strong earthquake that ment units in the West Bank.
shook parts of Ecuador and Peru The two sides also agreed
brought down his niece’s home. to establish joint committees
The government has offered to to handle violence, incitement
pay for the woman’s funeral and and the poor fiscal situation of
those of her baby and her part- the Palestinian Authority.
ner, but he wonders why local The summits have drawn
authorities allowed his relatives criticism from both Israelis
to live in such an old home. and Palestinians. After the
“Because of its age, that February attack in Huwara,
building should have been de- some Israeli coalition lawmak-
molished already,” Mr. Vera said ers demanded that Israel im-
outside the morgue in Ecuador’s mediately withdraw from the
community of Machala. meetings. Many Palestinians
Saturday’s earthquake with see the meetings as pointless
about 6.8 magnitude, as re- collaboration with Israel.
ported by the U.S. Geological Israelis and Palestinians
Survey, killed at least 15 people have been living through one
MARIA FERNANDA LANDIN/REUTERS

and brought down buildings in of the deadliest periods in re-

communities, from coastal areas cent years. At least 87 Pales-
to the highlands. tinians, both militants and ci-
By Sunday, the number of vilians, have been killed in
people injured in Ecuador was Israeli raids throughout the
reported to be at least 446. The West Bank since the start of
earthquake centered just off the 2023. At least 13 Israeli civil-
Pacific Coast, about 50 miles ians and one police officer
south of Guayaquil, Ecuador’s were killed during the same
second-largest city. People surveyed the damage on Puná Island, Ecuador, on Sunday, a day after an earthquake shook the country and parts of Peru. period in Palestinian attacks.
One of the victims died in Last year was one of the
Peru, while 14 others died in Ec- ues to protest ongoing joint mili- that violates United Nations Se- CENTRAL AFRICAN REPUBLIC However, the rebel coalition deadliest in the occupied West
uador. tary exercises between the U.S. curity Council resolutions and initially blamed by some for the Bank in nearly two decades.
—Associated Press and South Korea. vowed to carry out joint military Nine Chinese Killed attack put out a statement later Security cooperation between
The missile was fired off at exercises with the U.S. Japan’s In Attack on Mine in the day. Without providing ev- Israel and the Palestinian Au-
NORTH KOREA around 11:05 a.m. local time vice defense minister called the idence, it accused Russian mer- thority has frayed as the Israeli
from the North’s Tongchang-ri launch “absolutely unacceptable” Gunmen stormed a Chinese- cenaries from the Wagner Group military conducts deadly raids
Kim Regime Fires area and traveled about 500 and vowed to closely cooperate operated gold mining site that of being behind the violence. deep in Palestinian-adminis-
Ballistic Missile miles before landing in the wa- with the U.S. and South Korea. had recently been launched in The attack came days after tered territory, in what Israeli
ters between Korea and Japan, The U.S. and South Korea are Central African Republic, killing gunmen kidnapped three Chinese officials say is a response to
North Korea fired a short- the military in Seoul said. conducting large-scale joint mili- nine Chinese nationals and nationals in the country’s west Palestinian terrorist attacks.
range ballistic missile on Sunday, South Korea condemned the tary exercises until March 23. wounding two others Sunday, near the border with Cameroon. —Fatima AbdulKarim
as the ruling Kim regime contin- launch as a grave provocation —Dasl Yoon authorities said. —Associated Press contributed to this article.
P2JW079000-5-A01000-1--------XA

A10 | Monday, March 20, 2023 * ** ** THE WALL STREET JOURNAL.

FROM PAGE ONE

Border Airs
Xi-Putin
Challenge
Continued from Page One
President Vladimir Putin is ex-
pected to showcase what they
have declared a partnership

FROM TOP: XIE JIANFEI/XINHUA/ZUMA PRESS; YURI SMITYUK/TASS/ZUMA PRESS

with “no limits” between their
countries. Beneath the surface
are economic, political, cul-
tural and historical divisions
that undercut the relationship.
For decades, Chinese ex-
ports have largely been geared
toward the U.S., Europe and
Japan. Trade between Russia
and China grew more than
30% last year to 1.3 trillion
yuan ($189 billion). Yet that
represents only a quarter of
the value of imports and ex-
ports between China and the
U.S., Chinese customs data
show. Grocery stores in Bei-
jing, Shanghai and other big
Chinese cities stock more Jap-
anese sake and Australian beef
than vodka and caviar. Above, Aerial photo last month showing a portion of the pilot free-trade zone in the area of Heihe, China. Below, a Russian customs officer inspecting a truck last
Russia seeks to disrupt the month at a crossing point on the Russia-China border connecting Russia’s Primorye territory and China’s Heilongjiang Province.
international order, including
through military action. The you will get beaten.” customs checkpoint. Trucks trade was settled in U.S. dol-
International Criminal Court A shared sense of grievance traveling from China to Russia lars or euros, an arrangement
last week issued an arrest toward the U.S. is, in large crossed the bridge at a rate of upended by Western sanc-
warrant against Mr. Putin for part, what has helped Russia roughly one every five minutes tions. Chinese companies now
war crimes. China, which and China look past their divi- and even less frequently in the struggle to get paid. One sur-
reached its economic stature sions, security experts said. At other direction. vey by local central-bank offi-
through the status quo, seeks the same time, sanctions are The biggest bottleneck for cials of Chinese companies
changes that further its inter- making Russia more economi- trade between the two coun- that trade with Russia found
ests, complicating binational cally dependent on China. tries has been sea shipments, that after the invasion of
collaborations, Chinese and Chinese Foreign Minister Qin said Henry Zhang, who runs a Ukraine, 60% of them had sus-
Western security analysts say. Gang this month praised Rus- logistics business in the Chinese pended operations or were
China-Russia relations are sia-China relations as a “new city of Zhengzhou for shipments barely scraping by because of
far from a “monolithic bloc,” type of international relations” between Russia and China. hurdles from the sanctions.
Zhao Long, a scholar at China’s while reiterating China’s posi- After Russia invaded Russian and Chinese compa-
Shanghai Institutes for Interna- tion that the countries weren’t Ukraine a year ago, many nies have sought to trade more
tional Studies, wrote in a re- an alliance. “The more unstable Western shipping giants goods using the Chinese yuan.
cent paper. “In Beijing’s vision, the world becomes, the more stopped delivering cargo to One is the Heihe City Dasheng
it never should become one.” imperative it is for China and Russia. Prices for sea ship- Economic and Trade Co., which
In many ways, the Chinese Russia to steadily advance their ments from China to Russia has been helping to send goods
and Russian economies are relations,” Mr. Qin said. have since skyrocketed, Mr. back and forth across the bor-
highly complementary. Russia China has called for an end China and Russia agreed to “The Russian side’s problem Zhang said. He estimated the der for around a decade.
exports natural resources China to the war in Ukraine but has construct a railway bridge over of construction funds for the current shipping capacity was On a morning last week,
needs to power its industrial avoided direct criticism of Rus- the Amur River, which marks a ‘bridge’ has been fully re- a fifth of what was needed. workers were loading spare in-
economy. China sells goods sia. Beijing has instead blamed section of the border. The Chi- solved,” local officials were “The capacity can’t be fixed in dustrial parts onto a truck
that Russian consumers want. the U.S. for stoking the war by nese side of the bridge would quoted as saying. They esti- the near term,” he said. bound for Russia. A manager of
On the energy front in particu- providing weapons to Ukraine. connect to the small city of mated that the bridge would the Chinese company said his
lar, Chinese purchases of oil In a written response to Tongjiang, about 300 miles be completed a year later. Rus- customers tended to be Chinese
and gas since the invasion of questions for this article, southeast of Heihe. Chinese of- sia continued to blow through Currency crunch intermediaries in Russia who
Ukraine have helped Russia China’s Foreign Ministry said ficials said the railway would deadlines. China imported about $380 hadn’t been hurt by U.S. sanc-
weather Western sanctions. the country’s economic rela- ease congestion and shave 10 The Tongjiang-Nizhnelenin- million worth of Russian soy- tions because many of them
A long and sometimes vio- tions with Russia were resil- hours off the trip to Moscow. skoye cross-border railway beans last year, which it uses paid in yuan for imported
lent history between Russia ient and had potential to ex- Trucks carrying goods into bridge finally entered service for cooking oil and animal feed, goods purchased from China.
and China has left a legacy of pand further. China had faced hourslong de- last year, in time for Moscow Chinese customs data show. It Russia’s growing depen-
distrust. A museum in Heihe is “China and Russia have con- lays for shipment inspections to take advantage of stepped- imported more than $19 billion dency on the yuan makes Rus-
dedicated to what it depicts as sistently deepened their coop- by Russian guards, according up trade with China while fac- of soybeans from the U.S. sia more vulnerable to Chinese
centuries of aggressions by eration based on the principles to a 2019 paper by a local Chi- ing isolation from the West. Russian protectionism is one actions should relations be-
Russian soldiers against the of mutual respect and mutual nese central-bank official. China’s Foreign Ministry reason it doesn’t sell more soy- tween the two countries falter,
Chinese. Russian citizens benefit,” the ministry said. The Chinese workers began said it had worked closely beans to China, according to said Alexandra Prokopenko, a
aren’t permitted to enter the Kremlin didn’t respond to a re- work on the new bridge. By with Russia to launch the Chinese academics. The Russian former Russian central-bank of-
museum, a museum guard quest for comment. late 2015, the Chinese section Tongjiang bridge in an orderly regions that border China are ficial now living in Germany.
said, out of concern that they was taking shape, according to manner and that the opening fertile ground for growing soy- “Russian leaders like to em-
might get offended. Chinese state media reports, has played a positive role in beans and other staples. Since phasize the unprecedented
One exhibit depicts the kill- Building bridges but the Russians had barely cross-border transportation. 2021, Russia has imposed 20% strategic cooperation between
ing of thousands of Chinese in Mr. Xi’s language during his started on their side. China Another newly opened tariffs on soybean exports in the two countries,” Ms. Proko-
the region by Russians in Moscow visit will be closely later learned Russia was bridge, in Heihe, had been what Moscow said was a bid to penko wrote in February for
1900. Over a loudspeaker, a parsed by Western officials struggling to come up with the highly touted in Chinese state force investors to build process- the website of the Carnegie En-
narrator concludes that Rus- seeking to understand China’s money. In 2017, Chinese offi- media. It didn’t appear last ing plants in Russia. A Russian dowment for International
sia-China relations were today intentions for Russia. The cials told state media that week to be an economic boon. newspaper recently reported Peace. “Yet in reality, this coop-
peaceful, but that China must frayed ends of China-Russia China’s sovereign-wealth fund On the China side of the bridge, that officials are considering eration makes Moscow increas-
remain vigilant. “We can never economic ties are, by contrast, had agreed to kick in tens of two Russian truck drivers, raising the tariff to 50%. ingly dependent on Beijing.”
forget this history,” the narra- out in the open. millions of dollars to help pay hauling what appeared to be Before the invasion of —Qianwei Zhang
tor said. “If you lag behind, More than a decade ago, for Russia’s share. metal shelving, idled near a Ukraine, most China-Russia contributed to this article.

Pooches shop, which makes Midcentury

Modern dog houses costing
from $3,750 to $5,000. The
bowls from Tiffany & Co.
That is just inside. Several
years ago, the couple adopted

Lap Up the company also creates custom

dog houses for clients; one, for
a family in London, was de-
miniature horses named Dia-
monds and Rosé and set them
up in the backyard in a pink

Luxuries signed to look like a Japanese

teahouse.
Paris Hilton’s pooches have
house with gray trim built by
luxury real-estate developer
Mohamed Hadid, a friend of
enjoyed an air-conditioned the couple’s.
Continued from Page One two-story, Spanish-style villa, When Rosé died, a heart-
$10,000 on it. “They just known as “Doggie Mansion” broken Ms. Vanderpump got
didn’t like it.” Nowadays, the and sporting a chandelier and another miniature horse, Vel-
mini-house mostly sits empty. a balcony with wrought-iron vety, to keep Diamonds com-
“It has everything,” he railing, according to her Insta- pany, but “there was an ad-
adds. “Just no dogs.” gram feed. (She says that was justment period at the
Moreover, all these swanky, at her old home, and she no beginning where they fought
special-made pet amenities in- longer lives there.) for control.” After kicks were
evitably have a shorter shelf Doug the Pug is a lovable exchanged, the couple doubled
life than those for humans. pooch whose penchant for the size of the horse house to
“If we’re going to customize wearing elaborate costumes give the roomies some space.
our homes to our pet, we have has earned him over 1 billion On Washington’s Vashon Is-
to realize that there will come viewers across social-media land, Linda Hatfield decided to
a time when it might not be platforms. build a “catio,” or outdoor cat
relevant, or we want to change At the Nashville, Tenn., enclosure, after her cat Wat-
it out,” says HGTV personality home Doug shares with his son dragged in one too many
Jasmine Roth, known for cre- owners, Leslie Mosier and Rob rats.
ating “pet nooks” for clients. Chianelli, the pug has his own She enlisted Cynthia Cho-
ROBBIE TIMMERS

Ms. Roth experienced this 15-foot closet for his outfits, mos of Seattle-based Catio
recently with the death of Ti- including tiny cowboy hats, Spaces to build a 14-foot, L-
ger, her Chihuahua. She had cashmere sweaters, a rainbow shaped structure off the
built little Tiger a nook under of sunglasses, custom har- kitchen, with the same cedar
the stairs, complete with plaid nesses from London and a The $10,000 dog house Robbie Timmers built for his pets. It is a smaller version of his own house. trim and striped awnings as
wallpaper and vintage mirrors. Boda Skins leather jacket. the rest of the house.
“I wish I had recorded the “For the longest time, we Nala Cat, who holds the and former star of “The Real thetically with the décor of “Otherwise it just wouldn’t
call when my wallpaper in- had giant bins,” recalls Ms. Guinness World Record for the Housewives of Beverly Hills.” her home. Hence her dog beds fit,” says Ms. Hatfield, who
staller arrived,” Ms. Roth re- Mosier. “If we needed to find cat with the most Instagram At their estate, Ms. Vander- in a dusky-pink hue, from the spent about $20,000 on the
calls. an outfit, it was horrible.” followers, is a rescue who lives pump and her husband, Ken brand Hooman, which retail structure.
At first, he couldn’t find the She tapped the organizing with owners, Varisiri Meth- Todd, have a menagerie in- for $375 each. The beds come While Ms. Hatfield’s four
space he’d been hired to wall- company The Home Edit to achittiphan and Shannon Ellis, cluding six dogs, four swans with velvet headboards, mat- cats enjoy the catio, all hasn’t
paper. “I was like, ‘Look make Doug a supersize closet, along with five other cats and and two miniature horses. tresses, tiny pillows and 400- gone exactly to plan. When
down.” and now Doug’s clothes are or- a dog. One of their Pomeranians, thread-count fitted sheets. “It she adopted Boris, a nearly
The door was so tiny, the ganized by categories such as The couple’s house in Cali- Puffy, is always nattily looks really cute,” she says. 20-pound Maine Coon, he was
installer could barely fit in- “athleisure” and “bath time.” fornia sports more than 10 cat dressed, with Ralph Lauren Plus, “I don’t want them sit- too tall. “He was banging his
side, though he eventually “It’s way bigger than my trees and a “cat wall” mounted cashmere turtlenecks and ting in a dirty bed, so to head on the roof,” she says.
squeezed in. Now, with Tiger closet,” notes Ms. Mosier, with feline lounging perches. fluffy feather Maxbone dog change the sheets is just So she asked Ms. Chomos
gone, the only occupant of the Doug’s full-time career man- Yet Nala yawns at the accou- sweaters, Ms. Vanderpump great.” to elevate the roof. And Fer-
pet nook is Ms. Roth’s toddler ager. “You walk downstairs terments provided by her says. Puffy wears pajamas at Pet stairs from Le Pet gus, her Scottish Fold, learned
daughter, who uses it as a and you’re like ‘whoa’.” staff. She prefers to sleep in a night. Luxe—retail price $338—help how to open doors, a trick he
fairy cave. Among other perks, Doug cardboard box. Ms. Vanderpump, who is her dogs climb in and out of taught Boris.
Social media has helped also only drinks purified water The country’s most pam- also co-founder of the Vander- her bed. Her pups eat human Ms. Hatfield’s solution
popularize deluxe pet items, at home, she says, and rou- pered pets surely include pump Dog Foundation, says it food, she says, usually didn’t require a big budget—
says Sara Pijuan of Los Ange- tinely sees a canine herbalist those belonging to Lisa is important to her that ame- poached salmon or organic just a bungee cord to secure
les-based Pijuan Design Work- and acupuncturist. Vanderpump, the restaurateur nities for her dogs fit in aes- chicken, out of turquoise-blue the door.
P2JW079000-0-A01100-1--------XA

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 20, 2023 | A11

vices at Disney World before start-

ing his own company as a one-
person operation in 1999.
He now has 18 employees. Each
new guide gets drilled on every as-
pect of the Disney and Universal
parks, he says.
Third-party companies rely on
a combination of timing and
knowledge: They ask their clients
to arrive at the parks hours before
opening, so that they can hit the
most popular rides ahead of the
crowds. They build itineraries that
keep waits to a minimum based on
their knowledge of where and
when crowds form. They know
when to schedule breaks through-
out the day to avoid potential tem-
per tantrums.
FROM TOP: AARONP/BAUER-GRIFFIN/GC IMAGES/GETTY IMAGES; TED SHAFFREY/ASSOCIATED PRESS

“We’re making Disney so much

money by doing these tours,” says
Victoria Phillips, owner of White
Glove Orlando Tours. Ms. Phillips’s
guides hold annual passes to enter
the parks. Her clients pay for the
Genie+ service, which allows visi-
tors to skip some of the lengthy
standby lines for rides and starts
at $15 a person a day.
The guides make Genie+ reser-
vations on their clients’ behalf,
and they know which rides will see
slots fill up quickest.

Tolerated, not encouraged

Third-party guides exist in a gray
area, neither endorsed nor op-
posed by operators like Disney and
Universal, though some guides
were banned from the properties
for breaking park rules, guides say.
About a decade ago, some tour
guides were caught exploiting Dis-
ney’s disability access policies to
give guests front-of-line access to
rides, travel professionals say. The

Do You Need a Fixer at Disney?

park has overhauled its procedures
for disability access since then.
Some Disney visitors say they
have been burned by third-party
tour companies. Kristy Tongchin-
Third-party companies tout private tours to help visitors navigate crowded theme parks sub was supposed to have a third-
party tour of Disney
World last May after
BY JACOB PASSY tions is rising, with higher ticket winning an Instagram
prices and hotel rates. Disney and giveaway. Weeks be-

H
Lake Buena Vista, Fla. other park operators now charge fore her trip, she
ow much would you for services that used to be free, learned that her guide
pay for a perfect day such as access to special lines that couldn’t get a reserva-
at Disney? $1,000? allow visitors to avoid lengthy tion to enter the parks
$5,000? waits for rides. Some travelers say to join her family the
Walt Disney World they don’t want to spend time and day of the tour.
is ever harder to navi- money waiting in long lines. Third-party compa-
gate, thanks to heavy crowds, When Amanda and Jason nies must abide by Dis-
higher prices and a system of rides Staller visited Disney World last ney World’s rules,
and reservations that can require August from Houston with their which state that visi-
families to plan visits with near- three daughters, they hired a guide tors should “show
military precision. Enter Disney for two days through Michael’s common courtesy” by
fixers, tour guides with no affilia- VIPs. not jumping lines,
tion to the company, offering to Their guide, Joey Mazzant, among other things.
plan your visit and use their un- “was like our fairy godmother,” Disney can deny admis-
derstanding of the parks to maxi- Mrs. Staller, 43, says. He serpen- sion to violators or ask
mize the magic. tined the group through the park them to leave.
Disney’s own VIP experience is to attractions with the shortest Kacey and Jeremy
priced from $450 an hour for a waits, hitting popular rides like Kaufman of
group of up to 10 guests on top of Space Mountain by 10 a.m. Mr. Westchester County,
admission. It shuttles visitors Mazzant says he knows where to N.Y., hired a third-party
door-to-door from their hotels to find the nicest bathrooms and guide when they vis-
Some travelers say they don’t want to spend time and money waiting in long lines.
the parks and gives them virtually when fireworks go off during daily ited Disney World with
unlimited access to their favorite performances—down to the min- their three children
attractions. One popular third- ute. and Mr. Kaufman’s par-
party tour operator, Michael’s Mr. Mazzant quickly improvised Disney’s VIP tours tout “back- At Universal Orlando Resort, a ents. The guide led them through
VIPs, charges $250 an hour for a when a ride the Stallers were on stage” access throughout the parks guided group VIP tour to experi- each of the resort’s four theme
minimum of six hours, with a limit broke down, jeopardizing their and can use “Lightning Lanes” to ence both Universal Studios Flor- parks, Ms. Kaufman says.
of eight people, on top of admis- lunch reservation at Be Our Guest, avoid the lines at popular attrac- ida and Islands of Adventure parks “To be able to experience Dis-
sion. the restaurant based on “Beauty tions at a moment’s notice. starts at $240 a day per person. A ney, you have to really do your re-
These outside guides provide and the Beast.” Before the family Spokesman Avery Maehrer says Universal spokesman says that search, and it’s almost like earning
more knowledge than access, and even knew to ask, Mr. Mazzant Disney offers these kinds of ser- guests on Universal’s own tours a master’s degree in Disney,” she
have been adding staff to meet de- checked them into their lunch res- vices to guests “in special ways get special perks that other tours says, adding that her tour guide
mand and offering services at ervation so they wouldn’t miss it. only Disney could deliver.” Disney don’t provide. was an expert in Disney’s park
other theme parks, including Uni- “You could do what we do, but has guest-experience teams sta- app.
versal Orlando Resort and Disney- then you’re not on vacation— tioned throughout its parks that Knowledge for sale “By the time he was done after
land Resort in California. you’re staring at maps and apps,” can address families’ questions or Michael Hewell, who owns Mi- eight hours, we’d seen everything,”
The cost of theme-park vaca- Mr. Mazzant says. concerns during visits, he says. chael’s VIPs, worked in VIP ser- Mr. Kaufman says.

Some Workers the MIT Sloan

School of Man-
agement who
and start a family, he said.
“Even having him is something
we weren’t in a position to do be-

Travel Greater has written

about personal
productivity and
fore,” Mr. Rice said of their 13-
month-old son. “We’ll do whatever
we have to to make this work.”

Distances remote work.

“In a hybrid
setting, workers
Some super commuters, such as
Danika Fry, take more of a month-
by-month approach.
can manage two Ms. Fry, an executive director in
Continued from Page One or three days a the healthcare investment banking
while administrating from home the week,” he said. group at Morgan Stanley, moved to
rest of the time. Chris and Carmel, Ind., from New York City
Despite the nearly $400 cost to Kristina Rice during the pandemic. Ms. Fry’s role
fly round trip, and $1,500 in monthly made a similar had always required some travel, so
rent for a studio apartment, the calculation after splitting time between New York and
setup saves the Croasdales an extra they moved in Indiana seemed feasible. She flies
$1,500 a month. Dr. Croasdale makes October 2020 somewhere most weeks, and spends
$20,000 to $40,000 more than what from the Wash- between $150 and $400 when it is
he would earn as a physical therapist ington, D.C., area round trip from Indianapolis to New
in Austin, he estimated, plus his to Dover, Del. York. Hotels typically cost another
taxes are lower. Mr. Rice, a gov- $150 to $250 per night.
Some costs don’t show up on pa- ernment con- Ms. Fry and her husband are con-
per. In late February, Dr. Croasdale’s tractor and mili- tinually evaluating their situation,
usual flight to Los Angeles was can- tary reservist, she said. But for now their setup is
celed, and he wound up on a 6 a.m. now works re- worth it.
flight the next morning. Between the motely full time. While she could find a role with
3 a.m. wake-up to get to the airport, Meanwhile, Ms. a similar base salary closer to
a full shift at his practice and the Rice makes the home, she doesn’t think it would
PHILIP CHEUNG FOR THE WALL STREET JOURNAL

time difference between Texas and 2.5-hour com- compare to her total compensation
California, his workday stretched to mute to Wash- now, she said. The commute lets her
more than 20 hours. Still, such travel Frank Croasdale lives in Austin, Texas, but travels to his physical-therapy practice in California. ington once or maintain her New York salary and
snags are worth it, he said. twice a week, live in a neighborhood where she
“It balances out,” he said. spending about can afford more space for her fam-
Numerous studies link longer workforce, were super commuters, recent year data is available. $50 on gas and parking per trip. ily.
commutes with more stress and according to 2019 American Commu- If hybrid work becomes a perma- They now pay $1,000 less in On the other hand, Ms. Fry be-
lower well-being, but some suggest nity Survey data from the U.S. Cen- nent fixture in many workplaces, monthly mortgage payments for a lieves her location makes her a less
having a more flexible commuting sus Bureau. more professionals may have the op- six-bedroom house than they did for likely candidate should she look for
schedule can be a strong antidote. That number fell to 3.1 million, or tion to super commute, said Robert a two-bedroom apartment in Alexan- another investment banking job.
Before Covid-19, an estimated 4.6 2.4%, while many workers were still Pozen, a former financial-industry dria, Va. The savings have allowed “If anything, that’s the other
million people, or 3.1% of the U.S. working remotely in 2021, the most executive and a senior lecturer at them to pay off their student loans cost,” she said.
P2JW079000-0-A01200-1--------NS

A12 | Monday, March 20, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Why Earbuds End Up

time, however. Batteries age fast
PERSONAL at first, then slowly, and then fast
TECHNOLOGY again toward the end of their lives,
said Anna Stefanopoulou, a profes-
NICOLE

Languishing in Landfills
sor of mechanical engineering at
NGUYEN University of Michigan. Fast charg-
ing and wireless charging can de-

A
irPods are a daily fixture in grade batteries more quickly, she
my life. I’ve recommended added. Apple’s Optimized Battery
nearly every model of the When their tiny lithium-ion batteries die, they can’t be easily replaced Charging setting can help here.
wireless, portable and When enabled, AirPods will
easy-pairing earbuds charge more slowly until
from their start. But Ap- you need them, based on
ple’s market-leading ear- your charging habits.
buds, along with most New lithium-ion battery
other competing Blue- technology, using iron or ti-
tooth buds, have a big tanate as a component, can
problem: tiny, irreplace- last longer than current bat-
able batteries. teries. The trade-off is that
I have the first-genera- both kinds hold less energy
tion AirPods Pro and, af- in the same amount of space,
ter about three years of meaning potentially worse
constant calls, music and day-to-day battery life.
podcast playing, I can use The titanate variety can
them for less than an last at least 15,000 cycles,
hour before the “womp said Charlie Welch, chief ex-
womp” low-battery sound ecutive of ZapBatt, a com-
plays. pany that makes lithium-ti-
Hundreds of millions tanate batteries.
of these wireless in-ear “Companies, and a lot of
sets are sold every year, people, have the idea that
with AirPods and AirPods batteries are disposable. In
Pro being the most popu- the future, it should be a
lar, according to analytics more circular economy,” he
firm Counterpoint Re- added. “Batteries should
search. Their lithium-ion last so long that they could
batteries—similar to what move between products.”
powers smartphones and One startup, the Swap
other electronics—de- Club, is embracing that cir-
grade over time. Because cular model. You can trade
earbuds are so small, in your old AirPods and re-
their batteries tend to die A startup called the Swap Club cleans old AirPods, replaces their batteries, and then sells the refurbished earbuds at a discount. ceive preowned AirPods
faster, typically within a with new batteries starting
few years, and there’s no at $50 a pair. The com-
easy way to replace them. form the repair. battery swap would effectively electronics. If they are punctured pany’s co-founder Emily Alpert
Some day, your buds will end Apple offers AirPod battery break the Pros. or short circuit, they can create a says the Pods are brushed and
up in a drawer, recycle bin or, service for all models no longer Not all earbuds are as impene- self-sustaining fire. sterilized.
worse, landfill. AirPods are one of under warranty at $49 a bud, plus trable as the AirPods. Gio Cerdena The replacement process is
the many tech products we buy another $49 for the case. It’s replaced the battery on Sony’s Limited life done by robots and manual labor,
each year that die well before we pricey because it’s effectively a WF-1000XM3 himself after the Each time you use batteries, they she said. It’s so challenging be-
want them to. new pair, not a repair. “We will buds, originally purchased in Jan- decay a little bit. Researchers and cause of the size of the buds, she
What about doing a repair replace the user’s AirPod and uary 2020, stopped holding their technicians measure the decay rate added, that many trade-in units
yourself? Battery researchers I send the previous one to a best- charge. The model is bulkier than based on charge cycles, that is, ev- still end up being sacrificed to the
spoke to say you shouldn’t tinker in-class recycler for responsible most, hence the relatively simple ery time you use 100% of your bat- recycle bin.
with them, for safety reasons. handling,” an Apple spokeswoman repair. Mr. Cerdena, an audio en- tery. (This could be 30% one day The Swap Club doesn’t offer Air-
While there are alternative tech- said. gineer based in Manila, said he and 70% the next.) Pod Pros or third-generation Air-
nologies that could power our de- And while Apple offers self- watched a YouTube tutorial and When a battery can only hold Pods yet. Ms. Alpert said the newer
vices for decades without needing service repair for iPhones and sourced the replacement batteries 80% of its original capacity, it’s earbuds’ water resistance is hard to
to be replaced, they are a long way Macs, it doesn’t provide DIY man- online for $24. He said it took six considered a dud. Apple doesn’t maintain after a battery swap.
off and come with trade-offs that uals or replacement parts for Air- minutes with a screwdriver in say how long AirPod batteries That’s the trade-off of these tiny
might deter companies from Pods. hand and a credit card as a prying should last. Some analysts have gadgets. To be durable, they need to
adopting them. I wouldn’t attempt a battery tool. pried the buds apart, and estimate be water-resistant. To live in our
swap myself, even if I could. The Sony’s newer XM4 buds aren’t that the type of battery used will ears, they need small batteries. Both
Caution: fire hazard
THE SWAP CLUB (2)

community repair website iFixit as repairable. A Sony representa- reach 80% after about 500 charge make replacing batteries difficult.
Most headphone makers don’t rated the original Pros a zero out tive declined to comment on DIY cycles. If you’re running down We could always forfeit the
provide instructions on how to re- of 10 on repairability because the repairs. your earbuds daily, that’s about a convenience and go back to wired
place batteries in their earbuds or internals are glued together and Repair at your own risk. Bat- year and half’s worth of battery. headphones. Apparently the cool
sell the batteries needed to per- the battery is soldered down. A teries are the least safe parts of It isn’t a steady decay over kids are doing it.

Readers share tips to make

the lunch staple healthier.

sugar jam, especially with

chunks of fruit inside.
Readers suggested ways
to switch up the classic with
alternative nut butters.
“As good as almond but-
ter is, I’ve discovered some-
thing even better,” said Ra-
chel Glyn of Philadelphia.
“It’s Fix & Fogg Everything
Butter, which is a blend of
hemp, almond, peanut, pep-
ita, chia, sesame, sunflower
and flaxseed.”

Less is more
One way to make a healthier
sandwich is to streamline it,

Many Ways to Build according to some readers.

One suggested removing the
deli meat, leaving just the
A Better Sandwich bread and vegetables.
Others observe that
bread doesn’t have to be the
BY GRETCHEN TARRANT “ ‘Dave’s Killer Bread’ is focus of a sandwich.
AND MADISON CONTE shockingly palatable if you’re “A big piece of iceberg
looking for something more lettuce can be folded to fit

S
andwiches are often nutritious than traditional the slice,” said Laurence
unhealthy. But they sandwich bread,” noted Em- Butler of Port Charlotte,
don’t have to be. ily Edwards of Germantown, Fla. Mr. Butler uses one
Wall Street Journal read- Tenn. slice of toasted bread for
ers weighed in by the hun- Other readers asserted the base of his sandwich
dreds on last week’s article, that nothing can beat home- and one piece of lettuce for
which reported that the made bread if you have the the top. “Minimizing or scal-
sandwich is a key culprit be- time. One suggested a mix ing back unnecessary carbs
hind Americans’ excessive with “50% graham flour, 50% is important.”
consumption of sodium, Manitoba or other strong glu- Of course, for those crav-
sugar and saturated fat. ten and strong protein flour.” ing a more traditional sand-
Many offered advice on how And if you do find the time to wich experience, Mark Lym-
to make a better sandwich, make bread from scratch, be bery from New York City
and some offered specific sure to pack it in a paper bag, believes that the key to
recipes. Others defended the noted Ben Griffith of north- making any sandwich
decadence as a much- ern Virginia. Doing so will healthy is to eat in modera-
needed source of joy. help prevent moisture from tion. “Make the sandwich of
Here are readers’ top tips staying trapped inside. your choice. Cut it in half.
on building a better sand- Of course, the “guts” of Eat one half now. Eat one
wich, lightly edited for clar- the sandwich are just as crit- half later,” he said.
ity, which were shared in ical. Doctors and researchers
F. MARTIN RAMIN/THE WALL STREET JOURNAL; FOOD STYLING BY MIEKO TAKAHASHI

comments on the article. interviewed for the original Have your sandwich
article recommended skip- and eat it, too
Take care with ping processed meats and Plenty of readers defended
your ingredients adding vegetables. the traditional sandwich in
When it comes to making a “I add lots of dark leafy spite of its unhealthy attri-
model sandwich, sourcing lettuce. [Nothing] processed. butes.
nutritious ingredients is the Some good Gruyere cheese, “Let them pry my
first step. Bread, in particu- sliced thinly, if any. Mostly Smucker’s grape jelly and reg-
lar, can make or break your turkey, some roasted ular Jif from my cold, dead
creation. chicken. Cucumbers…some- hands,” Ms. Edwards said.
“The key ingredient is the times sprouts. The spread is A classic sandwich may
bread,” Peter Kurilecz of Dal- mostly hummus, and/or Di- not be the key to healthy liv-
las said. Food researchers jon mustard,” said Gina Kas- ing, but it is perhaps a key
agree that one important ten of Gwinn, Mich. to happiness, according to
way to improve the healthi- One surprising suggestion one commenter who asked:
ness of your sandwich is to from food researchers is “If I have to give up my ba-
swap highly processed white that the classic peanut but- guette, Swiss cheese, onions,
bread for whole-grain bread, ter and jam sandwich can be spinach with extra virgin ol-
which contains a lot of fiber. a good option, provided you ive oil with a little salt, pep-
Some readers recom- use no-sugar-added peanut per and garlic, what is the
mended specific brands. butter and look for low- point in life?”
P2JW079000-0-A01300-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | A13

ARTS IN REVIEW
A Banksy mural in Borodyanka,
left, which was turned into a
commemorative stamp, below
CLOCKWISE FROM TOP RIGHT: GETTY IMAGES; ZUMA PRESS (3)

Banksy’s artworks. The municipal

governments of Irpin and
Borodyanka began lobbying the
Ministry of Culture to protect the
British artist’s creations by desig-
nating them as part of the cultural
heritage of Ukraine. They were con-
cerned that the beloved murals
would be damaged by the weather
or, as the experience of Hostomel
demonstrated, stolen.
A solution was found when rep-
resentatives of the Borodyanka vil-
lage council contacted the Ukrai-
BY KONSTANTIN AKINSHA CULTURAL COMMENTARY nian branch of Ajax Systems, maker

S
of alarm and security systems. In

Banksy’s Art Amid

ince the beginning of the collaboration with a Ukrainian com-
war in Ukraine, pany, last month Ajax began install-
Ukrposhta, the Ukrainian ing protection for all the murals,
Postal Service, has dem- covering them with reinforced glass

Ukraine’s Rubble
onstrated, in the stamps framed in steel. The sophisticated
it issues, an impressive alarm system reacts to motion, in-
understanding of the sentiments of cluding any attempts to break the
Ukrainians. Instead of the typical glass. In the case of the mural de-
commemorative fare, it has pro- picting the heroic young judo
duced a visual chronicle of the es- fighter memorialized on the
sential episodes of the war. One, Ukrposhta stamp, the wall proved
the image of a brave Ukrainian sol- to be too damaged to attach any-
dier giving the finger to a Russian thing to it, so a special glass pavil-
battleship during the defense of ion with humidity control was
Snake Island, became an iconic im- erected around it.
age reproduced worldwide. Others It seems that modern graffiti in
depicted the bombing of the Cri- Ukraine are now protected better
mean Bridge, the occupation of than ancient frescoes in Pompeii.
Kherson, and a Ukrainian tractor Proud local officials of Irpin and
dragging an abandoned Russian Borodyanka are sharing their hopes
tank. Another stamp immortalized that tourists will come to see the
Patron, a minesweeper dog and be- artworks after the war’s end.
loved hero of Ukrainian children. In Of course, the nearly instant
the process, those stamps have be- transformation of the murals into
come treasures of local and inter- national treasures covered by rein-
national stamp collectors. forced glass and put under 24-
Recently a new image was hour protection contradicts the
added. On Feb. 24, Ukrposhta re- very essence of the street-art
leased a stamp showing a graffiti genre. The fact that the rapid mu-
painting by Banksy, the elusive seumification of Banksy’s oeuvre
British street artist, in Borodyanka, became an immediate concern for
a town near Kyiv that had been members of the local governments
heavily damaged during the Rus- of the towns and villages horribly
sian occupation. It depicts a little damaged by the war demonstrates
boy in a gi throwing a huge A Banksy mural in Hostomel that thieves tried to steal, left, and one in Irpin under a protective screen, right that the artist succeeded in touch-
grownup rival. Banksy’s allusion ing the nation.
was clear—the Ukrainian David will Since the beginning of the war,
defeat Putin, the contemporary Go- prosperous suburbs, there was a This news provoked an avalanche tory of the struggle of Irpin and the at least 246 cultural sites in
liath who loves bragging about his chance that the British artist’s vi- of comments on his Instagram ac- idea of its rebirth.” Ukraine have been damaged, impor-
judo skills. sual jokes would offend people who count that included promises of as- But the mood changed dramati- tant architectural monuments ru-
The painting is one of seven that had lost their houses and loved sistance for his next project—one cally when, on Dec. 2, a group of ined, museum collections destroyed
turned up in Ukraine in November ones and had faced intimidation, person offered to provide a bed for thieves was apprehended in Hos- or looted by the Russian occupiers.
2022—two in Kyiv and five in towns torture and worse during the occu- the night, while another mentioned a tomel after cutting Banksy’s paint- Obviously, Banksy’s creations can’t
that had lived through the hell of pation. But the murals’ effect was father-in-law with an old Volks- ing of the woman in a gas mask compensate for this loss, but they
Russian occupation: Irpin, the opposite: Ukraine instantly fell wagen minivan that could be used to from the wall of a ruined building. have reassured Ukrainians that art
Borodyanka, Hostomel and Horenka. in love with Banksy. transport paints. The ringleader claimed they just can emerge even among the ruins.
The surreal compositions painted on During the first weeks after the More followed. In December, the wanted to auction it so they could
the walls of the ruined houses depict murals’ appearance, nobody knew town council of Irpin voted to give donate the proceeds to the Ukrai- Mr. Akinsha is an art historian who
subjects such as gymnasts, an old for sure if Banksy had actually honorary citizenship to “the world- nian army. This didn’t fool anyone, most recently organized ‘In the Eye
man taking a bath, and a woman in a painted them. Soon the artist con- famous artist Banksy for attracting and now they face prison terms of of the Storm: Modernism in
gas mask holding a fire extinguisher. firmed his authorship on social me- public attention to the destruction of up to 12 years. Ukraine, 1900-1930s,’ at the Thys-
Because the figures look like dia and even posted a short docu- Irpin by the Russian aggressors and News of this incident caused sen-Bornemisza Museum in Madrid
ghosts among the ruins of once- mentary about the works. commemorating in his art the his- alarm in the other towns with through April 30.

MUSIC REVIEW wisdom being that Hollywood

sapped Iturbi’s artistry even as it

José Iturbi: Pianist

expanded his fame.
As is sometimes the case in com-
pendiums like this, material previ-

And Movie Star

ously unissued finds its way to wide
availability. Here the most enticing
exhumation—Manuel de Falla’s end-
lessly listenable “Seven Spanish Folk
Songs,” with the fine Spanish so-
BY DAVID MERMELSTEIN in his musical tastes, and many of prano Consuela Rubio accompanied
the standard repertory’s biggest by Iturbi on piano—is, unfortunately,

J
osé Iturbi’s name may spark names get at least some representa- one that should have remained bur-
some vague recognition in tion here, including Bach, Beethoven, ied. The singer sounds uncharacteris-
those of a certain age, though Chopin, Schumann, Liszt, Tchaikovsky, tically shrill and enunciates poorly,
most likely as a cultural figure Debussy, Ravel and Rachmaninoff. and the balances do Iturbi no favors.
lauded by previous generations. Only Brahms and Schubert are con- None of Iturbi’s contributions to
Iturbi, who died at age 84 in 1980, spicuously absent. More valuable is seven MGM musicals appears on
was a celebrated Spanish pianist the trove of Spanish keyboard music these discs. But a well-annotated
and conductor who migrated into performed by Iturbi—a good portion filmography demonstrates his nota-
Hollywood movies in the 1940s, of it in duet with Amparo Iturbi, his ble involvement with this once-pop-
when he simultaneously held a cov- talented younger sister. For good ular medium. His face, after all,
eted recording contract with RCA measure, this set generously includes opens “Anchors Aweigh” (1945),
that endured for 20 years, starting all her solo-piano recordings for RCA starring Frank Sinatra and Gene
in the mid-1930s. But though be- (about two CDs’ worth) as a wel- José Iturbi (foreground) with his sister and fellow musician, Amparo Kelly. And his appearance in “Music
loved by many, he never quite en- come fillip. for Millions” (1944) confirms he
tered the pantheon of musicians Her contribution to this set could hold his own against such
whose names still resound. should not be minimized; for in her ven’s Piano Concerto No. 3, from seasoned screen stars as Margaret
Sony Classical begs to differ, ap- modest way, Amparo is her 1941 and 1952, though both are O’Brien, June Allyson and Jimmy
parently, having just reissued all of brother’s equal in talent—and argu-
A set ranging from Bach gratifyingly animated accounts de- Durante. Those interested enough
Iturbi’s RCA recordings in a collec- ably his superior in musicality. Her to Ravel evokes a time serving renewed attention. Two will find most of his movies on DVD
tion of 16 compact discs. This lavish feel for the works of Spanish com- purely orchestral works, Mendels- and in regular rotation on the cable
excavation bears the rather flippant posers like Isaac Albéniz, Enrique
when a conductor could sohn’s “Scottish” Symphony and channel Turner Classic Movies.
title “From Hollywood to the Granados and Joaquín Turina is as be a pop-culture celebrity. Dvořák’s “New World” Symphony, So, beyond its aural pleasures,
World”—though, if anything, the uncanny as his. But she summons possess moments of scrappy excite- this set documents a time when
nouns ought to be reversed in this more color and vigor in Ravel than ment within a foursquare frame- classical music and its practitioners
case. Like previous sets from the la- he achieves, just as her Mozart ex- work, their principal interest now were not regarded exclusively as
bel devoted to the pianist Oscar Le- ceeds his in elegance and elasticity. credible performances of orchestral being examples of Iturbi’s associa- elitist, but instead as some of the
vant and the great contralto Marian And care to guess which sibling, in warhorses, many led from the key- tion with the Rochester Philhar- sturdy yarn from which America’s
Anderson, this one, too, is essen- 1954, recorded Shostakovich? (One board, including two concertos by monic, where he served as music di- cultural tapestry was woven. That
tially a coffee-table book with CDs suspects this release is, inadver- Mozart: the No. 20 (K. 466) and, rector from 1936 to 1944. time now seems almost as distant
inside—the music handsomely sup- tently, another indictment of 20th- with his sister as partner, the No. 10 In addition to the concertos, sev- as when stove-pipe hats and high-
plemented by a multitude of his- century classical-music culture, in for Two Pianos (K. 365). Both works eral pieces for solo piano are re- buttoned shoes were fashionable.
toric photographs, discographies which gifted women seldom enjoyed are included twice in this set, re- peated, among them Schumann’s José Iturbi, in his sophisticated but
and an extended, if fulsome, bio- renown equal to their male counter- corded 12 years apart, with the ear- “Arabesque,” Debussy’s “Clair de unpretentious way, reminds us that
SONY CLASSICAL

graphical essay from the set’s co- parts.) lier versions, from 1940, consistently Lune” and “Rêverie” and Chopin’s wasn’t always true.
producer, the crooner and Tin Pan Though first and foremost a pia- superior in verve and character. “Heroic” Polonaise. And once again
Alley scholar Michael Feinstein. nist, José Iturbi also conducted and, The same can be said about the earlier readings generally yield Mr. Mermelstein is the Journal’s
Iturbi was nothing if not catholic as confirmed in this set, managed Iturbi’s two recordings of Beetho- greater pleasure, the conventional classical music critic.
P2JW079000-0-A01400-1--------XA

A14 | Monday, March 20, 2023 THE WALL STREET JOURNAL.

SPORTS
MLB’s Hold-Your-Breath Event Princeton’s
NCAA Run
Top players love playing in the World Baseball Classic. Team executives live in fear of it.

BY LINDSEY ADLER
Moves to
Whether the World Baseball
Classic qualifies as “meaningful
Sweet 16
baseball” is in the eye of the be- BY LAINE HIGGINS
holder. But unfortunate timing for AND ROBERT O’CONNELL
major injuries to baseball’s biggest
stars is not. Princeton University is known
In the span of a few days, the for harvesting Nobel Prize winners
tournament that is meant to pro- from its hallowed academic halls,
mote the global growth in baseball but March Madness has turned out
has also generated a pair of super- to be a proving ground for the
star injuries that will alter the idea that the institution’s smarts
path of the upcoming Major extend to the basketball court.
League Baseball season. No. 15 seed Princeton exploited
First, New York Mets closer Ed- seventh-seeded Missouri’s weak-
win Diaz suffered an injury to his ness on the glass to pull off a
right knee while celebrating a big dominant 78-63 win on Saturday,
win for team Puerto Rico. Diaz will somehow topping their historic
miss the entire season as a result. upset over No. 2 Arizona on
Then on Saturday night, second Thursday in the Round of 64. It
baseman Jose Altuve of the de- was the largest margin of victory
fending World Series champion for a 15-seed in the NCAA tourna-
Houston Astros suffered a fracture ment ever. In both wins, Princeton
to his right thumb after being hit cleverly lasered in on and ex-
by a pitch in the USA-Venezuela ploited its more highly-regarded
ERIC ESPADA/GETTY IMAGES

semifinal game. opponents’ biggest weaknesses.

Together, the high-profile mis- Princeton returns to the Sweet
haps create a new opportunity for 16 for the first time since 1967—
scrutiny about the intermittent in- two years after a Tiger named Bill
ternational tournament and the di- Bradley moved on to bigger
lemmas of allowing star MLB play- things—the New York Knicks and
ers to expose themselves to off- the U.S. Senate—and nearly a de-
site risk. Jose Altuve suffered a fracture to his right thumb after being hit by a pitch in the USA-Venezuela semifinal game. cade before its coach, Mitch Hen-
Diaz’s injury—a full tear of the derson, was born.
patellar tendon in his right knee “I know it’s cliché, but anything
that required surgery — was a ther DeRosa nor USA pitching the WBC, Eppler said. “When play in a team environment that is is possible,” sophomore guard
freak injury that could have hap- coach Andy Pettitte have profes- we’re given that runway, we’ve supposed to be joyful rather than Blake Peters said.
pened in any uniform or even sional coaching experience. taken it.” The Mets filed an objec- stifled. “This is the most fun I’ve Princeton is the second 15th-
street clothes. Diaz’s injury would have been tion to right fielder Starling had on a baseball field in a while,” seed underdog from New Jersey in
Altuve’s thumb injury, which hard for any person to predict, but Marte’s participation in the WBC, Trout said recently. as many years to reach the Sweet
will require surgery to repair, oc- the sight of an All-Star reliever go- Eppler said, but declined to elabo- There will be a real dilemma for 16, after Saint Peter’s in 2022.
curred when Team USA reliever ing down on the field at all is sure rate on specifics. the WBC if top players are further
Daniel Bard had issues with his to stick in the minds of wary exec- The politics around player in- discouraged from participating in
command and drilled Altuve with utives who see a player injury in jury risk in the WBC is one of future tournaments due to the risk
a 96 MPH fastball. Astros general the WBC as their worst nightmare many complicated elements for a of injury. Already, team executives
manager Dana Brown said Sunday realized. tournament that MLB hopes will tend to tolerate the WBC, rather
there is no current timeline for Al- “Shock,” said one National generate excitement for baseball than embrace it the way the play-
tuve’s return. League baseball executive when around the world. ers and fans do.
USA manager Mark DeRosa ex- asked to describe what he felt For the players, the WBC ulti- “This is the most waited-for

RANDALL BENTON/ASSOCIATED PRESS

plained after USA’s 9-7 victory upon seeing the news of Diaz’s in- mately gives them a new way to event in Puerto Rico,” Diaz re-
over Venezuela on Saturday night jury. “That was outside of reason- engage with baseball and competi- cently told ESPN. “Everyone is al-
that he had to let Bard face Altuve able fears.” tion in a form that is different ways waiting for the WBC.”
due to the tournament’s three-bat- Mets general manager Billy Ep- from their day jobs in major- The WBC is, instead, the most
ter minimum rule for relievers, de- pler explained the dilemma for league or minor-league baseball. hold-your-breath event across Ma-
spite his obviously dangerous lack teams shortly before Diaz went in For an American player like Mike jor League Baseball. Team execu-
of command. However, there was for surgery on his knee. Trout, it gives him a way to expe- tives are always waiting for some-
an unusual element to the strate- “In general, we are not given rience the thrill of competition thing to go wrong. For two players
gic management that created the too many opportunities to stand in away from the perennial agonies essential to their MLB team’s suc-
conditions for Altuve’s injury: Nei- the way” of player participation in of the Los Angeles Angels, and cess this season, something did. Princeton’s Zach Martini celebrates.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 1130 André Marie
12 13
Ampère or
14 15 16 James Watt,
e.g.
17 18 19 32 Number on a
birthday cake,
20 21 22 23 perhaps
24 25 26 27 28 33 Under the
weather
29 30 31 34 Satirized
36 Bank
32 33 34 35 36 37 38 39 convenience
DARRON CUMMINGS/ASSOCIATED PRESS

38 Quaker bit
40 41 42 43
39 Sch. org. for
44 45 46 Mom and Pop
41 U2’s frontman
47 48 49 50 51 42 Ancient
kingdom near
52 53 54 55 56 57 58 the Dead Sea
59 60 61 62 43 Word after
show, monkey
Grace Berger scored 17 points in Indiana’s 77-47 win over Tennessee Tech on Saturday.
63 64 65 66 67 or unfinished
48 “Let me

The Hoosiers Seize Spotlight

68 69 70 consider...”
49 Become
71 72 73 fixated
51 Ty who stole
home 54 BY RACHEL BACHMAN the team’s hopes for a deep Sandy Eskenazi donated
A CRYPTIC PUZZLE | By Yoni Glatt tournament run, though IU $740,000 to fund a women’s
times
Across 29 “___the 64 Burials for 10 Makes do One day in the early 1980s coach Teri Moren said she basketball locker room in-
52 Its first is for Indiana women’s basketball was optimistic that Holmes side that arena.
1 Flap on a suit Great” (kids’ pharaohs, and 11 Try fools
detective a hint to 17-, coach was sitting alone in would play Monday. Amy Metheny, the starting
coat 12 What wounds 53 Battle stopper
book series) 26-, 40- and the Hoosiers’ arena when In- The Hoosiers are already point guard on Indiana’s
6 In the group of and colors 54 Fair-haired diana men’s coach Bob well into a surge that has 1983 team, had watched as
31 Toys that 52-Across
11 Atlanta- may do 56 Recoil from Knight asked what was been more than a decade in the women’s program fell be-
have their ups 68 Cubes in
based cable 13 Brownish pain wrong. the making. The foundation hind nearby rivals Purdue
and downs cocktails
channel shade of “I said, ‘Well, I’m trying to of their resurgence is an in- and Notre Dame and other
32 Felt 33-Down 69 Person of 57 Play fellow?
14 Make 54-Down figure out how to raise fusion of facilities built or women’s national powers.
35 Days gone by exceptional 58 Homes in the money to get an assistant,’” renovated with millions of “We just floundered, and
amends 18 Rainbow sticks?
37 Bunny move virtue the women’s coach at the donor dollars, much of it they just sort of let us floun-
15 Brother of producer 61 Some time, Maryalyce Jeremiah, from female donors or di- der,” she said.
40 One way to 70 Fancy
Huey and 23 Paid player lifesavers, for recalled. “He said, ‘How rected at women’s sports. The 2010 dedication of
see marine life neckwear
Dewey on short much do you need?’ I told Gayle and Bill Cook, who Cook Hall—which arrived as
71 Was ahead 25 Crazes
“Duck Tales” 44 Stately tree him, and he got it for me.” started a medical-products the Indiana women were
72 Backyard 27 You might 65 Slangy denial
16 ___carte 45 Words from The Hoosier women’s bas- firm in their spare apart- mired in a stretch of three
a person storage slurp one out 66 Reason for
17 Like many ketball team—whose last ment bedroom decades ago losing seasons—jolted the
picking up the options of a shell overtime regular-season Big Ten title that became the Cook Group, program like a 3-pointer
Etsy products
tab 73 Tech desk 28 “Hello ___” (old 67 Egyptian ___ before this year came under insisted on equality when from midcourt. Metheny said
19 Jennings of callers phone slogan) (cat breed)
46 N.W.A album Jeremiah in 1983—has spent they donated $15 million to she and her 1983 teammates
“Jeopardy!” much of its history lagging fund a sprawling team center were dumbfounded at the
“Straight ___ Down Previous Puzzle’s Solution
20 Was certain behind and overshadowed by for IU basketball. So the center’s opulence, reveling in
Compton” 1 Doesn’t have U S E R A F A R S K I M P
21 “At the IU men’s program. practice, weight-training, re- it as they sprawled out on
47 Bogus 2 Carry ___(sing R A R A E L MO H I D E S
With a 28-3 record, its hab and lounge areas in the crimson carpeting of the
Seventeen” on key) S P I C E R U B S E L I A S
singer Janis 50 Some TVs A S N E R I L I E D O L T best ever, Indiana’s women Cook Hall, which opened in women’s locker room floor.
52 Manhattan 3 Tricky puzzle WO O D E N S L A T S are a No. 1 seed in the NCAA 2010, are the same for the “I absolutely believe it
22 Swiftness MO R A S S C A R P
Project 4 Coils together tournament and on Saturday men’s and women’s teams. was monumental in moving
24 What Times product
A D A Y H A U L C E R E S
cruised to a 77-47 win over (Bill Cook died in 2011.) our women’s program for-
5 Sign before Y E N L A B M I C E O U T
New Roman Tennessee Tech in its first- Assembly Hall, where ward,” Metheny said.
55 Luke’s first Virgo O S A G E S P E X MO R I
has that G O D S V I E F O R round game in front of a Knight coached the men’s This season’s Indiana
mentor 6 Jessica of
Helvetica G R E A T S C H I S M crowd of more than 14,000. program to three of its five team is one of the nation’s
doesn’t 59 Major senior “Sin City” MO O S P A P A A P R E S
The Hoosiers will be at national titles and notori- most efficient on offense and
events 7 Support for a E R U P T B L U EWH A L E
home again against No. 9- ously flung a chair across defense—ranking in the top
26 Star G E N R E L U N G I MA X
quarterback 60 Neighbor of camera A D D O N E S T O S A L T seed Miami on Monday in the court, was renovated in 7 for both, according to data
who retired Syr. 8 Yes, from The contest answer is YEATS. The last word the second round. 2016 following a $40 million site HerHoopStats. The Hoo-
(for the 62 “Good going” Yves of each of the five longest Across answers can Indiana’s women kept 6- lead gift from Cindy Simon siers make nearly 50% of
become the name of a rock if you change one foot-3 star Mackenzie Skjodt. The famous arena their shots from the field,
second time) 63 Enter the 9 Zero, in soccer letter (RUBS/RUBY, SLATS/SLATE, MICE/
in 2023 marathon scores MICA, SCHISM/SCHIST, WHALE/SHALE). Holmes out of Saturday’s has been renamed Simon Sk- second in the nation behind
The replacement letters, in order, spell the game to rest a sore knee. jodt Assembly Hall. Iowa, and 37% from 3-point
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. contest answer. Holmes’s injury could hinder Last fall, philanthropist range.
P2JW079000-0-A01500-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | A15

OPINION
From Zero to Hero BOOKSHELF | By Katrina Gulliver

Isn’t it bi-
zarre that so
Fed, will act “in a manner
that fully protects all deposi-
he will raise rates “until the
job is done.” A hero—solving
Mayor London Breed in July
2020 cut $120 million from
Scam
Filter
many people tors,” which means those not the problem he helped create. police and sheriff’s depart-
who cause insured above $250,000. Meanwhile, there’s a trail ment budgets. Four hundred
problems Catch that? She helped cause of failed banks in his wake. police officers were let go. No
then turn inflation and now is a hero While Silicon Valley Bank surprise, looting and crime
around and for saving depositors. The management clearly burned took off. Last month Ms.
INSIDE
VIEW become he-
roes fixing
press release notes, “No
losses associated with the
down the bank, they were
handed the gas and matches
Breed asked for a budget sup-
plement “to help fund police
Fool Me Once
By Andy
the same resolution of Silicon Valley by the Biden administration overtime caused by the se- By Kelly Richmond Pope
Kessler
problems Bank will be borne by the tax- and the Fed, which now de- vere police staffing shortage.” (Harvard Business Review, 264 pages, $30)
they created? payer.” Uh huh. Pay no atten- mand credit for racing their Fiddling Nero to hero.

Y
Between the Biden admin- tion to those losses behind firetruck to the rescue. Remember Anthony Fauci, ou know the saying: “You can’t cheat an honest
istration’s $1.9 trillion Ameri- the curtain, which “will be re- hero for keeping us all alive man.” It assumes that those who are the target
can Rescue Plan and the covered by a special assess- during the pandemic? Now of a cheat asked for it. The investment fund with
green-laden $738 billion In- ment on banks.” Maybe no Why are people being that the Energy Department the suspiciously high returns, the inside racing tip, the
flation Reduction Act and one will notice. and the Federal Bureau of In- stock trade that’s a “sure thing”—the investors knew, or
paying people not to work, This D.C. trio of heroes celebrated for taking vestigation have endorsed a should have known, that something was off. The victims
Bidenflation is roaring. It are effectively guaranteeing on the same problems Wuhan lab leak theory, more thought they were in on the con, and it turned out they
peaked last summer at 8.5% all bank deposits, which by effort needs to go into under- were the marks.
but is still running at 6%. In the way total $17.7 trillion they helped create? standing Dr. Fauci’s and the The truth is that honest people can be and are
December President Biden, even though the Fed’s bal- National Institutes of Health’s cheated all the time. In “Fool Me Once: Scams, Stories,
the newly self-declared infla- ance sheet is only $8.4 tril- funding of coronavirus re- and Secrets From the Trillion-Dollar Fraud Industry,”
tion warrior, said, “My goal is lion. Hmmm. This creates a This is an age-old game. search at the Wuhan Institute Kelly Richmond Pope explores how this happens. Small-
simple: get prices under con- classic moral hazard, encour- Congress and President-elect of Virology. business owners are blindsided when their bookkeeper
trol without choking off eco- aging bankers to let risk Franklin Roosevelt pulled this Mr. Biden last week ap- turns out to have been
nomic growth.” And there it rip—no need for a chief risk one on lame-duck President proved drilling at the Willow cooking the books;
is: The Biden administration officer—and then maximize Herbert Hoover. As banks be- oil project in Alaska. Thanks multinational financial
is trying to slay an inflation profits because the federales gan seriously failing in early Joe, even if it is only 0.002% institutions find executives
dragon that it created. will step in later. The only 1933, Hoover drafted an of the Alaska Natural Petro- funneling out cash; the
To help fight this inflation, thing this guarantees is fu- emergency banking bill but leum Reserve, but maybe, just government of a small city
the Federal Reserve has ture bailouts. was ignored by Congress. Lo maybe, it will put a dent in discovers that an official
raised the federal-funds rate Fed Chairman Jerome Pow- and behold, five days after the inevitable energy short- has been skimming from its
from near zero to 4.5% to ell is also playing this “saving FDR’s March 4 inauguration, ages and price hikes to come. accounts for decades. Ms.
4.75% since January 2022. us from his own mistakes” Congress passed the Emer- Of course we’ve already seen Pope, a professor of forensic
This has caught a lot of game. He has kept rates be- gency Banking Act of 1933 shortages and high prices af- accounting at DePaul
banks, such as Silicon Valley low the consumer-price index with almost identical lan- ter Mr. Biden canceled the University, even includes a
Bank, holding portfolios of level for most of his five-year guage to Hoover’s. So guess Keystone pipeline right after class of “accidental”
underwater bonds and mort- tenure. Now that inflation is who is the hero for saving his inauguration. Last week perpetrator for those who
gage-backed securities. Trea- running wild, which this page the U.S. economy? Oh, and to the applause of progres- start out as inadvertent
sury Secretary Janet Yellen, has repeatedly warned is ushering in the era of big sives, he also declared the beneficiaries of a mistake but
in her previous role as Fed- what happens when you run government. Arctic Ocean off limits to oil who, rather than confessing,
eral Reserve chair, kept rates negative real interest rates, Many blue-city administra- and gas leasing. Seems Mr. decide to lean into the opportunity.
too low for too long. Mr. Powell is all of a sudden tors who gave room to the Biden has a hero smile out of As Ms. Pope argues: “We all have to understand the
Now to save banks, Ms. an inflation hawk. He’s said 2020 “defund the police” both sides of his mouth. cycle of fraud because at one point or another you’re
Yellen says the Treasury, he will “use our tools force- movement that inspired Be wary of those who wrap either impacted by it, you did it, or you were in a
along with the Federal De- fully but thoughtfully and get chaos are now cracking down themselves in capes. position to expose it.” She has spent time with
posit Insurance Corp. and the inflation under control.” And on crime. San Francisco Write to [email protected]. fraudsters, interviewing the incarcerated and paroled,
to understand why they made the choices they did.
She has also spoken to victims, examining how they

Havana Syndrome Revisited became vulnerable, and whistleblowers, who reported

their co-workers, often at high personal cost.
Some of Ms. Pope’s observations make intuitive sense,
Avril Haines, in the line of duty. means is the technology, which island: “What people don’t un- like the conclusion that community groups and churches
the director of Common sense is in Mr. already exists. A December derstand is the war between are among the softest of targets: they’re typically run
national intel- Polymeropoulos’s corner. 2020 report by a committee of U.S. and Cuban intelligence by volunteers, hold lots of cash and apply very little
ligence, said Americans tended to suffer the National Academy of Sci- was going as hard as ever. Cu- oversight. But any organization can be vulnerable.
earlier this from the symptoms of Havana ences, Engineering and Medi- ban intelligence didn’t make Most of us ignore the red flags or don’t even know
month that syndrome after being in cine that looked at the syn- the decision that they wanted what to look for. We don’t want to treat our friends and
AMERICAS the U.S. has places like China, Vietnam, drome found that “directed, to have better ties with the co-workers with suspicion, and keeping a beady eye
“c o n c l u d e d Serbia, Russia and Cuba. He’s pulsed radio frequency energy United States. So they were a feels unnatural. That’s why the perp is always the
By Mary
that it is ‘very particularly suspicious of the appears to be the most plausi- very strong adversary.” U.S. in- “trusted” employee. (The person everyone thinks is
Anastasia
unlikely’ a last two, where many intelli- ble mechanism in explaining telligence wasn’t welcome on kind of shady is rarely given access to the bank
O’Grady
foreign adver- gence officers were when these cases, especially in indi- the island and sonic attacks accounts.) In my experience, systems designed to
sary is re- brought low by symptoms like viduals with the distinct early would have sent the message. prevent fraud probably make scams more possible:
sponsible” for the brain inju- debilitating headaches, dizzi- symptoms.” “Our officials in Havana were Forcing users to change their passwords every 30 days
ries known as Havana ness, pressure and vibration in sitting ducks.” results in passwords written on Post-it notes and found
syndrome. A March 1 National the head, ear pain and visual Even if the attacks were the in obvious locations. Convoluted swipe-card systems end
Intelligence Council report ex- difficulties. Cuban intelligence work of Russia, there is no in doors propped open.
plained the findings and Mr. Polymeropoulos says he way Cuba wouldn’t have A threat can come from anywhere, given how much
pointed to “preexisting condi- knows CIA officers who were opposed warming known about it, Mr. Polymero- of our lives is online. Maybe you’ve seen the Facebook
tions, conventional illnesses, “involved in high-threat opera- U.S. relations. Did poulos argues. He says Cuba is message saying your grandson has been mugged and
and environmental factors” as tions around the world, pri- a police state where nothing could you please wire some money. I’ve received emails,
more probable causes. marily against the Russians” it send a message? happens without either the purportedly from my boss, asking me to send him some
Marc Polymeropoulos, a and also suffered brain injuries “active participation” of offi- gift cards. Ms. Pope notes how victims often don’t
former high-ranking Central that forced them into medical cials or “letting the Russians report crimes like this out of shame and embarrass-
Intelligence Agency officer, retirement. He says that prior Mr. Polymeropoulos calls come in.” ment. The thief didn’t lift their wallet—they willingly
isn’t buying it. He’s one of to experiencing the sudden “directed-energy technology” The U.S. government’s con- handed it over.
hundreds of Americans who, neurological disorders associ- the perfect covert weapon be- clusion that “we don’t have an
since 2016, say they came ated with Havana syndrome, cause it can remove the most adversary who did this” but
down with the mysterious ill- they were people in top physi- capable officers from the bat- “we acknowledge Americans From small-time crooks to corporate
ness while working for the U.S.
government overseas. His
cal and mental condition.
After leaving Moscow in
tlefield, create fear and dis-
tract. It also leaves no finger-
have been hurt,” for Mr.
Polymeropoulos, “doesn’t
swindlers and corrupt city officials: a
symptoms, which hit him on a very rough shape and return- prints like a pistol would so make any sense.” Plus, Havana study of cheaters and the people they cheat.
2017 trip to Moscow, included ing to the U.S., Mr. Polymero- it’s “nonattributable.” With a was a “denied area,” which is
intense headaches, brain fog poulos says he was denied home-field advantage, it CIA lingo for a place that is
and trouble getting out of bed. medical care by the CIA. Going wouldn’t be hard to unleash it “hard for a U.S. official to But this isn’t a “protect grandma from getting
Five years later he says his public helped his case and he on unsuspecting Americans. move around” and “hard for us scammed” book. It’s a study of who does it, whom they
health is slowly improving but eventually got to see doctors Mr. Polymeropoulos thinks to collect information.” So do it to and who reports it. Ms. Pope’s profiles of
he still wants answers. at Walter Reed Army Medical he was “a target of opportu- drawing any final conclusions fraudsters include the typical corporate swindlers, but
In a two-part interview that Center, where he has received nity” for Russian intelligence. isn’t possible. there’s also one shocking case of a pharmacist who
aired on Miami television good care. But doctors told It hadn’t wanted to give him a Mr. Polymeropoulos sees diluted cancer medicine for profit. (My gut instinct is to
channel Américatevé last him he didn’t have a pre-exist- visa. The Kremlin eventually the release of this report as call this a homicide rather than fraud.) The diversity of
week, Mr. Polymeropoulos said ing medical condition. Rather, granted it, but he knew Rus- an effort by Washington to the people in this book reminds us that almost anyone
that it’s understandable that he had a brain injury. sian spooks weren’t happy sweep the whole thing under could perpetrate a fraud—or be the victim of one.
authorities still don’t know The decision to rule out U.S. about his visit. the rug so it can get on with “I’m fixated on how people cheat,” Ms. Pope writes.
what made him and other in- adversaries as the perpetra- They had a motive to go af- business as usual. “Institu- The prevailing answer seems to be by taking
telligence agents sick. But he tors of Havana syndrome is il- ter him, and he thinks some- tionally they want this to go advantage of opportunity and impunity. An ATM
says that to rule out probable logical to him because they are thing similar was happening away” because otherwise technician grabs a few handfuls of cash. An insurance-
adversaries when the culprit the ones who would have had among Cuban intelligence af- they’re going to have “trouble account manager creates fake transactions. If a novice
hasn’t been identified is an in- means, motive and opportu- ter President Obama re-estab- staffing” embassies. cheater gets away with it the first time, he’ll probably
sult to those who were injured nity to launch the attacks. The lished diplomatic ties with the Write to O’[email protected]. keep doing it.
The biggest fraudster in this book is Rita Crundwell,
who stole more than $50 million from the city coffers

St. Joseph Helped Build My Family as the comptroller of Dixon, Ill. She was caught when
a colleague looked at some accounts while Crundwell
was out of the office. According to Ms. Pope, a high
By Nicholas Tomaino from Nazareth. Though he does not believe me will put by St. Joseph himself. proportion of fraud comes to light this way. We depend
doesn’t speak a word in what I say to the test and It was with similar trust on these human monitoring systems as much as any

M
addy prayed a 30-day Scripture, St. Joseph teaches learn for himself how advan- that Maddy and I again password setup or background check.
novena to St. Joseph by his example—displaying tageous it is to commend one- turned to him before our wed- Ms. Pope never interviewed Crundwell, although she
two years ago with a the virtues of humility and self to this glorious patriarch ding. For the seven preceding made a documentary about the crime and its effect on
single intention in mind: that obedience, revealing the na- Joseph.” months, the church at which the town. But the case raises the question of ration-
if it was his will, God give her ture of faithful fatherhood, The Sisters of Loretto in we’d planned to marry was alization. Most of us could imagine justifying a small
a spouse. That exercise has a and underscoring the dignity Sante Fe, N.M., took up that under construction. Pews take: a meal on the company expense account; not
special place in Catholic tradi- of work. challenge. Conspicuously were disassembled, painter’s confessing when we were given too much change. But
tion—not only to pray, but to missing from their chapel af- tape covered the heating how does one rationalize $50 million?
do so through the intercession ter its construction in April ducts, and scaffolding For this reason, I would have liked more on the
of those in heaven. We met on his feast 1878 was access to the choir stretched 50 feet from floor psychology of fraud. Ms. Pope discusses the dark triad—
One month later, on March loft. The principal architect to ceiling down the nave. narcissism, Machiavellianism, psychopathy—that psy-
19, at its conclusion and on St. day after Maddy’s had died, the sisters’ gar- Time progressed, but the chologists have identified in criminals. But many of
Joseph’s Day, I met Maddy as novena. Two years ments precluded their using a church didn’t. Until the final today’s embezzlers also have the patterns of addicts:
best as anyone in the pan- ladder, and local carpenters two weeks. Bit by bit, the They are compulsive gamblers—perhaps they started
demic could: online, for a later, we’re married. were stumped. All else failing, paint dried and the jungle stealing to cover their debts—and the theft is another
game of chess. One year later they turned to prayer. On the gym of metal and cardboard gamble. They keep believing they will “win it all back”
we were engaged. Such were ninth and final day of their came down. The church re- and replace the funds before they are caught.
the makings of our devotion Long since his death, there novena to St. Joseph, a man opened on Feb. 4, the last day Crundwell had a lavish lifestyle, including a business
to a great saint. are scores of stories about his showed up at their door— of our novena and the morn- breeding and showing champion quarter horses. Did she
St. Joseph hadn’t always continued work in the lives of mule and tools by his side— ing of the wedding. And in we think such opulence was worth the crime? Or that she’d
figured prominently in our saints, religious and the laity. determined to try. He never went. somehow repay the theft? Or that the people of Dixon
lives. Nor had he for the In the case of St. Teresa of mentioned his name and in- Saints are friends, not ge- (all 15,000 of them) were suckers who deserved to fund
church, who for several cen- Ávila, a 16th-century Carmel- sisted on working in private. nies. In heaven, as on earth, her choices? Dehumanizing the mark is another tendency
turies considered him some- ite nun afflicted with paraly- Several months later, the man friends don’t always get us of con artists.
thing of an afterthought: un- sis, a miraculous recovery met left without a trace, except for everything we wish. But we With “Fool Me Once,” Ms. Pope reveals the vulnera-
fortunate, if understandable, her after she invoked St. Jo- his finished product: a 33-step trust them to try. And leave bilities that we all share and offers advice on how to
treatment given that holy seph’s intercession. “I do not spiral case. To this day, the the rest in the hands of God. guard against those who would prey on us. Her deeper
family. Yet with time a remember once having asked sisters—along with thousands message is that there is no victimless fraud: “Someone,
yearning to understand anything of him that was not of Catholics who visit the site Mr. Tomaino is an assis- somewhere, is always left holding the bill.”
Christ’s childhood inexorably granted,” she later wrote. “All each year—believe that the tant editorial features editor
led to the quiet carpenter I ask . . . is that anyone who “miraculous steps” were built at the Journal. Ms. Gulliver is writing a history of crime and police.
P2JW079000-2-A01600-1--------XA

A16 | Monday, March 20, 2023 * * THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Alvin Bragg’s Political Charge The Federal Reserve Got Us Into This Mess

A
lvin Bragg may actually do it. The Man- confidence in the rule of law in bringing a prose- Alan Blinder assures us that Silicon Mr. Blinder inadvertently identifies
hattan district attorney is by all media cution that at least half the country will deem Valley Bank’s failure isn’t a replay of the policy error when he says, “Better
2008 (“Policy Lessons From the Sili- to do too much (and later pull back)
accounts preparing to indict Donald political. A charge against a former President or
con Valley Bank Collapse,” op-ed, than too little.” Unfortunately, the Fed
Trump for failing to account current candidate must be for
properly for hush money paid An indictment of a serious offenses with indisput-
March 16). This could turn out to be
an echo of Ben Bernanke’s 2007 assur-
has a history of repeating this error.
By dropping rates to near zero during
to his alleged mistress, un-
leashing who knows what po-
former President must able evidence.
All the more so given that
ance that the subprime-mortgage woes the last financial crisis, and then keep-
wouldn’t seriously hurt the economy. ing them there while adding round af-
litical furies. Mr. Trump said be for serious offenses. Mr. Bragg is acting here after The sad truth is that, in addition to ter round of quantitative easing, the
Saturday he expects to be ar- being criticized for not bring- creating multidecade high inflation, Fed sowed the seeds of the current
rested on Tuesday and urged ing a case against Mr. Trump the Federal Reserve’s money-printing crisis as SVB stretched for yield in a
his supporters to “protest, protest, protest.” on charges related to the finances of the Trump largess in 2020 and 2021 spawned zero-interest-rate environment and
Cry, the beloved country. Organization. Two prosecutors quit his office poor lending and investment decisions. then failed to manage its duration risk.
It’s impossible to overstate Mr. Bragg’s bad after Mr. Bragg made that decision. One of the Those decisions were premised mis- The Fed’s efforts to micromanage the
takenly on the assumption that low in- economy creates unforeseen problems
judgment here. Perhaps the local Democratic prosecutors, Mark Pomerantz, wrote a highly
terest rates would last forever. It also that continue to erupt. Better for it to
DA has discovered some new proof of criminal critical book that the media has celebrated. Is contributed to a rise in world debt to adopt a less aggressive, more humble
behavior. But based on the public evidence so Mr. Bragg now wilting under that media and po- a record that was around 50 percent- approach that lets markets lead in de-
far, he would be resurrecting a seven-year-old litical pressure? age points of GDP higher than that termining the cost of money.
case that even federal prosecutors refused to We also know that Democrats want to run which immediately preceded the 2008 JOHN FOSTER
bring to court. against Mr. Trump in 2024. They think he is the Lehman Brothers bankruptcy. Portola Valley, Calif.
As we wrote last week, the charge would ap- easiest candidate to defeat, and so they want The real lesson from SVB’s failure
pear to be falsifying business records to pay the to keep Mr. Trump in the political spotlight. An is that things break when the Fed is In “Joe Biden’s $19 Trillion Mon-
mistress, Stormy Daniels. That is typically a indictment of Mr. Trump now would come as forced to raise interest rates at an day” (Business World, March 15), Hol-
misdemeanor in New York state, though Mr. the 2024 presidential race begins in earnest and unusually rapid rate to regain infla- man Jenkins, Jr., describes an in-
Bragg might bump it up to a felony by claiming would put other Republican candidates on the tion control. To think that SVB will stance of the exaltation of political
be an isolated failure among banks expediency over economic principle.
the falsification was to cover up an illegal cam- spot. Trump supporters are already demanding and other financial institutions is to By any objective measure, SVB wasn’t
paign-finance donation to Mr. Trump’s 2016 that Florida Gov. Ron DeSantis, a likely oppo- engage in wishful thinking. We have “too big to fail.” It was too intercon-
presidential campaign. nent, refuse to extradite Mr. Trump to New York to hope that the Fed is better pre- nected with established technology
A key prosecution witness would be Michael in defiance of the law. pared to deal with a financial-market companies, green-energy startups and
Cohen, Mr. Trump’s former lawyer who is an ad- Mr. Trump’s calls for protests are irresponsi- crisis now than it was in 2008. woke venture capitalists to be al-
mitted felon. Mr. Trump might claim in his de- ble, as well as against his self-interest. The DESMOND LACHMAN lowed to fail by this administration.
fense that his payments were made to shield the smart play would be to follow the law while American Enterprise Institute STEVE SARFATTI
affair from his wife. He has publicly denied an claiming his innocence. If there is violence amid Washington Cabin John, Md.
affair with Ms. Daniels. Proving intent to break protests, Mr. Trump will get much of the blame.
the law will not be easy. But Mr. Bragg and his partisan cheerleaders will
So Mr. Bragg may indict a former President have touched off the whirlwind.
for the first time in American history based on We don’t know the political impact of indict- About All That Untaxed Income of the Wealthy
the weakest of charges. He would subject the ing Mr. Trump, but it’s possible it would help Frank Clemente asserts that “the rowing funds to be spent on consump-
country to a trial that would be a media circus his candidacy. Republicans might rally to his de- richest Americans don’t pay their fair tion. The debtor simply transfers to
for the ages. And he would do so running the fense even after millions had concluded after share of income taxes for the simple the present spending power that is
risk that a single juror could block a guilty ver- the GOP’s midterm disappointment that it is reason that a lot of their income is only hoped to be realized in the fu-
dict and validate Mr. Trump’s claim that this is time for a new nominee. Democrats have used never taxed” (Letters, March 14). Yet ture, and that must be repaid whether
a political prosecution. legal investigations and impeachment against the income that Mr. Clemente identi- or not this hope pans out.
Yes, we know, in America no one is above the Mr. Trump for six years, and each time it failed fies as escaping taxation is “unreal- PROF. DONALD J. BOUDREAUX
law. But prosecutors use their discretion every to knock him out. As we have argued all along, ized capital gains.” Mercatus Center, George Mason U.
day not to bring charges for any number of rea- the proper way to defeat Mr. Trump is through Unrealized capital gains aren’t in- Fairfax, Va.
come; they’re increases in asset val-
sons. Mr. Bragg came into office vowing not to the ballot box.
ues, which, Mr. Clemente leaves un- Paul Greenberg suggests that a
charge numerous non-violent crimes against As a provincial progressive from New York mentioned, might disappear 1971 rock lyric advocating taxing the
public order. City, Mr. Bragg may not understand the political tomorrow. Also unmentioned is that rich out of existence might inform the
The prosecution of a former President who forces he is unleashing. He might want to con- when assets are sold, any gains in Biden tax policy (Letters, March 14).
is again a candidate for the White House is inher- sult the satirical wisdom of the Babylon Bee their values are then taxed. He might have included the song’s
ently fraught with political ramifications. A wise headline on Twitter: “Manhattan DA Announces Asset owners can borrow against mournful refrain, “I’d love to change
prosecutor must consider the potential harm to Plan to Get Trump Elected in 2024.” asset values and, by implication, use the world, but I don’t know what to
the funds for consumption, it’s true. do, so I’ll leave it up to you.” In this

The Chicago Teachers Power Play

But every cent borrowed registers as latter respect, the Ten Years After lyr-
a liability on a debtor’s balance sheet, icist was more insightful than his pro-
and debts must be repaid. Unlike with gressive counterparts in government.

W
receipts of income, a debtor’s net DUNCAN MACIVOR
hatever happens in the Chicago to the transaction that used members’ dues worth doesn’t rise as a result of bor- Lexington, Ky.
mayoral election, voters can never money outside the portion that is typically ear-
unsee what they’ve witnessed from marked for political contributions.
the Chicago Teachers Union, as it throws its
feverish support to progressive candidate
The spectacle angered former mayoral candi-
date and community activist Ja’Mal Green, who
Can the Auditor Be Held Responsible for SVB?
Brandon Johnson. The union’s falling approval noted on Twitter that the union is spending lav- KPMG gave new ammunition to Clean Bill of Health,” The Collapse of
ratings may be a leading indicator that Chi- ishly on Mr. Johnson’s campaign instead of put- those who doubt the integrity of the SVB, March 14). The firm’s claim that
cago voters understand the power grab at ting children first. “None of these people give auditing profession by copping out of it isn’t responsible for things that hap-
stake on April 4. a damn about your black children,” Mr. Green its responsibility as auditors of SVB pened after the audit was completed
In two recent polls by IZQ Strategies, re- said. “All of this stuff is about power.” Financial Group (“KPMG Gave Lenders assumes that all went well until Feb.
24, and then, in only 14 days, a black
spondents were asked their view of the CTU, the He’s right. Mr. Green endorsed the other run-
swan appeared and everything col-
longtime power in city politics. In January 57% off candidate Paul Vallas, a former schools su- It Wouldn’t Be a Revival lapsed. A more responsible reaction
of likely voters said they had a favorable view perintendent who supports more charters
of the union. By February that number had sunk schools for the city. Some 83% of Chicago stu- Without a Doubting Thomas should have called for an examination
as to why the auditors didn’t have suf-
to less than half, while unfavorables rose. dents graduate from high school but less than Prof. D.G. Hart concludes “What to ficient evidence for concern. We don’t
The reason is poor results in Chicago schools a third are proficient in reading or math on the Make of the Asbury Revival” (Houses yet know who is to blame here, but to
combined with the spectacle of millions of dol- Scholastic Aptitude Test, according to Wire- of Worship, March 10) by asking rush and claim that KPMG has nothing
lars flowing from the CTU to support the candi- points and Illinois Report Card data. some “tough questions” about the to do with it is uncalled for.
date it knows will do its bidding in contract ne- Mr. Johnson collected a CTU salary while he faith of the student revivalists. Leave PROF. DAN PALMON
gotiations in 2024. If the union can get Mr. was Cook County Commissioner, and the Illinois it to an academic to attempt to plot a Rutgers Business School
Johnson to City Hall, it will sit on both sides of Policy Institute reports that he has continued spiritual movement on a graph, as in Newark, N.J.
“Dead Poets Society.”
the negotiating table. to accrue a CTU pension that will likely be
Why don’t we leave it in the more- Auditors don’t issue any company
More than 95% of Mr. Johnson’s campaign worth millions of dollars, though he only taught than-capable hands of God to see if “a clean bill of health.” They report
contributions so far have come from the unions. briefly in the public schools. “they endure the disappointments of whether the financial statements fairly
The CTU and its political action committee have Polls show the Chicago runoff is close. If Mr. life”? Why don’t we trust God to deter- present in all material respects the fi-
given Mr. Johnson more than $2 million and Johnson wins, government unions will continue mine whether “a slow, steady growth nancial condition of a company at a
even dipped into the pot of individual teachers to run the city, and the teachers union will run in faith” is more desirable than a Road point in time. Auditors don’t report
dues to give him an extra boost before the April the schools to the detriment of students and the to Damascus moment? Shouldn’t we be whether management is doing a good
4 runoff. Some CTU members publicly objected city’s future. thankful that these young people at job, whether the company’s securities
Asbury University have turned to are good investments, whether cus-
praise instead of protest, and to song tomers will stick around or whether
And Now, a Credit Suisse Bailout instead of savagery in the streets, and
leave the results to the Lord?
the company will be profitable in the
future. Those are all questions for an-

S
TIMOTHY WIESNER alysts, investors and regulators.
o much for 13 years of banking regula- As for UBS shareholders, they’re now being Wichita, Kan. BRYAN H. JONES, C.P.A.
tion. Swiss authorities on Sunday orga- punished for the discipline they imposed over Dallas
nized the shotgun wedding of UBS and the years to turn UBS into a healthy bank by be-
Credit Suisse to avert a failure of the latter—ex- ing saddled with managing a failed rival. They Clinton, Bush Won’t Save Us
actly the panicky too-big-to-fail rescue we were also face more regulatory scrutiny and compli-
John Chachas and Tom Korologos’s
Friendship in Silicon Valley
told new rules post-2008 would prevent. ance costs now that their bank has grown far call for “The Bush-Clinton Covid Regarding Ken Wilcox’s op-ed “A
Switzerland’s second-largest bank (after its bigger. Congrats. Commission” (op-ed, March 10) is a Eulogy for Silicon Valley Bank” (March
new owner) has been plagued for years by poor Authorities justify all this by highlighting the glaring, if not tragicomical, exercise 15): I wonder how many of the venture
management. Depositors lost faith over the past systemic risk in Switzerland and beyond of allow- in misreading the room. In the 20 capitalists who signed the letter say-
year, withdrawing some 160 billion Swiss francs ing Credit Suisse to collapse into bankruptcy. years since the beginning of the Iraq ing they would welcome back SVB had
($173 billion) in 2022 and up to 10 billion Swiss That danger is debatable. Credit Suisse was an war launched by President George W. also texted their portfolio companies
francs a day last week, according to media re- outlier even in a week that saw bank stocks sell Bush, and amid the ever-expanding to pull their money out immediately,
ports. After Silicon Valley Bank’s failure in the off around the world, meaning investors may sphere of Clinton controversy, the precipitating the collapse. Like they
U.S., attention quickly turned to Credit Suisse have seen limited contagion risk. A European American people have moved on from say, if you need a friend, buy a dog.
as the weakest link in Europe, and its share Central Bank official Thursday said no eurozone these political dynasties. TIM FRENCH
TODD BRANNON Clarendon Hills, Ill.
price fell while the cost of insuring against a de- bank was imperiled by Credit Suisse’s travails, Seattle
fault spiked. and media reports suggested counterparties were
Yet what Swiss and other regulators have taking steps to limit their exposure.
done is far different from what they promised Wasn’t eliminating the systemic risk posed CORRECTIONS
Pepper ...
voters and taxpayers after 2008. Authorities ap- by larger banks the point of beefed up regulation And Salt
pear to have browbeaten UBS into offering three after the last panic? Credit Suisse boasted The bank run depicted in “It’s a
THE WALL STREET JOURNAL
billion Swiss francs in an all-shares deal to buy healthy capital-adequacy and liquidity ratios un- Wonderful Life” occurs before the loss
Credit Suisse—up from an initial offer reported der post-2008 banking rules, and it had com- of $8,000. This was misstated in the
to have been about a billion francs. That’s less pleted or was in the process of preparing “living March 15 op-ed “Banking Is Always a
than half of Credit Suisse’s market value as of wills” with regulators around the world to man- Risky Business.”
Friday. Swiss taxpayers will be on the hook to age an insolvency. Those plans didn’t contem-
guarantee nine billion francs of UBS’s potential plate a forced sale to an unwilling rival, yet The caption in the March 9 dance re-
view “Pina Bausch’s Brazilian Dance
losses on “difficult-to-assess assets.” The Swiss that’s the fix officials reached for in the pinch— Spectacle” misidentified dancer Taylor
central bank will offer 100 billion francs in li- as they always do, with ample taxpayer cash to Drury owing to an error in the Brook-
quidity assistance. sweeten the deal. lyn Academy of Music’s press materials.
In the biggest insult to the market, regulators This weekend’s rescue is a warning that two
will allow this deal to proceed without a vote of weeks into the current banking panic the
Letters intended for publication should
either bank’s shareholders. Credit Suisse’s own- post-2008 rule book already has failed. Taxpay- be emailed to [email protected]. Please
ers faced losing all their equity in a bankruptcy, ers are on notice that the solution to any crisis include your city, state and telephone
but they’re still entitled to ask whether the deal will be to amplify too-big-to-fail rather than re- number. All letters are subject to
fairly values their stakes if the bank can survive ducing it—as it was the last time around. Hang editing, and unpublished letters cannot “Tell me about the gap of two years
be acknowledged.
in some form. onto your wallets. labelled, ‘Good Intentions.’”
P2JW079000-0-A01700-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | A17

OPINION

U.S. Needs Economic Regime Change Careless

By Kevin Warsh between price stability and financial
Supervision

H
istory will give a full ac-
counting of the grave er-
stability. Central-bank policies can’t
be ordered à la carte from the mon-
etary menu.
Sank SVB
rors committed in recent When the Fed tightens policy late
years in economic policy. and in an ad hoc way, it has direct By Lawrence B. Lindsey
A central lesson is al- and debilitating effects on financial

S
ready clear: Nothing is as expensive stability. One consequence: Inflation en. Elizabeth Warren and other
as free money. is likely to fall fast if the authorities Democrats blame Silicon Valley
The costs of the Federal Reserve’s break things in the financial system. Bank’s failure on changes to the
zero-interest policy are multiplying: As Stanley Druckenmiller reminds Dodd-Frank Act of 2010 enacted dur-
The misallocation of capital—goosing me, decennial financial blow-ups ing the Trump administration. That
the price of the riskiest and least- aren’t the stuff of great powers, at claim has no basis in fact. The Bank

KEVIN LAMARQUE/REUTERS
productive of assets—set the condi- least not for long. Policy Institute concluded that SVB
tions for boom and bust. The financ- What to recommend to the pow- would have passed the original Dodd-
ing of the “big state” set the country ers in Washington at this fraught Frank liquidity-coverage test and that
on an unsustainable fiscal trajectory. time? The time of first best solutions the 2018 changes were irrelevant.
The extraordinarily loose financial is long gone. But despair is unbe- That’s alarming. If not even the
conditions created herd behavior coming of the greatest nation at a original rules would have been effec-
among market participants and firms time of geopolitical significance. It’s tive in stopping SVB’s collapse, then
and complacency among policy mak- Fed Chairman Jerome Powell easy to be discouraged, but the proponents of ever more regulation
ers, including regulators. The surge in stakes are too high to indulge in should take note. One problem is that
inflation substantially raised the cost rates, but only from zero to 0.25%, emergency measures to arrest the cri- fancy. regulations tend to devolve into the
of living for citizens and undermined on the theory that it’s best not to sis. Economic judgments are generally First, the Fed, Treasury and FDIC check-the-box variety that makes
business planning. frighten the horses. overdetermined, but the sequence of should come to terms with—and sense to lawyers and allows bureau-
The latest consequence, arising The horses were already out of events is hardly coincidental. agreement on—the breadth of the cracies to implement them. This
from a reversal of the monetary the barn. Inflation was never “transi- The cost of stopping a dictator problem. It’s not about a few trou- didn’t touch the problems that SVB
madness, brings to the surface the tory,” and it couldn’t credibly be ex- goes up over time. The same is true bled banks and an irrational run by faced, which are more widespread in
fragility that has long lurked in the plained away by war and pestilence. of inflation. The Fed would have panicky depositors. Weekend fire- the banking system than they should
financial system. I expect credit to In the subsequent six meetings of the been wise to raise rates from zero fighting only buys time. The liquid- be. Another problem is that bank su-
contract and the economy to weaken. FOMC last year, the Fed raised inter- earlier in the economic cycle. The ity-induced holiday from economic pervisors from California, the Federal
est rates 4 percentage points and economy and financial system were history has ended. They should be Deposit Insurance Corp. and the Fed-
shrank its balance sheet by about decidedly stronger. The country was prepared for a pullback of everything
The cost of stopping $600 billion. That’s an impressive much better positioned to handle everywhere all at once.
inflation would have been clip. If the lyrics matched the mu- rate increases in 2021 than today. Second, the Fed needs to break How did California, the
sic—and the Fed’s communications The terminal interest rate—the conventions to break inflation. It
lower if the Fed had faced were as resolute as the actual rate peak interest rate in the cycle— should get out of the business of for- FDIC and the Fed all fail
the problem earlier. rises—the central bank would have needed to break the back of infla- ward guidance. It should stop pro- to pick up what now seem
gotten more disinflationary bang for tionary was lower. The longer the viding forecasts for the path of inter-
the buck. central bank waited, and the more est rates. The American people don’t like obvious red flags?
Its wavering in 2023 is illustra- uncertain its trumpet, the more need weekly progress reports; they
The Federal Reserve’s zero-rate tive. At its policy meeting just six monetary might had to be deployed need stable prices. The economy is
policy ranks among the most signifi- weeks ago, the Fed said the economy to quash the inflation monster, and irreducible to a model or a machine; eral Reserve Bank of San Francisco
cant economic policy errors in nearly was softening and the inflation trend the more collateral damage to the it’s a dynamic, fragile ecosystem. failed to pick up some red flags that
half a century. After more than a de- was encouraging. The Fed stepped economy. The Fed needs complete agency to an 11-year-old Monopoly player
cade of negative real interest rates, down its rate increase to a quarter To get inflation to fall meaning- adjust its policies in a rapidly chang- would have sensed. This is a regula-
the Fed doubled down. In August point, signaling that rates were as- fully, economic theory and practice ing environment. tory failure that piling on more rules
2020 at its Jackson Hole, Wyo., con- ymptotically approaching the peak suggest that the Fed’s policy rate Third, the extant regulatory re- won’t fix.
ference, the Fed announced a new policy rate in the cycle. The job was should exceed the inflation rate on a gime for banks demands immediate The bank had no chief risk officer
policy framework to address what it getting done—or so it said. sustained basis. If inflation were run- and rigorous scrutiny. The Fed and between April 2022 and January
saw as its biggest problem: Inflation Then, two weeks ago, in testimony ning consistently at 3%, a well-or- Treasury should lead a fundamental 2023. This was the period in which
was too low at 1.7%. Zero rates and to the Senate Banking Committee, Fed chestrated central-bank campaign to review, not just of the deficiencies the Federal Open Market Committee
massive Fed purchases of Treasurys Chairman Jerome Powell reversed get inflation to fall might demand in- involving a single failed institution, raised rates aggressively. The bank
and mortgages would be the corner- again. He said that the economy was terest rates to peak at 3.5% or 4% but of the entire post-Dodd-Frank re- got into trouble because it had over-
stone of the new regime. decidedly stronger and inflation and to stay there awhile. But when gime. Fed officials, more than most, bought longer-dated Treasury bills
Inflation is a choice, and the Fed higher than expected. Mr. Powell the Fed sat on its hands and inflation must know that the end of free when rates were low—only to watch
chose higher inflation. That’s exactly made clear his inclination to tighten rose to its current level of around money would be deleterious to bank their market value shrink as interest
what we got. Inflation ripped higher policy with renewed gusto. Interest 5.5%, then the Fed might need to liquidity and solvency. rates went up. Any risk officer would
starting in 2021 amid an economic rates would likely be raised by half a raise rates to 6% or more. That’s the A regime change in economic pol- know that a bank facing a potentially
boom. For most of 2022, inflation in percentage point at the upcoming level that catalyzed the recent bank- icy is necessary to bolster the Amer- rapidly shrinking deposit base
the U.S. ran about 7% to 8% on an an- FOMC meeting, and the peak interest ing and market distress. ican economy and rebuild public shouldn’t overcommit to long-dated
nualized basis, nearly quadruple any rate would also move higher. As the Fed convenes this week, it consent. assets. Not having a CRO in place
plausible measure of stable prices. A day later, a banking panic began. will be at pains to demonstrate that should have been a red flag.
Belatedly and begrudgingly, at its Two days later, two medium-sized tighter money is needed to bring in- Mr. Warsh, a former member of Bank examiners should have seen
March 2022 Federal Open Market banks were in receivership. And the flation down and looser money is the Federal Reserve Board, is a dis- this as well. The head of the San
Committee meeting, the Fed began Fed, Treasury and Federal Deposit In- required to relieve banking stress. tinguished visiting fellow in econom- Francisco Fed and all the other re-
to acknowledge its error. It raised surance Corp. announced a set of But there is no separation principle ics at the Hoover Institution. gional bank presidents who sit
around a table every six weeks to
discuss raising interest rates should

How Biden Bailed Out California and New York have told the bank examiners under
their supervision to pay special at-
tention to the impact on the banks
Imagine a bank in swelled—and is now falling—in tan- And those with more than budget carnage would be greater if they examine. The heads of regional-
Houston that caters dem with Silicon Valley’s fortunes. As $250,000 in a bank account aren’t investors had to write down their bank supervision departments
to the oil-and-gas the Federal Reserve pumped trillions “ordinary” people. What has hurt or- startup investments. No wonder Mr. should have known that, even with-
industry. It makes of dollars into the economy and cut dinary people is the Fed’s inflationary Newsom, who reportedly had an ac- out the reserve bank president spell-
low-cost loans with interest rates to near-zero, the stock policies. Why shouldn’t Silicon Valley count at SVB, praised the administra- ing it out.
credit-friendly market surged. Investors sold stock have to bear some pain as the central tion’s bailout’s “profoundly positive Meanwhile, SVB committed $5
terms to unprofit- in tech companies at inflated prices. bank corrects the ultra-loose mone- impacts on California.” billion to a new environmental pro-
LIFE
able shale frackers Startups took advantage of the hot tary policies that enriched its techno- Meantime, SVB’s New York bailout gram, roughly the bank’s average
SCIENCE
on the condition stock market to float public shares. cratic class? Is Silicon Valley too im- companion, Signature, has received a annual profit over the previous
By Allysia
that they hold their Investors plowed their capital gains portant to lose money? As far as Mr. bum rap as a crypto bank. But if most three years. It was 2.5% of total as-
Finley
deposits exclusively into high-yielding accounts at SVB and Newsom is concerned, the answer ap- of its uninsured depositors were sets, a significant commitment of
at the bank, where startups with accounts at the bank. pears to be yes. crypto companies, there’s no chance any large institution let alone in a
they earn an above-market return. It Between December 2019 and Decem- the FDIC would have bailed them out. loan and investment fund with no
also manages the wealth of oil and ber 2022, its deposits tripled to $173 Signature primarily caters to New track record or special expertise in
gas executives. billion. SVB became Silicon Valley’s The real motivation lies in York’s liberal special interests, which the bank. The bank’s assets must be
The bank uses its enormous de- premier bank by offering generous donate to Democratic campaigns. diversified for safety. This isn’t a
posits to fund more risky loans to loan terms and above-market returns the states’ budgets, which It is New York City’s top lender to particularly sophisticated concept,
frackers and acquire Treasury bonds on deposits to unprofitable compa- depend on the success of low-income housing developers and and any bank examiner should have
and government mortgage-backed se- nies, many with no revenue. “a significant player when it came to seen it as a red flag.
curities. The latter obscure the credit But as the Fed raised interest rates green startups. financing for personal injury firms,” Another bank that got in trouble,
risk on its balance sheet. As frackers and tech startups burned through according to Law.com. One of its spe- First Republic, gorged on jumbo
burn cash, the bank struggles to re- cash, SVB had to sell mortgage- cialities was financing the purchase mortgages when mortgage rates
deem deposits and has to sell assets backed securities at a loss to cover High earners in California’s Bay of taxi medallions. According to the dropped to 3.5%. Many homeowners
at a loss. deposit redemptions. You know the Area pay about half of state income New York Times, it was also known rushed out to refinance at those
As news of the losses spreads, rest of the story. tax. Capital-gains realizations surged “for catering to wealthy families.” rates, because we knew this was the
there is a run on deposits. The Federal Normally, uninsured depositors— to $245 billion in 2021 from $145 bil- Former Gov. Andrew Cuomo has a chance of a lifetime to get cheap fi-
Deposit Insurance Corp., with the ap- those with more than $250,000 in an lion in 2019, helping create a more campaign account at the bank. nancing. Why didn’t bank examiners
proval of a Republican president, account—would take a haircut of than $100 billion budget surplus last Mr. Khanna insists that a bank ca- catch this?
takes over the bank and guarantees all some 10% to 15% if a bank fails. But year. But stocks have plunged and tering to the oil-and-gas industry There is also the irony that former
its uninsured deposits, including those tech investors, California Gov. Gavin tech layoffs are increasing, so Califor- would be treated the same as SVB Rep. Barney Frank, whose name is on
of oil-and-gas executives. Wouldn’t Newsom and Silicon Valley politicians nia is staring down the barrel of a and Signature. But maybe the reason the Dodd-Frank legislation, was on
Democrats scream “bailout”? lobbied the White House for help. Not gaping deficit. those two banks failed to manage the board of Signature Bank, which
This essentially describes what has guaranteeing uninsured deposits Tax revenue through the first their risks is their leaders knew they was also shuttered this month. Mr.
happened at Silicon Valley Bank over would “hurt the innovation pipeline” eight months of this year is running had political protection in case they Frank is a smart man with the best of
the past week. Democrats insist the and “ordinary people,” claimed Sili- $25 billion lower than last year. The got into trouble. intentions, but the failure of Signa-
FDIC’s guarantee of uninsured depos- con Valley Rep. Ro Khanna. ture indicates a regulatory mindset
its decidedly isn’t a bailout. The truth It’s true: Absent the FDIC bailout, that misses the big picture. The regu-

Notable & Quotable: Chicago

is that the Biden administration not startups would have had to raise more lations go over the asset side of
only bailed out Silicon Valley investors capital from venture investors to off- banks’ balance sheets with a fine-
and companies. It also rescued Califor- set their losses. That may have proved tooth comb for credit risk. But SVB
nia, whose budget depends on them, difficult for less-promising enter- Ja’Mal Green, a Chicago commu- about the fact that these kids are out and similar banks are in trouble be-
and the state’s liberal political class. It prises, as investors refused to give nity activist and unsuccessful candi- here carjacking at 12 years old, at 13 cause of the liability side of their bal-
did the same for New York by back- more money while they tried to pare date for mayor, in a March 16 video years old. ance sheets (with depositors who
stopping uninsured deposits at Signa- their own losses. But it likely wouldn’t endorsing Paul Vallas over Brandon None of these white people on the were quick to run) and the term-
ture Bank. have been a problem for the truly in- Johnson in the April 4 runoff: North Side that’s supporting Bran- structure risk embedded in their
California’s tax revenue has novative firms. don, not the damn teacher’s union, long-dated Treasury positions, which
When they talk about “progres- who is using 80% of their money to had no credit risk.
sivism,” the white progressives who be in politics. Eighty percent of all These are hardly novel issues, but
are leading the movement for Bran- teacher union dues don’t go to s— they aren’t easily condensed into a
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY don, they never came into the neigh- but politics. Look it up. They’re liter- regulatory check-the-box system.
Rupert Murdoch Robert Thomson borhoods on the South and West ally taking teachers’ money to fund These are matters of judgment,
Executive Chairman, News Corp Chief Executive Officer, News Corp sides in the first damn place. So you his campaign when the teachers something that the various bank su-
Emma Tucker Almar Latour want me to take your advice when don’t even got pencils to give their pervisors apparently didn’t have in
Editor in Chief Chief Executive Officer and Publisher
you, or your candidate, or your damn kids. You want me to be hon- abundance. Nor did the people run-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: union have never supported black est, I’ll be honest with you. These ning the bank. Many politicians nat-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; youth in this city. young people aren’t in his classroom. urally gravitate toward passing leg-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, News;
I’m not scared of you, and I don’t They don’t even got damn notebooks, islation with ever more rules. It
Barron’s Editor in Chief; Jason P. Conti, General
Andrew Dowell, Asia; Brent Jones, Culture, give a damn about what people say but millions and millions of dollars makes them appear relevant. Given
Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business
about me, because my record speaks go through that damn union, and their performance to date, the bank
Writing; Michael W. Miller, Features & Weekend;
Information & Services, Operations; for itself and no one owns me. Paul they don’t get them a dollar to help supervisory agencies would do bet-
Emma Moody, Standards; Shazna Nessa, Visuals; Vallas ain’t got enough money to that damn classroom. Because it’s all ter to educate their supervisory
Elizabeth O’Melia, Chief Financial Officer;
Philana Patterson, Audio; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Josh Stinchcomb, EVP & Chief Revenue Officer, give me. Paul—a job—ain’t enough about power. That’s what it’s about. workforces.
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief money in that for me. I got my own That’s all it’s about. All of this stuff
Paul A. Gigot
Marketing Officer everything, so I can say and do what is about power and who is going to Mr. Lindsey is president and CEO
Editor of the Editorial Page I want. And I’m going to tell you the take the power. They fought against of the Lindsey Group. He served as a
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
truth. None of these people give a Lori Lightfoot for four years, so they Federal Reserve governor (1991-97)
New York, N.Y., 10036 damn about your black children. can take the damn power from her and assistant to the president for
Telephone 1-800-DOWJONES None of these people give a damn because their candidate lost. economic policy (2001-02).
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Signature’s Client Mix Fueled Woes

China's weight in MSCI
Emerging Markets Index*

42%

Foray into crypto set complicated for its Wall Street failed after its clientele drained The collapse of another crypto- $2.5 billion. 40
rivals: entrepreneurs and law their accounts in a panic. focused bank, Silvergate Capi- The following account of Sig-
the stage for a deposit firms, taxi drivers and crypto Signature is the third-larg- tal Corp., and the lightning-fast nature’s collapse is based on
38
run that overwhelmed companies. Red tape was mini- est bank to fail in U.S. history, failure of SVB, destroyed it public information and inter-
mal and customer service was just behind Silicon Valley completely. views with people close to the
the New York lender a priority. Bank, which collapsed two Late Sunday, the FDIC said bank, regulators and potential fi- 36
“They opened me an ac- days earlier. (Washington Mu- New York Community Bancorp nanciers.
BY RACHEL LOUISE ENSIGN count pretty quickly,” said tual Inc., in 2008, was the larg- Inc.’s Flagstar Bank will take on Chairman Scott Shay, CEO 34
AND DAVID BENOIT Anna Sorokin, who was con- est.) SVB, bruised by the tech Signature’s deposits, excluding Joe DePaolo and John Tamber-
victed of stealing from the slowdown, was done in by a about $4 billion linked to Signa- lane founded Signature in 2001,
Signature Bank built a bank to fund the glitzy Man- run on deposits by a group of ture’s crypto business. The regu- pitching it as an alternative to 32
business around a collection of hattan lifestyle of pretend Ger- startups and their investors. lator said it would deal with big banks. It grew quickly by
niches. man socialite Anna Delvey. Signature met its end in those customers directly. poaching teams of bankers from 30
The New York bank juiced Signature’s strategy delivered much the same way. Flagstar is also buying some rivals, paying them on an “eat
2018 ’19 ’20 ’21 ’22
its growth by combining a tra- steady profits and rapid growth, The crypto meltdown that of Signature’s assets. what you kill” basis. Some
ditional commercial real-estate making it among the highest- accelerated after the FTX deba- The FDIC said it expects earned more than Bronx-born Note: As of 4Q 2022
business with divisions cater- valued banks in America. Yet it cle late last year dinged inves- Signature’s failure to cost its Mr. DePaolo. One banker liked to Source: MSCI
ing to customers too small or hastened its undoing: The bank tor confidence in the lender. deposit-insurance fund about Please turn to page B7

Investors
Strong Soybean Oil Demand Faces Hurdle Are Slow
U.S. biomass-based diesel production
4 billion gallons a year To Wager
3 On China’s
2
Recovery
1 BY JACK PITCHER

Forecasts Wall Street sees a lot to like

0 about Chinese stocks, but there
2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 are many skeptics who see bet-
ter ways of betting on a re-
Value per bushel of soybeans, monthly bound in the second-largest
$12 Soybean meal
global economy.
As the country’s long-
10 awaited reopening unleashes
three years of pent-up consumer
RORY DOYLE/BLOOMBERG NEWS

8 demand, analysts see opportuni-

ties to profit from a growth
6 Soybean oil wave. Early data point toward a
4 fast rebound in traveling, eating
out and “revenge spending” by
2 Chinese consumers after years
of severe restrictions.
0
The MSCI China Index, which
in December, the EPA proposed to mandate less use of biomass-based diesel through 2025 than 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 tracks Chinese companies listed
many had expected, pruning the value of credits the agency issues to makers of biofuels. Sources: Energy Information Administration (production); Scott Irwin (soybeans) in the U.S., Hong Kong and the
mainland, has rallied about 30%
BY BOB HENDERSON through 2025 than many had The price of soybean oil has newable diesel sold into Cali- more profitable for companies since the end of October when it
expected, pruning the value of roughly doubled over the past fornia, which has a low-carbon to produce green diesel than became clear the country was
Farmers and refiners are credits the agency issues to three years, largely because of fuel program that adds induce- the conventional kind. The ending its zero-Covid policy.
worried that a nascent boom in makers of biofuels. Soybean oil demand to make fuel for trucks ments to federal ones. country’s largest maker of re- The S&P 500 has edged up 1.2%
the market for soybean oil is futures dropped more than 15% and trains. Futures are cur- Those incentives have newable diesel is Diamond over the same period.
being stalled by a challenge in the week after the an- rently trading at about $4.23 a climbed nearly 40% from 2019, Green Diesel, a joint venture Goldman Sachs Group Inc.
from an unexpected source: the nouncement. gallon, compared with about driven by a tripling in the value between the oil refiner Valero has called for the MSCI index to
Environmental Protection “The numbers came as a bit $2.68 a gallon for diesel. of the credits the EPA issues to Energy Corp. and the agricul- reach 85 by year-end, an in-
Agency. of a shock,” said Dave Walton, That difference means com- promote biomass-based diesel tural recycler Darling Ingredi- crease of more than 33% from
Prices for soybean oil, a by- who farms about 750 acres of panies have little economic mo- blending, to more than $2.50 a ents. It achieved a gross profit Thursday’s closing level of 63.6.
product left over after crushing corn and soy with his wife and tive to make diesel from soy- gallon for renewable diesel. of $1.45 a gallon making its sig- UBS Group AG, meanwhile, la-
the beans for animal feed, son in Wilton, Iowa. Mr. Wal- bean oil without government Fuel makers that blend in ex- nature product last year, while bels Chinese equities the “most
soared to records last year, ow- ton, who manages his exposure incentives, which are aimed at cess of their quotas can sell Valero made about 52 cents a preferred” of its global strate-
ing to growing government in- to volatile vegetable prices by reducing carbon emissions. their extra credits to others, gallon processing crude—in a gies, writing in a report Tues-
centives to make it into diesel trading futures and options Those averaged more than which can submit them to the banner year for oil refiners. day that equity markets exposed
fuel. Then, in December, the with an app on his phone, said $4.50 a gallon last year, accord- EPA to fulfill their obligation Biomass-based diesel pro- to China’s reopening look like a
EPA proposed to mandate less he had hedged two-thirds of his ing to S&P Global Commodity without blending. duction will likely exceed 3.7 better opportunity than U.S.
use of biomass-based diesel crop, limiting his losses. Insights, for a type called re- Such sweeteners can make it Please turn to page B2 Please turn to page B2

INSIDE TikTok Sister App Is Getting Popular

BY RAFFAELE HUANG short-video sharing app that Inc.’s Instagram and Alphabet user data. The Biden adminis-
has faced rigorous scrutiny in Inc.’s YouTube. tration has pushed Byte-
One of the hottest apps in the U.S. over ByteDance’s ac- Launched in 2020, CapCut Dance’s founders to divest
the U.S. right now is TikTok’s cess to user data. has been riding the short- their holdings in TikTok to ad-
lesser-known sibling that is CapCut allows people to video wave and now has more dress concerns over its threats
also owned by Chinese parent edit videos easily with various than 200 million monthly ac- to U.S. national security or
ByteDance Ltd. templates, filters, visual ef- tive users, according to Shang- face a ban. On Friday, The Wall
App trackers show that fects and music. Users say it hai-based data tracker Dian- Street Journal reported that
CapCut, a video-editing tool helps them produce clips that dian. TikTok has more than the Justice Department is in-
that helps people quickly cre- look more professional and one billion users globally. vestigating the surveillance of
ate online videos and memes, have a better chance of going As a tool app, it has largely American journalists by Tik-
AEROSPACE RESTAURANTS has been downloaded more in viral on TikTok and other plat- avoided regulatory scrutiny Tok’s Chinese owners.
Virgin Orbit is in talks Buffalo Wild Wings recent weeks than TikTok, the forms such as Meta Platforms over its practice of handling Please turn to page B4
about a bailout after fights a suit claiming

U.K. Billionaire Plots U.S. Expansion

the failure of its deception over its
satellite launch. B3 boneless chicken. B6

BY JENNY STRASBURG public—an empire built pri-

China’s M&A Star LONDON—U.K. billionaire

Jim Ratcliffe has built one of
marily through deal making.
Ineos has made more than 80
acquisitions in 25 years.

Vanishing Spurs Alarm the world’s most unconven-

tional conglomerates, a sprawl-
ing collection of assets that in-
With most of the deals, Mr.
Ratcliffe said, he identified
gaps in the market that he
BY JING YANG AND REBECCA FENG system run by the Communist cludes a global chemicals thought he could fill. That in-
Party’s anticorruption agency. business and baubles like a cen- cludes his continued interest
PETER BYRNE/PA WIRE/ZUMA PRESS

Star Chinese investment He vanished just as hopes turies-old London pub and a in the U.S. energy market.
banker Fan Bao, architect of were building in China’s tech- luxury British fashion brand. “Oil and gas is in turmoil,”
the deals that created some of nology sector that a long-run- Now the 70-year-old ty- he said. “What that does is
China’s most dominant tech- ning government crackdown coon, who was knighted in his create opportunities.”
nology companies, in mid-Jan- was ending. Former economic home country but isn’t as The bid for Manchester
uary appeared at his bank’s czar Liu He recently told the well-known outside Europe, is United is an exception.
annual party in Beijing. He audience at Davos that China making a deeper push into the “Our interest in that club
brought his children, who was open to business again. But U.S. market. would be purely in winning
played instruments and per- the seizure of Mr. Bao wiped Mr. Ratcliffe, majority things,” Mr. Ratcliffe said. He
formed a rendition of the out that goodwill and sent shiv- owner of privately held Lon- After a Texas oil push, Mr. Ratcliffe is bidding for Manchester United. described Manchester United
Coldplay hit “Yellow.” He ex- ers through China’s business don-based chemicals giant In- as a “community asset” rather
horted staffers in attendance and finance community. eos AG, this year plans to on fracking at a moment when there isn’t one,” Mr. Ratcliffe than a financial one.
to “Go Forward Boldly.” A few “Mr. Bao is like thousands launch a sport-utility vehicle the business is under growing said in a recent interview by Mr. Ratcliffe declined to
weeks later, he disappeared. of other people who seized the in the U.S. called the Grena- pressure. phone from Monaco, the tax- discuss financial details of his
For the past month, the 52- opportunities of China’s em- dier, named after the historic Meanwhile, he is in a multi- free principality that is his bid, in which he is competing
year-old banker—who set out brace of market economy, and pub he owns, where he and his billion-dollar bidding war for primary residence. against a Qatari sheikh. Many
to build the JPMorgan of relied on their professional ca- partners hashed out the de- Manchester United, arguably Mr. Ratcliffe’s holdings are speculate the final price will
China and successfully strad- pability to achieve success,” sign over beers. the U.K.’s most storied soccer spread across 25 core busi- top the $5.3 billion paid for
dled the divide between China said Chongyi Feng, an associ- Last month, he made a push club and the team Mr. Ratcliffe nesses with combined sales of Chelsea last year, the highest
and the West—has been held ate professor in China Studies into the Texas oil patch, rooted for as a boy. roughly $65 billion in 2021, amount yet for a sports team.
incommunicado in a detention Please turn to page B6 launching a $1.4 billion play “The grand plan—I mean, the most recent year made Please turn to page B2
P2JW079000-4-B00200-1--------XA

B2 | Monday, March 20, 2023 * ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

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

A Ford Motor..................B4 OpenAI ........................ R9

Oil Faces
Alibaba .......................B2 Fosun Tourism Group.B6 Phillips 66...................B2
Alphabet ................ B1,B4 G-J Rheinmetall.................B3
Andreessen Horowitz.R9 General Motors...........B4 S
B
BAE Systems..............B3
Bertelsmann ............... B4
Hangzhou Xiaoying
Innovation Technology
B4
HarperCollins Publishers
Saab ........................... B3
Shein ........................... B4
Silicon Valley Bank.....B1
Silvergate Capital.......B1
Hurdle
BMW Group................B4
B4 Sony...........................B10
Boeing ......................... B3
Inspire Brands.............B6 Space Exploration
Continued from page B1
BYD..............................B4
John Wiley & Sons.....B4 Technologies.............B3 billion gallons this year, accord-
C JPMorgan Chase . A6,B10 Starbucks....................B2 ing to the Energy Information
Surgical Safety Administration, up nearly 60%

TANNEN MAURY/EPA/SHUTTERSTOCK
China Renaissance L
Holdings....................B6 Technologies.............R8 from three years ago. While
Lagardere .................... B4
D T-W waste products such as used
Lowe's.........................R4
Darling Ingredients.....B1 LVMH Moet Hennessy Tencent Holdings........B4 cooking oil and animal tallow
Dassault Aviation.......B3 Louis Vuitton............B2 Tesla............................B4 are also suitable raw materials,
Diamond Green DieselB1 M-R
Tomorrow Group.........B6 limited supplies are leading
Ubiquiti........................B4 producers to rely increasingly
Dongfeng Motor Group Marriott InternationalB2 UBS Group .................. A6 on soybean oil, which furnished
B4
Meta Platforms...B1,B10 Valero Energy ............. B1
Dongfeng Peugeot-
Mubadala Investment B3 47% of feedstocks last year, ac-
Vimeo..........................B4
Citroen Automobile..B4 cording to EIA data.
New York Community Virgin Galactic Holdings
F Bancorp.....................B1 B3 Crushing soybeans yields Soybean oil’s price has roughly doubled in three years, largely because of demand to make fuel.
First Republic Bank New York Times.........B6 Volkswagen.................B4 meal and oil, which make up
A2,B10 Nike.............................B2 Wells Fargo...............B10 about 80% and 20% of a bean’s about one-third of a soybean’s of those projects on pause, said are more optimistic, largely be-
weight, respectively. The pro- value. But oil’s diesel-driven Mr. Gerlt. The agency’s pro- cause several other states, in-
tein-rich meal is mostly used in rally had that fraction flirting posal increases annual blending cluding New York, are working
INDEX TO PEOPLE feed for hogs, chickens and
other animals. The oil is used in
with 50%, at least until the
EPA’s proposal.
mandates for biomass-based
diesel by less than one-tenth of
toward adopting low-carbon
fuel-incentive programs such as
foods such as salad dressing Visions of soybean-powered the approximately 3 billion gal- California’s.
A Gilvary, Brian..............B2 Rajan, Raghuram......B10 and, increasingly, fuel for truck fleets prompted the be- lons of production increases The soybean-processing in-
Adams, William..........B4 Glezakos, Ruhandy.....B6 Ratcliffe, Jim..............B1 semis. According to the Agri- ginnings of a kind of green-oil that could come from refinery- dustry could end up fine be-
Ahmed, Osman...........R4 Guangchang, Guo........B6 Rasenberger, Mary.....B4 culture Department, about 44% boom in the Midwest, with retooling projects and new cause of growing global de-
Aimen Halim...............B6 H-L Ridley, Joshua.............R4
of U.S. soybean-oil production bean-crushing plants in place of partnerships between energy mand for protein, said Corey
B Roberts, Alexandra.....B6
Howell, Eric.................B7 will go toward biofuels this derricks and drills. Plans were and agricultural companies. Jorgenson, chief executive of
Bao, Fan ...................... B1 Irwin, Scott.................B2 S-T
year, up from about 40% last made for 21 new or expanded That mismatch could cut the Shell Rock Soy Processing, a
Bezos, Jeff..................B3 Jianhua, Xiao..............B6 Saenz, Maria Jesus....R4 year. facilities that would increase value of federal credit incen- crushing plant in Iowa that in
Brandt, Cameron.........B2 Jorgenson, Corey........B2 Shay, Scott..................B1
Branson, Richard ........ B3
“For decades, oil was the re- the country’s crushing capacity tives, wreck those projects’ January started operations
Lau, Kelvin..................B4 Sulzberger, A.G...........B6
sidual product that companies by more than 30%, according to prospects and kick a leg of sup- boosted by funding from Phil-
C Lin, Cong ..................... B6 Tamberlane, John ....... B1
had to figure out a way to get Scott Gerlt, the American Soy- port out from under the soy- lips 66, which has dibs on the
Casanova, Carlos.........B4 M-R V-Z
Chen, Zhiwu................B6
rid of after selling meal, the re- bean Association’s chief econo- bean-oil market. facility’s oil.
MacDonald-Korth, Holly Valladares, Mayra
ally valuable stuff,” said Scott mist. The EPA’s final decision is “If 80% of what you’re mak-
D-G B7 Rodriguez..................A6
McSherry, Corynne.....B4 Velosa, Alfonso...........R4
Irwin, an agricultural econo- “Typically, we just don’t see due in June. Trade groups are ing is protein, the whole story
DePaolo, Joe ............... B1
Edwards, Mike............B2 Mercado, Richard........B2 Venditti, Andreas.......A6 mist at the University of Illinois that much growth in the sec- lobbying for higher mandates. can’t be only about renewable
Feng, Chongyi ............. B1 Neumayr, Geoff .......... R4 Zhang, David...............B4 Urbana-Champaign. tor,” said Mr. Gerlt. “It has been Some analysts think many of energy or the oil component of
Fox, Andrew................B7 Pachter, Michael.......B10 Ziskina, Juliya.............B4 An old rule of thumb, said around a long time.” the planned projects are des- the soybean,” Mr. Jorgenson
Gerlt, Scott.................B2 Pallante, Maria...........B4 Zlotowitz, Ira..............B7 Mr. Irwin, was that oil made up The EPA news has put some tined for the trash bin. Others said.

Ratcliffe chemical assets in Belgium

owned by the U.K.’s Inspec
Group PLC for £84 million.
fracking, the process of using
high-pressure injections to un-
leash gas and oil trapped in
ergy analyst with investment
bank Tudor, Pickering, Holt &
Co., said most petrochemical

Makes a Other acquisitions—a

cumene plant in Port Arthur,
Texas, from then-Chevron
underground sedimentary
rock. Denied in the U.K., he
said, Ineos starting shopping
companies already have abun-
dant access to the U.S. energy
supplies they need.

U.S. Push Phillips Chemical Co.; a U.K.

acrylonitrile plant from Ger-
man chemicals giant BASF SE;
for U.S. deals.
While he thinks the Inflation
Reduction Act, which is de-
“I don’t really see why they
need to own those assets to
get the benefits,” he said.
joint-venture stakes in China signed to speed the U.S. transi- Mr. Ratcliffe and Ineos to-
KEN JACK/GETTY IMAGES

Continued from page B1 and Norway—helped build In- tion to green energy, is “ge- gether submitted a bid for a
“How do you decide the eos into a global giant. nius,” Mr. Ratcliffe says oil and majority ownership of Man-
price of a painting? How do Ineos’s chemicals operations gas will remain a smart bet for chester United shortly after it
you decide the price of a make everything from chlorine decades to come. “For the rest was put up for sale by the
house? It’s not related to how used for drinking water to of my working life, anyway, hy- longtime American owners,
much it cost to build or how polyethylene for plastics and drocarbons are going to be an the Glazer family.
much it cost to paint,” Mr. resins and composites that go Privately held Ineos has launched a play on fracking. essential energy,” he said. Though a billionaire many
Ratcliffe said. “What you don’t into automobiles, ships, bicy- Unlike U.K. oil giant BP PLC,
want to do is pay stupid prices cles and wind turbines. old British clothing brand Bel- bonkers project in the begin- from which Ineos has pur-
for things because then you In 2016, Ineos accepted the staff, known for its high-end ning,” Ms. Calder said. chased billions of dollars of
regret it subsequently.” first U.S. shipment of a type of waxed-cotton coats. The company plans to start assets, and London-based
Mr. Ratcliffe’s
Mr. Ratcliffe, who has made shale gas to Europe, marking Then came the sports fran- delivering Grenadiers to cus- Shell PLC, Mr. Ratcliffe doesn’t holdings are spread
expeditions to the North and the opening up of a new mar- chises: Ineos owns the OGC tomers in the U.K. and Europe have to contend with share-
South Poles, is accustomed to ket for American energy pro- Nice soccer team in the French this month. The starting price holders worried about climate
across 25 core
taking chances that others ducers trying to sell a glut of top tier, and FC Lausanne- is around $70,000 in Europe. change and a future decline in businesses.
won’t and seeing value in as- the fuel. Sport in Switzerland; the In- Next up, the U. S.—which Mr. fossil-fuel demand.
sets others don’t want. Mr. Ratcliffe later suc- eos Grenadiers cycling team, Ratcliffe says he expects to be “The difference is we’re only
“Jim likes counterintuitive ceeded in a complicated plan formerly known as Team Sky; the Grenadier’s biggest market. dealing with three owners. We
things,” says Ineos director to pipe ethane from Appala- and in 2020, it bought a one- Along the way, Mr. Ratcliffe can move very quickly,” says times over, Mr. Ratcliffe could
Tom Crotty, a 22-year veteran chia to the U.S. coast, load it third ownership of the Mer- grew increasingly outspoken Ineos Energy Chairman Brian struggle to match the deeper
of the company. onto a fleet of “Dragon-class” cedes-AMG Petronas Formula about what he viewed as high- Gilvary, who is BP’s former fi- pockets of Sheikh Jassim Bin
Mr. Ratcliffe spent his early ships—so-called for their nar- One racing team. tax, antibusiness policies in nance chief. After missing out Hamad Al Thani, the chairman
childhood in a town near Man- row, streamlined frames and Around the same time, Mr. the U.K. and European Union. on the CEO job in 2019, Mr. Gil- of the Qatar Islamic Bank, in a
chester in northwest England, Chinese roots—and transport Ratcliffe became bothered when In 2010, he temporarily moved vary left BP in June 2020—one bidding contest for the club.
and has spoken often of living it to Ineos facilities in Scot- the original Land Rover De- Ineos’s headquarters from the day after it sold its global pet- In a career of calculated in-
in a government-subsidized land and Norway. fender stopped being made. At U.K. to Switzerland, and he rochemicals company to Ineos vestment decisions, this pur-
council house. He started his Ineos now has 16 ocean-go- the Grenadier pub, he hatched later backed the U.K.’s exit for $5 billion. He joined Ineos suit has a twist.
career in the chemicals divi- ing tankers ferrying ethane plans to build his own SUV, and from the EU. six months later. “That in a sense goes with-
sion of what is now Exxon Mo- from the U.S. to Europe. last year put Lynn Calder, the The recent deal for Texas Ineos executives are confi- out saying, because sport is
bil Corp. and later joined U.S. Over time, Mr. Ratcliffe be- former head of the company’s shale assets came after Mr. dent they can squeeze more out emotional,” Mr. Ratcliffe said.
private-equity group Advent gan to push into business with nascent U.K. shale division, in Ratcliffe for years derided U.K. of the Texas shale assets, but —Ben Dummett
International. He formed Ineos little connection to chemicals. charge of the effort. politicians and other oppo- the deal surprised some in the and Benoit Morenne
in 1998 to lead the buyout of In 2017, Ineos bought century- “It did feel like a bit of a nents for refusing to allow industry. Matthew Blair, an en- contributed to this article.

Investors "A Great Soundbar For People Tired Of Subtitles” – CNN Underscored

Skeptical SAVE
Of China $
100
REG $29999 | SALE $19999
Continued from page B1
markets, where valuations are
higher and a recession may be
on the horizon. Plus, the crisis
of confidence in the U.S. bank-
ing sector adds more uncer-
tainty to the investing climate.
But just as China’s economy
is heating up, relations with the
THOMAS PETER/REUTERS

U.S. are souring. Verbal attacks

on the U.S. by Beijing’s top lead-
ership have renewed concerns
about how investible the world’s

Can’t Hear
second-largest economy is for
outsiders. In a worst-case sce-
nario, sanctions similar to those Early data point to a fast rebound in eating out by Chinese consumers after years of restrictions.
levied against Russia in the
wake of the Ukraine invasion
could render U.S. investors’ Chi-
opening without betting on
China directly, strategists say, is
future U.S. sanctions. “We’ve
added considerably more expo-
to like it again.”
While the Federal Reserve at-
Voices On TV?
nese holdings worthless. The to invest in any of the big con- sure to China growth as a factor, tempts to tame the U.S. econ-
AccuVoice® AV355 slim-line sound
MSCI index has fallen about 15% sumer brands with a significant but not necessarily to China di- omy by tightening monetary bar uses patented hearing aid technology
since late January when a Chi- presence in the country. Star- rectly,” Mr. Edwards said. policy, China’s government is to create 12 levels of dialogue clarity.
nese spy balloon was first bucks Corp., Nike Inc., Marriott Despite cold feet from taking a more accommodative Flat-screen TVs use tiny speakers with tinny sound, so
tracked in U.S. airspace. International Inc. and French some, money is flowing into stance. Fears of government in- many people can’t understand dialogue. Our patented
“Investors usually ask us the luxury-goods giant LVMH Moët Chinese equity funds. Investors terference with the country’s hearing aid technology lets you hear every word, even at
China question,” said Richard Hennessy Louis Vuitton SE put $8.2 billion into dedicated technology firms have also low volumes. The new AV355 sound bar uses a virtual
Mercado, a Paris global equities would fit that bill, they say. China equity funds this year eased, and the valuations of subwoofer algorithm and powerful neodymium speakers
portfolio manager at Comgest Mike Edwards, deputy chief through March 8, according to those firms are cheaper. to produce great bass. Only 2.2" high, it fits under most
SA. “They are thinking twice be- investment officer of New York fund-flow data provider EPFR. Alibaba Group Holding flat screen TVs. Hookup is simple – one connecting cord.
fore going into China because of hedge fund Weiss Multi-Strat- Inflows to China technology Ltd.’s American depository re-
political instability, even if it egy Advisers, said his firm is and healthcare/biotechnology ceipts, for example, recently
means missing out on some of betting on companies outside sector funds have risen of late, traded at about 9.6 times ex-
the recovery trade.” China that can benefit from the while Hong Kong equity funds pected earnings over the next
Instead, many investors are reopening, including travel com- have seen big inflows. 12 months. That compares with Great Sound. Made Simple.
looking for ways to bet on Chi- panies with significant China “In the U.S., the policy tail- a valuation that approached 30
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ties, and the political risks that ductor makers and private com- site is the case,” said Cameron ward multiple of about 17.5.
come with them, minimal. panies with potential military Brandt, EPFR’s director of re- —Hardika Singh AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM
One way to play China’s re- applications, due to the risk of search. “China wants investors contributed to this article.
P2JW079000-0-B00300-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | B3

BUSINESS NEWS

We are pleased
to announce the
following promotions
VIRGIN ORBIT/ASSOCIATED PRESS

M A R C H 202 3

The LauncherOne rocket, shown in a handout photo at Cornwall Airport before its launch in January. The rocket failed to reach orbit.

Virgin Orbit Satellite Venture

MANAGING DIRECTORS

David Forgash

Stumbles on Rocket Launch Kristofer Kraus

Ashish Tiwari
BY ALISTAIR MACDONALD for a once-hot company that space plane operated by his Virgin Orbit had had four suc- Bryan Tsu
has tried to build a business Virgin Galactic Holdings Inc. cessful launches, putting 33 sat-
Two months ago, Richard
Branson’s Virgin Orbit Hold-
launching smaller satellites to
space. Virgin Orbit’s challenges
The same year, he floated
Virgin Orbit, which developed a
ellites into space, it has said.
That market, however, has
Jing Yang
ings Inc. was poised to make are the latest boom-to-bust novel way of launching satel- faced pressure from Elon
history delivering the first sat- trajectory for a company lites inside a launcher carried Musk’s Space Exploration
ellites into orbit from the bil- owned by Mr. Branson. He has part way to space under the Technologies Corp., or
lionaire’s home country of the
U.K.
spent a career building a
global brand around a portfolio
wings of a Boeing 747. He listed
the company using a special-
SpaceX. SpaceX offers rela-
tively low-price missions in
EXECUTIVE VICE PRESIDENTS
That high-profile launch of companies controlled by his purpose acquisition company, a which multiple small satellites
from Cornwall, England, went closely held Virgin Group. vehicle popular at the time for, from different operators are
badly, ending in the destruc- Those businesses have in- among other things, easing bar- deployed. Some rocket-indus- Del Anderson
tion of its satellite payload and cluded music, airlines, cruise riers for companies seeking to try executives have said they
triggering a probe into what ships and a bank. They took a go public. believe there is room for just a Matt Appenfelder
went wrong. hard hit during the Covid-19 Virgin Orbit won a vote of couple of small-launch provid-
Now, Virgin Orbit is in talks pandemic shutdowns and confidence in the industry ers. Giacomo Bonetti
with two financial institutions travel restrictions. At the time, when Boeing Co. agreed to in- CNBC previously reported
about a bailout and has fur- Mr. Branson raced to prop up vest. Mubadala Investment that Virgin Orbit would fur-
loughed staff, according to a his tourism and travel-related Co., the United Arab Emirates lough staff and pause opera-
Daniel Bray
person familiar with the mat- entities, pledging at one point sovereign-wealth fund, is also tions as it sought funding.
ter. Late Thursday, after dis- to borrow money against his a big investor. Then, on Jan. 9, instead of Kevin Brooks
closing its operational pause, private island. Some, including While the satellite industry delivering the first satellite
Virgin Orbit—which listed less Virgin Atlantic Airways, have has historically been dominated launch from British soil, Virgin Adam Browne
than two years ago at a valua- proven resilient. by large vehicles launching Orbit’s rocket failed to reach or-
tion of more than $3 billion—
fell more than 30%. On Friday,
Amid those travails, Mr.
Branson’s space ventures were
large satellites, Virgin Orbit and
several other rivals have spe-
bit, leading to the destruction
of the payload: nine small satel-
David Cahill
Virgin Orbit ended trading 9.1% a bright spot. In 2021, he cialized in smaller satellites at lites including for the U.S., U.K.
lower at 65 cents a share, kicked off the age of commer- lower orbits, targeting civil, mil- and Omani governments. Si Chen
down from over $10 at its peak cial space tourism, beating Jeff itary and commercial customers The company said it has
in January 2022. Bezos in completing a return at the lower end of the market. nearly completed an investiga- Michael Chiao
It has been a meteoric fall trip to near space aboard a Before its failed U.K. launch, tion into what went wrong.
Alison Congdon

War in Ukraine Gives a Boost Andrew DeWitt

Jordan Erenrich

To Weapons Maker Rheinmetall Vicki Gedge

David Gluckman
BY ALISTAIR MACDONALD
AND BOJAN PANCEVSKI
Davide Gysi
The war in Ukraine has
made munitions maker Rhein- Chloé Kelley
metall AG a key player in the
global arms trade, catapulting
the once low-profile German Greg Kennedy
manufacturer into one of Eu-
rope’s most important weap- Bryan Kornswiet
ons suppliers.
Since Russia’s invasion last Andrew Nowobilski
year, Rheinmetall’s shares
have risen 150%, and the com-
pany has reported record
Terry Jae Kyun Oh
earnings and orders, with the
conflict’s artillery-heavy na- Jessica Pestronk
ture pointing to strong future
KIRAN RIDLEY/GETTY IMAGES

demand for its shells. The Steven Pogorelec Jr.

company also has begun talks
with German and Ukrainian of-
ficials about building a tank
William Quinones
factory in Ukraine.
Rheinmetall nevertheless Scott Schwarmann
faces obstacles in its drive to
capitalize on the surge in de- Rheinmetall’s stand at the Eurosatory International Defence and Security Exhibition in Paris in June. Michael Story
mand, including hiring staff and
adding capacity. Analysts re-
main skeptical about the com-
ment in 1956, with the MG 42
machine gun.
Rheinmetall annual earnings sending to Ukraine. It manu-
factures the Skynex air-de-
Justin Tang
pany’s ability to pull off flagship The recent meteoric rise of €600 million fense system, battlefield re-
projects such as the develop- Rheinmetall, which is set to connaissance equipment and Avi Tillu
ment of a new tank and the join Germany’s blue-chip DAX 500 several types of armored vehi-
proposed factory in Ukraine. index later this month, comes cles, among other armaments Henning Wenzlaff
“The epochal shift and the amid gains for the broader Eu- 400 being sent to Ukraine.
war in Europe has also ush-
ered in a new era for Rhein-
ropean defense sector. Other
European defense companies,
The company is critical to
Ukraine because it is the
Minwei Wu
metall,” Chief Executive Armin like Dassault Aviation SA, the 300 world’s biggest producer of
Papperger said Thursday as French maker of the Rafale jet the 155mm caliber artillery
the company reported upbeat fighter, Sweden’s Saab AB and 200 shells that experts say are
annual earnings. Britain’s BAE Systems PLC, running out in the West. A U S T I N , B E R M U D A , C H I C A G O,
Rheinmetall, which also have all reported record or- 100
Mr. Papperger said Rhein-
makes automotive compo- ders in 2022. U.S. defense metall can cover around half D U B L I N, H O N G KO N G, LO N D O N,
nents, said its order backlog companies have recorded Ukraine’s annual need for
had reached a record €26.6 smaller share-price gains. 0 155mm shells, which the com- MIAMI, MILAN, MUNICH,
billion, equivalent to about Growing order books are 2016 ’17 ’18 ’19 ’20 ’21 ’22 pany estimates to be some 1
$28.3 billion, including €3 bil- mainly tied to increases in Note: earnings after taxes; $1=€0.93 million artillery shells. N E W Y O R K , N E W P O RT B E A C H ,
lion of new orders for shells military spending approved Source: the company To meet demand, Rheinmet-
and weapons last year. before Russia’s invasion, with all is making artillery muni- S Ã O PA U L O, S H A N G H A I ,
Mr. Papperger said rising Western weaponry sent to The more conventional, tions in 24-hour, seven-day
geopolitical pressures, from Ukraine from national stock- land-based nature of the war shifts and, helped by its acqui- SINGAPORE, SOLANA BEACH,
the war in Ukraine to tensions piles. While various govern- in Ukraine has meant Rhein- sition last year of Spanish
in Asia, had triggered a period ments recently have said they metall’s shells and armored ammo giant Expal Systems, has S Y D N E Y, TA I P E I , T O K Y O,
of unprecedented growth for would increase military spend- vehicles are again at the fore- doubled manufacturing capac-
Rheinmetall. ing—helping boost weapons front of military planning. ity to 440,000 shells a year. T O R O N T O, Z U R I C H
Rheinmetall traces its roots makers’ share prices—those Germany has promised a one- It has increased capacity at
to 1889, when a predecessor commitments haven’t all come off, €100 billion fund for extra sites in Germany and Hungary
was established to supply mu- to fruition, and it isn’t clear military spending. as well as in Australia and the pimco.com
nitions to the German empire. which companies will benefit. “Rheinmetall is the single U.K., where it will make the
After World War I, the com- “Shares’ prices are going up best way to get exposure to Boxer 3 armored vehicle this
pany made nonmilitary prod- not on earnings expansion but European rearmament” and year. Production lines have
ucts, including locomotives. It on the expectation of that,” demand for artillery shells, been expanded and enhanced ©2023 PIMCO.
later resumed weapons pro- said George Zhao, an analyst said Sash Tusa, an aerospace to handle additional products.
duction, and the German state at Bernstein. “Orders have not and defense analyst at Agency Rheinmetall is in talks with
acquired a majority stake. It gone up as much as their Partners LLP. Berlin and Kyiv about building a
paused operations after World shares,” he said. Rheinmetall produces the factory in Ukraine to make a
War II before restarting the Rheinmetall shares fell 4% gun on the Leopard tank that new tank called the Panther, as
production of military equip- Friday to close at €237.10. several European nations are well as its Lynx infantry vehicle.
P2JW079000-0-B00400-1--------XA

B4 | Monday, March 20, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Auto Makers Spark Price War in China

Chinese government Spending surged for clothing
and catering services, but fell
has ended tax cuts for for larger purchases.
car buyers and long- China’s policy makers should
consider reinstating EV subsi-
running EV subsidies dies to spur the growth in con-
sumer spending needed to sus-
BY SELINA CHENG tain the economic revival, said
Carlos Casanova, senior Asia
HONG KONG—Auto makers economist at Union Bancaire
and dealerships in China are Privée in Hong Kong.
slashing prices after the lifting Auto makers globally have
of pandemic controls failed to said they need to lower prices
reverse slumping demand in as well as costs. Tesla Inc. re-
the world’s largest car market. cently reduced prices for a
Companies including Ford number of its models across
Motor Co., BMW Group and the U.S., Europe and China,
Volkswagen AG are offering where it was among the first
deep discounts and promotions to cut prices.
on electric vehicles after China Ford followed in Tesla’s
phased out its nationwide sub- footsteps, cutting the price of
sidies for EVs. Others including its electric Mustang Mach-E in
General Motors Co. and the both the U.S. and in China.
maker of Citroën are slashing China has become the
prices on gas-powered cars. world’s largest market for
China’s overall retail car electric vehicles and plug-in
sales fell by almost one-fifth hybrids after introducing in-

GETTY IMAGES
in January and February from centives for buyers in 2010.
a year earlier, with many con- While sales of those vehicles
sumers avoiding big-ticket grew 23% in the past two
purchases amid an uncertain Ford Motor is among those auto makers offering deep discounts on EVs in China as demand in the world’s largest car market slumps. months from a year earlier,
outlook for the economy. that wasn’t sufficient to offset
A Ford spokeswoman con- models that won’t meet temporary promotions due to been seeing very few sales,” the almost 30% plunge in pur-
Growing headwinds firmed the promotion, saying tighter emissions standards general reluctance among car said David Zhang, a Shanghai- chases of vehicles with inter-
Foreign auto makers face it was a stock clearance. due to take effect in July, said buyers, the new emissions rule based independent automobile nal combustion engines.
increasing headwinds in China The challenges facing the Kelvin Lau, an analyst at and discounts offered by rivals. analyst. “At this rate, the man-
following years of stalled industry are varied, and car Daiwa Capital Markets. Citroën maker Dongfeng ufacturers’ production and EV promotions
growth and declining sales of makers and dealers have dif- Motor Group and the govern- dealership networks will col- Some EV makers are offer-
gas-powered cars and as ferent motives for their vary- VW slashes prices ment of Hubei province, where lapse.” Neither Dongfeng nor ing promotions ahead of next
homegrown EV makers domi- ing discounts—ranging from Volkswagen’s joint venture the state-owned car maker is its joint venture responded to month’s Shanghai car show,
nate the growing demand for half the usual price to a single with the Shanghai government based, are offering rebates of up requests for comment. when companies are expected
electric cars. percentage point off vehicles said Thursday that it is slash- to almost $13,000 a vehicle this Some Cadillac dealers are to launch their latest models.
Ford has cut about $6,000 from market leader BYD Co. ing prices of 20 gas-powered month on cars made by its joint offering short-term discounts Buyers of BMW Group’s i3
off its Mustang Mach-E until In December, China’s leaders and electric models until the ventures, according to local of about one-quarter off the EV can get almost $12,000 off
the end of April, according to abandoned their Covid-19 con- end of April, with discounts dealerships. Most of the models CT5 combustion-engine sedan. the $51,000 sticker price, a sales
online sales promotions. The trols to focus on a consump- ranging from around $2,200 are combustion-engine vehicles. GM’s joint venture in China representative at a dealership in
standard version of the bat- tion-led revival of the stutter- to $7,300 a car. Buyers can pick up the keys sold almost 2,200 of the the southern city of Guangzhou
tery-powered SUV is going for ing economy. At the same time, The German auto maker to Dongfeng Peugeot-Citroën model last month. GM’s said. A BMW spokesman said it
as low as $31,000. Only 84 of the government ended tax cuts earlier cut almost $6,000 off Automobile Co.’s C6 gas-pow- brands have been losing mar- hasn’t changed its cars’ sticker
the cars were sold in China for car buyers and long-run- the price of its electric ID se- ered sedan for as little as ket share in China in recent price and discounts are offered
last month, industry data ning EV subsidies that boosted ries, according to a March 11 $18,000, a 40% discount to the years. GM didn’t respond to a by dealers.
show, down from around 1,500 car sales last year. social-media post by the com- sticker price. The aging model request for comment. The discounts are bringing
in December. The car maker Dealers of gas-powered cars pany’s joint venture with hasn’t been selling well, falling China’s overall retail sales forward orders and will likely
logged a December spike in want to clear out roughly state-owned FAW Group. to around 100 units last rose 3.5% in the first two drag down car makers’ sales
sales after it shaved around 500,000 vehicles in their in- A Volkswagen spokesman month. months of the year, official later in the year, Mr. Lau, the
9% off the original price. ventory, which include older said the company is offering “Some car makers have data showed Wednesday. Daiwa analyst, said.

Online-Books Lawsuit Tests the Limits of Libraries

BY ERIN MULVANEY right infringement lawsuit in and legal use of the books, in collection of digital titles. pets of books—but not the en- “It would effectively render
AND JEFFREY A. TRACHTENBERG 2020, which is pending before the same way that traditional At the center of the dispute tire works—in which those the rights of authors, includ-
U.S. District Judge John Koeltl bricks-and-mortar libraries is a growing practice that sup- terms appeared. ing the right to market and
A federal judge on Monday in Manhattan. have a right to share their col- porters call controlled digital Lower courts ruled that monetize their works, mean-
will weigh pleas by four major The plaintiffs are lections with the public. lending, in which a library Google’s actions constituted ingless.”
book publishers to stop an on- Lagardère SCA’s Hachette “The stakes are high be- owns a physical copy of a fair use of authors’ works. By Dueling groups of intellec-
line lending library from freely Book Group, John Wiley & cause we’re in a situation book, digitizes it and then effectively building a search- tual-property scholars have
offering digital copies of Sons Inc., Bertelsmann SE’s where libraries and readers loans out the digital version to able digital card catalog, weighed in on the case. Aca-
books, in a case that raises Penguin Random House, and want to access books,” said one borrower at a time. Advo- Google’s actions created sig- demics backing the publishers
novel questions about digital- HarperCollins Publishers, cates say the approach can be nificant public benefits, a say the Internet Archive and
library rights and the reach of which like The Wall Street particularly beneficial for judge found. its supporters in the library
copyright law that protects Journal is owned by News older and less popular titles The Supreme Court de- community are seeking a
the work of writers and pub- Corp. They argue the Internet
The plaintiffs say for which publisher-issued clined to review the case, wide-ranging exception to
lishers. Archive book platform “consti- the Internet Archive ebooks might not be available. turning away an appeal by the copyright law that can be
Nonprofit organization In- tutes willful digital piracy on The model stands in con- Authors Guild and individual granted only by Con-
ternet Archive created the dig- an industrial scale” and hurts
book platform trast to the industry-blessed writers. gress. Professors supporting
ital books, building its collec- writers and publishers who constitutes piracy. approach in which libraries The guild is supporting the the Internet Archive say the
tion by scanning physical book rely on consumers buying pay publishers to license publishers in the new litiga- publishers’ position could
copies in its possession. It their products. ebooks for lending to the pub- tion. “A real library pays for limit the work and utility of li-
lends the digital versions to William Adams, general lic. their books,” said Mary Rasen- braries in the digital era.
readers worldwide, with more counsel for HarperCollins Pub- Corynne McSherry, legal di- Judge Koeltl is weighing berger, chief executive of the Juliya Ziskina, a policy fel-
than three million digitized lishers, said the archive’s ap- rector for the Electronic Fron- motions from both sides seek- Authors Guild. low with the Library Futures
books on offer. proach has no basis in law. tier Foundation, a nonprofit ing a final ruling in their favor. “If this conduct is normal- Institute, a group that advo-
The archive expanded its “What they’re doing is sup- digital-rights group that is The case follows earlier ized, there would be no point cates for digital lending, said
digital lending during the planting what authors and part of the legal team repre- battles focused on a book da- to the Copyright Act,” said the future of lending is at
Covid-19 pandemic, temporar- publishers do with libraries senting Internet Archive. tabase created by Alphabet Maria Pallante, chief executive stake.
ily lifting limits on how many and have been doing for a long Ms. McSherry said authors Inc.’s Google. The company of the Association of American “Copyright law doesn’t
people could check out a book time,” he said. and publishers aren’t suffering scanned millions of titles and Publishers, whose members stand in the way of lending a
at one time. The move helped The Internet Archive says financial harm from libraries allowed users to search for include consumer, academic book to one person at a time
prompt the publishers’ copy- its lending practices are a fair that want to curate their own specific terms and view snip- and professional publishers. via the Internet,” she said.

TikTok subject of a photo and pulls

the background in a way that
it appears to be a three-di-
videos in seconds simply by
providing a text caption. Ji-
anying introduced a similar

Sister App mensional picture. Around

Halloween and Christmas last
year, CapCut launched several
feature in 2021.
In the U.S., CapCut has been
recruiting template creators to

Is Popular festival templates, attracting

hundreds of thousands of new
daily downloads.
help enrich its resource pool,
offering cash rewards of up to
$1,000 to those who created
Grace Windheim, a 24-year- viral templates, according to a
Continued from page B1 old San Francisco-based con- notice in the app.
TikTok has said it wouldn’t tent creator, has posted videos CapCut’s revenue, mainly
share data with Chinese au- on YouTube to teach people from subscriptions and adver-
LYU MING/CHINA NEWS SERVICE/GETTY IMAGES

thorities and is proposing a how to make trending videos tising, has grown faster in re-
deal to ring-fence the com- with CapCut. A video in which cent months, according to
pany’s data and algorithm in she explained the “3D Zoom” data.ai. Its competitors include
the U.S. effect, posted in 2021, has at- Chinese peers like Hangzhou
CapCut says in its privacy tracted more than a million Xiaoying Innovation Technol-
policy that to provide services, views. She said popular tem- ogy Co.’s VivaVideo and In-
it collects content such as plates and effects have likely Shot Inc., as well as U.S. rivals
photos and videos that users helped people earn followers like Vimeo Inc.’s Magisto and
upload, as well as user data in- and views. Ubiquiti Inc.’s VN Video Edi-
cluding their location, gender When ByteDance launched tor.
and birthday, which is com- CapCut, the video editor was Hangzhou Xiaoying said in
mon for video-editing tools. largely a clone of Jianying, its initial public offering pro-
CapCut said it stores such TikTok has been scrutinized in the U.S. for privacy concerns related to its Chinese parent ByteDance. which the company rolled out spectus last May that the
data in the U.S. and Singapore, a year earlier in China. While number of VivaVideo subscrib-
just as TikTok does. It de- cording to Sensor Tower. Chinese version, Douyin, at Dance launched a paid version it continued to copy to CapCut ers declined 32% in 2021, ref-
clined to comment further. “It’s really easy to use. Cap- home. ByteDance is one of of its Chinese equivalent to features that have proven suc- erencing competition from
CapCut soared to the top of Cut brought so many good fea- China’s most valuable technol- CapCut, called Jianying, that cessful on Jianying, CapCut CapCut. It said the app has
app-store charts late last year tures, and for free,” said Edo- ogy giants and TikTok chal- allows multiple users to co- also has been creating features leveraged its partnership with
and has hovered near the pin- ardo Liotta, a 25-year-old lenges Meta and Google for edit a video. that fit into different local Meta to grow its user base
nacle of weekly rankings of Singapore-based TikTok user advertising dollars. TikTok has heavily pro- markets, people familiar with since then as people can now
apps downloaded in the U.S., with more than 80,000 follow- CapCut is less of a revenue moted the video editor to its the app said. share with one click to Meta’s
together with a wave of other ers who downloaded the app earner, but ByteDance is look- users: Videos edited by CapCut CapCut also provides tem- platforms including Facebook
Chinese-developed apps in- late last year. ing to monetize the app’s pop- usually show a button—with plates for posts and advertise- and Instagram Reels.
cluding TikTok, as well as “It makes the learning ularity more, people familiar phrases like “try this tem- ments on Instagram, Facebook, CapCut and VivaVideo are
shopping platforms Temu and curve better for people who with the company said. Late plate” or “editing made YouTube and LinkedIn. banned in India, along with
fashion marketplace Shein, are getting on TikTok,” he last year, CapCut started easy”—that directs viewers to As artificial-intelligence- TikTok, Shein and Tencent
data from app trackers includ- said. charging users for cloud stor- CapCut. generated content has become Holdings Ltd.’s WeChat. Since
ing Sensor Tower show. After starting with a buzzy age service as well as for more CapCut saw its first leap in a hit recently, multiple teams 2020, New Delhi has blocked
CapCut’s global downloads news aggregator in 2012, Bei- features and effects. mobile downloads in the U.S. at CapCut are working to more than 200 Chinese apps
jumped 43% to more than 400 jing-based ByteDance has rap- It plans to roll out an enter- in May 2021, according to app- launch AI-driven features, peo- as India-China relations
million last year; around 7% of idly grown an app empire us- prise version targeting corpo- analytics firm data.ai, after it ple familiar with the projects soured following deadly bor-
its global downloads since last ing its powerful algorithms. It rate users, according to its rolled out an effect called “3D said. Among them is a feature der clashes between their
year came from the U.S., ac- runs TikTok abroad and the website. In December, Byte- Zoom,” which closes in on the that allows users to generate troops.
P2JW079000-0-B00500-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | B5

Reviewing the forecasting insights

before ordering more inventory.

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of heights.

Booking time with a banker

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while stocking the shelves.

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B6 | Monday, March 20, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Chicken Wing Suit Labor

Strife at
Has Feathers Ruffled New York
Complaint claims
Buffalo Wild Wings’
devotee said he had never
looked at one of the chain’s
paid “significantly less for
them” if he had known the
Times
boneless offering is
chicken wings and thought,
“Man, they’re lying to me.”
Mr. Dye added the restaurant
products weren’t chicken
wings. “Mr. Halim suffered a fi-
nancial injury as a result of de-
Intensifies
more like nuggets chain’s sauces are “unbeatable.” fendants’ false and deceptive BY ALEXANDRA BRUELL
The franchise sent Mr. Dye conduct,” the lawsuit said.
BY SURYATAPA BHATTACHARYA a plaque of appreciation after Ruhandy Glezakos, Mr. Labor tensions at the New
he ate their Asian Zing chicken Halim’s attorney, said it was a York Times are intensifying,

RYAN DYE
If a chicken wing isn’t made wings once a week for 52 straightforward case and he with the publisher expressing
from the chicken’s wing, is it straight weeks in 2020 during was looking forward to repre- concerns about the union’s
still a chicken wing? the Covid-19 pandemic. The senting his client and other tactics in the negotiations and
Aimen Halim sued Buffalo streak ended after more than consumers against Buffalo Times staffers taking to Slack
Wild Wings earlier this month, 100 weeks when he went on a Wild Wings. to vent frustrations with man-
accusing the restaurant of weeklong cruise with his wife. When Alexandra Roberts, a agement.
falsely advertising its boneless Bone-in wings are “darker professor of law and media at After two years and over 50
wings. The Chicago native said meat if you want to get really Northeastern University who bargaining sessions, the union
in his lawsuit, filed in U.S. Dis- technical about it. But to me it specializes in false advertising, and management have been
trict Court in Illinois, that the doesn’t taste any different. I read the lawsuit, she said her unable to agree on wages and
name and description of the mean, it’s still chicken,” Mr. initial reaction was: “Is a bone- healthcare benefits, among
boneless wings “leads reason- Dye said. less chicken wing physically other issues.
able consumers to believe the possible? Aren’t there so many Times publisher A.G. Sulz-
products are actually chicken Price of chicken soars bones in a chicken wing that if berger last week sent a note to
wings,” meaning they have Surging restaurant demand you extracted them all, you members of the union’s bar-
been deboned and contain the and a chicken-meat shortage re- would have a pile of scraps; you Clockwise from above: the gaining group for the first
original chicken-wing meat. lated to bird flu have contrib- wouldn’t have a coherent thing chain’s tweet referencing the time, expressing his concern
In the lawsuit, which seeks uted to rising prices for chicken. that hangs together?” suit; a plaque Ryan Dye got for about the lengthy negotia-

ALYSSA CHRISTENSEN
class-action status, Mr. Halim Many companies are now pay- There are federal and state eating Buffalo Wild Wings’ tions. Mr. Sulzberger claimed
said the boneless chicken ing more to buy bone-in chicken laws that protect customers boneless wings for 52 straight the committee is refusing to
wings from Buffalo Wild wings. The price of a whole, from false advertising, accord- weeks; Ander Christensen at negotiate in person in small
Wings are slices of chicken fresh chicken is up 2.1% com- ing to Ms. Roberts. State laws the 2021 Buffalo Wing Festival groups, a chance “to lock eyes,
breast deep-fried and made to pared with last year, according differ but generally say a in Buffalo, N.Y. shake hands and hash out a
resemble chicken wings. They to the U.S. Bureau of Labor Sta- product shouldn’t deceive cus- deal,” according to a copy of
are “more akin, in composi- tistics. Meanwhile, as chickens tomers or sway their purchas- have enough tuna. A federal our menus, and our hearts.” the email reviewed by The
tion, to a chicken nugget have gotten bigger, more ing decisions, she said. judge in New York last year Some local restaurants in Wall Street Journal.
rather than a chicken wing,” chicken breast meat is available. “I think the plaintiff here is dismissed the lawsuit against Lincoln have since changed He argued for bringing in a
the lawsuit says. “Anybody with common right when we’re talking about Pop-Tarts maker Kellogg Co., their offerings to other names, neutral third party to help
When asked about the suit, sense would realize there’s not ingredients or quality or we’re saying the plaintiff had failed according to Mr. Christensen, reach a deal. “Given the trou-
Buffalo Wild Wings, part of In- that much meat on a chicken talking about light meat versus to sufficiently show the pack- who goes by the handle bling lack of progress after
spire Brands Inc. restaurants, wing,” said Jeff Youngs, 57, of dark meat,” said Ms. Roberts. aging was misleading. A fed- @SaucyNugs on Twitter and more than two years, I wanted
pointed to a tweet it posted: Marion, Ohio, who prefers a “That might be something eral judge in California allowed makes an annual pilgrimage to to reach out to share my con-
“It’s true. Our boneless wings bone-in, dark-meat wing. His that’s really important to a con- the Subway lawsuit to go for- the National Buffalo Chicken cerns about the process that
are all white chicken. Our ham- wife prefers the boneless, sumer who’s purchasing some- ward in July 2022. Subway has Wing Festival in New York. has gotten us to this point,”
burgers contain no ham. Our white-meat version, he said. thing in a category of wings or said its tuna is “high-quality,” Part of what makes bone-in Mr. Sulzberger wrote.
buffalo wings are 0% buffalo.” Regardless of the couple’s nuggets or whatever it is.” “wild-caught” and “100% tuna.” chicken wings special, accord- The union responded to Mr.
differences, Mr. Youngs said, Before Mr. Halim, Ander ing to Mr. Christensen, is that Sulzberger in its member
Wings fan speaks out chicken wings shouldn’t be di- Other cases Christensen in 2020 famously they force everyone to get newsletter the same day, dis-
Mr. Halim’s allegations visive, because they usually The Buffalo Wild Wings suit made a case for renaming re- their hands and mouths dirty, puting that the Guild hasn’t
struck a nerve among some who come with a beer at a bar. adds to a list of grievances by constructed chicken wings at a creating a bonding experience. met with management in small
consider chicken wings sacred. Mr. Halim bought his bone- disgruntled customers who city council meeting in Lin- “When you do these bone- groups. “The only way we can
“Chick-fil-A’s waffle fries less chicken wings in January have claimed there aren’t coln, Neb. In a video that went less wings, it sanitizes the get a deal that responds to our
aren’t made with waffle batter at a Buffalo Wild Wings restau- enough strawberries in a viral, he urged council mem- whole experience,” he said. “It concerns—including our push
either,” said Ryan Dye. The 33- rant in Mount Prospect, Ill. The strawberry Pop-Tart and a bers to remove the words just takes away from what for raises that keep up with
year-old Buffalo Wild Wings lawsuit says he would have Subway tuna sandwich doesn’t boneless chicken wings “from makes it special and natural.” inflation—is by working to-
gether in good faith,” the
Guild said.

Vanishing Performance over

the past six months
The largest listings that China
Renaissance was an under-
writer on, by total funds raised
Meanwhile, Times staffers
have taken to the messaging
app Slack to express their

Spurs
30%
frustrations, according to sev-
Kuaishou (2021)
Hang Seng eral staffers and messages re-
20 Index $6.2 billion viewed by the Journal.

Alarm
NIKKI RITCHER FOR THE WALL STREET JOURNAL

China In one widely accessible

Renaissance JD.com* (2020)
10 channel, “#celebrate,” several
4.5 unionized staffers highlighted
a recent securities filing from
0 Didi (2021)
Continued from page B1 the company that detailed
at the University of Technol- 4.4 what top executives earned
ogy, Sydney. “So now, every- –10 last year, including perfor-
Meituan (2018)
one who has achieved success mance-based stock awards
that way feels that they are at –20 4.2 based on metrics such as ad-
risk…. The threat is very real.” justed operating income and
JD Health (2020) digital-subscription revenue.
–30
Colleagues worry 4.0 “I want to #celebrate the
Oct. 2022 Jan. ’23
Privately, close associates of Chinese investment banker Fan Bao believed China was on the fact that those fat executive
Mr. Bao have been dismayed *Secondary listing in Hong Kong Sources: FactSet (performance); Dealogic (listings) cusp of a new-economy revolution. bonuses were the result of the
by his detention. China Re-
naissance Holdings Ltd., the emerged days after a mysteri- Born in Shanghai to a pair of said Duncan Clark, who Holdings Inc., Meituan and
boutique investment bank he ous detention by authorities in diplomats, Mr. Bao spoke Eng- worked with Mr. Bao for a few short-video app operator
founded and ran, is a relatively late 2015. He continues to run lish fluently and embraced months at Morgan Stanley and Kuaishou Technology.
A.G. Sulzberger
small firm, making it unusual Fosun and was never charged Western culture early on. In now runs BDA China, an in- As he became more success- argued for bringing in
that it would draw this manner with any wrongdoing. high school, he donned Nike vestment-advisory firm. Mr. ful, Mr. Bao sported modish
of government scrutiny. Col- Xiao Jianhua, a Chinese fi- sneakers, which were relatively Clark said Mr. Bao was a hus- glasses and crisp tailored busi-
a neutral third party
leagues, business partners, nancier who ran a conglomer- uncommon in China in the tler who didn’t take himself ness suits, and was a regular to help reach a deal.
friends and acquaintances of ate called the Tomorrow 1980s. He studied English liter- too seriously and who put in speaker at international confer-
Mr. Bao are worried about his Group, was taken from Hong ature at the country’s presti- exceedingly long hours. ences. He used to drive a Fer-
safety and are hoping he will Kong in 2017 and didn’t reap- gious Fudan University, then rari and sometimes let his busi-
soon resurface publicly. “I feel pear for five years. He turned went to Europe, where he Belief in new economy ness partners take his company hitting its business
utterly disillusioned,” said a up in a Shanghai court last earned a degree in business A Chinese television show in collection for spins in Beijing, goals—which it did because of
person close to Mr. Bao. year to face corruption and economics at the BI Nor- 2008 featured Mr. Bao as “the according to people who inter- the hard work of its employ-
The jolt to businesspeople’s charges and was sentenced to wegian School of Management. investment banker who looks acted with him. ees, including nearly 1,500
confidence comes as anxiety 13 years in prison. He started working on Wall most unlike an investment Friends remember him jok- Guild members,” wrote one re-
over China’s direction, its cur- Street in the mid-1990s, joining banker,” referring to how he ing about how he once wore a porter and active union mem-
tailing of people’s rights, and Aid in probe sought Morgan Stanley Dean Witter was recently filmed wearing a leather jacket to a formal gath- ber last week.
the way it managed the Mr. Bao was taken in to as- and then Credit Suisse First flowery shirt and ripped jeans ering and was mistaken for a “I’m hoping we will soon all
Covid-19 pandemic is leading sist in a corruption probe in- Boston before returning to Mor- while smoking a cigar. driver by the valet. be able to #celebrate a new
more middle-class and wealthy volving Cong Lin, a former gan Stanley to help arrange Mr. Bao believed China was Meanwhile, many of the contract—with wages that
Chinese citizens to relocate to president of China Renais- on the cusp of a new-economy companies he worked with be- come close to keeping pace
other countries. Global inves- sance who joined the firm in revolution and connected early came targets. The government with inflation,” another staffer

24%
tors have been rethinking their 2020 after leaving a subsid- on with young entrepreneurs stopped Ant Group’s 2020 IPO wrote.
exposure to the world’s sec- iary of Industrial & Commer- who were trying to get their at the last minute and forced a “We remain deeply commit-
ond-largest economy following cial Bank of China Ltd., one of internet-technology startups wholesale restructuring of the ted to working with the NYT
a selloff over the past two the country’s biggest state- off the ground. In a video company. It forced Didi to un- NewsGuild to reach a contract
years that was largely caused owned banks, The Wall Street Decline in the MSCI China marking China Renaissance’s wind its U.S. IPO, which China that financially rewards our
by Beijing’s regulatory crack- Journal has reported. Index in 2022 10th anniversary in 2015, he Renaissance had helped under- colleagues for their important
downs and policy decisions. While Mr. Cong was at said the firm’s goal was to be- write. Meituan was fined the contributions to The Times’s
The MSCI China Index fell 23% ICBC, one of its units extended come the “most awesome” in- equivalent of more than $533 success,” a Times spokes-
in 2021 and 24% in 2022. a $200 million credit facility vestment bank in China in the million for antitrust viola- woman said in a statement.
“Confidence has been very to China Renaissance. One mergers and finance deals. As a next 10 years. tions. Divisions have surfaced
much shattered,” said Zhiwu question investigators have is junior banker, he worked on That year, China Renais- Mr. Bao tried to adapt to among staffers over whether
Chen, a professor and chair of whether Mr. Bao gave Mr. deals for clients that included sance was the sole financial the new environment, shifting the union is playing a con-
finance at the University of Cong a position at China Re- China’s state-owned telecom adviser behind the mergers his attention to pursuing deals structive role in the news-
Hong Kong’s business school. naissance as part of a quid- carriers and Huawei Technolo- that created ride-hailing ser- in industries like semiconduc- room.
“The government’s desire to pro-quo arrangement, the gies Co., according to people fa- vice Didi Global Inc., a com- tors that remained in Beijing’s Some veteran reporters
have private equity and venture Journal reported. ICBC’s inter- miliar with the matter. pany that eventually forced good graces. have argued for using a medi-
capital invest more is very national division was one of Uber to retreat from China, In May, Mr. Bao left the ator to help resolve the con-
much undermined,” he added. the sponsors of China Renais- Chinese J.P. Morgan and food-delivery operation country and visited investors tract dispute, while other
China Renaissance, which sance’s 2018 IPO and received Mr. Bao founded China Re- Meituan. The internet plat- in the Middle East, Southeast union members want to vote
helps companies raise money fees from the share sale. naissance in 2005 and set out forms had all been locked in Asia and the U.S., according to to authorize a strike. Times
and invests in startups, has None of this has been dis- to help technology businesses cash-burning battles as they people familiar with the mat- union members held a one-day
been trying to reassure clients closed formally by Chinese au- in China raise capital for vied for more market share. ter. He returned to China in strike in December.
and employees that business is thorities, which didn’t reply to growth. In private, Mr. Bao Mr. Bao used his deep connec- July and underwent weeks of Michael Powell, a Times re-
operating normally. Its shares a request for comment for this told close associates that he tions with company founders quarantine. porter covering issues around
lost more than a quarter of their article. wanted to make his firm into and their shareholders to Mr. Bao’s last post on Chi- free speech, in an email to fel-
value in a single day after the “It’s really a due process risk China’s J.P. Morgan—the origi- bring archenemies in business nese social media WeChat was low union members challenged
firm disclosed on Feb. 16 that it in China,” said Andrew Polk, nal empire-building operation to the negotiating table. on Jan. 9, a few days before a claim he said the Guild had
was unable to contact or locate co-founder of Trivium China, a where John Pierpont Morgan In 2018, China Renaissance the China Renaissance party. made that mediation would
Mr. Bao, who is its chairman consulting firm. “The problem financed and merged compa- raised about $350 million in an He congratulated Fenbi Ltd., a elongate the dispute and re-
and controlling shareholder. is not the CEOs or chairmen of nies in industries like steel IPO in Hong Kong that drew in- vocational training provider sult in a less desirable con-
Some Chinese entrepre- these companies getting hauled and railroads to create the gi- vestments from high-profile in- and a portfolio company in his tract, according to a copy of
neurs who previously went away for questioning. It’s that ants of America’s Gilded Age. stitutions including fintech firm firm’s fund, on its Hong Kong the email reviewed by the
missing reappeared quickly. nobody knows where they “He was just very hard- Ant Group Co. It was often the listing. Under his personal sta- Journal. He presented an ex-
Guo Guangchang, the billion- went, and it’s done with no working and very knowledge- only non-state-owned Chinese tus, Mr. Bao had written: ample of a 2012 dispute that
aire chairman of Shanghai forewarning, with secrecy, and able. Even at a junior level he bank on multibillion-dollar “Dream as if u’ll live forever, relied on a mediator and
conglomerate Fosun Group, we only know afterwards.” commanded a lot of respect,” IPOs, such as those of PDD live as if u’ll die today.” ended with a deal.
P2JW079000-4-B00700-1--------NS

THE WALL STREET JOURNAL. * * * * NY Monday, March 20, 2023 | B7

BUSINESS & FINANCE

Client Mix Silvergate and SVB collapsed in

quick succession.
On March 9, as a run started
Signature's total deposits,
year-end
March 12 closing the bank and
dispatched a team from her of-
fice and the FDIC to Signature’s

Fueled
$120 billion
at SVB, Signature sought to re- headquarters. The office was
assure investors, saying it had hushed when they arrived.
been buying back shares that 100 Some staffers were crying.

Undoing week. Signature executives

bought stock in a show of confi-
dence, according to regulatory
80 Wary of small lenders
Holly MacDonald-Korth left
filings. Chief Operating Officer her commercial-real-estate fi-

STEPHANIE KEITH/BLOOMBERG NEWS

Continued from page B1 Eric Howell, who was recently 60 nancing company’s $1 million
boast that he often spent most tapped to become CEO, spent balance at Signature on Friday
of his week golfing with pro- roughly $960,000 buying the 40 after bankers reassured her that
spective clients. bank’s preferred equity on everything would be fine.
Its personalized service and March 8 and 9. Mr. Shay bought When she heard the news
connections to the New York about $414,000 of shares on 20 Sunday night, she emailed ev-
real-estate world gave it ties to a March 10. eryone she could think of at the
colorful cast of characters. Its The government seized SVB 0 bank: “I’d like to withdraw my
board, at different times, in- the morning of March 10, set- 2001 ’05 ’10 ’15 ’20
deposits immediately.”
cluded Ivanka Trump and former ting off a panic among Signa- After the 2008 financial crisis, Signature’s style of relationship She wound up leaving the
congressman Barney Frank. ture’s customers. Like SVB, the Source: the company banking gained favor with investors and customers. deposits, now guaranteed by the
The lender stood by cus- bulk of its deposits—$83 billion government intervention, but
tomer and hip-hop producer Irv all told—were in accounts over Over the weekend of March $20 billion more from the cen- materialized. After discussions she has grown wary of leaving
“Gotti” Lorenzo when he faced the Federal Deposit Insurance 11-12, executives holed up with tral bank. with regulators in D.C., New her company’s funds at smaller
money-laundering charges in Corp.’s $250,000 insurance cap. lawyers and advisers at Signa- The run was on pause but York banking regulators called lenders.
2005. After he was acquitted, Commercial mortgage broker ture’s Fifth Avenue offices. They that hadn’t stopped depositors time. “I get better service at the
Mr. Lorenzo persuaded friends, Ira Zlotowitz’s phone was abuzz raced to find a buyer or arrange from initiating withdrawal re- The New York regulator had regional banks,” Ms. Mac-
including rapper Ja Rule, to be- with messages from a 1,000- a capital infusion. And they quests, setting Signature up for a “crisis of confidence in the Donald-Korth said. “This week
come customers. member WhatsApp group for started talking to the Fed about a Monday meltdown. management team,” Adrienne I’ve been spreading our funds
After the 2008 financial cri- people in the commercial real- borrowing more money; the On Sunday afternoon, March Harris, the head of the New out to the bigger banks.”
sis, Signature’s style of relation- estate business. bank tapped the Fed’s discount 12, the Fed told Signature that it York Department of Financial —Ben Foldy
ship banking gained favor with window for a few billion dollars wouldn’t lend it any more Services, said. and Caitlin Ostroff
investors and customers. Loans ‘Total fear’ Friday and hoped to get about money. A white knight hadn’t She signed paperwork on contributed to this article.
and deposits routinely grew by “The chat was total fear. You
double-digit percentages, far saw some people were saying,
outpacing crisis-scarred banks ‘You’ve got to take your money
like JPMorgan Chase & Co. and and run,’” he said.
Bank of America Corp. It rarely Mr. Zlotowitz was worried
lost money on loans. about his seven-figure balance,
Signature kept looking for but he was worried about Sig-
new niche businesses to keep nature, too. Its bankers, after
growing. Sometimes they didn’t all, were like family: Mr. Zlotow-
work out. It tried lending to peo- itz and his business partners in-
ple in New York and other cities vited them to weddings, bar
to buy taxi medallions, the per- mitzvahs and charity events. He
mits needed to operate cabs, be- decided to leave his money in
fore ride-share businesses like the bank.
Uber Technologies Inc. and Lyft Signature bankers were over-
Inc. gutted the business. whelmed. “Customers were call-
In 2018, Signature executives ing and bank management was
decided to get into crypto, a saying ‘We are fine,’” Mr. Frank,
market that bigger lenders had the former congressman and
all but rejected. The bank
opened deposit accounts for
crypto companies and built a
payments network that allowed
Signature director, said. Cus-
tomers replied: “We’re going to
JPMorgan because we are more
comfortable,” Mr. Frank said.
WHERE VOLATILITY

them to send dollars to each

other quickly. It didn’t hold cryp-
tocurrencies or make loans
Signature believed it had $29
billion it could borrow between
the Fed and Federal Home Loan RISK MEETS
OPPORTUNITY
backed by digital assets. Bank of New York to shore up
Mr. Shay wrote out the ini- its balance sheet. It went to the
tial plan for the payments net- New York FHLB on March 10 to
work by hand and kept the borrow more than $2 billion
piece of paper in a frame in his around noon. By 1:30 p.m., cus-
Midtown Manhattan office. tomers were withdrawing
By early 2022, some 27% of money so fast, it had to go back
Signature’s $109 billion in de- for another $2.5 billion.
posits were from digital-asset The New York FHLB was Whatever the conditions, CME Group provides
clients. Its stock rose alongside flooded with borrowing re-
cryptocurrencies, reaching a quests that day. Banks leave col-
the tools that global market participants need UNCERTAINTY
high of $366 that January. lateral like mortgages with Fed-
eral Home Loan Banks in
to manage risk and capture opportunities. With
A series of blows exchange for credit lines. 24-hour access to trading in futures, options,
Then the crypto world im- To advance the money, the
ploded. The bank cut back on FHLBs have to issue debt. That cash and OTC across all major asset classes,
crypto deposits after FTX can take a few hours during
failed. But its exposure to the busy periods, and it means they you can determine your best position and
market hit Signature shares. can generally only lend when
Executives spent time reassur- the market is open. take action at just the right moment.
ing customers that the bank The second request was
was on solid footing. filled close to 6 p.m. By then,
Meanwhile, Signature was Signature customers had with- VISIT CMEGROUP.COM/OPPORTUNITY
starting to feel the pinch from drawn $18 billion—about 20%
the Federal Reserve’s rapid in- of the lender’s total deposits.
terest-rate increases. Custom- The bank inquired about further
ers were beginning to with- FHLB advances after the market
draw money from accounts closed but was told no.
paying paltry interest in search The New York FHLB told The
of higher yields. It lost $17.5 Wall Street Journal that it filled
billion in deposits in 2022, its all formal requests for advances
first-ever decline. from banks received during
The real trouble started after market hours on March 10.

STRATEGY
SCOTT OLSON/GETTY IMAGES

POSITION

Foot Locker is expected to post per-share earnings of 51 cents.

THE TICKER |
MARKET EVENTS COMING THIS WEEK
Monday Fed rate-policy Expected 200,000
Earnings expected meeting New-home sales
Estimate/Year Ago Current target rate Jan., previous 670,000
Foot Locker 0.51/1.67 4.50%-4.75% Feb., expected 649,000
Mort. bankers indexes Earnings expected
Tuesday Purch., prev. up 5.0% Estimate/Year Ago
Existing-home sales Refinan., prev. up 7.0% Accenture 2.49/2.54
Jan., previous 4.00 mil. Earnings expected Carnival (0.60)/(1.65) Laird Hamilton
Feb., expected 4.16 mil. Estimate/Year Ago Commercial Metals World-Class Big Wave Surfer
Earnings expected Chewy (0.11)/(0.15) 1.48/1.53
Estimate/Year Ago Ollie’s Bargain Outlet Darden Restaurants
Array Tech. 0.10/(0.06) Holdings 0.79/0.69 2.24/1.93
GameStop FactSet 3.69/3.27
(0.13)/(0.47) Thursday General Mills 0.92/0.84
HealthEquity 0.35/0.20 Current account
Nike 0.56/0.87 3rd qtr., previous Friday
$217.11 bil. deficit Durable-goods orders
Wednesday 4th qtr., expected n.a. Jan., prev. down 4.5%
EIA status report EIA report: natural gas Feb., expected up 0.7%
Previous change in stocks in Previous change in stocks in Short-selling reports
millions of barrels billions of cubic feet Ratio, days of trading volume
Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally
Crude oil up 1.6 down 58 of current position, at Feb. 28 deposited and profit you might have made. This communication is not a recommendation or offer to buy,
Gasoline down 2.1 Initial jobless claims NYSE 3.8 sell or retain any specific investment or service. Copyright ©2021 CME Group Inc. All rights reserved.
Distillates down 2.5 Previous 192,000 Nasdaq 2.1
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in
parentheses) u Adjusted for stock split
Note: Forecasts are from Dow Jones weekly survey of economists
P2JW079000-0-B00800-1--------XA

B8 | Monday, March 20, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
31861.98 t 47.66, or 0.15% last week Trailing P/E ratio 21.15 19.30 3916.64 s 55.05, or 1.43% last week Trailing P/E ratio * 17.62 24.53 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 17.04 18.00 High, low, open and close for each of P/E estimate * 17.93 16.52
the past 52 weeks Dividend yield 2.21 2.04 the past 52 weeks Dividend yield * 1.73 1.42 IPOs in the U.S. Market
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
Initial public offerings of stock expected this week; might include some
Week's high
offerings, U.S. and foreign, open to institutional investors only via the
DOWN UP
Current divisor 0.15172752595384 Monday's open Friday's close Rule 144a market; deal amounts are for the U.S. market only
t 36000 4550 Symbol/ Pricing
Friday's close Monday's open
t
Expected primary Shares Range($)
200-day moving average pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
200-day moving average Week's low
34500 4350 3/23 2/10 U.S. GoldMining Inc USGO 2.0 10.00/ HC Wainwright & Co LLC,
Mineral exploration A 10.00 BMO Cptl Mkts
company focused on the
acquisition and
development of gold
33000 4150 assets in the Americas.

31500 3950
Lockup Expirations
Below, companies whose officers and other insiders will become eligible
65-day to sell shares in their newly public companies for the first time. Such
moving average 30000 3750 sales can move the stock’s price.
65-day Lockup Offer Offer amt Through Lockup
moving average expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
28500 3550
March 19 Dec. 19, ’22 Lipella Pharmaceuticals LIPO 5.75 7.0 –59.0 90 days
Bars measure the point change from Monday's open Sources: Dealogic; Dow Jones Market Data
27000 3350
M A M J J A S O N D J F M M A M J J A S O N D J F M IPO Scorecard
Primary Performance of IPOs, most-recent listed first
NYSE weekly volume, in billions of shares market Composite
t
t

% Chg From % Chg From

Scan this code Friday's Offer 1st-day
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24 Get real-time U.S. stock quotes and track IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close

12 most-active stocks, new highs/lows, mutual Four Leaf Acquisition 10.20 2.0 ... Belleveue Life Sciences Acquisition 10.25 2.5 0.9
FORLU March 17/$10.00 BLACU Feb. 10/$10.00
0 funds and ETFs..
Intchains Grp 8.27 3.4 3.4 Enlight Renewable Energy 16.25 –9.7 –8.5
M A M J J A S O N D J F M Available free at WSJMarkets.com ICG March 16/$8.00 ENLT Feb. 10/$18.00
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index ICZOOM Grp 3.28 –18.0 –0.9 Mineralys Thera 15.44 –3.5 –16.3
IZM March 15/$4.00 MLYS Feb. 10/$16.00
Major U.S. Stock-Market Indexes Nasdaq Composite Atlas energy Solutions 15.93 –11.5 –6.0 Pono Capital Three 10.29 2.9 1.4
AESI March 9/$18.00 PTHRU Feb. 10/$10.00
Latest Week 52-Week % chg s 491.63, or 4.41%
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. Beamr Imaging 3.01 –24.8 –17.5 Lucy Scientific Discovery 1.35 –66.3 –54.8
Dow Jones
last week BMR Feb. 28/$4.00 LSDI Feb. 9/$4.00
SilverBox III Nextracker
Industrial Average 32306.59 31429.82 31861.98 -47.66 -0.15 28725.51 • 35294.19 -8.3 -3.9 14.5
SBXC.UT Feb. 28/$10.00
10.08 0.8 0.1
NXT Feb. 9/$24.00
29.07 21.1 –4.6

Transportation Avg 14289.35 13603.03 13773.46 -435.55 -3.07 11999.40 • 16718.54 -16.5 2.8 22.6
11600 Distoken Acquisition 10.25 2.5 0.6 Lichen China 2.14 –46.5 –37.4
Utility Average 937.77 885.45 923.21 35.66 4.02 838.99 • 1071.75 -6.1 -4.6 6.2 DISTU Feb. 15/$10.00 LICN Feb. 4/$4.00
Total Stock Market 39734.35 38209.42 39185.17 367.10 0.95 36056.21 • 46941.2 -13.4 1.7 15.7 The NFT Gaming Company 1.37 –67.0 –66.2 Asset Entities 1.59 –68.2 –55.2
Barron's 400 934.05 882.38 892.12 -37.63 -4.05 825.73 • 1051.05 -13.5 -3.1 20.2 11300 NFTG Feb. 15/$4.15 ASST Feb. 3/$5.00
BullFrog AI 2.72 –58.2 –42.9 Cetus Captial Acquisition 10.30 3.0 1.2
Nasdaq Stock Market BFRG Feb. 14/$6.50 CETUU Feb. 1/$10.00
11000
Nasdaq Composite 11773.11 10982.80 11630.51 491.63 4.41 10213.29 • 14619.64 -16.3 11.1 16.6 Mars Acquisition 10.36 3.6 1.9 Brera Hldgs 3.15 –37.0 –34.6
MARXU Feb. 14/$10.00 BREA Jan. 27/$5.00
Nasdaq-100 12674.34 11695.41 12519.88 689.60 5.83 10679.34 • 15239.32 -13.2 14.4 18.8
10700 Sources: Dow Jones Market Data; FactSet
S&P
10 13 14 15 16 17
500 Index 3964.46 3808.86 3916.64 55.05 1.43 3577.03 • 4631.6 -12.2 2.0 15.7 March Public and Private Borrowing
MidCap 400 2480.34 2360.60 2374.47 -78.12 -3.19 2200.75 • 2773.72 -12.2 -2.3 19.2 DJ US TSM
SmallCap 600 1184.30 1127.82 1133.88 -38.46 -3.28 1064.45 • 1357.33 -15.3 -2.0 19.2 Treasurys
s 367.10, or 0.95%
Other Indexes last week Monday, March 20 Wednesday, March 22
Russell 2000 1802.12 1716.67 1725.89 -46.81 -2.64 1649.84 • 2133.1 -17.3 -2.0 16.0 Auction of 13 and 26 week bills; Auction of 17-week bill;
announced on March 16; settles on March 23 announced on March 21; settles on March 28
NYSE Composite 15044.65 14471.08 14599.05 -295.13 -1.98 13472.18 • 17014.76 -12.1 -3.9 13.2
Value Line 549.62 526.34 530.54 -13.59 -2.50 491.56 • 653.15 -16.9 -1.1 15.7 39500 Tuesday, March 21 Thursday, March 23
NYSE Arca Biotech 5238.93 5056.87 5105.47 48.60 0.96 4208.43 • 5644.5 0.4 -3.3 8.0 Auction of 52-week bill; Auction of 4 and 8 week bills;
NYSE Arca Pharma 809.25 790.52 800.13 8.22 1.04 737.84 • 887.27 -3.9 -7.8 12.1
39000
announced on March 16; settles on March 23 announced on March 21; settles on March 28
KBW Bank 88.67 78.17 78.80 -13.41 -14.55 78.80 • 132.22 -39.4 -21.9 6.0
PHLX§ Gold/Silver 125.14 114.21 123.86 12.27 11.00 91.40 • 167.76 -20.5 2.5 13.4
PHLX§ Oil Service 81.67 71.39 72.43 -9.913 -12.04 56.08 • 93.94 -4.4 -13.6 43.8 38500 A Week in the Life of the DJIA
PHLX§ Semiconductor 3127.42 2861.45 3083.52 159.59 5.46 2162.32 • 3625.58 -10.2 21.8 29.3
A look at how the Dow Jones Industrial Average component stocks
Cboe Volatility 30.81 22.27 25.51 0.71 2.86 17.87 • 34.75 6.9 17.7 -30.5 38000
did in the past week and how much each moved the index. The DJIA
§ Nasdaq PHLX 10 13 14 15 16 17
Sources: FactSet; Dow Jones Market Data March lost 47.65 points, or 0.15%, on the week. A $1 change in the price of
any DJIA stock = 6.59-point change in the average. To date, a $1,000
investment on Dec. 31 in each current DJIA stock component would
International Stock Indexes Commodities and have returned $29,594, or a loss of 1.35%, on the $30,000

Latest Week 52-Week Range YTD

Currencies investment, including reinvested dividends.
Region/Country Index Close % chg Low Close High % chg The Week’s Action
Last Week YTD
Pct Stock price Point chg $1,000 Invested(year-end '22)
World MSCI ACWI 616.09 –0.08 550.37 • 723.16 1.8 Close Net chg %Chg % chg
chg (%) change in average* Company Symbol Close $1,000
MSCI ACWI ex-USA 284.50 –2.34 244.35 • 326.65 1.1 DJ Commodity 971.05 -25.36 -2.54 -7.40
12.41 30.84 203.26 Microsoft MSFT $279.43 $1,168
MSCI World 2656.19 –0.05 2367.69 • 3110.81 2.1 Refinitiv/CC CRB Index 254.66 -10.34 -3.90 -8.31
9.52 2.59 17.07 Intel INTC 29.81 1,142
MSCI Emerging Markets 951.56 –0.39 842.76 • 1161.65 –0.5 Crude oil, $ per barrel 66.74 -9.94 -12.96 -16.85
6.74 11.67 76.91 salesforce.com CRM 184.85 1,394
Americas MSCI AC Americas 1485.35 1.18 1363.36 • 1779.00 1.9 Natural gas, $/MMBtu 2.338 -0.092 -3.79 -47.75
Canada S&P/TSX Comp 19387.72 –1.96 18206.28 • 22087.22 0.0 Gold, $ per troy oz. 1969.80 107.80 5.79 8.25 4.38 6.50 42.84 Apple AAPL 155.00 1,195
Latin Amer. MSCI EM Latin America 2070.84 –5.08 1912.59 • 2761.97 –2.7
U.S. Dollar Index 103.87 -0.71 -0.68 0.33 4.18 5.74 37.83 Procter & Gamble PG 142.93 949
Brazil BOVESPA 101981.53 –1.58 96120.85 • 121570.15 –7.1
WSJ Dollar Index 97.02 -0.80 -0.82 0.48 3.36 1.63 10.74 Cisco CSCO 50.19 1,062
Chile S&P IPSA 3080.23 –5.22 2937.32 • 3546.47 –2.9
Euro, per dollar 0.9373 -0.002 -0.25 0.32
Mexico S&P/BMV IPC 51925.61 –1.65 44626.80 • 56609.54 7.1
Yen, per dollar 131.83 -3.17 -2.35 0.54
2.47 2.90 19.11 Nike NKE 120.39 1,032
EMEA STOXX Europe 600 436.31 –3.84 382.89 • 465.24 2.7
U.K. pound, in dollars 1.22 0.0145 1.20 0.67
1.99 9.17 60.44 UnitedHealth Group UNH 469.50 889
STOXX Europe 50 3740.64 –2.95 3310.09 • 3947.97 2.4
52-Week
1.97 5.17 34.07 McDonald’s MCD 267.20 1,020
Eurozone Euro STOXX 433.66 –4.21 359.45 • 462.77 5.8 Low Close(l) High % Chg 1.77 2.43 16.02 Walmart WMT 139.40 987
Euro STOXX 50 4064.99 –3.89 3279.04 • 4313.78 7.2
DJ Commodity 967.84 1251.61 -17.12 1.37 0.81 5.34 Coca-Cola KO 60.02 951
Austria ATX 3124.59 –9.32 2647.43 • 3557.01 –0.1 l
Refinitiv/CC CRB Index 254.03
Belgium Bel-20 3602.80 –3.84 3313.82 • 4266.01 –2.7 l 329.59 -12.86 0.84 1.92 12.65 Amgen AMGN 229.79 883
France CAC 40 6925.40 –4.09 5676.87 • 7373.21 7.0 Crude oil, $ per barrel 66.74 l 122.11 -36.26 0.73 2.08 13.71 Home Depot HD 288.39 920
Germany DAX 14768.20 –4.28 11975.55 • 15653.58 6.1 Natural gas, $/MMBtu 2.073 l 9.680 -51.92
0.58 1.25 8.24 Visa V 217.39 1,048
Greece Athex Composite 1020.19 –3.41 779.20 • 1133.11 9.7 Gold, $ per troy oz. 1623.30 l 1982.90 2.16
0.51 0.77 5.07 Johnson & Johnson JNJ 152.38 869
Israel Tel Aviv 1725.50 –4.10 1707.57 • 2067.23 –4.0
U.S. Dollar Index 97.79 114.10
Italy FTSE MIB 25494.54 –6.55 20353 • 27949 7.5 l 5.73 0.30 0.11 0.72 Verizon VZ 36.79 948
Netherlands AEX 722.43 –2.77 630.58 • 771.69 4.9 WSJ Dollar Index 90.87 l 105.14 6.50
–0.40 –0.37 –2.44 Walt Disney DIS 93.20 1,073
Norway Oslo Bors All-Share 1309.43 –5.91 1247.07 • 1476.42 –3.9 Euro, per dollar 0.8960 l 1.0422 3.58
–0.99 –2.02 –13.31 Boeing BA 201.05 1,055
Portugal PSI 20 5724.12 –5.01 5190.28 • 6349.21 –0.0 Yen, per dollar 119.15 l 150.15 10.64
3M MMM 103.02
–1.00 –1.04 –6.85 871
South Africa FTSE/JSE All-Share 72527.92 –5.14 63263.94 • 80791.36 –0.7 U.K. pound, in dollars 1.07 l 1.33 -7.57
Spain IBEX 35 8719.30 –6.09 7261.1 • 9511.0 6.0 –1.05 –0.35 –2.31 Walgreens WBA 32.91 892
Sweden OMX Stockholm 797.07 –4.31 690.07 • 906.59 1.9 Go to WSJMarkets.com for free –1.40 –1.76 –11.60 IBM IBM 123.69 889
Switzerland Swiss Market 10613.55 –1.41 10072.62 • 12528.61 –1.1 access to real-time market data.
–3.33 –3.59 –23.66 Merck MRK 104.10 945
U.K. FTSE 100 7335.40 –5.33 6826.15 • 8014.31 –1.6
–4.49 –8.69 –57.27 Honeywell HON 184.64 866
Asia-Pacific MSCI AC Asia Pacific 157.57 –0.22 134.3 • 181.9 1.2
Australia S&P/ASX 200 6994.80 –2.10 6433.4 • 7592.8 –0.6 –4.59 –7.33 –48.31 Chevron CVX 152.34 856
China Shanghai Composite 3250.55 0.63 2886.43 • 3409.21 5.2 –5.29 –12.00 –79.09 Caterpillar CAT 215.01 902
Hong Kong Hang Seng 19518.59 1.03 14687.02 • 22688.90 –1.3
–5.54 –9.18 –60.50 American Express AXP 156.52 1,063
India S&P BSE Sensex 57989.90 –1.94 51360.42 • 63284.19 –4.7
–5.87 –7.84 –51.67 JPMorgan Chase JPM 125.81
Japan NIKKEI 225 27333.79 –2.88 25716.86 • 29222.77 4.7 945
Malaysia FTSE Bursa Malaysia KLCI 1411.73 –1.49 1373.36 • 1607.29 –5.6 –6.06 –10.65 –70.19 Travelers TRV 165.03 885
Singapore Straits Times 3183.28 0.18 2969.95 • 3445.01 –2.1 –7.16 –3.86 –25.44 Dow DOW 50.02 1,005
South Korea KOSPI 2395.69 0.05 2155.49 • 2759.20 7.1
–7.36 –24.13 –159.04 Goldman Sachs GS 303.54 890
Taiwan TAIEX 15452.96 –0.47 12666.12 • 17740.56 9.3
*Based on Composite price. DJIA is calculated on primary-market price.
Source: FactSet; Dow Jones Market Data
Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 5.72% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
5-year adjustable- Raymond James Bank 3.00% 5.00%
rate mortgage 28% Americas Vietnam dong .00004239 23590 –0.2
6.00% St. Petersburg, FL 800-718-2265
(ARM) t WSJ Dollar Index Europe
t
4.00 Argentina peso .0049203.2918 15.0
RTN Federal Credit Union
s
4.88% Tradeweb ICE 14 Brazil real
5.00 .1894 5.2794 –0.1 Czech Rep. koruna .04442 22.510 –0.3
Waltham, MA 781-736-9900 Friday Close 3.00 Canada dollar .7285 1.3728 1.3 Denmark krone .1433 6.9798 0.5
4.00 Star One Credit Union 5.13% 0 Chile peso .001204 830.61 –2.1 Euro area euro 1.0669 .9373 0.3
2.00 Euro Colombiapeso .000206 4850.50 0.04 Hungary forint .002682 372.84 –0.1
Sunnyvale, CA 408-742-2801
t s
One year ago
t

5-year Treasury 3.00 1.00 –14 Ecuador US dollar 1 1 unch Iceland krona .007136 140.14 –1.0
note yield The Torrington Savings Bank 5.13% Mexico peso .0529 18.9110 –3.0 Norway krone .0934 10.7059 9.1
s
Torrington, CT 860-496-2152 Yen Uruguay peso .02536 39.4250 –1.4 Poland zloty .2268 4.4085 0.7
2.00 0.00 –28
Clinton Savings Bank 5.25% Asia-Pacific Russia ruble .01299 76.960 4.4
AM J J A S ON D J F M 1 3 6 1 2 3 5 7 10 20 30 2022 2023 Sweden krona .0952 10.4998 0.6
2022 2023 Clinton, MA 888-744-4272 month(s) years Australiadollar .6701 1.4923 1.7
Switzerland franc 1.0799 .9260 0.1
China yuan .1452 6.8871 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Turkey lira .0526 19.0220 1.8
Hong Kong dollar .1274 7.8497 0.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0271 36.9500 0.3
India rupee .01212 82.535 –0.3
UK pound 1.2179 .8211 –0.7
Federal-funds rate target 4.50-4.75 4.50-4.75 0.25 l 4.75 4.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000651 15367 –1.3
Japan yen .007586 131.83 0.5 Middle East/Africa
Prime rate* 7.75 7.75 3.50 l 7.75 4.50 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002189 456.73 –1.3 Bahrain dinar 2.6508 .3773 0.1
Libor, 3-month 5.00 5.14 0.93 l 5.15 3.95 Macau pataca .1236 8.0910 0.5 Egypt pound .0325 30.7927 24.4
Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.48 0.48 0.07 l 0.48 0.10 Malaysia ringgit .2229 4.4855 1.8 Israel shekel .2726 3.6686 4.1
Five-year CD, annual yield 2.78 2.78 0.46 l 2.79 1.68 U.S. Treasury, Bloomberg 3.740 4.160 -5.05 -3.48 New Zealand dollar .6269 1.5952 1.3 Kuwait dinar 3.2595 .3068 0.3
30-year mortgage, fixed† 7.06 7.12 4.49 l 7.41 3.02 U.S. Treasury Long, Bloomberg 3.730 3.820 -15.63 -9.78 Pakistan rupee .00355 281.900 24.3 Oman sul rial 2.5974 .3850 ...
Aggregate, Bloomberg 4.400 4.670 n.a. 38 69 -5.33 -2.35 Philippines peso .0182 54.920 –1.4 Qatar rial .2746 3.641 –0.7
15-year mortgage, fixed† 6.27 6.31 3.67 l 6.53 3.05
Singapore dollar .7453 1.3417 0.1 Saudi Arabia riyal .2662 3.7564 –0.05
Jumbo mortgages, $726,200-plus† 7.10 7.21 4.52 l 7.44 2.97 Fixed-Rate MBS, Bloomberg 4.550 4.710 n.a. 21 88 -5.23 -2.80
South Korea won .0007641 1308.78 3.7 South Africa rand .0544 18.3979 8.1
Five-year adj mortgage (ARM)† 5.72 5.81 3.13 l 5.82 2.11 High Yield 100, ICE BofA 8.206 8.145 449 269 552 -4.449 4.871 Sri Lanka rupee .0029605 337.78 –8.1
Muni Master, ICE BofA 3.089 3.284 -3 -17 11 -1.221 0.656 Taiwan dollar Close Net Chg % Chg YTD%Chg
New-car loan, 48-month 6.75 6.75 3.58 l 6.77 2.32 .03264 30.633 –0.03
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 7.801 7.817 421.000 336.000496.000 -7.142 -0.377 Thailand baht .02931 34.120 –1.4 WSJ Dollar Index 97.02 –0.52–0.53 0.48
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
P2JW079000-0-B00900-1--------XA

THE WALL STREET JOURNAL. Monday, March 20, 2023 | B9

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not Investment Grade Bond Funds PIMCO Dynamic Inc Opp PDO 12.98 12.43 -4.2 17.9 Invesco Sr Loan IC 5.75 NA NA 9.3
buy their shares back from investors who wish to cash Gabelli Healthcare GRX 11.38 9.49 -16.6 -20.5 Angel Oak FS Inc Trm FINS NA 12.43 NA 9.3 PIMCO Stratg Inc RCS 4.32 5.31 +22.9 10.8 General Equity Funds Invesco Sr Loan Y 5.76 NA NA 9.5
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not Gab Utility GUT 3.38 7.00 107.1 8.8 BlRck Core Bond BHK 11.01 10.67 -3.1 8.2 Templeton Em Inc TEI 5.41 4.83 -10.7 11.8 Alternative Strategies:I 5.06 NA NA -16.1 Lord Abbett FR Hi Inc:A 9.89 NA NA NS
available or not applicable. NS signifies funds not in GAMCOGlGold&NatRes GGN 3.78 3.53 -6.6 -1.1 Specialized Equity Funds Lord Abbett FR Hi Inc:I 9.89 NA NA NS
existence for the entire period. 12 month yield is BR Credit Alloc Inc BTZ 11.20 10.08 -10.0 9.3 Templtn Glbl Inc GIM 4.50 4.09 -9.1 9.1
J Han Finl Opptys BTO 26.02 28.21 +8.4 -28.9 ArrowMark Financial Corp BANX NA 17.20 NA NA Monachil Credit Income:I 10.04 NA NA NS
computed by dividing income dividends paid (during J Han Income JHS 11.93 10.87 -8.9 5.5 WstAstEmergDebt EMD NA 8.33 NA 9.5
the previous 12 months for periods ending at month- Neuberger Brmn MLP & EI NML 7.35 6.39 -13.1 14.0 CBRE GlbRlEst IGR 6.07 5.36 -11.7 -28.4 OFS Credit Company OCCI NA 9.15 NA NA
MFS Intmdt MIN 3.01 2.78 -7.6 0.0 Western Asset Gl Cr D Op GDO NA 12.53 NA 9.5 CIM RA&C A 25.43 NA NA 2.2 Yieldstreet Prism
end or during the previous 52 weeks for periods
Neuberger Nxt Gen Conn NBXG 12.17 9.80 -19.5 -19.5 NA NA NA 8.7
ending at any time other than month-end) by the Western Asset Inf-Lk Inc WIA NA 8.63 NA 15.4 National Muni Bond Funds CIM RA&C C 24.89 NA NA 1.5 High Yield Bond Funds
latest month-end market price adjusted for capital NuvDow30DynOverwrite DIAX 15.38 14.15 -8.0 -7.8 Western Asset Inf-Lk O&I WIW NA 9.19 NA 11.9 AllBerNatlMunInc AFB 12.35 10.62 -14.0 4.8
gains distributions. Depending on the fund category, CIM RA&C I 25.61 NA NA 2.5 Apollo Diversified Cd:A NA NA NA 7.3
either 12-month yield or total return is listed. NuvCorEqAlpha JCE 11.98 11.86 -1.0 -18.2 Westn Asst IG Def Opp Tr IGI NA 16.61 NA 4.8 BlckRk Inv Q Mun BKN 13.09 11.72 -10.5 6.0 CIM RA&C L 25.23 NA NA 2.0 Apollo Diversified Cd:C NA NA NA 7.2
Source: Lipper NuveenNasdaq100DynOv QQQX 21.75 22.90 +5.3 -8.7 Loan Participation Funds BlackRock Muni 2030 Tgt BTT 23.59 21.33 -9.6 3.4 First Tr Real Assets;I NA NA NA NS Apollo Diversified Cd:F NA NA NA 8.5
Friday, March 17, 2023 Nuv Real Est JRS 7.69 7.09 -7.8 -31.6 Forum RE Income;I 9.29 NA NA NS Apollo Diversified Cd:I NA NA NA 7.4
Apollo Senior Floating AFT NA 12.27 NA 8.6 BlackRock Muni BFK 11.53 10.03 -13.0 5.4
52 wk Nuveen Rl Asst Inc & Gro JRI 13.09 10.93 -16.5 -18.4 NexPointRlEstStrat;A 19.59 NA NA -7.7 Apollo Diversified Cd:L NA NA NA 7.3
Prem Ttl BR Debt Strategy DSU 10.48 9.26 -11.6 7.8 BlackRock Muni II BLE 11.94 10.48 -12.2 5.3
NuvS&P500DynOvFd SPXX 14.98 14.87 -0.7 -8.0 BR F/R Inc Str FRA 12.85 11.18 -13.0 7.2 BlckRk Muni Inc Qly BYM 12.71 11.09 -12.7 5.4 NexPointRlEstStrat;C 19.81 NA NA -8.5 Apollo Diversified Cd:M NA NA NA 7.2
Fund (SYM) NAV Close /Disc Ret
NuvSP500BuyIncFd BXMX 12.67 12.67 0.0 0.6 BR MuniAssets Fd MUA 11.34 10.34 -8.8 5.3 NexPointRlEstStrat;Z 19.83 NA NA -7.4 Opprtnstc Crdt Intrvl;I 11.86 NA NA NS
General Equity Funds BlackRock Floatng Rt Inc BGT 12.47 10.78 -13.6 7.2
ReavesUtilityIncome UTG 27.40 27.27 -0.5 -10.9 PIMCO Flexible REI;Inst 10.11 NA NA NS Peak Income Plus 10.00 NA NA NS
Adams Diversified Eq Inc ADX 17.66 14.82 -16.1 -12.8 Blackstone Strat Cr BGB 12.12 10.48 -13.5 7.9 BR MH Qly 2 MUE 11.36 9.88 -13.0 5.6
Tortoise Enrgy Infra Crp TYG NA 28.01 NA -3.6 PREDEX;I 29.21 NA NA 1.0 PIMCO Flexible Cr I;A-1 7.00 NA NA 15.3
Central Secs CET 40.62 33.70 -17.0 -11.7 EtnVncFltRteInc EFT 12.76 11.25 -11.8 7.9 BR MuniHoldngs MHD 13.49 11.93 -11.6 5.5 PIMCO Flexible Cr I;A-2 7.00 NA NA 15.3
Tortoise Midstream Enrgy NTG NA 31.24 NA -2.6 PREDEX;T 29.38 NA NA 0.8
CohenStrsCEOppFd FOF 10.37 10.36 -0.1 -9.2 EV SenFlRtTr EFR 12.55 11.10 -11.6 8.3 BR MuniVest Fd MVF 7.84 6.97 -11.1 5.1 PREDEX;W 29.38 NA NA 0.8 PIMCO Flexible Cr I;A-3 7.00 NA NA 15.0
VDivInt&PremStr NFJ NA 11.22 NA -15.4 FT/Sr Fltg Rte Inc 2 FCT 11.00 9.32 -15.3 BR MuniVest 2 MVT 12.21 10.60 -13.2 5.2
EVTxAdvDivIncm EVT 22.18 21.50 -3.1 -16.2 8.4 Principal Dvs Sel RA A 24.86 NA NA -3.0 PIMCO Flexible Cr I;A-4 7.00 NA NA 15.0
V Art Int&Tech Opps AIO NA 16.35 NA -16.6 BR MuniYield Fd MYD 12.03 10.63 -11.6 5.4
GabelliDiv&IncTr GDV 23.13 19.82 -14.3 -14.1 Highland Income HFRO 13.76 9.06 -34.2 9.6 Principal Dvs Sel RA Ins 24.93 NA NA -2.8 PIMCO Flexible Cr I;Inst 7.00 NA NA 15.8
Income & Preferred Stock Funds BR MuniYield Qlty MQY 13.13 11.59 -11.7 5.5 Other Domestic Taxable Bond Funds
Gabelli Equity Tr GAB 4.84 5.44 +12.4 -10.7 InvDYCrOpp:AX VTA 11.07 NA NA NA Principal Dvs Sel RA Y 25.13 NA NA -2.6
CalamosStratTot CSQ 13.18 13.28 +0.8 -14.8 SS Priv Venture & Gr:D NA NA NA NS AFA MMC;Inst 9.47 NA NA 9.3
GeneralAmer GAM 44.42 36.95 -16.8 -9.3 InvSnrIncTr VVR 4.02 3.58 -10.9 11.8 BR MuniYld Qlty2 MQT 11.65 10.21 -12.4 5.6
CohenStrsLtdDurPref&Inc LDP 18.86 17.96 -4.8 -11.7 SS Priv Venture & Gr:I NA NA NA NS AFA MMC;Inv 9.44 NA NA 9.3
JHancockTaxAdvDiv HTD 21.01 20.91 -0.5 -7.8 Nuveen Credit Strat Inc JQC 5.75 4.89 -15.0 9.6 BR MuniYld Qly 3 MYI 12.45 11.01 -11.6 5.1
CohenStrsSelPref&Income PSF 18.67 18.47 -1.1 -9.7 SS Priv Venture & Gr:S NA NA NA NS Alternative Credit Inc:A 9.87 NA NA 6.9
Liberty All-Star Equity USA 5.85 5.91 +1.0 -17.8 NuvFloatRateIncFd JFR 8.99 7.73 -14.0 9.3 BNY Mellon Muni Bd Infra DMB 11.82 10.90 -7.8 5.3
CohenStrsTaxAvPreSecs&I PTA 18.41 17.08 -7.2 -15.4 SS Priv Venture & Gr;T NA NA NA NS Alternative Credit Inc:C 9.97 NA NA 6.1
Liberty All-Star Growth ASG 5.20 5.01 -3.7 -26.0 NuvFloatRteIncOppty JRO 8.89 7.60 -14.5 9.3 BNY Mellon Str Muni Bond DSM 6.59 5.67 -14.0 5.7
Dividend and Income DNI 16.06 NA NA NA The Private Shares;A 40.99 NA NA -4.4 Alternative Credit Inc:I 9.89 NA NA 7.2
Royce Micro-Cap Tr RMT 9.32 8.42 -9.7 -11.3 Nuveen Senior Income NSL 5.25 4.45 -15.2 9.5 BNY Mellon Strat Muni LEO 6.86 6.23 -9.2 5.3 Alternative Credit Inc:L 9.87 NA NA 6.7
FirstTrIntDurPref&Inc FPF 17.18 15.56 -9.4 -20.7 The Private Shares;I 41.57 NA NA -4.2
Royce Value Trust RVT 14.37 12.72 -11.5 -19.5 High Yield Bond Funds Del Inv Natl Muni Income VFL 11.74 10.44 -11.1 5.1 Alternative Credit Inc:W 9.87 NA NA 6.9
JHanPrefInc HPI 14.48 15.17 +4.8 -10.8 The Private Shares;L 40.44 NA NA -4.6
Source Capital SOR 40.38 35.53 -12.0 -8.7 AllianceBernGlHiIncm AWF 10.37 9.55 -7.9 8.7 DWS Muni Inc KTF 10.10 8.65 -14.4 4.5 Thirdline Real EstateI 10.11 NA NA 6.0 Angel Oak Str Crdt:FI NA NA NA NS
JHPrefIncII HPF 14.38 15.12 +5.1 -10.3
Sprott Focus Trust FUND 8.18 7.80 -4.6 -6.1 Allspring Income Oppty EAD NA 6.13 NA 10.2 EVMuniBd EIM 11.50 10.12 -12.0 4.7 USQ Core Real Estate:I 27.93 NA NA -2.1 Angel Oak Str Crdt:Inst NA NA NA 8.5
HnckJPfdInco III HPS 12.93 13.95 +7.9 -10.8
SRH Total Return STEW 14.55 11.77 -19.1 -16.6 Barings Glb SD HY Bd BGH 14.46 12.48 -13.7 9.3 EVMuniIncm EVN 11.31 9.98 -11.8 5.3 USQ Core Real Estate:IS 27.98 NA NA -2.0 BR Credit Strat;A 8.65 NA NA 6.6
J Han Prm PDT 11.57 12.03 +4.0 -14.3 BR Credit Strat;Inst
Tri-Continental TY 28.98 25.59 -11.7 -8.4 BR Corporate HY HYT 9.19 8.36 -9.0 10.4 EVNatMuniOpp EOT 18.24 17.37 -4.8 4.2 Versus Cap MMgr RE Inc:I 27.99 NA NA NE 8.63 NA NA 7.5
LMP CapInco SCD NA 11.68 NA -12.1 BR Credit Strat;U 8.65 NA NA 6.6
Specialized Equity Funds BlackRock Ltd Dur Inc BLW 13.41 12.55 -6.4 8.7 InvAdvMuIncTrII VKI 9.63 8.58 -10.9 5.8 Versus Capital Real Asst 27.33 NA NA 2.7
Nuveen Multi-Asset Inc NMAI 13.00 11.12 -14.5 -14.8 BR Credit Strat;W 8.65 NA NA 6.6
abrdn Glb Prem Prop AWP 4.15 3.84 -7.5 -33.4 Brookfield Real Asst Inc RA 15.11 16.65 +10.2 13.4 Invesco MuniOp OIA 6.31 6.63 +5.1 5.0 Wildermuth:A 11.86 NA NA -10.2
Nuveen Pref & Inc Opp JPC 7.04 6.39 -9.2 -18.0 BlackRock Mlt-Sctr Oppty 65.28 NA NA 8.9
abrdn Global Infra Inc ASGI 20.27 17.37 -14.3 -5.0 CrSuisHighYld DHY 2.02 1.71 -15.3 9.8 InvescoMuOppTr VMO 10.77 9.58 -11.0 5.6 Wildermuth:C 11.18 NA NA -10.8
Nuveen Fd JPS 7.01 6.24 -11.0 -18.5 Wildermuth:I 12.01 NA NA -9.98 BlackRock Mlt-Sec Opp II 68.79 NA NA 8.8
Adams Natural Resources PEO 23.08 19.23 -16.7 3.0 DoubleLine Inc Sol DSL 11.77 11.39 -3.2 12.4 InvescoMuTr VKQ 10.80 9.59 -11.2 5.6
Nuveen Pref & Inc Term JPI 17.66 17.09 -3.2 -15.9 Income & Preferred Stock Funds CION Ares Dvsfd Crdt;A NA NA NA 6.0
ASA Gold & Prec Met Ltd ASA 17.76 15.40 -13.3 -31.3 DoubleLine Yld Opps DLY 14.95 13.53 -9.5 9.9 InvescoQual Inc IQI 10.88 9.66 -11.2 5.5 CION Ares Dvsfd Crdt;C NA NA NA 5.8
Nuveen Var Rate P&I NPFD 17.68 15.81 -10.6 -24.9 Alpha Alternative Assets 6.59 NA NA -4.4
BR Enh C&I CII 17.68 16.88 -4.5 -7.4 First Tr Hi Inc Lng/Shrt FSD 12.39 10.89 -12.1 10.8 InvTrInvGrMu VGM 11.10 9.93 -10.5 5.6 CION Ares Dvsfd Crdt;I NA NA NA 6.2
TCW Strat Income TSI NA 4.98 NA 3.8 Calamos L/S Eqty and DI CPZ 17.15 14.78 -13.8 -11.9
BlackRock Energy & Res BGR 12.89 11.31 -12.3 8.0 First Trust HY Opp:2027 FTHY 15.42 13.49 -12.5 10.8 InvescoValMunInc IIM 13.33 11.86 -11.0 5.5 CION Ares Dvsfd Crdt;L NA NA NA 6.0
Convertible Sec's. Funds Carlyle AlpInv Pvt Mkt:I NA NA NA NS
BlackRock Eq Enh Div BDJ 8.36 8.26 -1.2 -3.6 Franklin Univ FT 7.44 6.76 -9.1 7.0 MAINSTAY:MKDEFTRMUNOP MMD NA 17.46 NA 5.8 Constitution Cap Acs A NA NA NA NS CION Ares Dvsfd Crdt;U NA NA NA 5.8
AdvntCnvrtbl&IncFd AVK 11.90 11.06 -7.1 -22.6
BlackRock Enh Glbl Div BOE 10.94 9.42 -13.9 -9.1 KKR Income Opportunities KIO NA 10.36 NA 10.9 NeubrgrBrm NBH 11.95 10.53 -11.9 5.8 Constitution Cap Acs D NA NA NA NS CION Ares Dvsfd Crdt:U2 NA NA NA 5.8
CalamosConvHi CHY 10.31 11.00 +6.7 -13.4
BlackRock Enh Intl Div BGY 5.91 5.13 -13.2 Nuveen Global High Inc JGH 12.35 10.81 -12.5 11.1 Nuveen AMT-Fr Mu Val NUW 15.06 13.80 -8.4 3.4 Flat Rock Opportunity 18.93 NA NA -0.6 CION Ares Dvsfd Crdt;W NA NA NA 6.0
-3.0 CalmosConvOp CHI 9.76 10.82 +10.9 -8.3
PGIM Global High Yield GHY NA 10.55 NA 10.8 Nuveen AMT-Fr Qlty Mun I NEA 12.65 11.02 -12.9 5.3 Lord Abbett Spec Sit I:A 8.86 NA NA -3.5 CNR Select Strategies 12.46 NA NA 0.0
BlackRock ESG Cap Alloc ECAT 16.95 14.48 -14.6 -3.3 Ellsworth G&I Fund Ltd ECF 9.26 7.94 -14.3 -19.8
Nuveen AMT-Fr Mu CI NVG 13.46 11.66 -13.4 5.9 Lord Abbett Spec Sit I:I 8.86 NA NA -2.4 First Eagle Crdt Opps A 23.65 NA NA 8.1
BlackRock Hlth Sci Tr II BMEZ 18.30 15.29 -16.4 -13.9 V Conv & Inc NCV NA 3.24 NA -25.0 PGIM High Yield Bond ISD NA 11.53 NA 10.0
First Eagle Crdt Opps A2 23.61 NA NA NS
BlackRock Hlth Sciences BME 40.98 39.34 -4.0 -4.4 PGIM Sh Dur Hi Yld Opp SDHY 16.72 14.57 -12.9 8.3 Nuveen Dyn Muni Opp NDMO 10.99 10.82 -1.5 8.4 Variant Altrntv Inc:Inst 29.06 NA NA 8.6
V Conv & Inc II NCZ NA 2.86 NA -23.6 First Eagle Crdt Opps I 23.56 NA NA 8.6
BlackRock Innov and Grow BIGZ 8.98 7.21 -19.7 -31.8 PioneerHilncm PHT 7.47 6.48 -13.3 10.4 Nuveen Int Dur Mun Term NID 13.55 12.90 -4.8 4.2 Variant Impact;Instl 26.93 NA NA 12.1
V Div Inc & Conv ACV NA 19.12 NA -15.1 First Trust Private Cr;I 10.05 NA NA NS
WstAstHIF II HIX NA 5.00 NA 10.6 Nuveen Mu Crdt Opps NMCO 11.88 11.07 -6.8 6.4 Convertible Sec's. Funds
BlackRock Res & Comm BCX 10.35 8.94 -13.6 -7.9 V Eqty & Conv Inc NIE NA 18.46 NA -14.7 Franklin BSP Pvt Cr:A 10.08 NA NA NS
Western Asset Hi Inc Opp HIO NA 3.78 NA 8.6 Nuv Muni Credit Income NZF 13.50 11.75 -13.0 5.5 Calmos Dyn Conv and Inc CCD 19.01 21.19 +11.5 -19.4
BlackRock Sci&Tech T II BSTZ 19.85 16.61 -16.3 -33.7 World Equity Funds Franklin BSP Pvt Cr:Adv 10.08 NA NA NS
NuvMuniHiIncOpp NMZ 11.05 10.42 -5.7 6.7 World Equity Funds
BlackRock Sci&Tech Trust BST 30.84 31.22 +1.2 -21.6 abrdn Emg Mkts Eq Inc AEF 5.76 5.01 -13.0 -20.4 Western Asset Hi Yld D O HYI NA 11.67 NA 9.2 FS Credit Income;A NA NA NA 6.0
ACAP Strategic:A 15.73 NA NA -16.9
BlackRock Utl Inf & Pwr BUI 22.21 21.04 -5.3 -6.6 abrdn Tot Dyn Div AOD 9.03 7.73 -14.4 -11.6 Other Domestic Taxable Bond Funds Nuveen Muni Val NUV 9.28 8.72 -6.0 3.7 FS Credit Income;I NA NA NA 6.2
ACAP Strategic:W 11.73 NA NA -16.2
CLEARBRIDGEENGYMDSOPP EMO NA 26.25 NA 9.5 Allspring Multi-Sector ERC NA 9.02 NA 10.1 Nuveen Quality Muni Inc NAD 13.03 11.51 -11.7 5.4 FS Credit Income;T NA NA NA 5.7
Allspring Gl Div Oppty EOD NA 4.29 NA -7.7 CalamosGlbTotRet CGO 9.61 9.26 -3.6 -20.2
Apollo Tactical Income AIF NA 11.92 NA 9.7 Nuveen Sel TF NXP 14.46 14.11 -2.4 3.7 FS Credit Income;U NA NA NA 5.5
CLEARBRIDGEMLP&MDSTMTR CTR NA 27.09 NA 8.2 BlackRock Capital Alloc BCAT 16.72 14.29 -14.5 -5.6 Cantor Fitzgerald SI:A 10.09 NA NA NS
Ares Dynamic Crdt Alloc ARDC NA 11.42 NA PIMCO MuniInc PMF 9.72 9.61 -1.1 6.1 FS Credit Income;U-2 NA NA NA 6.1
ClearBridge MLP & Midstm CEM NA 30.59 NA 5.7 Calamos GloDynInc CHW 6.24 5.70 -8.7 -27.2 9.5 Primark Priv Eq Inv:I 11.24 NA NA -6.6
GL Beyond Income 0.43 NA NA NE
ChnStrInfr UTF 22.83 22.92 +0.4 -9.99 EV TxAdvGlbDivInc ETG 16.42 15.11 -8.0 -18.8 BlackRock Mlt-Sctr Inc BIT 14.45 14.25 -1.4 9.8 PIMCOMuniIncII PML 8.93 9.12 +2.1 7.3 Sweater Cashmere 20.60 NA NA NS KKR CREDIT OPPTY;D NA NA NA 8.8
Cohen&SteersQualInc RQI 11.79 11.22 -4.8 -23.2 EtnVncTxAdvOpp ETO 22.50 20.91 -7.1 -24.3 BlackRock Tax Muni Bd BBN 18.07 17.64 -2.4 8.1 Pimco Muni III PMX 8.21 7.88 -4.0 6.5 Thornburg Inc Bldr Opps TBLD.O 16.69 14.43 -13.5 -4.8 KKR CREDIT OPPTY;I NA NA NA 9.0
CohenStrs Real Est and I RLTY 14.84 12.99 -12.5 -29.1 FirstTr Dyn Euro Eq Inc FDEU 12.60 11.11 -11.8 -5.0 DoubleLine:Oppor Crdt Fd DBL 14.59 14.62 +0.2 8.9 PioneerHilncAdv MAV 9.28 7.98 -14.0 6.2 VirtusTotalRetFd ZTR 6.83 6.12 -10.4 -13.7 KKR CREDIT OPPTY;T NA NA NA 8.2
Cohen&Steers TotRet RFI 11.27 11.50 +2.0 -16.8 Gabelli Multimedia GGT 3.84 5.40 +40.6 -28.2 EVLmtDurIncm EVV 10.34 9.62 -7.0 11.7 PionrMuniHiIncOppty MIO 12.45 10.84 -12.9 6.6 Prem12 Mo KKR CREDIT OPPTY;U NA NA NA 8.2
CohenStrsREITPrefInc RNP 18.96 18.72 -1.3 -15.6 Franklin Ltd Dur Income FTF 7.03 6.14 -12.7 11.8 PioneerMunHiIcm MHI 10.04 8.65 -13.8 6.0 Fund (SYM) NAV Close /Disc Yld Palmer Square Opp Inc 16.70 NA NA 7.2
GDL Fund GDL 9.91 7.75 -21.8 -4.5
Columbia Sel Prm Tech Gr STK 24.85 26.03 +4.7 -8.4 Highland Global Alloc HGLB 11.54 8.92 -22.7 -0.4 J Han Investors JHI 13.45 12.00 -10.8 9.0 Putnam Mgd Inc PMM 6.52 6.74 +3.4 5.6 U.S. Mortgage Bond Funds The Finite Solar Finance 9.97 NA NA 0.2
DNP Select Income DNP 8.55 11.03 +29.1 3.2 India Fund IFN 15.22 14.76 -3.0 -9.9 MFS Charter MCR 6.74 6.15 -8.8 0.0 Putnam Muni Opp PMO 11.14 11.57 +3.9 5.5 Arca US Treasury NA NA NA NE Thrivent Church Ln&Inc:S 9.20 NA NA 3.4
Duff&Ph Uti&Infra Inc Fd DPG 11.31 12.99 +14.9 NuvCorePlusImpact NPCT 11.85 9.97 -15.9 11.3 RiverNorth Flx Mu Inc II RFMZ 15.09 13.45 -10.9 7.9 Ellington Inc Opp:A 8.46 NA NA 6.6 World Income Funds
1.9 Japan Smaller Cap JOF 8.24 6.70 -18.7 -8.5
RiverNorth Mgd Dur Mun I RMM NA 15.22 NA 7.1 Ellington Inc Opp:M 8.36 NA NA 7.2 BlueBay Destra Itl E:A 22.96 NA NA 17.6
EtnVncEqtyInc EOI 14.97 15.03 +0.4 -14.2 LazardGlbTotRetInc LGI 15.94 14.76 -7.4 -9.3 Nuveen Taxable Muni Inc NBB 16.89 15.84 -6.2 7.3
Loan Participation Funds BlueBay Destra Itl E:I 22.98 NA NA 17.9
EtnVncEqtyIncoII EOS 16.43 15.81 -3.8 -17.5 Mexico MXF NA 15.73 NA 4.4 PIMCO Corp & Inc Oppty PTY 10.89 12.31 +13.0 11.9 Western Asset Mgd Muni MMU NA 10.16 NA 4.5
1WS Credit Income;A2 NA NA NA 6.3 BlueBay Destra Itl E:L 22.93 NA NA 17.4
EVRskMnDvsEqInc ETJ 7.98 7.61 -4.6 -14.6 Miller/Howard High Inc E HIE 10.35 9.62 -7.1 -6.2 PIMCO Corp & Inc Strat PCN 11.14 12.72 +14.2 11.1 Single State Muni Bond
1WS Credit Income;Inst NA NA NA 6.2 BlueBay Destra Itl E:T 22.83 NA NA 17.3
ETnVncTxMgdBuyWrtInc ETB 13.12 12.83 -2.2 -18.8 MS ChinaShrFd CAF 17.14 14.27 -16.8 -14.8 PIMCOHilnco PHK 4.57 4.75 +3.9 11.4 BlackRock CA Mun BFZ 12.97 11.36 -12.4 4.2 AlphCntrc Prime Merid In 8.38 NA NA 14.7 Carlyle Tact Pvt Cred:A NA NA NA 8.4
EtnVncTxMgdBuyWrtOpp ETV 12.29 12.65 +2.9 -12.3 MS India IIF 23.24 19.07 -17.9 -10.4 PIMCO IncmStrFd PFL 7.90 8.11 +2.7 11.3 BR MH CA Qly Fd Inc MUC 12.65 10.89 -13.9 5.4 Axonic Alternative Inc NA NA NA 9.5 Carlyle Tact Pvt Cred:I NA NA NA 8.9
EvTxMnDvsEqInc ETY 11.24 11.40 +1.4 -12.1 MS CBRE Gl In Mg MEGI NA 13.42 NA -19.6 PIMCO IncmStrFd II PFN 6.95 7.13 +2.6 11.4 BR MH NJ Qly MUJ 12.98 11.16 -14.0 5.9 Blackstone FR EI D 20.85 NA NA 7.7 Carlyle Tact Pvt Cred:L NA NA NA 8.3
EtnVncTxMgdGlbB ETW 8.41 7.81 -7.1 -18.2 Templeton Dragon TDF 11.57 10.03 -13.3 -20.3 Putnam Prem Inc PPT 3.90 3.54 -9.2 8.4 BR MH NY Qly MHN 12.03 10.41 -13.5 5.1 Blackstone FR EI I 20.82 NA NA 8.0 Carlyle Tact Pvt Cred:M NA NA NA 8.1
EVTxMnGblDvEqInc EXG 8.04 7.39 -8.1 -15.3 Templeton Em Mkt EMF 12.81 11.29 -11.9 -9.0 Western Asset Dvsfd Inc WDI NA 13.31 NA 10.5 BR MuniYld MI Qly MIY 12.84 11.11 -13.5 5.3 Blackstone FR EI T 20.78 NA NA 7.5 Carlyle Tact Pvt Cred:N NA NA NA 9.0
Ecofin S&S Impact Term TEAF NA 12.29 NA -9.1 World Income Funds BR MuniYld NY Qly MYN 11.60 9.98 -14.0 4.9 Blackstone FR EI T-I 21.30 NA NA 7.5 Carlyle Tact Pvt Cred:U NA NA NA NS
Prem12 Mo
First Trust Energy Inc G FEN 14.46 12.45 -13.9 -11.1 Fund (SYM) NAV Close /Disc Yld abrdn AP IncFd FAX 3.15 2.67 -15.2 12.0 BlackRock NY Mun BNY 11.90 10.25 -13.9 4.9 Blackstone FR EI U 21.70 NA NA 7.5 Carlyle Tact Pvt Cred:Y NA NA NA 8.7
EVCAMuniBd EVM 10.39 9.01 -13.3 4.6 Bluerock HI Inst Crd:A NA NA NA NS Lord Abbett Cred Opps Fd 8.78 NA NA 7.8
First Tr Enhanced Eq FFA 17.08 16.27 -4.7 -15.4 U.S. Mortgage Bond Funds MS EmMktDomDebt EDD 5.27 4.47 -15.2 6.6
Bluerock HI Inst Crd:C NA NA NA NS Lord Abbett Cred Opps Fd 8.78 NA NA 8.6
FirstTrEnergyInfra FIF 16.07 13.60 -15.4 -0.9 BlckRk Income BKT 13.25 12.79 -3.5 8.8 PIMCO Access Income PAXS 15.36 14.12 -8.1 13.8 Eaton Vance NY Muni Bd ENX 10.72 9.31 -13.2 4.1
Bluerock HI Inst Crd:F NA NA NA NS Lord Abbett Crd Op:U 8.78 NA NA 7.8
FirstTrMLPEner&Inc FEI 8.54 7.27 -14.9 1.9 Invesco HI 2023 Tgt Term IHIT 8.17 7.80 -4.5 5.5 PIMCO Dynamic Income PDI 17.35 18.29 +5.4 16.8 InvCaValMuIncTr VCV 11.12 9.79 -12.0 5.2 Bluerock HI Inst Crd:I NA NA NA NS Oaktree Dvsfd Income;D 8.73 NA NA 7.3
InvPAValMuIncTr VPV 11.66 9.91 -15.0 5.0 BNYM Alcntr Glb MS Cr Fd 82.83 NA NA 8.0 PIMCO Flexible EM I;Inst 8.10 NA NA NS
InvTrInvGrNYMu VTN 11.84 10.19 -13.9 4.8 CliffwaterClFd;I NA NA NA 7.9 National Muni Bond Funds
Nuveen CA AMT-F Qual MI NKX 13.19 11.61 -12.0 5.1 CliffwaterElFd;A NA NA NA 9.2 Ecofin Tax-Exempt Prv Cr NA NA NA 5.1
Insider-Trading Spotlight Nuveen CA Val NCA 9.30 8.69 -6.6 3.6 CNR Strategic Credit 7.40 NA NA 20.2 Lind Cap Pt Mun Cred Inc 8.78 NA NA 4.6
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys NuveenCAQtyMuInc NAC 12.71 10.89 -14.3 5.2 Eagle Point Instl Income NA NA NA NS Nuveen En HY Muni Bd:A1 7.23 NA NA 5.2
Equalize Community Dev 9.25 NA NA 3.1 Nuveen En HY Muni Bd:A2 7.24 NA NA NS
new information about the prospects of a company. Insiders are required to report large trades to the SEC NuvNJ Qual Muni Inc NXJ 13.64 11.51 -15.6 4.9
FedProj&TrFinanceTendr 9.82 NA NA 5.6 Nuveen En HY Muni Bd:I 7.23 NA NA 6.0
Nuveen NY AMT/Fr Qual MI NRK 11.96 10.34 -13.5 5.1
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Flat Rock Core Income 20.05 NA NA 6.7 PIMCO Flex Mun Inc;A-3 9.85 NA NA 3.2
Nuveen NY Qual Muni Inc NAN 12.44 10.68 -14.1 5.1
Refinitiv on March 17, and year-to-date stock performance of the company Nuveen OH Qual Muni Inc NUO 14.51 12.53 -13.7 3.6
InvDYCrOpp:A 11.08 NA NA 8.2 PIMCO Flex Mun Inc:A1 9.85 NA NA 3.4
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer InvDYCrOpp:R6 11.08 NA NA 8.6 PIMCO Flex Mun Inc;A2 9.85 NA NA 3.4
Nuveen PA Qual Muni Inc NQP 13.35 11.27 -15.6 4.4 InvDYCrOpp:Y 11.07 NA NA 8.5 PIMCO Flex Mun Inc;Inst 9.85 NA NA 3.9
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
Nuveen VA Qlty Mun Inc NPV 12.33 11.12 -9.8 4.6 Invesco Sr Loan A 5.75 NA NA 9.2 Single State Muni Bond
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
PIMCO CA PCQ 10.46 10.03 -4.1 7.0 Invesco Sr Loan C 5.77 NA NA 8.4 PIMCO CA FMI;A-1 9.95 NA NA NS
unknown VP: vice president Excludes pure options transactions
PIMCOCAMuniII PCK 6.66 6.09 -8.6 6.0 Invesco Sr Loan IB 5.75 NA NA 9.5 PIMCO CA FMI;Inst 9.95 NA NA NS

Biggest weekly individual trades

Based on reports filed with regulators this past week Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
No. of shrs in Price range ($) $ Value
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
Money Rates March 17, 2023

Buyers Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Mar. 10 Southwest Gas Holdings SWX C. Icahn BI 2,333 60.12 140,250 60.32 -2.5
Week —52-WEEK— Week —52-WEEK—
Mar. 10-14 C. Icahn BI 539 59.00-60.12 32,015 Inflation Latest ago High Low Latest ago High Low
Mar. 7-10 Revolution Medicines RVMD T. Schroeder DI 650 20.43-22.00 14,146 21.67 -9.0 Feb. index Chg From (%)
level Jan. '23 Feb. '22 U.S. government rates Other short-term rates
Mar. 14 Ryan Specialty Holdings RYAN P. Ryan CEOI 208 37.39 7,782 38.15 -8.1
U.S. consumer price index Discount Week 52-Week
Mar. 10 Stagwell STGW E. Samaha DI 750 6.75 5,063 6.50 4.7 Latest ago high low
All items 300.840 0.56 6.0 4.75 4.75 4.75 0.50
Mar. 13-14 Guardant Health GH A. Talasaz CEO 97* 24.78-26.40 2,501 27.94 2.7 Core 304.011 0.68 5.5 Call money
Federal funds
Mar. 14-15 H. Eltoukhy CEO 93 26.15-26.33 2,449 6.50 6.50 6.50 2.25
International rates Effective rate 4.6000 4.5800 4.6000 0.3300
Mar. 15 Charles Schwab SCHW S. Ellis DI 34 58.26 2,003 56.41 -32.2 High 4.9100 4.9000 4.9100 0.3400 Commercial paper (AA financial)
Week 52-Week Low 4.5800 4.5500 4.5900 0.3000 90 days n.a. n.a. 4.84 0.61
Mar. 15 Enovix ENVX T. Rodgers DOI 129 10.47 1,352 11.23 -9.7 Latest High Low
ago Bid 4.5800 4.5700 4.5800 0.3100
Offer 4.6200 4.5900 4.6200 0.3300 Libor
Mar. 13 Fifth Third Bancorp FITB G. Heminger D 48* 26.82 1,274 24.95 -24.0
Prime rates One month 4.77771 4.79857 4.80600 0.42857
Mar. 14 Coastal Financial CCB S. Hovde DOI 30 37.71 1,131 37.29 -21.5 U.S. 7.75 7.75 7.75 3.50 Treasury bill auction Three month 4.99843 5.13814 5.15371 0.93400
Canada 6.70 6.70 6.70 2.70 Six month 5.05229 5.42829 5.49986 1.28757
Mar. 13 Lakeland Financial LKFN M. Welch DI 17 63.75-64.31 1,072 65.71 -9.9 4 weeks 4.220 4.640 4.640 0.135
Japan 1.475 1.475 1.475 1.475 One year 5.03414 5.73814 5.88071 1.78643
13 weeks 4.750 4.765 4.765 0.450
Mar. 15 United Airlines Holdings UAL E. Shapiro D 25 42.59 1,065 43.04 14.2 26 weeks 4.700 4.970 4.970 0.820 Secured Overnight Financing Rate
Policy Rates
Mar. 13 Byline Bancorp BY A. Del Valle PerochenaDOI 50 20.53 1,026 20.69 -9.9 Euro zone 3.00 3.00 3.00 0.00 4.57 4.55 4.58 0.26
Switzerland 1.50 1.50 1.50 0.00
Secondary market
Mar. 13 Cullen/Frost Bankers CFR P. Green CEO 10 106.59 1,013 104.83 -21.6 Value 52-Week
Britain 4.00 4.00 4.00 0.75 Latest Traded High Low
Fannie Mae
Mar. 9 Dollar Tree DLTR R. Dreiling CEOI 7 142.00 1,008 137.15 -3.0 Australia 3.60 3.60 3.60 0.10
30-year mortgage yields DTCC GCF Repo Index
Mar. 13 Axalta Coating Systems AXTA C. Villavarayan CEO 34 29.20 1,006 27.85 9.3 Overnight repurchase 30 days 5.836 6.185 6.812 3.754 Treasury 4.587 31.644 4.613 0.239
U.S. 4.58 4.57 4.59 0.15 60 days 5.860 6.211 6.988 3.828 MBS 4.631 59.550 4.665 0.286
Mar. 10 SouthState SSB G. Page D 14 71.75 1,005 72.76 -4.7
Notes on data:
Sellers U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective February 2, 2023. Other prime rates
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective February 2, 2023. Secured Overnight Financing Rate is as
Mar. 10 Shoals Technologies Group SHLS D. Solon BI 24,502 24.25 594,165 20.11 -18.5 of March 16, 2023. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is
in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Mar. 13-15 Walmart WMT J. Walton BI 2,996 138.08-139.05 413,918 139.40 -1.7 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Mar. 13-15 S. Walton DOI 2,996 138.08-139.05 413,918 Tullett Prebon Information, Ltd.

Mar. 13-15 A. Walton BI 2,996 138.08-139.05 413,918

Mar. 9-10
Mar. 9-10
J. Walton
S. Walton
BI
DOI
354
354
138.00-138.45
138.00-138.45
48,986
48,986
Cash Prices | wsj.com/market-data/commodities Friday, March 17, 2023
Mar. 9-10 A. Walton BI 354 138.00-138.45 48,986 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Mar. 14 Navitas Semiconductor NVTS R. Singh OB 18,646 6.46 120,451 6.39 82.1
months.
Mar. 14 Stagwell STGW M. Penn CEOI 12,000 6.43 77,153 6.50 4.7 Friday Friday Friday
Mar. 14 B. Gross DI 4,000 6.43 25,718 Iron Ore, 62% Fe CFR China-s 132.0 Wheat,Spring14%-pro Mnpls-u 10.5075
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.0050
Mar. 14 AutoZone AZO W. Rhodes CEO 30 2420.23-2439.31 71,631 2365.00 -4.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 128.600 Steel, HRC USA, FOB Midwest Mill-s 1160 Wheat - Hard - KC (USDA) $ per bu-u 8.8975
Mar. 13 Samsara IOT H. Taneja DO 3,000 18.86 56,580 19.02 53.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.8000
BMI Lithium Carbonate, EXW China, =99.2%-v,w 51125 Food
Mar. 14 Airbnb ABNB J. Gebbia DOI 350 114.99-119.05 41,027 118.15 38.2 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 59875
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5760 Beef,carcass equiv. index
Feb. 9 TransDigm Group TDG K. Stein CEO 37 747.02-754.43 27,440 690.90 9.7 choice 1-3,600-900 lbs.-u 259.58
Engelhard industrial 1950.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616
Handy & Harman base 1962.10 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 246.99
Mar. 14-16 Vertex VERX J. Westphal BI 1,509 17.62-18.74 26,896 18.48 27.4 Broilers, National comp wtd. avg.-u,w
Handy & Harman fabricated 2177.93 1.3014
Mar. 13 Dick's Sporting Goods DKS E. Stack H 159 144.19-145.05 23,024 144.66 20.3 LBMA Gold Price AM *1919.40
Fibers and Textiles Butter,AA Chicago-d 2.4000
LBMA Gold Price PM *1922.75 Cheddar cheese,bbl,Chicago-d 196.00
Burlap,10-oz,40-inch NY yd-n,w 0.7100
Mar. 8 Arista Networks ANET J. Ullal CEOI 140 147.81-148.53 20,694 163.26 34.5 Krugerrand,wholesale-e Cheddar cheese,blk,Chicago-d 199.75
2058.55 Cotton,1 1/16 std lw-mdMphs-u 0.7683
Maple Leaf-e Milk,Nonfat dry,Chicago lb.-d 118.75
Mar. 8 Enfusion T. Hammoud BI 2107.79 Cotlook 'A' Index-t *93.55
ENFN 1,870 10.87-10.92 20,378 10.45 8.1 Coffee,Brazilian,Comp-y 1.9018
American Eagle-e 2107.79 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2832
* Half the transactions were indirect **Two day transaction Mexican peso-e 2541.37 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.9150
p - Pink Sheets Austria crown-e 1933.90
Austria phil-e 2068.40 Grains and Feeds Flour,hard winter KC-p 21.90
Hams,17-20 lbs,Mid-US fob-u 0.80
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 79.69
Buying and selling by sector Engelhard industrial 22.1000 Bran,wheat middlings, KC-u,w 165 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 22.1920 Corn,No. 2 yellow,Cent IL-bp,u 6.3200 Pork loins,13-19 lb MidUS-u 1.0117
Based on actual transaction dates in reports received this past week Handy & Harman fabricated 27.7400 Corn gluten feed,Midwest-u,w 204.9 Steers,Tex.-Okla. Choice-u 164.00
LBMA spot price *£18.2700 Corn gluten meal,Midwest-u,w 644.4 Steers,feeder,Okla. City-u,w 224.75
Sector Buying Selling Sector Buying Selling (U.S.$ equivalent) *22.0100 Cottonseed meal-u,w 393
Coins,wholesale $1,000 face-a 20126 Hominy feed,Cent IL-u,w 215 Fats and Oils
Basic Industries 3,636,634 2,908,052 Finance 52,241,196 29,700,104 Other metals Meat-bonemeal,50% pro Mnpls-u,w 430 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *964.0 Oats,No.2 milling,Mnpls-u 4.1300 Grease,choice white,Chicago-h 0.5200
Capital Goods 4,379,994 48,546,676 Health care 8,515,456 112,580,855
Platinum,Engelhard industrial 1000.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a.
Consumer durables 1,316,034 5,573,114 Public Utilities 864,722 5,630,485 Palladium,Engelhard industrial 1430.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.5971
Aluminum, LME, $ per metric ton *2237.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 478.00 Tallow,bleach;Chicago-h 0.5475
Consumer non-durables 1,943,088 36,588,228 Technology 1,020,330 278,918,553 Copper,Comex spot 3.9135 Soybeans,No.1 yllw IL-bp,u 14.6300 Tallow,edible,Chicago-u n.a.
Consumer services 7,144,821 163,318,815 Transportation 1,254,243 449,584
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 3,111,405 7,136,408 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/16
Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data