Professional Documents
Culture Documents
WSJ_1007
WSJ_1007
00
DJIA 39291.97 g 52.82 0.13% NASDAQ 18429.29 À 0.1% STOXX 600 511.76 g 0.91% 10-YR. TREAS. g 8/32 , yield 4.297% OIL $81.41 g $0.92 GOLD $2,360.10 À $4.90 EURO $1.0813 YEN 161.31
Pharmacy-Benefit Managers
Athletic Brewing closed a Democrats held caucus meet-
new financing round that ings for the first time since Bi-
values the biggest nonalco- den flopped at the June presi-
holic beer brand in the U.S. at dential debate. His performance
U.S. NEWS
Powell Signals Interest-Rate Cut Is Closer
Central bank chair long cited an overheated labor fastest pace in 40 years in were more that we would fail
market as a primary risk to 2022 and 2023 to combat in- to hit our inflation target,”
tells lawmakers a bringing inflation back down. flation. Officials have held Powell said. Increasingly, the
cooling of the labor Powell conceded that he their benchmark rate between risks between allowing infla-
wouldn’t have arrived at such 5.25% and 5.5%, their highest tion to remain too high and al-
market carries risks a judgment as recently as two level in more than two de- lowing the labor market to
months ago—and indeed, the cades, since last July. slow down too much “are
BY NICK TIMIRAOS Fed leader was more mea- Through last year, Fed offi- coming much more into bal-
sured in comments made at a cials were laser focused on el- ance,” he said. “We’re very
Federal Reserve Chair Je- conference in Portugal last evated inflation. They haven’t much aware that we have two-
rome Powell made a subtle but week, before the release of the had to worry too much about sided risks now.”
important shift that moved the June employment report by trade-offs between fighting in- While almost all of Powell’s
central bank closer to lowering the Labor Department. flation with higher rates and commentary suggested it was
interest rates when he sug- Behind the shifting outlook an increase in joblessness be- a matter of when—not if—the
gested Tuesday that a further is labor-market data showing cause businesses were scram- Fed would cut rates, he re-
cooling in the labor market a slowdown in hiring and a bling to fill open jobs amid the peatedly spurned efforts by
could be undesirable. mild but steady increase in reopening from the pandemic. lawmakers to pin him down
“Elevated inflation is not the share of Americans look- Now, officials are trying to on the exact timing.
the only risk we face,” Powell ing for work amid an increase balance the risk of moving too Economic projections last
KEVIN MOHATT/REUTERS
told the Senate Banking Com- in the workforce, due partly to slowly to reduce rates with the month showed most Fed offi-
mittee during the first of two more immigration. risk of moving too soon. While cials expect to cut interest
days of testimony Tuesday. The economy has continued layoffs are low, they tend to rates once or twice this year if
“We’ve seen that the labor to add more than 200,000 jobs rise rapidly as the economy inflation slows and growth is
market has cooled really sig- a month, on average, this year. weakens, which argues against solid but unspectacular. Mar-
nificantly across so many But the unemployment rate Fed Chair Jerome Powell on Capitol Hill Tuesday. keeping rates too high. But kets are focused on whether
measures.…It’s not a source of has inched up—to 4.1% in June lowering rates too soon could officials at the next meeting—
broad inflationary pressures from 3.7% in December, ac- demic conditions, when it was Fed’s preferred gauge, down ignite economic activity and July 30-31—might provide
for the economy now.” cording to last week’s report. “strong, but not overheated.” from 4% a year earlier but still allow inflation to settle out stronger hints that they could
That assessment is notable Powell described the job mar- Meanwhile, inflation fell to above the Fed’s 2% target. above the Fed’s target. cut rates at their subsequent
because Fed officials have ket as roughly back to prepan- 2.6% in May, according to the The Fed raised rates at the “For a long time, the risks gathering in September.
U.S. NEWS
Officials
Cite Russia
Beryl Leaves 1.9 Million Without Power
In Effort BY GARETH VIPERS
AND ALYSSA LUKPAT
Trump Vote
customers still without it after
Beryl tore through the Houston
region, city officials said, rais-
ing fears that high tempera-
BY DUSTIN VOLZ tures could pose new risks.
The storm made landfall as
WASHINGTON—The Rus- a Category 1 hurricane early
sian government has launched Monday before being down-
a “whole-of-government” ef- graded. It flattened homes and
fort to influence the outcome caused widespread power out-
of the U.S. presidential election ages in Texas, mainly in the
and favors Republican candi- Houston area. At least seven
date Donald Trump in the race, people were killed, including
senior U.S. intelligence officials two who died after trees fell
said Tuesday. on their homes and one who
The officials didn’t mention was caught in floodwaters, of-
Trump by name but said that ficials said.
Russia’s current activity—de- As cleanup efforts began
scribed as covert social-media across the Houston metro area,
use and other online propa- forecasters warned that humid
COAST
telligence agencies came to a the irreversible unintended ests in Indonesia that are being sea mining, saying that it
similar conclusion concerning consequences isn’t only about deforested for nickel needed in would give the U.S. a new
China’s involvement around protecting the endangered hab- steel, batteries and, increas- source of critical minerals that
the 2020 presidential election. itats, it’s also about ensuring ingly, national security defense is outside of China’s control.
The findings highlight the the sustainability of fishing, re- purposes. Mining of the seafloor could
rising concerns by U.S. officials specting cultural rights, and “Instead of opening another begin as soon as next year. The
and security experts about for- preventing harm to tourism fragile frontier to linear extrac- Metals Co., a Canadian mining
eign adversaries potentially and our economy, which is in- tion, investments must, and are firm, said it would launch an
pouring resources into the extricably linked to the health increasingly going to, alterna- exploitation contract with the
2024 presidential election con- of our environment.” tive technologies, circularity ISA in the second half of this
test eight years after Russia Hawaii’s ban comes after a and material substitutions. year, with the aim of starting
engineered a multipronged in- letter last month to President Deep seabed mining is not production in 2025. So far, the
terference campaign seeking to ISA has given 31 exploration
help Trump defeat Clinton. contracts to prospective min-
The efforts observed so far ers, including five Chinese con-
haven’t included attempts to tracts, but no exploitation con-
disrupt procedures of the elec- tracts.
tion itself, officials said. “It’s pure showmanship; it’s
BRIAN SKOLOFF/ASSOCIATED PRESS
U.S. NEWS
All because they can’t decide specifics and the potential for
which of their candidates is internal fights that could have
more unfit to be president: been triggered by a more de-
sleepy, crooked, Joe Biden or tailed document.
laughing Kamala,” he said, to Following Biden’s shaky per-
an eruption of boos. formance at last month’s de-
Repeatedly mispronouncing bate, a number of Democrats
her first name, Trump said have spoken out against Bi-
Harris would make a weak op- den’s candidacy, saying that
ponent this fall and said that Former President Donald Trump speaks at a campaign rally at the Trump National Doral Miami golf club on Tuesday, the party has a better chance
she and the Democratic Party to defeat Trump with another
are complicit in what he de- The White House and top reduced his handicap to six as dent’s campaign, responding to summit in Washington, D.C., candidate leading the ticket. Bi-
scribed as a “cover up” about aides have said Biden remains vice president and that he was Trump’s rally, said in a state- Harris hit the campaign trail, den has remained defiant
Biden’s cognitive health. a sharp and vigorous leader. happy to play golf with Trump, ment: “Joe Biden doesn’t have dealing a fierce attack on the against those calls.
“They are all co-conspira- Trump also challenged Bi- “if you carry your own bag.” time for Donald Trump’s weird potential policies of a second All the while, Trump has
tors in the sinister plot to de- den to a round of golf, reupping Trump at the rally said he antics—he’s busy leading Trump term. In Las Vegas on opened a 6-point lead over Bi-
fraud the American public an exchange from their debate. would give $1 million to a char- America and defending the free Tuesday, Harris warned of the den among voters nationally,
about the cognitive abilities of The matchup at one point de- ity of Biden’s choice if he were world.” potential for a far-right take- with 80% saying the president
the man in the Oval Office,” he volved into boasting over the to win. As Biden presided over the over of the government. She is too old to run, a recent Wall
said. sport, when Biden said he had A spokesman for the presi- opening of this year’s NATO said that the Project 2025 pol- Street Journal poll found.
as chairman of the Senate When Judge Mary Mar- didn’t name the justice whom
Committee on Environment lowe Sommer asked the pool the deputies were protecting
and Public Works he brought of 70 possible jurors if they on July 5.
a snowball onto the Senate were familiar with the case, The Metropolitan Police De-
floor in 2015 in an attempt to all but two raised their hands partment reported the at-
disprove global warming. to indicate they were. tempted carjacking in the 2100
He had long supported Baldwin’s lawyer Alex Spiro block of 11th Street, North-
making English the national in his questioning highlighted west. Sotomayor bought a
language of the U.S. the gravity of the situation— condo there in 2012, according
A pilot, Inhofe once helped “obviously someone lost their to Washington, D.C., property
fly a plane around the world life”—and asked jurors to records. Sotomayor wasn’t
and in Congress helped pass come forward with any reser- home at the time of the inci-
the pilot’s bill of rights. vations about their own abil- dent, according to a person fa-
—Joseph De Avila ity to be fair and impartial. miliar with the matter. SOMETHING TO HOWL ABOUT: An American red wolf pup got a checkup last month at the
and Natalie Andrews —Associated Press —Alyssa Lukpat St. Louis Zoo’s wildlife reserve, where four of the endangered species were born this spring.
Search by
tices are raising drug findings, the agency said that ferred a generic.
commute
allegations of price fixing. The documents and warned the use so-called specialty phar-
WORLD NEWS
Nobody Is Popular in European Politics
Votes in France, U.K. French Assembly distribution after 2024 legislative elections for established parties of the ergy-price spike that followed performing.
center right and center left is Russia’s invasion of Ukraine. “People have good reason to
show splintering as 178 Center 150 143 declining as voters turn to up- Immigration, environmental believe their political systems
The New Popular Macron’s party Far Right
leaders struggle to Front starts. New movements can policies, electricity bills, low are not delivering. That
rise fast but also fade quickly, wages and overstretched doesn’t mean they know what
claim clear mandates Left wing Right wing as French President Emmanuel healthcare services are among they want,” said Ivan Krastev,
Macron’s pro-business cen- the sources of discontent with head of the Center for Liberal
BY MARCUS WALKER trists have discovered. the performance of the politi- Strategies in Sofia, Bulgaria.
Patience with new govern- cal system. “Voters feel lost in a laby-
In the space of four days, ments is short. Being the in- Political fragmentation is rinth, so they run in different
France and the U.K. defied the cumbent can be a liability at a making countries such as directions, hoping the exit is
theory that European politics time of pervasive frustration France, Germany, Spain and there,” Krastev said. Rapid dis-
is shifting decisively toward with politics. the Netherlands less govern- appointment often follows, and
the anti-immigration right. “Democracy is in crisis,” said able just as geopolitical pres- the next election can bring
Instead, the results of re- 577 Matteo Renzi, a former Italian sures on Europe are growing. large swings. “The political cy-
cent elections confirm that the seats prime minister. “The first prob- Russian expansionism is cle is shortening,” he said.
bigger trend is fragmentation. lem is that when you vote, challenging the continent’s British voters turned over-
Divisions are multiplying in Absolute majority at 289 things don’t always change.” post-Cold War international whelmingly against the incum-
European societies, making it American voters are no hap- order. Chinese industries are bent Conservatives, but La-
harder for leaders to claim a 2 13 25 27 39 pier than Europeans about the threatening to swamp key Eu- bour’s win wasn’t accompanied
clear mandate—or, in many Socialist Other left-wing Other/ Other right- Republicans political choices on offer. For- ropean manufacturing sectors. by any great outpouring of
party parties Centrist parties wing parties party
countries, to cobble together a mer President Donald Trump The possible return of Trump hope or optimism. Many ob-
coherent governing majority. Source: French Ministry of the Interior CAMILLE BRESSANGE/WSJ and President Biden are the as American president could servers say the U.K.’s lack of
France’s fractured new Na- least-popular pair of candidates upend Europe’s security ar- economic growth or fiscal el-
tional Assembly will make A dysfunctional government tives, won just over 57% of the for the White House in at least rangements as well as trade bow room could quickly lead to
forming a government more could yet benefit Le Pen in her vote, their lowest combined three decades, according to a with the U.S. disappointment with new
difficult than at any time since attempt to win the presidency share in over a century. survey by the Pew Research In most of the big European Prime Minister Keir Starmer.
the creation of the Fifth Re- in three years, however. Many voters preferred small Center published in June. countries and in the U.S., far “No one really believes any-
public in 1958. The U.K.’s electoral system parties including centrists, en- Much of Europe is struggling more voters say they are dis- one can fix anything,” said
Any multiparty government is papering over the cracks. vironmentalists and the popu- with chronically low economic satisfied with democracy than Anand Menon, director of Lon-
is likely to have little holding it Last Thursday, Labour won list right. Turnout was also the growth and strained public fi- satisfied, according to a survey don-based think tank UK in a
together, apart from shared nearly two-thirds of the seats second lowest in a century. nances, leaving governments by opinion-polling group Ipsos Changing Europe. “It’s not un-
opposition to the far-right Na- in the House of Commons with As voters’ loyalty to tradi- with little room to maneuver. published in December. Among usual for Western countries in
tional Rally of Marine Le Pen, about one-third of the vote. tional parties declines, results Many Europeans’ living stan- the nations surveyed, only recent times. What recent elec-
which performed worse than Britain’s long-dominant par- are becoming more volatile dards have taken a blow from Swedes said they were happy tions have in common is a
expected in Sunday’s vote. ties, Labour and the Conserva- from ballot to ballot. Support post-Covid inflation and the en- with how their democracy is mood of antipolitics,” he said.
NATO’s Jens Stoltenberg is awarded the Presidential Medal of Freedom by President Biden.
WORLD NEWS
CLODAGH KILCOYNE/REUTERS
The shift has the potential Israel’s participation in research about 38,000 people have died
to alter Israeli careers, hurt and education programs, which in Gaza, mostly civilians, ac-
businesses and weigh on the often depend on European cording to Palestinian officials.
economy of a country of nine Union funding. If European The figure doesn’t specify how
million people that depends partners heed the call, “this many were combatants.
on international cooperation would be a tremendous blow to Months of fighting, the human
and support for defense, com- our ability to do academic sci- A banner calls for Ireland’s national broadcaster to boycott the Eurovision Song Contest. toll and images of devastation
merce and scientific research. entific research,” Segal said. in Gaza have fueled interna-
When an ethics committee The new political and legal less universities want to collab- ence, Eurosatory, would be a for Starburst Aerospace, an in- tional opposition to how Israel
at Ghent University in Belgium initiatives against Israel is un- orate with Israeli institutions. rare opportunity to expand his ternational consulting firm that has carried out the war.
recommended terminating all precedented, said Eran Shamir- Things just happen when you business, he said. Then he was develops and invests in aero- “As Israeli companies and
research collaborations with Borer, former head of the in- get this symbolic status,” said told that, because of a French space and defense startups. institutions become isolated, Is-
Israeli institutions in May, Is- ternational-law department in Shamir-Borer, a fellow at the court decision, his firm was After the conference opened, rael will find it more difficult to
raeli computational biologist the Israeli military. They in- Israel Democracy Institute. prohibited from attending. Or- a French court overturned the oppress Palestinians,” BDS says
Eran Segal didn’t see it coming. clude moves against Israel and Israelis are finding their par- ganizers cited court orders af- ban, but for Madmoni it was on its website. BDS co-founder
The sciences had seen little its leaders at the United Na- ticipation in cultural institu- ter a French defense-ministry too late. Many Israeli compa- Omar Barghouti declined to
impact from global-boycott tions’ top court and the Inter- tions and defense trade shows ban issued in response to Israeli nies had withdrawn. comment for this article.
movements, and Segal’s work national Criminal Court. is increasingly becoming taboo. military operations in Gaza. The Boycott, Divestment and Israeli leaders have long
had nothing to do with the Is- “Becoming a pariah state Lidor Madmoni, chief execu- The French decisions Sanctions movement, formed criticized boycott efforts. Pres-
raeli military effort. The univer- means that even if things don’t tive of a small Israeli defense “shocked the entire commu- in 2005 by Palestinian civil-so- ident Isaac Herzog told an eco-
sity’s research collaborations, happen formally, less compa- startup, prepared for months nity” of Israeli defense technol- ciety organizations, has called nomic conference in May that
the Ghent committee noted, in- nies feel that they want to in- for a June international-weap- ogy companies, said Noemie Al- for years for the use of interna- Israel’s enemies “are trying to
clude research on autism, Alz- vest in Israel in the first place, ons show in Paris. The confer- liel, managing director in Israel tional pressure on Israel to pro- isolate us in order to harm us.”
Weeks of Battle
Leave Rafah
Empty, in Ruins
BY DOV LIEBER and heavy pressure from its
U.S. ally and sent tanks rolling
RAFAH, Gaza Strip—This 9- into Rafah and along the bor-
mile-long borderland separat- der area, it is now pointing to
ing the Gaza Strip from Egypt the damage and signaling that
was once a bustling commer- the heaviest fighting is almost
cial crossing for goods and done—not only in Gaza’s
people—and, Israel says, arms southernmost city, but also
and supplies for Hamas. across the enclave.
After weeks of fighting, it While Israel said it would
is now a flattened wasteland. continue to fight in areas
OHAD ZWIGENBERG/PRESS POOL
Democrats to be seen.”
“I think it was a construc-
tive conversation,” said Sen.
gathering. Phones and Apple
Watches were confiscated to
prevent instant leaks. Law-
“There is an anxiety that is
felt across the country. It’s not
just in that room and it’s not
gathering of the North Atlantic
Treaty Organization in Wash-
ington, reading off a telepromp-
re-election and will help lead
us through a process toward a
new nominee.”
W
an assistant professor of manage- only previously asked for work ad- you from overbur-
e tend to believe ment at Santa Clara University’s vice. Unlike her, he’s been married dening any one per-
the best person business school, who is one of the for years. She believed he was a
Those with son. “If someone gets
for support dur- researchers on the study. good listener and problem solver, so ‘weak ties’ burnt out helping you,
ing a tough time About half the time when we she decided to take a chance. Conversations with these they won’t have anything
will always be need guidance, we reach out to Kabiri explained her problem so-called weak ties can be sur- else to say,” High says.
someone who’s friends, family members and oth- and told her colleague that she prisingly helpful. People who don’t
been there before. ers close to us, research shows. was really sad. He listened and know us well don’t know our ’Emotion matching’
We’re wrong. But when we don’t—maybe we asked questions. Then he told her faults, so they’re less likely to People who have dealt with issues
FROM TOP: CAROLE HÉNAFF; STEVEN ALAN MATSON; TARA GARCIA MATHEWSON
New research shows we may fear they’ll judge us—we turn to that he and his wife had many judge us. Even if they do, we won’t of their own should be empa-
get better help from people who acquaintances or even strangers challenges over the years, but he care as much as we would if it thetic—and have problem-solving
have been through a significant for support. thought they were worth it, and were our sister or mother. skills. If their problem was differ-
challenge that is different from Someone you don’t know well he’d do the whole relationship And often they take place ent than yours, they won’t assume
our own. Social scientists say this may have different life experiences over again if he could. somewhere that feels safe and ap- they know what you’re going
is because those who have been you can draw upon, says Nika “I felt heard,” Kabiri says. propriate, such as when we talk through without asking questions.
through an unrelated challenge Kabiri, a sociologist who “It was exactly what I to someone at yoga class about The key is to look for someone
can empathize with our emotional studies how people needed.” our struggle with work-life bal- whose experience was emotionally
pain. Yet they won’t assume they make decisions. “You ance, says Mario Small, a profes- similar to yours, says Stephanie
know what our experience is like never know what sor of social science at Columbia Preston, a professor of psychology
or bring their own emotional bag- people know until Mario Small, a University, who studies how we at the University of Michigan, who
gage to the conversation. you ask,” she says. sociologist at decide to disclose information to studies empathy. For example, if
Meanwhile, those who have When she had a Columbia someone. you’re devastated by the divorce
“been there” before sometimes problem recently University, says He recently experienced this you’re going through, someone
talk more than they listen. They with a new boy- he got perspective himself when he ran into a col- who has experienced a devastating
may also give advice based solely friend, she reached from a colleague league at a local hardware store. job loss may be a good fit.
on their experience and forget out to a girlfriend he ran into while The man’s teenage daughter had “Empathy is all about emotion
that ours may be different. And who’d had relationship shopping. experienced some trouble at matching,” Preston says.
Tweens Embrace
talk to a dermatologist before using
Moon Walk,” the product descrip-
tion page says.
Wrinkle Creams
Shai Eisenman, Bubble’s founder
and chief executive, said the brand
has a responsibility to educate its
customers about the risks of using
active ingredients before they are
BY NATASHA KHAN aging creams and serums. necessary.
Retailers and product makers When the company launched its
T
his spring, amid preparation generally say they advise preteens Moon Walk serum six months ago, it
for cookie sales and planning a and early teens to stick to gentler added the warning to the website
white-water rafting trip, the products. They have largely resisted and to TikTok advertisements for the
Girl Scouts of Larchmont-Mamaron- efforts to mandate product warn- products with an overview of age
eck welcomed a special guest ings or age requirements. recommendations for the full product
speaker: a dermatologist. line. “I don’t want to see anyone do-
Preteens and teens across the The warning debate ing anything that could potentially
country have ditched their crafts, Earlier this year, California assem- damage their skin,” Eisenman said.
videogames and toys, embracing blymember Alex Lee introduced a bill Drunk Elephant, the colorfully
antiaging and other beauty prod- that would require warnings or age packaged line owned by Japanese
ucts, and parents are concerned. verification for antiaging products. beauty giant Shiseido, has no such
Some of the most popular products The legislation was quashed at the warnings on its pages for specific
contain active ingredients such as appropriations-committee level. products. “Safety is always our top
retinol and glycolic acid, which can During the hearing for the bill, priority,” a Drunk Elephant spokes-
thin the top layer of the skin and then-10-year-old Scarlett Goddard- person said.
cause peeling and irritation. Strahan testified that she began us- Glow Recipe’s Watermelon Glow
While long-term impacts are still ing products that had antiwrinkling PHA + BHA Pore-Tight Toner says
being studied, most children have a and brightening properties—so that on its website page that the prod-
healthy skin barrier that becomes “she wouldn’t look old, no offense”— uct is suitable for all skin types and
easily disrupted when using harsh after listening to influencers on Tik- ages. “You may wish to consult a
topicals, according to dermatolo- Tok and YouTube. hundreds of cosmetics and skin- Skin-care products from the dermatologist before using actives
gists. Some girls have reported get- She started getting burns and care brands as well as chains such Ordinary, Glow Recipe and Drunk on young skin,” it says.
ting rashes after using such creams bumps after using them. as Sephora and Ulta. Elephant. Glow Recipe didn’t reply to re-
and serums; others say they have “I wanted glowy skin, and instead The group said that it supports quests for comment.
gotten sunburned more easily. I have red, itchy skin,” Scarlett told dermatologists’ views that antiag- Estée Lauder, in February put out Kathryn Kirchoff-Torres, a neurol-
“No child was talking about alpha the committee. ing products are unnecessary for an Instagram post titled “Teens, you ogist who leads a seventh-grade
hydroxy acid before the pandemic,” Beauty retailers Sephora and preteens and teens and that they don’t need ten steps,” recommend- Girl Scout troop that attended An-
said Leah Ansell, the dermatologist Ulta Beauty, along with owners of should look for mild cleansers, hy- ing teens “avoid ingredients like sell’s presentation, has been con-
invited to talk to the Girl Scouts. popular brands such as the Ordi- drating moisturizers and protective retinoids and alpha hydroxy acids at cerned about how social-media
“Now, everyone is talking about nary, Drunk Elephant and Glow Rec- sunscreens. the start of your skincare journey.” marketing to tweens and teens con-
specific skin-care ingredients. It’s a ipe, don’t market antiaging products Ulta said it recommends youn- tains little factual information on
worrying and surprising trend.” to younger customers in stores or ger customers avoid retinols and The social-media effect skin care that is healthy and safe.
Girls in their preteens and early on their websites. They have said active ingredients and instead Bubble Skincare has a line on some “It’s a field even we as adults
teens have helped fuel a renais- preteens and younger teenagers reach for gentler alternatives. It of its product pages for formulas find challenging to navigate,” said
sance in the $430 billion global should stay away from products said it looks to brands to provide with higher levels of active ingredi- Kirchoff-Torres, who has a teenage
CAM POLLACK/WSJ
beauty market. Dubbed “Sephora with these ingredients. age recommendations. ents, such as its Moon Walk Gentle daughter. “We wanted a science-
Kids,” they follow influencers on Tik- Sephora referred questions to Some companies have high- Exfoliating Serum, that says it is based resource for our girls to have,
Tok and YouTube who post “get the Personal Care Products Council, lighted potential risks for younger recommended for those ages 14 so they’re not just buying items in
ready with me” videos touting anti- a trade association that includes customers. The Ordinary, owned by and up. “If you are younger than 14, order to fit in or to follow trends.”
A10 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
A
matter what your age
t the beginning of or stage of career.
March, I hit an emo- Miller also recom-
tional high: I started mends doing a periodic
work as a freelancer, reassessment of your
excited to embark on past assignments, your
this new career I’d clients and your rela-
made for myself as a writer and tionships to both. “As
podcaster. I set about making your priorities change,
spreadsheets and lining up assign- go through your client
ments. Every social-media “heart” list. ‘Do they fit this
and “like” seemed like an extra bucket?’ ‘Do they fit
vote of confidence in favor of me that bucket?’ ‘Do they
betting on myself. My best friend fit three buckets?’ ‘Do
sent me flowers. I even threw a they fit no buckets?’”
party to celebrate. When I started, I
Then, one month later, I hit a had two paltry buckets:
low. I—the girl who is supposedly “Do I like doing it?”
“good with money” and was even and “Do they pay OK?”
paid to write about such things— No wonder I crashed
overdrafted my checking account out at the desk.
for the first time in years. I felt
embarrassed, of course, but mostly,
I felt a little panicked. I thought I’d The experiment
researched all I needed to know continues
about freelancing. I thought I had But in a weird way, I’m
the spreadsheets! glad I had that day at
Turns out, spreadsheets can the kitchen table, even
get you only so far as a freelancer, if it hurt my head a lit-
contractor or gig worker. More tle sleeping on the
young people are taking this type wood. Because under-
of work, as a full-time freelancer standing why I was too
(like myself) or as a way to aug- busy led me to another
ment their 9-to-5 so they can keep retaliation: I was sell-
making higher rents and their wal- ing myself too cheap.
lets can keep up with stubborn in- check for an especially lucrative So I assumed adjusting to the ment? Don’t simply move some for “If everybody keeps saying yes
flation. And in a world where assignment—totaling more than I rhythms of this new cash flow tax savings and the rest to other to you all the time and you don’t
you’re often doing the marketing, usually made in two months at my wouldn’t require anything more goals. Instead, think critically get any noes, it might feel good in
the money managing and—oh previous job—showed up earlier than keeping a closer eye on Excel about how you’ll pay yourself back the moment, but that’s a big sign
yeah—the actual work of your own than expected. and otherwise going about busi- for the time you spent earning you’re undercharging,” de Leon
freelance business, there are al- According to my freelance ness as usual. that money. says.
ways going to be some lessons you friends, this inconsistency in pay But then I had that scary mo- “It’s a business and you have Rate-setting isn’t a skill you
learn the hard way. schedule wasn’t spe- ment with the over- got to run it like a business,” have or you don’t, de Leon says.
“It’s all an experiment,” says cial; “it’s just the draft. It seems the Miller says. It’s instead honed over time, with
Paco de Leon, founder of the Hell way it happens,” close eye on those lots of trial and error. Younger or
Yeah Group, a financial firm for says Jen A. Miller, a Rate-setting spreadsheets still Taking on too much newer workers are best served by
creatives and other freelance longtime freelance is a skill that is wasn’t enough to At the start of my journey, a connecting with one another or to
workers. “You have a hypothesis: writer and author. catch myself in a friend cautioned me against sit- the larger freelance community; in
‘Can I do this and make a living?’ “It is both terrify- honed over humdrum account- ting on my hands and waiting for sharing lessons and tips, the col-
Get some data and what you do ing and exhilarating ing error. assignments. “Your biggest enemy lective can demand better pay as a
with that data, you make adjust- to not know what’s
time, with trial Younger freelanc- is your own inertia,” she says. whole.
ments to the hypothesis. If you around the corner,” and error. ers may feel intimi- So, I hit the ground running— I’d had a vague idea of how
look at entrepreneurship from that de Leon says. “In dated at the pros- mostly, to be honest, because I much I made per hour at previous
perspective, then you’ll realize it’s terms of managing pect of building this was worried about losing momen- jobs, so my main goal had been
all an experiment.” cash flow, I would system and struc- tum. I jumped on a podcast gig, exceeding that. And though I al-
say half the people I work with ture at the same time as they’re pitched dozens of stories and ways figured I’d take on some
Managing cash flow don’t think about this and the juggling new assignments and spent Monday to Sunday on the lower-paying gigs alongside more
When I took the leap in March, I other half are losing sleep over it.” seeking clients, but the money- phone or at the laptop. lucrative ones to create a diversity
knew there would be a learning I thought I was one of the chill management lessons learned now I knew I was doing a lot, but I of income streams, de Leon’s ad-
curve, and I was prepared to ad- ones. For every freelance payment will only continue to serve in vari- thought I had to be. I wanted edi- vice made me think twice about
just my personal-finance strate- I received, I keep three spread- ous jobs to come, whether free- tors and clients to keep me top-of- just how much of the latter I was
gies as a result. But three big is- sheets: one helping me keep track lance or not. mind, and, although I admit this taking on.
sues—my cash flow, the lack of of deadlines, another sorting my Miller’s advice: Set aside time somewhat sheepishly, I didn’t want “Every client is a chance for
boundaries on my work time and tax savings in advance, and the in your day to dedicate solely to my byline to fade from relevance. you to experiment and push and
my fees—threatened to upend my third detailing the household ex- business tasks. That $150? Re- Then, a mere four weeks into see where is the floor and where
experiment altogether. penses that my girlfriend and I search how you best want to allo- this experiment, I fell asleep at is the ceiling when it comes to a
One month, I made $150, a lot keep for our monthly money-date cate it, given your work schedule the apartment kitchen table, my rate,” de Leon says.
BETH GOODY
of it trickling into my account via discussions. Every freelance as- for the next quarter and any big usual workspace. All that running My hypothesis is still being
$5 and $70 subscriptions to my signment I complete, and pay- expenses on the horizon. The gi- caught up with me. tested, but so far, it’s paying of—
email newsletter. The next, a ment I receive, I log accordingly. ant check from that one assign- “One mistake a lot of people in lessons and in dollars.
Subscription
In May, Rolling Stone said it was Monthly 88.3% not the life of the listener. The deal
switching lifetime subscriptions cost between $357 and $755, ac-
from print to digital-only. Walker cording to court documents.
Isn’t as Long was annoyed. Annual 78.4 A 2020 settlement gave around
He said a lifetime subscription 900,000 customers a lifetime sub-
As You Think
might not be worth it to him again: Quarterly 12.7 scription regardless of device. The
“I don’t know if there’s anything I subscribers have to pay $35 to
really want that bad.” transfer their account to new de-
Rolling Stone and its owner, Pen- Lifetime/one-off 8.9 vices. SiriusXM no longer offers
ske Media, didn’t reply to requests new lifetime memberships. It didn’t
BY KATHERINE HAMILTON for comment. The magazine’s terms Source: Membership Geeks’ survey of more than 2,300 online businesses offering subscriptions, respond to requests for comment.
say it can change the format and conducted April–July 2022 “The problem with these kinds of
A
lifetime subscription sounds number of issues distributed to offers is reading the fine print,” said
like a great deal. It isn’t al- subscribers. Greenberg, the consumer advocate.
ways. Language-software provider Bab- promised unlimited first-class “Most of us consumers hear or see
One-time payments with forever Deal of a lifetime bel costs $17.95 a month. For users flights and lounge access. The air- a lifetime subscription, and we take
benefits are attractive to consum- The one-time expense of a lifetime that upgrade to a more expensive line stopped selling the AAirpass as it at face value.”
ers looking to escape the sea of subscription is equivalent to a cer- subscription, the most popular pick travelers racked up the miles. Lifetime also isn’t all-inclusive.
endless subscriptions, from stream- tain number of monthly or yearly is the lifetime membership, said Ju- Companies might try to up-sell lif-
ing services to food delivery. ’Til- payments. Once you surpass that lie Hansen, Babbel’s chief revenue The fine print ers to other products. The video-
death-do-us-part deals are catching amount of time, the value kicks in. officer. It sells for $599, which In some deals, a lifelong benefit streaming service Nebula, which be-
on in software and other digital ser- Companies such as language- equates to almost three years of might not actually mean a buyer’s gan offering lifetime subscriptions
vices, like language-learning pro- learning platform Rosetta Stone paying the monthly subscription. entire life. in 2023, said new types of services
gram Babbel and video-sharing plat- and streaming platform Plex offer Lifetime deals can sometimes Defining a lifetime was at the may be subject to new fees for life-
form Nebula, where $599 and $300, them for various reasons. Those prove too costly for businesses. heart of a class-action lawsuit long members.
respectively, buy a lifetime. can include marketing, building cus- American Airlines once sold life- against SiriusXM. The satellite-radio
Use the subscription long tomer loyalty and seeking to imme- time access to its swanky Admirals company argued its membership re- Endgame
enough, the thinking goes, and you diately boost revenue. Club lounges. The program was dis- Buying lifetime access represents
will eventually enjoy the product or continued, but American honors the an investment in the future of a
service for free. Jason Walker bought a lifetime contract for people who bought it. business and its products.
But a lifetime isn’t always as subscription to Rolling Stone Another lifetime pass, launched It might not pay off because the
long as you think, and beyond the magazine for $99 in 2004. in 1981 at a price of $250,000, company could go out of business.
simple math of how many years it If it is acquired, or makes significant
takes to come out ahead on the changes in its features, that could
deal, there is fine print. The terms also threaten the value of your
can translate to less value than membership.
you might have expected. Compa- Craig Walsh, a 75-year-old from
nies can change benefits after you Honolulu, has bought two lifetime
sign up. And some memberships passes that are now defunct. One
get discontinued. was for Ansett Australia, an airline
“You have to be a very savvy con- that ceased operations more than
sumer to sign up for something like two decades ago. Another was to
this, if you’re going to get your the Royal Show, a British agricul-
FROM LEFT: LEAH CRONAN; MARJORIE WALSH
money’s worth,” said Sally Greenberg, tural event, which hosted its final
executive director of the advocacy show in 2009.
group National Consumers League. His lifelong pass for American’s
Jason Walker bought a lifetime Admirals Club, bought about three
subscription to Rolling Stone maga- decades ago, still works.
zine in 2004 for $99, when he was Craig Walsh bought lifetime Walsh said he wouldn’t buy a
18. Most of the 400-plus print is- access to American Airlines’ lifetime subscription now, given his
sues he has received sit on his base- Admirals Club lounges. The experiences. “I didn’t know that the
ment shelves. Rolling Stone today program was discontinued, but lifetime card meant their lifetime,”
charges $59.88 for a year’s print American still honors the contract. he said. “I thought it meant mine.”
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | A11
ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON
Clairo’s New
Collaboration
The singer-songwriter partners with producer
Leon Michels on her ’70s-inspired third album
O
ver the past 10 years, aesthetic while nudging it in in-
a particular kind of triguing new directions.
musical partnership Ms. Cottrill once again looks to
has become common: the ’70s for inspiration, but here
A singer-songwriter, she mines a lusher and rhythm-
usually a young forward version of the singer-
woman, pairs with a songwriter- songwriter sound, when lines be-
producer, usually a man, and the tween pop, adult contemporary
duo repairs to a studio and essen- and R&B were a little blurrier.
tially creates a large portion of an From the collection’s first track,
LP—writing, playing, mixing—by “Nomad,” the drums are higher in
themselves. In these cases, as with the mix and the songwriting is
Olivia Rodrigo when working with tighter and more focused than on
producer Dan Nigro or Lana Del the last Clairo record. The subtle
Rey when she records with Jack but clear emphasis on groove
Antonoff, the producer is also a makes all the difference, anchor-
multi-instrumentalist who can ing the songs and allowing Ms.
play whatever the song calls for, Cottrill to focus on melody. These
and record-making becomes an in- songs get to the point early and
timate collaboration be-
tween two principals.
The career of singer-
songwriter Claire Cottrill,
who records as Clairo, il-
lustrates how this dy-
namic works. She recorded
her first album, 2019’s
“Immunity,” with Rostam
Batmanglij, formerly of
Vampire Weekend, and his
ear for dreamy electronic
textures gave the music an
amniotic warmth. On her
second LP, 2021’s “Sling,”
Ms. Cottrill teamed with
Mr. Antonoff, leading to a
collection of songs with
slightly knottier structures
and keyboard-driven bal-
ladry that hinted at ’70s
folk-pop. On both sets, the
singer’s style, anchored by
her soft, near-whispered
vocals, was consistent.
The records drew from different Claire Cottrill, aka Clairo, right; the
genres but shared an emotional artist’s lush new record, ‘Charm,’
outlook. Ms. Cottrill’s self-re- is out Friday.
leased third album, “Charm,” out
Friday, finds her collaborating
with yet another producer, and it choruses on numbers like “Add Up
plays like the concluding chapter My Love” have a hook-laden effi-
of a trilogy, familiar but different ciency that recalls Fleetwood Mac.
enough to keep us engaged. On “Sling,” Mr. Antonoff’s
This time out, Ms. Cottrill, now drums were an afterthought. Here
25 years old, worked with Leon they’re where the ear goes first. ing clarinet and both Ms. Cottrill while tinged with yearning. “Sexy ganic production and prioritiza-
Michels, best known for his soul- The rhythm section—drummer and Mr. Michaels on flute. Later is something I see in everything / tion of instrumental interplay.
revival creations within the ex- Homer Steinweiss and bassist in the record, the slinky “Juna” Honey sticking to your hands / More hermetic singer-songwriter
tended universe of the Daptone la- Nick Movshon, both of whom are adds a spacey synth inspired by Sugar on the rim,” she sings, over LPs created by a duo—like Maggie
bel. Mr. Michels knows the sonic in bands with Mr. Michels—crafts Stevie Wonder ballads as well as a beat with a highly appealing Rogers’s “Don’t Forget Me” from
details and production touches arrangements that aren’t techni- trumpet and saxophone. bounce. The bright and hypnotic earlier this year, say—are compar-
that hint at identifiable feelings cally difficult but require a sense Ms. Cottrill is not an especially “Thank You” sounds like ear candy atively airless. Ms. Cottrill re-
from the music of the past—the of timing and swing that they nail strong lyricist but she reliably from the golden era of AM radio, mains an artist of limited range—
way reverb on a drum kit evokes every time. While the production lands on a striking phrase or im- even if the words fall flat—her line it’s impossible to imagine her
the dramatic rolls of Hal Blaine often seems sparse, it’s actually age. Her lines are fragmented, “I thank you for your time” is ad- belting out a chorus—but she’s a
with Simon & Garfunkel, say, or the product of careful editing and filled with hints and allusions, and dressed to a lover, but it’s some- master of mood, and this record is
how a warbly Mellotron chord can layering, with more elements than they avoid extremes. The sadness thing you’re more likely to hear at the best showcase so far for her
do the same with the refracted or- one might guess on first listen. is mostly the comforting kind; mo- a job interview. gifts.
LUCAS CREIGHTON
chestrations of late-’60s chamber “Slow Dance” is built around a ments of joy are understood to be “Charm” is an album of modest
pop. On “Charm,” he deploys these pretty piano part and could be de- fleeting. The second track, “Sexy ambition that delivers beautifully. Mr. Richardson is the Journal’s
techniques on an album that hews scribed as minimal, yet the credits to Someone,” is one of her finest And it has a leg up on the indie- rock and pop music critic. Follow
closely to Ms. Cottrill’s indie-pop list a dozen instruments, includ- songs, its words wistful and wry pop competition thanks to the or- him on X @MarkRichardson.
could be identified and caught. gan’s arrest. Dr. Burgess’s instincts, lestation and having a mom who the interviewer, and only adds to Mr. Anderson is the Journal’s TV
And the period during which Dr. unlike those of some investigators, cooked, cleaned and solved crime. Ms. Fuller’s dilemma of making a critic.
A12 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.
SPORTS
Baseball’s King of Pitch-Clock Violations
BY JARED DIAMOND
W
hen baseball introduced
the pitch clock before the
2023 season, Washington Kyle Finnegan has more time infractions by himself than the staffs of nearly half of MLB teams
Nationals closer Kyle Finnegan re-
alized that the new rules posed a
bit of a challenge. He worked But Finnegan likes to take his
slower than almost any of his time, sometimes to his own detri-
peers, and now suddenly he would ment. Boasting a fastball that sits
have to contend with a giant at 97 miles an hour, Finnegan said
countdown staring him in the face he needs those extra moments to
every time he stood on the mound. regain his strength between
During his bullpen sessions that pitches and as a result prefers to
winter, Finnegan timed himself in let the clock tick down. Most of
an effort to establish a zippier rou- the time, he’s able to mentally
tine, knowing his old ways might gauge how much time he has left
cause problems. Suffice to say, the without any hiccups.
new, speedier version of Finnegan What’s tripped him up are in-
remains a work in progress. stances when the clock resets
In a sport desperate to pick up quicker than he expects. The timer
the pace, Finnegan has emerged as starts at 15 seconds with nobody
a perpetual slowpoke. He has been on base and 18 seconds with run-
cited 16 times since last opening ners on, reduced from 20 seconds
day for failing to begin his deliv- last season amid concern that
ery before the clock struck zero, a game times had crept up as the
transgression that results in an summer went on. In certain in-
automatic ball for the batter. Only stances, like after a foul ball or a
Toronto Blue Jays starter Chris pickoff throw, it’s less clear exactly
Bassitt has more with 17. when the timer will start rolling.
But Finnegan stands alone in “Where I’ve gotten into trouble
another way. He has been dinged is not looking immediately at the
every 104 pitches, more frequently clock to see when it resets and
than anybody else in the league. It just thinking in my head that I
has earned Finnegan the ignomini- have a little more time,” Finnegan
ous title of King of Pitch-Clock In- said. “It’s all me thinking they
fractions. started the clock later than they
The past few months have been actually started it.”
particularly difficult. Finnegan has Despite his propensity for
committed nine violations in 2024 pitch-clock violations, Finnegan
entering Tuesday’s action, despite says he doesn’t intend to make any
having thrown just 37⅓ innings. significant changes. In every other
No other hurler has more than respect, what he’s doing on the
seven, and that pitcher, Jon Gray Kyle Finnegan was called for a pitch-clock violation that resulted in a walk-off win for the Rockies on June 22. mound has been working too well.
of the Texas At age 32, Finnegan has
Rangers, has his wrist as if to say, “You’re late!” That means people can now make emerged this season as one of the
thrown over 700 and emphatically summoned Jake it through nine whole innings best closers in the sport, convert-
more pitches than Cave home from third with the without suffering the effects of ing 23 saves and posting a 2.17
24
21
25
22 23
26
21 Kick
23 Gaggle
member
starter?
Now He’s the Captain.
25 Semi stuff
27 28 29 30 BY ANDREW BEATON tender to make the team as date until he received a call
28 Nation a player. a couple of weeks ago telling
31 32 33 formerly AT LAST YEAR’S Ryder Ryder Cup captains are him that the job was his.
known as Cup, there was one notable typically elder statesmen Bradley added that while he
34 35 French Sudan absence from the U.S. roster: like Europe’s Luke Donald, doesn’t envision selecting
29 Kitchen pest Keegan Bradley. who returns to the role after himself to be on the team,
36 37 38 39 40 41 42
30 Miffed The veteran, who had a victorious showing in Italy he would play if he automat-
won twice on the PGA Tour last year. That’s partly why ically qualifies.
43 44 45 32 Like last season, was a surprise Woods seemed like a logical The captain’s main job at
mistletoe omission from the American choice. Woods, in a state- the Ryder Cup involves pick-
46 47 48 berries team, a snub viewed as cap- ment, said he would be open ing the players and strate-
33 Audacious tain Zach Johnson choosing to captaining a team in the gizing over matchups, and
49 50 51 52 players he was buddies with future but that his responsi- it’s a thorny job that Bradley
34 Trunks of
over the ones playing the bilities to the PGA Tour, is well familiar with. The
53 54 55 56 trees
best golf. which is negotiating a deal team gives six spots to auto-
35 Bawdy West matic qualifiers based on
57 58 59 36 Turns into points while the other six
37 “How do you are captain’s selections.
60 61 62 Even though Bradley ranked
do it all?”
in the top-12 by points last
response
year, he was left off the
PIER-TO-PIER | By George Jasper 38 Survived the squad when Johnson instead
Across 25 Hardly any 44 Lose Down semifinals picked Justin Thomas and
40 Pate toppers Jordan Spieth—close friends
1 H.S. student’s 26 Fairy tale 45 Big name in 1 Mishmash
who had more of a history in
concern starter pineapples 2 Sierra 41 Subject full of
the event.
4 •City located 27 Healing helper 46 Hibernation Nevada, e.g. unknowns “It’s nothing you did or
at the east 28 Where the hangout 3 Witherspoon’s 42 Place for the didn’t do,” Johnson told
end of Lake Ingenuity 47 Simple shelter co-star on cultivated Bradley over the phone. “I
Erie helicopter “The Morning 44 Excellent just feel like it’s best, this
48 See 24-Across
11 Nightclub flew Show” year, to go in a different di-
49 Convenient, 45 Film noir
VIPs rection.”
30 2014 like 4 Yacht spot classic What made the situation
14 Appeared in Olympics host convenience 5 River of 47 Navajo particularly excruciating is
the paper 31 Preceder of X, store Russia neighbors that the news was broken to
15 Handout from Y or Z shopping 6 Took a trip? 48 Butler in a Bradley while he was being
a concierge 32 Diminish 51 Like an angle movie trailed by cameras for the
7 JFK
16 Slippery gradually bracket overseer Netflix docuseries “Full
50 Meat Keegan Bradley was named U.S. captain for the Ryder Cup. Swing.” After receiving the
swimmer 33 •City on the 53 Miffed substitute
8 Moseys along call, footage showed Brad-
17 Quarry was banks of the 54 Make the cut? 9 Dey job? 51 “Symphonie ley’s wife telling their son to
his quarry, Charles
56 Diminish 10 Perform Espagnole” One year on, he doesn’t with LIV Golf’s Saudi back- give him a hug, saying he
twice 34 •City whose composer have to worry about being ers, were his priority. “needs it.”
gradually before the
18 Not past its harbor Édouard passed over by the guy pick- The U.S. wound up going “I was crushed,” Bradley
57 Personal headliner
“use by” date empties ing the team. In an unex- in an entirely different di- reflected. “It took us a while
driver? 11 Status of 52 Kerfuffle
19 Sixth col. into the pected move, Bradley on rection. The 38-year-old to get over that.”
Chesapeake 58 Like some TWA and 55 D.C. colleague Monday was named the Bradley is now the youngest Bradley handled the situ-
heading
Bay nighttime Pan Am of 60-Across Americans’ captain for next captain since Arnold Palmer ation with grace. He was
20 Kelly Clarkson campsites year’s clash back on home served as player-captain in seen later in the series
song inspired 36 •Magnolia Previous Puzzle’s Solution
State city on 59 Before, of soil. 1963, which is also the last cheering on the same U.S.
by Psalm 46 J A V A S T Y L E A P A T
In a role that many be- time that captains also com- team that had opted to leave
the Gulf of yore A V O N C H U A DM I R E
22 Pleasantly W I N D F A R M U N S T O P lieved would go to Tiger peted in the event. Bradley him at home. And, this time
Mexico 60 D.C. colleague
lazy, like S A N T A N A R N A C S I Woods, Bradley was instead currently ranks 19th in the around, Johnson was the
summer 39 Beaufort of 55-Down H A S S L E D S H E D placed in charge of the U.S. Official World Golf Ranking, one who told Bradley that he
afternoons scale category 61 PC connection E L S E H E B R A I C
roster for the biennial clash while he’s No. 35 according would be the next captain.
SETH WENIG/ASSOCIATED PRESS
C A T N I P T A I L C O A T
24 •With 40 Aides site, and a O D E N O S I R E E U S E against Europe at the Beth- to the analytics website Data Now Bradley, the winner
48-Across, with .edu hint to each L E A D F O O T S C E N I C page Black Course on Long Golf. of the 2011 PGA Champion-
capital city addresses starred MO O R A G E U T A H Island. It’s a shocking twist Bradley’s appointment ship, is tasked with turning
B A R T T R O T T E R
on the 43 Blunt on answer I D O P A S H A L O G E N not just because Woods was was so surprising that not around a U.S. team that was
Mississippi screen 62 Woeful C E L L O S H A L F P I P E the most high-profile candi- even he expected it. He said just beaten handily by Eu-
E L L I O T U N O O B I T date, but also because Brad- on Tuesday that he didn’t rope and has lost 10 of the
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. P E S T L E M E N P E C S ley is still a legitimate con- even know he was a candi- last 14 Ryder Cups.
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | A13
OPINION
Team Biden’s Cynical Gamble BOOKSHELF | By Charles Gasparino
Another
fine mess,
ers weren’t listening.
This isn’t half the story,
wasn’t “a great look for the
independence of the Justice
24 months of Biden bushwa
finally dissipated. In Mr. Bi-
Ponzi’s
Heir
said Ollie to which the paper might have Department.” den’s ABC interview, he didn’t
Stan. In a mutely admitted when it What’s the point at this say a Trump victory would be
game of went out of its way this week late date of continuing to re- the end of the world, as long
chicken be- gratuitously to quote and fuse to draw a link between a as Mr. Biden can get his shot
tween the then refute an unremarkable clear thought (one of the at a second term and give it
BUSINESS
president claim by Sen. J.D. Vance that few) expressed by Mr. Biden the old college try.
WORLD
and his Mr. Biden had influenced the in the Times’s own pages and This sounds like the truth
Madoff: The Final Word
By Holman W.
party, the Democratic prosecutions of acts by fellow Democrats up leaking out of Mr. Biden for By Richard Behar
Jenkins, Jr.
leverage fa- Mr. Trump. and down the line in accor- a change. The problem now Avid Reader, 384 pages, $35
vors Joe Bi- “Misleading,” insisted a dance with that thought? is that Mr. Biden and his
B
den. He can’t be forced to Times news story. “There is Democrats have convinced y my count, there are about a dozen books written about
cough up his nearly 3,900 con- no evidence that Mr. Biden quite a few excited voters the life and crimes of Bernie Madoff, the ultimate fraud-
vention delegates. Mr. Biden has been involved in the His mental aging and and political hobbyists and ster that every other fraudster is now compared to. Jour-
alone will decide whether he prosecutorial decisions of his weekend militants that Mr. nalists, private investigators, a prison cellmate—even the sati-
remains his party’s nominee. Justice Department.” poor polls were the Trump is indeed the end of rist Andy Borowitz—have weighed in on the infamous Ponzi
It won’t be pundits. It won’t The Times must not read problem. Trump was the world. Mr. Biden will schemer since his arrest in 2008.
be mostly white Democrats in the Times, because two Aprils own their behavior after Which means if there is going to be another Madoff tome,
the House and Senate worried ago it reported what ap- the solution. Nov. 5 as much as he’ll own there must be something new to offer. Did Madoff have accom-
about losing their unsafe seats peared to be an orchestrated a Trump victory. plices that we don’t know of? Was his entire family in on his
in a Trump landslide. White House leak, saying “Mr. That said, Team Biden’s scheme? Is there a buried treasure chest somewhere in the
Remember the multiple Biden confided to his inner Especially when motive is bet hasn’t been a bad one Cayman Islands filled with billions in Madoff’s stolen loot?
constitutional crises that circle that he believed former so unambiguously clear: Mr. and may still pan out. If they Richard Behar’s account in “Madoff: The Final Word”
were supposed to follow if President Donald J. Trump . . Biden needed a Trump resur- can wangle their low-func- doesn’t fulfill this mandate. I don’t say this lightly. Mr. Behar is
Republicans nominated con- . should be prosecuted.” rection. He needed Republi- tioning or non-functioning a well-regarded veteran investi-
victed felon Donald Trump? The import of this leak can primary voters to rally incumbent past voters a sec- gative reporter. He tells us “The
Instead we’ve got a Demo- wasn’t lost on CNN guest back to Mr. Trump despite ond time, they will retain Final Word” was 10 years in the
cratic crisis without any pros- Rep. Ro Khanna, who immedi- the Jan. 6 disgrace. Mr. power. His staff and family making. He draws on more than
pect of an orderly outcome ately fretted: “We were going Trump was the only oppo- members can fill in around 300 interviews. He spoke and
except by bowing to King Joe. to be the party that upholds nent Mr. Biden might beat. Mr. Biden’s incapacities. Any corresponded with Madoff at
The Democrats are putting on the rule of law.” He’s the only opponent opportunities the country length, visiting him at the But-
a show of chaos, Mr. Trump a It wasn’t lost on CNN po- against whom a Biden re- might miss from not having ner, N.C., federal penitentiary
show of mastery right down litical commentator Amanda election bid is even tenable. an energetic chief executive— where he was housed until his
to junking his party’s pro-life Carpenter: “I do think it’s ex- And do you doubt now that say, a Ukraine resolution— death, in 2021, at the age of 82.
plank as no longer convenient tremely dangerous for Joe Bi- Mr. Biden places his desire are, at worst, counterfactuals Unfortunately there is little in
to his political aims. den to put his hand on the for a second term above to entertain pundits. this telling that hasn’t already
Tellingly, this was the mo- scale.” Or commentator David other considerations? This gamble may yet pay been covered or raised before in
ment when New York Times Urban: “If it’s true and the Mr. Biden’s physical decay off, but get ready for the big books, documentaries and even a
executive editor Joe Kahn president is pressuring Mer- makes him a weak candidate, question if it doesn’t. Will the movie in which the disgraced
found it necessary to justify rick Garland, even obliquely, but his physical decay isn’t now-opposition meet the new financier was portrayed, some-
himself to Washington Post it’s shameful.” why Mr. Trump, rather than president its cynicism en- what awkwardly, by Robert De Niro.
media reporter Erik Wemple, At MSNBC, unsuprisingly, some other Republican, is in- abled halfway? Or will Demo- Ponzi schemes are among the most simple of crimes, in
disowning any blame for the any impropriety was over- heriting the benefit, seeing a crats, the media, the FBI and theory: The trick is to keep attracting new investors, stealing
Democrats’ debacle. His re- looked in favor of cheerlead- smooth path back to the CIA double down on cynicism their money to pay those cashing out their phony returns. That
porters covered Mr. Biden’s ing for Trump prosecutions. White House, at least until and try to thwart him and his Madoff kept it going for years without conducting a single
deterioration aggressively Even so the Times’s own Mi- our national-security myrmi- voters with every legitimate trade, creating fake account statements while maintaining a
for years, he said. It isn’t the chael Schmidt intruded on dons have their say. and illegitimate means as small support staff, is a testament to his evil genius. His clients
paper’s fault if primary vot- the celebration to note that it This was the week when they did after 2016? included people like the “real estate baron Mort Zuckerman;
Baseball Hall of Fame hurler Sandy Koufax; actor John Malk-
ovich; film director and producer Steven Spielberg; New York
Democrats’ Chance to Reshuffle the Deck Mets co-owner Fred Wilpon; entertainment mogul David Gef-
fen; Larry Silverstein, developer of the rebuilt World Trade
Center.” Even the Holocaust survivor Elie Wiesel fell for the
These are the for any president, let alone than double the margin before helped Mr. Biden win the con, as did charities and scores of average Joes saving for
times that try one with his history. It would the debate. It’s hard to imag- Democratic nomination. Mr. retirement.
Democrats’ also mean accepting a reality ine Mr. Biden—or any Demo- Clyburn last week told CNN As Mr. Behar recounts, in 1960 Madoff created Bernard L.
souls. The that no one his age wants to crat—winning the presidential that if Mr. Biden stepped Madoff Investment Securities, which grew to include a market-
presidential face—that he’s no longer ca- election without prevailing in down, he would support a making and proprietary-trading operation that once accounted
debate and its pable of doing the job he the Keystone State. “mini-primary” as a way for- for 8% to 10% “of the total volume of equities bought and sold
POLITICS a f t e r m a t h loves. He’s proud of his re- This suggests a straightfor- ward for his party. He said on the New York Stock Exchange.” Madoff helped pave the way
have thrown cord, but what matters most ward test for Democrats pon- Ms. Harris likely would do for the true competitor of the NYSE, the Nasdaq Stock Market,
& IDEAS
the party into is the next four years, not the dering their options: Which well in such a process, but he and later served as one of its chairmen.
By William
crisis. past four. candidate seems most likely insisted that “it would be fair His side-hustle investment firm operated largely in the
A. Galston
Democrats For the good of the coun- to carry Pennsylvania? Is it to everybody.” shadows, tucked away on the 17th floor of the Lipstick Building
say that Don- try, those Joe Biden trusts President Biden, who has While Mr. Clyburn supports in Midtown Manhattan. Following tips and newspaper
ald Trump and the Republican most must persuade him to trailed in nearly every poll Ms. Harris, he clearly doesn’t accounts of the investment fund’s growth and Madoff’s fantas-
Party will inflict grave, per- look squarely at the evi- conducted in the state since think that by virtue of being tical record of steady returns, regulators investigated but
haps irreparable, damage on dence—the medical indica- vice president, she’s somehow always walked away from charging him. Without guidance,
the constitutional institutions tions and the political facts. entitled to the nomination. most of his investors regarded Madoff as a savant. That is,
that make the U.S. great. The point of the debate with If Biden steps aside, History is on Mr. Clyburn’s until the fraud came crashing down during the 2008 financial
If Democrats truly believe Donald Trump was to dispel side. Since the end of World crisis, when Madoff couldn’t keep pace with the level of
this, then they have a duty to doubts about the president’s the party could still War II, every vice president redemptions to meet his phony gains.
nominate the candidate with fitness to serve and turn pub- beat Trump with the who has run for president— Mr. Behar, like many people who have looked into the
the best chance of defeating lic opinion against his oppo- including those who had al- Madoff saga, is skeptical that the crime wasn’t a bigger con-
Mr. Trump in November. nent. The reverse happened; right strategy. ready become president spiracy. As the story goes, Madoff confessed to his sons,
President Biden told ABC Mr. Trump gets to stand on through the death or resigna- Andrew and Mark, who turned their father in to the authori-
News’s George Stephanopou- the sidelines while the public tion of their predecessors— ties in December 2008. The two siblings ran Madoff’s market-
los on Friday that the stan- watches the president and his mid-April? Is it Vice President has been seriously challenged making and proprietary-trading operation with their uncle
dard by which he will judge party flail. Mr. Biden was al- Harris, who in a hypothetical for his party’s presidential Peter. The children weren’t charged, even though Irving Picard,
himself is whether he gave it ready trailing before the de- matchup posed in a February nomination. the court-appointed trustee subsequently tasked with recoup-
his all. But that’s not good bate, and now he’s further be- poll trailed Mr. Trump by 9 It wouldn’t be hard for the ing some of the stolen funds, believed that they knew, or at
enough if another candidate hind, with 7 in 10 Americans points? (In that same poll, Mr. party to design a mini-pri- least should have known, of the fraud. Mr. Picard continued
could do better. concluding he couldn’t do the Biden trailed by only 2 mary along the lines that Mr. seeking to recover money from Andrew and Mark even after
As if the stakes weren’t al- job in a second term. points.) Or would other candi- Clyburn suggests, and it they died.
ready monumental, the Su- All this points to Mr. Bi- dates do better? would offer many advantages.
preme Court just raised them. den’s near-certain defeat this There’s no way to get an- It would provide delegates
The winner of this year’s pres- fall. It’s hard to believe that swers without an open pro- with valuable information The scheme was a $68 billion grift that
idential contest will claim an no other candidate would cess that gives Democrats a about the candidates. It would Madoff kept going for years without
office newly unshackled from have better odds of winning. chance to acquire more infor- capture the attention of the
most legal restraints. The most plausible path to mation and test the alterna- press and the country. It conducting a single trade.
In these circumstances, a Democratic Electoral College tives. Inviting Mr. Biden’s ad- would inject excitement into a
Democrats must conduct an victory in November runs versaries to challenge him at listless race and offer hope to
open search for the best can- through the once-impregnable the convention is an empty a dispirited party. It would be Mr. Behar points out that while market-making is regarded
didate for the country, and the Blue Wall states. Although the gesture unless he frees his participatory and democratic. as the legitimate side of the family business, it hemorrhaged
convention delegates must president still has a fighting delegates to exercise their And the competition would money and was being subsidized by funds siphoned from the
make the final choice. chance in two of these best judgment. If Mr. Biden strengthen the nominee, investment arm. He quotes John Zach, one of the federal pros-
It’s not hard to understand states—Wisconsin and Michi- stands down, as he should, his whomever it may be, includ- ecutors in the case: “The accounting fraud that allowed them
why Mr. Biden is resisting this gan—he faces daunting odds successor should be selected, ing Ms. Harris. to move money up into the market-making business [run by
course. He sought the presi- in Pennsylvania, where polls not anointed. The Democrats can play out Peter, Andrew, and Mark] and prop it up, that was in service of
dency for more than three de- conducted since the debate An endorsement from Rep. a losing hand, or they can obscuring the Ponzi scheme.” (Peter received a 10-year sen-
cades before finally attaining have shown Mr. Trump lead- James Clyburn (D., S.C.) in the shuffle the deck and hope to tence for his involvement.)
it. Giving it up would be hard ing by nearly 6 points, more 2020 South Carolina primary deal themselves better cards. Other questions raised by Mr. Behar involve Madoff’s wife.
“Ruth ‘Ruthie Books’ Madoff. That’s the nickname FBI agents
privately gave her,” Mr. Behar writes. The author says financial
America’s Invisible Hostage Crisis records he uncovered show that Ruth “did plenty of work to
maintain some of the critical Ponzi bank accounts for decades
after the 1960s—and right up until early 2008.”
By John Ondrasik You may have heard of Chen of Bloomfield, N.J.; ident Biden would authorize All interesting stuff, but, like the other books on Madoff, Mr.
Hersh Goldberg-Polin, 23, who Omer Neutra of Melville, N.Y.; it. Secretary of State Antony Behar leads us to no real conclusion. On Ruth, for instance, he
I
’m old enough to remem- was born in Berkeley, Calif., and Keith Siegel of Chapel Blinken has suggested that Is- concedes that “this does not mean, of course, that Ruth knew
ber the yellow ribbons. In and lived in Richmond, Va., Hill, N.C. The nightly news rael could soon become “in- it was a Ponzi scheme, specifically, as opposed to just some
1979, Islamic radicals in before emigrating to Israel should be sharing their sto- distinguishable” from Hamas. very shady activity. There is no evidence she did.”
Iran took 52 Americans hos- with his parents at age 7. ries, profiling their families Imagine being a hostage fam- It’s been 16 years since Madoff’s $68 billion Ponzi scheme
tage, holding them for 444 Hersh attended the Nova mu- and pressing the U.S. govern- ily and knowing your loved collapsed. Over the years, victims have been getting a percent-
days. The hostages’ plight sic festival on Oct. 7. During ment to secure their release. one’s life depends on the age of their money back thanks to Mr. Picard, who continues to
captured the nation’s atten- the massacre, a Hamas gre- Why isn’t America’s heartland moral clarity, conviction and recover “a few tens of millions of dollars at a time” from those
tion. Some of them became nade blew off his left arm be- painted yellow with ribbons negotiating savvy of someone investors who withdrew a profit from the fund. Madoff’s estate
household names. Across the low his elbow. In April, his tied around trees, mailboxes capable of such a despicable was seized and sold off.
country people prayed for and light posts like in 1979. statement. The fallout has gone beyond financial misery. Some inves-
their release. That would let the hostages Jimmy Carter had his flaws tors who lost money killed themselves, as did Madoff’s son
The crisis was the lead Five U.S. citizens are and their families know they as president but at least, with Mark on the two-year anniversary of his father’s arrest.
story on the news every night. haven’t been forgotten. Operation Eagle Claw, he at- Andrew’s death from cancer came six years after the scam.
Tying a yellow ribbon on a still being held in Or have they been forgot- tempted to rescue our hos- Ruth is still alive and resides in an assisted-living facility.
tree or lamppost became a Gaza. Where are the ten? Have we lost our heart tages from Iran. President Bi- Mr. Behar’s storytelling and reporting is weakest when he
public expression of sorrow as a nation? den rarely mentions our suggests that the Securities and Exchange Commission had
and concern. Even the White yellow ribbons? On June 9, the Israel De- fellow citizens who are being good reason to ignore a number of red flags, including those
House Christmas tree had fense Forces executed a stun- held by barbaric terrorists. raised by Harry Markopolos, the quantitative analyst who
one. ning daylight raid in two Gaza Their freedom doesn’t seem pushed the SEC to investigate Madoff’s investment record
What a contrast to our cur- captors released a propaganda locations and freed four hos- to be a high priority for his before its collapse.
rent hostage crisis. On Oct. 7, video of a weary and tor- tages held by Hamas. Perhaps administration. Frankly, the Mr. Markopolos, the author writes, “provided no hard evi-
2023, Hamas killed more than mented Hersh speaking to the the U.S. is deploying its con- plight of our hostages doesn’t dence” in his initial correspondences with the agency and had
30 American citizens and took camera. Did you see it? Do siderable intelligence and spe- seem to mean much to most “paranoid” tendencies. Being a longtime newshound, Mr. Behar
as many as a dozen Ameri- you think you could pick him cial forces capabilities to res- Americans. should know that most whistleblowers are quirky and para-
cans hostage. Of those who out of a lineup? cue the five Americans held in It makes me wonder: Who noid. All the SEC had to do was check if Madoff had done any
were taken, at least two have Every American should captivity for nine months. are we anymore? trading. He hadn’t, of course. But the SEC didn’t check, which
been murdered. Five, we pray, know about Hersh and the Even if the Defense De- should be the final word on the sordid tale of Bernie Madoff.
are still alive. Do you know other hostages who are still partment were to propose Mr. Ondrasik is a musician
any of their names? Have you being held: Edan Alexander of such an operation, it strains who performs as Five for Mr. Gasparino is a Fox Business senior correspondent and a
seen one yellow ribbon? Tenafly, N.J.; Sagui Dekel- the imagination to think Pres- Fighting. columnist for the New York Post.
A14 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Great Democratic Lawfare Bust Where Does Shapiro Stand on Civil Rights?
Pennsylvania Gov. Josh Shapiro point. Many of their kids are trapped
W
hen Donald Trump was hit with lis about her romantic relationship with one of
four indictments last year, the pre- her underlings. doesn’t merely need to prove his in underperforming public schools.
moderate credentials by passing the Their future could be transformed by
vailing Democratic belief was that In the federal Jan. 6 case, special counsel
education freedom policy of Lifeline Lifeline Scholarships, which would
Mr. Trump would be a con- Jack Smith underrated the le- Scholarships (“Is Josh Shapiro Capa- grant them access to other learning
victed felon by Election Day. The Trump indictments gal challenges of bringing ble of Leadership?” by William opportunities.
How could President Biden have backfired in American history’s first pros- McGurn, Main Street, July 2). He Education freedom is a matter of
then possibly lose? Yet trying ecution of a former Presi- needs to prove that he stands with civil rights. Without it, huge numbers
to defeat Mr. Trump through historic fashion. dent. This included possible black and brown Pennsylvanians on of black and brown children will con-
the courts instead of at the claims of constitutional im- the civil-rights issue of our time. tinue to fall behind. With it, they’ll
polls has turned out to be munity. Mr. Trump was sure As the pastor of a black church have a better chance of getting
one of the great political miscalculations in to exploit every possible challenge, and the and founder of Black Pastors United ahead. If Mr. Shapiro keeps his prom-
presidential history. lower courts erred by refusing to look seri- for Education, I can attest that black ise, he’ll help these kids share in
The Supreme Court’s decision last week that ously at the Supreme Court’s Nixon v. Fitzger- families overwhelmingly support edu- America’s promise. But if he plays
cation freedom. In Philadelphia, over politics, he’ll block them from the
the Presidency enjoys constitutional immunity ald precedent. The High Court was all but
90% of black residents want the Life- equality that is their birthright.
for official acts has more or less sealed the fail- obliged to take the case. line Scholarships that Mr. Shapiro has REV. JOSHUA C. ROBERTSON
ure of the lawfare election strategy. Mr. Trump Mr. Smith might have written a narrow in- promised but not yet delivered. The The Rock Church
can be charged for unofficial conduct, but what dictment focused tightly on the law, but instead families at my church are a case in Harrisburg, Penn.
parts of the Jan. 6 indictment, if any, are in that he filed a document that reads like a report by
category? Lower courts will chew this over, but the House Jan. 6 committee. Then he demanded
it’s hard to see a trial before Election Day, or that the case proceed on an election timetable,
maybe ever if Mr. Trump wins. though courts did not agree, and now he is left
Is there a hall of fame for political backfires? with a shell of a case.
They Thought They Could Cover for Biden
Democrats cheered on the prosecutions of Mr. Mr. Smith’s other prosecution of Mr. Trump, President Biden’s debate perfor- we will likely see a mainstream me-
mance was painful (“Democrats Can’t dia blitz to make Vice President Ka-
Trump, hoping they’d guarantee his defeat. In- accusing him of keeping classified files after he
Avoid the Biden Problem,” Review & mala Harris out as the second coming
stead they energized his re-election effort. The left office and then covering it up, has been tied Outlook, June 29). But in all honesty, of Harry Truman: undervalued and
first indictment, brought by Manhattan District up in motions, with new briefings this month he performed better than I had ex- underutilized but ready for greatness
Attorney Alvin Bragg, stretched the law to turn on whether or how presidential immunity ap- pected. I have seen with my own when the opportunity arises. So, not
misdemeanor bookkeeping offenses into felo- plies. Meantime, Mr. Biden was let off the hook eyes, and heard with my own ears, to worry if Mr. Biden can’t finish a
nies. Almost immediately, Mr. Trump’s support for his own classified stash, since special coun- the president’s scripted speeches and second term as president.
in the GOP primary jumped several points, and sel Robert Hur thought a jury would see him as a handful of “softball” interviews The reality is that American voters
in the Real Clear Politics polling average it too old and forgetful to convict. over the last 3½ years. I truly know Ms. Harris’s limitations and
never again fell below 50%. None of this is a vindication of Mr. Trump’s thought that if you put that man on a that a vote for Mr. Biden is really a
Mr. Bragg’s indictment, which back then was conduct or an endorsement of paying off a porn stage without a teleprompter for 90 vote for foreign affairs to be directed
criticized as weak by legal analysts of all per- star, trying to overturn the 2020 election, or re- minutes, he just might have to tap by co-president Jake Sullivan and do-
out before it’s over. mestic affairs handled by co-presi-
suasions, gave Mr. Trump the argument that he fusing to help a besieged Congress on Jan. 6.
You ask a rhetorical question: “But dent Jeff Zients. Well, at least that
was being singled out unfairly. Republicans ral- But as the past nine years have shown over and did they really think they could hide would offer continuity.
lied to him. Maybe Mr. Bragg and other prose- over, Mr. Trump’s biggest opponents are often his decline from the public for an en- TIM LEE
cutors suspected this would happen. But all the his best asset. They convinced themselves he tire election campaign?” The answer Houston
better, from their perspective, if that would lead won in 2016 by colluding with Russia, and spe- is yes. The Democrats and a complicit
Republicans to pass over younger candidates, cial counsel Robert Mueller would get to the media did what they could to hide The new White House protocol for
including Ron DeSantis and Nikki Haley, to re- bottom of it. They impeached him twice. Mr. Mr. Biden’s decline for more than the president, more sleep and no
nominate Mr. Trump, who supposedly couldn’t Trump plowed through it all. three years. Was it entirely unreason- late-night meetings, is an important
win a general election. i i i able to assume they couldn’t do it for development. It puts China, Russia,
So much for that. The concocted nature of Democrats should have trusted the voters. a few more months? Iran, North Korea, Cuba and, say,
Mr. Bragg’s indictment, the first one to be un- They beat Mr. Trump once, if barely, in 2020, MICHAEL J. GALASSI Venezuela on notice that if you initi-
Hurst, Texas ate any more of your shenanigans af-
veiled, may have tainted the others in the public and won midterm elections in 2018 and 2022,
ter 8 p.m. EST, it will be considered
mind. Mr. Bragg secured a jury conviction this as Democratic turnout soared. Yet this time, Mr. Biden’s latest campaign catch- unsportsmanlike conduct. You will be
May, but it didn’t move the polling, since voters they thought, the legal cases against Mr. Trump phrase is: “When you get knocked issued a severe reprimand, possibly
can see that this business records prosecution would let them win almost by political disquali- down, you get back up.” But no one even a time-out.
would not have been brought against any busi- fication. And since Mr. Trump was sure to lose, knocked down Mr. Biden on that de- WALTER CAMPBELL
nessman not named Donald Trump. why bother having awkward conversations bate stage. He stumbled over his own Redondo Beach, Calif.
Meantime, the other legal efforts against about 81-year-old Mr. Biden? two feet. A more appropriate phase
him blew up one by one. The attempt by Colo- The silver lining is that perhaps this Demo- is: “I’ve fallen and I can’t get up!” The most troubling question raised
rado and other states to kick Mr. Trump off the cratic lawfare failure and the Supreme Court’s GARY JOHNSON by the debate was one that was nei-
ballot as an “insurrectionist” failed 9-0 at the immunity decision will cause future prosecu- Dana Point, Calif. ther asked nor answered: Who’s run-
ning the country for the next seven
Supreme Court. The Georgia prosecution of Mr. tors to think twice about indictment as a politi-
Unless some Democratic Party el- months?
Trump for trying to reverse the 2020 election cal strategy. The painful result for Democrats ders (more elderly than Mr. Biden) MARK STAPPENBECK
imploded amid embarrassing public testimony is that Mr. Trump’s prosecutors might end up convince the president to step aside, Ridgewood, N.J.
from Fulton County District Attorney Fani Wil- indicting him into the Oval Office.
Mike Johnson, Leader of the Free World What Kind of Immigration Helps the Economy?
In “Immigration Is Behind the the new immigrant for the first five
T
he North Atlantic Treaty Organization The Speaker defended Donald Trump’s re- Strong U.S. Economy” (op-ed, July 1), years. People shouldn’t be released
summit this week will spawn many dis- cord and called on European allies to live up to Jason Furman seems to be claiming into our midst without checks, with-
cussions about America’s role in the their defense spending commitments. He noted that most Americans outside the out knowing their whereabouts, with-
Democratic Party are against immi- out accountability.
world, but the most important speech of the the security risks of an uncontrolled southern
gration and think it hurts the econ- SAMUEL J. MARK
week may be Republican Mike Johnson’s on border and the rising national debt, which will omy. That is far from true. It is our West Hempstead, N.Y.
Monday at the Hudson Institute. The House require hard spending adjustments. contention that immigrants should
Speaker laid down a marker for a GOP that re- But most notable was the larger picture enter legally, after careful background Prof. Furman rightly recognizes
jects U.S. decline and retreat abroad. Mr. Johnson painted. He didn’t indulge a checks, and then meet basic require- that immigrants who pay Social Se-
“While democracy is not perfect, the bur- false choice between meeting problems at ments with respect to employment curity taxes on their earnings can be
den of self-government is certainly far lighter home and threats abroad. He is pushing his and residence. a lifeline for our pay-as-you-go So-
than the yoke of tyranny,” Mr. Johnson said. party in the direction of Ronald Reagan, Mr. Furman writes that a high per- cial Security system, which is strug-
“But right now, absent American leadership, which is correct for the world moment and centage of immigrants who are com- gling to remain solvent for a few
we’re looking at a future that could be” de- politically popular. ing across the border illegally get more years. But like the operator of
fined by “communism and tyranny, rather than America is threatened “by Chinese Commu- jobs, pay taxes and contribute to the a mature Ponzi scheme who is des-
overall economy. But that is occur- perate for new cash flows in the
liberty and opportunity and security.” nists, by Russian oligarchs, and Islamic terror-
ring at the risk of admitting criminals face of rising withdrawals, he ig-
Mr. Johnson said Chinese President Xi Jin- ists. We can choose to ignore them, we can try and even terrorists, and at the ex- nores that more low-skilled immi-
ping wants to expand “his communist foot- to appease them,” the Speaker said. “Or we pense of the thousands of vetted, gration now will dig an even deeper
holds.” Vladimir Putin imagines a Russian em- can choose another course. . . . We can rearm, well-qualified people from all coun- hole for Social Security once the
pire that includes the Baltics, and Iran aspires rebuild, reinvigorate, restore, and reinstate tries who are left to wait and wait newcomers begin to qualify for ben-
to wipe Israel off the map. The Biden Adminis- fear in our enemies.” Decline “is always a and wait. efits. My family members will be
tration is “appeasing and apologizing and ac- choice. That is not a choice that Republicans NANCY LUNDELL condemned to “share” with them ac-
commodating. Joe Biden doesn’t treat China will be making anytime soon.” Rockledge, Fla. cording to a highly redistributive
like an enemy. He’s stopped supporting Israel, Mr. Trump could hardly do better than re- formula.
and has cozied up to Iran to revive the failed peat Mr. Johnson’s message word for word at It’s true that immigration has DON HECKERMAN
brought energy, excitement, diver- Tucson, Ariz.
nuclear deal,” he said. next week’s GOP convention.
sity and new ideas to America. But
since the mid-1800s, immigration
The Doctors and Mr. Biden’s Decline has been controlled, regulated and
vetted.
Immigrants couldn’t be sick and
A True Threat to Democracy
In “Democracy’s Death Has Been
Greatly Exaggerated” (op-ed, July 2),
T
he White House press corps is finally fo- similar episodes behind closed doors. Could it had to be checked for infectious dis-
Matthew Hennessey goes to great
cusing on President Biden’s health and be that an 81-year-old President showing these ease. They needed sponsors to be ac-
lengths and covers much recent his-
asking what did everyone know and symptoms was allowed to work, and to cam- countable for any costs to support
tory to show that “American democ-
when did they know it? These paign for a second term, with- racy is a survivor.” But he ignores the
are good questions, and all the It’s dereliction of duty out a battery of neurological elephant in the room when he writes,
more so now that we are Trump Faced Challengers,
if he hasn’t been given and baseline tests of his men- “Please, tell me more about these
learning that a Parkinson’s tal competence? Biden Avoided Competition threats to democracy.” How about a
disease expert repeatedly vis- multiple cognitive tests. Millions of American fami- Ted Van Dyk makes a poor argu-
president who refuses to concede a
ited the White House but that lies have had difficult conver- fair election?
ment in “Biden Should Withdraw, and
Mr. Biden hasn’t seen a neu- sations with relatives showing If that isn’t a threat to democracy,
So Should Trump” (op-ed, July 1).
rologist outside of his routine physical. signs of mental deterioration. They urge them I don’t know what is.
Unlike President Biden, former Presi-
DAVID LINDSTEDT
The White House confirmed Monday that Dr. to be tested in their best interests. Why wasn’t dent Donald Trump faced a host of
Palos Verdes Estates, Calif.
Kevin Cannard visited the White House eight the Commander in Chief pushed to do the challengers who actively campaigned
times from last July to March. He is the longest- same? to be the 2024 presidential candidate
serving neurologist and a specialist in move- Many White Houses have covered up a Presi- and who were options for voters to
ment disorders at Walter Reed National Mili- dent’s ailments—from FDR’s congestive heart consider in state primaries. Pepper ...
Mr. Trump may not be popular,
tary Medical Center, which serves the failure as he ran for a fourth term, to JFK’s Ad-
but the primary elections showed
And Salt
President. The White House didn’t disclose de- dison’s disease, to the severity of Donald
that he is more popular than the THE WALL STREET JOURNAL
tails until the press inquired about his name Trump’s bout with Covid in 2020. But Mr. Bi- other Republican candidates. Mr. Bi-
showing up on visitor logs. den’s infirmity has now been exposed. It won’t den maneuvered to avoid that level
White House physician Kevin O’Connor issued suffice for his physician to repeat, as he said in of competition within his party.
a statement on Monday evening implying that February, that the President “fully executes all While it is true that many Republi-
Dr. Cannard had seen Mr. Biden three times as of his responsibilities without any exemptions cans feel Mr. Trump isn’t the ideal
part of the President’s annual physical, and that or accommodations.” candidate, ultimately they respect
other visits were related to “regular Neurology The White House physician can’t disclose the democratic process that played
Clinics” for White House military personnel. Dr. medical information without a patient’s permis- out in the primaries.
O’Connor said Mr. Biden’s physicals produced sion, and perhaps Mr. Biden simply refused to BILL AMEND
Yorba Linda, Calif.
“no findings” of a neurological disorder and take tests for cognition or Parkinson’s or other
added: “President Biden has not seen a neurolo- maladies that might be the cause of his symp-
Letters intended for publication should
gist outside of his annual physical.” toms. But the President is asking Americans to be emailed to wsj.ltrs@wsj.com. Please
That last point is a scandal if true. Mr. Bi- elect him to serve until he’s 86, despite manifest include your city, state and telephone
den’s cognitive ability has clearly declined, as evidence of physical and mental decline. The number. All letters are subject to
he showed in the June 27 debate. The press is cognition coverup can’t continue, and it should editing, and unpublished letters cannot “We don’t require you to suffer fools
be acknowledged.
also now reporting that there have been many be disqualifying if it does. gladly, but it’s strongly encouraged.”
THE WALL STREET JOURNAL. Wednesday, July 10, 2024 | A15
OPINION
T
The well-documented theft of intel- the Defense Department until the
he U.S. faces grave na- lectual property and cyberattacks shooting starts. That’s a dangerous
tional-security threats conducted by state-sponsored actors delusion. Our enemies are intent on
around the globe. Con- in China, Russia, Iran and North Ko- aggression and will succeed in their
flicts in the Middle East rea reveals that our enemies have aims if we’re stuck catching up. We
and Europe, combined contempt for the rules-based inter- must innovate in peacetime with the
with a shifting balance of power in national order. Yet we needn’t stoop same speed and creativity with
the Indo-Pacific, embolden Amer- to their level to compete. By em- which we have traditionally inno-
ica’s adversaries and threaten the bracing American innovation and in- vated in war. The Naval Innovation
free world. If the U.S. doesn’t act genuity as cornerstones of our na- Center can be a hub for such think-
swiftly to ensure our technological tional-defense strategy, we can ing, with a focus on the rapid adop-
edge, we’ll risk further deterrence uphold and strengthen our funda- tion of commercial technology and
failures and the erosion of inter- mental values. the integration of cutting-edge prac-
DAVID GOTHARD
national freedom. The Defense Department must tices from the private sector into
make the rapid adoption of new Defense Department operations.
technologies a priority, particularly America faces an axis of authori-
The American military in the commercial sector. This will tarianism whose combined economic
require Pentagon bureaucrats to of persistent problems, such as the novation in the Defense Department, and military power dwarfs any na-
must make rapid adoption overcome the aversion to risk that Pentagon’s “outdated” research and the complexity of the defense struc- tional-security challenge since World
of new commercial permeates their agency and to lever- development “model that struggles ture “hinders rapid adoption and ul- War II. To prevent cold-war compe-
age the expertise of academia and to adopt and apply leading commer- timately, implementation of new sys- tition from devolving into a hot war,
technologies a priority. the private sector. The goal will be cial innovations to weapon systems,” tems.” This will persist, the authors it’s time to innovate as if the free
to build a defense innovation ecosys- a shrinking industrial base, long ac- intone, unless the defense secretary world depended on it. The path for-
tem in which the brightest minds in quisition timelines, “an insufficient drives a shift toward “a culture of ward must be paved with invest-
China and Russia are expanding technology, strategy and defense can understanding of emerging technol- innovation and risk-taking.” ments in technology and under-
their global influence through con- collaborate without constraint. ogy” and “a bureaucracy seemingly Senior defense leaders and policy- girded by infrastructure built for
ventional military power and ad- That will be a tall order. As the designed to stifle speed and innova- makers can hasten that shift by in- innovative national-security research
vances in manufacturing and criti- Atlantic Council’s Commission on tion.” This means that while Ameri- vesting in collaborative projects, and education. Failure risks not only
cal technology. The U.S. is unlikely Defense Innovation Adoption and can companies “demonstrate techno- such as the Naval Innovation Center our current strategic position; it
to adopt industrial policy or match the Defense Innovation Board have logical prowess,” such innovation planned to open at the Naval Post- threatens our future stability and in-
our enemies in sheer production reported, the status quo is woefully “serves little use in deterring con- graduate School. The program would fluence on the world stage.
volume. That’s OK; our path for- insufficient. Washington has yet to flict” unless the Pentagon can put offer a unique national resource: a
ward instead lies in America’s ca- shift significant resources—or to “new technology into the hands of center for the military’s brightest Mr. Panetta served as defense
pacity to innovate. adapt business processes—to har- warfighters at a faster pace.” minds, tasked with removing barri- secretary, 2011-13. Mr. Gallagher
Our enemies prioritize personal ness commercial solutions at scale The Defense Innovation Board ers to innovation and accelerating served as chairman of the House Se-
power and ambition over their citi- or speed. The Atlantic Council’s Jan- added separately that despite nu- the Pentagon’s adoption of commer- lect Committee on the Chinese Com-
zens’ interests. Such authoritarians uary 2024 report highlighted a host merous initiatives to turbocharge in- cial technology. munist Party, 2023-24.
‘W
e finally beat Medicare.” trols with mandated changes to how 50% or more this year. Medicare’s that administer intravenous or in- Medicare is one of the nation’s
President Biden’s defend- Medicare drug plans design their open enrollment period begins Oct. jectable medicines under Medicare dearest but also costliest entitle-
ers dismissed those benefits. 15, reminding seniors of these harm- Part B will lose out on crucial reim- ments. In an era of soaring deficits,
words in the first debate as a gaffe. The Inflation Reduction Act’s ful changes shortly before Election bursement revenue used to employ conversations about belt-tightening
But it was one of his most accurate harmful effects extend beyond Day. doctors, nurses and administrative are reasonable and necessary. It’s
statements that night. That’s be- higher out-of-pocket costs to The law’s price controls will also staff. Clinics can expect a 47% de- one thing for policymakers to pur-
cause Mr. Biden’s administration has higher premiums. Its mandated deter companies from developing cline in these payments, according sue cuts while being honest about
overseen major cuts to Medicare— changes to benefit designs clash new medicines. A study I co-au- to an analysis by Avalere, a health- the trade-offs—in this case, less ac-
and promises to cut the program with how the plans would other- thored estimated that 135 fewer care consultancy. As a result, many cess to medicines, fewer plan op-
even more in a second term. wise work to serve customers, drugs will come to market through facilities might have to close or join tions, higher premiums and fewer
The president’s Inflation Reduc- something a colleague and I warned 2039 because of the Inflation Re- with large hospital chains—scenar- new drugs being developed. Basic
tion Act is projected to reduce about in these pages. duction Act. Research firm Vital ios that could hasten concentration economics dictates that slashing a
Medicare spending by $237 billion Transformation’s forecast is even and push up prices. program will lead to a decline in the
through 2031, according to the Con- bleaker, predicting that the U.S. Mr. Biden’s Medicare cuts aren’t quality and availability of its goods
gressional Budget Office. Most of His Inflation Reduction could lose 139 drugs within the next limited to the Inflation Reduction or services.
that reduction comes from the pro- decade. Act. In April the White House cut It’s another thing entirely for Mr.
gram spending less on prescription Act leaves patients with Dozens of life-sciences companies Medicare Advantage payments for Biden to make some of the largest
drugs. less access to medicines have announced cuts to their re- the second year in a row. These cuts cuts to Medicare in history, to deny
The president and his advisers search and development pipelines will reduce seniors’ benefits by his poorly designed law’s negative
don’t dispute those numbers, por- and higher premiums. because of the 2022 law. These an- nearly $400 per year. effects on patients, and then to por-
traying them as savings that will nouncements have come in earnings The damaging effects of govern- tray himself as a defender of the
help seniors rather than cuts that calls and filings with the Securities mental intrusion into the healthcare program.
are already hurting them. In fact, As we predicted, this has already and Exchange Commission—where system haven’t gone unnoticed.
the Inflation Reduction Act’s poorly reduced the number of Medicare deliberate misstatements would ex- More than 40 conservative organi- Mr. Philipson, an economist at
conceived government price-setting drug plans from which seniors can pose executives to civil and criminal zations recently sent a letter to con- the University of Chicago, was a
will disrupt access to medicines for choose and increased the average penalties—so they can’t be chalked gressional leaders warning that the member of the White House Council
millions of Medicare patients with premiums they pay. This year, the up to political posturing. price controls threaten patients and of Economic Advisers, 2017-20, and
diabetes, cancer, atrial fibrillation, number of stand-alone Part D plans The law’s flawed design also may the economy and set a dangerous its acting chairman, 2019-20.
rheumatoid arthritis and other dis- available to seniors dropped by 11%.
eases. The law’s price controls are Medicare Part D is the government-
likely to raise annual out-of-pocket
costs for 3.5 million Medicare bene-
ficiaries who take price-controlled
funded insurance program that cov-
ers most prescription drugs ob-
tained at pharmacies. That drop is
Hillsdale Bids Farewell to a Hero
medicines, according to an analysis 25% since Donald Trump’s final year By John J. Miller spreads fast. I learned of the trag- served in the U.S. Army National
commissioned by the Pharmaceuti- in office. In addition, premiums for edy hours later from a text message Guard in Iraq. He once bought
cal Research and Manufacturers of Part D plans are up 21%—and 5 mil- Hillsdale, Mich. from my son asking for prayers. Thanksgiving dinners for inmates
I
went to the funeral of a Spontaneous displays of compas- because the county jail couldn’t af-
stranger last week. At least I sion, respect and service from the ford special meals.
don’t think I’d ever met William community soon followed. My wife When Butler’s body moved from
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Butler Jr., a Hillsdale County sher- heard about a meal train for the a morgue to a funeral home, hun-
Lachlan Murdoch iff’s deputy who was laid to rest at widow and her family. At the sher- dreds of people heard about it on
Executive Chairman, News Corp Lakeview Cemetery on July 3. Butler iff’s office, bouquets of flowers social media and lined the route to
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp was killed in the line of duty on piled up around Butler’s vehicle. pay respect. Many later turned out
Emma Tucker Almar Latour June 27 at the age of 51 during Here’s to You Pub & Grub, a local again, along the roads between the
Editor in Chief Chief Executive Officer and Publisher what should have been a routine bar, announced that it would donate chapel and the cemetery on the day
Liz Harris, Managing Editor DOW JONES MANAGEMENT: traffic stop—until a passenger with all proceeds from food orders on of his burial.
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, warrants out for his arrest pulled June 29 to the Butlers. Its propri- For that occasion, the governor
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
out a handgun, fired and fled the etors called it the busiest day in ordered flags at half-staff on public
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People scene. their history, raising more than buildings and grounds throughout
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; In a small town like ours, we $17,000—most of it not from pur- the state. It was a fitting gesture,
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer;
probably did connect at some point. chases, but from people who just but nobody in our town needed the
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, Butler and I may have stood in line wanted to give. Meanwhile, the command. I witnessed Hillsdale
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, SVP, Head of together at a sandwich shop or sat Hillsdale County Community Foun- businesses and the local hospital
Communications; Josh Stinchcomb, EVP & Chief in the same bleachers at a high- dation set up a fund for additional and college lower them days earlier.
Paul A. Gigot Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
school football game. Perhaps we donations to the Butler family.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
once exchanged pleasantries at the Friends told stories about Butler Mr. Miller is director of the Dow
1211 Avenue of the Americas, New York, N.Y., 10036 farmers market or the county fair. at his funeral and around town. He Journalism Program at Hillsdale
Telephone 1-800-DOWJONES When a police officer falls, word loved to fish. He was a patriot who College.
A16 | Wednesday, July 10, 2024 THE WALL STREET JOURNAL.
WORLD NEWS
calling for dialogue to end the that she would likely face im-
war in Ukraine. mediate arrest were she to re-
Modi’s visit—his first to turn to the country.
Russia in five years—is the lat- Navalny died in February in
est example of India’s delicate an Arctic prison colony where
and not-quite-neutral approach he was being held on charges
on the war. Modi met Ukrai- widely seen as politically mo-
nian President Volodymyr Zel- tivated. Navalnaya has blamed
ensky on the sidelines of the Russian President Vladimir
Group of Seven summit in Italy Putin for her husband’s death.
last month, but arrived in Mos- Russian authorities have de-
cow as Washington hosts a Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin at the Kremlin in Moscow on Tuesday. nied involvement. After the
North Atlantic Treaty Organi- court issued the warrant, Na-
zation meeting that will focus also makes it hard to argue a multipolar world but one West, said Bates Gill, a senior India is in their long-term in- valnaya called Putin a “mur-
on supporting Kyiv’s war effort. that Russia has been effectively that is free of American domi- fellow at the National Bureau terest,” said Swasti Rao, a derer and a war criminal.”
“It is a huge disappointment isolated—a key Western goal. nance,” said Brahma Chellaney, of Asian Research. Eurasian affairs expert at the For years, Navalnaya stood
and a devastating blow to peace Keeping Russia near even a strategic-affairs expert at the India also sees shoring up Manohar Parrikar Institute for beside her husband as he gal-
efforts to see the leader of the while drawing closer to the Center for Policy Research, a its ties with Russia, still its Defence Studies and Analyses vanized mass protests in Rus-
world’s largest democracy hug West, and the U.S. in particu- New Delhi think tank. “Ending major military supplier, as cru- in New Delhi, a government- sia. She accompanied him at
the world’s most bloody crimi- lar, is part of India’s sometimes America’s global pre-eminence cial to a goal it shares with the affiliated think tank. demonstrations and stood on
nal in Moscow on such a day,” enigmatic diplomatic doctrine is not an Indian objective.” U.S.—countering China. That Modi’s Moscow visit is the dais during the fiery
Zelensky wrote on the social- of “strategic au- For example, has become a greater concern largely intended to resolve is- speeches that eventually
media platform X on Tuesday. tonomy.” India’s while India has for India in the wake of a sues between the two countries earned him a central place
Russia has denied carrying foreign policy joined the deadly clash on its Himalayan that have cropped up since the among opposition figures. All
out the attack on the hospital. outlook, pre- Indian leader Shanghai Coop- border with China in 2020. war, including a trade imbal- the while she shunned a per-
India’s leader has publicly mised on pursu- hopes to resolve eration Organi- Against that complex back- ance because of India’s large sonal role in politics.
said the war is destabilizing and ing its national zation, a re- drop, the U.S. and other West- energy purchases and Russia’s In 2020, she flew her hus-
called for a diplomatic solution interest in a issues including gional security ern countries largely have re- recruitment of Indian nationals band out of Russia after he was
to bring it to an end, but has “multipolar” group founded frained from criticizing India to fight in its army. India’s for- poisoned with a nerve agent
never openly criticized Russia world, can
a trade in 2001 by Rus- over Russia, even as China’s eign secretary said in Moscow that he said was the work of
for the invasion. India also has sometimes look imbalance. sia and China as support for Russia is likely to be that Russia has promised to the Kremlin, which has denied
bought tens of billions of dollars similar to lan- a counter to ex- a prominent topic of discussion discharge those fighters. involvement. The couple defi-
of Russian oil, becoming the guage fre- isting multilat- at the NATO summit. The scale In Moscow, Modi thanked antly returned to Moscow in
second-largest importer of Rus- quently invoked eral groupings, of China’s oil purchases from Putin for the stabilizing effect 2021, well aware that he would
sian crude after China, a move by Putin and Chinese leader Xi it is frequently at odds with Russia dwarfs those of India’s, of its fuel sales to India, say- be jailed. When he was sen-
that some in the West say is Jinping as a criticism of what China. Modi was a notable ab- while U.S. administration offi- ing they had helped insulate tenced to prison later that year,
helping fund Russia’s war effort. they regard as a world cen- sence at this year’s gathering. cials have said dual-use tech- Indian citizens from the worst Navalny waved to his wife sit-
And Modi’s presence in tered around U.S. power. India’s diminished interest nology from Beijing is helping effects of inflation. ting in the courtroom and drew
Moscow, on the heels of a visit But India’s multipolarity is reflects its unease with the di- Moscow’s military production. Putin thanked Modi for a heart on the glass of the de-
by Hungarian leader Viktor Or- not China’s multipolarity, said rection of the organization as “There is a general consen- seeking a resolution to the fendant’s cage. The couple have
ban, whose country is holding Indian political experts. New Delhi tries to balance its sus in the West, which is very conflict, according to a Krem- a son and a daughter who both
the European Union presidency, “Russia and China also seek relations with Russia and the obvious, that an empowered lin statement. live outside of Russia.
ences, visiting old friends and zuela said in a report. The Eu- Washington’s economic sanc- at any cost, the International
playing with grandchildren at ropean Union, which was sup- tions against Caracas. Ma- Crisis Group said in a report.
his Caracas high-rise. posed to lead the largest duro’s government signed a “Are we going to let that
Few in Venezuela knew electoral-observation team, was deal in Barbados in October decrepit old man, who repre-
him. disinvited by Caracas until the with the U.S.-backed opposi- sents savage capitalism, into
Now, the soft-spoken 74- bloc lifts all sanctions against tion, committing to holding a power?” Maduro asked sup-
year-old is the opposition’s the Maduro government. democratic vote. But he later porters at a rally over the
presidential candidate in the Smaller monitoring teams from broke the agreement, com- weekend.
July 28 election and what the United Nations and the plaining that the U.S. hadn’t Rafael Guzman, a former
some analysts say could be a U.S.-based Carter Center will be helped Venezuela regain ac- lawmaker and adviser to a
last hope for democracy in a permitted. Maduro controls the cess to offshore accounts fro- major opposition party, said
country ruled for 11 years by National Electoral Council, the zen by financial sanctions. Maduro’s rivals need to offer
the strongman he is challeng- courts and the armed forces. As part of a campaign blitz, credible guarantees of secu-
ing, President Nicolás Maduro. Edmundo González holds a 20-point polling advantage. Still, about two-thirds of regime officials appear daily rity and possible amnesty to
González has never run for voters plan to participate in on state television and radio some regime officials to get
office, but polls give the for- Venezuela’s normally frac- appears three times, alongside the election, according to a re- to assure the public that Ma- them to give up power. “If
mer career diplomat a 20- tious opposition came to- a handful of other candidates cent poll conducted by Clear- duro will win. Meanwhile, on there’s no negotiations, there’s
point advantage over Maduro, gether to rally around with little support in polls. Path Strategies and Consul- social media, Maduro appears no transition,” Guzman said.
who is seeking a third six-year González as a third-string But González’s commanding tores 21, which gives González calm and in charge in care- In the interview, González
term. The same polls show Ma- choice after María Corina lead might not be enough to and Maduro support of 56% fully edited videos. said his campaign promotes na-
duro is widely reviled for driv- Machado, a charismatic pro- bank on when the vote in Ven- and 35%, respectively. In speeches, Maduro says tional reconciliation. “We could
ing the oil-rich nation to ruin business politician who gar- ezuela is neither free nor “We’re heading toward an only he can maintain order. He have a situation here where the
and leading a quarter of the nered 90% of the votes in a democratic, say Western dip- unprecedented situation where largely blames U.S. sanctions magnitude of our victory will
population—some eight million primary last year, was banned lomats and human-rights we’re looking at high partici- for Venezuela’s troubles and be so wide that the government
people—to flee the country. by the regime from running, groups. The Maduro adminis- pation, despite a government slams the opposition for sup- understands that we have a
“I’d never done party poli- as was her handpicked re- tration has been accused of that has set one of the worst porting them. The economic new reality in the country.”
tics, nor been in a popular placement. arbitrarily jailing dissidents, conditions for elections,” said downfall has stripped Ma- The next presidential term
election before,” González said The government never ex- rigging elections and coercing Guillermo Bolinaga, a Venezu- duro’s socialist party of the doesn’t begin until January.
in an interview with The Wall plained why it let González run. desperate voters with food elan with the political-risk majority it once held in rural “We’re going to have to sit
Street Journal. “This is all On the ballot, Maduro’s face ap- handouts. consulting firm Opportunitas areas and urban slums. But it down with them and see how
completely new to me.” pears 13 times while González Merely 1% of the 4.5 million Advisors in Florida. still counts on votes from loy- the government responds.”
power” if more than 20% of year killed more than 20 peo- barred from exceeding a cer-
their funding is from abroad. ple. After a dry winter and hot tain spending limit.
The opposition calls it “the spring, nearly 1,300 broke out French media reports said
Russian law” because Moscow across Greece in June, author- Le Pen isn’t the only 2022
uses similar legislation to stig- ities said—more than twice as presidential candidate being
PINEAPPLE EXPRESS: Bangladeshi farmers cut their transportation costs by using bicycles matize critics of the Kremlin. many as a year earlier. investigated.
to haul their wares through the woods to the market in the town of Tangail on Tuesday. —Associated Press —Associated Press —Associated Press
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
bring the club into the 21st terest rates to cool inflation.
century, make it less stuffy “The labor market remains
and more appealing to youn- pretty strong,” said Stefano
ger alumni who weren’t tied to Scarpetta, the OECD’s director
the club’s nearly 160-year his- for employment. “The labor
tory. One proposed moderniza- market is easing, but slowly.”
tion called for a new co-work- In the U.S., the OECD ex-
ing area, a cafe that spilled pects employment to increase
onto the sidewalk, and a by less than 1% in both 2024
fourth-floor lounge with a bar, and 2025, with the unemploy-
according to a presentation to ment rate remaining around
board members viewed by The 4%.
Wall Street Journal. That is broadly in line with
But those plans stalled be- the outlook across the OECD’s
fore they even got going. A 38 members, which are mostly
creditor foreclosed on the rich countries. The OECD fore-
property late last year, and the cast that employment will
club remains closed. Any fu- grow by 0.7% this year and
ture renovation at the 10-story next, having increased by 1.7%
clubhouse with a gray lime- in 2023.
stone facade is uncertain. Workers suffered a decline
New York’s storied Ivy in their real wages during the
League club circuit dates back surge in consumer prices that
to the 19th century. For years, began in early 2021. The OECD
these membership organiza- said that during the year
tions were considered among through the first quarter of
the U.S.’s most prestigious. 2024, real wages were rising
These days, say alumni and New York Ivy League clubs such as the Harvard Club, above, and Yale Club, below, have struggled to lure younger alumni. again as inflation cooled. Out
former members, the clubs of the 35 countries for which
have fallen out of fashion. The Princeton Club of New York data was available, 29 re-
venues are victims of dated net assets corded a rise in real wage.
decor, mediocre food and in Among those that didn’t were
some cases lingering dress $10 million France and Japan.
codes—for most of their histo- On average, real wages
ries, these clubs have required 5 were 3.5% higher than a year
men to wear coats and ties— earlier, a development that
out of step with young alums. 0 should support consumer
The clubs still have their spending and economic
loyalists, especially midcareer –5 growth. However, real wages
professionals and long-timers were still below their 2019
–10
who find them convenient for levels in 16 countries, includ-
business meetings and hotel ing the U.S., where the short-
–15
stays. The Harvard Club, the fall stood at 0.8%.
oldest and wealthiest of the –20
The OECD expects the re-
bunch, has a membership that covery in real wages to con-
is robust and growing, a –25 tinue this year. Offsetting that
spokeswoman said. upward pressure on prices,
2011 ’15 ’20
Yet more Ivy League gradu- profit growth has slowed in
Please turn to page B6 Source: Tax filings compiled by ProPublica Please turn to page B2
sit-down interview show. Now erage audience of around 10 Universal’s streaming service
BUSINESS NEWS that the agreement is ap- million per episode, according Peacock. The Summer Games
BP says it will book proaching its end, she has her to the people familiar with the were once appointment TV for
sights set on a much bigger matter, and remains one of people of all ages, but viewer-
an impairment of entertainment empire. the most popular shows ship has declined in recent
up to $2 billion. Last year, she and her film- across all platforms. The show years. “How can we get these
B3 producer husband, Matt Kap- has become an A-list press people to care?” Cooper says.
lan, founded Trending, a media stop for the likes of Megan Jeremy Zimmer, the CEO of
company aimed at Gen Z audi- Fox, Priyanka Chopra-Jonas United Talent Agency, which
ences. Through a subsidiary and John Mayer. Cooper is represents Cooper, floated her
called Unwell, she is recruiting Alex Cooper along with her husband founded Trending, a betting she can launch a new name to Molly Solomon, the
online personalities to host media company aimed at Gen Z audiences. generation of edgy stars, all executive producer and presi-
new podcasts, looking for while trying to grow her show dent of NBC Olympics produc-
buzzy books to option and de- made Cooper a star. The com- MTV executive who is devel- and brand. “We know how to tion, last spring, for potential
veloping reality shows. Cooper pany took over the space Kap- oping scripted and un- produce a podcast,” Cooper Summer Games programming.
is on the hunt for a new distri- lan had rented for ACE Enter- scripted TV for Trending. says. “I could do it in my sleep Solomon met Cooper and Kap-
bution partner for her podcast tainment, his production firm, “Wait, have you been doing at this point.” lan over breakfast in Los An-
and she is hoping to pocket now part of Trending. On the your meetings here?” she asks At 29 years old, Cooper is a geles in June 2023, where
$100 million in her next deal, walls are posters from his another staffer, incredulously, young millennial with a Cooper pitched herself as a
according to people familiar films like the Netflix hit “To after spotting a walking pad Zoomer’s sense for content. natural partner—a former Di-
TECHNOLOGY with the matter, a hefty sum in All the Boys I’ve Loved Be- under her desk. “Shut up.” This has made her a decisive vision 1 college soccer player
Electric-vehicle makers an industry that has retrenched fore.” Aside from that, it looks She introduces the em- talent scout and a coveted with millions of female fans.
since its frothiest days. like any old startup. ployee as Sienna, Kaplan’s for- conduit for brands looking to “I was just so impressed,”
Lucid and Fisker On a recent Tuesday morn- “She’s an icon and she’s mer assistant who now devel- reach young women. says Solomon, whose 20-year-
issue safety recalls. ing at the Trending offices in crushing it,” Cooper says as ops concepts for reality shows. In April, Churchill Downs old daughters are Cooper fans.
B4 West Hollywood, there are few she passes by Mina Lefevre, a Cooper’s ambitions come Racetrack teamed with her to “She’s this generation’s Oprah
signs of the spicy show that former Meta Platforms and amid a sea change in the au- drum up excitement at the Please turn to page B4
B2 | Wednesday, July 10, 2024 * ***** THE WALL STREET JOURNAL.
A Fisker................................................B4 Systems.......................................A1
Ford Motor...................................B1 MGM Resorts International
sures,” the OECD said. years of upheaval as the Jus- same attorney who represents
omy, and for women, the ties. The civil funds by using
Continued from page B1 OECD said. In 17 of the 33 settlement in- a union credit
most countries. While profits countries with available data, cluded a six- card for per-
grew much more rapidly than traditionally lower-pay indus- year period of The union has sonal expenses
wages in 2021, the OECD esti- tries recorded a faster rise in independent endured years and by “misap-
mates that since the start of real wages between 2019 and oversight by a propriating
2022, labor costs grew more 2023, while employment court-ap- of upheaval union prop-
rapidly than profits in about growth for women has out- pointed monitor erty,” according
two-thirds of the countries paced that of men over the and required
during a to the court fil- *+, *-./,-" 0"12!3/2)4/)2- 0"456- 7)"#
with data available. same period. the UAW to pay sprawling probe. ing. The re- !"#$%&'"#()' *+,-.% /&&'"+$, &0" 10220$ 3-#"'% 0& 4'$'&+5+#) 6$.'"'%.
In the OECD’s view, a “Wages are performing bet- $1.5 million to gional director 7839 3:2(0) ;7<=>
squeeze on profits can allow ter in the lower end than in resolve out- isn’t named in 7839 *+,-.% 3:2(0) ;7<= *!>
for further wage rises without the middle or high end,” Scar- standing tax is- the court docu- 9?@A#.' B#% CD$' EFG EFEH
triggering a fresh pickup in in- petta said. sues. ment. *'50"A A#.' B#% CD$' EFG EFEH
flation. That is an outcome Looking forward, the OECD Barofsky, who has a man- The friction with Barofsky’s I#%. ."#A+$, A#: &0" "+,-.% +% CD): JKG EFEHL
that central banks have feared said the transition to jobs that date to rid the UAW of fraud, office comes as Fain seeks to =((%# %>,&#%/ ()89 ;:2 9<98?
since the start of the inflation produce lower greenhouse gas corruption and illegal behavior, repair the UAW’s reputation
LM$)'%% .-' 0&&'"+$, +% '?.'$A'A
surge. emissions could have big re- began investigating allegations and capitalize on last year’s
“There are no signs of a gional impacts, with many of of “financial misconduct and contract gains by organizing
price-wage spiral,” the OECD the new jobs that are created retaliation” among the union’s other nonunion auto factories. !"# $"#% &'("#$)*&"' !"# ) +",- "( *.% ,#"/,%+*0/
/0,,1%$%'*2 +"'*)+*3
said. being in different locations to top officials in February. The union had a break-
However, it warned that those that are lost. The OECD That same month, the through in April when workers
wage rises could yet have an estimates that just 7% of em- union’s board removed some at Volkswagen’s factory in
impact on inflation. ployment is in what it de- authority from the UAW’s sec- Chattanooga, Tenn., voted
“Looking ahead, it will con- scribes as high-emission in- retary-treasurer, Margaret overwhelmingly to join the
tinue to be important to strike dustries, but those who lose Mock, after the union’s compli- UAW. The win was followed by Call Toll-Free: +1 45$$6 %&$7'89:
a balance between allowing their jobs might face a lengthy ance director alleged she a setback the next month
wages to make up some of the period of lower earnings with- abused her power. The director when workers at Mercedes- Dealer Manager
ground they have lost in terms out retraining. claimed Mock improperly de- Benz’s plant in Vance, Ala., re-
nied legitimate requests from jected UAW representation.
neered the staging for Taylor ment team would continue to -"$%&'3/& &731=5 20/%.1==@ 23"%/ '7% 41"5K& #"$%&'(%"' 3AB%2'#$%; ?3=#2#%&;
Swift’s blockbuster “Eras lead the company and would /#&C&; 270/>%& 0"5 %,?%"&%& A%.3/% #"$%&'#">D F7% 41"5K& ?/3&?%2'1&
Tour.” remain significant sharehold- &1??=%(%"' 0"5 ?/3&?%2'1&; E7#27 23"'0#" '7#& 0"5 3'7%/ #".3/(0'#3" 0A31'
'7% 41"5 0"5 '7% /#>7'& 3..%/#">; 20" A% 3A'0#"%5 A@ 20==#"> '7% ?73"% "1(A%/
TAIT on Tuesday said that ers. =#&'%5 0A3$%D !" #"$%&'3/ &731=5 20/%.1==@ /%05 '7% 41"5K& ?/3&?%2'1&
the private-equity arm of Providence, which focuses &1??=%(%"' 0"5 ?/3&?%2'1& A%.3/% #"$%&'#">D F7% #".3/(0'#3" #" '7#&
23((1"#20'#3" #& "3' 23(?=%'% 0"5 (0@ A% 270">%5D F7#& 23((1"#20'#3" #&
Goldman Sachs Asset Manage- on media, communications, "3' 0" 3..%/ '3 &%== '7%&% &%21/#'#%& 0"5 #& "3' &3=#2#'#"> 0" 3..%/ '3 A1@ '7%&%
ment’s alternative-invest- education and technology &%21/#'#%&; "3/ &70== '7%/% A% 0"@ &0=% 3. '7%&% &%21/#'#%& #" 0"@ &'0'% E7%/% '7%
3..%/; &3=#2#'0'#3" 3/ &0=% #& "3' ?%/(#''%5D
ments platform is buying a companies across North
majority stake in the Lititz, America and Europe, invested LMH H%21/#'#%& NNO #& 02'#"> 0& 5%0=%/ (0"0>%/ .3/ '7% /#>7'& 3..%/#">D -" '7%
LDHD; &%21/#'#%& 1"5%/E/#'#">; '/05#">; 0"5 A/3C%/0>% 02'#$#'#%& 0"5 PQ!
Scan this code for a video on fashion Pa., company from affiliates of in TAIT in 2019. 05$#&3/@ 02'#$#'#%& 0/% ?/3$#5%5 A@ LMH H%21/#'#%& NNO; 0 /%>#&'%/%5 A/3C%/R
retailer Abercrombie & Fitch’s turnaround Providence Equity Partners Goldman Sachs Alterna- 5%0=%/ '70' #& 0 E73==@ 3E"%5 &1A#0/@ 3. LMH !+; 0 (%(A%/ 3. '7% )%E
G3/C H'32C I,270">% 0"5 3'7%/ ?/#"2#?0= %,270">%&; 0"5 0 (%(A%/ 3.
playbook. After years of declining sales, the and other investors for an un- tives’ private-equity business, H%21/#'#%& -"$%&'3/ S/3'%2'#3" O3/?3/0'#3"D
company now has become one of the disclosed amount. launched in 1986, has invested
fastest-growing stocks. Bloomberg last week re- more than $75 billion since its T LMH UVUWD !== /#>7'& /%&%/$%5D
BUSINESS NEWS
MIKE BLAKE/REUTERS
have each deployed recalls on could cause cabin electric wa- Fisker isn’t aware of any acci-
thousands of recently manu- ter pumps to fail, according to dents or injuries reported in
factured electric vehicles over a July 2 report from the Na- connection with the recall, ac-
issues that could cause a loss tional Highway Traffic Safety cording to the report.
of power. Administration. Representatives for Lucid
Lucid is recalling 2022 and Lucid said more than 5,200 and Fisker didn’t immediately Fisker Ocean SUVs at a company sales and service center in Vista, Calif., in May.
2023 model Lucid Air vehicles vehicles could potentially be respond to requests to com-
over a safety mechanism that wrapped up in its recall, while ment on Tuesday. than 12,500 vehicles in North its fortunes shift in the past reported on Monday that de-
is susceptible to intermittent Fisker is pegging that number Fisker’s recall comes within America and Europe over is- month after a bumpy couple liveries were up 70% in the
hardware connection faults, at more than 7,500 vehicles. weeks of the EV company fil- sues with their outer door of years, as demand for EVs quarter ended June 30, which
which has caused vehicles to Owners of the affected Lu- ing for bankruptcy and issuing handles. starts to show signs of revival. followed price cuts earlier this
lose power while driving in at cid vehicles who haven’t up- a voluntary recall of more Lucid, meanwhile, has seen The California-based startup year on its Air sedan.
In 2018, after graduation A listener of the show since two coveted demographics in
and moving to New York City, its earliest days, which he the eyes of political candi-
Cooper and Sofia Franklyn called “peak comedy and also dates: young people and
launched “Call Her Daddy.” very real and raw,” Crawford women. Cooper hasn’t shied
They were two roommates in jumped at the opportunity to away from talking about polit-
their early 20s, talking frankly go on the show while promot- icized issues like abortion.
about getting blackout drunk, ing the new season of Ama- “Anyone that has a uterus and
masturbation and one-night zon’s “The Boys.” “Alex is gen- even if you have a penis, you
stands. The show was quickly uinely interested and fully should care about women’s
acquired by Barstool Sports, engaged,” he says of her inter- Cooper will be hosting live Olympic watch parties in Paris for NBCUniversal’s streaming rights,” she says.
the male-oriented media out- view style. “There’s no BS. service Peacock. NBC has made no topics off-limits for the broadcasts, Cooper says. Still, politicians don’t make
let founded by Dave Portnoy, And it’s why she’s on top.” good guests for her show, she
and soon ranked among the Last fall, Cooper sold out tour and really saw the audi- “Everyone has put their of- Contracts with talent vary says. “I think my fans have no
top 30 U.S. podcasts. her seven-show, six-city “Un- ence and the relationship she fers in, and now we’re all go- person by person and are con- interest,” she says. “When it
After a falling-out with well Tour,” filling large venues had with them—I have never ing back and forth, trying to fidential, the company said. comes to political figures, I
Franklyn in 2020 amid con- including the Theater at Madi- seen anything like it,” says T.J. decide which is going to be And while Unwell stars have all kind of just feel like they can
tract negotiations with Bar- son Square Garden, and two Marchetti, 55, who joined Coo- the best place,” she says. first created podcasts, that be on CNN and Fox.”
stool, Cooper hosted solo for nights at The Met in Philadel- per’s company last fall as the Last August, Cooper might not be the starting point Cooper is turning 30 in Au-
another year in an agreement phia. Each show had surprise chief brand officer for Unwell. launched Unwell with two for all future talent it brings gust. She just got married this
that would give her ownership celebrity guests, including In April, she released a signed TikTok stars, Alix Earle into its fold. Its focus is to help spring and hopes to have chil-
of the show. Then she took it Bravo’s Andy Cohen, comedian “Call Her Daddy” episode with and Madeline Argy. Both are personalities build community, dren someday. “When a child
to Spotify, where the Chelsea Handler and country Olympic gold medalist Simone hosting podcasts, and Earle has and then expand into areas in- is involved, who knows, maybe
show assumed a more tradi- artist Kelsea Ballerini. Biles—the first step in her already seen success with a line cluding merchandise, events, I will have a moment and re-
tional interview format. “Being not a part of the de- partnership with NBCU for the of T-shirts, sweats and baseball consumer products, film and set my boundaries within the
Cooper still turns the con- mographic and not part of the Summer Games. The episode hats; Cooper says two recent television, the company said. show and myself,” she says.
versation to sex and relation- ‘Daddy Gang,’ when I went on was one of the top five epi- merchandise drops sold over Thanks to Cooper’s experi- But for the moment, she is
sodes of “Call Her Daddy” this “seven figures” apiece. ence navigating ownership of absorbed in building her busi-
year by listenership, according In February, Unwell an- her podcast’s intellectual ness, working 12-hour days,
to Cooper’s team. At an NBCU nounced its first male star: property, Unwell stars are able six days a week. She feels that
Olympics media preview in Harry Jowsey, an Australian to own the rights to the the work she is doing is in a
late June, the network aired a reality-television personality brands they’ve built if they league of its own.
clip of the Biles interview; a from the Netflix shows “Too leave its network. “I just compete with myself
longer version will air on Hot to Handle” and “Perfect Cooper says she takes meet- in a healthy way,” Cooper
prime time during the Games. Match.” More recently, Tik- ings with authors she finds on says. “I don’t think there is
Quitting smoking Toker Hallie Batchelder,
known for sharing her unapol-
TikTok to see about optioning
their work for film. Kaplan,
anyone that I would want to
be compared to or that I see
Seeking a new deal
was hard. This comes as Cooper has
ogetic NYC dating and party-
ing escapades, and the actor
meanwhile, is in charge of
Trending partnerships and
doing exactly what I want to
be doing.”
Screening for lung been shopping around for a
new “Call Her Daddy” distri-
and comedian Owen Thiele
joined the Unwell roster.
oversees the scripted film and
television ventures. The two
—Anne Steele
contributed to this article.
cancer is easy. bution partner for months, as
her current deal with Spotify
“We’re never trying to just
not include the men. We want
are co-CEOs and make big de-
cisions together. Styling: James Valeri;
nears its end. Sirius is among men to be a part of the con- Travis Pollio, director of hair: Hikaru; makeup: John
the front-runners, people fa- versation,” says Cooper. “I ticket strategy and promotion McKay; manicure: Riley
miliar with the matter said, think the more men can be a for the Boston Red Sox, says Miranda; set design: Jeremy
and Cooper is looking for a part of the conversation, the he experienced the power of Reimnitz; production: Day
minimum $100 million guar- more things can change. Ele- Cooper’s fandom last Novem- International; director of
antee and revenue sharing on vating female voices is impor- ber when he stumbled upon a photography: Sean O’Neill
the upside. tant to me, but I’m absolutely line of over a thousand people
In January, the audio ver- not opposed to bringing the chanting “Daddy” on Boston’s
sion of the podcast became men in.” Lansdowne Street. They were Watch a Video
available on competitor ser- Cooper says she looks for queuing up for an Unwell Tour Scan this code
vices like Apple, Amazon and talent that is “very concrete in event at MGM Music Hall. for a video with
iHeartPodcasts while Cooper who they are, who they’re try- Pollio says he reached out Alex Cooper
works toward inking a new ing to reach and what their to Cooper’s team this spring about her
distribution deal. voice is.” to see about collaborating on podcast’s rise.
Golden Age for membership stateside would face scrutiny about China.
clubs with features such as a under a new Biden adminis- Cfius generally has focused
rooftop pool or an omakase tration proposal, a move that on corporate deals. In 2018,
restaurant. comes amid concerns about though, Congress expanded
“When you hear people China. the committee’s authority to
talking about clubs they’re ex- The U.S. Treasury Depart- encompass real-estate trans-
cited about, they don’t men- ment on Monday proposed a actions near military bases
tion university clubs,” said Da- vast expansion of the number and other sensitive sites.
vid Gutstadt, a real-estate of domestic installations it Under Monday’s proposal,
developer and Princeton alum- watches under a law that al- for example, the administra-
nus whose Philadelphia-based The Harvard Club is among those that have eased their dress code to appeal to newer alumni. lows the government to block tion would be able to review
firm was consulted to renovate foreigners from buying land. transactions within 100 miles
that club before it closed. decade of annual net losses in At the Yale Club, women were alumni of more than two The proposal would allow of Joint Base Cape Cod, lo-
membership since its incep- first permitted as members in dozen colleges. the Committee on Foreign In- cated in Sandwich, Mass.,
tion in the mid-1990s, accord- 1969, though parts of the club Regina Jaslow, a 1997 vestment in the U.S., which re- meaning real-estate deals near
Pandemic setback ing to a member of the club’s remained men-only until the Wharton School graduate, views deals for national secu- Boston and Providence, R.I.,
The pandemic was another leadership. The Cornell Club ’70s. joined the Penn Club’s leader- rity issues, to look into real- could in theory also come un-
blow to the clubs, which has lost $280,000 to $2.1 mil- While a spiffier bar area ship in 2005. As the director estate purchases near more der the Cfius magnifying
missed out on revenue from lion every fiscal year since and more casual dress code of member marketing, she than 50 military sites that glass. Cfius’s rules, though,
their restaurants and other 2016, tax filings show. might help attract a younger helped attract young members hadn’t previously been cov- exempt most transactions in
services when the clubs closed The Princeton Club likely set of alumni to the Princeton by introducing late-evening ered. Some of the added in- built-up urban areas from re-
because of Covid-19 restric- suffered the most. It lost Club, a number of older club networking events and speed stallations are deemed sensi- view.
tions. Some fed-up members roughly one-third of its mem- board members have been dating. The club soon reversed tive enough that even deals up The proposal also would al-
dropped out for good. bership during the pandemic, generally resistant to major a 10-year downturn in mem- to 100 miles away could be low officials to review trans-
More recently, the rise in according to a person familiar change, according to Steven bership and even recovered its blocked. actions within 100 miles of
campus activism over the war with the situation. In 2021, the Morales, a former staffer at losses, she said. But it still “Cfius plays an integral role Wright-Patterson Air Force
in Gaza has complicated some club defaulted on a $40 mil- the Princeton Club. struggled to retain profession- in U.S. national security by Base near Dayton, Ohio, up
younger members’ relation- lion loan tied to its building on als in their 30s. thoroughly reviewing real-es- from one mile, which would
ship with the clubs. Two re- West 43rd Street. An unknown Some of the Penn Club’s tate transactions near sensi- put some real-estate deals in
cent Ivy League graduates now buyer using a shell company Casual dress strategies to attract young tive military installations, and the booming Columbus area
living in New York City said acquired the property for $8 Still, the clubs have loos- members are used across the this proposed rule will signifi- under Cfius’s purview.
their colleges’ crackdowns on million in December. ened their rules to some de- Ivy League circuit. While older cantly expand its jurisdiction In May, President Biden or-
pro-Palestinian protests per- The Ivy clubs are still rela- gree over the past several alumni can pay annual dues and ability to accomplish this dered MineOne Partners, a
suaded them not to join one of tively homogenous, Gutstadt years. For decades, dress close to $2,000, the clubs offer vital mission,” Treasury Secre- crypto company ultimately
their alma mater clubs. said, which reflects the codes have been a fault line discounted memberships for tary Janet Yellen said. owned by Chinese nationals,
The Ivy League schools with schools’ alumni bases. But between older and younger recent alumni. Treasury didn’t single out to sell real estate located
clubs in New York tend to keep young people are seeking out alumni. In 1999, the Yale Club At the Harvard Club, gradu- any one national security con- within a mile of a Wyoming
most membership and other environments that reflect the became the first of Manhat- ates of the Class of 2024 just cern as a driver behind the nuclear missile base.
information private, but some diversity of the city, he said. tan’s Ivy clubs to allow casual pay $100 for their first year,
recent events suggest dis- The Harvard Club, founded dress on Fridays in an attempt which is returned to them as a
tress. in 1865, was the first estab- to attract younger members $100 club gift card. For Har-
The Yale Club changed its lished and Princeton was close and creatives. vard alumni living in New York
admission process to accept behind. Early on, the Ivy The Yale Club today allows City, dues otherwise range
members without an affilia- League clubs were populated jeans throughout the club- from $520 to $2,598 annually.
tion to the university. Most by businessmen who wanted house, and the Harvard Club The Cornell Club has launched
anyone can now apply to the to conduct meetings out of the now permits “casual attire”— young-alumni-exclusive events
club if they have the endorse- public’s eye, according to Zack except in two of its main halls and given recent graduates
ment of at least two members, Bates, chief executive of con- after 5 p.m. free fitness memberships to
according to a club document. sulting company Private Club All but the Harvard Club al- reel them in.
AARON DOSTER/AP
A Yale Club representative Marketing. low alumni of several other If these efforts don’t suc-
declined to comment about Like their respective col- colleges to apply for member- ceed, the clubs face a potential
changes to the admission sys- leges, the clubs didn’t wel- ship as “affiliate” members. crisis. “Their existing mem-
tem. come women as members for Collectively, the four remain- bers all die out,” said Bates,
The Penn Club chalked up a decades after their founding. ing clubhouses represent the private club consultant. Wright-Patterson Air Force Base near Dayton, Ohio.
RM/ units or re-zoning for commercial use. have the resources to bear the risk of a purchase of the mortgage loans.
NOTABLECOMMERCIALPROPERTIES
EVERY WEDNESDAY
Realty Marketing/Northwest, Broker (800) 366-3975 | sales.realestate@wsj.com
2310 NW Everett Street, Suite 250 – Portland, Oregon 97210
© 2024 Dow Jones & Company, Inc. All Rights Reserved.
B8 | Wednesday, July 10, 2024 NY * * THE WALL STREET JOURNAL.
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
s Teradyne
Tesla
TetraTech
TER 153.48
TSLA 262.33
TTEK 199.66
TevaPharm TEVA 15.81
-0.69 Veralto
9.39 VeriSign
VLTO 95.70 -0.20
VRSN 174.18 -1.66
-3.35 s VeriskAnalytics VRSK 275.38 2.18
-0.55 Verizon VZ 41.30 -0.23
ZimmerBiomet ZBH 105.76 -0.63
Zoetis
ZoomVideo ZM
Zscaler
ZTS 174.24 -1.19
56.88 -0.52
ZS 197.36 -4.27
A federal court authorized this notice. This is not a solicitation from a lawyer. finance, liquidity and growth, and restructuring Foreign
and secondary purchases. Work with invest- Banco BBVA Argentina ADR BBAR ... .47134 Jul22 /Jul15
ment banking; buyside equity and credit; finan-
What is the lawsuit about? A proposed Settlement has been reached in a class action lawsuit (“the Lawsuit”), which alleges that cial modeling; accounting; and infrastructure in- DouYu Intl ADR DOYU ... 9.71 Aug30 /Aug21
Sandoz Inc. and Fougera Pharmaceuticals Inc. (collectively “Settling Defendants”) and other generic drug manufacturers violated vesting. Req’s bachelor’s degree plus 2 yrs exp. Luxfer Holdings LXFR 4.5 .13 Q Aug07 /Jul19
the federal antitrust laws by conspiring to fix, maintain, and stabilize prices, rig bids, and engage in market and customer allocations Salary Range: $200,000.00-$200,000.00 per Note: Dividend yields as of 3:30 p.m. ET
of certain generic drugs (the “Named Generic Drugs”), causing direct purchasers of the Named Generic Drugs to pay more than they year. Mail resume to Lori Gish, Global Infra-
should have. The Settling Defendants deny liability as alleged in the Lawsuit. The Court has not decided who is right. The proposed Sources: FactSet; Dow Jones Market Data
structure Management LLC, 1345 Avenue of
Settlement does not resolve any of the claims of the Settlement Class against the remaining Defendants. The Lawsuit against the the Americas, 30th Floor, New York, NY 10105. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
remaining Defendants is ongoing. Ref: AL7GIMNY
spin-off.
Who is included? The Court has certified a Settlement Class that includes all persons or entities, and their successors and
assigns, that directly purchased one or more of the Named Generic Drugs from one or more Current or Former Defendants in the DEA
United States and its territories and possessions, at any time during the period from May 1, 2009 through December 31, 2019.
Excluded from the Settlement Class are Current and Former Defendants and their present and former officers, directors, BANKRATE.COM® MMA, Savings and CDs
management, employees, subsidiaries, or affiliates, judicial officers and their personnel, and all governmental entities. The
LEGAL NOTICE
Settlement Agreement listing the Named Generic Drugs and Current and Former Defendants is available on the Settlement
website: GenericDrugsDirectPurchaserSettlement.com. The Settlement Agreement also is on public file with the United States DEA NOTICE OF FORFEITURE Average Yields of Major Banks Tuesday, July 9, 2024
District Court for the Eastern District of Pennsylvania, 601 Market Street, Philadelphia, PA 19106 in the case In re: Generic SOUTHERN DISTRICT OF TEXAS MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Type
Pharmaceuticals Pricing Antitrust Litigation, Case No. 2:16-MD-02724. 2016 Cadillac XTS Sedan
VIN 2G61N5S3XG9103634 National average
What does the Settlement provide? The proposed Settlement provides for a $265,000,000.00 payment by Settling Seized from Leandro Antonio Tabora- Savings 0.53 0.45 0.50 1.67 1.58 1.63 1.40 1.17 1.20
Defendants (“Settlement Fund”). The Settlement Fund may be reduced to $233,200,000.00 or increased to a maximum of Mendez on 03/24/2021 at 7218 Fox-
$327,351,850.00 under certain circumstances as explained in the Settlement Agreement. In addition, the Direct Purchaser Plaintiff crest Lane, Humble, TX. Any person as- Jumbos 0.85 0.47 0.51 1.72 1.63 1.75 1.52 1.27 1.33
(“DPP”) attorneys who have worked on the Lawsuit for the Settlement Classes will seek Court approval to pay expenses, and serting an ownership or possessory inter- Weekly change
service awards for the class representatives (or named plaintiffs) out of the Settlement Fund. DPP attorneys will also request est and desiring to claim the above vehi-
attorneys’ fees of up to one-third of the net Settlement Fund, including interest, after expenses (and service awards) are cle has 30 days from the date of the first
Savings 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01
deducted, and any portions of the Settlement Funds created from DPPs’ prior Settlements that have been set aside pursuant to publication to file a claim with DEA at Jumbos -0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.01
Court Order. Any motion for fees, expenses and service awards will be posted on the Settlement website 1433 West Loop South, Suite 600, Hou-
GenericDrugsDirectPurchaserSettlement.com no later than November 22, 2024. The calculations of the dollar amount that each ston, TX 77027. Attn: DEA/ARG.
Settlement Class Member will be paid from the Settlement Fund are set forth in the Plan of Allocation, which also is available on
GenericDrugsDirectPurchaserSettlement.com.
Consumer Savings Rates
Below are the top federally insured offers available nationwide according to Bankrate.com's
What are your options? If you are a Settlement Class Member and you do nothing, you will remain in the Settlement Class
and are eligible to participate in the Settlement as described in this notice, if the Settlement is approved. However, you will need NOTICE OF SALE weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
to complete, sign, and return the claim form (once it is sent to you) in order to obtain a payment. We do not know when the visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
claim forms will be mailed. You should check GenericDrugsDirectPurchaserSettlement.com for information regarding timing.
If you did not receive a Notice in the mail, and you think you are a potential Settlement Class Member, please identify yourself High yield savings
NOTICE OF PUBLIC SALE OF COLLATERAL
or your company by letter to the following address: In re: Generic Pharmaceuticals Pricing Antitrust Litigation – Direct NOTICE IS HEREBY GIVEN that, pursuant to: (a) Section Bank Yield Bank Yield
Purchasers, c/o A.B. Data, Ltd., P.O. Box 173095, Milwaukee, WI 53217. Or send an email to 9-610 of the Uniform Commercial Code (“UCC”) as in effect Phone number Minimum (%) Phone number Minimum
info@GenericDrugsDirectPurchaserSettlement.com, or call 877-315-0583. You may be required to submit proof of a qualifying (%)
in the State of New York and (b) the Security Agreement,
direct purchase to establish that you are a Settlement Class Member. Such claimants may also be required to submit purchase dated as of June 2, 2022 (as amended, supplemented or Money market account Six-month CD
data as part of the claims process. As a Settlement Class Member, unless you opt out of the Settlement, you will be bound by all otherwise modified, the “Security Agreement”), by and
orders and judgments of the Court. among, Moshe Silber, an individual (the “Borrower”), MyBankingDirect $500 5.55 Bask Bank $1,000 5.35
Westwood Jackson Apts MM LLC, a Delaware limited
liability company (“Westwood MM”), and CBRM Realty (516) 683-4100 (877) 839-2265
In addition, if you are a Settlement Class Member, you may request exclusion from (or opt out of) the Settlement, and if you do
not opt out, you may also object to the Settlement. Instructions for opting-out or objecting can be found in the publicly available Inc, a New York corporation (“CBRM”, and together Forbright Bank $1 5.30 Popular Direct $10,000 5.35
with the Borrower and Westwood MM, the “Debtors”),
case file and website, as described above. You must mail your request to opt out or your objection by October 8, 2024. The Court the other debtors party thereto, and Acquiom Agency (888) 855-7788 (800) 274-5696
will hold a Fairness Hearing on March 17, 2025, to decide whether to approve the Settlement and any requests for fees, expenses, Services LLC, as secured party (the “Secured Party”),
and service awards for the Class Representatives. The Court will also consider a Plan of Allocation for distributing the Settlement the Secured Party will offer for sale at public sales (such
Vio Bank $100 5.30 Merrick Bank $25,000 5.35
Fund to Settlement Class Members. If there are objections, the Court will consider them at the hearing. You do not need to attend sales, collectively, the “Auction”) all right, title and (888) 999-9170 (866) 638-6851
the hearing. If you wish to appear at the hearing, you must file a “Notice of Intention to Appear” with the Court and you may hire interest of the Debtors in and to the following collateral
your own attorney to appear in Court for you at your own expense. (the “Subject Collateral”): (i) Lot 1 consisting of 100%
of the limited liability company membership interests in
One-month CD One-year CD
RH Dearborn Redevelopment JV LLC, a Delaware limited Lone Star Bank $1,000 0.20 CFG Community Bank $500 5.36
For more information: Go to the website: GenericDrugsDirectPurchaserSettlement.com or call 877-315-0583 for more liability company, and all proceeds (as defined in the UCC)
information on the Settlement, the lawsuit, and your potential rights and options related to the Settlement, and the Plan of thereof; (ii) Lot 2 consisting of 100% of the limited liability (713) 358-9400 (888) 205-8388
Allocation. The website includes, for example, a list of the generic drugs that you would have had to purchase and a list of the company membership interests in Fox Capital LLC, a New Presidential Bank, FSB $1,000 0.10 Bask Bank $1,000 5.30
generic manufacturers that you would have had to purchase directly from in order to be eligible for a payment. York limited liability company, and all proceeds thereof;
(800) 799-1424 (877) 839-2265
(iii) Lot 3 consisting of (x) 100% of the limited liability
company membership interests in Westwood Jackson Apts BrioDirect $500 0.05 First Internet Bank of Indiana $1,000 5.26
MM LLC, a Delaware limited liability company and (y) 100%
of the limited liability company membership interests in (877) 369-2746 (888) 873-3424
CAREERS Westwood Jackson Apts LLC, a Delaware limited liability
ANNOUNCEMENTS CAREERS company, and all proceeds of the foregoing; and (iv) Two-month CD Two-year CD
Lot 4 consisting of 49% of the limited liability company
membership interests in 100 Phillips Parkway LLC, a Lone Star Bank $1,000 0.20 First Internet Bank of Indiana $1,000 4.76
Finance
We Write Your Book
Delaware limited liability company, and all proceeds of (713) 358-9400 (888) 873-3424
the foregoing. The Subject Collateral is security for the
Morgan Stanley Services Group Inc. is hiring for Presidential Bank, FSB $1,000 0.10 First National Bank of America $1,000 4.75
the following roles throughout facilities in New !"#" $%&'%(()'%& *"%"&()+ Borrower’s obligations under the Credit Agreement,
Life Story or the Story of Your York, NY: Vice President to build and maintain
dated as of June 2, 2022 (as amended, supplemented or
otherwise modified, the “Credit Agreement”), among the
(800) 799-1424 (800) 968-3626
Success in Business + Lessons !"#$%&'$( ')*&%&)+*, -./0/12
Java Spring Boot services, ETL flows, and Py- &034 56 6227508 9/:/ (085022;508 Borrower, the lenders party thereto, and Acquiom Agency State Bank of India California $1,000 0.05 Bask Bank $1,000 4.75
Learned & Advice for Others. thon data quality rules (3246740, salary range
"/0/82;6 50 <=>;?/@ '/;7A +B :>
Services LLC, as administrative agent.
(877) 707-1995 (877) 839-2265
LegaciesandMemories.com $185000 to $200000); Vice President, Institu- TERMS AND CONDITIONS OF THE AUCTION
tional Securities Technology to conduct data C/;:02; DE3;>66FGH03:5>0/= :2/@6
BizSuccessBooks.com modeling, design, and configuration of data- :> 505:5/:2A =2/1A I 1;5.2 :>
The Subject Collateral is being sold in four separate
lots as described above on an “AS IS, WHERE IS, WITH
Three-month CD Five-year CD
(904) 293-9893 * Since 1999 bases (3246826, salary range $185650 to 3>@C=2:5>0 3=520: C;>J23:6 50.>=.508 ALL FAULTS” basis pursuant to the following terms and
conditions.
Bask Bank $1,000 5.35 First National Bank of America $1,000 4.50
$200000); Director to assist the team in provid- :?2 :;/06G>;@/:5>0 >G 20:2;C;562 (877) 839-2265 (800) 968-3626
ing critical operational, analytical, and strategic 1. Parties interested in bidding at the Auction may,
insights to help accelerate the growth of com- 1/:/ 6>=H:5>064 "H6: =5.2 DE50 subject to executing confidentiality agreements and America First FCU $500 5.25 First Internet Bank of Indiana $1,000 4.50
BUSINESS OPPORTUNITIES ;2/6>0/K=2 3>@@H:508 156:/032 >G meeting the bidder qualifications set forth in the
panies (3246674, salary range $178000 to bidding procedures (the “Bidding Procedures”), which (801) 627-0900 (888) 873-3424
$178000); Associate to perform analysis of the <=>;?/@ '/;7A +B4 '2;5>153 :;/.2= can be obtained by contacting CBRE Capital Markets, Inc. Banesco USA $1,500 5.25 Quontic Bank $500 4.30
potential risks and rewards for large corporate :> 3=520: 65:26 L1>@26:53E50:M=N 56 (“CBRE”) as provided below, obtain additional information
derivative and exotic derivative transactions (888) 228-1597 (800) 908-6600
2nd Trust Deed 2OC23:21 HC :> PQR4 '>65:5>0 concerning the Subject Collateral by contacting CBRE.
(3245110, salary range $130000 to $140000); ;2SH5;26 /: =2/6: / K/3?4 1284A >;
The Bidding Procedures provide additional information
Vice President to develop appropriate risk mod-
G>;2580 2SH5.4A I T U;64M 2OC4
about the bidding process, including bidder qualifications,
High yield jumbos - Minimum is $100,000
12% Return
eling techniques for securitized products for in- Auction participation and determination of the winning
VV-=:2;0/:5.2=UA 2@C4 D5== /332C: 0> bid.
ternal and regulatory frameworks (3244499, Money market account Six-month CD
salary range $150000 to $190000); Vice Presi- 1284 I W U;64M 2OC4VV <>; GH== 2. The Auction will be held on July 25, 2024 at 10:00
A.M. (New York City time) via a web-based video
dent to cover the risk management of macro C>65:5>0 12:/5=6 /01 ;2SH5;2@20:6A conferencing and/or telephonic conferencing program Vio Bank 5.30 Merrick Bank 5.35
42% L.T.V. • 2 YEARS markets products including derivatives, exotics
and cross-asset trading strategies with empha-
/01 :> /CC=U >0=502A C=2/62 .565:
DDD4/./0/1243>@ !X=537 X/;22;6Y
selected by the Secured Party access to which will be made
available to qualified bidders.
(888) 999-9170 (866) 638-6851
sis on quantitative analysis (3244518, salary
IRVINE, CA 5.25 5.25
3. The Subject Collateral will be sold on an “AS-IS, UFB Direct America First FCU
range $150000 to $190000). All positions re- X?>>62 Z*2/;3? G>; U>H; 1;2/@ WHERE-IS, WITH ALL FAULTS” basis, without recourse,
J>K[Y *2/;3? KU *2/;3? KU (877) 472-9200 (801) 627-0900
quire related degree and/or experience and/or and without any express or implied representations or
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39291.97 t 52.82, or 0.13% Trailing P/E ratio 27.23 22.86 5576.98 s 4.13, or 0.07% Trailing P/E ratio * 24.15 19.69 18429.29 s 25.55, or 0.14% Trailing P/E ratio *† 32.36 31.25
High, low, open and close for each P/E estimate * 19.15 18.22 High, low, open and close for each P/E estimate * 22.65 20.10 High, low, open and close for each P/E estimate *† 29.51 28.92
trading day of the past three months. Dividend yield 2.15 2.08 trading day of the past three months. Dividend yield * 1.30 1.58 trading day of the past three months. Dividend yield *† 0.76 0.72
All-time high 40003.59, 05/17/24 All-time high 5576.98, 07/09/24 All-time high: 18429.29, 07/09/24
Session high
DOWN UP 38100 5150 16000
Session open Close
t
Close Open 37600 65-day moving average 5025 65-day moving average 15400
t
Bars measure the point change from session's open Session low
37100 4900 14800
Apr. May June July Apr. May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
COMMODITIES wsj.com/market-data/commodities
Sept 2.5007 2.5211 2.4827 2.4904 –.0158 104,003 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July t 94.6700 94.6700 .0000 394,738
94.6725 94.6725
Global Government Bonds: Mapping Yields
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Aug 2.373 2.448 2.331 2.344 –.022 193,989 Aug 94.6850 94.6850 t 94.6800 94.6800 –.0050 515,067 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 2.384 2.454 2.351 2.360 –.022 287,794 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oct 2.492 2.550 2.461 2.468 –.024 150,033 April 94.6425 94.6425 94.6425 94.6425 .0000 5,887
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Nov 2.918 2.957 2.884 2.889 –.030 133,654 June 94.6500 94.6500 94.6450 94.6475 –.0025 1,194,405 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Jan'25 3.692 3.719 3.660 3.669 –.019 111,482 4.625 U.S. 2 4.624 s l 4.616 4.870 4.931
Currency Futures
March 3.161 3.187 3.132 3.142 –.017 108,559 4.375 10 4.297 s l 4.267 4.428 4.047
Japanese Yen (CME)-¥12,500,000; $ per 100¥
4.250 Australia 2 4.212 t l 4.218 3.997 4.413 -42.3 -42.3 -54.4
Agriculture Futures July .6224 .6227 .6197 .6205 –.0021 3,545
Sept .6283 .6287 .6256 .6264 –.0021 338,993
3.750 10 4.354 t l 4.372 4.232 4.256 5.0 8.8 18.9
Corn (CBT)-5,000 bu.; cents per bu.
July 400.25 406.75 397.00 400.25 4.50 732 Canadian Dollar (CME)-CAD 100,000; $ per CAD 2.500 France 2 3.117 s l 3.067 3.171 3.463 -151.8 -157.4 -149.4
Dec 408.25 412.75 406.25 408.40 .75 647,037 July .7333 .7339 .7329 .7338 .0005 984 3.500 10 3.208 s l 3.120 3.103 3.186 -109.6 -116.4 -88.2
Oats (CBT)-5,000 bu.; cents per bu. Sept .7347 .7351 .7340 .7350 .0005 250,710
2.900 Germany 2 2.933 s l 2.915 3.092 3.266 -170.2 -172.7 -169.0
July 308.00 340.00 308.00 308.25 –4.25 11 British Pound (CME)-£62,500; $ per £
July 1.2809 1.2825 1.2779 1.2788 –.0026 1,490
2.200 10 2.586 s l 2.542 2.618 2.636 -171.8 -174.2 -143.1
Dec 316.75 317.50 307.50 309.60 –8.00 3,430
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.2814 1.2832 1.2785 1.2794 –.0026 208,520 3.600 Italy 2 3.494 s l 3.444 3.604 3.918 -114.1 -119.7 -103.8
July 1177.00 1185.00 1160.00 1161.40 –12.75 903 Swiss Franc (CME)-CHF 125,000; $ per CHF 3.850 10 3.962 s l 3.886 3.959 4.354 -34.2 -39.8 28.6
Nov 1098.00 1101.00t 1077.50 1080.00 –19.50 413,369 Sept 1.1232 1.1241 1.1215 1.1229 –.0012 93,195
0.400 Japan 2 0.352 t l 0.361 0.349 -0.042 -428.3 -428.0 -499.9
Soybean Meal (CBT)-100 tons; $ per ton. Dec 1.1388 1.1359 1.1337 1.1350 –.0012 584
Australian Dollar (CME)-AUD 100,000; $ per AUD 1.100 10 1.076 t l 1.091 0.973 0.436 -322.8 -319.3 -363.1
July 378.50 381.80 375.90 376.20 –3.30 1,180
Dec 321.40 322.70 t 317.80 318.70 –2.70 240,023
July .6738 .6749 .6726 .6742 .0002 673 2.800 Spain 2 3.133 s l 3.096 3.265 3.561 -150.2 -154.5 -139.5
Sept .6751 .6761 .6736 .6753 .0002 222,798 3.250 10 3.320 s 3.262 3.359 3.631 -98.4 -102.2 -43.7
Soybean Oil (CBT)-60,000 lbs.; cents per lb. l
July 48.51 48.60 46.91 46.86 –2.14 1,176
Mexican Peso (CME)-MXN 500,000; $ per MXN
0.125 U.K. 2 4.136 s l 4.127 4.379 5.380 -49.9 -51.4 42.3
July .05557 .05576 .05541 .05580 .00020 28
Dec 48.20 48.23 46.20 46.31 –1.95 228,540
Sept .05496 .05528 .05479 .05526 .00020 185,820 4.250 10 4.163 s l 4.118 4.264 4.651 -14.1 -16.6 58.4
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
July 17.01 17.20 17.10 17.11 .04 190
Euro (CME)-€125,000; $ per € Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
July 1.0829 1.0836 1.0809 1.0816 –.0013 2,442
Sept 14.79 14.92
Wheat (CBT)-5,000 bu.; cents per bu.
14.60 14.60 –.19 7,492
Sept 1.0859 1.0868 1.0841 1.0848 –.0013 621,798 Corporate Debt
July 552.25 555.25 553.50 554.25 1.25 151
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Sept 569.50 578.75 569.25 572.00 1.50 214,734
Index Futures expectations
Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
Sept 39670 39818 39450 39596 –54 88,479
Investment-grade spreads that tightened the most…
July 584.75 586.00 574.25 581.00 7.50 55 Spread*, in basis points
Dec 40095 40199 39841 39983 –54 289
Sept 577.50 586.75 576.75 577.60 .50 132,723 Mini S&P 500 (CME)-$50 x index Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 5627.75 5645.75 s 5626.25 5631.25 6.00 2,033,591
–7
Dec 5697.00 5708.75 s 5690.00 5694.50 5.75 12,510 Memorial Sloan–Kettering Cancer Center MSKCC 5.000 5.27 July 1, ’42 65 n.a.
Aug 260.100 260.825 254.775 255.725 –3.450 18,474
Mini S&P Midcap 400 (CME)-$100 x index –5
Sept 261.125 261.825 255.775 256.825 –3.800 10,149 Sept 2936.70 2939.90 2911.70 2913.60 –18.60 36,732
Erac USA Finance ENTERP 7.000 5.43 Oct. 15, ’37 112 118
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec … 2952.60 2947.50 2929.60 –19.70 n.a. KeyCorp KEY 2.250 5.69 April 6, ’27 127 –5 131
Aug 184.800 185.750 180.350 182.350 –2.000 115,317 Mini Nasdaq 100 (CME)-$20 x index
Sept 20681.00 20771.75 s 20615.75 20678.50 18.75 259,894 Puget Sound Energy PSD 5.764 5.83 July 15, ’40 123 –5 n.a.
Oct 185.600 186.450 181.725 183.300 –2.000 95,267
Dec 20942.00 21028.75 s 20874.00 20935.75 20.25 1,045
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index Westpac New Zealand 5.132 5.07 Feb. 26, ’27 65 –5
WSTPNZ n.a.
July 89.750 89.975 89.225 89.325 –.350 13,021 Sept 2058.10 2064.90 2039.30 2047.80 –8.90 444,147
Aug 89.650 90.250 88.300 88.400 –1.125 91,366
Dec 2086.10 2086.10 2061.30 2069.30 –8.70 241 Virginia Electric and Power … 6.350 5.59 Nov. 30, ’37 127 –4 n.a.
Mini Russell 1000 (CME)-$50 x index
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 3059.90 3069.30 s 3059.80 3060.60 .70 5,974 Elevance Health ELV 5.850 5.38 Jan. 15, ’36 108 –4 n.a.
July 439.50 444.50 t 437.00 438.50 –5.00 741 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 104.67 104.89 104.63 104.81 .14 43,084 Kaiser Foundation Hospitals KPERM 4.875 5.28 April 1, ’42 68 –4 n.a.
Sept 476.00 477.00 467.50 468.00 –10.00 9,066
Dec 104.37 104.37 104.37 104.43 .14 361
Milk (CME)-200,000 lbs., cents per lb.
July 19.82 19.87 19.72 19.77 –.03 3,455 Source: FactSet
…And spreads that widened the most
Banco Santander SANTAN 6.921 6.04 Aug. 8, ’33 173 17 180
13
Cash Prices | wsj.com/market-data/commodities Tuesday, July 9, 2024
Vodafone VOD 4.875 5.80 June 19, ’49 131 134
Verizon Communications VZ 4.125 4.98 March 16, ’27 56 9 60
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 months. Goldman Sachs GS 6.250 5.49 Feb. 1, ’41 90 8 96
Tuesday Tuesday Tuesday
Royal Bank of Canada RY 1.150 5.11 July 14, ’26 48 7 n.a.
Copper,Comex spot 4.5780 Wheat - Hard - KC (USDA) $ per bu-u 6.0775
Energy 5
Iron Ore, 62% Fe CFR China-s *108.7 Wheat,No.1soft white,Portld,OR-u 6.0250 Morgan Stanley MS 6.375 5.35 July 24, ’42 76 80
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Steel, HRC USA, FOB Midwest Mill-s *665.0
Food Koninklijke Philips PHIANA 6.875 5.77 March 11, ’38 146 5 149
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 12550 Beef,carcass equiv. index Protective Life Global Funding PL 5.215 5.15 June 12, ’29 88 5 90
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11525 choice 1-3,600-900 lbs.-u 305.75
Gold, per troy oz
Engelhard industrial 2366.00
BMI Cobalt sulphate, EXW China, >20.5% -v,w
BMI Nickel Sulphate, EXW China, >22%-v,m
3899
3933
select 1-3,600-900 lbs.-u 284.13 High-yield issues with the biggest price increases…
Broilers, National comp wtd. avg.-u,w 1.3197
Handy & Harman base 2367.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Bond Price as % of face value
Butter,AA Chicago-d 3.1400
Handy & Harman fabricated 2628.37 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
LBMA Gold Price AM *2371.65 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 194.00
Cheddar cheese,blk,Chicago-d 196.75 Bombardier 7.450 6.23 May 1, ’34 108.837 0.59
LBMA Gold Price PM *2376.65 Burlap,10-oz,40-inch NY yd-n,w 0.8150
BBDBCN n.a.
Milk,Nonfat dry,Chicago lb.-d 118.00
Krugerrand,wholesale-e 2451.02 Cotton,1 1/16 std lw-mdMphs-u 0.6313 Telecom Italia Capital 7.721 7.90 June 4, ’38 98.500 0.50
Coffee,Brazilian,Comp-y 2.4038 TITIM 96.110
Maple Leaf-e 2474.59 Cotlook 'A' Index-t *81.50 Coffee,Colombian, NY-y 2.5691 0.27
American Eagle-e 2474.59 Hides,hvy native steers piece fob-u n.a. Teva Pharmaceutical Finance Netherlands … 4.100 6.72 Oct. 1, ’46 70.000 69.438
Eggs,large white,Chicago-u 2.2850
Mexican peso-e 2849.53 Wool,64s,staple,Terr del-u,w n.a. 0.21
Flour,hard winter KC-p 17.50 Rockies Express Pipeline ROCKIE 6.875 7.22 April 15, ’40 96.777 95.750
Austria crown-e 2313.09
Austria phil-e 2474.59 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.93
0.13
Hogs,Iowa-So. Minnesota-u 87.60 Hughes Satellite Systems … 5.250 18.22 Aug. 1, ’26 78.500 78.135
Silver, troy oz. Bran,wheat middlings, KC-u,w n.a. Pork bellies,12-14 lb MidUS-u n.a. Seagate HDD Cayman … 4.750 6.00 Jan. 1, ’25 99.420 0.05 99.016
Engelhard industrial 31.2000 Corn,No. 2 yellow,Cent IL-bp,u 3.7300 Pork loins,13-19 lb MidUS-u 1.3038
Handy & Harman base 30.7800 Corn gluten feed,Midwest-u,w n.a. Steers,Tex.-Okla. Choice-u n.a.
Handy & Harman fabricated 38.4750 Corn gluten meal,Midwest-u,w n.a. Steers,feeder,Okla. City-u,w 301.75
…And with the biggest price decreases
LBMA spot price *£24.1800 Cottonseed meal-u,w n.a.
(U.S.$ equivalent) *30.9900 Hominy feed,Cent IL-u,w n.a. Hughes Satellite Systems … 6.625 53.23 Aug. 1, ’26 45.500 –3.84 48.750
Fats and Oils
Coins,wholesale $1,000 face-a 23815 Meat-bonemeal,50% pro Mnpls-u,w n.a.
Paramount Global PARA 6.875 7.10 April 30, ’36 98.185 –1.27 93.426
Other metals Oats,No.2 milling,Mnpls-u 3.8650 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *1008.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Grease,choice white,Chicago-h 0.4850 Occidental Petroleum OXY 6.450 5.85 Sept. 15, ’36 105.174 –0.32 103.615
LBMA Palladium Price PM *1013.0 SoybeanMeal,Cent IL,rail,ton48%-u,w n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 1000.0 Soybean oil,crude;Centl IL-u,w n.a. Telecom Italia Capital TITIM 7.200 7.60 July 18, ’36 96.875 –0.30 n.a.
Soybeans,No.1 yllw IL-bp,u 11.3800
Palladium,Engelhard industrial 1015.0 Wheat,Spring14%-pro Mnpls-u 9.1750 Tallow,bleach;Chicago-h 0.5200
OneMain Finance … 7.125 5.97 March 15, ’26 101.812 –0.28 101.750
Aluminum, LME, $ per metric ton *2475.5 Wheat,No.2 soft red,St.Louis-u 5.5350 Tallow,edible,Chicago-u n.a.
Teva Pharmaceutical Finance Netherlands … 3.150 6.01 Oct. 1, ’26 94.125 –0.17 94.125
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;
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
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 7/8 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Dow Jones Market Data Source: MarketAxess
Closing Chg YTD iSh MSCI EM EEM 43.82 0.41 9.0 iSh0-3MTreaBd SGOV 100.41 ... 0.1 SPDR S&PMdCpTr MDY 527.53 –0.64 4.0 VangdLC VV 255.11 0.18 16.9
Tuesday, July 9, 2024
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 106.97 –0.06 –1.3 JPM EqPrem JEPI 56.13 –0.20 2.1 SPDR S&P Div SDY 126.23 –0.30 1.0 VangdMegaGrwth MGK 327.08 0.18 26.0
Closing Chg YTD iSh1-5YIGCpBd IGSB 51.33 ... 0.1 JPM UltShIncm JPST 50.35 ... 0.2 VangdMC VO 241.54 –0.25 3.8
TechSelectSector XLK 234.28 –0.08 21.7
ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 68.71 –0.16 5.8 iSh1-3YTreaBd SHY 81.62 –0.02 –0.5 PacerUSCashCows COWZ 53.42 –0.55 2.8 VangdRealEst VNQ 83.76 –0.02 –5.2
VanEckSemicon SMH 274.81 0.22 57.2
CommSvsSPDR XLC 87.24 0.31 20.1 iShCoreS&P500 IVV 558.93 0.09 17.0 iShRussMC IWR 80.61 –0.33 3.7 ProShUltPrQQQ TQQQ 82.35 0.22 62.4 VangdRuss1000Grw VONG 97.47 0.11 24.9
VangdSC Val VBR 180.23 –0.30 0.1
CnsmrDiscSel XLY 190.02 0.33 6.3 iShCoreS&P MC IJH 57.73 –0.60 4.1 iShRuss1000 IWB 303.37 0.02 15.7 SPDRBbg1-3MTB BIL 91.51 ... 0.1 VangdS&P500ETF VOO 510.89 0.11 17.0
VangdExtMkt VXF 167.66 –0.53 2.0
DimenUSCoreEq2 DFAC 32.53 –0.09 11.3 iShCoreS&P SC IJR 105.54 –0.64 –2.5 iShRuss1000Grw IWF 378.95 0.13 25.0 SPDR DJIA Tr DIA 392.94 –0.13 4.3 VangdST Bond BSV 76.81 –0.01 –0.3
VangdDivApp VIG 183.67 –0.24 7.8
EnSelSectorSPDR XLE 88.76 –0.88 5.9 iShCoreS&PTotUS ITOT 120.95 0.01 14.9 iShRuss1000Val IWD 173.96 –0.02 5.3 SPDR Gold GLD 218.56 0.17 14.3 VangdSTCpBd VCSH 77.43 –0.03 0.1
iShCoreS&PUSGrw IUSG 132.11 0.08 26.9
VangdFTSEAWxUS VEU 59.69 –0.08 6.3
FinSelSectorSPDR XLF 41.75 0.77 11.0 iShRuss2000 IWM 201.40 –0.44 0.3 SPDRPtfDevxUS SPDW 35.59 –0.36 4.6 VangdShortTrea VGSH 57.96 ... –0.6
iShCoreTotUSDBd IUSB 45.40 –0.07 –1.5 VangdFTSEDevMk VEA 50.09 –0.34 4.6
HealthCrSelSect XLV 144.95 0.49 6.3 iShS&P500Grw IVW 96.07 0.10 27.9 SPDRS&P500Value SPYV 48.70 0.04 4.4 VangdSC VB 216.09 –0.48 1.3
iShCoreUSAggBd AGG 97.52 –0.09 –1.7 VangdFTSE EM VWO 44.85 0.43 9.1
IndSelSectorSPDR XLI 120.84 –0.44 6.0 iShS&P500Value IVE 181.73 0.05 4.5 SPDRPtfS&P500 SPLG 65.37 0.08 16.9 VangdTaxExemptBd VTEB 50.27 0.06 –1.5
InvscNasd100 QQQM 204.85 0.07 21.5 iShEdgeMSCIMinUSA USMV 84.01 –0.20 7.7 iShSelectDiv DVY 120.45 0.18 2.8 SPDRS&P500Growth SPYG 83.21 0.11 27.9
VangdFTSE Europe VGK 67.51 –0.79 4.7
VangdTotalBd BND 72.37 –0.04 –1.6
InvscQQQI QQQ 497.77 0.09 21.5 iShEdgeMSCIUSAQual QUAL 173.29 0.03 17.8 iSh7-10YTreaBd IEF 94.06 –0.14 –2.4 SPDR S&P 500 SPY 555.82 0.10 16.9 VangdGrowth VUG 388.33 0.24 24.9 VangdTotIntlBd BNDX 48.74 –0.08 –1.3
InvscS&P500EW RSP 163.72 –0.17 3.8 iShGoldTr IAU 44.66 0.13 14.4 iShShortTreaBd SHV 110.17 ... 0.0 SchwabIntEquity SCHF 38.95 –0.36 5.4 VangdHiDiv VYM 118.83 0.03 6.4 VangdTotIntlStk VXUS 61.34 –0.18 5.8
iShBitcoin IBIT 32.96 2.49 ... iShiBoxx$IGCpBd LQD 107.93 –0.18 –2.5 iShTIPSBond TIP 106.82 –0.15 –0.6 SchwabUS BrdMkt SCHB 64.03 0.02 15.0 VangdInfoTech VGT 598.63 –0.21 23.7 VangdTotalStk VTI 272.42 –0.03 14.8
iShCoreDivGrowth DGRO 57.76 –0.03 7.3 iShMBS MBB 92.23 0.03 –2.0 iSh20+YTreaBd TLT 92.35 –0.44 –6.6 SchwabUS Div SCHD 77.11 0.03 1.3 VangdIntermBd BIV 75.25 –0.09 –1.5 VangdTotWrldStk VT 114.66 –0.02 11.5
iShCoreMSCIEAFE IEFA 73.63 –0.37 4.7 iShMSCIACWI ACWI 114.63 –0.03 12.6 iShUSTech IYW 156.65 –0.20 27.6 SchwabUS LC SCHX 65.56 –0.02 16.2 VangdIntrCorpBd VCIT 80.39 –0.12 –1.1 VangdValue VTV 160.58 0.01 7.4
iShCoreMSCIEM IEMG 54.99 0.35 8.7 iShMSCI EAFE EFA 79.37 –0.40 5.3 iShUSTreasuryBd GOVT 22.64 –0.04 –1.7 SchwabUS LC Grw SCHG 104.62 0.12 26.1 VangdIntermTrea VGIT 58.39 –0.07 –1.6 WT FRTrea USFR 50.39 0.04 0.3
Low interest rates are good for whereas the most popular one
stocks. Are they good for the stock tracking large stocks, the SPDR
market? S&P 500 ETF, appears far more
That seems like an odd distinc- expensive at about 27 times.
tion, but it is one that could weigh They are both pricey: Barely
on American investors’ future re- half of the companies in the small-
turns. There aren’t nearly as many company ETF are profitable, and
companies to buy and the ones negative numbers aren’t counted
that remain just aren’t what they in the denominator of that ratio.
used to be. Even during past deep recessions
Most investors are pleased with a higher share of small companies
their portfolios these days, in that index made some profits.
whether they own some of the At a time when risk-free Trea-
popular names like Nvidia, Micro- sury bills yield over 5%, one re-
soft and Apple that have been sponse could be waiting for stocks
powering the market or mutual to get cheaper. But attempting to
funds lifted heavenward by the time the market usually ends
same group of companies. It is at badly for nonprofessionals. A bet-
times of top-heaviness like these ter option for those who prefer
that contrarians who want to stay cheap index funds might be to
0
worlds apart from those the lux-
ury industry likes to show its cus- 2017 ’18 ’19 ’20 ’21 ’22 ’23
tomers. Source: the company
To keep up with the strong de-
mand for their goods, some high- Some of Dior’s production was
end brands rely on independent contracted out directly to a
workshops to supplement their in- Chinese-run factory in Italy.
house factories.
Sales at LVMH’s leather-goods is for Dior to pay its suppliers end of the spectrum. Bernstein’s analysis, and deprecia- what exactly people are paying for
division have almost doubled since more and keep them on a tighter Bernstein analyst Luca Solca es- tion of the company’s assets is when they shell out for a fancy
2019. leash. Either way, the result seems timates that a €10 billion luxury €156. Running the brand’s stores— purse. Recent price increases also
While more outsourced manu- likely to be lower profits than fashion label, roughly Dior’s size, including paying the rent on some make the cheap manufacturing
facturing is understandable in a shareholders have grown accus- may spend just 23% of its sales on of the most exclusive shopping costs hard to stomach. A mini
boom, brands may also have taken tomed to. the raw materials and labor that streets in the world—and head-of- Lady Dior bag that cost $3,500 in
cost-saving measures too far in a Top luxury brands such as go into its products. This implies a fice costs come to an additional 2019 will set shoppers back $5,500
push to juice profits. Some of Christian Dior can have very high €2,600 Dior purse would cost €390. This leaves €1,300 of pure today, a 57% increase.
Dior’s production was contracted margins because consumers are €598 to make, equivalent to $647 operating profit for Dior, or a 50% A dozen other luxury labels that
out directly to a Chinese-run fac- willing to pay steep prices for for a roughly $2,800 product at margin. remain unnamed are under inves-
tory in Italy, where workers as- goods they see as status symbols. current exchange rates. “This is the reality of the busi- tigation for similar issues in their
sembled the bags in unsafe condi- They also can spread high fixed In reality, the cost may be even ness,” says Solca. “The retail price Italian supply chains, so this may
tions, according to a translated costs, such as expensive advertis- lower, based on the results of the for the goods of major luxury be a much wider problem.
court order. In other instances, ing campaigns, over a large vol- Italian investigation. The €53-a- brands is typically between eight Profits will take a hit if the in-
Dior’s suppliers subcontracted ume of sales. piece assembly price it cited, and 12 times the cost of making dustry decides to clean up its act.
work out to low-cost factories that For the LVMH group overall, the equivalent to around $57, didn’t the product.” But the cost of doing nothing
also used irregular labor. cost of making the products it include the cost of the leather and LVMH hasn’t commented on the might be higher. Luxury brands
Nipping the problem in the bud sells—everything from Champagne hardware, but that would add only investigation, which first made that charge customers thousands
would require hundreds of mil- to watches to cosmetics— another €150 or so, according to headlines nearly a month ago. of dollars and rely on a reputation
lions of dollars of investment in amounted to 31% of sales in 2023. one Italian supplier. Meanwhile, a public-relations for quality can’t afford to be
new facilities to bring more manu- But the margins on big-brand Advertising fees are a further storm is brewing. Luxury influenc- cheap.
facturing in-house. The alternative handbags are probably at the high €156 per handbag, according to ers on social media are asking —Carol Ryan