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President Trump has long enjoyed the backing of one major lender: Deutsche Bank. David Enrich of the NYT has taken a deep look into their often turbulent relationship — which is now under investigation by prosecutors and Congress.
Deutsche Bank courted Mr. Trump when no one else would. He had already gone bankrupt, and no Wall Street lender would back him. But bankers at Deutsche like Mike Offit and Justin Kennedy (the son of Justice Anthony Kennedy) lent him millions. Mr. Trump rewarded some bankers, after some prompting, with a trip to his Mar-a-Lago resort.
It issued loans despite finding financial discrepancies. Deutsche Bank officials concluded that Mr. Trump was worth about 8 million, not his self-proclaimed billion. And a senior banking executive told Mr. Enrich that he had told others that Mr. Trump had worked with people in the construction industry who were tied to organized crime.
Only when Mr. Trump sued Deutsche Bank did its investment banking arm drop him as a client. But its private wealth arm, hungry for business, eventually took him back and lent him millions more.
After the 2016 election, Deutsche Bank executives admitted to problems. They concluded that their colleagues had ignored many warning signs about Mr. Trump, including from internal “exposure reports.” Salesmen for the firm were warned not to utter Mr. Trump’s name in public.
Now the bank is in investigators’ cross hairs, and plans to hand over extensive internal documentation to Congress and federal prosecutors. Rosemary Vrablic, Mr. Trump’s main private banker — “She is the boss,” he once told the NYT — expects to be called to testify on Capitol Hill.
After Elon Musk accused the S.E.C. of trying to trample on his constitutional rights, the regulator hit back yesterday, reiterating its case that the Tesla chief should be held in contempt of court, Bloomberg reports.
The S.E.C. says he’s violating a court settlement under which it agreed not to charge him with securities fraud. He was supposed to have lawyers vet any Tesla-related tweets before he posts them; the S.E.C. said he hadn’t done so even once.
Mr. Musk had argued that the S.E.C.’s objection was to one tweet, which mentioned previously undisclosed production forecasts. But the regulator said that the settlement was meant to cover a wide variety of his statements.
“Such brazen disregard of this court’s order is unacceptable and unworkable going forward,” the S.E.C. said.
A lawyer for Mr. Musk plans to respond in court by Friday. According to Bloomberg, the lawyer, John Hueston, said that the response “would include documents reflecting the negotiation history between Musk and the S.E.C., which he said would undermine the S.E.C.’s new assertions.”
More officials are seeking answers from Boeing about an automated piloting feature that may have played a role in two fatal crashes involving its 737 Max 8 airplane.
• House and Senate committees are preparing to question F.A.A. leaders next month about the Max jets, with a focus on the stall-prevention system, according to the WSJ.
• Canada’s aviation regulator is reviewing its validation of the American certification of the 737 Max, Marc Garneau, the nation’s transport minister, told reporters yesterday.
• They join officials from the Justice Department and the Transportation Department, who are studying the Max jet’s development process. The Transportation Department inspector general’s office is also investigating if the F.A.A. took shortcuts in the jet’s safety approval.
Boeing’s C.E.O., Dennis Muilenburg, spoke out yesterday, making his first substantive public comments about the crash. “Our hearts are heavy, and we continue to extend our deepest sympathies to the loved ones of the passengers and crew on board,” he said. He added that Boeing was “taking actions to fully ensure the safety of the 737 Max.”
More: If demand for Max jets falters, Airbus might struggle to build its rival offering, the A320neo, fast enough.
The semiconductor industry is looking at an impending deal between the U.S. and China, and it doesn’t like what it sees — whether the talks succeed or fail.
Chip-makers fear unintended consequences from one of Washington’s key demands, the WSJ reports, that Beijing promise more than trillion in purchases of American goods and services over six years:
• “China has offered to buy billion of U.S. chips over six years, industry officials said, essentially doubling U.S. semiconductor exports to China.”
• “For Beijing to guarantee the sales would require it to put together a kind of quota system, industry officials argued, and that mechanism could later be used to dole out contracts to Chinese firms.”
But their investors have priced in extra orders from China. Shares in companies like Intel and AMD have jumped in value by as much as 20 percent so far this year as hopes of a trade deal with Beijing have risen. All that could go away if the talks break down.
So what to do? Chip-makers have asked the Trump administration “not to include them” in any agreement over boosted trade quotas, according to the WSJ. (They have expressed support for other parts of the trade deal, including protection of intellectual property.)
One of the biggest questions surrounding the National Enquirer’s exposé of Jeff Bezos’ affair with Lauren Sanchez was how it got the photos and text messages that it published. The answer, according to the WSJ: They came from Ms. Sanchez’s brother.
• “Michael Sanchez, the brother of Mr. Bezos’ lover, sold the billionaire’s secrets for 0,000 to the Enquirer’s publisher, said people familiar with the matter.”
• “Mr. Sanchez began conversations last fall with the tabloid about his sister’s relationship with Mr. Bezos, the people said. The Enquirer by then had already been investigating whether Mr. Bezos and Ms. Sanchez were having an affair.”
• But David Pecker, the head of the National Enquirer’s parent company, was “concerned Mr. Bezos would sue, forcing debt-laden American Media to expend resources to defend itself for a story executives believed was unlikely to sell well on newsstands.”
• He was also advised that publishing the story might make the Enquirer look like it was doing the bidding of President Trump, who has publicly criticized Mr. Bezos.
• Ultimately, of course, the story was published. But American Media’s financial backers, Chatham Asset Management, “conveyed their displeasure” about the fallout and “pressured Mr. Pecker to resolve the matter.”
Kevin Tsujihara quit as the head of WarnerMedia’s Warner Bros. movie division yesterday, facing claims that he tried to further the career of an actress he had a sexual relationship with, Ed Lee of the NYT reports.
Mr. Tsujihara is accused of helping Charlotte Kirk by putting her up for movie and TV parts. Rumors about his activities had swirled in Hollywood for a year, but were made public in a March 6 article in The Hollywood Reporter.
He said that he decided to leave after talking with John Stankey, the head of WarnerMedia. But WarnerMedia said that the investigation would continue even after Mr. Tsujihara’s departure.
It’s a black eye for WarnerMedia’s owner, AT&T. The telecom company considered the accusation before it promoted Mr. Tsujihara two weeks ago. Now it must fill his role while enduring a kind of scandal that it hasn’t experienced before. (Stacey Snider and Peter Chernin, both Hollywood veterans, may replace Mr. Tsujihara.)
When the college admissions scandal news broke last week, it exposed how the SAT and ACT tests could be gamed. Bloomberg Businessweek spoke to Rebecca Kantar, the founder of a start-up called Imbellus, who thinks she knows how to shake things up.
• Ms. Kantar says that standardized tests could be abused by the wealthy, through tutoring and fake scores, and give little insight about skills that will be useful in the future.
• “The digital assessments Imbellus has developed resemble video games” that test decision-making, Romesh Ratnesar of Bloomberg writes. “Because each simulation delivers a unique user experience, they’re intended to be cheatproof.”
• “We’re establishing that simulation-based assessments are a better medium for getting at deep-thinking skills than multiple-choice tests,” Ms. Kantar said.
• So far, the company has raised .5 million in funding, and developed employee tests for McKinsey and Company and a few others.
• “Kantar plans to begin giving the Imbellus test to high schoolers later this year,” Mr. Ratnesar writes. “She also says, without going into many details, that the company is bidding to take part in a federally funded national assessment that will test 100,000 students in 2022.”
Fox News has hired Donna Brazile, the former interim Democratic Party chairwoman, as a commentator.
UBS hired Bob Casey from SunTrust Robinson Humphrey and Robert Jackman from Outvest Capital as managing directors on its U.S. tech banking team.
Goldman Sachs is aiming to have half of its junior banker hires in the U.S. be women.
• The European Central Bank’s top regulator said he didn’t approve of national champions, which could complicate a merger of Deutsche Bank and Commerzbank. (FT)
• Levi Strauss will begin trading publicly on Thursday, marking a turnaround for the inventor of bluejeans. (NYT)
• Wall Street keeps falling in love with risky, repackaged debt — and could get burned again. (NYT Op-Ed)
• EasyJet dropped out of Delta Air Lines’ bid for the bankrupt Italian carrier Alitalia. (Bloomberg)
Politics and policy
• White House economic advisers say President Trump can’t sustain his economic boom without an infrastructure spending bill and more tax cuts. (WaPo)
• Mr. Trump demanded that G.M. reopen a big car plant in Ohio. (NYT)
• The Justice Department will soon decide whether to charge Gregory Craig, a former Obama administration official, with violating foreign lobbying laws. (NYT)
• Alan Krueger, an economist who served in the Clinton and Obama administrations, has died at 58. (NYT)
• President Trump’s re-election campaign has reportedly spent .5 million on Facebook and Google ads this year — nearly twice as much as the entire Democratic field. (Axios)
• The speaker of the House of Commons, John Bercow, moved to deny Prime Minister Theresa May a further vote on her proposed Brexit agreement. (NYT)
• But the E.U. is reportedly planning to agree to a three- or nine-month delay on Brexit, which may be a change large enough for Mr. Bercow to permit another vote. (Guardian)
• As America focuses on its strategic relations with China, a question is emerging: Would Europe be able to cope without the U.S.? (Axios)
• China’s Belt and Road initiative could revive the fortunes of a once-famous European port. (NYT)
• Kirstjen Nielsen, the Homeland Security secretary, said her top priority was cybertheats. (NYT)
• The U.S. announced plans to build a 0 million supercomputer as it races to keep up with China. (NYT)
• Facebook says that the video of the New Zealand mosque shootings was viewed 4,000 times before it was removed. Also: New Zealand and Australia have urged Facebook to police extremism; and how social media’s business model helped the video spread. (CNBC, Bloomberg, WaPo)
• President Vladimir Putin of Russia signed a law that bans what the authorities regard as fake news. (Reuters)
Best of the rest
• How PG&E overlooked wildfire risks in favor of its bottom line. (NYT)
• A survey of women in economics revealed widespread bias and nearly 100 accusations of sexual assault. (NYT)
• The Fed uses so-called dot plots to show how its 19 officials expect interest rates to change — but investors seem increasingly confused. (WSJ)
• Can sophisticated investors be defrauded? The courts keep saying no. (DealBook)
Thanks for reading! We’ll see you tomorrow.
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2017生肖波色卡【青】【峰】【山】【整】【体】【被】【浓】【郁】【的】【灵】【气】【包】【围】，【以】【维】【度】【空】【间】【标】【准】【来】【判】【定】，【这】【相】【当】【于】【一】【处】【七】【层】【维】【度】【空】【间】。 “【掌】【柜】，【这】【几】【个】【物】【件】【怎】【么】【卖】？” “【公】【子】【好】【眼】【力】，【这】【三】【件】【是】【上】【古】【流】【传】【下】【来】【的】【古】【物】，【每】【件】【一】【万】【极】【品】【仙】【石】。” 【我】【听】【完】【掌】【柜】【报】【价】【只】【能】【微】【微】【一】【笑】，【一】【万】【极】【品】【仙】【石】【只】【能】【说】【是】【砸】【冤】【大】【头】。【古】【物】【是】【没】【错】，【却】【看】【不】【出】【有】【什】【么】【用】【处】。【破】【虚】【看】
【何】【一】【通】【不】【是】【傻】【子】，【虽】【然】【他】【也】【是】【临】【水】【县】【很】【牛】【的】【人】【物】【之】【一】，【但】【他】【也】【不】【愿】【意】【轻】【易】【得】【罪】【人】，【特】【别】【是】【他】【得】【罪】【不】【起】【的】【人】。 【眼】【见】【陆】【大】【石】【看】【过】【来】，【何】【一】【通】【合】【起】【折】【扇】，【朝】【着】【拱】【了】【拱】【手】，“【这】【位】【兄】【台】，【请】【问】【高】【姓】【大】【名】？” 【何】【一】【通】【不】【愿】【意】【得】【罪】【人】，【陆】【大】【石】【自】【然】【也】【不】【愿】【意】【得】【罪】【人】，【刚】【才】【他】【听】【王】【德】【财】【给】【张】【掌】【柜】【介】【绍】【过】，【这】【人】【是】【县】【尉】【大】【人】【的】【儿】【子】
【池】【念】【半】【倚】【着】【车】【门】【的】【身】【姿】【缓】【缓】【直】【立】， 【仍】【是】【骄】【傲】【的】【微】【扬】【下】【巴】， 【她】【一】【手】【托】【着】【手】【肘】，【香】【烟】【流】【溢】【的】【青】【雾】【绕】【在】【指】【尖】， 【朝】【他】【走】【近】， 【一】【如】【曾】【经】【那】【般】【孤】【傲】【的】【姿】【态】， 【只】【是】【清】【冷】【的】【眸】【光】【在】【对】【上】【秦】【珩】【视】【线】【的】【时】【候】，【还】【是】【忍】【不】【住】【柔】【软】【起】【来】。 【她】【仰】【视】【他】，【从】【唇】【间】【呼】【出】【一】【缕】【熏】【烟】，【轻】【扫】【过】【他】【森】【冷】【的】【容】【颜】，【再】【淡】【入】【夜】【风】【之】【中】。
【不】【仅】【可】【以】【将】【这】【些】【心】【存】【祸】【心】【之】【族】，【全】【部】【都】【给】【灭】【掉】。 【还】【能】【起】【到】【敲】【山】【震】【虎】【的】【感】【化】，【让】【其】【余】【的】【那】【些】【外】【国】【小】【国】，【晓】【得】【大】【坤】【并】【非】【是】【这】【么】【好】【惹】【的】。 【瞥】【见】【她】【们】【都】【没】【有】【什】【麽】【异】【议】，【宿】【小】【茹】【再】【次】【一】【笑】，【说】【道】：“【秦】【仲】【父】，【程】【伯】【父】，【小】【侄】【建】【议】，【此】【次】【过】【去】【不】【必】【太】【多】【兵】【马】，【只】【需】【将】【小】【侄】【门】【下】【的】【几】【个】【人】，【派】【过】【去】【即】【可】！” “【什】【麽】？【派】【她】【们】2017生肖波色卡【顿】【时】，【姜】【辰】【陷】【入】【了】【一】【个】【玄】【妙】【的】【境】【界】。 【他】【感】【觉】【自】【己】【坦】【洋】【在】【大】【道】【之】【海】【内】，【无】【尽】【的】【大】【道】【规】【则】，【在】【他】【体】【内】【游】【动】。 “【帝】【印】，【被】【他】【收】【了】？”【见】【此】，【哪】【怕】【是】【恒】【帝】【那】【内】【心】【也】【不】【由】【得】【掀】【起】【了】【些】【许】【波】【澜】。 【他】【可】【是】【知】【道】，【那】【是】【帝】【印】！ 【哪】【怕】【是】【大】【宇】【宙】【内】【的】【帝】【级】【强】【者】【也】【不】【一】【定】【能】【掌】【控】！ 【此】【时】【却】【被】【一】【个】【小】【世】【界】【的】【后】【生】【收】【了】！ “
“【可】【恶】，【竟】【敢】【如】【此】【取】【笑】【我】【们】【翼】【神】【门】，【天】【医】【谷】【也】【太】【放】【肆】【了】！” “【天】【医】【谷】【也】【太】【不】【把】【我】【们】【翼】【神】【门】【放】【在】【眼】【里】【了】，【该】【死】【的】，【要】【我】【说】【这】【群】【娘】【们】【就】【是】【欠】【收】【拾】！” “【都】【给】【我】【闭】【嘴】！【难】【道】【你】【们】【还】【嫌】【不】【够】【丢】【人】【吗】？【天】【医】【谷】【的】【那】【群】【疯】【女】【人】【那】【能】【是】【你】【们】【招】【惹】【得】【起】【的】【吗】？【不】【想】【出】【去】【被】【丢】【进】【蛇】【窟】【里】【就】【都】【给】【我】【闭】【嘴】！” 【刘】【羿】【飞】【忍】【不】【住】【惊】【怒】【斥】【呵】
“【你】【是】【何】【人】！【竟】【敢】【来】【我】【北】【沧】【皇】【宫】【撒】【野】！” 【其】【中】【一】【道】【侧】【面】【的】【虚】【影】【脸】【色】【一】【沉】，【很】【明】【显】【在】【观】【察】【着】【安】【晓】【晓】。 【可】【惜】【安】【晓】【晓】【手】【里】【有】【北】【沧】【皇】【宫】【两】【名】【强】【者】【作】【为】【人】【质】，【而】【且】【这】【二】【人】【还】【是】【北】【沧】【皇】【宫】【相】【当】【有】【身】【份】【的】【存】【在】，【让】【那】【些】【长】【老】【们】【根】【本】【不】【敢】【轻】【举】【妄】【动】。 “【交】【出】【水】【千】【仇】，【水】【万】【仞】，【我】【自】【会】【离】【去】。” 【安】【晓】【晓】【无】【比】【冷】【静】【的】【提】【出】【了】【自】
【林】【远】【架】【势】【直】【升】【飞】【机】【返】【回】【白】【沙】【城】，【这】【里】【的】【将】【士】【早】【已】【给】【他】【们】【清】【除】【一】【片】【空】【地】。 【看】【到】【程】【娇】【娇】【平】【安】【归】【来】，【众】【人】【悬】【着】【的】【心】【终】【于】【放】【下】【来】，【但】【他】【们】【知】【道】【林】【远】【还】【抓】【回】【来】【一】【个】【王】【子】，【顿】【时】【欢】【呼】【起】【来】。 【这】【可】【是】【大】【功】，【不】【仅】【守】【城】【的】【将】【领】【可】【以】【得】【加】【官】【进】【爵】，【他】【们】【这】【些】【小】【兵】【也】【可】【以】【得】【到】【丰】【厚】【的】【嘉】【奖】。 【就】【在】【队】【大】【家】【欣】【喜】【的】【时】【候】，【还】【有】【一】【人】【处】【于】