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What’s U.S. Aid

News On Track
Business & Finance As Kyiv
 Giant investment firms
are pushing into new busi-
Barely
ness areas, blurring the lines
that define who does what
on Wall Street and nudging
once-dominant banks to-
Holds On
ward the sidelines. A1 Bill expected to clear
 Salesforce’s talks to ac- Congress this week;
ANATOLII STEPANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES

quire Informatica, which

could have been valued at Zelensky says help is
about $10 billion, have fiz- desperately needed
zled after the companies
couldn’t agree on terms. B1
BY DANIEL MICHAELS
 Business leaders are send- AND JAMES MARSON
ing a warning to staff: Dis-
sent that disrupts the work- The House vote to approve
place won’t be tolerated. A1 $60 billion in funding for
Ukraine comes at a desperate
 Dozens of companies al-
moment for the country’s be-
tered descriptions of diver-
leaguered defenders and holds
sity, equity and inclusion ini-
the prospect of helping them
tiatives in their annual
stave off a Russian onslaught
reports to investors as DEI
Ukrainian gunners, starved for ammunition, firing a howitzer on a Russian position in the Kharkiv region on Sunday. at the last possible moment.
programs come under legal
If approved by the Senate,
and political threat. B1
as is widely expected, and
 Co-working space provider

Dirty Money Flies Under Radar

then signed into law by Presi-
WeWork plans to exit bank- dent Biden as soon as Tues-
ruptcy without taking on day, the bill will unleash a
more loans to fund the rest of flood of equipment that U.S.
its chapter 11 proceedings. B6 forces have positioned for
 The UAW win at a VW plant
in Tennessee is expected to trig-
ger fiercer battles in the South
between union organizers and
At World’s Busiest Airports quick deployment.
But given Ukraine’s dire
battlefield position and ad-
vances by Moscow’s forces
over recent months, the help
elected officials and others re-
BY MARGOT PATRICK “Yes phew,” Larvin wrote. equivalent of around $10,000, they had brought the equiva- is unlikely to dramatically re-
sistant to their campaigns. A2
The suitcases carried millions but Larvin didn’t, risking ar- lent of $2.8 million. verse Kyiv’s fortunes.
 The House on Saturday Jo-Emma Larvin wheeled a of dollars worth of British rest. The seven suitcases en- Most airports worldwide, Ukraine faces severe man-
easily passed a bill that baggage cart piled with suit- pounds wrapped with rubber tered Heathrow’s baggage including in the U.S., don’t power shortages on the front,
would force a sale or ban of cases through London’s bands and bundled in plastic. handling system and slid scan passenger luggage for and President Volodymyr Zel-
TikTok, which is owned by Heathrow Airport in August The money was headed to through a 3-D scanner that cash, a costly undertaking in ensky said this month that
China-based ByteDance. A4 2020 and handed her passport an international money laun- checked only for explosives equipment and personnel. Russian troops are firing 10
to an Emirates Airline agent derer who charged a hefty fee and other potentially danger- Countries where all money is artillery shells for every one
World-Wide for a flight to Dubai. to clients to exchange cash for ous items. welcome have no obligation to that his soldiers fire.
Larvin was traveling busi- gold or other currencies. His The next morning, the report about suitcases full of In a Sunday interview on
ness class with another preferred route was to Dubai women collected their luggage cash arriving from abroad. NBC, Zelensky thanked the
 The House vote to approve woman and together they from Heathrow, Nos. 1 and 2 in Dubai without having too The loopholes allow billions of House and urged the Senate to
funding for Ukraine comes at heaved seven heavy suitcases of the world’s busiest airports much to worry about: Any dollars worth of cash to fly Please turn to page A8
a desperate moment for the onto the conveyor belt. She for international passengers. amount of cash is allowed to out of the U.K. and elsewhere
country’s beleaguered de- exchanged texts with her boy- The U.K. requires passen- enter the United Arab Emir- to countries with fewer rules,  Democrats seek lift from
fenders and holds the pros- friend en route to the security gers to tell customs authori- ates, as long as it is declared. law-enforcement officials said. pair of weekend wins..... A4
pect of helping them stave line. ties if they are leaving the The women followed signs to Money launderers surrepti-  Johnson pushes Kyiv aid
off a Russian onslaught at “Do you feel ok?” he asked. country with more than the customs and told authorities Please turn to page A10 past party objections...... A5
the last possible moment. A1
 The passage of the foreign-
aid package came after Speaker
Mike Johnson put his political
career on the line to push the
Bosses Funds Depose Banks as Wall Street Kings
measure past intense Republi-
can opposition. A5
 The Supreme Court will
Lose Their BY MATT WIRZ $40trillion Assets tive,” investing. Private equity
hear arguments on how far
municipalities can go in pro-
hibiting camping on public
Patience Giant investment companies
are taking over the financial 30
Banks
Fund Managers
has minted more billionaires
than any other industry in re-
cent years, according to data
property, laws that police em-
ploy to clear homeless people
from parks and streets. A3
With Staff system.
Top firms control sums ri-
valing the economies of many
20
from Forbes.
Huge fund-management
companies are bulking up by

 The Senate has passed

legislation renewing a contro-
Activists large countries. They are push-
ing into new businesses, blur-
ring the lines that define who
10
offering new types of products
to capture market share. The
biggest are evolving into finan-
versial foreign spying power, does what on Wall Street and cial supermarkets, mostly for
prevailing over objections Business leaders are sending nudging once-dominant banks 0 institutions and the wealthy,
from privacy advocates. A6 a warning to staff: Dissent that toward the sidelines. 2008 ’10 ’15 ’20 but increasingly for middle-
disrupts the workplace won’t Today, traditional and alter- class investors as well. Banks
 Hamas’s political leadership Sources: Board of Governors of the Federal Reserve (bank assets);
be tolerated. native asset managers control ICI/Preqin/HFR (fund assets under management) consolidated similarly in the
is looking to move from its base
twice as many assets as U.S. decade leading up to the fi-
in Qatar, as U.S. legislators build
pressure on the Gulf state to By Vanessa Fuhrmans, banks, giving them increasing coming more complex and insist the expansion, as strik- nancial crisis.
deliver on cease-fire negotia- Miles Kruppa and control over the purse strings more similar to one another all ing as it is, remains in its early Private-equity and private-
tions that look likely to fail. A8 Lauren Weber of the U.S. economy. at once. Investors said this innings. That is good news for Please turn to page A2
The firms—such as Black- creates risks markets have them because fast growth is
 Niger has formally ordered Google’s decision to fire 28 stone, Franklin Templeton, never encountered before. bringing them vast wealth, es-  JPMorgan Chase closes
the U.S. to withdraw counter- workers involved in sit-in pro- BlackRock and KKR—are be- Fund-manager executives pecially in private, or “alterna- historic branch .................... B1
terrorism troops, derailing an tests against the tech giant’s
American strategy to defeat a cloud-computing contract with
violent Islamist insurgency. A9
 Died: Terry Anderson, re-
the Israeli government is the
most recent and starkest exam-
For Runners’ Friends, Marathon INSIDE
porter abducted in Lebanon in
ple of companies’ stricter stance.
Rifts with employees have
Spectating Is a Sport of Its Own
1985 and held hostage for al-
spilled into public view at Na- i i i
most seven years, 76. A2
tional Public Radio, the New
York Times and other work- Serial watchers prep like athletes and race
ADAM SCHULTZ/THE WHITE HOUSE/ZUMA PRESS

JOURNAL REPORT places. Bosses are losing pa-

Alternative Energy: tience with staff eager to be the to meeting points; inflatable banana as ‘beacon’
DARRON CUMMINGS/ASSOCIATED PRESS

The Ins and Outs of conscience of their companies,

especially as employees pres- BY JULIA MUNSLOW and others like him fight surg-
Hybrid Cars R1-7 sure them on charged issues ing crowds, unfamiliar public
such as politics and the war in Marathon day is a whirlwind transportation and glitchy
CONTENTS Markets Digest.....B7 Gaza, executives, board mem- for Steven Senzer, especially at tracking apps to cheer on their
Arts in Review.........A13 Opinion............. A15-17
Business & Finance...B2 Personal Journal A11-12
bers and C-suite advisers said. the big ones. loved ones. He brings the giant
Business News.......B3,5 Sports....................... A14 The moves are a shift from From unpredictable fake fruit so his wife can spot
Closed-End Funds.........B8 Technology.............. B4 the past several years, when weather to road clo- him on the sidelines.
Crossword....................A14 U.S. News........... A2-6 corporate leaders often brooked sures and traffic, it Senzer, 37, works at
Heard on Street.......B10 World News..... A8-9
dissent and encouraged staff to is a challenge. And a restaurant tech com-
voice their personal convictions. then there’s the big pany and lives in U.S. NEWS SPORTS
> On issues such as immigra- inflatable banana he Ready to run Needham, Mass., with Behind the scenes as How Nike prevailed in
tion policy and racial justice, schleps around. his wife, Danielle Sen-
Please turn to page A8 Senzer isn’t a marathoner— zer, 38, a speech therapist and
White House raced to the battle to land
at least, not one who’s running real-estate agent. As a true ease tensions between Caitlin Clark shoe-
s 2024 Dow Jones & Company, Inc.
 Pro-Palestinian activists on the 26.2-mile course. trailing spouse, he’s followed Israel, Iran. A6 brand contract. A14
All Rights Reserved hold firm................................ A6 He’s a serious spectator. He Please turn to page A10
 A2 | Monday, April 22, 2024 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Unions Eye Gains in the South After Tennessee Win
BY KRIS MAHER UAW’s stronger position after Union membership in 2023, by state Korean conglomerate Hanwha terview with CNBC.
AND ARIAN CAMPO-FLORES securing pay raises in last Group, said last year it would One of labor’s biggest wins
year’s strike at the Big Three 2% 5 7.5 10 15 25 spend $2.5 billion to build an in the South came in 2008
The United Auto Workers’ automakers, as well as greater entire solar-manufacturing when the United Food and
first-ever victory at a foreign receptivity to unions, espe- supply chain in Georgia. Commercial Workers won a
automaker in the South marks cially among younger work- The states have worked for contentious 15-year campaign
a momentous gain for unions ers. decades to lure manufacturers to organize 5,000 workers at a
in a region that traditionally Labor leaders said they by creating workforce training Smithfield hog-processing
has been hostile to organized hope to capitalize on the mo- programs, preparing land for plant in Tar Heel, S.C. Last
labor and is now in the midst mentum. A test will come next R.I. potential factory sites, touting year, the United Steelworkers
of a manufacturing boom. month when about 5,000 Conn. lower electricity rates—ap- organized 1,400 workers at
The win, in the face of stiff workers at a Mercedes-Benz N.J. pealing to electric-vehicle Georgia bus manufacturer Blue
opposition from six Southern plant near Tuscaloosa, Ala., Del. makers because of their large Bird and said it was the big-
governors who said unioniza- are expected to vote on Md. energy needs—and offering ro- gest win at a manufacturing
tion would imperil jobs and fu- whether to join the UAW. bust incentive packages. plant in the region in 15 years.
ture investments, is expected “One of the things that his- An additional draw: the “It’s a different place here
to trigger fiercer battles be- tory teaches us is that orga- promise of lower labor costs in to organize,” said Gay Henson,
tween organizers and elected nizing is a little bit conta- Southern so-called right-to- a labor leader who lives in
officials and others resistant gious,” said Christian Notes: Share of employees. Includes employee associations similar to unions. work states. Under such laws, Chattanooga, citing the strong
to their campaigns. Sweeney, deputy organizing Source: Labor Department workers aren’t required to join opposition from the state’s
“The business community director with the AFL-CIO. a union as a condition of em- governor and other politicians.
in right-to-work Southern “Workers in the South are say- and Labor Relations. lions of dollars in new facto- ployment. But she said she has noticed a
states has largely been im- ing, ‘Wait a minute, we’re Tennessee Gov. Bill Lee and ries in states such as Georgia, The union membership rate change in some workers’ views
mune to sustained, well- working for wildly profitable five other Southern governors Kentucky and Tennessee, ac- in Tennessee was 6% of work- about unions as they see their
funded organizing drives,” companies.’ ” warned in a letter that the celerating the industry’s move ers in 2023, compared with counterparts at other compa-
said Michael Lotito, co-chair of Others cautioned that orga- unionization drive would harm to the South. Hyundai Motor 10% overall in the U.S., accord- nies win big pay raises.
the Workplace Policy Institute nizers still face substantial the region’s economic growth revealed plans in 2022 to build ing to Bureau of Labor Statis- “Workers are starting to
at Littler, a law firm that ad- hurdles in the South. The and lead to layoffs. a $5.5 billion manufacturing tics data. In Georgia, the fig- think for themselves,” said
vises employers on labor is- UAW’s victory in Chattanooga “We have a responsibility to complex for electric vehicles in ure was 4.6%, while in South Henson, who worked for many
sues. “It seems those days may was its third try after initially our constituents to speak up Georgia. Ford said in 2021 that Carolina, it was 2.3%. years at the Tennessee Valley
be coming to an end.” losing a vote there a decade when we see special interests it planned to create a $5.6 bil- Southern officials have ar- Authority and is now secre-
The UAW succeeded Friday ago. looking to come into our state lion campus in Tennessee to gued that workers are better tary-treasurer of the Interna-
in organizing about 4,300 “The South has a very and threaten our jobs and the make EVs and batteries. off having direct relationships tional Federation of Profes-
workers at a Volkswagen strong tradition of indepen- values we live by,” the gover- Southern states also at- with employers without inter- sional and Technical
plant in Chattanooga, Tenn., dence among workers,” said nors wrote. “A successful tracted EV battery factories, ference from unions. Engineers.
winning 73% of workers who Arthur Wheaton, director of unionization drive will stop semiconductor plants and “The model down here is
cast ballots. Union officials labor studies at the Cornell this growth in its tracks.” other manufacturing indus- working,” said Georgia Gov.  VW’s labor playbook
said the win showed the University School of Industrial Automakers invested bil- tries. Qcells, a unit of South Brian Kemp last week in an in- doesn’t cover UAW........... B1

U.S.WATCH OBITUARY TRUMP TRIAL

Terry Anderson, Man Who Set Self
Was Held Hostage On Fire Dies
Terry Anderson, the for- The man who doused him-
mer war journalist who was self in an accelerant and set
held hostage for almost himself on fire outside the
seven years after Hezbollah courthouse where Donald
members kidnapped him in Trump is on trial has died, po-
1985 in Lebanon, has died. He lice said.
was 76 years old. The New York City Police
Anderson was covering Department said early Satur-
Lebanon’s war with Israel as day that the man was de-
the chief Middle East corre- clared dead by staff at an
spondent for the Associated area hospital.
Press at the time of his ab- The man was in Collect
duction. Pond Park around 1:30 p.m. Fri-
He was grabbed from a day when he took out pam-
street by Hezbollah, a Shiite phlets espousing conspiracy
Muslim group. theories, tossed them around,
In his 1995 memoir, “Den then doused himself in an ac-
of Lions,” Anderson detailed celerant and set himself on fire,
his harrowing experience. He officials and witnesses said.
was kept in chains and at The man, who police said
times beaten and threatened recently traveled from Florida
with death. to New York, had not
Through it all, he said he breached any security check-
was determined to make it points to access the park.
home to reunite with his The park outside the court-
then-fiancée, who was six house has been a gathering
MARK DUNCAN/ASSOCIATED PRESS

months pregnant when he spot for protesters, journalists

was kidnapped at gunpoint and gawkers throughout
while on his way to play ten- Trump’s trial, which began
nis with a colleague. with jury selection last Mon-
He died over the weekend day and resumes today.
at his home in Greenwood Authorities said they were
Lake, N.Y., according to the also reviewing the security
family. No cause of death protocols, including whether
Former hostage and Associated Press correspondent Terry Anderson rides in a parade in Lorain, Ohio, on June 22, 1992, was given. to restrict access to the park.
after his release from captivity in Lebanon. He was kidnapped and held for almost seven years by Hezbollah. —Ginger Adams Otis —Associated Press

CORRECTIONS 
AMPLIFICATIONS Big Funds assets. Today, traditional asset
managers, private-fund manag-
ers and hedge funds control
lionaires list—told shareholders
at a meeting this month that
KKR will double the money it
January, when BlackRock struck
a deal to buy Global Infrastruc-
ture Partners for $12.5 billion,
he said.
Neuberger launched in 2021
a product it calls Access that

Readers can alert The Wall Street

Journal to any errors in news
articles by emailing
Supplant about $43.5 trillion, nearly twice
the banks’ $23 trillion, accord-
ing to a Wall Street Journal
controls to $1 trillion by 2029.
Only 2% of wealthy individuals
currently invest in alternative
the highest price ever for an al-
ternative-asset manager, ac-
cording to Dealogic. If the ac-
pools dozens of private funds
and their investments to give
clients with low buy-ins a diver-
wsjcontact@wsj.com or by calling
888-410-2667.
Banks analysis of data from the Fed-
eral Reserve, HFR, ICI and
Preqin.
funds and that will jump to 6%
by 2027, he said.
Rival Marc Rowan, CEO of
quisition goes through as
expected, it will mint another
six billionaires for the Forbes
sified portfolio. The fund dou-
bled in size over the past year
to about $1 billion.
Large banks have responded Apollo Global Management, said list from among Global Infra- Bond-fund powerhouse Pa-
THE WALL STREET JOURNAL Continued from Page One by becoming more like fund his firm will increase its roughly structure’s founding partners. cific Investment Management
(USPS 664-880) debt funds, such as Apollo managers, beefing up invest- $650 billion under management Other traditional fund man- Co., which manages about $2
(Eastern Edition ISSN 0099-9660) Global Management and Black- ment teams. Goldman Sachs re- to $1 trillion by 2026. Black- agers have taken a slower— trillion, has increased alterna-
(Central Edition ISSN 1092-0935) stone, mostly manage money ported this month revenue of stone, which crossed the $1 tril- and less expensive—approach, tive investments to $165 billion
(Western Edition ISSN 0193-2241)
for institutions, but are in- about $4 billion from asset and lion threshold in July, launched building their own private- from $10.7 billion in 2010, a
Editorial and publication creasingly selling products to wealth management in the first this year its first private-equity fund businesses. company spokeswoman
headquarters: individual investors. Mutual- quarter, twice the earnings from fund targeted at individual in- Neuberger Berman, a tradi- said. TCW, another bond-fund
1211 Avenue of the Americas,
New York, N.Y. 10036
fund behemoths, including its storied investment-banking vestors. The fund has raised tional fund manager born out manager, doubled alternative
BlackRock, are growing bigger division. about $3 billion so far, the fast- of Lehman Brothers’ collapse, investments over the past four
Published daily except Sundays and
still by building or buying pri- Public-fund managers, mean- est start ever for a retail fund has about one-third of its $463 years to $20 billion, about 10%
general legal holidays. Periodicals
postage paid at New York, N.Y., and vate-fund operations. while, became huge, mostly by by the firm, a person familiar billion in investments in alter- of total assets, a person famil-
other mailing offices. Asset managers are also sup- offering low-fee mutual and ex- with the matter said. Blackstone natives, up from about 10% a iar with the matter said. Both
Postmaster: Send address changes
planting banks as lenders to U.S. change-traded funds that track has raised more than $100 bil- decade ago. The employee- firms hired portfolio managers
to The Wall Street Journal, 200 companies and consum- indexes. Four of the biggest— lion through private debt and owned firm raised the bulk of away from private-equity and
Burnett Rd., Chicopee, MA 01020. ers and intertwining with the BlackRock, Fidelity, State Street real-estate funds aimed at indi- the assets from institutional hedge-fund firms to help staff
All Advertising published in The Wall insurance industry. and Vanguard—control about viduals. investors. the efforts.
Street Journal is subject to the Top private-fund executives $26 trillion, equivalent to the Public-fund managers are “Much of the future growth Regulators are tackling ti-
applicable rate card, copies of which said they require long-term cli- entire annual U.S. economic much bigger than their private will be driven by individuals tanic fund managers from sev-
are available from the Advertising ent commitments, making output. counterparts but also less prof- who don’t have either the ex- eral angles. The Securities and
Services Department, Dow Jones & them more stable than de- But over the past four itable after years of lowering perience or professional staff Exchange Commission ap-
Co. Inc., 1211 Avenue of the Americas, posit-dependent banks such years, private equity and debt fees to gain market share. A to help them,” said Neuberger proved in August new rules for
New York, N.Y. 10036. The Journal as Silicon Valley Bank. fund assets doubled to almost growing number, including Chief Executive George Walker. private funds requiring more
reserves the right not to accept an
advertiser’s order. Only publication of “We’re moving into a gray $6 trillion, far outpacing the Franklin Templeton and T. Rowe The onus is on fund managers investor disclosures and pro-
an advertisement shall constitute area as asset-management busi- 31% growth rate for public Price, are buying alternative to educate the new buyers and scribing side deals with insti-
final acceptance of the advertiser’s nesses move into different silos funds. The firms began selling managers to boost profits. provide them with well-diver- tutional clients.
order. of financial services,” said Tyler private-credit funds to their The trend hit a fever pitch in sified products to reduce risk, Rising sales of private funds
Letters to the Editor: Cloherty, a managing director at core clients—pension funds to individuals come as lever-
Fax: 212-416-2891; email: consulting firm Deloitte who ad- and endowments that aged buyouts by private equity
wsj.ltrs@wsj.com vises fund managers. “The big had maxed out on private eq- State Street $4.13 trillion returned 8% last year, the low-
Need assistance with your question I’m getting is ‘What do uity. The fund managers also est level since 2011, according
subscription? we do around getting alterna- made inroads with new inves- Germany 4.08 to Preqin. Higher interest rates
By web: customercenter.wsj.com; tives to retail clients?’ There’s a tors, such as insurance compa- have made it harder for the
By email: support@wsj.com lot of complexity there.” nies and individuals. funds to sell companies they
By phone: 1-800-JOURNAL Franklin
The growth spurt came out As the funds grow, their Templeton
1.37 own and more expensive to
(1-800-568-7625)
of the 2008 financial crisis, founders make more money. buy new ones.
Reprints & licensing: when new regulation curtailed Private-equity fund managers 1.32 Traditional fund managers
Indonesia
By email:
investing and lending by banks, took 41 spots on Forbes maga- Fund assets compared with are being scrutinized over their
customreprints@dowjones.com;
By phone: 1-800-843-0008 making room for fund managers zine’s list of U.S. billionaires the GDPs of select economies outsize influence in shareholder
to expand. Central banks kept published this month, more Blackstone 1.04 votes. In November, an inter-
WSJ back issues and framed pages:
wsjshop.com
interest rates low for most of than any other profession. The agency regulator passed a
the following decade, driving in- investors make up 5.5% of all Netherlands 1.01 rule allowing large fund manag-
Our newspapers are 100% sourced
from sustainably certified mills.
vestors out of savings accounts the country’s billionaires, al- ers to potentially be regulated
and Treasury bonds and into most twice the 3% they com- as systemically important insti-
managed funds. prised just 10 years ago. KKR 0.55 tutions, as large banks are. Still,
GOT A TIP FOR US? In 2008, U.S. banks and fund The surge could continue. Note: Fund assets as of 2023. National GDP as of 2022
the decision only reinstates an
SUBMIT IT AT WSJ.COM/TIPS managers were roughly neck KKR Co-CEO Scott Nuttall—a Sources: S&P Capital IQ (fund assets under management); Obama-era measure overturned
U.A.E. 0.51
and neck at about $12 billion of 2022 addition to the Forbes bil- World Bank (national GDP) by the Trump administration.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | A3

U.S. NEWS

Georgia Rules

CHRISTIAN MONTERROSA FOR THE WALL STREET JOURNAL (3)

Don’t Deter
Some Migrants
Lured by the prospect of work, they choose
the state above some others with looser laws
BY ARIAN CAMPO-FLORES border in September with his Percentage of asylum case Hall County, Ga., new asylum tions of one,” said Jose Caldera,
AND ADOLFO FLORES three kids immediately made decisions resulting in denial, cases by nationality a 47-year-old Venezuelan who
his way on a friend’s recom- FY 2018–23* arrived eight months ago.
GAINESVILLE, Ga.—The mendation to Gainesville, north Venezuela Mexico Alex Cornejo, a local immi-
laws in this state are already of Atlanta, where the area un- 50% 60
Guatemala Colombia gration lawyer, said he has re-
70 80
among the least welcoming in employment rate is 2.3%. Honduras Other ceived a surge of calls from
the nation to people who en- “He said finding a job No immigration court migrants arrested for minor
2,000
ter the U.S. illegally. And offi- would be easy,” said the Vene- Hall Co. traffic violations since Riley’s
cials have been looking to zuelan, who entered the U.S. Atlanta killing. The Hall County Sher-
tighten them further since a illegally and is working with- GEORGIA iff’s Office declined to com-
Venezuelan migrant was out authorization. ment, but in remarks to a leg-
charged with killing a Georgia The self-declared “poultry islative committee in March,
1,500
college student in February. capital of the world,” Gaines- Sheriff Gerald Couch praised
But that isn’t stopping mi- ville is full of processing the department’s work helping
grants from coming. plants that hire immigrants to identify migrants in the U.S.
The reason: jobs. Georgia debone, cut and package Highest rates of denial illegally. An ICE spokeswoman
has plenty of them, and people chicken. Nebraska 89.9% said the agency has “seen an
1,000
entering the U.S. in the recent The man said he couldn’t increase of noncitizens arriv-
North Carolina 88.8
record waves of illegal border get a job at one because he ing in many Georgia counties,”
crossings say they want to doesn’t have a work permit. Yuliany Ramirez, above, is Georgia 88.6 which has had an impact on
settle in a place where they Instead, he drives a taxi in a among a smaller group of Missouri 85.9 its law-enforcement and re-
can earn money quickly. community where 36% of the Venezuelans who came to Florida 84.7 moval operations.
500
Georgia’s unemployment population is Hispanic and the Gainesville, Ga., area There is some tension in the
Tennessee 82.9
rate in March was 3.1%, com- some streets are lined with earlier. Top photo, chickens community between new arriv-
pared with 3.8% nationally. Like Mexican markets, Salvadoran await processing at the Mar- Louisiana 82.5 als and people who came in
other parts of the Southeast, restaurants and other Latino Jac poultry plant in Texas 81 years past, often from Mexico
the state is booming, with businesses. Gainesville, the self-declared Ohio 79.9 or Central America, and hold
0
growing investments in elec- Many in the newest wave of ‘poultry capital of the world.’ many of the jobs in poultry
tric-vehicle manufacturing and arrivals are, such as him, Ven- Top left, a statue of a Oregon 73.2 2015 ’17 ’19 ’21 ’23 plants.
data centers, along with tradi- ezuelans fleeing their home rooster at Poultry Park. *The federal fiscal year runs Oct. 1 to Sept. 30 Source: TRAC, Syracuse University Yuliany Ramirez is among a
tional manufacturing industries country’s economic and politi- smaller group of Venezuelans
such as poultry and carpets. cal instability. since 2022, according to data that requires some businesses he will sign it. It would man- who came to the Gainesville
Migrants who recently ar- “People were coming here from the Transactional Re- to check the legal status of po- date that local law enforcement area earlier. She and her hus-
rived in Georgia said they not necessarily because they cords Access Clearinghouse at tential employees using a fed- verify the immigration status band arrived about six years
weren’t familiar with recent had friends or family here,” Syracuse University. Georgia eral system called E-Verify. of people suspected of commit- ago, after which she started
proposals that would, among Santiago Marquez, chief exec- overall had the seventh-high- Federally run immigration ting crimes, detain those in the working as a waitress and he
other things, require police to utive of the Atlanta-based est number of new immigra- courts in Georgia denied the U.S. illegally and then hand as an Uber driver. Then she
verify the immigration status Latin American Association, tion cases in the federal gov- third-highest percentage of them over to federal authori- began making empanadas for
of those arrested. They said an advocacy and services or- ernment’s fiscal years 2022 asylum claims in the nation ties. sale at home, eventually open-
they were generally aware the ganization, said of the most and 2023, according to TRAC. during fiscal years 2018 to Hall County, a politically ing a restaurant in 2021. The
overall political situation was recent wave. “They were com- It ranks ahead of many 2023, just behind North Caro- conservative area, largely does couple now has three eateries,
becoming more adverse since ing because they heard there states with legal and political lina and Nebraska, according those things already. with plans for a fourth.
the killing of the college stu- was a lot of work.” climates more welcoming to to TRAC. Migrants in the region said “You have to take advan-
dent, Laken Riley, but they In Hall County, home to migrants, such as Illinois and The killing of Riley in Febru- the fervor around Riley’s kill- tage of what this country
nonetheless planned to stay Gainesville, Venezuelans have Colorado. Georgia is one of 31 ary prompted the legislature to ing made them feel scrutinized gives you to grow,” said
for economic opportunities. been the largest group start- states that don’t allow people pass an immigration bill now and wary, though none said Ramirez, 34, who has work
One 35-year-old Venezuelan ing new immigration cases—a in the U.S. illegally to get on the desk of Republican Gov. they were motivated to leave. authorization and has applied
who crossed the U.S.-Mexico proxy for migrant arrivals— driver’s licenses and one of 10 Brian Kemp, who hasn’t said if “We’re going to pay for the ac- for asylum.

Cities, Towns Seek Justices’ Help Evicting Homeless

BY JESS BRAVIN

A Supreme Court case on The ‘Appropriate Action’ Question

the limits of vagrancy laws is
making allies of rural towns According to a Depart- Providing housing and
and big cities at their wits’ ment of Housing and Ur- social services is the most
end over homelessness. ban Development report, effective way to address
The court on Monday will there are more than homelessness, U.S. Solici-
hear arguments on how far 650,000 unhoused people tor General Elizabeth Prel-
municipalities can go in pro- across the U.S. on a given ogar wrote in a court brief,
hibiting camping on public night—the highest number but sometimes officials
property, laws that police em- since federal officials be- must “take appropriate ac-
ploy to clear homeless people gan surveying the un- tion to prevent and redress
from parks and streets. A fed- housed population in 2007. the harms associated with
eral appeals court in San The Biden administration, encampments.”
Francisco has found such while agreeing that people That includes the fed-
measures unconstitutional shouldn’t be punished for eral city, she said. Last
JENNY KANE/ASSOCIATED PRESS

when enforced against those being homeless, is urging year, the U.S. Park Police
with nowhere to go, prompt- the Supreme Court to cleared a homeless en-
ing an appeal backed by many scale back the decision by campment from McPher-
cities facing housing crises. the Ninth U.S. Circuit Court son Square, a block-size
But the case originated in of Appeals being chal- park a short walk from the
Grants Pass, Ore., where in lenged in Monday’s case. White House.
March 2013, officials convened
a community roundtable over Volunteers in a homeless encampment in Grants Pass, Ore., where Monday’s case originated.
“vagrancy problems.”
“The point,” said one city fectively making homelessness cal government organizations. found that vagrancy law vio- was likewise unconstitutional is directing the litigation.
councilor, “is to make it un- a crime. The case has divided pro- lated the Constitution’s right of to punish people for the con- But her efforts to open a
comfortable enough for them But cities across the Ninth gressives. A coalition of Dem- due process by leaving individ- dition of being homeless. shelter, like one she saw in
in our city so they will want Circuit, which sprawls from ocratic-led states, many with uals uncertain over what con- In 2006, a Ninth Circuit nearby Medford, have met re-
to move on down the road.” Montana and Arizona to substantial homeless popula- duct was illegal while giving panel accepted the Eighth sistance, Bristol said.
That comment caught the Alaska and Hawaii, say the de- tions, says Grants Pass and its police too much discretion. Amendment argument in a “We have a fairly conserva-
attention of the Ninth U.S. Cir- cisions culminating in John- allies are exaggerating the re- Cities responded with suit against the city of Los An- tive community that has dif-
cuit Court of Appeals, which son v. Grants Pass have ham- straints imposed by the court. more-specific ordinances, pro- geles. Although the decision ferent ideas about how to re-
years later cited it when ruling strung efforts to address “State and local govern- hibiting public camping or was vacated after a settlement, move homeless people from
that Grants Pass violated the homelessness and transformed ments must maintain the free- storing property on the street. the court adopted the same the streets,” she said. “Lots of
rights of “involuntarily home- public spaces into dangerous dom to experiment with inno- So advocates for homeless reasoning in a 2018 decision people feel we shouldn’t help
less” people by outlawing and unsanitary campgrounds. vative solutions to the people looked for other consti- against Boise, Idaho, establish- them—they see it as enabling
camping on public property or “No one is criminalizing homelessness crisis as experi- tutional theories to challenge ing a sweeping precedent. their behavior.” Last year,
in vehicles when no shelter homelessness,” says Theane enced by local communities,” police crackdowns. They have Now blocked from evicting Bristol survived a recall elec-
beds were available. A court Evangelis, who will present Maryland Attorney General An- found success un the Eighth or arresting people unless tion prompted by residents ar-
injunction bars the city from the city’s argument before the thony Brown said in a brief Amendment’s ban on cruel shelter beds are available, guing she has been too lenient
expelling homeless people from court Monday. “This is about filed on behalf of states includ- and unusual punishment. some cities established facili- toward homeless people.
all but one of its 20 parks, says camping in public.” ing Illinois, Massachusetts and The Supreme Court in 1962 ties to house homeless people. Laura Gutowski, one of the
Mayor Sara Bristol. The case has made Grants New York. “But there is nothing cited the amendment as a ba- Not, however, Grants Pass, homeless people who lives in
A string of Ninth Circuit Pass the standard-bearer for innovative about using criminal sis for striking down a state where Mayor Bristol, who took the parks, says that years
decisions has found that ordi- local governments across the penalties to drive the marginal- law that made it a crime to office in 2021, says the tough ago—when she had a house
nances on loitering and sleep- country. “A town’s authority ized outside city limits.” “be addicted to the use of nar- policies have failed. Driving and raised her children in
ing in public places are cruel to keep its sidewalks clear and Historically, the law has cotics.” While drug possession homeless people out of town is Grants Pass—she might have
and unusual when applied parks open is not ordinarily a been hard on homeless people or use could be punished, the no answer, she said: “It’s not felt the same way.
against people without hous- controversial notion,” says a dating back to Colonial Amer- court said then, it was cruel fair to make our problem an- “I get the reason people are
ing. Advocacy groups say offi- brief the Seattle city attorney ica, when the poor could be and unusual to punish people other community’s prob- pissed off that there are tents
cials shouldn’t be able to filed on behalf of the National jailed or indentured into labor. simply for their status. Civil- lem.” At this point in the ap- and people camping in the
brush off a social crisis by ef- League of Cities and other lo- But in 1972 the Supreme Court rights lawyers argued that it peal, she said, the city’s insurer parks,” she said.
A4 | Monday, April 22, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Democrats Seek Lift From Pair of Wins Legal Fees

Sapping
BY KEN THOMAS

WASHINGTON—President
of their strike last fall against
General Motors, Ford and
Chrysler parent Stellantis
Trump’s
Biden and Democrats scored
two significant—and unre-
lated—political wins in a span
when Biden became the first
president to join a picket line.
For Biden, the union vote
Campaign
of 24 hours, as the House gives him a fresh argument
passed a $95 billion foreign that his labor policies are BY JACK GILLUM
aid and weapons package Sat- working as he seeks to appeal AND ANTHONY DEBARROS
urday, a day after auto work- to blue-collar workers in
ers organized at a Volks- Michigan, Wisconsin and Donald Trump’s political
wagen plant in Tennessee, Pennsylvania. Biden met with money operation spent more
bucking decades of opposition members of the United Steel- than $4 million on legal-re-
in the South. workers in Pittsburgh on lated expenses in March, new
These victories leave Biden Wednesday and wrapped up data show, contributing to the
still facing numerous chal- the week with a speech to the tens of millions in attorneys

MANDEL NGAN/AFP/GETTY IMAGES

lenges, including low approval International Brotherhood of fees and related costs he has
ratings. But the two long- Electrical Workers. spent so far as his first crimi-
awaited breakthroughs hap- The vote by the workers at nal trial begins in New York.
pened at the end of a week the VW plant came despite All told, Trump’s campaign
that saw former President opposition from six Republi- and outside political groups
Donald Trump seated inside a can governors in the South, have paid more than $66 mil-
New York courtroom in a and represented the first time lion in legal-related costs
hush-money trial that could the UAW was able to unionize since early 2023, according to
last well into May. Democrats President Biden pitched unions last week, including with a speech to electrical workers Friday. a foreign-owned auto-manu- a Wall Street Journal review
hope the criminal case will facturing plant in the U.S. The of new campaign filings made
provide voters with a visceral Trump told the crowd in a re- just not worth it.” rael’s war with Hamas in the union had struggled to orga- public Saturday. That trans-
choice between an active pres- corded message. He had held a The administration spent Middle East remains a divid- nize in the South previously lates to about $145,000 a day.
ident and an opponent facing fundraiser in Charlotte, N.C., months advocating the fund- ing point within his party, because of antiunion senti- The expenses mean Trump
criminal prosecution. earlier in the day. ing, warning that Ukraine’s with the president facing fre- ments and right-to-work laws. and his allies have less to
For Biden, who faces signif- The passage of the Ukraine forces were running out of quent protests around his The vote at the Volkswagen spend elsewhere in his bid to
icant headwinds in his re-elec- and Israel aid package in the ammunition and air defenses, events over the war. About plant also represented a vic- retake the White House. His
tion campaign against Trump, House—and the prospect of a which could allow Russia to three dozen House Democrats tory for UAW President Shawn legal costs have effectively
the two steps showed prog- Senate approval this week— turn the tide in the war. More voted against Saturday’s mea- Fain, who has emerged as one given President Biden,
ress in his separate pushes to showed the payoff from Bi- recently, Biden held a call with sure providing military aid to of Biden’s most valuable cam- Trump’s presumptive Demo-
aid Ukraine and revive labor den’s bird-dogging of the issue the four leaders of the House Israel and humanitarian relief paign surrogates despite cratic opponent, a financial
unions—and so make the case both in public and behind and Senate and then spoke to Gaza. meeting the president for the advantage as the two face a
for America’s global leader- closed doors. The president with House Speaker Mike Republicans supporting the first time only last year, ac- close contest in November.
ship and energize Democrats first proposed a $105 billion Johnson (R., La.) to offer his package said the conflicts are cording to Biden officials. In Saturday’s filings, the
and working-class voters. funding package for Ukraine, support of the plan to move driven by what they call Bi- Donna Brazile, a longtime Trump campaign reported
“This election is shifting Israel and Taiwan in October, the aid package this weekend. den’s weakness on the world member of the Democratic Na- ending March with $97.2 mil-
and it is shifting for the bene- using a prime-time address to Biden still trails Trump in stage, citing the need to coun- tional Committee, noted that lion in cash on hand. That in-
fit of President Biden,” said assert that the U.S. had a ma- several battleground states, ter Iran, China and Russia. Biden had supported the UAW cludes totals from the former
Democratic strategist Maria jor stake in pushing back including Georgia, Arizona “President Biden’s failed lead- workers in Tennessee who had president’s campaign commit-
Cardona. against terrorism and dicta- and Michigan, according to re- ership destabilized and weak- sought to unionize and tee, his Save America leader-
Trump, after spending torship around the globe. cent polling, and the surveys ened our global security, leav- pointed to Democrats’ help in ship PAC, several joint fund-
much of the week in court, “American leadership is show him struggling against ing the free world to a cruel speeding passage of the fund- raising committees and the
had planned an outdoor rally what holds the world to- the former president on key fate,” said Rep. Michael Bur- ing for Ukraine despite some Republican National Commit-
in Wilmington, N.C., Saturday gether,” Biden said, adding: attributes such as fighting in- gess (R., Texas). Republican opposition. tee.
night. But storms canceled it. “To put all that at risk if we flation and securing the U.S.- The UAW’s vote in Chatta- “Democrats have big mo- But more than two-thirds
“We’ll do it again and we’ll walk away from Ukraine, if we Mexico border. nooga, Tenn., followed the mentum heading into the of expenses paid by Save
do it bigger and better,” turn our backs on Israel, it’s And Biden’s response to Is- union’s successful resolution summer,” she said. America were for legal-related
bills last month. Save America
also spent nearly all of what it

Potential TikTok Ban Ups Ante Against China

took in, with other bills paid
for data processing, payroll
and air travel, according to
new data filed with the Fed-
eral Election Commission.
BY MEGHAN BOBROWSKY buyer within that time, Tik- company, according to an in- TikTok says it has never been push foreign companies out. Many legal expenses are tied
Tok—which has 170 million ternal note reviewed by The asked to provide U.S. user “The direction is clear,”
In the yearslong technology users in the U.S.—would be Wall Street Journal. The time- data to the Chinese govern- said Dan Wang, a visiting Trump campaign legal bills
fight between the U.S. and banned. line is uncertain, according to ment and wouldn’t do so if scholar at Yale Law School’s $7million
China, the Americans are The Senate could vote on people familiar with the mat- asked to. Tsai China Center. “The walls
poised to land a major punch. the bill in coming days. ter. Andersen will help find Passage of the legislation are going up.” 6
The House on Saturday eas- TikTok on Saturday reiter- his successor. comes as China steps up its Some lawmakers who sup-
ily passed a bill that would ated a statement it gave when “As I started to reflect longstanding campaign against ported the TikTok bill argued 5
force a sale or ban of TikTok, the package was introduced some months ago on the U.S. and other foreign messag- that it’s fair game to ban the
which is owned by China- that called it “unfortunate stresses of the last few years ing and social-media services. app since U.S. social-media 4
based ByteDance, bringing that the House of Representa- and the new generation of Earlier this week, Beijing apps are banned in China.
closer to reality a law that tives is using the cover of an challenges that lie ahead, I de- forced Apple to help close a China more than a decade
3
could remove the popular app important foreign and human- cided that the time was right loophole that some Chinese ago banned Facebook, Google,
and deepen the internet divide itarian assistance to once to pass the baton to a new users had been exploiting to Twitter, YouTube and most 2
between the two countries. again jam through a ban bill.” leader,” he said in the note. access already-banned ser- other sites on the mainstream
The measure, which passed The company has said the leg- Andersen described his im- vices, including two of Meta’s Western internet. 1
360-58 and was tied to a islation is effectively a ban, pending exit as amicable. apps, WhatsApp and Threads.
sweeping aid package for Is- since completing a deal would Bloomberg and The Informa- To some experts, it was 0
rael and Ukraine, would give be difficult. tion earlier reported on An- seen as a small move—given Watch a Video
ByteDance up to a year to sell Amid the drama in Wash- dersen’s coming departure that the country has already Scan the code Jan. 2023 ’24
the app—compared with the ington, Erich Andersen, gen- from TikTok. banned many outside social- for a video on Note: Includes Trump's campaign committee,
Save America leadership PAC and the Trump
six-month period proposed in eral counsel for TikTok and The Chinese government media services and messaging the potential Save America Joint Fundraising Committee.
a prior bill. ByteDance, told staff Sunday has signaled it wouldn’t allow apps—but indicative of impact of a Source: Federal Election Commission
If ByteDance can’t find a that he’s planning to leave the a forced sale of the company. China’s intentions to further TikTok ban.
to attorneys representing
Trump in various legal pro-

The 12 New Yorkers Who’ll Decide Ex-President’s Fate ceedings.

“Save America also covers a
very active and robust post-
Presidency office and other
A jury of five women and Originally from: Native New various expenses” not related
seven men has been selected Yorker to the legal cases, Trump
to hear the first criminal trial News sources: Google and spokesman Steven Cheung
of Donald Trump. The jurors, TikTok; “I don’t like news or said.
newspapers.” By comparison, Biden
By Erin Mulvaney, Hobbies: Photoshoots with ended last month with nearly
Corinne Ramey her friends in her spare time $193 million in the bank,
and James Fanelli which includes his campaign,
the Democratic National Com-
all of whom live in Manhattan, Juror 4 mittee and several other fund-
must be unanimous to either Gender: Man raising arms. (For its part, the
acquit or convict the former Job: Security engineer for 25 DNC also paid Biden attorney
president. years Bob Bauer more than $1 mil-
During the jury selection News sources: “Scattering lion amid a special counsel’s
process, the judge, Trump’s of all things here and there.” probe into alleged mishan-
lawyers and prosecutors asked Hobbies: Woodworking and dling of classified documents,
a series of questions to deter- metalworking which was reported earlier by
mine whether potential jurors Axios.)
could be fair, including their “The money we are raising
opinion of Trump. Here’s what Juror 3 is historic, and it’s going to
we learned about the jurors: Gender: Man the critical work of building a
JANE ROSENBERG/ASSOCIATED PRESS

Job: Lawyer winning operation, focused

Originally from: Oregon solely on the voters who will
Juror 12 News sources: The Wall decide this election,” Julie
Gender: Woman Street Journal and the New Chavez Rodriguez, Biden-Har-
Job: Physical therapist York Times ris 2024 campaign manager,
News sources: CNN, among Hobbies: Hiking and running said this month.
others; listens to sports and In Manhattan, Trump faces
faith podcasts 34 felony counts of falsifying
Hobbies: Paddleboarding with Juror 2 business records to cover up a
her husband and their dog A courtroom sketch of prosecutor Susan Hoffinger standing during jury selection Friday. Gender: Man hush-money payment to a
Job: Investment banker porn star on the eve of the
the New York Times.” Job: Retired, previously time outdoors with his chil- Likes: Hiking, music and 2016 election. Trump has de-
Juror 11 Fun fact: Likes animals worked in wealth manage- dren concerts nied wrongdoing and called
Gender: Woman ment News sources: He reads “ba- the case politically motivated.
Job: Product development at News sources: BBC, CNBC, sically everything,” and fol- But the trial’s conclusion
an apparel company Juror 9 among other outlets Juror 6 lows Michael Cohen, Trump doesn’t end Trump’s legal ex-
Originally from: California Gender: Woman Hobbies: Fly fishing, skiing, Gender: Woman and “anyone who might af- penses. The former president
News sources: Nightly news Job: Speech therapist yoga and meditation Job: Software engineer fect markets” on social me- also faces federal election-in-
Hobbies: Traveling, exploring Originally from: New Jersey Originally from: Native New dia terference charges brought by
New York and eating News sources: New York Yorker special counsel Jack Smith as
Times, TikTok and other so- Juror 7 News sources: TikTok, Face- well as another federal indict-
cial-media platforms Gender: Man book and the New York Times Juror 1 ment over his handling of
Juror 10 Hobbies: Likes to hang out Job: Lawyer Hobbies: Snowboarding Gender: Man classified documents. In Geor-
Gender: Man with friends, go to restaurants Originally from: North Caro- Job: Sales gia, he faces criminal charges
Employer: E-commerce com- and watch TV lina Originally from: Ireland for his alleged attempts to
pany News sources: New York Juror 5 News sources: New York subvert the 2020 presidential
Originally from: Ohio Times and The Wall Street Gender: Woman Times, Fox News and election.
News sources: Doesn’t follow Juror 8 Journal Job: Teacher at a charter MSNBC —Alex Leary
the news, “but if anything, it’s Gender: Man Hobbies: Enjoys spending school Hobbies: Anything outdoors contributed to this article.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | A5

U.S. NEWS

Johnson Pushes Ukraine Aid

Past His Party’s Objections

DREW ANGERER/AGENCE FRANCE-PRESSE/GETTY IMAGES

House speaker faces ing their own backup plan to vestment to stop Russia now, Johnson, energizing critics led
force a bill on the floor, helped the U.S. may find itself in- by Greene. She filed a motion
a revolt on his right Johnson move the bill through volved in a deeper conflict to vacate last month but
flank after relying on procedural steps on Thursday down the road. hasn’t forced a vote. She has
and Friday, more than making Johnson traveled to Mar-a- been joined by two colleagues
Democratic votes up for Republican defections. Lago this month to meet with on the measure, while others
Johnson, who previously former President Donald say they are watching devel-
BY NATALIE ANDREWS had voted against Ukraine aid Trump, who has regularly opments closely.
AND SIOBHAN HUGHES before becoming speaker, said criticized foreign aid. Speak- Johnson’s GOP critics ex- Speaker Mike Johnson walked with reporters at the Capitol
he was motivated by intelli- ing to reporters with Johnson pect that pressure on him to ahead of votes Saturday on the foreign aid package.
WASHINGTON—The gence he had seen on the war. by his side, Trump didn’t criti- resign from the speakership
House’s passage of a $95 bil- House speakers are second in cize the speaker, while insist- will grow in the coming days Even Johnson’s loudest de- licans engineered the ouster
lion foreign-aid package Sat- line for the presidency and ing that aid to Ukraine should and weeks. “If we had the vote tractors are loath to re-create of then-Speaker Kevin McCar-
urday came after Speaker privy to highly classified brief- be in the form of a loan. today in our conference, he the three weeks of speakerless thy (R., Calif.). There is also
Mike Johnson put his political ings. He also warned that if The success of the Ukraine would not be speaker today,” mayhem they experienced in the question of who would re-
career on the line to push the America doesn’t make an in- bill has come at a high cost to Greene said after the vote. September when eight Repub- place him.
measure past intense Republi-
can opposition.
Lawmakers approved sepa-
rate measures for Ukraine, Is-
rael and Taiwan, and another
bill that would force the sale
of TikTok by its Chinese-con-
trolled owner. The vote on

MAKING GOOD
long-stalled funding and
weapons for Ukraine—the
most contentious of the four—
passed 311 to 112 with all
Democrats in support and
more than half of Republicans
opposed, with one GOP law-
maker voting present.
The measures will be bun-
ON OUR
dled together and sent to the
Senate, which will begin con-
sideration of the bill on Tues-
day and is expected to quickly
$5 BILLION PLEDGE
approve the measures. Presi-
dent Biden also supports the
package.
The vote marked a pivotal
win for Ukraine and a defining
moment for Johnson.
Johnson had spoken in in-
creasingly urgent terms about
Ukraine and confronting
America’s global adversaries
but delayed any decision for
months, due to Republicans’
narrow majority and his own
precarious hold on the
speaker’s gavel. In finally put-
ting his measure on the floor,
he brushed aside objections
from GOP colleagues who de-
manded security provisions at
the southern U.S. border and
instead turned to Democrats
for critical votes to advance
and then pass the measure.
“The world is destabilized
and it is a tinderbox” that de-
mands American leadership,
Johnson said in subdued re-
marks after the vote, pointing
to threats from Russia, China
and Iran.
“I think we did our work
here, and history will judge it
well,” he said. He repeated
that he wasn’t worried about
losing his job. “Let the chips
fall where they may.”
Minority Leader Hakeem
Jeffries (D., N.Y.), said House
Democrats as well as tradi-
tional conservatives led by
Johnson “have risen to the oc-
casion” overcoming what he
termed extremists in the
House.
Critics said backers of the
bill were prioritizing a foreign
nation’s needs over domestic
demands.
“This is the sellout of
America today,” said Rep.
Marjorie Taylor Greene (R.,
Ga.), who has led the charge
to oust Johnson.
The vote was the latest ex-
ample of how Johnson has ef-
fectively had to form an alli-
ance with Democrats to
sideline his right flank and
pass critical legislation, rang-
ing from keeping the govern-
ment open to controversial
spying powers and now fund-
ing overseas allies.
The Senate passed its own
foreign-aid bill with bipartisan
support earlier this year, and
Biden, Republican defense
hawks and many Democrats
had urged Johnson to take it
up. But he put off making his
decision, as his hard-line Re-
publicans insisted that any aid
measure include a House Re-
publican proposal cracking
down on migration at the U.S.-
Mexico border, a nonstarter
for congressional Democrats.
ROBIN HENSON
Johnson had indicated in
recent weeks he was close to a
decision, and events prodded
him to move. Iran over a week
ago launched a wave of more Georgia Governor Brian Kemp opened
than 300 drones and missiles
toward Israel, putting the
package front and center once our newest 100% recycled box factory
again for members of Con-
gress.
Johnson last Monday said in Atlanta with Executive Chairman Anthony Pratt —
he would move ahead with not
only Israel aid, but a compre-
hensive foreign-aid bill. He ef-
the latest installment of our investment pledge to America.
fectively embraced the Senate
approach but broke it up into
four bills, with extra items
thrown in, giving lawmakers a
chance to vote for or against
different slices of aid. WWW.PRATTINDUSTRIES.COM
Democrats, who were craft-
A6 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

U.S. NEWS

How U.S. Helped Avert Wider Mideast War

Officials spent 19 rael’s back against Iran. He or- and what the targets would be.
dered the Pentagon to step up By the time Biden arrived in
days racing to ease its efforts to protect Israel, Rehoboth Beach, Del., in the
growing tensions and the U.S. military activated early evening on Friday, April
highly classified plans for as- 12, the Iranian attack plan had
between Israel, Iran sisting Israel in a crisis. come into focus. “We got bet-
As Biden hosted the Japa- ter, firmer intelligence and in-
WASHINGTON—President nese prime minister at the formation about the specific
Biden and his national-security White House April 10, Defense timing” of Iran’s coming attack,
team watched with mounting Secretary Lloyd Austin pulled White House national-security
alarm on April 13 as monitors him aside to get authorization spokesman John Kirby said.

ARIEL HERMONI/ISRAEL MINISTRY OF DEFENSE/ZUMA PRESS

in the White House Situation to turn around the USS Carney, Biden returned to the capi-
Room showed 30, then 60, then a destroyer then heading west tal Saturday afternoon.
over 100 Iranian ballistic mis- toward its home port in Flor- When the attack began Sat-
siles streaking toward Israel. ida. It joined the USS Arleigh urday night, U.S. officials in the
Burke, another destroyer, in the Situation Room and at the Pen-
By Michael R. Gordon, eastern Mediterranean, close tagon tracked the three waves
Warren P. Strobel enough to Israel to track and of weapons that left Iranian
and Gordon Lubold shoot down incoming missiles airspace, crossing Iraq and Jor-
with SM-3 interceptors that dan, racing toward Israel. Even
Iranian cruise missiles and had never been used to down a with the advanced warning
a swarm of drones were in the ballistic missile in combat. they had received, the scale of
air, timed to arrive at the same A team of U.S. military per- the barrage was a shock, ad-
time as the missiles—a mas- sonnel secretly went to Tel ministration officials said.
sive barrage that Biden and his Aviv to work out of a missile- The Iranians timed the
aides feared could overwhelm Secretary of Defense Lloyd Austin hosted his Israeli counterpart, Yoav Gallant, in March. defense operations center launches so the weapons
the strengthened defenses with their Israeli counterparts. would arrive simultaneously.
they and Israel had spent more among the tense moments in a strike, Israeli Ambassador Mi- send the U.S. a written mes- A bulked-up force of F-15E They avoided civilian targets
than a week preparing. 19-day crisis for Biden and his chael Herzog and the Israeli sage blaming it for the attack, jet fighters arrived in the re- in favor of military ones, like
The scale of Tehran’s first- national-security team. defense attaché were at the U.S. officials said. Washington gion. Other F-16s based in the the Nevatim base in the Negev
ever direct attack on Israel The crisis erupted on April White House as national-secu- denied involvement. region also participated in the Desert, where Israel’s ad-
matched U.S. spy agencies’ 1, when Israeli weapons rity adviser Jake Sullivan and The loss of the high-ranking operation. Plans were made vanced F-35 fighters are based.
worst-case scenarios, U.S. offi- slammed into a building in other top White House aides IRGC personnel infuriated Ira- for Saudi and Jordanian planes A patchwork of defense
cials said later. It threatened Damascus, killing senior Ira- held a video teleconference nian officials, who said the to defend their airspace. systems succeeded in defend-
not only a close U.S. ally, but nian military leaders, includ- with Israeli officials. In a side building Israel hit was a diplo- The aircraft carrier USS ing the most formidable attack
also Biden’s hopes of prevent- ing Gen. Mohammad Reza Za- conversation, Herzog explained matic facility, an assertion Is- Eisenhower was moved closer Israel had seen in decades.
ing a six-month Middle East hedi, who oversaw Iran’s that Israel had targeted Zahedi rael denied to American offi- to Israel so it could be in posi- After Israel emerged almost
crisis from widening into an paramilitary operations in and other senior Iranian offi- cials. After failing to secure a tion to launch jet fighters unscathed, the White House
all-out regional war. Syria and Lebanon for the Is- cers, U.S. officials said. U.N. Security Council condem- to intercept any drones shifted from defending its ally
Assembling in the Situation lamic Revolutionary Guard As officials in Washington nation of the Israeli strike, Teh- launched by the Iran-backed to restraining it. On April 13,
Room that Saturday, Biden and Corps’ Quds Force. and Israel awaited Tehran’s ran signaled it would retaliate. Houthis in Yemen. Biden and Netanyahu held an
his aides couldn’t be sure that Just minutes before the response, few Israeli or U.S. In a tense April 4 call, Bi- Biden’s top aides worked intense call. Israel was now in
Israel’s antimissile systems, strike, an Israeli official officials anticipated it would den told Israeli Prime Minister the phones, imploring other a different, better place strate-
reinforced by the U.S. mili- alerted his U.S. counterpart attack Israel directly, some- Benjamin Netanyahu that in- governments to tell Iran not gically, U.S. officials argued. If it
tary’s antimissile and counter- that it was under way. thing it had never done. ternational support was plum- to strike. CIA Director William responded rashly, it could once
drone deployments in the pre- The White House soon American officials fretted meting after the World Cen- Burns asked intelligence coun- again lose newly regained inter-
vious 10 days, would block learned of another unexpected that the Israeli strike could po- tral Kitchen deaths. terparts in Europe, Mideast national support.
nearly 99% of Iran’s salvo. Israeli attack that occurred tentially trigger Iranian proxy Israel needed to allow more capitals and Turkey to urge Early on April 19, Israel
“The results of the de- the same day as the Damascus attacks against U.S. positions humanitarian aid into Gaza Iran to de-escalate. struck back, targeting a single
fenses,” a senior Biden admin- strike: An Israeli drone strike in Iraq and Syria. U.S. officials and reduce civilian casualties, U.S. and Israeli intelligence military site in Iran’s Isfahan
istration official in the Situa- against an aid convoy in Gaza speculated that Iran might try and the U.S. would judge Is- officials determined that Iran province. While the attack was
tion Room that day said, killed seven workers from ce- to attack an Israeli embassy. rael by its actions, Biden said, was planning a direct attack narrow, it showed that Israel
“were unclear until all was lebrity chef José Andrés’ After the Syria airstrike, according to officials. on Israeli territory and that it could overcome Iranian air de-
said and done.” World Central Kitchen charity. the Iranians asked Switzer- But he also told the Israeli would be massive. The ques- fenses and strike deep inside
The agonizing wait was Shortly after the Damascus land’s Embassy in Tehran to leader that the U.S. had Is- tion was when it would come its adversary’s territory.

Pro-Palestinian Activists Hold Firm, Plot Next Moves

BY SABRINA SIDDIQUI The fierce debates around selves, because that’s where Israeli strike on an Iranian
the Israel-Hamas war engulfing they see the most influence diplomatic complex in Syria.
WASHINGTON—As tensions college campuses, U.S. busi- happening,” Prashar said. The situation near Colum-
between Israel and Iran esca- nesses and the 2024 election The push is expected to bia appeared to deteriorate
lated in recent weeks, spurring are here to stay. Washington’s only intensify as the election over the weekend, when vid-
KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

Washington to rush to Israel’s swift pivot in recent days to- nears. Pro-Palestinian organiz- eos circulated of an unidenti-
aid, pro-Palestinian activists ward more financial and mili- ers are planning mass protests fied man yelling antisemitic
across the U.S. reacted with tary support for Israel has only in Chicago outside the Demo- slurs at Jewish students. It
new urgency to refocus atten- emboldened calls among pro- cratic National Convention in was unclear if the man was af-
tion on the humanitarian cri- Palestinian groups to take to August. filiated with the university.
sis in Gaza. the streets in the pursuit of a Israeli officials have de- This led a rabbi associated
The New York Police De- permanent cease-fire and sus- fended their military operation with the university to warn
partment arrested more than pension of U.S. aid to Israel. while citing some mistakes. certain students that they
100 people participating in a “The reason you’re seeing The Biden administration ap- would be safer leaving campus
pro-Palestinian protest at Co- more direct action take plied pressure on Israel to take until the situation was re-
lumbia University on Thurs- place—different ways to de- civilian casualties into account solved.
day. In Scranton, Pa., pro-Pal- fund projects and govern- in March and early April, a “While every American has
estinian demonstrators ments, disrupt businesses and time when pro-Palestinian po- the right to peaceful protest,
gathered to protest President disrupt things the government Pro-Palestinian protesters gathered at Columbia University litical activism seemed to be calls for violence and physical
Biden’s visit there on Wednes- actually does care about—is on Thursday, when more than 100 people were arrested. swaying U.S. voters. intimidation targeting Jewish
day. And Google said it fired because they’re not listening That appeared to change on students and the Jewish com-
28 employees who protested to us,” said Ashish Prashar, a British prime minister who be- the European Union in 2007. April 13, when Iran launched munity are blatantly antise-
against the tech giant’s cloud- pro-Palestinian activist based came the Middle East peace “That’s why the movement what it said were retaliatory mitic, unconscionable, and
computing contract with the in New York and a former ad- envoy representing the U.S., is taking more direct action, strikes against Israel, in re- dangerous,” White House
Israeli government. viser to Tony Blair, the former Russia, the United Nations and directly to the citizens them- sponse to an earlier suspected spokesman Andrew Bates said.

Senate Extends Surveillance Measure

BY DUSTIN VOLZ protections for Americans. from U.S. technology providers Sen. Mark Warner, the
The result, ultimately, was such as Meta and AT&T and Democratic chairman of the
WASHINGTON—The Senate a sort of legislative Rorschach share intercepted conversa- Senate Intelligence Commit-
passed legislation over the test, where the bill’s support- tions with other agencies like tee, rallied support for the law
weekend renewing a contro- ers said it contained the most the Federal Bureau of Investi- before its expiration.
versial foreign spying power, significant reforms to FISA gation. “It is indispensable to the
prevailing over objections since the law’s creation in The law authorizes collec- work of the men and women
from privacy advocates who 1978 and its detractors said it tion of data belonging to for- of our intelligence commu-
warned the measure could legalized one of the largest ex- eigners overseas. But privacy- nity,” Warner said during a
lead to a dramatic expansion pansions of American spying minded lawmakers for years Senate floor speech.
of government surveillance on power on record. have viewed it skeptically for An amendment to require a
Americans. Section 702 is widely how it also scoops up an un- warrant to search the 702 da-
Delivering Secure, Lifetime In a 60-34 vote, senators
early Saturday approved a bill
viewed as among the most
critical surveillance powers at
known amount of Americans’
communications without a
tabase using U.S. identifiers,
like an email address or tele-
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A8 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

WORLD NEWS
Hamas Weighs Shift of Base From Qatar
Step could upend Israel and Hamas have re-
jected various proposals made
talks to free dozens through Egypt and Qatar fol-
of Israeli hostages, lowing the end of the last
cease-fire on Nov. 30, though
institute a cease-fire they have previously largely
agreed on a framework that
BY SUMMER SAID includes several phases and a
AND STEPHEN KALIN potential long-term cease-fire.
Qatar’s ability to maintain
DUBAI—Hamas’s political ties with Hamas—as it does
leadership is looking to move with other radical groups such
from its current base in Qatar, as the Taliban and states in-
as U.S. legislators build pres- cluding Iran and Venezuela—
sure on the Gulf state to de- reflects a difficult balancing

IRANIAN FOREIGN MINISTRY/AGENCE FRANCE-PRESSE/GETTY IMAGES

liver on cease-fire negotia- act in a world in which the
tions that look likely to fail. U.S. increasingly demands that
If Hamas left Qatar, the its friends take unequivocal
move could upend delicate stances with it and against an
talks to free dozens of Israeli array of enemies. This heredi-
hostages held captive in Gaza tary monarchy hosts one of
and likely make it more diffi- America’s largest foreign mili-
cult for Israel and the U.S. to tary bases.
pass messages to a group des- Pressure from U.S. legisla-
ignated by Washington as a tors has been building on Qa-
terrorist organization. Hamas tar to extract more conces-
leaders have lived in Doha, sions from Hamas or sever
the Qatari capital, since 2012 ties with the organization.
in an arrangement supported Israeli officials have for
by the U.S. months been lobbying Egypt,
Arab officials said the which communicates directly
group has contacted at least Hamas leader Ismail Haniyeh, left, greeted Iranian Foreign Minister Hossein Amir-Abdollahian, center, in Doha in December. with Hamas’s military wing
two countries in the region and often with its political
asking if they would be open ing leaving Qatar for another has brought those relation- change between Hamas and They say Qatar has coordi- leadership, to take a bigger
to the idea of its political lead- country. ships to bear on one of the Israel. nated with Israel on its previ- role in hostage talks, citing
ers relocating to their capitals. In recent weeks, mediators world’s thorniest diplomatic “There are limits to this ous engagements with Hamas, concern that Qatar wasn’t
Oman is one of the countries from Qatar and Egypt have crises, demonstrating its value role and limits to the ability to and Israel’s national-security putting enough pressure on
that was contacted, one Arab pressured Hamas representa- as a U.S. ally while raising its which we can contribute to adviser, Tzachi Hanegbi, has Hamas in Doha.
official said. Omani officials tives to get the group to profile as the Middle East’s in- these negotiations in a con- praised Qatar’s recent diplo- Rep. Steny Hoyer (D., Md.),
didn’t respond to a request for soften its conditions. At times, dispensable mediator. structive way,” the Qatari macy following the Oct. 7 at- the former Democratic leader
comment. Arab officials said Hamas leadership received But Sheikh Mohammed bin leader said. “The state of Qa- tacks. in the House, said in recent
Hamas believes the slow-mov- threats of expulsion if it failed Abdulrahman al-Thani, Qatar’s tar will make the appropriate The officials say Hamas po- days that Qatar should pres-
ing hostage negotiations could to agree to a deal releasing prime minister and foreign decision at the right time.” litical leaders are in Doha at sure Hamas to release the
last for months, putting the hostages. minister, recently said the Never before has Qatar’s Washington’s request and hostages by cutting off fund-
group’s close ties to Qatar and “The possibility of the talks Gulf state was reassessing its decadelong relationship with would otherwise end up in a ing to the group or kicking its
its presence in Doha at risk. being upended entirely is very role as mediator between Is- Hamas, which is committed to location where it is harder for political leaders out of Doha.
“The talks have already real,” another Arab mediator rael and Hamas. He cited what violent resistance to Israeli Western officials to communi- “If Qatar fails to apply this
stalled again with barely any said. he said was unfair criticism of occupation, come under such cate with them, such as Iran pressure, the United States
signs or prospects for them to Qatar, a Persian Gulf mon- Qatar’s efforts to end the war scrutiny. or Syria. Qatar’s ability to en- must re-evaluate its relation-
resume any time soon, and archy the size of Connecticut, in Gaza. Some U.S. lawmakers and gage with Hamas is crucial, ship with Qatar,” he said.
distrust is rising between has long worked to end Gaza Israeli Prime Minister Ben- Israeli politicians have for since U.S. and European offi- The Qatari Embassy in
Hamas and the negotiators,” wars and boost aid to Pales- jamin Netanyahu has said months called on the White cials are prevented from con- Washington responded by say-
an Arab mediator familiar tinians, building trust with pressure should be applied on House to force Qatar to cut tacting them directly by their ing Doha is “only a mediator”
with the situation said. the combatants and familiar- Qatar, which played a signifi- ties with Hamas. governments’ classification of and that Israel and Hamas are
Late Saturday, Hamas de- ity with their negotiating tac- cant role in mediating Novem- Qatari and U.S. officials the group as a terrorist organ- entirely responsible for reach-
nied the group was consider- tics. In the past six months, it ber’s truce and prisoner ex- deny the terrorism allegations. ization. ing an agreement.

FROM PAGE ONE

Ukraine Aid regime,” according to Russian

state news agency TASS.
CIA Director William Burns
Breakdown of the Ukraine package
Defense Department
Total: $48.43 billion
Ammunition
procurement
tion, can concentrate barrages
at will. “The Ukrainians can
see them, but they can’t hit
cause of experience shipping
large amounts of military
equipment to Ukraine since

Advances said on Thursday that without

the new U.S. aid, “There is a
very real risk that the Ukraini-
Missiles
procurement
them,” Nagl said.
Wallander said that new
U.S. aid would make it much
Russia’s large-scale invasion.
U.S. funding approval, if
completed, could also prompt

Just in Time ans could lose on the battle-

field by the end of 2024,” or at
least put President Vladimir
$5.61 B
$3.11 B
more difficult for Russia to
launch such attacks and en-
able Ukraine to do so.
some hesitant NATO allies to
ship equipment for Kyiv, a
NATO diplomat said. Since
Putin of Russia in a position Potentially no less signifi- funding for Ukraine became a
Continued from Page One to dictate terms of a political cant, the aid could also boost political battle in Washington
quickly adopt the aid package. settlement. With the aid, “the $4.59 B Ukrainian morale. last year, many U.S. allies have
He said Ukraine desperately Ukrainians are entirely capa- Operation and “Knowing this is coming hesitated to raid their armories
needs long-range artillery and ble of holding their own” on maintenance will help them dig a little for Kyiv, fearing waning U.S.
air-defense support from the the ground this year while $34.24 B Other deeper until the rounds are in resolve, diplomats said.
U.S., and that the aid will help continuing to hit Russian air procurement guns,” Nagl said. Now, approval of the large
Ukraine recruit the manpower and naval forces. In a bunker outside the be- funding package by a biparti-
it needs to fend off an ex- Since the Biden administra- Other sieged eastern city of Chasiv san majority could reassure
pected Russian offensive in tion first proposed the current Yar, four Ukrainian troops wary allies that the U.S. still
the coming months. package of supplemental aid cheered when they heard on supports Ukraine against Rus-
“We want to get things as to Ukraine, the Pentagon has Saturday night that the House sia and won’t let it fail.
fast as possible so that we get been in contact with Ukrai- State Department and USAID Other had approved the aid package. Europe overall has eclipsed
some tangible assistance for nian forces regarding their Total: $11.62 billion “Finally,” said one 34-year- the U.S. as Ukraine’s largest
the soldiers on the front line needs and delivery logistics, old drone pilot. “The longer benefactor in its fight, but
as soon as possible, not in an- Assistant Secretary of Defense International we’ve been here, the more we support varies widely among
other six months, so that they Celeste Wallander said in an security felt the shortage of ammo.” European countries. Many in
assistance
will be able to move ahead,” interview. “We already have Ukrainian troops in recent the continent’s south and west
he said through an interpreter. planned what capabilities we $2 B Economic weeks have been improvising have provided proportionally
“We did lose the initiative would prioritize,” she said. support fund by targeting advancing Rus- less than those that border
there,” Zelensky said, adding North Atlantic Treaty Or- $7.90 B sians with explosive drones. Russia, such as Poland and the
that the assistance provides a ganization Secretary-General More ammunition will allow Baltic states, or that have
chance to stabilize the situa- Jens Stoltenberg said Friday $1.6 B Ukraine instead to use artil- taken a strong stance against
tion. At most it has the poten- that members at a virtual lery, which is more destructive Russian aggression, such as
tial to let Kyiv pin down Rus- meeting with Ukraine’s Zel- Other bilateral Other and can hold Russian forces the U.K. and Germany.
sian forces until European ensky had pledged to supply economic assistance off at a greater distance. NATO’s Stoltenberg re-
allies can deliver more assis- new air-defense systems, and The boost in military sup- cently told members that if
tance next year. that the Czech Republic has Source: the bill Kara Dapena/THE WALL STREET JOURNAL plies can’t help Ukraine with they have in their warehouses
Kremlin spokesman Dmitry delivered about 500,000 artil- troop levels, though. The gov- equipment that Ukraine could
Peskov said after the House lery shells. Ukraine’s Western said, citing recent congressio- in the nick of time,” said John ernment is slowly moving to deploy, it would be of more
approval this weekend that allies supplying arms plan nal testimony by Army Gen. Nagl, a retired U.S. Army lieu- enact new laws to expand the use to the whole alliance
the move “will further enrich later this month to hold a vir- Christopher Cavoli, the top tenant colonel who is now a draft pool, but dithering over fighting Russia now than
the United States of America tual meeting with the aim of U.S. military officer in Eu- professor of warfighting at politically unpopular decisions gathering dust in storage.
and further ruin Ukraine, expanding commitments. rope, on the dire state of the U.S. Army War College. has left ranks thin. —Ian Lovett, Ann M.
causing more Ukrainians to Resupplying Kyiv’s forces Ukrainian defenses. Russian troops, because of Wallander said the U.S. will Simmons and Andy Duehren
die due to the fault of the Kyiv is “already urgent,” Wallander “It is going to come literally their superior battlefield posi- be able to speed deliveries be- contributed to this article.

Office of the workplace,” she said.

Numerous workers reported
being fired from companies af-
old, who had been active in pro-
Palestinian demonstrations be-
fore joining Google. Though he
who subsequently resigned—af-
ter he published a critique of the
radio network’s news coverage
such sentiment to the company.
(The two sides have since said
they are working toward resolv-
companies should be to any is-
sue that doesn’t directly affect
business, some executives and

Activists ter writing contentious social-

media posts about the Oct. 7
Hamas attacks in Israel or the
knew of a few co-workers who
had quit because of their opposi-
tion to the $1.2 billion Israeli
in another media outlet. The
New York Times, where divi-
sions over its Gaza war coverage
ing the litigation.)
Until recently, many company
leaders viewed speaking out as
corporate advisers said.
Many of them point to Dis-
ney’s now-resolved legal battle

On Thin Ice war in Gaza.

At Google, leaders said the
protesting workers violated
contract that Google shares with
Amazon.com, called Project
Nimbus, he said he had opted to
have roiled the newsroom, in-
vestigated
whether staffers
less risky than appearing unre-
sponsive to calls
for social ac-
with Florida Gov. Ron DeSantis,
a Republican, as a cautionary
tale. The fight stemmed from
company policy by taking over stay so he could protest the con- leaked confiden- tion—such as in Disney’s move in 2022 to pub-
Continued from Page One office spaces and disrupting tract from within. tial materials to Some workers the aftermath of licly oppose Florida’s Parental
many chief executives publicly work. While preserving the com- Google had been responsive another outlet. were fired after George Floyd’s Rights in Education bill, as it
expressed corporate solidarity. pany’s open culture is impor- to employee concerns about It closed the 2020 murder, faced pressure from LGBTQ em-
Google, in particular, has long tant, Google CEO Sundar Pichai government work before. In probe last week posting online when businesses ployees and advocacy groups.
prided itself on an open work wrote to staff afterward, “we 2018, it decided not to renew a without a con- voiced support Last year’s damaging boycott of
culture that fostered internal de- also need to be more focused in separate Pentagon contract after clusive finding.
about the Oct. 7 for the Black Anheuser-Busch InBev’s Bud
bate, much like a college. how we work, collaborate, dis- that work became the subject of S t a r - Hamas attacks. Lives Matter Light—after the brand’s market-
It is an open question as to cuss and even disagree.” intense internal debate. The bucks sued the movement. ing promotion with a transgen-
what rights workers really have Hasan Ibraheem, a Google company also pledged not to union represent- But issues der influencer—has also made
to speak out on the job. “None of software engineer who was ar- make artificial-intelligence tech- ing around 410 that have boiled companies leery of moves that
this is settled,” said Genevieve rested and then fired after tak- nology for military weapons and of its more than 9,700 U.S. over in workplaces since then— risk landing them in a culture
Lakier, a law professor at the ing part in the protest at the adopted a set of AI principles to stores after local affiliates of from state abortion bans to the war, they said.
University of Chicago. company’s New York office, said guide its work. Starbucks Workers United war in Gaza—don’t lend them- Corporate leaders “are very
Workers in the private sector the firings didn’t square with his A Google spokesman said posted pro-Palestinian tweets selves to simple pronounce- concerned about public backlash,
aren’t protected by the First image of Google when he was staffers complained the protest- and reshared an image of a bull- ments of solidarity or town halls especially boards of directors,”
Amendment’s guarantees of free hired less than two years ago. ers disrupted their work. dozer breaking through the where employees can share their said Jonathan Bernstein, chair-
speech, and “there is still a lot of It was “the big company that Other companies have found fence encircling Gaza. The coffee personal experiences. man of Bernstein Crisis Manage-
uncertainty about how much was still fun and vibrant. You themselves in clashes with dis- chain alleged the union’s use of The perils of being ensnared ment, which advises companies
free expression by workers is were allowed to express your- senting employees. This month, the Starbucks name and brand- in partisan politics is changing on corporate communications
consistent with the operations self,” said Ibraheem, 23 years NPR suspended a senior editor— ing led people to misattribute the calculus of how responsive and reputation management.
THE WALL STREET JOURNAL. NY Monday, April 22, 2024 | A8A

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THE WALL STREET JOURNAL. * * * * * * Monday, April 22, 2024 | A9

WORLD NEWS

Eviction by Niger Derails U.S. Plans WORLDWATCH

ECUADOR UNITED KINGDOM
BY MICHAEL M. PHILLIPS
Voters Back Leader Tribute to Fallen
NAIROBI—When Niger or- On Security Plan Marathon Winner
dered the U.S. to withdraw Ecuador’s fledgling presi- The London Marathon paid
counterterrorism troops and dent got a resounding victory tribute to last year’s winner
aerial drones from the coun- Sunday in a referendum that Kelvin Kiptum with a period
try, it drove the final nail into he touted as a way to crack of applause before the start
the coffin of American strat- down on criminal gangs be- of the men’s race on Sunday.
egy to defeat a violent Isla- hind a spiraling wave of vio- Kiptum was killed along
mist insurgency overrunning lence. with his coach in a car crash
the heart of western Africa. An official quick count in his native Kenya in Febru-
The decision to expel showed that Ecuadoreans ary. At 24, he was already the
American forces will likely ac- overwhelmingly voted “yes” marathon world record holder
celerate contingency plans to all nine questions focused and viewed as a top con-
that would pivot U.S. strategy on tightening security mea- tender for gold at the Olym-
from trying to defeat al Qaeda sures, rejecting only two pics in Paris this year.
and Islamic State where they more controversial economic Kiptum set a London Mar-
are strongest to trying to keep proposals. athon course record of 2
militants from infiltrating The count was announced hours, 1 minute, 25 seconds
neighboring countries along by the head of the Electoral in 2023—finishing nearly
the West African coast. National Council, Diana Ata- three minutes ahead of his
In meetings in Washington maint. closest rival.
this month, Nigerien Prime Among the measures ap- A video of his win was
Minister Ali Lamine Zeine told proved in the triumph for played before the start of the
Deputy Secretary of State Kurt President Daniel Noboa are men’s race, before a period of
Campbell that virtually all of his call to deploy the army in applause by the runners and
the 1,000 U.S. commandos and the fight against the gangs, the crowd at both the start
other personnel will have to to loosen obstacles for extra- area in Greenwich and the
leave, including those at a $110 diting accused criminals and finish in front of Buckingham
ISSIFOU DJIBO/SHUTTERSTOCK

million, U.S.-built drone base to lengthen prison sentences Palace.

in the desert town of Agadez. for convicted drug traffickers. Kenyan Alexander Mutiso
“Loss of basing in Niger Ecuador was traditionally Munyao won the men’s race,
complicates the Pentagon’s one of South America’s most finishing in 2 hours, 4 min-
ability to achieve U.S. security peaceful countries, but it has utes, 1 second.
objectives in the region,” a se- been rocked in recent years by It was a Kenyan double on
nior U.S. military officer said a wave of violence, much of it the day, with Olympic cham-
on Saturday. Protesters in Niamey fly Russian and Nigerien flags at a march for the withdrawal of U.S. troops. spilling over from neighboring pion Peres Jepchirchir pulling
Until last year’s military Colombia, the world’s largest away late to win the
coup, Niger had been the cor- the U.S. presence and began Insurgents control vast a heated exchange in March be- producer of cocaine. Last year, women’s race and cement her
nerstone of Washington’s coun- tilting toward Moscow. swaths of the Sahel, a semi- tween junta leaders and visit- the country’s homicide rate status as the favorite to de-
terterrorism strategy in the re- This month, anti-U.S. pro- desert region south of the Sa- ing American officials. During shot up to 40 deaths per fend her gold in Paris. She
gion, with U.S. Green Berets tests broke out in the capital hara. More than 35,000 people that meeting, senior U.S. State 100,000 people, one of the finished in 2 hours, 16 min-
advising local commandos dur- city, Niamey, days after Rus- have been killed in jihadist vio- and Defense officials accused highest in the region. utes, 16 seconds.
ing combat operations against sian military instructors lence in the region since 2017, the junta of secretly exploring a —Associated Press —Associated Press
what has become the world’s landed in the country. the overwhelming majority of deal to allow Iran access to its
most active Islamist insurgency. In a private diplomatic them in Mali, Burkina Faso and uranium reserves, Nigerien and
U.S. drones provided surveil- message to 15 West African Niger, according to the Penta- U.S. officials said. The Nigeriens
lance of insurgent activities. governments in March, the gon’s Africa Center for Strate- denied such plans, but a junta
Niger, with 1,000 American State Department signaled gic Studies, which analyzed spokesman called the American
personnel, is by far the largest that, once out of Niger, the figures collected by the Armed presence “illegal” and the U.S.
long-term U.S. position in U.S. would shuffle military aid Conflict Location & Event Data delegation “condescending.”
western Africa, and their de- and forces to assist local Project. Acled is a U.S.-based, The Biden administration
parture could leave just a few troops in a ring of countries nonprofit monitoring service. had hoped the generals would
dozen troops split between stretching around the perime- A planeload of Russian mil- walk back the expulsion
Benin and Chad. ter of western Africa. itary instructors and weapons threat, but last week’s meet-

ALEX DAVIDSON/GETTY IMAGES

The coup triggered U.S. “We know these countries arrived in Niamey this month, ings in Washington put an end
laws limiting security assis- have long been concerned Nigerien state television re- to those hopes.
tance. As the U.S. prodded the about the spread of extremism ported. “We’re here to train Campbell and other Ameri-
new regime to free ousted coming from the Sahel to these the Nigerien military,” said a can officials plan to visit Niger
President Mohamed Bazoum countries, and they’ve asked us man in camouflage fatigues, to hammer out details of the
and restore civilian rule, the for assistance,” a senior U.S. of- identified as a Russian mili- U.S. withdrawal, a senior U.S.
Nigerien generals, led by Pres- ficial said. “And so we’re look- tary instructor. defense official said. “We can-
ident Abdourahamane Tchiani, ing at those requests, and we’re The rupture between the not stay there against their Alexander Mutiso Munyao of Kenya crosses the finish line to
became more prickly about trying to see what we can do.” U.S. and Niger accelerated after will,” the official said. win the men’s race during Sunday’s London Marathon.

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A10 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Marathon ger. She frets, unpacks and re-

packs for the big day ahead.
Van Ogtrop, 37, a physician
a.m., before cheering
together.
But these “Sunday
32-year-old real-estate broker.
Despite having a plan worthy
of a military general (a tracking
the Boston Marathon: six
times. Year one, Paige aimed for
three sightings. The result:

Spectators in Long Island, N.Y., is a self-de-

scribed “professional marathon
spectator.” She has tracked her
Fundays” aren’t en-
tirely a picnic for Van
Ogtrop. She’s navi-
app on her phone to follow him,
map studying, strategic meeting
spots and ample buffer time be-
Zero. Mom was too fast, trains
were too slow and Katherine
waited solo at the finish for 30

Train to Win husband, Tim Vassilakos, 37,

who works at a medical and
dental supply distributor, along
gating the course,
tracking her husband
and lugging a supply-
tween each) slow trains de-
railed Viswanathan’s strategy.
When she realized her hus-
minutes. Now, Paige is a spec-
tating ninja. Mom’s bib num-
ber? Check. Training updates?
a whopping 22 marathon stuffed bag; she’s band was going to beat her to Check. She takes a photo of
Continued from Page One courses. also herding a bois- their first planned point at mile Katherine’s outfit and tracks
her to more than 20 marathons, “I have seen him every single terous, boozy adult 10, Viswanathan made a game- her religiously. This year’s plan:
including Boston last Monday time,” Van Ogtrop said. “I re- bunch with varying time decision and hopped off catch her mother at mile 25.2
and London on Sunday. search these courses and the blood-alcohol levels. one stop early. She caught him and post-finish.
The banana tradition began neighborhoods we go through.” The couple got en- at 13.1 miles to deliver a fresh Paige and her twin, Spencer
thanks to a friend whose hus- At the Boston Marathon, Van gaged the day after shirt. “It’s kind of like an oasis Huggins, waited for about 30
band worked at Chiquita and Ogtrop faced a daunting chal- the 2017 New York in the marathon,” said McHugh. minutes for a 20-second sight-
had inflatable ones. Senzer even lenge: a point-to-point course City Marathon. “I After another meetup, at ing, enough time to hug their
dressed as a banana once. “It’s with tight security. But did that struggled to get mile 23, Viswanathan braved a mom, who was rocking a 8:08-
a huge pain in the ass,” Senzer break her flawless spectating down on one knee,” 45-minute maze of closed-off minute mile. Then the twins
admits of carrying bananas streak? Not a chance. Vassilakos recalled. streets to find McHugh already went to their prearranged
while also coordinating their She planned to catch Vassila- Like marathoners, at the finish. meetup spot at Boston Com-

SENZER FAMILY
children and supplies. But he kos once, but she overper- spectators say each “Wasn’t her best. Wasn’t her mons, beyond the finish line.
happily continues his duties. “I formed. In the sea of more than course is a unique worst,” McHugh joked about his They beat their mom there. “A
know it serves as a beacon for 29,000 runners who entered, beast. New York wife’s spectating. “Pretty much personal best,” Paige said.
Danielle to keep her motivated.” she spotted her husband twice. City? Electric crowds, Danielle Senzer and her husband, just like the marathon for me.” “Marathoners train for the
“I’m always scanning the “The trains worked in my fa- but tough restaurant Steven Senzer, who brings the banana. “If this is a performance re- marathon, but spectators do not
crowd for the bananas,” agrees vor,” said Van Ogtrop, who used reservations. Tokyo’s view, I’m a 2,” Viswanathan train for the one-mile sprint,”
Danielle, who can spot them a public transportation to reach out-and-back is good for meet- trying to spot her husband, Nick agreed, laughing. “But there Paige said, clocking their mile
quarter-mile away. “I dart over viewing spots. ing runners, but the language McHugh, on the point-to-point was a history of good perfor- or so at 15:30.
to that side of the street.” For the couple, the New York barrier can complicate naviga- course, essentially a straight mances.” Katherine Huggins appreci-
Katlynn Van Ogtrop’s mara- City Marathon is an unofficial tion. line. “Nick is running a mara- Paige Huggins, a 28-year-old ates seeing her children
thon-eve ritual: set out water holiday. Family and friends hop In Boston recently, spectator thon, but I’m walking a half- attorney in Boston, is a sea- midrace. They “have to go
bottle, kinesiology tape, Tylenol, on the Long Island Rail Road, Arya Viswanathan, 30, played a marathon,” said Viswanathan, a soned pro at cheering on her against a crowd,” she said. “At
bandages and a portable char- popping prosecco as early as 8 version of “Where’s Waldo?” serial spectator for McHugh, a mom, Katherine Huggins, 53, in least I have a straight path.”

Dirty Money
CLOCKWISE: JASON ALDEN/BLOOMBERG NEWS; MIKE MARSLAND/WIREIMAGE/GETTY IMAGES; NATIONAL CRIME AGENCY

Moves Via
Airports
Continued from Page One
tiously introduce more than
$2 trillion in proceeds from il-
legal enterprises to global fi-
nancial systems every year,
according to estimates. Inter-
national airplane passengers
likely ferry hundreds of bil-
lions of dollars worth of that
in cash, according to figures
from the United Nations Office
on Drugs and Crime and the
Financial Action Task Force,
an intergovernmental agency
that develops anti-money-
laundering standards for
countries.
One reason for so much air-
line smuggling is that penal-
ties and scandals over cus- Travelers passing through Terminal 5 at Heathrow Airport in London. Jo-Emma Larvin, top right in 2010, was found guilty of
tomers engaged in money- money laundering. Abdulla Alfalasi, right, pleaded guilty to money laundering. He allegedly orchestrated the operation.
laundering have prompted
more banks around the world money couriers, as well as in- Calzaghe, made the British operated by airport-security other member of the smug- pickups from clients around
to report suspicious transac- terviews with investigators tabloids after he started dat- agents, responsible for pas- gling group from a tattoo on the U.K., and managed the lo-
tions. “You just can’t walk into and people familiar with the ing his partner on the TV senger safety, not customs her forearm. gistics of counting and pack-
a bank with this much money matter. show “Strictly Come Dancing.” and immigration officials. Investigators searched the ing the cash. He charged
without being flagged,” said Abdulla Alfalasi started fly- The following month, Larvin and her travel com- phone of one of the women around 10% of the total. In
George Voloshin, of ACAMS, ing cash from Heathrow to Larvin sent Clarke a photo of panion settled into their busi- and from that information be- Dubai, he exchanged the ster-
an industry group for finan- Dubai around 2017 and ex- her passport and traveled by ness-class seats, and baggage gan piecing together how Al- ling notes into gold and local
cial crime-fighting profes- panded his operation during train to London’s King’s Cross handlers stowed their suit- falasi’s money-laundering op- currency through banks,
sionals. “You will be arrested the pandemic. station, on her way to Heath- cases below them in the hold. eration grew to 36 money changers and in park-
at the next branch.” On New Year’s Day 2020, row Airport. Her heart rate The trip, there and back, went international couriers. ing-lot transactions.
A U.K. government spokes- Alfalasi left Heathrow with 11 was going up, she texted her without a hitch. In December 2020, Clarke Truby, the senior investiga-
person said customs officers cases, weighing 463 pounds, new boyfriend, Jonathan was arrested with around $9 tor in the case, said he sus-
respond effectively with air- and reported the equivalent of Johnson, an executive re- million worth of gold on a pri- pected that Alfalasi and his
port security to smuggling $850,000 in Dubai. He told a cruiter. Cashed out vate plane in Zanzibar, off the operatives smuggled as much
risks. A Heathrow airport former business partner he “Please be careful,” he In October 2020, two other coast of Tanzania, said Truby, as $250 million from 2017 un-
spokesman declined to com- had connections with the wrote. “I’m beside myself women weren’t so lucky. They the senior investigating offi- til his arrest in December
ment on its security equip- royal family. His father-in-law here.” were questioned at a Heath- cer in the case. 2021. Prosecutors said the
ment and practices. An Emir- ran Dubai airport customs Larvin headed to a Star- row departure gate by officers U.K. authorities arrested cash came from criminal con-
ates Airline spokesperson said back when it was a shed and a bucks in an ex- of the Border eight more alleged couriers in duct. Alfalasi never identified
detecting cash smuggling was table. He developed the air- pensive shop- Force, the May 2021. Seven months later, his clients, according to au-
the responsibility of authori- port into a global hub as di- ping district agency in Alfalasi unexpectedly visited thorities.
ties where the cash originated. rector-general of aviation. and met her Airport security charge of U.K. London with his wife and chil- Alfalasi pleaded guilty in
A U.A.E. official said it was Later that month, Alfalasi traveling com- isn’t for crime customs and dren, staying at an apartment June 2022 to money launder-
working to combat illicit fi- texted Michelle Clarke, an ex- panion, a 25- immigration. owned by his wife’s family on ing and was sentenced to a 9-
nancial flows, including ecutive assistant looking to y e a r - o l d detection, only One of the an exclusive Belgravia square. year, 7-month prison term.
through shared intelligence relocate to Dubai with her woman from a women told of- One day around lunchtime, The government seized
and joint operations with the children and husband, a for- town outside
flight safety, an ficers she government investigators around £3.5 million of Al-
U.K. The U.A.E., a global desti- mer pro soccer player. She be- London. A officer said. checked five knocked on Alfalasi’s door. falasi’s assets, including a
nation for the rich, was re- longed to a fun-loving crowd driver picked suitcases to They seized three phones that Mercedes G63, Ford pickup
cently removed from a global in the northern city of Leeds, them up in a Dubai because revealed details of his opera- truck and three Rolex
financial watchdog’s list of where she worked for the pay black Mercedes she wasn’t sure tion, which later surfaced in watches. His lawyer said in
places needing more monitor- TV group Sky. and drove to an address what to wear. court documents. court that Alfalasi was a use-
ing. Alfalasi sent Clarke a ticket nearby to collect the suit- “Omg shel. We’ve been Before each trip, Clarke ful idiot for higher-ups, people
for an overnight flight from cases. held,” the woman texted sent Alfalasi photos of the whom Alfalasi never named.
Heathrow to Dubai, returning At the airport, they went to Clarke, who was in Dubai. travelers’ passports so he Clarke is under investiga-
Low risk the same day. She had a text Emirates Airline and put the “Wtf.” could buy their airline tickets. tion in Dubai for money laun-
Officials and industry with the photo of a letter au- seven suitcases on the con- The suitcases were un- He booked them in pairs in dering. U.K. authorities would
groups said smuggling cash thorizing her to carry the cash veyor belt. The luggage en- loaded from the plane. They Emirates business class to like to question her and others
via airline is a relatively low for a company Alfalasi tered the mouth of a 3-D scan- contained nearly £2 million in take advantage of the extra in Dubai about their alleged
risk for people hired to do the owned, lending a false sense ner that uses computed cash, around $2.4 million. baggage allowance. His couri- involvement. Clarke’s husband
job. Larvin and her boyfriend of legitimacy to the job. tomography, or CT, to find ex- They also had videos of bun- ers returned in economy class. launched a cryptocurrency
were among an alleged three After Clarke landed, Al- plosives. These images, unlike dled notes being dumped from Alfalasi paid with his credit company that sponsored box-
dozen smugglers working for falasi guided her in texts and at passenger security, aren’t shopping bags for repacking. card and collected the air ing matches at a Dubai arena.
a money launderer from the voice messages to report the watched by people unless the Investigators suspect that the miles. Three of the couriers were
U.A.E. It seemed like easy cash at an airport office, and software identifies an item timestamped videos were in- Clarke paid the couriers for sentenced to prison, and one
money. Authorities believe said he was waiting outside. that might set fire or explode. tended as proof of cash trans- the work, as well as some ex- was acquitted. A courier who
they transported $125 million, She flew three more times in The machines can be pro- fers for money-laundering cli- penses, such as Covid tests, flew $5 million in August
largely from July to October in February 2020 and Alfalasi grammed to find cash, but ents. Authorities identified a from her U.K. bank account. 2020 died by suicide. Authori-
2020. enlisted other couriers. they aren’t because they are woman in the videos as an- Alfalasi arranged for cash ties said his phone contained
“How the hell did they get In July 2020, Clarke texted texts with details about the
away with it—so much money a friend, saying she needed 12 operation.
in such a short space of people to work. The job crite- Larvin and Johnson were
time?” said Ian Truby, a se- ria: “Can’t talk, trust, and reli- found guilty of money laun-
nior investigating officer at able and fit!!!” A friend put dering last year. In court, they
the U.K. National Crime Clarke in touch with Larvin, sought to blame Heathrow,
Agency. One answer, he said, saying that Clarke worked for Emirates Airline and the
is that airport security isn’t the U.A.E. embassy. U.A.E. for failing to ask ques-
for crime detection, only flight The women met over a cof- tions. The couple and several
safety. fee. Clarke’s teenage son sat at other couriers received sus-
Three weeks later, Larvin a nearby table. Clarke showed pended sentences. Two other
left for Heathrow with her Larvin stamped certificates couriers were convicted in
boyfriend and a few million she would carry as a docu- January and are scheduled for
more dollars worth of cash in ment courier and offered sentencing later this month.
eight suitcases. Her boyfriend £3,000, around $3,750, to fly Johnson said in texts to
had worried about drawing the suitcases. Clarke also The Wall Street Journal that
undue attention with so much would pay for Larkin to stay he and Larvin were two ordi-
luggage. “It’s f—ing ridicu- at a resort until she returned nary people who got hood-
lous,” he texted. “Talk about home with the empty bags. winked, and he blamed cor-
conspicuous.” Larvin had worked in digi- ruption and politics for
NATIONAL CRIME AGENCY

This account of the Heath- tal marketing and done some allowing so much cash to pass
row cash-smuggling operation modeling and wildlife photog- through Heathrow Airport to
is based on documents and ev- raphy. She had acted in a Dubai without detection.
idence released by U.K. au- chart-topping British band’s If what they did was such a
thorities, court records that music video in 2008. Her 2009 big crime, Johnson said, why
included text messages and breakup with her world-cham- don’t airports scan luggage for
photos, court testimony by pion boxer boyfriend, Joe Bundles of cash found in a suitcase after an arrest at Heathrow Airport. cash?
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 22, 2024 | A11

ON THE
CLOCK
CALLUM
BORCHERS

S
o, what happens when
the boss tries ketamine?
At insurance broker-
age Frontier Risk, the
remote team of 12 gets
summoned to a weekly,
hourlong video call that mostly in-
volves watching each other work.
People are free to talk, but there is
no agenda.
The workers aren’t on drugs,
but Chief Executive James Whit-
comb hatched the idea for the ses-
sions during a $1,000 psychedelic
experience at a ketamine clinic in
Connecticut.
His sober self would have dis-
missed the notion of sitting in
shared silence as too woo-woo for
the workplace, he says. On ket-
amine, however, he figured it was
worth a try to spark unscripted
moments of collaboration.
There’s no magic pill for career
success, but an increasingly vocal,
if tiny, share of professionals
swear a capsule of psilocybin or
an infusion of ketamine comes
pretty close.
As the Journal has reported, a
Drugs and the Workplace
vanguard of Silicon Valley leaders Some workers swear ketamine and psychedelics can boost creativity and focus on the job
and workers see psychedelics and
similar substances as a creativity
and productivity hack. And the le- Cautionary tales other companies that journaling and meditation, too.
gal status of ketamine and decrim- Some people are curious about give out the drug more “This is the next level of bio-
inalization of psilocybin, better psychedelics, some skeptical. (Oth- freely. hacking,” she says. “If I can be
known as magic mushrooms, in ers are just uninterested in hear- Cole Butler, founder more creative in two hours than
Oregon and Colorado, have less- ing about the boss’s latest trip.) of a mental-health the person next to me is in eight,
ened taboos around drug use. “I’m like, ‘How is this legal?’” trade association called that’s an advantage.”
Though data is difficult to says Marcus Hutchins, a cyberse- the Integrative Care Andrea Millen, a psychologist
come by, psychedelics are begin- curity analyst in Los Angeles. He Collective, recalls an and co-founder of an executive-
ning to find some adherents be- abstains but says drugs that pro- uncomfortable session coaching business called Lead Em-
yond Silicon Valley who say the duce psychedelic effects are so with a group of co- bodied, is organizing a three-day
drugs make them better at their common at some big-name tech- workers at a ketamine- off-site for female tech execs in
jobs by expanding imaginations or nology companies he consults with assisted therapy clinic California this fall that includes
taming doubts about their abili- that employees tell him they feel where he used to work. daily ketamine injections super-
ties, though supporting research is pressure to join in to keep up. Participants reclined vised by a doctor.
limited. The Food and Drug Ad- “I don’t like the idea of work with blankets, pillows Millen says the participants
ministration issued a warning last culture getting to the point where and eye shades as he had to apply for one of the dozen
fall about ketamine’s popularity as working insane hours is not read poetry aloud to slots, answering written questions
an off-label mental-health treat- enough,” he said. “On top of that, create a soothing envi- about their management styles
ment, saying it “has not deter- you now need to be doing drugs to ronment. Next came and their interest in joining the
mined that ketamine is safe and work even harder.” the injections. One retreat. She is trying to manage
effective for such uses.” The FDA A handful of companies’ bene-  Peggy Van de Plassche started woman’s mind went to a dark expectations, especially for people
also warned that using ketamine fits plans now cover ketamine for taking small doses of magic place, leaving her visibly emo- who may assume that one trip will
without monitoring by a health- mental health. The drug is avail- mushrooms when her financial tional and colleagues unsure how radically change their life, by tell-
care provider puts people at seri- able through clinics and mail-or- advisory firm struggled early in to respond. ing those who’ve signed up that
ous risk of adverse reactions, in- der businesses where doctors pre- the pandemic. it’s unlikely they’ll emerge from
cluding psychiatric events, scribe it off-label to treat a range Finding focus the $2,000 weekend with billion-
FROM TOP: SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (5); JOHANA LARA RODRIGUEZ; DANNY GABRIEL

increased blood pressure and uri- of conditions. Peggy Van de Plassche started tak- dollar ideas. More realistic, she
nary problems. Talking with more than a dozen Some true believers flagged the risk ing small doses of magic mush- says, is that ketamine will help
Whitcomb says he initially people who’ve used or administered of a bad trip with co-workers rooms—capsules containing about them let down their guard and ac-
turned to ketamine to treat de- psychedelics, I heard about one (somewhat worse than getting 5% to 10% of the psilocybin chemi- cept coaching more readily.
pression and found it helped him positive experience after another. tipsy at the company Christmas cal that someone might consume Tales of uninhibited brain-
think more expansively party) and concerns about over- while partying—when her finan- storming make Chris Giuseppini, a
about work problems. hyped expectations. Most—save cial advisory firm struggled early freelance marketing professional,
“It sounds very hippy- those working in or alongside the in the pandemic. She got her first curious about ketamine.
dippy—it does—but I psychedelics industry—didn’t want supply at a wellness clinic that she He can be his own harshest
really believe profes- their names used. visited for massages near her critic, he says, generating ideas
sional services firms Juan Pablo Cappello, co- home in Canada and found she only to question whether they’re
these days have to be founder of a Miami provider of could focus on important tasks for any good. He often spends much
looking inwards to find ketamine mental-health treat- long stretches. of the day pacing around his home
an edge in problem ments, Nue Life Health, said a She quit her day job in 2022 to office, waiting for inspiration to
solving,” Whitcomb third of the roughly 50,000 people turn her personal experience into strike.
says. who inquired about treatment a program for others, which she Several creative professionals
during his first two years in busi- calls the Microdose Diet. (Her he admires have shared positive
ness had no mental-health issues. book by the same name drops next experiences with ketamine dimin-
 Juan Pablo Cappello They were simply curious about month from Simon & Schuster.) ishing their tendency to second-
co-founded Nue Life the drug’s potential to spark bril- Van de Plassche is quick to ac- guess themselves.
Health, a provider of at- liant ideas. knowledge that medical research Giuseppini hasn’t experimented
home ketamine Nue Life turned those folks to support the performance-en- yet, but he’s considering it.
treatments, in 2021 but away. Cappello sold the business hancing effectiveness of psyche- “Is there another realm I could
sold the business two last year because he says it delics is limited and notes that her unlock—a few more chambers of
years later. couldn’t compete financially with template for microdosing involves my brain?” he wonders.

Selling Gold Is Not Gold investors de-

pend on price apprecia-
tion to recover those
costs. Though prices

As Easy as It Seems have been climbing

lately, they haven’t his-
torically risen with the
same consistency as
BY KATHERINE HAMILTON cal shops in New York City told The stocks. “You need a

C
Wall Street Journal that they would holding period that’s
ostco made buying a gold bar typically offer between 1% and 5% long enough to over-
as simple as tossing it in a less than the market price for a ge- whelm that cost,” said
shopping cart. Selling it is a lot neric 1-ounce gold bar like the ones Graff of Facet.
more complicated. sold at Costco. None offered at or
Adam Xi, 33 years old, called five above market value. A sea of options
different dealers to get a price he “It’s not like trading stocks,” said Pawnshops and bricks-
could accept for the gold bar he Lark Mason, a New York-based ap- and-mortar bullion deal-
bought at Costco in October. praiser. “There’s a friction between ers are the primary op-
One dealer offered him $200 less what you pay and what you actu- tions for face-to-face
than the $2,000 he had paid. Taking ally get.” deals. There are also
such a loss would thwart his plan hundreds of online re-
to rack up credit-card points buying Immediate loss tailers of varying sizes
the gold and then quickly reselling Gold is typically a buy-and-hold in- and reputability. Sellers
it. He kept at it, and eventually vestment used to store value can also sell directly to
found a local coin dealer near his through economic ups and downs, peers through platforms
home in Philadelphia willing to pay like inflation. But after a more than like eBay, Facebook
$1,960, or $20 under market price. 15% rise in gold prices this year, Marketplace or Reddit.
Costco shoppers are spending as more sellers are showing up to un- its from rising gold prices, some  Costco shoppers are spending Luke Greib, of Southeast Michi-
much as $200 million monthly on load their bars and jewelry, pre- dealers say they are less inclined to up to $200 million on gold, Wells gan, waited almost a decade to
gold, according to a Wells Fargo es- cious-metals dealers said. make competitive offers. When Fargo estimates. make a profit on his gold bar. He
timate. They are part of a new In March, customers at online asked about gold bars, a Money sold his 1-ounce Credit Suisse bar
wave of gold buyers, who have buyer JM Bullion sold twice as Metals Exchange representative lectible. This means the capital- for $2,350 in April after paying
taken an interest in precious metals much gold as the monthly average, said they had so many in inventory gains tax rate can be as high as $1,500 for it back in 2015.
to protect their wealth against in- Chief Executive Robert Pacelli said. that they had lowered their offers. 28%. The highest rate for a stock in- He didn’t bother with local shops,
flation and economic disaster. There are more than 1,700 bul- Selling gold online has additional vestment would be 20%, according which he believes lowball sellers. He
When it comes time to cash out lion dealers in the U.S., according to costs. Shipping fees can be as much to the IRS. These rates don’t in- compared offers from a range of on-
their investment, many are learning Bullion Directory. That doesn’t in- as $40 for an ounce of gold, accord- clude the additional 3.8% surtax for line retailers. He rejected those, too.
a hard truth: Gold isn’t the most liq- clude jewelers, refineries and other ing to JM Bullion. Insurance on that high earners. Instead, he sold the bar to some-
uid asset. nonspecialized shops that buy gold. shipping is another $40 for a $2,000 Investors can expect their gold to one he found on a Reddit page ded-
Costco won’t buy back the bars Dealers will make offers based on gold bar, per the U.S. Postal Service. immediately lose around 5% of its icated to trading precious metals.
or accept returns. Gold changes the current spot price, which fluc- Profits on gold held longer than a value, said Tom Graff, chief invest- He received the payment via Zelle,
hands through online and storefront tuates throughout the day depend- year can also be taxed at a higher ment officer at wealth advising without the tax or other fees asso-
dealers that charge fees or only buy ing on supply, demand and futures rate than other long-term invest- company Facet. This is due both to ciated with many third-party sites.
at discounts to market prices. contracts. ments. The Internal Revenue Ser- the premium buyers pay and the “If you research online, you can
Online retailers, refineries and lo- As more sellers try to reap prof- vice typically treats gold as a col- fees needed to resell it. get a better price,” he said.
A12 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Letting AI Do the Work

BY CORDILIA JAMES  Do: Ask chatbots to explain

D
complex topics or findings in a
ay by day, there’s way that you understand.
growing pressure at
the office. Do you re-  Don’t: Overload the bot with
spond to all those cli- Generative AI tools can help you get ahead in the office—here’s a guide long videos or files.
ents—or let AI do it?
Do you attend that Wordy, boring documents?
meeting—or do you send a bot? Chatbots love them. Free tools like
About 20% of employed adults Copilot in Microsoft’s Edge
said they have used OpenAI’s browser can summarize webpages,
ChatGPT for work as of February articles, PDFs or other sources you
2024, up from 8% a year ago, ac- only have time to skim.
cording to Pew Research Center. ChatGPT only allows Plus sub-
The most popular uses for AI at scribers to upload files. Other AI
work are research and brainstorm- tools such as Perplexity and An-
ing, writing first-draft emails and thropic’s Claude let you upload a
creating visuals and presentations, few limited-size files free. Turning
according to an Adobe survey. on the Google Workspace exten-
Productivity boosts from AI are sion in Gemini chat lets you refer
estimated to be worth trillions of to emails and files in Docs and
dollars over the next decade, say Drive, so you can ask it to summa-
consultants. Many companies are rize information you already have
encouraging their workers to em- saved there. (Beware: In our test-
brace and learn the new tools. The ing, it made some mistakes like
industries that will benefit most making up names for people.)
are sales and marketing, customer Copilot, Gemini and other bots
care, software engineering and can summarize and provide time-
product development. For most stamps for videos with tran-
workers, it can make your day-to- scripts. Gemini users need to turn
day a bit less annoying. on the YouTube extension in set-
“If you’re going to use it as a tings. Copilot in Edge can answer
work tool,” said Lareina Yee, a se- questions alongside open YouTube
nior partner at the consulting firm or Vimeo pages. Video summari-
McKinsey and chair of its Technol- zation can be hit or miss, espe-
ogy Council, “you need to think of cially for longer clips.
all the ways it can change your
own productivity equation.” SAMPLE PROMPT: List the five
Using AI at work could get you key points discussed in this video
fired—or at least in hot water. A in a bulleted list.
judge last year sanctioned a lawyer
who relied on fake cases generated Meetings
by ChatGPT, and some companies  Coolest Trick: Send your bot to
have restricted AI’s usage. meetings for you.
Other companies and bosses are
pushing staff to do more with AI,  Do: Cross-check confusing notes
but you’ll need to follow guidelines. and ask bots about previous
Rule No. 1: Don’t put any company meetings.
data into a tool without permis-
sion. And Rule No. 2: Only use AI  Don’t: Use external monitoring
to do work you can easily verify, services in company meetings with-
and be sure to check its work. out permission.
ChatGPT is easy to play around
with. For one, version 3.5 is free— Otter.ai’s OtterPilot can join
though the $20-a-month ChatGPT meetings on Zoom or Google Meet
Plus (which includes GPT-4) deliv- and take notes for you, even if you
ers better results. Your company gave less detail than its subscrip- in a friendly but assertive way gest a timeline with those dates can’t attend. The AI generates a
might already pay for AI tools from tion counterpart. and keep it short, no more than already inserted. transcript and notes, which include
Google or Microsoft, so start there. To get AI inside your email two paragraphs. Personal account users who a brief summary, an outline and a
Whether you’re self-employed service, you or your employer has pay for Google Gemini can have to-do list. Its chat function can
or working at a Fortune 500 com- to pay. For $20 a month, Copilot Presentations the bot generate unique back- catch you up on what you missed if
pany, these are four areas where Pro lets Outlook users draft,  Coolest Trick: Turn your notes grounds and images within you arrive late, and recall notes
AI can help. We’ve gathered the proofread and reply to emails, and into PowerPoints with Copilot for Google’s Slides app. (Just don’t from previous meetings. The free
best starting phrases (aka summarize long email threads. If Microsoft 365. ask for people since Google dis- version only gives you 300 tran-
“prompts”) and the neatest tricks your company pays for Microsoft’s abled that feature following back- scription minutes and 20 chat que-
to try in each category. enterprise version, Copilot can  Do: Include enough slide ele- lash over its inaccurate depictions ries a month. The premium starts
reference files saved in your cor- ments in PowerPoint for fun, of race and ethnicity.) at $17 a month, or $110 a year.
Email porate cloud. unique layout options. Users of Gemini for Google In our test of the paid version,
 Coolest Trick: Summarize The Google One AI Premium Workspace will soon be able to Otter didn’t always know who said
lengthy email threads. plan, also $20 a month, integrates  Don’t: Get discouraged by bad prompt the bot to create slides what, and it forgot names and
Google Gemini in personal Gmail PowerPoint images—Microsoft’s based on Gmail and Drive content, misidentified people. You can re-
 Do: Add your own touches to accounts. Email thread summari- Designer is better. a Google spokeswoman said. view recorded transcripts to check
drafts so they sound more natural. zation is coming soon, but for ChatGPT won’t construct full on questionable points.
now, the Help Me Write feature Copilot Pro helps users gener- presentations, but it can provide Zoom now has an AI Compan-
 Don’t: Use vague prompts that helps you draft and tweak emails. ate, organize and understand Pow- slide text based on prompts. ion for paying users. It summa-
go nowhere—and don’t overdo the We got better results entering erPoint presentations. While only ChatGPT Plus can create slide rizes meetings and lengthy chat
proofreading tools. prompts in the stand-alone Gemini enterprise users can feed it files to segments from uploaded docu- threads, brainstorms ideas, and
chatbot. create richer presentations on the ments. We asked it to turn a 25- organizes meeting highlights.
RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK

Email is annoying, but it isn’t For $30 a month, or $144 a year, fly, Copilot Pro users can still page PDF file into seven slides, For Microsoft enterprise cus-
going away. AI can make respond- Grammarly’s premium generative- prompt the bot to add images to and it wrote text for each slide, in- tomers, Copilot is embedded in
ing to messages easier. AI service can appear in most text slides. cluding two suggested titles and a Teams and can take notes, sum-
Using a free version of Micro- windows on your Windows or Mac Caveats: You have to add images bullet list of key points. marize chats and answer ques-
soft Copilot or Google’s Gemini computer. You can write prompts, one at a time, and you get better tions. Gemini for Google Work-
chatbots, prompt the tool to write personalize your voice and set your results if you use Microsoft’s stand- SAMPLE PROMPT: Generate a wa- space accounts with the Gemini
words of encouragement, a time- preferences for later. alone Designer to generate images, tercolor image of a pink robot Enterprise or AI Meetings and
off request or some other email then bring them over. dancing in the rain. Messaging add-on can also take
premise. In seconds, you’ll get a SAMPLE PROMPT: Write an email Designer in PowerPoint offers notes and summarize them.
workable, if bland, draft. Based on to my direct report, Steve, asking unique slide layouts based on in- Summaries If your colleagues notice you
our tests, ChatGPT Plus delivered him to find time on my calendar to formation in the presentation. If  Coolest Trick: Get key points missed the meeting and sent a bot
impressive results on the first try. discuss the projects he’ll work on you have a list of dates on a slide, from YouTube videos without hav- instead, your best response may
The free ChatGPT did fine, but while I’m away next week. Write for example, Designer might sug- ing to watch them. be: “Welcome to the future.”

MY RIDE BY A . J. BAIME

A Kooky Connection
To Addams Family
Clint Moore, 53, a realtor living in It was a lady I knew, who lived near
San Jose, Calif., on his 1932 Packard me, so I called her. She invited me
903 Deluxe Eight, as told to over, and when she rolled up her
A.J. Baime. garage door, I thought: “Wait a min-

M
ute! I know this car.”
y dad, Doug Moore, bought To take a step back, when I was
his first Packard when I was growing up, my dad had an Addams
6, and I have been in love Family cartoon book that I remem-
with Packards ever since. My first ber reading. So, when the Addams
car, which I still own, was a 1948 Family movies came out in 1991 and
Packard that I drove to James Lick 1993, I went to see them. In the
High School in San Jose in the ’80s. movies, the family is driving this old
My dad’s car, which he still owns, green Packard. When I saw this
is a 1946 Packard limousine. He was 1932 Packard, I recognized it. Sure
president of the Packard Club na- enough, it was the car. The owner
tionally, and our family would go to had purchased it in 1991, the year ond movie. She had all these maga- from my house all this time? Clint Moore drove a 1948 Packard
meets all over the place. I would the first Addams Family movie zine articles about it. The owner agreed to sell it to me to high school in the ’80s. Now he
see prewar Packards and they had came out and, at that time, as she I thought, this is divine provi- in 2017. I put some money into fixing owns this 1932 Packard 903 Deluxe
this next-level glamor to them. They explained to me, it was already un- dence. How can it be that this is it up and have been taking it to car Eight.
were built to compete with Rolls- der contract to appear in the sec- the car? And that it was 10 miles shows ever since. I named the car
Royces and “Marlene the Dietrich,” car at the Pebble Beach Concours
Duesenbergs—the after Marlene Dietrich, d’Elegance, which is like the Oscars of
height of what one of Hollywood’s big- car collecting. It’s a magical thing to
money could buy. gest stars when the car get to participate, and for me, I ful-
I set my sights on was built, but more im- filled a lifelong dream.
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL (3)

a prewar Packard, portantly, after the fa- I am now director of the Northern
and started set- mous car designer Ray California Packards club and the ex-
ting money aside Dietrich, who designed ecutive vice president of the same
when I was in my this Packard’s body. national Packard Club that my father
20s. I saved for What I love most was president of. The national meet
two decades. about these old cars is this year is in June in Wisconsin, and
One day, I real- that you are really a my father and I will be going. These
ized I had enough part of the driving ex- cars are rolling forms of artwork that
money and I perience. You don’t push were a major source of our country’s
made some calls. a button and let the car economy. We need to work to get
My uncle knew of drive itself, as you do in better visibility for these cars, to
a woman selling new cars. Last year, I make sure future generations value
her 1932 Packard. was invited to show the them the way they should be.
 THE WALL STREET JOURNAL. Monday, April 22, 2024 | A13

ARTS IN REVIEW

E
New York THEATER REVIEW | CHARLES ISHERWOOD  Eddie Redmayne and the

The Kit Kat Comes Back

ven the most decadent company of ‘Cabaret,’ directed by
denizens of Berlin in the Rebecca Frecknall.
Weimar era—such as a
sinewy androgyne pre-
siding as the Emcee at a let plunger. Their thickly applied
nightclub where any- makeup, skimpy costumes—a
thing goes, sexually speaking—
The classic musical ‘Cabaret’ returns to Broadway in a decadent revival green macramé bikini?—and mul-
prove to be susceptible to the poi- ticolored hair are suggestive more
sonous seductions of the True, the new production takes tury sensibility—less 1920s Berlin istry of an empty test tube. of “RuPaul’s Drag Race” than a
ascendant Nazis in the theatrically the gambit further, adding pre- than contemporary fashion run- This leaves an emotional void seedy European club of the period,
sizzling if emotionally tepid Broad- show entertainment in three lav- way. Mr. Redmayne opens the that is thankfully filled by the ro- but they undoubtedly add to the
way revival of “Cabaret.” ishly redecorated bars, a sideshow show wearing a knit vest with a mance between Fraulein Schnei- show’s arresting visual allure.
Most New York theatergoers before the big-top attraction. But frilly tie and a blood-red leather der and another boarder, the Jew- More provocative is the depic-
probably saw the last Broadway Ms. Frecknall’s aggressively louche skirt, a tiny cone-shaped hat af- ish fruit vendor Herr Schultz tion of the Emcee. Midway
production, which opened in 1998, production still feels like a more fixed at a jaunty angle to his cop- (Steven Skybell), who woos her through the first act he sings the
had a phenomenal six-year run, saturated version of the prior one. per-colored wig. The outfits grow with gentle courtliness. Both disturbingly lovely “Tomorrow Be-
and then returned in 2014. The The musical is staged on a cir- more outlandish, as when he bruised by life, they nevertheless longs to Me,” a coded celebration
new version, directed by Rebecca cular platform. The numbers per- emerges in a skin-tight black en- are increasingly drawn together. of Aryan culture. This is a depar-
Frecknall, arrives on a tide of ec- formed at the club—the celebrated semble studded with silver but- Ms. Neuwirth renders her charac- ture not just from the original but
static reviews from London, bring- opener, “Willkommen”; “Don’t Tell tons, a World War I helmet on his ter’s ambivalence but also her un- from the aforementioned Broad-
ing along its marquee star, Oscar Mama”; “Mein Herr”—and the head, and long, deadly-looking fin- deniable yearning for a refuge way revival, in which Alan Cum-
and Tony winner Eddie Redmayne, scenes set in the boarding house gernails. He looks like a horror- from the world’s storms with ex- ming’s Emcee was revealed, at the
who plays that Emcee, and won an of Fraulein Schneider (Bebe Neu- movie monster. quisite delicacy. Mr. Skybell’s close, wearing the uniform of a
Olivier Award for the performance. wirth) all take place on this largely Ms. Rankin’s Sally radiates a warmth and ardent devotion are concentration camp prisoner.
It is styled as “Cabaret at the bare stage, suggesting the walls defensive aggressiveness, as if she likewise affecting. The wry song Whether Ms. Frecknall’s choice
Kit Kat Club,” with the theater re- between the nocturnal world, feels always on the verge of having “Married” marks the show’s un- makes sense may be disputed. In
configured to resemble the night- where customers flout society’s the rug of life swept away from likely emotional highlight—with any case, if the Emcee were moon-
spot where the Emcee presides prevailing norms, and the increas- beneath her—as it is when she is the terrific Natascia Diaz, as the lighting as a milquetoast-looking
over a gaudy floorshow starring ingly repressive culture outside fired, and forces herself on the be- prostitute Fraulein Kost, another Nazi sympathizer, when not
the British singer Sally Bowles, are more porous than one might wildered good will of an American boarder, haunting the stage as she flouncing around the Kit Kat Club
played by Gayle Rankin, accompa- suppose. writer, Cliff Bradshaw (Ato Blank- sings the woman’s verses, express- with epicene abandon, his flawless
nied by a small chorus flaunting Mr. Redmayne lives up to his son-Wood), whom she has only ing her own desperate longing for imitation of a social rebel would
their flesh and their raw sexuality. London acclaim, giving a savory, just met, insisting on moving in safe harbor. be worthy of whatever the Wei-
But didn’t that last revival take seductive performance as the Em- with him at Fraulein Schneider’s. Among Ms. Frecknall’s innova- mar equivalent of a Tony Award
a similar semi-immersive approach, cee. Moving with an almost reptil- Their unlikely romance—Cliff is tions is an emphasis on dance, might be.
with some of the audience seated ian slither, he presides over the attracted to men as well as with Julia Cheng’s choreography
at tables near the stage, where show with an air of preening in- women—unfortunately feels en- making inventive use of the stage Cabaret
they sipped cocktails while imbib- souciance, and sings in a sharp- tirely artificial. Ms. Rankin’s some- space as the club performers August Wilson Theatre, 245 W.
ing the heady atmosphere, as they edged tenor that gives full due to times shrill, peremptory Sally, ex- romp, stomp and shimmy around 52nd St., New York, $89-$594, kit-
can in the new version? And when John Kander and Fred Ebb’s en- uding the vulnerability of an Mr. Redmayne, engaging in ribald
MARC BRENNER

kat.club
it opened at the now-demolished duringly brilliant score. armored tank, and Mr. Blankson- movement that at one point in-
Henry Miller’s Theatre, that venue The Emcee’s costumes, by Tom Wood’s stiff Cliff are a glaring cludes such unlikely sexually Mr. Isherwood is the Journal’s
was renamed the Kit Kat Club, too. Scutt, reflect a stylized, 21st-cen- mismatch; they have all the chem- tinged props as a whisk and a toi- theater critic.

MUSIC REVIEW lenges and inspires Baker to play

more aggressively than he later

Two Jazz Trumpeters in Tandem would on most of his ’70s and ’80s
recordings. The longest track,
“When I Fall in Love,” finds Baker
singing and then playing
BY WILL FRIEDWALD Baker, though he was careful not to totaling 35 minutes of mu- especially rapturously and

C
emulate the slightly older trum- sic: seven songbook stan- Sheldon offering equally
het Baker and Jack Sheldon peter’s lifestyle. dards, one Sheldon origi- beautiful support.
didn’t have much in com- In the late 1960s and early ’70s, nal, two bossa novas, and “I’m Old Fashioned” and
mon. The two trumpeters and Baker was back in California, but a blues. “You Fascinate Me So” are
occasional singers, who are heard to- not by choice: In 1966, he had been The finished album is brief but highly copasetic
gether on the recently discovered, beaten and robbed, and his teeth excellent—though at times features for Baker and
newly released “In Perfect Harmony: were decimated to the point that there isn’t enough of it. Sheldon, respectively, each
The Lost Album” (Jazz Detective, he needed dentures and to relearn The most extreme example playing agreeably behind
out now), both emerged from the how to play the trumpet. Other is the opener, “This Can’t the other’s vocals. The set
West Coast jazz scene of the early than on a series of forgettable, pop- Be Love,” which starts with ends with “Evil Blues,”
1950s, but that’s where the similarity oriented albums, by the summer of Sheldon singing the first from the songbook of
ends. Baker has come to be seen as 1972 he had barely played or re- chorus rubato; then Frish- Jimmy Rushing, with Baker
the ultimate moody corded in years. berg subtly shifts it into playing, Sheldon singing,
loner, the original jazz- It was Sheldon’s tempo and Baker sings an and Frishberg paying hom-
man without a coun- idea that the two uptempo chorus with Shel- age to Count Basie.
try, wandering across A newly should do an album don playing behind We can’t be sure what
the globe in an end- released album playing and singing him. And that’s it. One Sheldon and Marshall’s
less tour of one-night- together, as a means yearns to hear the two plans were for the album—
ers, generally staying documents a of easing Baker back trumpeters then start trad- to sell the master itself to
one step ahead of into full-time per- ing fours, but it ends there. a label or merely to use it
drug-enforcement po-
surprising 1972 forming. Sheldon ap- Elsewhere the album as a demo. Ultimately, nei-
lice. Sheldon became collaboration. proached the guitar- seems just right, even on ther happened; about a
a mainstay in studio ist and producer Jack the shorter tracks. “Just year later, Marshall died at
orchestras, playing on Marshall, who had Friends” is Baker singing age 51, by which time
“The Merv Griffin opened a recording all the way through, here Baker, his chops and his
Show,” singing on “Schoolhouse studio in Tustin, Calif. As Frank getting to do a jazzier sec- confidence restored, had
Rock!” and rarely leaving the West Marshall, the producer’s son, writes ond chorus, with Sheldon resumed his endless no-
Coast. Baker’s singing was quiet, re- in the album notes, the two Jacks again playing obbligatos; madic trek around the
served and understated in a way then assembled an excellent rhythm although both tracks are world. It remained for the
that many found irresistibly erotic, section with bassist Joe Mondragon only two minutes and guitarist’s son to discover
whereas Sheldon was a figure of fun, (who is playing electric on at least a change, “Friends” at least the tape in a garage 50
full of irrepressible humor and wise- few tracks here), drummer Nick feels complete. “But Not For Me” is  Chet Baker; his record with Jack years later. We can be very glad he
cracks galore—he even made an al- Ceroli, and Dave Frishberg, the Min- even better, opening with a charm- Sheldon, ‘In Perfect Harmony: The did; it’s a remarkable collaboration
bum of standup comedy. Baker was nesota-born jazz piano giant who ing intro in which Frishberg pays al- Lost Album,’ is out now. by two uniquely gifted musicians,
unrepentantly self-destructive, lead- had only recently relocated from legiance to Earl Hines and Teddy Chet Baker and Jack Sheldon, so dif-
ing to his death in 1988 under mys- New York. To make Baker feel even Wilson, again with Sheldon playing with allusions to the blues. ferent and yet in harmony.
terious circumstances at age 58, more secure, Marshall himself also in support of Baker’s singing. The two Brazilian songs, “Histo-
while Sheldon had a long, productive played on the date, giving the trum- They never do actually sing to- ria de un Amor,” sung by Sheldon, Mr. Friedwald writes about music
K. ABE/CTSIMAGES

life and died at age 88. peter something he virtually never gether, but they play in tandem on and “Once I Loved,” where Baker and popular culture for the Journal
And yet the two men were, in had the luxury of working with, a several numbers, such as “I Cried takes the lead, are satisfying vehi- and is the author of “Straighten Up
fact, close friends. Sheldon, who full four-piece rhythm section. Shel- for You” and Sheldon’s “Too cles for the two. Throughout, the and Fly Right: The Life and Music of
was two years younger, idolized don and Marshall prepared 11 songs, Blue”—a quasi-comedic novelty presence of a second horn chal- Nat King Cole.”
A14 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

SPORTS
How Nike Won Battle for Caitlin Clark
Some of the biggest shoe brands made a run at the Iowa superstar. The swoosh prevailed.

BY RACHEL BACHMAN der Armour made its pitch to

Clark, Stephen Curry participated,
according to The Athletic. The of-
It was NBA All-Star weekend in fer was $16 million over four years,
Indianapolis and executives from with a signature shoe.
the world’s leading shoe companies Under Armour and Curry knew
descended on hotel lobbies in the how hard it would be to take on
city to make their pitch to the big- Nike. Four years earlier, they had
gest stars in basketball. been in contention to land Sabrina
But the prize they were all after Ionescu, the Oregon triple-double
wasn’t anyone shooting out the phenom who is now with the
lights in the NBA. In fact, the WNBA’s New York Liberty, only for
player they all wanted hadn’t even her to sign with the swoosh.
turned pro yet. She was a 6-foot That deal, which expires at the
senior at the University of Iowa end of next year, was reported to
who was in the midst of rewriting be worth $24 million and included
the record books. a signature shoe, dubbed the Sa-
Everyone was asking the same brina 1. Ionescu, however, won’t
question: Which shoe company receive that much, according to
would land Caitlin Clark? someone familiar with the situa-
Two months later, it turns out tion. Though her shoe has sold
the answer is Nike. The biggest well, her visibility was dented by
name in women’s basketball is set injury and her early years in the
to sign an eight-year deal worth up WNBA coinciding with the pan-
to $28 million with the biggest demic. Like most shoe contracts,
name in sportswear, according to the potential value of Ionescu’s
people familiar with the situation. deal included numerous on-court
If that outcome seems inevita- incentives, along with bonuses for
ble, the reality is that Clark strik- shoe sales.

CAM POLLACK/WSJ, GETTY IMAGES (3), ISTOCK

ing a deal with Nike was far from When it came to Clark, Nike
a slam dunk. In fact, the race to looked even further into the fu-
tie her to a shoe contract ranked ture. The duration of the proposed
as the most competitive in the his- contract, eight years, suggests
tory of women’s basketball, play- that the brand sees not only long-
ing out against the backdrop of term stardom potential, but truly
Clark lifting her sport to new global appeal. The next eight
heights and unprecedented TV rat- years, Nike executives reasoned,
ings as she became a household would give Clark a chance to rep-
name across America. resent the U.S. at three Olympic
Nike, which declined to com- Games—this summer in Paris,
ment for this article, had already As Caitlin Clark heads to the WNBA, she is set to sign an eight-year deal worth up to $28 million with Nike. 2028 in Los Angeles, and 2032 in
signed Clark once before. But that Brisbane, Australia. (The U.S. ros-
was in 2022, before she took over ter for Paris won’t be announced
the national sports conversation 15, the night before NBA All-Star player, few of whom ever receive year number and promptly until June or July.)
with her prolific scoring, gravity- festivities began, she had broken deals worth more than six figures. dropped out. The manufacturer al- Nike’s initial offer of $3.5 mil-
defying 3-pointers and feisty-girl- the NCAA women’s basketball ca- By NBA All-Star weekend, how- ready had deals with LSU’s lion a year, though an eye-popping
next-door persona. That original reer scoring record. ever, it was clear that Clark had Flau’Jae Johnson and WNBA play- number, didn’t initially come with
deal was set to expire at the end of As Clark was cooling off from burst into new territory. She was ers including Breanna Stewart, last a signature shoe. One possibility
the 2023-24 college basketball sea- that 49-point performance, her no longer just generating crazy season’s league MVP who has her floated was that Clark would in-
son—and everyone in the sneaker agents were turning up the tem- highlight reels every time she own signature shoe. stead become the female face of
business knew it. perature on the shoe-company stepped on the court. She was a Adidas sent Clark some shoes, the Kobe Bryant line, which re-
So executives arrived in India- reps. They informed the brands crossover athlete transcending and even prepared a prototype sig- launched in August 2023 to great
napolis to meet with Excel Sports courting her—which included Nike, college sports. nature model for her. But the Adi- fanfare.
Management, the agency that rep- Adidas, Under Armour and Puma— “She played herself into a posi- das bid fell far short of the mark: In its final offer to Clark, how-
resents Clark along with Derek that winning her commitment tion where it wasn’t even contin- $6 million over four years. ever, Nike upped its offer to in-
Jeter and Tiger Woods, hoping to would take a historic offer: $3 mil- gent on staying in college,” some- In the end, the closest con- clude a signature shoe. That would
convince her that her next shoe lion a year at the very minimum. one familiar with the situation tender for Nike was Under Armour, give her the most lucrative and at-
deal should be with them. Some of the brand reps were said. “People just wanted her.” a company whose highest-profile tractive shoe deal in women’s bas-
By this point, Clark was un- shocked by the number. It was a The only question was how ambassador happens to be another ketball—and yet another record for
doubtedly a phenomenon. On Feb. huge sum for a women’s basketball badly. Puma heard the $3 million a long-shooting phenom. When Un- her collection.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 22 Stadium level
25 Local resident,
The NBA Brings Defense Back
14 15 16 to a college
BY ROBERT O’CONNELL hoist themselves up to ever- over the decades, rules have
student
17 18 19 more-outrageous stat lines. had to evolve with it. When
26 Proficient Midway through this sea- When Philadelphia’s Joel rugged, low-scoring play
20 21 22 27 Word of son, the NBA had a strange Embiid scored 70 points in dominated the game in the
warning problem: Its players were January, he made 21 of 23 2000s, for example, the
23 24 25 too good. Teams were scor- free-throws. When Dallas’ league did away with “hand-
28 Selectively ing more efficiently than Luka Doncic put up 73 of his checking,” allowing offensive
26 27 28 29 30 31 choose from ever, stars were putting up own four nights later, he players greater freedom of
what’s 60 and 70 points in a single made 15 of 16. movement. The change
32 33 34 available game and there was abso- Early that month, Mc- helped usher in the fast-
29 Funny bit lutely nothing that defenses Cutchen said, “We started to paced and free-flowing era
35 36 37 could do about it. realize we had gotten re- the league enjoys today.
31 Slangy So the league set about laxed,” often whistling legal Even though this season’s
38 39 40 41 42 “I swear!” fixing things. defensive position as a pen- shift didn’t involve any new
33 Buddy In early March, basketball alty. The solution wasn’t to rules being put on the books,
43 44 45 fans began to notice a subtle change the rules, he said, coaches had spent the first
34 Place a ball girl
but consequential shift in but to enforce the ones al- part of the year clamoring
46 47 48 might visit?
the sport. Referees forgave a ready on the books with for the adjustment they have
36 Garden little more contact from de- greater rigor. Defenders lately seen. In December,
49 50 51 52 53 section fenders. They were more couldn’t barge into the path Golden State head coach
39 Crossword suspicious of star players of an offensive player—but Steve Kerr complained that
54 55 56 57 who flopped and flailed on neither could scorers simply star players were being al-
solver’s
request their way to the rim. And in veer out of their way to lowed to “B.S. their way to
58 59 60 a mid-March memo to crash into an opponent and the foul line.”
40 Strong smell teams, the NBA confirmed earn a foul. Those coaches got their
61 62 63 that its competition commit- Commissioner Adam Sil- wish. In an April game, the
41 Microsoft
Word feature tee “continues to evaluate ver, addressing the skyrock- Boston Celtics and Milwau-
the state of offensive vs. de- eting point totals, credited kee Bucks combined to shoot
SOUND CHECK | By Alex Eaton-Salners 42 Maui’s fensive balance.” the skill and savvy of his just two free-throws—a re-
Across 32 National 57 Maintain 8 Fencing winding ___ Put simply: The NBA was league’s athletes. But behind cord low in an NBA game.
flower of weapon Highway making defense legal again. the scenes, the league office On Saturday, the Minne-
1 Cabbage side 58 Cravat’s The numbers show just was examining a situation sota Timberwolves didn’t
dish Mexico cousin 9 Request after 45 Entertain with
talk or food how much tougher it has that threatened to tip bas- have many complaints about
33 Reduce providing gotten to score. Between ketball out of balance. the new way NBA referees
5 One-liner, 59 Spanish
one’s address 47 Paddled February’s All-Star break “If a coach sees some- are doing things. Minne-
say 35 Days before greeting
10 Diet based on conveyance and the start of the playoffs, thing wrong in a game, for sota’s playoff opponent, the
9 Disney big days 60 Kitchen Stone Age 48 Jackson 5 scoring dropped leaguewide him not to call a timeout Phoenix Suns, had averaged
theme park 36 Container for cooker foods by eight points per game. and address it would be re- more than 118 points in
hairstyles
with a World groceries There were six 60-plus point ally poor management,” Mc- three regular-season wins
61 Comes to 11 Like some 50 Diamond
Showcase scorers before the break— Cutchen said. “We have to over the Wolves. In their
37 Ladder part 62 Tech help line tennis shots Head’s island
14 Booty and there has been only one live up to the rulebook as Game 1 loss, hounded by a
38 France’s caller or basketball
51 Rescue since. it’s currently written.” fearless Minnesota defense,
15 “Pronto!” equivalent of passes
63 Be up in the 52 Like 2, 4 or 6 Saturday’s opening slate As basketball has evolved they mustered just 95.
16 Comic/ Santa Claus air 12 “Yowza!” of playoff games continued
podcaster 41 Vegas casino 13 Blasted 53 Post the trend. In the first
Marc Down matchup of the day, the
with a Penn & letters? 54 Uncooked
Teller show 1 Staircase part Cleveland Cavaliers held the
17 Shallowest 21 “___, vidi, vici” 55 Simile words Orlando Magic to just 83
of the Great 43 Highway 2 Worm on a
Previous Puzzle’s Solution points—the lowest total for
Lakes sealant hook, say a Cavs opponent all season.
N A P S Y E S C A P I T A
18 Soaring toy 44 Like 1, 3 or 5 3 Site of F L AW A R T D I A D E M Across four games, three
19 Soaring Singapore and L I MA O H I O S O V I E T teams failed to crack 100
45 Processed, as Sri Lanka P H O N I C L E N T O points.
20 Bartlett, Bosc coffee beans U C B M O S C OW I D A H O “If the offensive player
and Anjou 4 In what other S I R E A M I had the ability to just go off-
46 Danish place? C A I R O I L L I N O I S
23 Causing astronomer G O T S O R E N C S T A T E path, create an ugly play and
shudders Brahe 5 Capital of A T H E N S G E O R G I A get to the free-throw line,”
Indonesia N G L Y A K S said Monty McCutchen, the
24 Disappointed 48 Ages and O D E S S A T E X A S S I T NBA’s head of referee devel-
post-game ages, in 6 Egyptian R E N E E H E F T E D opment, “it’s very hard to
England judge of the V I E N N A V I R G I N I A
cry I T W A S I E L I P A R K compete as a defensive
JASON MILLER/GETTY IMAGES

dead player.”
26 Résumé duo 49 Reading aid S Y S T E M S E P S H E A
7 Swimmer The contest answer is PRAGUE. Each of the
At the peak of this high-
29 Ruby or 54 Wilson of Ledecky six American theme cities shares its name scoring season, NBA basket-
garnet “The Office” with seven with a city in another country: LIMA, Peru; ball could seem like a drasti-
MOSCOW, Russia; CAIRO, Egypt; ATHENS, cally uncompetitive game.
30 Dove’s 56 Like most Olympic gold Greece; ODESSA, Ukraine; and VIENNA,
murmur Libyans medals Austria. In order of the parenthetical numbers Players already gifted at
in the clues, the first letters of these six putting the ball in the basket
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. countries spell the contest answer. used the free-throw line to Markelle Fultz attempts a shot in the Magic’s Game 1 loss.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | A15

OPINION
Do Interest Rates Matter Anymore? BOOKSHELF | By Allan Massie

The Federal
Reserve hiked
interest rates
roughly 3% at the start of
2022, so surely home prices
are down, right? Wrong. The
cause recessions as carrying
inventory got more expensive
and orders halted. Most re-
maybe because, auto-insur-
ance costs are up 22% from
last year. The service econ-
Medieval
11 times be-
tween March
2022 and
J a n u a r y
median home price was
$384,500 in March, up from
$350,000 at the start of
2022. Supply is limited be-
tailers now use just-in-time
deliveries in their supply
chains to minimize inventory
costs. Autos are exposed, but
omy is winning. Video is in-
creasingly streamed and less
about physically putting up
antennas or laying cable.
Migrations
INSIDE
2024. Short cause those with 3% mort- manufacturers often subsi- We are now an economy
VIEW
rates have gages are staying put with dize dealer inventories and of logistics, online sales and
A Travel Guide to the Middle Ages
By Andy
gone from low payments. offer cheap loans. electronic delivery. Manufac- By Anthony Bail
Kessler
zero to 5.5%. Retail sales were up big Aren’t banks at risk when turing economies such as Norton, 368 pages, $29.99

O
Meanwhile, again in March. Credit-card rates go up? Some. March China and much of Europe
the economy is growing at debt is a record $1.3 trillion, 2023 saw a flurry of failures are much more interest-rate- ne thinks of the Middle Ages as a time when peasants
close to 3%. Unemployment but note the Philadelphia Fed at such regional banks as Sil- sensitive than the U.S. rarely moved more than a few miles from their huts
hasn’t surged. Commodities reported that late last year, icon Valley and Republic, Higher interest rates may or monks from their monasteries—when people
are booming. Stocks hit an credit-card delinquency rates matter, but for an increas- generally, other than perhaps the well-to-do, were rooted in
all-time high at the end of (30, 60 and 90 days past ingly smaller portion of our place for lack of means or motivation.
March. To borrow from due) were over 3%, numbers The economy may be economy. But this was not the case. In “A Travel Guide to the
“When Harry Met Sally” not seen since 2012. Keep an The Fed’s interest rates Middle Ages,” Anthony Bail describes a variety of medieval
(1989), if that’s the outcome eye on that. chugging along, but are a blunt instrument any- commoners taking long journeys on foot and horseback and
of higher rates, “I’ll have Global energy demand re- usury could bring a way. Bureaucrats now try to by ship. They traveled as soldiers, pilgrims and traders and
what she’s having.” mains strong. Oil is pushing control the economy by tin- sometimes found themselves in distant lands, not least the
As late as December, fu- $85; I recently paid $6.39 a day of reckoning. kering with the money sup- Holy Land. “There is,” Mr. Bail writes, “only occasional
tures markets were expecting gallon for premium gasoline. ply and paying interest on evidence in medieval Europe of Wanderlust”—of people
six rate cuts in 2024, accord- Gold is shining. A side note: excess reserves—Treasury wanting to travel for its own sake. Yet there were
ing to Barron’s. After three As Iranian drones headed to- mainly those that didn’t uses reverse repos to soak up exceptions, such as wandering minstrels and students.
monthly readings of more ward Israel, Bitcoin prices hedge their interest-rate risk. liquidity. These are more be- Pilgrims were the most
than 3% of “hot” inflation, dropped 10%—not quite a Big banks hedge, so they hind-the-scenes tools than numerous travelers in the
Goldman Sachs now expects store of value. Auto sales aren’t as exposed to rate the headline Fed power inter- Middle Ages, Mr. Bail says,
only two cuts. Fed Chairman were up, year over year, in hikes. They mainly care est-rates moves we all focus though not all their journeys
Jerome Powell said it is March. Interest rates may about the spread between on. were long. Chaucer’s pilgrims,
“likely to take longer than matter but not as much. how much it costs them to There is an area in which in “The Canterbury Tales,”
expected” to have confidence Some markets are getting borrow vs. rates they can interest rates really do mat- went only from London to
that inflation is slain and cut blasted. Commercial real es- charge to lend—the net inter- ter: federal budget deficits, Canterbury, about 60 miles.
rates. Former Treasury Sec- tate is a mess. An office est margin. Recent bank unnecessarily boosted by That particular journey reads
retary Lawrence Summers building in Baltimore is for earnings have been a mixed electric vehicle subsidies and like a holiday, but other
even thinks there’s a chance sale at $1.5 million. True, it’s bag, but it’s certainly no fi- other green goo. For perhaps pilgrimages were more
for a rate hike this year. only Baltimore—but even nancial crisis. the first time, interest pay- arduous. Curiosity no doubt
For almost 18 months, the New York isn’t immune: A What about Amazon? ments this year will be larger played a part, but men and
yield curve has been in- Class A office space at 750 Facebook? Google? Apple? than defense spending. This women traveled to holy sites to
verted, which usually means Lexington Avenue in Manhat- Despite huge capital ex- is one reason recent Treasury save their souls—it was a
a recession is coming. Still, tan was recently valued at penses for data centers or auctions have seen weak de- serious business. Among their
the economy goes chug, $50 million, down from $300 parts for phones, they are all mand, sending long rates destinations were Rome, of
chug, puff, puff like the lit- million in 2015. To be sure, flush with cash. Meanwhile, higher. Here’s a silver lining: course, as well as Aachen and Cologne (in Germany) and
tle engine that could. Sadly, office problems are as much advertising is growing, al- The economy might be fine, Santiago de Compostela (in Spain).
it’s the same for federal from the nasty headwinds of though on television I’m see- but higher rates may finally And then there was Jerusalem. The English mystic
spending. remote work as they are ing fewer Chevy ads and bring a day of reckoning to Margery Kempe, a mother of 14, traveled there in 1413-14,
Thirty-year mortgage rates from higher rates. more plugs for Progressive rein in the tax-and-spenders. weeping “for her own sins” and other people’s too. Along
are more than 7%, up from High interest rates used to insurance—even though, or Write to kessler@wsj.com. the way, she worried about brigands and, as Mr. Bail puts
it, “rape and sexual harassment by strangers.” The
Jerusalem she arrived at was then controlled by the

The Biden-Trump Trade War With Mexico Mamluk Turks and their sultanate, which had expelled the
Christian Crusaders two centuries before her journey.
Most pilgrims who were headed to the Holy Land went
Is Mexico re- largest trading partners is an Mr. Trump’s suggestion pete in the Mexican market. first to Venice, the great sea power of the Mediterranean.
sponding to enemy. that Chinese-made steel, alu- General Motors, a leader in Travelers were overawed by its wealth and beauty and
U.S. pressure— This is a sop to Big Labor minum and components will auto sales in Mexico, relies on astonished by its management of their expeditions. The
or maybe to and to the grievance brigades be slapped together in Mexico China as a key supplier. If the name of every visitor was recorded, and lodgings were
threats from in swing states who pine for and qualify as duty-free under U.S. wants to accuse China of arranged, some luxurious, others wretched. Quarantine
D o n a l d the protectionism of the USMCA unless he intervenes third-country dumping, it islands were designated for travelers suffering from the
AMERICAS T r u m p — 1980s. It’s also dishonest and is preposterous. But he isn’t should go to the WTO. Black Plague. In Venice, travelers could change money and
against Chi- dangerous and threatens to alone in trying to promote the Slumping China is hungry buy provisions for onward travel. Even so, they might have
By Mary
nese electric- drag the U.S. economy back false narrative. for export markets where it to wait for months, at the mercy of ship captains and the
Anastasia
v e h i c l e into the destructive 1930s era Democrats have endorsed can be competitive. But in the weather. The dangers and hardships of the voyage, when it
O’Grady
manufactur- of the Smoot-Hawley tariff. his trade tirade—even if they near term that probably began, make even today’s “extreme tourism” seem safe and
ing south of In February Nikkei reported aren’t giving him credit. In an doesn’t include the U.S., which comfortable.
the border? That’s the take- that Chinese EV manufacturer interview in March, Rep. Deb- is already violating WTO rules The journey from Venice to the Holy Land might take
away from a Reuters report BYD was scoping out options bie Dingell (D., Mich.) said, “I with a 27.5% tariff on autos six weeks, since ships called at several ports on the way to
Friday citing unnamed Mexi- for a plant in Mexico. At a really, really, really, really, re- from China—25 points above Anatolia—at Rhodes and Cyprus, for instance. Life was no
can officials who say that March rally in Ohio Mr. Trump ally am going to be intense the “most-favored nation” easier when at last a traveler reached the Holy Land.
Mexico is halting its practice took aim at the news. rate of 2.5%. Though the Mamluks admired the pilgrim-tourists, they
of giving incentives to vehicle “Mexico has taken, over a Mr. Trump says he’s ready resented them too, often fleecing them. As in Venice,
manufacturers and “putting on period of 30 years, 34% of the The USMCA has to make it 100% on China cars administrative rigor was evident in Jerusalem, with the
pause any future meetings automobile manufacturing in made in Mexico. The Com- names of “visitors being logged into the efficient machin-
with Chinese automakers.” our country,” he said. “Think North American rules merce Department has ery of the Mamluk government,” Mr. Bail writes. Many
If Mexico pulls back on of it. It went to Mexico. China of origin for which launched an investigation into holy sites were in poor repair, and pilgrims could be
subsidies designed to woo now is building a couple of what it calls the “national se- roughly handled. Still, the Franciscan order provided
Chinese investment in EVs, it massive plants where they’re China can’t qualify. curity risks of connected vehi- guides, and pilgrims walked in the steps of Christ’s
may provide a little goodwill going to build the cars in cles, specifically PRC-manu- Passion. Many chipped bits of stone from the holy places,
on the country’s balance Mexico and . . . they think that factured technology in the fragments to be treated with “great devotion” and, on
sheet with the U.S. But it’s they’re going to sell those about ensuring that automo- vehicles.” In following up on being brought home, says Mr. Bail, “placed among the
unlikely to satisfy powerful cars into the United States biles made by China aren’t the news from Mexico last chief relics of churches.” They were obviously more than
American steel, aluminum with no tax at the border.” going to get any benefit from week, Reuters reported that mere souvenirs, though that too.
and auto interests lobbying It’s unlikely that Mr. Trump trade agreements that we’ve “a White House spokesperson
for greater barriers to free believes this, because it was got. So, you know, producing said [President Biden] will
trade in this election year. his administration that nego- in Mexico and coming in not let Chinese automakers European travelers on foot, horseback and ship
While Mexico has the atten- tiated the rules of origin un- here.” If Ms. Dingell thinks flood the market with vehicles journeyed as soldiers, pilgrims and traders
tion of the U.S. press, the der the USMCA, which re- cars using Chinese-made steel that pose a threat to national
real spat is about the World placed the North American and components can “bene- security.” to far-off lands—especially the Holy Land.
Trade Organization and the Free Trade Agreement. The fit” from the USMCA, she is I don’t know about you, but
protectionist catchall “na- USMCA requires that 40% of guilty of a staggering level of I can think of a lot of ways
tional security.” the content of duty-free autos ignorance. that China can spy on the U.S. As Mr. Bail reminds us, people ventured beyond Europe
American politicians on be made with a $16-an-hour BYD’s entry into Mexico and a car, which is today a and the Holy Land. Merchants following the Silk Roads (for
both sides of the aisle seem minimum wage, cutting out isn’t about the USMCA. BYD computer on wheels, is hardly there was more than one) traveled through the steppe
eager to conflate Chinese EV Mexico’s lower-priced labor. says it plans to make cars for required. This is raw protec- lands of Central Asia and the vast Mongol states or empires
production in Mexico with the The USMCA also requires 70% the Mexican market, where it tionism. It’s bad for the inno- as far as China. Marco Polo, traveling in the 13th century, is
U.S.-Mexico-Canada Agree- of the steel and aluminum in could presumably be competi- vation and competition that is the best-known though not one of Mr. Bail’s favorites: “the
ment, or USMCA. The idea is duty-free cars be made in tive. A BYD car is significantly good for Americans and none voluble, if pedantic, prosaic and unreliable Venetian
to denounce anything made in North America. USMCA rules cheaper than a Tesla. Ameri- of it has anything to do with merchant.” Traveling merchants were catered to in
Mexico, as if the U.S.’s south- of origin for autos require 75% can companies already use the USMCA. caravansaries—the medieval equivalent of roadhouses or
ern neighbor and one of its North American content. production in China to com- Write to O’Grady@wsj.com. motels, welcome if also dangerous.
The exotic nature of such travel led to alarming stories
of hazard and danger—for instance, tales of the Old Man

This Year in Jerusalem of the Mountain and his band of Assassins, a myth
grounded in the life of an 11th-century religious leader in
Persia but then elaborated fantastically until the myth
By Lou Weiss we thought we’d give “This timer. It took me that long might have hit the Al Aqsa came to “supplant the historic reality,” as Mr. Bail writes.
year in Jerusalem” a shot. just to put on my clothes, al- Mosque, a holy site in Islam. Reality was marvelous enough, nowhere more so than in

M
Jerusalem But this trip to Israel is un- though in fairness, a stuck Frankly, I was a little hurt the city we now know as Beijing, ruled by a Mongol
y wife and I have of- like any other we’ve made in zipper took 30 seconds of that the Iranians didn’t con- dynasty well into the 14th century. According to the
ten been told that Is- the past 50 years. Why is this struggling. Finally, I gave up sider me drone-worthy. reports brought back to the West, the city was, Mr. Bail
rael during Passover journey different from all and went as is. It took me From conversations we’ve says, “the matchless expression of the great khan’s power
is something special, so we’re other journeys? When I did a three minutes to get down to had, Israelis seem as con- and wealth, technological sophistication and love of
here now giving it a try. pre-departure Google Maps the spa-shelter. My wife said I cerned about who governs the ordered beauty.” There was nothing to compare to it in
We’ve been to Israel many search, instead of showing was too slow, and she would U.S. as about who governs Is- Europe, not even Venice.
times, and something interest- go without me. I’ll meet you rael. I don’t know how to re- If civilization flourished in the East, the West, before too
ing is always happening. there, she said. Cold. spond other than to shake my long, was spreading its wings—or rather, its sails. By the
Sometimes it’s political, some- My wife and I came Knowing the capabilities of head in sorrow. On the whole, end of the 15th century, the first glimmerings of European
times military. Sometimes re- the Israel Defense Forces, I Israelis are going about their empires were discernible. There was much ignorance, of
ligious, sometimes diplomatic. from Pittsburgh to wasn’t too scared. What are daily lives with courage and course. Europeans still had little knowledge of, for instance,
Often it is a combination of observe Passover the odds that Iran takes me determination. Although Is- Japan, and their sense of Africa was speculative, to say the
these. out during my vacation? Don’t raelis aren’t hysterical, our least. Their knowledge of lands across the Atlantic was
When you’re traveling to in a country at war. answer that. friends did give extra-big hugs sparse but would famously improve.
Israel, well-meaning people In the estimated time it to their kids who were home Part of the appeal of “A Travel Guide to the Middle Ages”
invariably ask “Why are you took Iranian drones, cruise on leave and heading back to is its tendency to ramble, like more than a few of the
going?” and “Aren’t you subway stops, the map pre- missiles and ballistic missiles war. journeys it records. Mr. Bail, a professor of medieval studies
afraid?” No knock against my sented me with bomb-shelter to cross over Jordan, we As we approach Passover, at the University of London, moves to and fro in time as
hometown, but I feel much locations. This is also the first started streaming episodes of we can see parallels between well as in geographical space. He dips into the accounts of a
safer walking around the time we’ve had to acquaint the war drama “Masters of the Egyptians who enslaved wide range of travelers whose adventures are often
streets of Tel Aviv than down- ourselves with the shelter in the Air”—perhaps not the and killed us and the latest compelling but whose reliability can’t always be counted on.
town Pittsburgh. our hotel. best choice of entertainment. sadists who showed they Someone calling himself Sir John Mandeville, in the late
For the past 40 years, my When we arrived in Tel We waited in bed for the would do the same. This year, 14th century, produced “The Travels of John Mandeville,” a
wife has prepared delicious Aviv, where we spent the first siren to go off. It never did. At as we celebrate the ancient Is- popular chronicle written with assumed authority about
seders, but this year we few days of our trip, the first, I thought that maybe raelite idea of freedom, we cities and countries he had never visited. It is a repository
thought it best to be guests front-desk staff told us we our neighborhood wouldn’t be can marvel at the modern Is- of wonderful stories, Mr. Bail concedes, though they defy
rather than hosts. And where would have about a minute to targeted because we were in rael that demonstrates how to credulity. “The main place from which he departed,” Mr.
better to invite yourself than get to the shelter—which is Jaffa, which has a significant defend it. Bail observes of Mandeville, “was the realm of truth.”
the place where the Passover down in the spa and exercise Muslim population. But I later
story ends? Rather than say- room—so we decided to do a read in the news that if Israel Mr. Weiss is a carpet sales- Mr. Massie is the author of “The Royal Stuarts: A History
ing “Next year in Jerusalem,” dry run. I started the phone hadn’t intercepted, a missile man in Pittsburgh. of the Family That Shaped Britain.”
A16 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The House Votes for a ‘Strong America’ Milton Friedman Left Us Tax Withholding

A
merica’s allies and enemies have started strategy in Ukraine within 45 days. Readers who The most pernicious effect of the pleaded with factory owners to hold
to wonder if the U.S. is too consumed have followed the war know the answer: The Bi- withholding tax (“Milton Friedman’s back 10% to 15% of their husbands’
Worst Mistake” by Jason De Sena wages because, after a night or two
with infighting to defend itself and its den Administration wants Ukraine to survive but
Trennert, op-ed, April 15) is that it of drinking after payday, there wasn’t
interests. So put down a not to defeat Vladimir Putin. anesthetizes the taxpayer to the enough money left over for the fam-
marker: Even a dysfunctional Large majorities vote for Whatever the Administration sting of taxation. Were taxpayers to ily to eat until the next pay period.
and narrowly divided Congress more U.S. weapons and produces will be instructive, receive their full pay, undiminished Other, similarly-situated women
perceives the world’s dangers and an opportunity for Repub- by the tax withheld, they would felt the same way, and in time a sys-
and has decided to meet the aid for Ukraine and Israel. licans to press the case that then have to write checks to the tem was implemented. My mother
occasion. Mr. Biden’s ambivalence has government. thought the Irish originated the with-
The House of Representa- failed. Taxpayers who must deplete their holding “tax.”
tives on Saturday passed separate bills to sup- The House bill also tries to compel the Biden bank accounts are much more likely Perhaps systematic efficiencies at
port Ukraine, Israel and Taiwan. A fourth bill Administration to give the Ukrainians long- to hold their government to strict ac- the cost of “freedom” can save us
that cleared the House would seize frozen Rus- range fires known as the Army tactical missile count than taxpayers who never had from ourselves.
that money in their pockets at all. MICHAEL G. MURPHY
sian sovereign assets and force a sale of the Chi- system, which can strike Russian supply and lo-
Nothing sensitizes a taxpayer to the Seattle
nese-controlled social media app TikTok, among gistics lines. Mr. Biden denied Ukraine these cost of government than taking
other priorities. weapons for more than a year, fretting over Mr. money out of one’s own pocket and Friedman’s worst mistake was not
All four bills cleared the House with more Putin’s reaction, and lately has offered only a to- putting in the government’s. the withholding of taxes, but the
than 300 votes, albeit with shifting bipartisan ken few. The GOP can connect the dots for voters STANLEY NEUSTADTER withholding of randomly selected
coalitions. Support for partners in the Indo-Pa- between Mr. Biden’s weakness and the frozen New York American youth from the shared joys
cific attracted the highest tally at 385-34, a tes- front lines. and dangers of military service.
tament to the bipartisan consensus on the threat The substance of the bills has been drowned I understand and admire that the Along with economist Alan Green-
posed by the Chinese Communist Party. Thirty- out by the drama over whether Mr. Johnson will principle “cost” of withholding tax at span, and other distinguished mem-
seven Democrats and 21 Republicans opposed be deposed as Speaker. Rep. Marjorie Taylor its source tends to make a tax system bers of President Richard Nixon’s
opaque and less onerous. But I shud- “Gates Commission,” Friedman lent
weapons for Israel, and 112 Republicans voted Greene wields an assassin’s veto in the GOP’s
der to think of the inefficiency and his considerable intellectual heft to
against the Ukraine bill. thin majority. Yet she represents only a rump mi- collection cost of, for example, mil- Nixon’s 1968 campaign promise to
At the core of these bills is U.S. self-defense. nority: She was given the opportunity to offer lions of seniors paying for their end conscription.
Some $23 billion of the roughly $60 billion an amendment stripping out money for Ukraine, Medicare insurance in separate trans- Now, some 50 years later, I know
Ukraine bill will replenish U.S. weapons stocks and it commanded only 71 ayes. actions rather than via automatic de- Friedman’s worst mistake: the moral
with better equipment than what America has Her game is power, not policy, and she may ductions from their Social Security hazard of creating a throwaway mili-
given to Kyiv. Another $11 billion is marked for try to embarrass Mr. Johnson into relying on benefits. tary, leading to endless wars bereft
U.S. troops in Europe for ship and aircraft main- Democrats to save him in a motion to vacate. Yet I recall a story my mother would of strategic leadership. Our utopian
tenance and more. those who say Mr. Johnson betrayed the GOP are share of one Irish ancestor, genera- national experiment with an all-vol-
The Pacific bill includes $3.3 billion to help peddling a false history. tions ago. She was a housewife of a unteer military is a bust.
the U.S. pick up the pace on producing attack Mr. Johnson from his first days as Speaker re- poor, lower-class, factory-working MAJ. GEN. WALTER STEWART JR., USA (RET.)
husband with a large family, who Bernville, Pa.
submarines. That is crucial to deterring Xi Jin- vealed himself as a conservative in the mold of
ping and selling hulls to the Australians. The Ronald Reagan. “A strong America is good for
bills will expand U.S. weapons production—from the entire world,” Mr. Johnson said in October
155mm artillery shells to Patriot missiles. 2023 after winning the post, and soon after told
Credit is due House Speaker Mike Johnson, the press he didn’t want Mr. Putin to prevail in
Israel Is Right to Ignore Biden’s Advice on Iran
who in recent days explained the stakes in Ukraine. He worked to pass border security mea- Regarding your editorial “Iran’s in Syria working to terrorize Israeli
Ukraine with more clarity than President Biden sures both he and the conference wanted, hold- Ominous Attack On Israel” (April citizens. An Israeli response to these
has mustered. He had to defy some on the right ing out long after it became clear nothing could 15): After the April 13 attack on Is- attacks was needed to re-establish
who revealed their isolationism by opposing all pass the House. rael, President Biden reportedly the deterrence that the U.S. helped
four bills (see nearby). He needed Democratic “We have to stand for freedom and we have told Israeli Prime Minister Benjamin dissolve.
votes to overcome these opponents and bring to be the beacon of light,” Mr. Johnson told re- Netanyahu to “pocket the win.” Es- DAVID KAUFMAN
sentially, Mr. Biden argued that Is- Potomac, Md.
the bills to the House floor, and Mr. Johnson was porters last week. “The only thing that has kept
rael should accept hundreds of
right to let the House work its will. terrorists and tyrants at bay is the perception drones, ballistic missiles and cruise Your editorial is right on target.
The 101 Republicans who voted to support of a strong America—that we would stand missiles launched at its territory Mr. Biden’s policy regarding Iran
Ukraine are giving a backbone to a weak Com- strong. And we will.” Saturday’s votes are a show since the resulting structural dam- has failed strategically and tacti-
mander in Chief. The House bill requires the Ad- of will from the United States that will reverber- age was limited. cally by failing to understand that
ministration to produce a document detailing its ate around the world. Absurd. So because Israel’s defen- we are dealing with a fanatical,
sive systems are effective, Iran and apocalyptic regime whose hatred for
its proxies can act with impunity? Israel and the Jews is at the core of
The GOP Isolationist Caucus This is pre-Oct. 7 thinking. Good
thing Israel didn’t listen.
its ideology.
Why did our government this

T
he U.S.—and the Republican Party— crats to defeat. But Ms. Boebert and Mr. Good From a practical standpoint, Iran’s month have to deny any involvement
attack cost Israel more than a billion in the killing of Brig. Gen. Moham-
dodged a geopolitical disaster on Satur- face competitive primaries that could end their dollars for a single night of defense. mad Reza Zahedi, a senior com-
day with the House passage of military destructive Congressional careers. It’s unsustainable. How can the world mander in the Quds Force of Iran’s
aid to allies in Europe, the Middle East and the The unavoidable meaning of the votes is expect Israel to normalize closing its Islamic Revolutionary Guard Corps?
Pacific. But the moment shouldn’t pass without that these Members don’t believe the U.S. airspace and shutting down its soci- This past week the Biden administra-
noting the Members who voted against U.S. should support allies threatened by authoritar- ety to prepare for an attack? Should tion announced in advance that the
help for any allies, anywhere, and against re- ians on the march. Like Republicans in the this be the norm? U.S. wouldn’t retaliate militarily for
plenishing American weapons stocks. 1930s who slept while Hitler and Tojo ad- The pre-Oct. 7 doctrine of allow- the attack on Israel. Why does the
Fourteen Republicans voted against all four vanced, these Republicans apparently think ing these threats to metastasize on administration feel the need to tell
bills on the House floor, including the one that America can sit out these fights in splendid iso- Israel’s borders is over. Israel won’t our enemies that we aren’t going to
would force a sale of TikTok from Chinese own- lation. But history suggests that if they prevail, and shouldn’t tolerate Hamas in show force?
Gaza, Hezbollah in Lebanon and the AARON COHEN
ership. Here’s the dishonor roll in alphabetical American sons and daughters would eventually
Islamic Revolutionary Guard Corps New York
order: Andy Biggs (Ariz.), Lauren Boebert have to fight. Better to help allies who want to
(Colo.), Andrew Clyde (Ga.), Elijah Crane (Ariz.), help themselves.
Matt Gaetz (Fla.), Bob Good (Va.), Paul Gosar The isolationist caucus lost this round, but
(Ariz.), Marjorie Taylor Greene (Ga.), Andy Har- this GOP tendency is dangerous. Another 17
Voters Needed a Hero for the No Labels Ticket
ris (Md.), Thomas Massie (Ky.), Troy Nehls Members voted for arms for Israel but not for In your editorial “No Labels, No cians are unwilling to change their
(Texas), Ralph Norman (S.C.), Matt Rosendale Taiwan and Ukraine. Do they want to encourage Alternatives, No Escape” (April 6), it ways. They had their chance. Now
(Mont.), Chip Roy (Texas). a Chinese invasion? Perhaps if Florida is at- is understated that we are unen- we have ours.
These Members are in heavily Republican tacked, they’ll awaken to the reality of the thused. Like Howard Beale, we MIKE CARTER
districts, so they would be difficult for Demo- world’s growing dangers. should all be “mad as hell” and “not Wapakoneta, Ohio
going to take this anymore!”
American two-party politics keeps I was a No Labels delegate, and
A Judge-Made Right to Vagrancy us from seeing the forest for the
trees. The emphasis on attacking the
the reason the movement was unable
to produce an alternative “unity

I
candidates’ character and age dis- ticket” was best summarized by the
s there a Constitutional right to camp on federal system of government leaves to the tracts us from judging them based on group’s national director, Joe Cun-
the streets? The Supreme Court will pon- democratic process.” bottom-line results. Neither party has ningham, when he said “No Labels
der this question on Monday in City of His persuasive dissent added that the deci- executed common-sense solutions for was looking for a hero, and a hero
Grants Pass v. Johnson. sion “never meaningfully en- major problems: drug addiction, ever emerged.”
Like thousands of cities, Will the Supreme gaged the text, history, and mass shootings, illegal immigration, JIM REDHEAD
Grants Pass, Ore., bans camp- public school education, Social Secu- San Diego
ing on public property. Of-
Court overturn another tradition of the Constitution.”
Since the Founding, state and rity insolvency, lack of long-term op-
fenses are punishable by a Ninth Circuit howler? local governments have re- erating budget and budget deficits.
$295 fine and short jail terms stricted camping on public
Democrats and Republicans have Can We Trust Government
had decades of rule to apply solutions
for serial violations. Home- property. The text of the to these problems. They have consis-
After Covid Disinformation?
less advocates argued in a class action that Eighth Amendment refers to methods of pun- tently let us down. Two-party politi- Regarding Karl Rove’s “Be a Wary
prohibiting public vagrancy violates the Eighth ishment and doesn’t prescribe what conduct cians care more about being re-elected Reader in the 2024 Election” (op-ed,
Amendment’s ban on cruel and unusual pun- governments may prohibit. and playing a zero-sum political party April 18): After seeing how questions
ishment. A divided Ninth Circuit Court of Ap- The Ninth Circuit’s sweeping opinion could game than about what is in the best about Covid vaccines and origins
peals panel agreed. be extended to an array of purportedly involun- interest of the American people. were treated when the pandemic hit,
The majority leaned on the High Court’s tary acts such as kleptomania, pedophile pos- Please do not vote for any Demo- I’m more concerned with disinforma-
fuzzy Robinson (1962) decision, which held that session of child pornography, and public defeca- cratic or Republican candidate in tion coming from our own govern-
the Eighth Amendment forbids criminalizing tion. State and local governments across the future elections unless you really ment and media. If we can’t fix that
want the same old, same old. Politi- problem, how will we ever control
the “status” of being a drug addict, though gov- Ninth Circuit stress in friend-of-the-court briefs
what other countries do?
ernments could still punish drug use. This legal that its decision has made it harder to keep ANDREA ECONOMOS
distinction bore little practical difference. But streets clean and help the mentally ill and drug Biden’s Faith and Politics Hartsdale, N.Y.
the Ninth Circuit’s extension of this logic is addicts get treatment. San Francisco Mayor
causing enormous real-world harm. London Breed even led a protest at the Ninth In Raymond de Souza’s “Pope
Francis Shuts Down the Cafeteria”
According to the Ninth Circuit judges, Grants Circuit courthouse.
(Houses of Worship, April 12), Cardi-
Pepper ...
Pass unfairly punished the supposedly involun- Those Democratic urban leaders don’t get
tary status of being homeless, even though any sympathy from Illinois, New York and a
nal Wilton Gregory is being kind in And Salt
calling President Biden a “cafeteria
many vagrants rejected housing. One woman handful of other progressive states, which lec- Catholic.” The president does far THE WALL STREET JOURNAL
did so because her Rottweiler wasn’t allowed ture that punishing “homelessness tends to ex- more than quietly dissent from basic
in a shelter. Others may refuse to abide a shel- acerbate the problem” because “encampments church teachings. Mr. Biden is run-
ter’s minimal behavioral rules. Some simply often offer a level of security, stability, and ac- ning a national campaign on unlim-
prefer to live on the streets. cess to resources that homeless residents can- ited access to abortion, while trum-
Under the Ninth Circuit’s ruling, homeless- not find elsewhere.” peting his Catholic bona fides.
ness is considered “involuntary” as long as the These states suggest that local governments Father de Souza cogently explains
number of vagrants exceed the available beds. should use other means to clean up streets like the church’s teaching on life and so-
cial ethics. One would hope there are
When calculating the latter, the judges excluded giving vagrants gift cards to bag their trash and
real consequences for politicians who
religiously affiliated shelters as well as warm- placing them in housing “without the typical boast of their Catholicism yet pub-
ing and sobering centers. Is requiring the home- strings that trip up those struggling with sub- licly reject its fundamental teachings.
less to stay sober to get shelter a constitutional stance abuse”—i.e., a requirement to stay sober. FRANCES BROWN
violation? Cities in California have tried both. Homeless- Lafayette, Ind.
The Ninth Circuit declined to rehear the case ness keeps increasing.
en banc over the dissents of 13 active and four The Ninth Circuit decision handcuffs state
Letters intended for publication should
senior judges. Judge Diarmuid O’Scannlain, and local officials who want to protect their cit- be emailed to wsj.ltrs@wsj.com. Please
joined by 14 judges, lamented that the court izens. Voters can hold them accountable for the include your city, state and telephone
was “paralyzing local communities from ad- results of their policies. Not so legislators in number. All letters are subject to
dressing the pressing issue of homelessness, robes. That takes a Supreme Court majority editing, and unpublished letters cannot “I can’t remember
be acknowledged.
and seizing policymaking authority that our that knows the Constitution isn’t a suicide pact. if I’m fed up or disgusted.”
THE WALL STREET JOURNAL. Monday, April 22, 2024 | A17

OPINION

Protests Step Up Pressure on Iran’s Proxies

Turn Violent By Seth Cropsey to freeze Israel, presenting threats

I
At Yale ran’s April 13 attack on Israel
marked the death of a long-
from the south (Hamas in Gaza), the
north (Hezbollah in Lebanon), and
east (via Syria and Jordan into the
standing regional paradigm: de- West Bank). Any move Israel makes
By Gabriel Diamond terrence. The Biden administra- in one direction leaves it vulnerable
tion—and Israel—must shift elsewhere. The longer this war goes

A
New Haven, Conn. from a policy framework that deters on, whether in Gaza or Lebanon, the
nti-Israel protests escalated to Iranian escalation to one that imposes more international pressure on Is-
violence at Yale University this costs on Iran’s actions and puts pres- rael will mount, and the more likely

ABEDIN TAHERKENAREH/SHUTTERSTOCK
weekend, and administrators sure on its proxy network. a rupture between Israel and the U.S.
let it happen. Hundreds of protesters Although Iran’s bombardment did becomes.
flooded the main campus, pitched 40 little damage, with Israeli, American, Defeating Iran, not deterring it,
tents, blocked Yale’s main dining British and various Arab air defenses should be the objective for the U.S.
hall, chanted for the annihilation of intercepting all but a handful of and Israel. That requires imposing
Israel, and denounced America. weapons, it was strategically conse- costs on the proxy network and
Identifiably Jewish students quential. Iran has fought a shadow breaking the Axis of Resistance. The
found themselves surrounded and war against Israel, the U.S. and the axis functions because it can operate
cornered by protest mobs. Sahar Gulf states for decades, sponsoring relatively cheaply. Iran can direct the
Tartak, a sophomore who has writ- proxy groups, directly organizing op- From left, images of Hezbollah leader Hassan Nasrallah, Iran’s supreme financial support it provides to Iraq,
ten for these pages, was poked in the erations to kill Americans and Israe- leader Ayatollah Ali Khamenei and the late Ayatollah Ruhollah Khomeini. Syria and Lebanon to training and
eye with a flagpole and needed hos- lis, and attacking Arab states di- equipment, while leaving the costly
pital treatment. On Friday night the rectly, if deniably, with missiles and ture behavior as much as a response on U.S. bases, proxy attacks on inter- tasks of civil administration and
mob cheered as students ripped drones. to Israeli actions. The main targets national shipping, and media promo- public-service provision to Baghdad,
down the American flag in front of a Iran had never before directly at- were the Nevatim Air Base—which tion of supposed Israeli war crimes Damascus and Beirut.
memorial for fallen soldiers and tacked Israeli territory with weapons houses the Israel Defense Forces’ in Gaza have all imposed domestic Israel should try to break this
tried to burn it. launched from its own soil. The April three F-35I stealth strike fighter stress on the Biden administration. strategic construct by forcing Iran to
Students called Yale trustees and 13 bombardment therefore breached squadrons, likely with a nuclear de- Meanwhile, Iran’s April 13 bombard- take direct control of each proxy
senior administrators “terrorists.” an escalatory firebreak in Tehran’s livery mission, and electronic intelli- ment demonstrates the likelihood of host state, or risk the collapse of the
Their chants included “There is only shadow war. Israel responded within gence and logistics units—and sites U.S. involvement in a Lebanon war, axis. It can do this most efficiently
one solution, intifada revolution” days, launching a narrow strike the in the Golan central to the IDF’s de- even if only to protect Israel from with airstrikes in Syria and a combi-
and “From the river to the sea, Pal- night of April 18 against the area fense against Hezbollah. Iran sought Iranian assaults. nation of airstrikes and intelligence
estine is almost free.” They cornered around the central Iranian city of Is- For Israel, launching a major operations in Lebanon. In Syria, the
a man at the plaza for wearing a T- fahan, host to nuclear facilities and strike seeking to cripple Iran’s nu- Assad regime is fragile and frac-
shirt that read “F— Hamas.” an air base. The Israelis, despite sev- Tehran’s direct attack clear program would be imprudent. tured, despite its victory in the civil
This protest is in clear violation eral close calls in the 2010s, had The U.S. has said it won’t support an war. Hitting specific nodes would de-
of Yale’s code of conduct, which ex- never before struck Iranian territory, on Israel demonstrates Israeli strike against Iran. Without stabilize the system. In Lebanon, do-
plicitly forbids protesters from ob- instead pursuing cyberattacks and the urgency of defeating U.S. assistance, the IDF would have mestic politics is reaching a boiling
structing building entrances or intelligence operations on Iranian to risk a big portion of its fixed-wing point following the murder of Chris-
blocking students’ ability to observe soil. the Axis of Resistance. combat fleet to suppress Iranian air tian politician Pascal Suleiman. Is-
an event. But the administration sat Iran’s actions demonstrate the defenses in Syria, Iraq and western rael can accelerate this restive trend,
on its hands. failure of American deterrence. On Iran. Such an operation would be pressuring Hezbollah and its de
April 12, President Biden warned to make clear that any Lebanon war more challenging, and risk worse facto ally, the Lebanese armed
Tehran against a direct attack. His would entail waves of strikes akin to consequences, than Israel’s attack on forces, with airstrikes that erode op-
Administrators sit on their administration has displayed aver- those Ukraine has endured for two Iraq’s nuclear program in 1981. erational capabilities and reduce the
sion to behavior it deems escalatory, years. Israel is a much smaller coun- A strike on Iran’s nuclear pro- state’s ability to manage sectarian
hands as a Jewish student imposing red lines in Europe over try than Ukraine, enabling air-de- gram, even if successful, wouldn’t unrest.
is poked in the eye with a Ukraine, pursuing a cosmetic détente fense concentration, but also in- appreciably change the balance of Such actions deserve full U.S. sup-
with China in Asia, and refusing to creasing an adversary’s odds of forces. Iran would react with a larger port. Israel faces a threat in the
flagpole and hospitalized. name Iran as behind any of the vio- hitting targets. Iran has multiplied bombardment, while Washington north that Washington fully grasps.
lence in the Middle East, while the missile threat Israel faces by might chide Israel for an “escala- Over time, Iran will need to direct
threatening to condition aid to Is- bringing its missiles and drones, and tory” action and limit its defensive more resources to maintaining the
Lt. Chris Halstead of the Yale Po- rael. This gave Tehran good reason those of its proxies in Iraq, Syria and response. Destroying Iran’s missile axis, drastically curtailing its own
lice told the Yale Daily News that of- to flout Mr. Biden’s admonition and Yemen, to the fight. arsenal is beyond Israel’s capabili- operational capacity.
ficers planned to begin clearing the to portray its bombardment as a re- Iran’s strategy is one of imposing ties, as all Iranian proxies also have
plaza on Friday at 11 p.m., the Daily sponse to Israel’s April 1 attack on costs. It has correctly identified that missiles and drones. Mr. Cropsey is president of the
News reported at 10:55. According to an annex of Tehran’s Damascus em- the core of Israel’s political-military The core of Iran’s political-mili- Yorktown Institute. He served as a
an 11:36 update, Yale College’s Dean bassy, which killed Islamic Revolu- capacity is its relationship with the tary capacity is its proxy network of naval officer and as deputy under-
Pericles Lewis promised the protest tionary Guard Corps officers. U.S. Since Oct. 7, Iran has worked to regional militias, called the Axis of secretary of the Navy and is author
leaders “he will meet with them if Iran’s attack was a signal of fu- strain this relationship. Its attacks Resistance. This network allows Iran of “Mayday” and “Seablindness.”
they pack up their tents.” They
didn’t. An 11:51 update: “According
to Halstead and another officer, YPD
decided not to proceed with dispers-
ing the crowd in the plaza ‘based on
If You Give a College Student a Cookie . . .
circumstances.’ The officers would How did our world, you give him free room and board at When inflation increases because of uranium. Then they’ll ask for the ab-
not elaborate further on what as- culture and politics a Manhattan hotel, he will invite his government spending, liberals will olition of Israel in return for not
pects of the circumstance influenced become such a family and friends, too. When you ask for a bigger child-tax credit. launching a nuclear weapon.
that decision.” mess? A simple ex- let them in, they’ll ask for a bus to • If Iranian mullahs ask for relief • If Israel removes its citizens
The invaders slept on the plaza, planation can be New York. from economic sanctions, you may from Gaza, Hamas will take over and
woke up, and spent Saturday chant- found in the best- • If an electric-vehicle startup go along because you want them to ask for humanitarian assistance.
ing and yelling. Fifty of them selling children’s asks for government support, you agree to a new deal to limit their When you send aid, Hamas will use
LIFE
marched up Prospect Street to the picture-book series might agree to fund the construction nuclear-weapons program. When it for military purposes while impov-
SCIENCE
Yale Divinity School to confront “If You Give . . .” by of its first factory. Then it will want erishing its people. Then it’ll use Ga-
By Allysia
President Peter Salovey and the Laura Joffe Numer- tax credits for people to buy its cars. zans as human shields after launch-
Finley
trustees, there for a Yale Corp. off. In each story, Since drivers need to charge their The children’s book series ing attacks on Israel. When Israel
meeting. indulging a crea- EVs, the company will ask you to fi- tries to defend itself, innocent Ga-
On Saturday, the Daily News re- ture’s unreasonable requests—be it nance charging stations. When it helps explain the dangers zans will accidentally get killed.
ported, Mr. Lewis and other school for a cookie, muffin or pancake— keeps losing money, it’ll ask you to of indulging unreasonable The United Nations will lambaste
officials told protesters that if stu- stimulates an appetite for more. So subsidize its battery manufacturing. Israel as the aggressor. Hamas will
dents remained at the plaza after it goes in real life: When it produces more EVs than requests around the world. smile and ask for more humanitarian
11:30 that night, they “may be sub- • If college students ask for safe people want to buy, it’ll ask you to relief. When you give Hamas more
jected to disciplinary action.” That spaces, you might give affinity ban gasoline-powered cars so con- aid, it will launch yet more attacks
deadline passed, and hundreds more groups their own centers. Then sumers have no other choice. Then you give them sanctions relief, on Israel and take civilians hostage.
poured in. The paper estimated the they’ll want to feel safe in class- it’ll ask for more money to build fac- they’ll spend their bounty on manu- When you seek to negotiate their re-
size of the mob at “more than 500,” rooms and will ask for trigger warn- tories to make more EVs that people facturing weapons, which they will lease, Hamas will ask for more aid
which strikes me as low. Faculty and ings to protect them from ideas they are forced to buy. give to terrorist proxies to attack and a temporary cease-fire.
dormitory leaders allegedly support don’t like. When you agree that cer- • If you create a child-tax credit, Israel. When you agree, it will regroup.
the students’ unauthorized occupa- tain ideas can be dangerous, stu- liberals will demand that it be made Then the mullahs will ask for Then when Israel accidentally kills
tion of campus. “Tonight, all 14 dents will occupy buildings and de- more generous. When you increase more sanctions relief, which you’ll Gazans while trying to eradicate
Heads of College agreed that they do mand that speakers be canceled. the credit, they’ll ask to make it re- grant because you believe it will en- Hamas terrorists, radical leftists will
not want us removed,” the protest When you apologize and disinvite fundable so people who don’t owe courage them to be less belligerent. block traffic on U.S. bridges and de-
organizers claimed in a Saturday speakers, students ask you to excuse taxes can claim it. When some stop Then they’ll manufacture more mand a permanent cease-fire. When
statement. tardy and incomplete assignments working, they’ll ask to increase the weapons, which their proxies will you agree, Hamas will escalate its
I spoke with several Yale police because they were busy protesting. earned-income tax credit as an in- use to launch more attacks. attacks. When Israel fights back, col-
officers on the site, asking if and When you give them an A for no ef- centive to work. Then they’ll ask for When you ask Israel to stand lege protesters will ask for safe
when they would start clearing the fort, they will graduate with honors paid family leave to make it easier down, the mullahs will continue man- spaces for Hamas.
plaza or arresting students. Each re- and think they don’t have to work for parents to take time off work. ufacturing weapons and enriching The list goes on . . .
plied: “That’s up to the higher-ups.” hard to succeed.
For the police to step in, the Yale Then, when you give them a job,
administration has to give them the
green light, according to the offi-
cers. Some officers expressed frus-
they’ll ask to work only 30 hours a
week. If you say yes, they’ll use their
extra time to organize a union. If
Climate Advocates Must Use the Market
tration that Yale wouldn’t allow you recognize their union, they’ll By Fred Krupp While it’s vital that companies curb Some observers worry that car-

C
them to intervene. ask for extra paid days off and eight climate pollution at every step of the bon credits will lead companies to
Arresting students is a necessary weeks’ vacation. limate action costs money. A supply chain, that’s a complex pro- shirk their responsibility to clean
condition for restoring order and When they max out their credit global transition to a cleaner fu- cess that can take a lot of time. up their supply chains. The unfortu-
quelling violence on campus. But it cards, they’ll ask for their student ture requires companies to in- Policies like SBTi’s create space for nate reality, however, is that certain
won’t be sufficient. These students loans to be forgiven. When you can- vest—and many want to. But they’re companies to take meaningful climate industries can’t move quickly to
won’t change their behavior unless cel their debt, they’ll quit their jobs limited by overly rigid constraints on action now. As businesses work to- zero pollution. Carbon credits or
they pay a real price. Expulsion of to get graduate degrees in commu- market-based tools like carbon cred- ward actually eliminating Scope 3 no, these businesses won’t be car-
even a few of them would set an ex- nity organizing. When they can’t re- its, which allow businesses that can’t emissions, they can use carbon credits bon-free anytime soon. And re-
ample for the rest of the protesters. pay their graduate loans, they’ll ask currently remove all their emissions and other tools to address the pollu- search from Intercontinental Ex-
for more debt forgiveness. to address them. The result is confu- tion they can’t yet prevent. These change and the environmental
Mr. Diamond is a senior at Yale • If a hungry migrant shows up at sion—and likely billions in deterred group We Mean Business Coalition
University studying political science your border, he will ask for asylum. climate investment. shows that credits encourage com-
and a research assistant at the York- When you let him into the country, On April 9 the board of the Science Constraints on flexible panies to take more ambitious cli-
town Institute. he will ask for a place to stay. When Based Targets initiative, or SBTi, a solutions like carbon mate action. Blocking realistic path-
group that helps companies set goals ways for voluntary climate action
for reducing greenhouse-gas emis- credits limit investment. guarantees reckless inaction from
sions, took a step in the right direc- businesses.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY tion. SBTi said it would consider al- Allowing carbon-credit flexibility
Lachlan Murdoch lowing companies to use certificates flexible approaches can benefit com- can’t mean a free pass for business
Executive Chairman, News Corp that track the benefits of climate munities, conserve nature, and foster as usual. Any credits companies use
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp projects in which they invest to cover cleaner industry by unlocking desper- should be proven to reduce pollution
Emma Tucker Almar Latour part of the businesses’ toughest chal- ately needed climate finance. and follow strong social and environ-
Editor in Chief Chief Executive Officer and Publisher lenges: reducing Scope 3 emissions. In a nation like Ghana, leaders say mental safeguards.
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Scope 1 includes emissions a company they see major value in these mar- Businesses have a critical role to
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; directly produces and Scope 2 those ket-based tools. As the Ghanaian play, but the climate community also
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, it indirectly creates by buying elec- government prepares to sell high- faces an important decision: We can
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; tricity. Scope 3 is everything else, in- quality carbon credits to support create the conditions companies
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
cluding supply-chain emissions and forest conservation, officials hope need to boost climate finance, drive
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Transformation Officer; Artem Fishman, Chief those consumers generate with a the international carbon market can sustainable development in emerging
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue businesses’s product. deliver financial support for family economies, protect critical ecosys-
Officer, Business Intelligence; Dan Shar, EVP,
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SVP, Head of Communications; Josh Stinchcomb, ity of a company’s carbon footprint duce carbon pollution. Under stick to inflexible positions that hin-
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page and are the hardest to reduce. More Ghana’s current plans to reduce de- der climate progress.
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
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1211 Avenue of the Americas, New York, N.Y., 10036 their climate pollution, but many get the government will give 69% to lo- Mr. Krupp is president of the Envi-
Telephone 1-800-DOWJONES their parts from around the world. cal communities. ronmental Defense Fund.
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Reports Omit Goals for Diversity Wall Street

Banks
Dozens of firms
have changed the
ancing act companies face as
they navigate pressure from
both critics and advocates of
Additions to and subtractions from Kohl’s DEI program
description between its 2002 and 2023 annual reports
are “key to creating an envi-
ronment where our people feel
safe to be themselves, are em-
Abandon
way they report
annual initiatives
diversity efforts.
In general, companies say
they aren’t cutting back on
powered to grow their careers,
are rewarded competitively,
and are challenged to do their
Street That
BY BEN GLICKMAN
AND LAUREN WEBER
their programs or longer-term
goals. Lawyers and other ex-
perts say the disclosure
best work while embracing the
power of automation.”
People and interest groups
Made Them
changes reflect uncertainty along the political spectrum
Spending $1.2 billion with about the legal parameters of are watching the companies’ BY ALEXANDER SAEEDY
diverse businesses. Doubling diversity programs along with words and actions.
Black and Latino leadership. wariness of political backlash Shortly after the affirma- America’s biggest bank is
Increasing recruitment from following the Supreme Court’s tive-action decision, a group of calling it quits on the street
historically Black colleges and 2023 decision overturning af- Republican attorneys general where American finance was
universities. firmative action in college ad- wrote a letter to Fortune 100 born.
Those diversity goals were missions. companies warning them JPMorgan Chase closed its
Note: Kohl’s said its DEI strategy hasn’t changed and that its
highlighted in companies’ an- The nature and degree of annual ESG report includes more information. against race-based preferences branch Friday at 45 Wall St.,
nual reports in 2022. A year the changes vary, according to Source: the company in hiring and promotion. Soon ending more than 150 years of
later, those references were a Wall Street Journal analysis after, Democratic attorneys physical ties between the bank
gone. of 10-K filings to the Securities Kohl’s no longer says it is “diversity and inclusion” from general wrote to the same and the street that is a catch-
Dozens of companies altered and Exchange Commission. cultivating “diverse leaders” a list of philosophy tenets for companies noting that corpo- all term for the global money
descriptions of diversity, eq- Some companies shortened de- for advancement, as it had for its human-resources depart- rate diversity programs are es- business.
uity and inclusion initiatives in scriptions or removed entire the past three years. The re- ment. sential to combating discrimi- The move won’t register for
their annual reports to inves- sections, while others changed tailer’s latest annual report Software company UiPath nation and encouraging firms most tourists visiting the area.
tors as DEI programs come un- a few words or phrases to cut says its priority is to develop used to define DEI measures as to double down on their ef- The majority of the banks and
der legal and political threat. mentions of race or specific “leaders.” “a business priority and a forts. brokerages that once popu-
The changes highlight the bal- hiring or other targets. GameStop cut mention of moral imperative.” Now they Please turn to page B2 lated Wall Street are already
gone, finding new homes
across Manhattan or beyond.
STREETWISE | By James Mackintosh The Sept. 11, 2001, terrorist
attacks a few blocks away
spurred an exodus, which the

Big Stocks Win in Rally and Selloff Covid-19 pandemic helped to

further speed along.
The final departure of the
mighty JPMorgan is a mile-

O
stone given its history in the
ne of the biggest even less and fell even more. Larger S&P 500 companies have tended to outperform their smaller counterparts old neighborhood. It was
concerns amid the The main cause is interest this year, both in the first-quarter rally and the April downturn. down the block at 23 Wall St.,
run-up in stocks in rates, plus fears about a wider facing the New York Stock Ex-
S&P 500 companies, share-price performance vs. market value*
the first three Middle East war. Both hurt change, where J. Pierpont
months of the year smaller companies far more 20% Morgan and his son trans-
The largest 10% of companies
was that the rally was domi- than bigger ones— for some January–March
gained 13.2% in the first quarter...
formed the firm into one of
nated by the biggest compa- bigger companies, higher rates April the most powerful banks. In
nies. As it sold off this month, boosted the bottom line. 15
the process, they helped turn
the market became even The impact of higher the U.S. into the center of the
more top heavy. Blame the rates is part of the two- global financial industry.
Federal Reserve and a change speed economy that resulted Today, a “Wall Street bank”
in how investors react to it. from sharp rate rises, and 10 is defined as a financial insti-
This isn’t how it was sup- then this year the evapora- tution with trading operations
PERFORMANCE

posed to be. For weeks now tion of hopes for multiple that span the globe and in-
Wall Street has been push- rate cuts. Big companies are vestment bankers counseling
5
ing the idea that the market insulated from the impact of CEOs. An actual location on
is broadening out beyond higher rates because they the street doesn’t matter.
the “Magnificent Seven” used their easy access to ...while the smallest gained 2.8% Meanwhile, 23 Wall St. and
tech stocks, helped by the bond markets to lock in su- 0 other historic buildings are
dismal performance this perlow-cost debt for a long empty shells with vacant
year of Tesla (down 41%) time when rates were low. storefronts and “for rent”
and Apple (down 14%). Many of the very biggest, signs on their facades.
−5
It might be broader than particularly big tech stocks, “You used to see guys in
seven stocks, but bigger con- are sitting on piles of cash, double-breasted suits, smok-
tinued to be better in April, which are earning more ing cigars, walking up and
with the notable exception thanks to rate rises. −10 Please turn to page B6
of Friday, when several of 2 4 6 8 10

S
the biggest stocks plunged. maller firms find it S&P 500 MARKET VALUE DECILES
Divide the S&P 500 up into
10 groups and there is an al-
most-perfect descent in per-
hard to issue bonds and
borrow far more at a
floating rate. As with poorer
The biggest stocks beat the merely large
this year, while the Russell 2000 index
Bond yields have been having much more
effect on small stocks than on big stocks
Single Loan
formance by size: from the
biggest 50 down just 4.5%,
to the smallest 50 down
consumers who borrow on
their credit cards, the cost of
this debt soared as the Fed
of smaller stocks fell.
Index price change this year
this year, an unusual divergence.
Correlation† of 10-year Treasury yield with: For Co-op
8.6%. The pattern is more
regular than it was in the
first three months of the
tightened, hitting the profits
of smaller companies. Gold-
man Sachs analysts calculate
15%

10
Russell Top 50
Russell 1000
Russell 2000
75%

50
Russell Top 50
Russell 2000 Led Bank
year, when the big were so
obviously getting bigger.
This isn’t just about the
that almost a third of Rus-
sell 2000 debt is at a float-
ing rate, compared with 6% 5 25 Into Crisis
S&P. The Russell 2000 index for the S&P 500. On top of
of smaller companies lagged that, smaller companies as a 0 0 BY JONATHAN WEIL
badly behind on the way up, group have higher debt com-
with its price rising less than pared with earnings and –5 –25 Amalgamated Warbasse
5% against 10% for the S&P more volatile earnings— Houses, a sprawling apart-
in the first quarter. Then on making them less appealing ment complex blocks away
–10 –50
the way down this month when there is a flight to from the Coney Island board-
the Russell 2000 has fallen quality amid war fears. Jan. 2024 Feb. March April 2014 ’15 ’20 ’24 walk in New York, was an un-
more, down 8.3% against a This all shows up as the *April data is through April 19. Dots show average performance in each decile.
likely spark for a near panic in
5.5% decline for the S&P. The Russell 2000 moving †100-day correlation of daily changes; negative correlation means stocks and bond yields move more strongly in opposite directions. the banking industry earlier
Russell Microcap index rose Please turn to page B6 Sources: FactSet (share-price performance vs. market value); LSEG (index price change, correlation) this year.
Few people knew it at the
time, but the 1960s-era com-

VW’s Labor Playbook INSIDE Salesforce’s Talks plex was a ticking time bomb
buried in the balance sheet of
New York Community Ban-
corp. When the bank revealed

Doesn’t Cover UAW On Tie-Up Collapse big losses on real-estate loans,

which included Warbasse and
JUSTIN SULLIVAN/GETTY IMAGES

another high-dollar property,

its shares fell 60%, pulling
BY WILLIAM BOSTON cars where they sell,” said Fa- Talks between Salesforce Shares of Informatica also down other lenders.
bian Brandt, a senior consul- and data-management soft- fell sharply, down more than Regional banks have
B E R L I N — Vo l k s w a g e n tant at management consulting ware firm Informatica have 6.5% that day. Informatica started to report first-quarter
knows all about running a company Oliver Wyman. fizzled after the companies stock had climbed 43% year- earnings, and investors are
business with union represen- “I don’t believe that any of couldn’t agree on terms, ac- to-date, racing ahead of the worried that more Warbasses
tatives at the table. But that the German players will reduce cording to people familiar price Salesforce had been will be revealed. Shares of
experience may not be a per- investment in this region,” BUSINESS NEWS with the matter. planning to pay. these small and midsize
fect guide for how to work Brandt said, adding that VW Chipotle keeps Salesforce had been dis- banks, which are stuffed with
with the United Auto Workers might seek to offset potential
drawing customers By Lauren Thomas, cussing a price for Informatica loans for office buildings,
at its Chattanooga, Tenn., wage increases with higher Dana Cimilluca in the mid-$30s a share, about apartment complexes and
plant. productivity. “The geopolitical even after a series of and Laura Cooper where the stock closed Friday. other commercial properties,
After workers at the plant environment is too uncertain price increases. B3 At the time of the report, it are near their lowest level in
last week voted in favor of be- and the risk of additional trade The Wall Street Jour- had been trading at $38.48. five months.
ing represented by the UAW, barriers is too high…to risk ac- nal reported earlier this Salesforce, which histori- NYCB’s $112 million charge-
VW thanked employees for cess to the lucrative U.S. mar- month that Salesforce was cally has had a voracious ap- off on the Warbasse loan in
participating in the ballot. ket.” discussing a deal to buy Red- petite for deals, was already last year’s fourth quarter was
Now, under federal labor law, VW is in the midst of a multi- wood City, Calif.-based Infor- on a tight leash after a share- a surprise. Banks typically
the company must enter nego- year investment push to in- matica, which could have been holder rebellion over its ac- don’t disclose the names of
tiations with the UAW on an crease its share of U.S. new car valued in the neighborhood of quisition strategy, among their borrowers or how much
agreement covering pay, work sales, which analysts estimate $10 billion. It would have other things. they owe, and NYCB didn’t
hours, safety protocols and at about 4% last year, com- ranked among Salesforce’s A swarm of at least five ac- identify Warbasse by name in
other items. pared with 25% in Europe and largest acquisitions. tivist investors descended on its financial disclosures, ei-
VW may not have much 14% in China. VW began its U.S. After the April 12 report, the company this past year. To ther. Clues left behind by the
choice but to make the best of reboot with a series of SUVs, Salesforce shares traded appease the activists, Sales- lender and the sheer scale of
it, analysts say, given the eco- including the Chattanooga- sharply lower. Salesforce stock force disbanded a committee the complex’s mortgage
nomic benefits of making cars built Atlas. Alongside the Atlas, HEARD ON fell 7.3% the first trading day focused on M&A and shifted helped unmask Warbasse.
near customers, especially be- VW builds its ID.4 electric THE STREET after the article ran, erasing its focus toward improving NYCB said the loan was for
cause of tariffs and the possi- crossover SUV in the city. more market value than the profitability. a co-op and had “a unique fea-
bility of more of them. The company is planning to
Peril for a deal between deal would likely have been San Francisco-based Sales- ture that prefunded capital ex-
“Union membership is the launch an EV range in the U.S. the owners of Coach worth. Salesforce has a mar- force specializes in cloud- penditures.” In addition, Wall
price German manufacturers over the next few years. VW and Michael Kors. B10 ket capitalization of about based software that helps Street stock analysts who had
will have to pay for building Please turn to page B2 $262 billion. Please turn to page B4 Please turn to page B2
 B2 | Monday, April 22, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

One Loan
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
New York Community Bancorp
share price, year to date
A F Nvidia...............................................B6

To Co-op
$12
Amazon.com...............................A8 Flow...................................................B6 P
Ameren...........................................R4 Ford....................................................A4 PPL.....................................................R4
American Electric Power R4 G S 10

Shook Bank
Anheuser-Busch InBev.....A8
GameStop......................................B1 Salesforce............................B1, B2
Apollo Global
General Motors.......................A4 Southern........................................R4
Management..........................A2 8
Goldman Sachs........................A2 Starbucks..............................A8,B3
Apple..................................................B1

BING GUAN FOR THE WALL STREET JOURNAL

H-I State Street................................A2
B Stellantis.......................................A4
Hermés.........................................B10 6
Bank of America....................B6 Continued from page B1
Informatica...................................B1 T
Best Buy........................................B2 spoken with NYCB manage-
J T. Rowe Price............................A2
BlackRock...............................A1,A2
Tapestry.......................................B10
ment said in their research re- 4
Blackstone.....................................A1 JPMorgan Chase.....................B1
Tesla...........................................B1,B4 ports that the unpaid princi-
C K pal balance was $275 million,
Toronto-Dominion Bank...B6 2
Capri Holdings........................B10 KKR......................................................A1 which is huge for a co-op loan.
U
Chipotle Mexican Grill.......B3 Kohl’s..................................................B1
UiPath...............................................B1 Those few details were
Consolidated Edison............R7 M 0
Costco.............................................A11 V enough to allow The Wall Street
Macy's...........................................B10 Jan. 2024 Feb. March April
D Valero Energy............................R4 Journal to identify the bor-
McDonald's..................................B3
Mercedes-Benz........................A2 Volkswagen.........................A2,A4 rower through a review of more Amalgamated Warbasse Houses in New York’s Coney Island. Source: FactSet
Dominion Energy...................R4
Dow....................................................R4 Microsoft.....................................A12 W than 70,000 NYCB real-estate
E N Walt Disney................................B4 loan records filed with the New ture’s assets from the Federal $1,700 a month, has a waiting that “the whole system was at
New York Community WeWork..........................................B6 York City Department of Fi- Deposit Insurance Corp. list to get in. the end of its life,” Michael Sil-
Eli Lilly.............................................B5
EQT.....................................................R4 Bancorp........................................B1 Workday.........................................B2 nance. Details about the large After its Jan. 31 earnings Warbasse’s age, its location verman, the longtime co-op
EverCommerce..........................B2 Nordstrom....................................B2 X capital spending at Warbasse release, NYCB changed chief near the ocean and damage board president, told the mag-
Eversource....................................R7 Novo Nordisk.............................B5 Xcel Energy.................................R4 were covered in the local real- executives twice. The panic from superstorm Sandy in azine. “We were one step short
estate press. The co-op’s iden- cooled after an investor group 2012 help explain the unusu- of a complete catastrophe.”
tity was also confirmed by a led by former Treasury Secre- ally large mortgage. Silverman and other co-op
INDEX TO PEOPLE person familiar with the matter.
NYCB spokesman Steven
tary Steven Mnuchin provided
a lifeline by injecting $1 billion
The co-op refinanced its
mortgage in 2014, borrowing
board members declined to
comment. Warbasse has un-
Bodakowski declined to com- of fresh capital. $200 million from NYCB. Half dertaken a major renovation
A Fugere, Danielle.......................R4 McCalla-Leacy, John............R4 ment. The other loan cited by Warbasse is practically a of that was set aside for capi- project since then, the maga-
Armistead, Bruce....................R2 G Musk, Elon............................B1,B4 NYCB was less unusual—a $40 small city unto itself. It has tal projects, according to a zine article said.
B Gates, Bill......................................R2 N million charge-off on a non- five 24-story towers, 2,585 September 2021 article about Property records show
Bergés, Mario............................R2 Gilliland, Douglas....................R7 Neumann, Adam.....................B6 performing loan for an office units, about 8,000 residents Warbasse by Habitat Maga- Warbasse refinanced again in
Borglum, Scyller......................R4 H Nuttall, Scott.............................A2 building. and its own power plant. It zine, which covers the New March 2022, when it took on
Borneman, John......................R4 P
There were times this year was built as affordable hous- York co-op scene. This ap- the new $275 million mort-
Hackenson, Elizabeth.........B4
Brandt, Fabian...........................B1 when it looked like NYCB ing for union families by the pears to be the “prefunded gage from NYCB.
Hibdon, Wendell......................R7 Porritt, Ben..................................R2
Bristol, Sara................................A3 could be on the brink and Amalgamated Clothing Work- capital expenditures” referred While the borrower and the
I Prelogar, Elizabeth................A3
might even trigger a new re- ers Union and the United to by the bank. charge-off on the loan are
Bruno, Nikki.................................R7
Buckner, Brittany....................B5 Ibraheem, Hasan....................A8 R gional banking crisis, less than Housing Foundation, accord- The article said the Atlantic known, there are still some
Buell, Alexander......................R7 J Roselli, Sarah.............................B6 a year after Silicon Valley ing to the co-op’s website. Ocean’s “corrosive salt air, mysteries behind it. NYCB said
C James, Jason.............................B4 Rothstein, Steven..................R4 Bank’s collapse. NYCB had Warbasse covers almost 27 punishing winds and occa- the borrower wasn’t in de-
Cardona, Maria........................A4 K S been one of the beneficiaries landscaped acres and has a sional floodwaters” had fault. But the way it accounted
Cary, Scott....................................R2 Spiro, Alex....................................B6
of last year’s brief flurry of big contingent of Russian im- wreaked havoc on the property for the loan loss made it clear
King, Bob.......................................B2
Cloherty, Tyler...........................A2 Stojanowski, Jaime...............B6
bank failures. It acquired most migrants. The complex, where over the years. that NYCB had determined the
Kondap, Kedar...........................B4
Coss, Sebastian........................R2 of Signature Bank’s deposits a two-bedroom apartment An engineering firm hired loan wouldn’t be fully collect-
Kreimer, Olga.............................R2 T and about one-third of Signa- with a terrace costs about by the board in 2017 found ible. The bank didn’t say why.
Cromer, Daryl.............................B4
L Trancik, Jessika........................R2
D
Lakier, Genevieve...................A8 U

Reports
Ducker, Michael.......................R4
Dyson, Mark...............................R2
Langford, John..........................R2
Umashanker, Devika............B5 company’s strategy and beliefs counsel for Wisconsin Institute representation in manager
Larcker, David............................R4 around DEI are still in place for Law and Liberty, a legal roles by 50%.
E Levine, Aron................................B6 V
and it routinely makes revi- group that has sued multiple Salesforce in its 2022 re-
M
Omit DEI
Evangelis, Theane.................A3 Von Ruden, Matt...................R2
sions to that section of its an- companies over their diversity port said it targets 50% of its
Evans, Karen..............................B5
Magavi, Zeyneb.......................R7 W nual report. She said addi- initiatives. He said companies workforce being from under-
F Maxwell, Brian..........................R4 Walker, George.........................A2 tional information about DEI recognize they “face tremen- represented groups and 40% of
Ferro, Jay......................................B4 Mayers, Brian............................R2 Washington, Paul...................R4
Targets at Kohl’s is on the com-
pany’s website and in its an-
nual ESG report.
dous liability for any program
involving race in any way,” a
concern that extends far less
employees being women or
nonbinary. The numbers are
gone from the latest report, in
War, Monsters Lead the Box Office Still, some companies are to programs based on gender. which the company says it
Continued from page B1 saying less. “Forget about any Some companies are signal- looks to advance representa-
“There’s been a re-evalua- ideological agenda. You’re just ing their attention to compli- tion and design systems with a
tion of the level of political risk trying to figure out, how do I ance. Software company Ever- focus on equality.
these companies are willing to follow the law? You don’t want Commerce in 2023 added A spokesperson for Sales-
take on,” said Lindsay Stewart, to overcommit or undercommit several sentences to its annual force said its “commitment to
BERNARD WALSH/UNIVERSAL PICTURES/ASSOCIATED PRESS

an analyst at Morningstar who or misdescribe where you’ll report saying it would pursue equality is unwavering.”
studies corporate reporting. eventually land,” said Jason only DEI efforts that were le- Workday in 2020 declared
The affirmative-action rul- Schwartz, a gally compliant. its commitments to increasing
ing, which struck down the partner with EverCommerce overall representation of Black
consideration of race in college Gibson Dunn didn’t respond and Latino employees in the
and university admissions, and a leader of Companies deal to requests for U.S. by 30% and doubling the
doesn’t directly affect compa- the law firm’s with pressure comment. number of Black and Latino
nies. But the ruling raised the DEI Task Force. Fear of legal leaders by the end of last year.
specter of more legal chal- Schwartz cur- from critics and repercussions is Those targets, added into the
lenges by people and groups rently repre- a major consid- 2022 form, were missing from
who see race- or gender-based sents the Fear-
advocates of eration, experts the 2023 version.
goals as discriminatory. less Fund, a diversity efforts. say. Certain Electronics seller Best Buy
Survey data suggest most venture firm programs or stopped listing its commit-
companies aren’t making sub- whose grants to commitments ments to spend at least $1.2
‘Abigail,’ with Alisha Weir as Dracula’s child, is a new release. stantive changes to their diver- Black female might be seen billion with diverse businesses
sity efforts. Around 93% of em- entrepreneurs have been chal- as more likely to draw scru- by 2025, as well as its progress
Estimated Box-Office Figures, Through Sunday ployers said their DEI lenged in court. tiny, such as putting numerical on hiring goals such as filling
Sales, in Millions commitments and activity in- The legal landscape shifted targets on racial or gender one in three salaried corporate
Film Distributor Weekend* Cumulative % Change creased or stayed the same be- again last week, when the Su- representation or maintaining positions with employees who
1. Civil War A24 $11.1 $44.9 -56 tween 2022 and 2023, accord- preme Court opened the door mentorship programs for un- are Black, indigenous or people
ing to a report published in to discrimination claims re- derrepresented groups. of color and filling one in three
2. Abigail Universal $10.2 $10.2 — January by employment law lated to a broader range of In its 2023 report, Nord- positions with women. The
Godzilla x Kong: The Warner firm Littler Mendelson. workplace actions. strom removed specific goals company instead said it is fo-
3. $9.5 $171.6 -39
New Empire Bros. UiPath, for example, says its Conservative legal activists around diversity that had been cused on employee engage-
The Ministry of commitment “has deepened in have taken aim at some hiring in filings with the SEC since ment, retention, representation
4. Ungentlemanly Lionsgate $9.0 $9.0 — the past year” and that it has programs and other initiatives 2020. That included the goals and creating a culture of be-
Warfare “strengthened our operating by companies, saying they are of delivering $500 million in longing.
procedures in talent acquisi- discriminatory. retail sales from brands All four companies provide
Spy x Family Code: Crunchyroll tion toward higher goals for a “There is a pullback from owned, operated or designed more details about their diver-
5. $4.9 $4.9 —
White /Sony more diverse workforce.” A any explicit mention of race,” by Black and Latino people and sity goals and actions in sepa-
*Friday, Saturday and Sunday in North American theaters Source: Comscore Kohl’s spokeswoman said the said Dan Lennington, deputy increasing Black and Latino rate reports.

VW Faces strengthen the union’s hand

broadly, said Bob King, who
was the UAW’s president in the
For much of the next de-
cade, VW faced continued la-
bor unrest at its Pennsylvania

Challenge early 2010s. Adding more car

companies should bolster the
union’s bargaining clout and
plant and struggled with slug-
gish sales of the Rabbit, the
U.S. version of VW’s Golf

With UAW lead to higher wages across the

industry, he said.
“This should both raise and
model, and the Jetta. VW shut
down the plant in 1988. In
2008, VW announced that it
level the playing field for ev- would build the Chattanooga
Continued from page B1 eryone,” he said. plant in a bid to revive its U.S.
executives have said they be- The potential impact from business. The plant began pro-
lieve the company can boost its the UAW’s expansion could be ducing Passat sedans in 2011
U.S. market share faster with a focus this week when Tesla, before shifting to the Atlas.
EVs because its rivals in the General Motors and Ford Mo- A new VW subsidiary, Scout
U.S. have been slower to de- tor are scheduled to report Motors, is building a factory in
ELIJAH NOUVELAGE/GETTY IMAGES

velop electric cars. first-quarter earnings. South Carolina that is slated to

VW’s American manage- In Germany, large compa- manufacture all-electric Scout
ment could face challenges nies are required by law to off-road vehicles. According to
replicating in the U.S. the gen- have labor representatives on people familiar with the com-
erally placid relationship it has their supervisory boards. Un- pany’s plans, the Scout vehicle
developed with unions in Eu- der the country’s two-tier gov- is based on EV technology cre-
rope, given the adversarial pos- ernance structure, these non- ated by Audi, the upmarket
ture the UAW has lately held executive directors monitor the VW brand. Audi plans to build
toward U.S. manufacturers. executive board that runs the Workers at Volkswagen’s Chattanooga, Tenn., plant last week voted for UAW representation. an electric vehicle using that
At a celebration with VW company day to day. The IG same technology at the
workers after the vote, UAW Metall union, which has half for instance, on limiting pay in to boost profit and retool the hires with skills needed for EVs plant, these people said.
President Shawn Fain called the votes on VW’s supervisory exchange for job guarantees in workforce for the coming in- and batteries. As the Scout plant is in the
the decision a historic moment board, played a role on several tough times. vestment push into electric VW has less experience with early phase of construction, it
and the result of a decade of occasions in convincing the At the same time, decisions vehicles. U.S. organized labor, but Chat- is unclear whether its future
organizing and collaboration company’s directors to oust that affect large numbers of The move was approved by tanooga isn’t the first place workforce will also be orga-
with VW’s labor leaders, and CEOs who had fallen out of fa- workers, including layoffs or the supervisory board, with la- where it has had to work with nized by the UAW.
signaled the union’s pressure vor. the closure of uncompetitive bor support. There were no the UAW. VW also builds cars in Mex-
campaign for workers would But the German system also plants, must be negotiated strikes, no walkouts and little In 1978, months after VW ico, leaving it the option to
be fierce. encourages management and with unions and can end up protest. Instead, management, opened its first U.S. plant in shift some of its North Ameri-
“The real fight begins now,” labor to find common ground being delayed and watered unions and politicians agreed Pennsylvania, UAW workers at can production to its Mexican
Fain said. “The real fight is and avoid disruptive strikes down. Critics say this adds to phase out the jobs by not re- the plant staged a wildcat factories.
getting your fair share. The that can damage the broader costs and makes German in- placing workers set to retire in strike, demanding pay in- —Mike Colias
real fight is the fight to get economy—and profits. Given dustry less flexible and unable large numbers in the coming creases to put them on the contributed to this article.
more time with your families. labor’s board representation, to shed sluggish businesses years. same level as Detroit auto
The real fight is the fight for most strategic decisions re- quickly and move on to more Older workers were offered workers. The clash, which re-
our union contract.” quire a degree of trade-union promising enterprises. early retirement buyouts. sulted in better pay for VW’s Watch a Video
While UAW representation buy-in. This setup encourages A few years ago, VW man- Younger workers were offered U.S. workers, wasn’t sanc- Scan this code
could start to narrow the la- management and organized la- agement decided it needed to the option of being retrained to tioned by the UAW, which had for a video on
bor-cost gap between VW and bor to act as sparring partners. slash around 30,000 jobs work in fields related to elec- made more-moderate demands the UAW’s win
the unionized plants in Detroit German unions have been his- worldwide by 2025, most of tric vehicles. Thousands of the that were rejected by the rank at Volkswagen’s
and elsewhere, it also will torically open to compromise, them in its German factories, job cuts were offset by new and file. Tennessee site.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | B3

BUSINESS NEWS

Price Boosts Don’t Slow Chipotle Diners

Burrito chain draws growing chains, with plans to Share-price and index performance over Comparable store sales, said they make their money
build around 300 new loca- the past year change from a year earlier go farther at the chain by or-
customers with tions this year. 60%
Chipotle
Mexican Grill 30% dering through the app to
higher incomes than Chipotle’s stock has rock- 4Q 2023 amass points for future dis-
eted 59% in the past 12 +8.4% counts and deals. Others be-
its competitors months, while an S&P 500 lieve that by ordering in the
subindex of U.S. restaurants 40 20 store, workers will bump up
BY HEATHER HADDON was flat. the rice and beans when a
Chipotle is benefiting from customer is staring at them.
Chipotle fans have been a unique base of customers Some Chipotle fans say
20 10
tested lately. who tend to be more affluent they are feeling the higher
Chipotle Mexican Grill has and health-conscious than the prices. Tevita Fusitua, a 37-
increased prices six times average diner—and loyal, ex- year-old designer from Bea-
since 2021. It was among the ecutives and analysts say. 0 0 verton, Ore., still goes to Chi-
first restaurant companies to More than half the chain’s potle several times a week
say it would boost its menu customers say they actively S&P 500 Restaurants but now skips the chips, sav-
sub index
prices on delivery apps. And manage their health, accord- ing about $2.50 on each or-
its prices are set to rise fur- ing to market research firm –20 –10 der.
ther in California, where Numerator, and they tend to May 2023 ’24 2019 ’20 ’21 ’22 ’23 In Angwin, Calif., 63-year-
roughly 400 locations are eat out several times a week. old college professor Karl
paying higher hourly wages in “More than half of our cus- Share of customers who fall Chipotle's quarterly net profit 4Q 2023 Wilcox said he and his family
response to a new state law. tomers are millennial or Gen into a high-income bracket* $282M used to regularly eat bean
Higher costs and inflation- Z,” said Chris Brandt, Chi- $350 million
bowls with brown rice from
weary consumers are starting potle’s chief brand officer. Chipotle, but stopped as
to erode sales across much of “Our target audience priori- Chipotle 34% prices climbed after the
300
the U.S. restaurant industry. tizes overall wellness.” Covid-19 pandemic hit.
Traffic last year, while 1% Some regulars say the 250 “With a family of four and
higher than in 2022, re- chain’s customization-friendly California’s sky-high gas and
mained 8% below prepan- assembly-line model lets
McDonald's 27 200 utilities costs, we cook at
demic levels, according to them tailor burritos and home,” Wilcox said.
market research firm Circana. bowls to their diets. Others 150
Many Chipotle customers, say that despite the rising
though, are still willing to prices, Chipotle remains a
Taco Bell 26 100 Dietary guidelines
pay. The California-based better overall value than fast- 50 Mike Goldman said he
chain’s same-store sales grew food burgers. switched to Chipotle from
8.4% last quarter, outpacing Wendy's 0 fast food after his doctor pre-
rivals including McDonald’s
26 scribed the 64-year-old cho-
Professional clients 2019 ’20 ’21 ’22 ’23
and Starbucks’s U.S. opera- lesterol-lowering medication
*Earning more than $125,000 a year
tions. Chipotle has reported Christopher Florentino has Sources: FactSet (performance); the company (comp-store sales); Numerator data from its panel of 150,000 U.S. households (customer income);
around five years ago. The
better-than-expected earnings been eating Chipotle since S&P Capital IQ (net profit) pills’ harsh side effects led
for four straight quarters, ac- high school. Now, the 24- Goldman to focus instead on
cording to FactSet. It is one year-old accountant frequents 20% more likely than the av- threads focused on fitness of- faster last year than at fast- improving his diet, including
of the industry’s fastest- a Market Street Chipotle in erage U.S. consumer to earn ten include Chipotle ordering food chains, Circana data eating less meat.
San Francisco and other city more than $125,000 a year, tips, like a post on the “Gym show. Goldman, a retired engi-
locations for his preferred according to Numerator data Rats” Facebook group dis- Huhn said he typically neer in Goleta, Calif., said he
chicken al pastor bowl. from its panel of 150,000 U.S. cussing whether to include spends $15 to $20 for his still has to mind the sodium
It is a meal he says he can households. Fast-casual beans in the chain’s bowls. meal. He hasn’t shied away as levels in Chipotle’s food but
get in minutes at a price that chains typically charge more Zack Huhn, a 34-year-old Chipotle raised prices. enjoys his typical order of a
compares favorably with fast than fast-food chains and technology company execu- chicken burrito with rice,
food. “In the kingdom of tend to attract higher-income tive from Tampa, Fla., said he beans, tomatillo green chili
quick eats, Chipotle sits at consumers, along with fami- tends to eat Chipotle several A budget crunch salsa and guacamole.
the throne,” said Florentino. lies with children, market re- times a week after hitting the Thomas Phillips, a 22-year- He has noticed his orders
Prices to eat out in March search firms said. gym, ordering a chicken bur- old college student in Boone, getting more expensive,
were 29% higher than the rito with extra meat and N.C., began eating Chipotle though: His meal in early
same period in 2019, accord- cheese to help build muscle. while in elementary school April cost $13.20 before tax
ing to Labor Department data Protein loading “It’s cheap and easy and when his family would order and tip, up 19% from $11.10 in
released this month. Restau- Chipotle has a following healthier than most restau- it in Greensboro. He now mid-February, according to
THOMAS PHILLIPS

rant industry executives are among bodybuilders who tai- rant options, fast food or oth- views his go-to chicken bur- his receipts.
bracing for a harder year as lor their orders to load up on erwise,” said Huhn. rito as a good value. “If I can “My make-or-break point
consumers, particularly those protein and minimize carbs— Sales at fast-casual restau- spend $9 and get a filling would probably be $20,”
with lower incomes, pull back skipping rice and adding ex- rants such as Chipotle, Panera meal, that’s a great deal for Goldman said. “At that price,
Thomas Phillips sees a chicken on spending. tra meat, for example. Face- and other eateries that focus me,” Phillips said. I might as well make my own
burrito as a good value. Chipotle’s customers are book groups and Reddit on fresh ingredients grew Some Chipotle regulars burritos at home.”
B4 | Monday, April 22, 2024 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

TIM HIGGINS

Musk’s Talk Sours Democrats on Tesla

T
he biggest cohort Tesla vehicle deliveries, have to have all of the alter-
of Tesla buyers, quarterly natives.”
politically speak- 1Q 2024 Musk has said he is
–8.5% from a
ing, for years has against President Biden but
500,000 year earlier
been Democrats. has stopped short of saying
But when Elon Musk took a he will back Trump. “There
hard turn last fall, they is either a red wave this No-
400,000
didn’t follow him. vember or America is
The proportion of Demo- doomed,” Musk tweeted in
crats buying Tesla vehicles 300,000
March.
fell by more than 60%, ac- As for how his comments
cording to car buyers sur- might affect his businesses,
LI JIANGUO/XINHUA/ZUMA PRESS

veyed in October and No- 200,000 Musk has essentially

vember by researcher shrugged off the suggestion
Strategic Vision. that they could affect
Tesla has since made up 100,000 things.
ground with blue buyers, the “With respect to Tesla, we
research shows. But the dra- make the best cars—whether
matic drop highlights the 0 you hate me, like me or are
risk hanging over Tesla with 2019 ’20 ’21 ’22 ’23 ’24 indifferent,” Musk said in
an increasingly political chief Tesla’s sales fell in the first quarter, and it is cutting jobs. Source: the company November. “Do you want the
executive, at a time when best car, or do you not want
electric-car makers are al- even tougher position this commitments at his other makeup of Democrats fell to sales fell 44% in the period the best car?”
ready struggling to appeal to year as the market for EVs companies, including an arti- 15% while Republicans that ended in March com- And he might be right—if
many Republican buyers. has slowed. It doesn’t help ficial-intelligence startup jumped to 32% and indepen- pared with a year ago, ac- he can just keep from rock-
The fall contraction coin- EV makers that U.S. politics called xAI and social-media dents swelled to 44%. cording to the research firm. ing the boat too much.
cided with Musk’s being in- has polarized the technology, platform X. Those results show Tesla Model Y sport-utility vehi- While Democrats’ ranks
creasingly vocal about illegal which some Republicans Other surveys have cap- was losing sales among Dem- cles rose just 1.4%. fell at the end of the year,
immigration, amplifying a denigrated in their cam- tured a pullback in consum- ocrats, Alexander Edwards, Former President Trump, some came back in subse-
tweet promoting antisemitic paigns. ers’ consideration of Tesla president of Strategic Vision, the presumptive Republican quent surveys by Strategic
vitriol and publicly attacking Tesla sales fell in the first vehicles since Musk acquired said of the fall findings. nominee for the White Vision, rising to 35% of the
Walt Disney over his con- quarter, the first year-over- the social-media platform in In California, a solid-blue House, has made attacks on mix of buyers through late
tention that the entertain- year drop since the early late 2022 and held court on state, registrations of new electric cars a regular talk- February—still not what they
ment company had become days of the pandemic in contentious social issues. Tesla vehicles fell almost ing point during his cam- traditionally had been, but
too woke. (Musk has called 2020. Musk this past week But the mix of Democrats, 10% in the fourth quarter. paign, even as he and Musk better than last fall when
the troublesome tweet fool- rolled out widespread lay- who have been core constitu- That was a stunning reversal appear to have a bromance their share was weakening.
ish, and the Mouse House offs, and shares have fallen ents for the Tesla brand, had from the third quarter when in the works ahead of No- “Elon hasn’t been in the
CEO has defended its posi- 41% this year through Friday remained mostly steady—un- registrations rose 43%, and vember. press as much as he has pre-
tions.) as investors worry Tesla’s til last fall. perhaps a sign of things to Trump has conceded the viously,” Strategic Vision’s
In many ways, Musk was dramatic growth story is in Among 2022 model-year come nationally. two men have a schism on Edwards said. “This lack of
sounding a lot like Donald trouble. buyers, Democrats made up one topic. negative press and antics,

T
Trump, embracing billionaire 40% of Tesla customers and esla doesn’t release “We obviously have op- combined with EV [shop-

S
populism, and less like the ome investors are pin- 39% in 2023, according to U.S.-specific sales re- posing views on a minor pers] today…shopping vari-
green hero he was once cele- ing for the old Tesla- Strategic Vision’s surveys. sults. But Motor Intelli- subject called electric cars,” ous EVs and they find that
brated as. obsessed Elon, worried Things began to change in gence estimates Tesla’s U.S. Trump said during a CNBC the Model 3 and Y are still,
Those controversies, it he has been distracted with the 2024 model year survey, sales growth turned negative interview last month. “I’m in their opinion, the best de-
seems, have put Tesla in an his political posturing and which began in October. The this year. Model 3 sedan all for electric cars, but you cision based on value.”

Musk Postpones Highly Anticipated Visit to India

BY RAJESH ROY was due to meet with Prime change in plans in a tweet on after the company told em- plans in India. Modi “really cares about In-
AND TRIPTI LAHIRI Minister Narendra Modi and X late Friday California time ployees it would lay off 10% of Musk’s change in plans dia because he is pushing us
expected to unveil plans for and said he looked forward to its global workforce and re- marks a fresh setback for to make significant invest-
NEW DELHI—Tesla Chief the electric-car manufacturer’s visiting India later in the year. cently reported a year-over- long-running negotiations be- ments in India, which is some-
Executive Elon Musk post- entry to the country. Musk is scheduled to an- year decline in first-quarter tween India and the electric- thing that we intend to do,”
poned a highly anticipated Musk cited “very heavy swer questions from investors sales. car pioneer for its entry to the Musk told reporters at the
visit to India during which he Tesla obligations” for the on an earnings call this week, Tesla didn’t respond to a world’s third-largest automo- time. “We just have to figure
request for comment. tive market, and prompts out the right timing.”
The meeting with Modi had questions over Tesla’s India An announcement of a
been expected to take place on plans. Two Tesla factory in
Monday, according to Indian longtime top India would
officials. executives who have marked a
Musk had said in a tweet departed the Musk cited ‘very major win for
April 10 that he was looking company last heavy’ Tesla Modi, just as
forward to meeting the prime week included the country em-
minister in India. at least one obligations” for barks on na-
Indian officials familiar who traveled to tional elections
with talks between the gov- India for mar-
the change in that are ex-
ernment and the company had ket-entry talks plans. pected to de-
said that Tesla was expected with officials in liver a third
to lay out plans for a roughly New Delhi. term for Modi
$3 billion factory in the coun- Indian offi- and his ruling
try to make a lower-priced car, cials attributed the trip’s can- Bharatiya Janata Party.
and for imports of its cars to cellation to scheduling issues, Musk has said Tesla is
India later this year. without offering further de- likely to need roughly a dozen
Tesla stands to benefit from tails. factories to meet its produc-

THINK
a policy India announced last Since taking office in 2014, tion goals. Tesla currently
month to attract global elec- Modi has been pushing global makes vehicles in the U.S.,
tric-vehicle makers. The new players in high-tech sectors to China and Germany. The com-
policy slashes import duties set up factories in the country pany has invested heavily in
from 100% to 15% for cars with to boost manufacturing and China, where it faces stiff
import prices of $35,000 and generate jobs. His efforts to competition from domestic
above for manufacturers who bring Tesla to India began al- electric-car makers, most no-
invest at least $500 million in most a decade ago, when the tably China’s BYD.
a plant in the country, and prime minister visited Musk’s The EV maker has been cut-
meet certain other conditions. California plant in 2015. The ting prices to spur demand
Tesla has long sought reduced two met again last year, when and focusing on developing
duties for its cars as a precur- Modi was in the U.S. on a state autonomous cars. Analysts

Because small groups sor to firming up investment visit. have said a low-cost vehicle is
a key to the company’s near-
term business prospects.

do big things. Given India’s labor costs, a

factory there would be able to
produce a significantly lower-
priced EV car both for domes-
tic sales and for export.
About 95,000 electric cars
and SUVs were sold in India in
2023, about 2% of total car
INDIA’S PRESS INFORMATION BUREAU/REUTERS

and SUV sales, according to

Counterpoint Research. The
research firm sees that share
rising to about a quarter by
2030.
In addition to Tesla’s India
plans, Musk-led Starlink has
also been looking to launch its
satellite-based broadband ser-
vices in the country. That
Get hands-on with a destination. Collette has topic also was expected to
India’s Prime Minister Narendra Modi shakes met with with come up for discussion during
been leading the way for travelers like you since Tesla Chief Executive Elon Musk in New York last June. Musk’s meeting with Modi.
1918. And our small group tours are kind of a

Salesforce
big deal. You’ll get to know locals, access places cluding Unilever, Toyota and sition ever.
beyond the guidebook, and get closer to culture. Deloitte as customers. Dealmaking in the U.S. is
Private-equity firm Permira off to a stronger start this

Deal Talks
It’s called Explorations for a reason. and the Canadian Pension year, but there are still factors
Plan Investment Board in keeping buyers on the side-
2015 took Informatica pri- lines. Stubborn inflation pres-

Collapse vate in a transaction valued at

$5.3 billion after roughly 15
years as a public company.
sures persisted in March, de-
railing the case for the Federal
Reserve to begin reducing in-
The business went public terest rates soon. It is also an
Start planning your next adventure Continued from page B1 again in 2021. election year, giving some
sales staff manage customer A deal for Informatica buyers pause to pursue big
today. Scan QR code to find out more. relationships. would have ranked as Sales- transactions.
Informatica helps compa- force’s biggest since it closed Exits for private-equity
gocollette.com/explorations nies manage their data across the roughly $28 billion acqui- firms are also harder to come
cloud and on-premise systems, sition of workplace-collabora- by, at a time when investors
allowing organizations to bet- tion products company Slack in investment firms are in-
ter analyze the data they col- Technologies in 2021. That creasingly asking for money
lect. It counts companies in- was Salesforce’s biggest acqui- back.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | B5

BUSINESS NEWS

Ozempic Influencers Are Mum on Risks

Doctors’ voices are her more than 58,000 Insta- million followers might get be-
gram followers about her use tween $50,000 and $125,000,
lost as social-media of a weight-loss drug after according to Krishna Subrama-
stars steer talks on telehealth service Ro paid her nian, chief executive of influ-
to promote its weight-loss pre- encer marketing platform
weight-loss drugs scription program. Captiv8.
Buckner got the Ro partner- Influencers also can make
BY PETER LOFTUS ship after searching through a money through advertise-
AND SARA ASHLEY O’BRIEN site that connects influencers ments accompanying their
with brands. Under the ar- YouTube videos or through af-

KRISTEN NORMAN FOR THE WALL STREET JOURNAL

The friends and influencers rangement, Buckner—who was filiate links.
on Facebook, Instagram and taking a GLP-1 at the time— Evans is a 37-year-old
YouTube talking up drugs for told followers that she didn’t teacher in Michigan who usu-
weight loss aren’t always giv- get the medication from Ro, ally makes videos about books
ing the full story. but “I wish I had gone through under the handle Roving
Social media is displacing them.” Reader. She started taking
physicians as the trusted au- Ro then paid Buckner to Ozempic in late 2021 to treat

JACQUELINE CASTANEDA
thorities on whether patients film two videos, which it Type 2 diabetes. The drug low-
should take one of the medi- posted months later on social ered her blood sugar and
cines. People are not only de- media. In one Facebook video, helped her lose weight. Evans
ciding to take weight-loss she told viewers that Ro’s pro- posted the video in May 2022,
drugs—called GLP-1s—based gram “makes it super conve- while she was still able to
on posts by friends and influ- nient” to access medication, Jacqueline Castaneda, left, got a prescription from a clinic she heard about on Instagram; manage the side effects.
encers, but sometimes also including helping find a phar- Karen Evans, right, posted a video in 2022 that gave tips on taking Ozempic. In the video, she described
skipping their doctor to go macy that can fill prescrip- how she got “pretty sick” for a
with one mentioned online. tions. The posts sponsored by the drugs during the past year drug was worth it despite the treatments. few days. One of her tips was
The virtual word-of-mouth Ro are marked as paid promo- on YouTube, X and other so- vomiting because she has lost But “patients hearing about to take the drug on a Friday to
can come across as authentic tions. cial-media sites, according to more than 40 pounds. She has these medicines on TikTok or avoid dealing with nausea at
and accessible. But many in- In reality, Buckner hadn’t an analysis by consulting firm persuaded others to take the Instagram only want to be on work, which obesity-treatment
fluencers and friends on social been able to fill her prescrip- ZS of data provided by social- drug. “I influenced, like, four these meds, and are not inter- specialists said was reasonable
media play up all the pounds a tion for Wegovy because of media tracker Brandwatch. of my friends,” she said. ested in the whole comprehen- advice.
person lost while playing supply constraints. She hadn’t Jacqueline Castaneda got an More than one-third of peo- sive approach,” Umashanker The video doesn’t capture
down side effects that can be taken the drug for months, Ozempic prescription from a ple taking one of the drugs for said. Evans’s subsequent experi-
nasty, such as painful head- and didn’t attempt to do so clinic she heard about on Insta- weight loss said an influencer, When she does prescribe ence. Three months after the
aches and bouts of vomiting. through Ro. gram, rather than from her celebrity recommendation or one of the new drugs, Um- video went up, Evans quit
Some omit the risks alto- Ro declined to comment on physician. Castaneda, a mother personal research was the top ashanker starts with the low- Ozempic because the vomiting
gether. Buckner’s experience. A of three and tarot-card reader factor, according to a November est dose and monitors for dif- became unpredictable and was
Unlike company drug ad- spokeswoman said the com- in California’s Central Valley survey of more than 388 users ficult side effects. Nausea, stopping her from living her
vertisements, social-media pany only works with influenc- who is in her early 40s, had by venture firm Coefficient diarrhea, vomiting and consti- life, she said. The final straw
posts don’t have to describe a ers who are on or have been first heard about Ozempic Capital and trends publication pation are the most common. took place when she was vom-
drug’s side effects, suggest on GLP-1 medication and can through TikTok. The testimoni- the New Consumer. Some 42% Some patients have experi- iting during a vacation, which
other resources or tell people share their honest experi- als of an Instagram plastic-sur- of those using the drug for enced more-serious condi- almost prevented her from
to speak with their doctors. ences. Their stories are then gery influencer whom Cas- weight loss said the main rea- tions, such as gallstones and meeting up with a friend.
Karen Evans posted a video reviewed by clinical and legal taneda had long followed son was the advice of a doctor. pancreatitis. She is now focused, she
on YouTube that gave tips for teams to ensure the posts are persuaded her to get the drug. Given the risks, doctors said said, on diet and lifestyle
taking Ozempic, including for medically accurate, the One of the influencer’s fol- people need accurate informa- changes to keep weight off.
managing the nausea. Since spokeswoman said. lowers recommended the Patients’ demands tion about the side effects, and Evans has mentioned in re-
the video went online in May clinic that Castaneda went to Dr. Devika Umashanker, people who aren’t obese plies to comments that she
2022, it has 454,000 views and for her prescription. medical director for obesity shouldn’t take one of the drugs. stopped taking Ozempic. This
more than 1,700 comments. Social-media smash The prescription cost a lot: medicine at Hartford Health- Both Novo Nordisk and Eli month, after The Wall Street
Evans hasn’t followed up with The drugs used for weight $1,300 a month, because her care in Hartford, Conn., said Lilly have criticized social me- Journal asked whether she
a new video disclosing that loss, Ozempic and Wegovy insurance wouldn’t cover the patients come to her office dia for portraying weight loss had done a follow-up video
the vomiting became so bad from Novo Nordisk, along drug. In addition, Castaneda vowing to go elsewhere if she as cosmetic and minimizing making clear she had stopped
that she stopped using the with Mounjaro and Zepbound spent many mornings throw- won’t prescribe one of the obesity as a serious disease. taking the drug, Evans posted
drug. “I was throwing up ran- from Eli Lilly, are the first ing up, one of the drugs’ com- newer weight-loss drugs. an update in the text below
domly. It was destroying my medicines to become social- mon side effects. Umashanker prefers to start her video saying she had.
life,” Evans said in an inter- media sensations. (Ozempic After seven months, she people on an older drug such Influencers get paid Influencers who have
view. and Mounjaro are approved asked her regular doctor for a as phentermine because they Influencers with fewer than posted about the downsides of
Brittany Buckner, a travel for treatment of diabetes, prescription, hoping her insur- are pills, rather than injections 100,000 followers might com- weight-loss drugs say follow-
influencer who usually posts while Wegovy and Zepbound ance would then pay for it. But like the latest medicines. The mand upward of $10,000 for ers aren’t as interested in the
about plus-size clothing and are approved for weight loss.) he didn’t feel comfortable, she older drugs are also less ex- health, wellness and pharma- negatives and the posts don’t
travel under the handle There have been more than said. He declined to comment. pensive if a patient’s health ceutical promotions, while in- get as many views as ones
@Plussizedandoutside, told 2.2 million public posts about Castaneda said she felt the plan doesn’t cover weight-loss fluencers with more than one talking up the drugs.

FEATURED SPEAKERS

Jon Abrahamsson Ring Adm. Rob Bauer

CEO, Inter IKEA Group Chair of the Military Committee, NATO

Ana Cabral Scott Galloway

CEO and Co-Chairperson, Sigma Professor of Marketing, NYU Stern
Lithium School of Business

David Miliband Alexis Nasard

President and CEO, International CEO, SwarovskI
Rescue Committee

Andrea Orcel Frank Ryan

CEO, UniCredit Group Global Co-Chair, Global Co-CEO, DLA
Piper

Jeff Zucker
CEO, Redbird IMI
May 8-9, 2024 | London
OVERVIEW

PRESENTING SPONSORS The Wall Street Journal CEO Council will convene in
London on May 8 and 9, in a time of global upheaval.
With the war in Ukraine dragging into its third year and
conflict in the Middle East threatening supply chains,
business leaders are trying to plan for all eventualities,
including the prospect of a second Biden administration
or Donald Trump’s return to the White House. Concerns
about China’s economy, the growing pressure to quickly
adopt AI and the ever-changing workforce are among the
other key themes we’ll discuss throughout the summit.
We’ll also explore how the strong labor market, cooling
inflation and resilient consumer spending can present
opportunity in the midst of such uncertainty.

MEMBERSHIP IS BY INVITATION
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B6 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

THE TICKER BUSINESS & FINANCE

WeWork Plans Chapter 11

MARKET EVENTS COMING THIS WEEK
Monday

Exit Without New Loans

Earnings expected
Estimate/Year Ago
Ameriprise Financial
8.20/7.25

SERGIO FLORES FOR THE WALL STREET JOURNAL

Brown & Brown
1.07/0.84
Cadence Design
Systems 1.13/1.29
Nucor 3.67/4.45 Amended revamp
Truist Financial filing doesn’t include
0.78/1.05
Verizon more financing for
Communications bankruptcy case
1.12/1.20
BY AKIKO MATSUDA
Tuesday Caterpillar is expected to post per-
share earnings of $5.15 on Thursday. Co-working space provider
New-home sales WeWork plans to exit bank-
Feb., previous 662,000 Refinan., prev. up 0.5% Freddie Mac mortgage ruptcy without taking on more
Mar., expected 670,000 survey loans to fund the rest of its
Earnings expected Previous weekly averages chapter 11 proceedings.
Earnings expected Estimate/Year Ago 30-year fixed 7.10% WeWork has been in talks
Estimate/Year Ago
AT&T 0.53/0.60 15-year fixed 6.39% with creditors holding roughly
Danaher 1.72/2.09 International Business
GE Aerospace 92% of its secured notes and po-
Machines Earnings expected tential new financiers about ad-
0.65/0.22

CYRIL MARCILHACY/BLOOMBERG NEWS

1.59/1.36 Estimate/Year Ago
PepsiCo 1.52/1.50 ditional financing for the re-
Lam Research Alphabet 1.51/1.17
Tesla 0.49/0.85 mainder of its bankruptcy case,
7.30/6.99 Caterpillar 5.15/4.91
Texas Instruments but they have yet to reach satis-
Meta Platforms Comcast 0.99/0.92
1.07/1.85 factory terms, according to an
4.32/2.20 Merck 1.90/1.40
Visa 2.44/2.09 amended chapter 11 plan the
ServiceNow 3.14/2.37 Microsoft 2.82/2.45
company filed Friday.
Thermo Fisher T-Mobile US 1.87/1.58
WeWork said it plans to seek
Wednesday Scientific 4.71/5.03 court approval in a combined
Short-selling reports Friday hearing for the amended plan
Ratio, days of trading volume Thursday Personal spending and an accompanying document WeWork said it may sell securities through a rights offering to support its reorganization.
of current position, at Mar 28
Feb., previous up 0.8% explaining to creditors its plan
NYSE 4.2 EIA report: natural-gas framework that would allow the senting Flow, Neumann’s new months to show my clients the completed talks for restructur-
Previous change in stocks in Mar., expected up 0.6%
Nasdaq 2.7 billions of cubic feet company to fund bankruptcy real-estate company, said “Flow books and now push forward ing 90% of its roughly 500
Personal income proceedings without additional and its financial partners are with an inferior deal with some- leases globally, which will cut
up 50 Feb., previous up 0.3%
EIA status report financing. prepared to offer 10% more than one who appears to have had an future rent expenses by about
Previous change in stocks in Mar., expected up 0.5% The company also said it any other offer that WeWork inside track.” 35%, or roughly $8 billion, and
millions of barrels GDP Deflator
4th qtr., final up 1.6% U.Mich. consumer may still sell securities through has received with a timeline to A WeWork representative that it aims to exit bankruptcy
Crude-oil stocks up 2.7 index a rights offering to support its complete diligence in just two said the company is “committed by the end of May. WeWork has
1st qtr. adv. est.
Gasoline stocks Apr., prelim 77.9 reorganization. weeks.” to emerging from Chapter 11 said it has reached lease
up 3.0%
down 1.2 Apr., final 77.9 Obtaining additional financ- Spiro said WeWork “is seek- next month as a strong and sus- amendments with 150 leases
Distillates Earnings expected ing for the reorganization “may ing to rush an insider deal with tainable company, and that is and it is rejecting or in the pro-
Gross domestic
down 2.8 Estimate/Year Ago be prudent so long as it is avail- a current technology and billing where our undivided attention cess of rejecting about 150
product:
Percentage change, annual AbbVie 2.26/2.46 able on acceptable terms” and provider who many landlords lies. Any new financial invest- leases, while another 150 leases
Durable-goods orders rate Chevron 2.95/3.55 WeWork and its advisers re- feel is uniquely conflicted based ment would serve to further are set to be assumed as is.
Feb., previous up 1.3% 4th qtr., final up 3.4% Colgate-Palmolive main open for negotiations, ac- on its insider information about strengthen the company as we WeWork also said it reached
Mar., expected up 2.8% 1st qtr. adv. est. up 2.2% 0.81/0.73 cording to a filing. WeWork’s ongoing perfor- exit from bankruptcy.” an agreement with holders of
Exxon Mobil 2.21/2.83 Friday’s filing comes in the mance, and also extensive pri- Once valued at $47 billion, 92% of its secured notes to con-
Mort. bankers indexes Initial jobless claims HCA Healthcare wake of WeWork co-founder vate information about other WeWork filed for bankruptcy in vert their bonds into equity,
Purch., previous Previous 212,000 5.06/4.93 and former Chief Executive landlords nationwide.” November facing a office real- wiping out about $3 billion in
up 5.0% Expected 215,000 Phillips 66 2.25/4.21 Adam Neumann renewing his Spiro also told The Wall estate market. The company has debt. The company had about
push to buy the co-working Street Journal on Friday that been renegotiating leases with $3.6 billion in secured debt in
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
theses) u Adjusted for stock split space company. “we cannot understand why its hundreds of landlords. Ear- principal, according to a court
Note: Forecasts are from Dow Jones weekly survey of economists Alex Spiro, a lawyer repre- WeWork would refuse for lier this month, WeWork said it filing in February.

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JUTHARAT PINYODOONYACHET FOR THE WALL STREET JOURNAL

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BANKRUPTCIES
Abandons Are Always
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEWYORK
d. Amended Schedules Bar Date: If y Dbo md
o upplm i scdul, ffcd clim i quid o
C (“C Wbi”) locd  p://c..koll.com/
GOL, o (ii) toug Public acc o Cou elcoic rcod
Wall Street Winning
I : GOL LInhas aéreas ) Cp 11 fil  poof of clim o o md  pviouly fild poof of clim (“PaCer”)  p://cf.yb.ucou.gov. IF BY FIRST CLASS
i pc of uc mdd o ddd cduld clim by  MAIL: GOL Clim Pocig C, c/o Koll rucuig
InteLIGentes s.a., et al.,1 ) C no.24-10118 (MG)
Dbo ) (Joily admiid) l of ()  Gl B D d (b) iy (30) dy f  admiiio LLC, Gd Cl sio, PO Box 4850, nw Continued from page B1 Continued from page B1
NOTICE OF ENTRY OF BAR DATE ORDER
d  oic of  pplicbl mdm i vd o uc
clim(“amddscdulBD”).
Yok, nY 10163-4850; IF BY HAND DELIVERY OR OVERNIGHT
SERVICE: GOL Clim Pocig C, c/o Koll rucuig
down the street, and limou- strongly in the opposite di-
ESTABLISHING DEADLINES FOR FILING ec po o iy ig  clim gi  Dbo ud admiiio LLC, 850 3d avu, sui 412, Bookly, nY sines would be waiting out- rection to bond yields. Mean-
CLAIMS AGAINST DEBTORS cio 503(b)(1) oug (8) d 507()(2) of  Bkupcy 11232; Clk of  Bkupcy Cou (hand delivery only),
PLEASE TAKE NOTICE THAT ANY PERSON OR ENTITY Cod (c, “admiiiv Clim”), gdl of w uc Uid s Bkupcy Cou fo  sou Diic of nw side of the big bank buildings while, there has been no link
THAT FILES A PROOF OF CLAIM IN THESE CHAPTER 11 clim o, ccud, o owi bcom du d pybl Yok,OBowligG,nwYok,nY10004. to pick them up,” said Peter between moves in bond
CASES SHALL BE DEEMED TO HAVE SUBMITTED TO THE mu fil  admiiiv Clim Fom,cd o  Dbo’ a poof of clim will b imly fild oly if actuallysubmittedo
JURISDICTION OF THE UNITED STATES BANKRUPTCY b d moio [Dock no.376]  exibi D o  i ig o  CWbi o PaCer o iactuallyreceivedby  GOL Clim Tuchman, a stockbroker at the yields and the top 50 stocks
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. ANY
PERSON OR ENTITY WHO IS REQUIRED TO TIMELY FILE A
 pym of uc admiiiv Clim. t ddli fo filig
admiiiv Clim will b blid l i  cp 11
Pocig C o Clk of  Cou o o bfo  pplicbl
B D. Poof of clim fom  by -mil,fcimil,lcopy,
NYSE. “It was an old school this year—an unusual split
PROOF OF CLAIM BUT FAILSTO DO SOWILL BE (A) FOREVER c. o lcoiclly (o  oug  C Wbi o PaCer) Wall Street atmosphere that between the two indexes.
BARRED, ESTOPPED, AND ENJOINED FROM ASSERTING 2. WHAT TO FILE. You fild poof of clim mu cofom willobccpd.
just has not been around for a

S
SUCH CLAIM AGAINST ANY OF THE DEBTORS AND (B) ubilly o Officil Fom no.410 vilbl  www.ucou. 4. CLAIMS FOR WHICH PROOFS OF CLAIM NEED NOT BE The building at 60 Wall St.
FOREVER BARRED FROM VOTING TO ACCEPT OR REJECT gov/fom/bkupcy-fom o  c-pcific poof of clim FILED.t B D Od povid  ci clim wo while.” has been vacant since 2021. urprisingly, the excite-
ANY PLAN OR PARTICIPATING IN ANY DISTRIBUTION IN fom povidd by  Dbo vilbl  p://c..koll. clim owi would b ubjc o  Gl B D d
THESECHAPTER11CASESONACCOUNTOFSUCHCLAIM. com/GOL. o fil poof of clim. to viw  copy of  B D Od, Banks occupy a couple hun- ment about artificial
O Juy 25, 2024 (“Piio D”), GOL Li a  ec poof of clim mu (i) b igd by  clim o by plviip://c..koll.com/GOL.
5. CONSEQUENCES OF FAILURE TO FILE A PROOF OF
dred thousand square feet on ery commercial city in the intelligence isn’t a
Ilig s.a. d  o bov-cpiod ii  uoizd g of  clim (poof of clim igd
(collcivly,  “Dbo”) fild voluy piio fo lif lcoiclly  ccpbl), (ii) iclud copi of y wiig CLAIM BY THE BAR DATE. anY entItY WhO Is reQUIreD tO the street, according to John world.” great explanation for the
ud cp 11 of il 11 of  Uid s Cod ( upo wic  d clim i bd (bu if  wiig upo tIMeLY FILe a PrOOF OF CLaIM as set FOrth InthIs nOtICe BUt Santora, chairman of real-es- Then the banks outgrew biggest stocks winning. Sure,
“Bkupcy Cod”) i  Uid s Bkupcy Cou fo  wic  d clim i bd  mo  100 pg i  FaILs tO DO sO WILL Be (a) FOreVer BarreD, estOPPeD, anD
souDiicofnwYok(“Cou”). ggg,ul owi gd wi  Dbo, clim- enJOIneD FrOM assertInG sUCh CLaIM aGaInst anY DeBtOr tate broker Cushman & Wake- the street. Mergers created giant chip maker Nvidia
O apil 9, 2024,  Cou d  od [Dock no.447]  my iclud i  li of  docum givig i o  anD (B) FOreVer BarreD FrOM VOtInG tO aCCePt Or reJeCt
(“B D Od”) bliig (i) June 14, 2024, at 11:59 clim o  ummy ig fo  bi fo  clim ciig o anY PLan Inthe DeBtOrs’ChaPter 11 Cases Or PartICIPatInG field’s New York operations. corporations with large trad- soared 91% this year to its
p.m.(prevailing Eastern time) (“Gl B D”)    pplicbl docum,id of filig  docum m- InanYDIstrIBUtIOnOnaCCOUntOFsUChCLaIM. As recently as 2000, that had ing operations that needed peak on March 25, but since
ddli fo ll clim (icludig idividul, pip, lv,d mk uc docum vilbl upo qu),(iii) b 6. THE DEBTORS’ SCHEDULES AND ACCESS THERETO.
copoio, joi vu, d u) o  govm- i egli o Pougu,d (iv) b domid i U.s.doll You my b lid   old of  clim gi o o mo been 5 million square feet. bigger floor plans than the then it is down 15%, includ-
l ui d (ii) July 23, 2024, at 11:59 p.m. (prevailing
Eastern time) fo govml ui ( “Govml B
(uigxcg,ifpplicbl,ofPiioD).2
I ddiio o  quim  fo i  immdily
of  Dbo i  Dbo’scdul of a d Libilii
d/o scdul of excuoy Coc d Uxpid L
Out-of-towners still come 1920s-era skyscrapers of Wall ing a plunge of 10% Friday.
D”) o fil poof of clim gi y of  Dbo lid pcdig pgp, y poof of clim ig  503(b)(9) (collcivly,“scdul”). to photograph historic build- Street could offer. Just as it dragged up the
blow: Debtor, Case Number, Tax ID Number: GOL Li Clim mu lo iclud, wi pcificiy: (i)  mou of  Copi of  scdul  vilbl fo ipcio o 
a  Ilig s.a.,24-10118 (MG),n/a;GOL Li a  503(b)(9) Clim; (ii)  picul Dbo gi wic  Cou’ wbi  p://www.yb.ucou.gov. a logi d ings and the nearby Fearless JPMorgan left 23 Wall St. performance of big stocks in
s.a., 24-10119 (MG), 98-0670124; GtX s.a., 24-10121 (MG), 503(b)(9) Clim i d;(iii)  d of pupod dlivy of pwod o PaCer  quid o cc i ifomio d Girl statue. (Wall Street’s fa- in the 1980s, then moved its the first quarter, it should
n/a; GaC, Ic., 24-10120 (MG), n/a; Gol Fic (Luxmboug),  good o  Dbo wii wy (20) dy bfo  Piio c b obid oug  PaCer svic C  p://
24-10117 (MG), n/a; Gol Fic (Cym), 24-10122 (MG), D; (iv) documio, icludig ivoic, cip, bill of www.pc.gov. Copi of  scdul  lo vilbl  mous Charging Bull sits blocks headquarters to Midtown have dragged them down
n/a; smil Fidlidd s.a.,24-10124 (MG),n/a; smil Vig ldig, d  lik, idifyig wi pcificiy  picul
good fo wic  503(b)(9) Clim i big d; (v) 
 C Wbi  p://c..koll.com/GOL. Copi
of  scdul my lo b obid by wi qu o
away on Broadway.) But bank- Manhattan in 2001. The bank this month—yet they still
 tuimo s.a.,24-10125 (MG),n/a;smil Fidlidd agi
s.a.,24-10126 (MG),n/a;smilVijytuimo,24-10127 (MG), idificio of wic good (if y) w ubjc o  dmd  Dbo’ Clim ag   followig dd: GOL Clim ers are few and far between. explored buying back 23 Wall beat their smaller brethren.
n/a; Cpiâi ai Fudo d Ivimo Mulimcdo C dio fo clmio d ud cio 546 of  Bkupcy Pocig C, c/o Koll rucuig admiiio LLC,
Pivdo Ivimo o exio, 24-10128 (MG), n/a; soio Cod,d,if pplicbl, d of y uc clmio dmd GdClsio,POBox4850,nwYok,nY10163-4850. “Nobody comes here any- St., according to executives, The pattern is surprising
Fudo d Ivimo m Co d Fudo d Ivimo imly ubmid puu o  Final Order Establishing and If you ly o  scdul, i i you poibiliy o more,” lamented Sunil Rally, but a deal never came to- for anyone who remembers
Mulimcdo C dio Pivdo Ivimo o exio, Implementing Exclusive and Global Procedures for Treatment of dmiyouclimicculylidiscdul.
24-10130(MG),n/a; GolequiyFic, 24-10131(MG),n/a. Reclamation Claims [Dock no. 172]; d (vi) documio t Dbo v  ig o () dipu, o o  who has run a newsstand on gether. It is now building a 2022 and suggests investors
t Gl B D d  pocdu  fo blow fo o o vidc   good wi pc o wic  off o df gi, y fild clim o y clim lid o Wall Street since 1991. glistening new bronze office are much more focused on
filig poof of clim pply o ll clim gi y Dbo  503(b)(9) Clim i big fild w old i  odiy cou of flcd i  scdul  o u,mou,libiliy,pioiy,
o pio o  Piio D,xcp fo clim lid i scio pplicblDbo’bui. clificio, o owi; (b) ubquly dig y Rally is thinking about tower for its headquarters on profits now. In 2022, big
4 blow, wic  xcludd fom  filig quim d Your proof of claim must not contain complete social cduld clim  dipud, coig, o uliquidd; d shutting down his stand be- Park Avenue, several miles tech and other growth
ddliblidbyBDOd. security numbers or taxpayer identification numbers (c) owi md o upplm  scdul. noig
1. WHO MUST FILE A PROOF OF CLAIM. If you bliv you (only the last four digits), a complete birth date (only the coidiinoicllpcludDbofomobjcig cause foot traffic has declined north. stocks were crushed as valu-
v  clim gi y Dbo  o pio o  Piio year), a name of a minor (only the minor’s initials), or a oyclim,wcduldofild,oygoud.
D, you MUst fil  poof of clim o b d   cdio i financial account number (only the last four digits of such YOU SHOULD CONSULT AN ATTORNEY REGARDING ANY by more than 50% since the For the banks who have ations collapsed, even
 c (i.e., vo o  cp 11 pl fo  Dbo o o financialaccount). MATTERS NOT COVERED BYTHIS NOTICE,SUCH ASWHETHER pandemic. Tourists help but stuck around, Wall Street is though profits were fine.
 i diibuio fom  Dbo’ bkupcy ), Wi  xcpio of y (i) m poof of clim (“tu YOUSHOULDFILEAPROOFOFCLAIM.
ul you clim i of  yp dcibd i scio 4 blow. M Poof of Clim”) fild by  lv idu u BYORDEROFTHECOURT don’t cover the loss from the home to a few retail branches, The argument—a good one—
Poof of y clim bd o c o omiio of y Dbo
 occud bfo  Piio D mu b fild o o
(c,  “tu”) fo y of  amoizig no, 2024 sio
excgbl no, 2025 sio no, d Ppul no
Dd: nw Yok, nw Yok, apil 9, 2024, MILBANK LLP, workers who were customers typically considered a “Main was that for growth stocks,
/s/ Evan R. Fleck , ev r. Flck, Lu C. Doyl, By V. Ulk,
pio o  Gl B D (o, if pplicbl, o of  o (c  dfid i Declaration of Joseph W. Bliley in Support of MILBANK LLP, 55 hudo Yd, nw Yok, nw Yok 10001, five days a week, he said. Street” business. profit is further in the future
ddli dcibd blow), v if uc clim i o culy the Debtors’ Chapter 11 Petitions and First Day Pleadings [Dock
fixd, liquidd, o ci o did o mu o bcom fixd, no. 11] d, collcivly,  “Idu”) i ccodc wi
tlpo: (212) 530-5000, Fcimil: (212) 530-5219 -d- Above him towered the JPMorgan had run the 45 than for cheap value stocks,
adw M. Lblc, ei e. Dx (dmid pro hac vice),
liquidd,ocibfoPiioD. pgp 9 of  B D Od, d (ii) y M Poof of MILBANK LLP, 1850 K s nW,sui 1100,Wigo,DC 20006, building at 60 Wall St., 55 sto- Wall St. branch since 2006, so higher long-term bond
t B D Od bli  followig b d fo Clim ( dfid i  Final Order (a) Authorizing the Debtors
filig poof of clim i  Cp 11 C (collcivly,  to Obtain Postpetition Financing, (b) Granting Liens and Providing
tlpo: (202) 835-7500, Fcimil: (202) 263-7586 -d- ries tall, built in the 1980s and but is moving several blocks yields should make those fu-
Ggoy a.By, MILBANK LLP,2029 Cuy Pk e,33d Floo,
“BD”): Claims with Superpriority Administrative Expense Status, (c)
Granting Adequate Protection to the Prepetition Secured Parties,
Lo agl, Ca 90067, tlpo: (424) 386-4000, Fcimil: occupied by JPMorgan, then away. “It kind of looked like a ture profits less valuable.
. General Bar Date: excp  owi  fo i i (213)629-5063, CounselforDebtorsandDebtors-in-Possession
noic,ll ii  old  clim gi y Dbo  o (d) Modifying the Automatic Stay, (e) Authorizing the Debtors to Deutsche Bank. It has been va- bowling alley,” said Sarah Ro- The difference this time is
UseCashCollateral,and(f)GrantingRelatedRelief [Dock no.207] 1
pio o  Piio D (w cud, ucud pioiy,
o ucud opioiy) mu fil  poof of clim by June 14, (“Fil DIP Od”)), ll po d ii ig clim
t Dbo i  cp 11 c, log wi  l
fou digi of c Dbo’ fdl x idificio umb,:
cant since 2021. selli, Chase’s market director that rates were high to start
2024, at 11:59 (prevailing Eastern time). Fo  voidc gi mo  o Dbo  quid o (i) fil  p GOL Li a  Ilig s.a.(n/a);GOL Li a  s.a. In the late 1800s, Wall for New York’s Financial Dis- with. The 10-year Treasury
of doub d wiou limiio,  Gl B D ppli o poof of clim gi c uc Dbo d (ii) idify o c (0124);GtX s.a.(n/a);GaC,Ic.(n/a);Gol Fic (Luxmboug)
clim d puu o cio 503(b)(9) of  Bkupcy poof of clim  picul Dbo gi wic  clim (n/a); Gol Fic (Cym) (n/a); smil Fidlidd s.a.(n/a); Street drove the U.S.’s evolu- trict. “We decided it was time lost almost 20% in price
Cod(“503(b)(9)Clim”). i d. ay clim  fil o idify  pcific Dbo will smil Vig  tuimo s.a.(n/a);smil Fidlidd agi tion from a rural nation into to move.” terms in 2022 as yields rose,
b. Governmental Bar Date: all govml ui,  b dmd fild oly gi GOL Li a  Ilig s.a.(n/a);smil Vij y tuimo s.a.(n/a);Cpiâi ai Fudo
dfid i cio 101(27) of  Bkupcy Cod, mu fil s.a. Wi  xcpio of y (i) M Poof of Clim fild by  d Ivimo Mulimcdo C dio Pivdo Ivimo the world’s pre-eminent finan- Two big banks, Bank of while this year it is down
clim gi y Dbo  o pio o  Piio D by
July23,2024,at11:59p.m.(prevailingEasterntime).
tu d (ii) y M Poof of Clim ( dfid i  Fil
DIP Od), if mo  o Dbo i idifid o  Clim
o exio (n/a); soio Fudo d Ivimo m Co
d Fudo d Ivimo Mulimcdo C dio Pivdo
cial center. New York usurped America and Toronto-Domin- 6%. Back then, investors sold
c. Rejection Claims Bar Date: all ii  old  Fom,  poof of clim will b dmd fild oly gi  Ivimo o exio (n/a);d Gol equiy Fic (n/a). t London as Wall Street banks ion, still keep branches on growth much more than
clim gi y of y Dbo iig ou of  jcio of  fi-lidDbo. Dbo’vic dd i Pç Comd Liu Gom,s/n,
xcuoy coc o  uxpid l puu o cio 365 3. WHEN AND WHERE TO FILE. excp  povidd fo Poi 3, Jdim aopoo, 04626-020 são Pulo, são Pulo, helped finance the U.S.’s rapid Wall Street. value, without much atten-
of  Bkupcy Cod mu fil  poof of clim by  l of (i) i, ll poof of clim mu b fild o  o b civd o FdivrpublicofBzil. industrial growth and later Bank of America renovated tion to size (the largest and
 Gl B D o (ii)  d  i iy (30) dy f o bfo  pplicbl B D: IF ELECTRONICALLY: (i) By 2
W  poof of clim  b domid i  cucy
 d of y of  od of  Bkupcy Cou uoizig followig iucio fo filig poof of clim o  wbi o  U.s. doll,  Dbo will cov  d lent billions to fund wars in its small bank branch at 95 smallest members of the
 jcio of uc coc o l (“rjcio Clim B
D”).
blid by  Dbo’ clim d oicig g, Koll
rucuig admiiio LLC (“Koll”), fo  Cp 11
mou of uc clim o U.s. doll bd upo  pplicbl Europe. Wall St. last year. Foot traffic S&P did badly). This year in-
covioofPiioD.
The street became synony- is down from prepandemic vestors bought growth more
mous with American finance levels, but the branch still than value, while size mat-
ANNOUNCEMENTS BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE because of the stock exchange sees around 2,500 customers tered more.
at the corner of Broad Street monthly who come in to open This makes sense. As well
and Wall Street, as well as the checking accounts or transfer as rate changes having a
Your Book
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smaller impact when rates
are high than when they are
Your Strategies for Success & Your CENTRAL FLORIDA Co., the Bank of New York and New York strategy, superlow, investors wised up
Wisdom & Advice Should Be in a MAKE YOUR MOVE! the National City Bank, the Chase’s closure down the to the varying effects of
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e Great properties priced $595K to forerunner to Citigroup. street will likely help bring in higher rates on the bottom
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THEMARKETPLACE now accepting
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(800) 366-3975 customers. daily transactions are tele- have to turn the street corner. for investors who keep hop-
wsj.com/classifieds
© 2024 Dow Jones & Company, Inc. www.sea-up.life graphed to every city in the The entrances aren’t physi- ing that smaller stocks will
All Rights Reserved. Union and to the capital of ev- cally on Wall Street. one day prove their worth.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
37986.40 s 3.16, or 0.01% last week Trailing P/E ratio 26.52 22.65 4967.23 t 156.18, or 3.05% last week Trailing P/E ratio * 22.59 18.62 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 18.22 17.97 High, low, open and close for each of P/E estimate * 20.65 18.92
the past 52 weeks Dividend yield 2.22 2.09 the past 52 weeks Dividend yield * 1.44 1.67 IPOs in the U.S. Market
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.15221633137872 Rule 144a market; deal amounts are for the U.S. market only
39500 5100
Week's high Symbol/ Pricing
Expected primary Shares Range($)
DOWN UP pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
t

Monday's open Friday's close

38000 4900 4/24 3/26 Marex Group MRX 15.4 18.00/ Barclays,GS,Jefferies,Stifel,
Friday's close Monday's open Commodity brokerage. Nq 21.00 Citi, UBS, Piper
t

Sandler, HSBC
65-day moving average
36500 4700 4/24 4/1 Rubrik RBRK 23.0 28.00/ GS,Barclays,Citi,WellsFargo,
Week's low Software-Computer, N 31.00 Guggenheim
Traditional & Other. Partners, Mizuho,
65-day Software company Truist Financial
moving average engaged with cloud data Corp, BMO Cptl
35000 4500 management solutions. Mkts
4/25 4/2 Loar Holdings LOAR 11.0 24.00/ Jefferies,MS,Moelis&Co,Citi,
Holding company of a N 26.00 RBC Cptl Mkts
designer and
33500 4300 manufacturer of
aerospace components.
200-day moving average 200-day moving average

32000 4100
Lockup Expirations
None expected this week
Bars measure the point change from Monday's open
30500 3900 IPO Scorecard
AM J J A S O N D J F M A M J J A S O N D J F M A
Performance of IPOs, most-recent listed first
Primary % Chg From % Chg From
NYSE weekly volume, in billions of shares market Composite
t
t

Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
Scan this code IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
36
24 Get real-time U.S. stock quotes and track Tungray Technologies 5.95 48.8 ... Zhibao Technology 3.48 –13.0 –5.9
most-active stocks, new highs/lows, mutual TRSG April 19/$4.00 ZBAO April 2/$4.00
12
0 funds and ETFs.. Centuri Holdings 23.95 14.0 3.5 Alta Global Group 3.13 –37.5 –25.2
CTRI April 18/$21.00 MMA March 28/$5.00
AM J J A S O N D J F M A Available free at WSJMarkets.com Ibotta 98.00 11.4 –5.1 Boundless Bio 10.09 –36.9 –29.2
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index IBTA April 18/$88.00 BOLD March 28/$16.00
Junee 4.07 1.8 0.2 U-BX Technology 4.59 –8.2 12.0
Major U.S. Stock-Market Indexes Nasdaq Composite JUNE April 17/$4.00 UBXG March 28/$5.00
Latest Week 52-Week % chg t 893.08, or -5.52% Top Wealth Group Holdings 3.73 –6.8 92.3 IB Acquisition 10.01 0.1 0.2
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. TWG April 16/$4.00 IBACU March 26/$10.00
last week
Dow Jones UL Solutions 33.85 20.9 –3.1 Auna 6.80 –43.3 –29.2
Industrial Average 38386.81 37611.56 37986.40 3.16 0.01 32417.59 • 39807.37 12.4 0.8 3.7
ULS April 12/$28.00
12.6
AUNA March 22/$12.00
2.0
Transportation Avg 15686.77 14921.95 15083.72 -414.39 -2.67 13444.01 • 16695.32 4.6 -5.1 0.6
16200
PACS Group
PACS April 11/$21.00
23.65 2.8 Black Hawk Acquisition
BKHAU March 21/$10.00
10.20 0.5

Utility Average 877.70 833.14 875.61 20.70 2.42 783.08 • 975.39 -9.7 -0.7 -1.7 Mobile-health Network Solutions 27.27 581.8 307.0 Reddit 40.88 20.2 –19.0
Total Stock Market 51384.06 49235.26 49376.46 -1563.46 -3.07 40414.80 • 52402.86 19.6 3.3 4.4 MNDR April 10/$4.00 RDDT March 21/$34.00
Barron's 400 1105.03 1089.48 1095.28 -20.49 -1.84 881.58 • 1166.53 18.4 2.1 3.2 15800 Contineum Therapeutics 15.42 –3.6 0.1 Astera Labs 64.49 79.1 4.0
CTNM April 5/$16.00 ALAB March 20/$36.00
Nasdaq Stock Market Massimo Group 4.25 –5.5 41.3 Intelligent Group 1.57 –60.8 –52.4
15400
Nasdaq Composite 16295.27 15222.78 15282.01 -893.08 -5.52 11799.16 • 16442.2 26.6 1.8 3.2 MAMO April 2/$4.50 INTJ March 20/$4.00
Nasdaq-100 18152.08 16973.94 17037.65 -965.84 -5.36 12725.11 • 18339.44 31.1 1.3 7.0 Sources: Dow Jones Market Data; FactSet
15000
S&P
500 Index 5168.43 4953.56 4967.23 -156.18 -3.05 4055.99 • 5254.35 20.2 4.1 6.1
12 15 16 17 18 19
April
Public and Private Borrowing
MidCap 400 2930.64 2818.01 2836.88 -62.84 -2.17 2326.82 • 3046.36 13.5 2.0 1.6 DJ US TSM Treasurys
SmallCap 600 1282.22 1238.53 1253.80 -16.25 -1.28 1068.80 • 1344.66 8.1 -4.9 -2.0
t 1563.46, or -3.07% Monday, April 22 Tuesday, April 23
Other Indexes last week Auction of 13 and 26 week bills; Auction of 2 year note;
Russell 2000 2016.66 1931.54 1947.66 -55.52 -2.77 1636.94 • 2124.55 8.7 -3.9 -4.4 announced on April 18; settles on April 25 announced on April 18; settles on April 30
NYSE Composite 17827.32 17336.80 17458.77 -180.27 -1.02 14675.78 • 18312.67 12.1 3.6 2.7 Wednesday, April 24 Thursday, April 25
Value Line 590.34 570.75 573.92 -11.29 -1.93 498.09 • 615.81 3.6 -3.4 -4.4 51100 Auction of 2 year FRN; Auction of 7 year note;
NYSE Arca Biotech 5086.97 4821.53 4865.67 -199.99 -3.95 4544.40 • 5511.46 -9.9 -10.2 -4.0 announced on April 18; settles on April 30 announced on April 18; settles on April 30
NYSE Arca Pharma 987.11 963.77 967.17 -7.21 -0.74 837.32 • 1029.37 8.9 6.3 10.8
50400 Auction of 5 year note; Auction of 4 and 8 week bill;
KBW Bank 100.74 96.31 100.08 1.99 2.03 71.71 • 104.85 20.7 4.2 -6.5
announced on April 18; settles on April 30 announced on April 23; settles on April 30
PHLX§ Gold/Silver 137.23 130.60 136.01 -0.10 -0.07 102.94 • 141.11 1.3 8.2 -2.7
Auction of 17 week bill;
PHLX§ Oil Service 91.72 85.84 87.74 -3.054 -3.36 69.29 • 98.76 10.3 4.6 19.2 49700
announced on April 23; settles on April 30
PHLX§ Semiconductor 4827.89 4288.00 4306.87 -438.18 -9.23 2906.29 • 5165.83 42.5 3.1 10.7
Cboe Volatility 21.36 16.26 18.71 1.40 8.09 12.07 • 21.71 11.6 50.3 2.7 49000
12 15 16 17 18 19

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April A Week in the Life of the DJIA
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA
International Stock Indexes Commodities and gained 3.15 points, or 0.01%, on the week. A $1 change in the price of
Latest Week 52-Week Range YTD
Currencies any DJIA stock = 6.57-point change in the average. To date, a $1,000
Region/Country Index Close % chg Low Close High % chg
Last Week YTD
investment on Dec. 31 in each current DJIA stock component would
World MSCI ACWI 743.28 –2.92 629.46 • 783.58 2.2 Close Net chg %Chg % chg have returned $30,786, or a gain of 2.62%, on the $30,000
investment, including reinvested dividends.
MSCI ACWI ex-USA 314.98 –2.53 276.65 • 330.44 –0.5 DJ Commodity 1029.72 -1.20 -0.12 7.51
MSCI World 3255.62 –2.85 2731.99 • 3437.76 2.7 Refinitiv/CC CRB Index 298.15 0.28 0.09 13.01 The Week’s Action
MSCI Emerging Markets 1004.17 –3.60 910.91 • 1057.89 –1.9 Crude oil, $ per barrel 83.14 -2.52 -2.94 16.04 Pct Stock price Point chg
chg (%) change in average* Company Symbol Close
$1,000 Invested(year-end '23)
$1,000
Americas MSCI AC Americas 1877.61 –3.02 1537.95 • 1986.20 3.5 Natural gas, $/MMBtu 1.752 -0.018 -1.02 -30.31
14.10 61.93 406.86 UnitedHealth Group UNH $501.13 $956
Canada S&P/TSX Comp 21807.37 –0.42 18737.39 • 22361.78 4.1 Gold, $ per troy oz. 2398.40 42.20 1.79 16.29
5.88 12.84 84.35 American Express AXP 231.04 1,241
Latin Amer. MSCI EM Latin America 2399.38 –2.62 2152.77 • 2675.33 –9.9
U.S. Dollar Index 106.12 0.08 0.07 4.67 3.73 14.51 95.32 Goldman Sachs GS 404.00 1,055
Brazil Bovespa 125124.30 –0.65 101797.09 • 134193.72 –6.8
WSJ Dollar Index 100.50 0.30 0.30 4.87 3.24 1,029
Chile S&P IPSA 3504.87 –3.31 3048.00 • 3714.61 1.1
Euro, per dollar 0.9383 -0.0014 -0.15 3.57
1.89 12.42 Coca-Cola KO 60.17
Mexico S&P/BMV IPC 55862.85 –1.24 48197.88 • 58711.87 –2.7
Yen, per dollar 154.65 1.37 0.89 9.65
2.75 2.53 16.62 Nike NKE 94.53 874
EMEA STOXX Europe 600 499.29 –1.18 429.58 • 512.67 4.2
U.K. pound, in dollars 1.24 -0.0088 -0.71 -2.84
1.94 0.77 5.06 Verizon VZ 40.49 1,110
STOXX Europe 50 4338.79 –1.06 3783.73 • 4428.10 6.0
52-Week
1.81 2.81 18.46 Procter & Gamble PG 158.14 1,093
Eurozone Euro STOXX 504.63 –0.91 420.65 • 520.21 6.4 Low Close(l) High % Chg 1.72 4.60 30.22 McDonald’s MCD 271.99 923
Euro STOXX 50 4918.09 –0.75 4014.36 • 5083.42 8.8
DJ Commodity 930.59 l1030.92 2.54
1.65 3.01 19.77 JPMorgan Chase JPM 185.80 1,105
Austria ATX 3537.00 –0.50 3020.72 • 3592.33 3.0
1.05 0.96 6.31 3M MMM 92.27 1,026
Belgium Bel-20 3827.75 –0.58 3290.68 • 3872.45 3.2 Refinitiv/CC CRB Index 253.85 l 298.18 10.10
0.65 1,084
France CAC 40 8022.41 0.14 6795.38 • 8205.81 6.4 Crude oil, $ per barrel 67.12 l 93.68 6.77 1.04 6.83 Chevron CVX 160.00
Germany DAX 17737.36 –1.08 14687.41 • 18492.49 5.9 Natural gas, $/MMBtu 1.575 l 3.575 -21.54 0.62 1.65 10.84 Amgen AMGN 268.93 941
Greece Athex Composite 1392.62 –0.57 1085.11 • 1434.87 7.7 Gold, $ per troy oz. 1816.60 l2398.40 21.16 0.26 0.39 2.56 Johnson & Johnson JNJ 147.91 951
Israel Tel Aviv 1912.45 –1.07 1605.20 • 2010.41 2.5 0.16 0.27 1.77 Boeing BA 169.82 652
Italy FTSE MIB 33922.16 0.47 26051 • 34760 11.8 U.S. Dollar Index 99.77 l 107.00 4.22 0.03 0.04 0.26 Merck MRK 125.78 1,161
Netherlands AEX 860.01 –2.65 714.05 • 886.67 9.3 WSJ Dollar Index 94.60 l 100.92 4.78
–0.35 –0.17 –1.12 Cisco CSCO 48.32 972
Norway Oslo Bors All-Share 1563.68 –2.68 1347.84 • 1606.79 2.9 Euro, per dollar 0.8897 l 0.9555 3.13
–0.38 –0.69 –4.53 IBM IBM 181.58 1,120
Portugal PSI 20 6295.12 –0.67 5729.40 • 6609.90 –1.6 Yen, per dollar 133.67 l 154.73 15.29
–0.97 –1.90 –12.48 Honeywell HON 194.26 931
South Africa FTSE/JSE All-Share 73363.56 –2.59 69451.97 • 78977.89 –4.6 U.K. pound, in dollars 1.21 l 1.31 -0.55
–1.01
Spain IBEX 35 10729.50 0.41 8918.3 • 11111.3 6.2 –0.61 –4.01 Walmart WMT 59.53 1,137
Sweden OMX Stockholm 936.75 –1.12 753.35 • 971.52 3.8 Go to WSJMarkets.com for free –1.23 –1.40 –9.20 Walt Disney DIS 112.61 1,247
Switzerland Swiss Market 11296.40 –0.73 10323.71 • 11790.46 1.4 access to real-time market data. –1.79 –1.03 –6.77 Dow DOW 56.66 1,046
U.K. FTSE 100 7895.85 –1.25 7256.94 • 7995.58 2.1 –2.19 –7.51 –49.34 Home Depot HD 335.36 973
Asia-Pacific MSCI AC Asia Pacific 167.41 –4.51 150.1 • 178.1 –1.2 –2.24 –6.18 –40.60 Visa V 269.78 1,038
Australia S&P/ASX 200 7567.30 –2.83 6772.9 • 7896.9 –0.3 –3.00 –10.97 –72.07 Caterpillar CAT 354.66 1,209
China Shanghai Composite 3065.26 1.52 2702.19 • 3395.00 3.0
–3.18 –7.03 –46.18 Travelers TRV 214.07 1,129
Hong Kong Hang Seng 16224.14 –2.98 14961.18 • 20297.03 –4.8
–4.17 683
India S&P BSE Sensex 73088.33 –1.56 59655.06 • 75038.15 1.2 –1.49 –9.79 Intel INTC 34.20
Japan NIKKEI 225 37068.35 –6.21 28416.47 • 40888.43 10.8 –5.40 –22.78 –149.66 Microsoft MSFT 399.12 1,063
Malaysia FTSE Bursa Malaysia KLCI 1547.57 –0.22 1374.64 • 1559.98 6.4 –6.18 –11.50 –75.55 Amazon.com AMZN 174.63 1,149
Singapore Straits Times 3176.51 –1.26 3053.36 • 3373.98 –2.0 –6.54 –11.55 –75.88 Apple AAPL 165.00 858
South Korea KOSPI 2591.86 –3.35 2277.99 • 2757.09 –2.4 –8.14 –23.95 –157.34 Salesforce CRM 270.37 1,029
Taiwan TAIEX 19527.12 –5.83 15370.73 • 20796.20 8.9
*Based on Composite price. DJIA is calculated on primary-market price.
Source: FactSet; Dow Jones Market Data Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 0.48% Fri YTDchg Fri YTDchg
Federal-funds Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Banesco USA 5.25% 6.00%
target rate Tradeweb ICE 16% Americas Thailand baht .02715 36.830 7.1
6.00% Coral Gables, FL (888) 228-1597
t Friday Close 5.00 Vietnam dong .00003930 25445 4.8
Argentina peso .0011871.3237 7.8
CFG Community Bank 5.25% t 8 WSJ Dollar Index Europe
4.00 t s Brazil real .1922 5.2023 7.2
Baltimore, MD 888-205-8388 4.00 Czech Rep. koruna .04220 23.698 5.9
Money market Canada dollar .7274 1.3749 3.8
One year ago .1428 7.0018 3.3
account yields 2.00 UFB Direct 5.25% 0 Chile peso .001047 955.21 9.2 Denmark krone
3.00 Euro area euro 1.0658 .9383 3.6
t San Diego, CA 877-472-9200 s Colombiapeso .000256 3907.50 0.8
0.00 –8 s Euro Ecuador US dollar 1 1 unch Hungary forint .002706 369.56 6.5
TAB Bank 5.27% 2.00
Yen Iceland krona .007081 141.23 3.8
Mexico peso .0585 17.0971 0.7
Ogden, UT 800-355-3063 Norway krone .0908 11.0179 8.3
–2.00 1.00 –16 Uruguay peso .02604 38.3980 –1.7
BrioDirect 5.35% Poland zloty .2473 4.0442 2.7
M J J A S ON D J FMA 1 3 6 1 2 3 5 7 10 20 30 Asia-Pacific
2023 2024 Sweden krona .0916 10.9227 8.1
2023 2024 Montebello, NY 877-369-2746 month(s) years Australiadollar .6419 1.5579 6.2 Switzerland franc 1.0984 .9104 8.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity China yuan .1381 7.2398 1.8 Turkey lira .0308 32.5041 10.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1277 7.8327 0.3 Ukraine hryvnia .0251 39.8500 4.5
India rupee .01198 83.470 0.3 UK pound 1.2371 .8083 2.9
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000617 16218 5.4 Middle East/Africa
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Spread +/- Treasurys, Japan yen .006466 154.65 9.7
Yield (%) in basis pts, 52-wk Range Total Return Bahrain dinar 2.6525 .3770 0.01
SOFR 5.30 5.31 4.80 l 5.40 5.29 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Kazakhstan tenge .002240 446.42 –2.0 Egypt pound .0207 48.3379 56.3
Money market, annual yield 0.48 0.48 0.46 l 0.64 0.40 Macau pataca .1239 8.0715 0.2 Israel shekel .2659 3.7611 4.4
U.S. Treasury, Bloomberg 4.810 4.730 -1.50 -3.66 Malaysia ringgit .2090 4.7840 4.1 3.2423 .3084 0.4
Five-year CD, annual yield 2.84 2.83 2.76 l 2.87 2.37 Kuwait dinar
U.S. Treasury Long, Bloomberg 4.800 4.720 -9.71 -10.42 New Zealand dollar .5888 1.6984 7.3 Oman sul rial 2.5973 .3850 0.01
30-year mortgage, fixed† 7.55 7.56 6.85 l 8.28 4.46
Aggregate, Bloomberg 5.250 5.140 40 38 60 -0.24 -3.47 Pakistan rupee .00359 278.650 –0.9 Qatar rial .2747 3.641 –0.1
15-year mortgage, fixed† 6.94 6.91 6.16 l 7.42 4.56 Philippines peso .0174 57.486 3.8
Fixed-Rate MBS, Bloomberg 5.500 5.360 55 44 82 -0.89 -3.90 Saudi Arabia riyal .2666 3.7515 0.04
Jumbo mortgages, $766,550-plus† 7.62 7.66 6.89 l 8.33 4.54 Singapore dollar .7345 1.3615 3.2 South Africa rand .0523 19.1225 4.5
Five-year adj mortgage (ARM)† 6.66 6.56 5.70 l 7.16 3.52
High Yield 100, ICE BofA 7.844 7.608 289 243 443 8.376 1.556 South Korea won .0007275 1374.58 6.2
New-car loan, 48-month 7.83 7.83 6.93 l 7.88 3.79 Muni Master, ICE BofA 3.554 3.509 4 -9 9 2.057 -1.030 Sri Lanka rupee .0033107 302.05 –6.8 Close Net Chg % Chg YTD%Chg

Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 7.590 7.464 286 270 411 7.761 -2.502 Taiwan dollar .03073 32.537 6.0 WSJ Dollar Index 100.50 –0.01–0.01 4.87
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
B8 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not BS St Cr 2027 Tm BGB 12.79 11.76 -8.1 9.5 BR MuniHoldngs MHD 13.31 11.51 -13.5 4.0
buy their shares back from investors who wish to cash NuvDow30DynOverwrite DIAX 15.97 13.72 -14.1 0.4 Eagle Point Credit ECC NA 9.96 NA 16.6 BR MuniVest Fd MVF 7.86 6.82 -13.2 4.0 GS Real Est Div Inc:W 8.27 NA NA -8.8 Apollo Diversified Cd:A NA NA NA 9.1
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not NuvCorEqAlpha JCE 13.72 13.33 -2.8 20.7 Eagle Point Income EIC NA 15.57 NA 12.6 BR MuniVest 2 MVT 12.13 10.41 -14.2 4.1 Private Opps A NA NA NA NS Apollo Diversified Cd:C NA NA NA 8.4
available or not applicable. NS signifies funds not in NuveenNasdaq100DynOv QQQX 24.95 22.43 -10.1 2.2 EtnVncFltRteInc EFT 13.35 13.35 0.0 10.6 BR MuniYield Fd MYD 11.91 10.65 -10.6 4.5 Private Opps I NA NA NA NS Apollo Diversified Cd:F NA NA NA 11.8
existence for the entire period. 12 month yield is Nuv Real Est JRS 7.98 7.15 -10.4 5.2 EV SenFlRtTr EFR 13.08 13.09 +0.1 10.3 BR MuniYield Qlty MQY 12.95 11.90 -8.1 4.7 Private Opps SDR NA NA NA NS Apollo Diversified Cd:I NA NA NA 9.4
computed by dividing income dividends paid (during
the previous 12 months for periods ending at month- NuvS&P500DynOvFd SPXX 16.52 14.91 -9.7 3.9 FT/Sr Fltg Rte Inc 2 FCT 11.02 10.20 -7.4 11.1 BR MuniYld Qlty2 MQT 11.44 9.88 -13.6 4.5 NexPointRlEstStrat;A 16.82 NA NA -5.6 Apollo Diversified Cd:L NA NA NA 8.8
end or during the previous 52 weeks for periods NuvSP500BuyIncFd BXMX 14.11 12.47 -11.6 2.4 Highland Oppty & Income HFRO NA 6.37 NA 11.5 BR MuniYld Qly 3 MYI 12.32 10.98 -10.9 4.7 NexPointRlEstStrat;C 17.02 NA NA -6.3 Apollo Diversified Cd:M NA NA NA 8.6
ending at any time other than month-end) by the
latest month-end market price adjusted for capital
ReavesUtilityIncome UTG 25.72 25.88 +0.6 -1.7 InvDYCrOpp:AX VTA 11.02 NA NA NA BNY Mellon Muni Bd Infra DMB 11.79 9.99 -15.3 4.1 NexPointRlEstStrat;Z 17.04 NA NA -5.4 Opprtnstc Crdt Intrvl;I 11.70 NA NA 12.0
gains distributions. Depending on the fund category, Tortoise Enrgy Infra Crp TYG 38.00 31.33 -17.6 15.3 InvSnrIncTr VVR 4.06 4.25 +4.7 11.5 BNY Mellon Str Muni Bond DSM 6.57 5.58 -15.1 3.9 PIMCO Flexible REI;Inst 10.48 NA NA 10.0 PIMCO Flexible Cr I;A-1 6.87 NA NA 10.4
either 12-month yield or total return is listed. Tortoise Midstream Enrgy NTG 46.69 38.08 -18.4 23.6 Nuveen Credit Strat Inc JQC 5.86 5.41 -7.7 11.0 BNY Mellon Strat Muni LEO 6.87 5.87 -14.6 4.0 PREDEX;I 23.96 NA NA -13.1 PIMCO Flexible Cr I;A-2 6.87 NA NA 10.4
Source: Lipper
VDivInt&PremStr NFJ 13.94 11.75 -15.7 7.9 NuvFloatRateIncFd JFR 9.25 8.58 -7.2 11.2 DWS Muni Inc KTF NA 9.32 NA 3.5 PREDEX;T 24.06 NA NA -13.3 PIMCO Flexible Cr I;A-3 6.87 NA NA 10.1
Friday, April 19, 2024 V Art Int&Tech Opps AIO 20.41 18.76 -8.1 23.2 High Yield Bond Funds EVMuniBd EIM 11.24 10.04 -10.7 4.3 PREDEX;W 24.06 NA NA -13.3 PIMCO Flexible Cr I;A-4 6.87 NA NA 10.1
52 wk Income & Preferred Stock Funds
Prem Ttl abrdn Inc Credit Str ACP 6.81 6.68 -1.9 17.7 EVMuniIncm EVN 11.17 9.87 -11.6 4.7 Principal Real Asst A 25.04 NA NA 0.8 PIMCO Flexible Cr I;Inst 6.87 NA NA 10.9
Fund (SYM) NAV Close /Disc Ret Dividend and Income BXSY 19.76 NA NA NA AllianceBernGlHiIncm AWF 10.96 10.05 -8.3 7.6 EVNatMuniOpp EOT 18.24 16.34 -10.4 4.5 Principal Real Asst Ins 25.15 NA NA 1.2 Other Domestic Taxable Bond Funds
CalamosStratTot CSQ 15.65 15.29 -2.3 18.4 Allspring Income Oppty EAD 7.14 6.32 -11.5 8.9 InvAdvMuIncTrII VKI 9.63 8.19 -15.0 4.5 Principal Real Asst Y 25.41 NA NA 1.4 AFA Private Credit;Fndr 9.45 NA NA 7.8
General Equity Funds CohenStrsLtdDurPref&Inc LDP 20.80 19.07 -8.3 18.4
Adams Diversified Eq Inc ADX 21.56 18.39 -14.7 26.4 Barings Glb SD HY Bd BGH 15.45 13.89 -10.1 10.0 Invesco MuniOp OIA 6.26 6.18 -1.3 4.9 Redwood Rl Est;I 25.17 NA NA NS AFA Private Credit;Inst 9.48 NA NA 7.8
CohenStrsSelPref&Income PSF 20.54 18.77 -8.6 14.7 BR Corporate HY HYT 9.44 9.45 +0.1 9.5 InvescoMuOppTr VMO 10.76 9.27 -13.8 4.3 The Private Shares;A 39.51 NA NA -3.2 Alternative Credit Inc:A 9.67 NA NA 7.2
Central Secs CET 49.49 40.11 -19.0 20.1 CohenStrsTaxAvPreSecs&I PTA 20.14 18.38 -8.7 17.3
CohenStrsCEOppFd FOF 11.03 11.11 +0.7 14.0 BlackRock Ltd Dur Inc BLW 13.79 13.41 -2.8 8.8 InvescoMuTr VKQ 10.81 9.22 -14.7 4.4 The Private Shares;I 40.17 NA NA -3.0 Alternative Credit Inc:C 9.79 NA NA 6.4
FirstTrIntDurPref&Inc FPF 18.57 17.06 -8.1 22.6 BNY Mellon Hi Yield Str DHF 2.64 2.30 -12.9 7.5 InvescoQual Inc IQI 10.86 9.28 -14.5 4.6 The Private Shares;L 38.87 NA NA -3.5 Alternative Credit Inc:I 9.69 NA NA 7.4
EVTxAdvDivIncm EVT 25.05 22.32 -10.9 5.3 JHanPrefInc HPI NA 15.68 NA 12.6 Brookfield Real Asst Inc RA 14.45 12.47 -13.7 6.7 InvTrInvGrMu VGM 11.13 9.49 -14.7 4.3 Thirdline Real EstateI 10.04 NA NA 6.5 Alternative Credit Inc:L 9.67 NA NA 6.9
GabelliDiv&IncTr GDV 26.10 21.59 -17.3 8.8 JHPrefIncII HPF 15.52 16.29 +5.0 15.1 CrSuisHighYld DHY 2.15 1.98 -7.9 9.2 InvescoValMunInc IIM 13.27 11.37 -14.3 4.5 USQ Core Real Estate:I 23.01 NA NA -15.7 Alternative Credit Inc:W 9.67 NA NA 7.2
Gabelli Equity Tr GAB 5.23 5.21 -0.4 2.4 HnckJPfdInco III HPS 13.97 14.74 +5.5 14.0
GeneralAmer GAM 55.11 44.59 -19.1 21.7 DoubleLine Inc Sol DSL 12.22 12.11 -0.9 9.97 MAINSTAY:MKDEFTRMUNOP MMD 16.78 16.11 -4.0 4.8 USQ Core Real Estate:IS 23.08 NA NA -15.6 Angel Oak Str Crdt:FI NA NA NA 8.0
J Han Prm PDT NA 10.92 NA -4.3 DoubleLine Yld Opps DLY 15.82 15.11 -4.5 9.1 NeubrgrBrm NBH NA 10.10 NA 4.3 Versus Cap MMgr RE Inc:I 24.50 NA NA -8.3 Angel Oak Str Crdt:Inst NA NA NA 8.0
JHancockTaxAdvDiv HTD 21.39 18.99 -11.2 -2.4 LMP CapInco SCD 15.62 14.34 -8.2 27.2 First Tr Hi Inc Lng/Shrt FSD 12.39 11.35 -8.4 10.5 Nuveen AMT-Fr Mu Val NUW 15.16 13.39 -11.7 3.6 Versus Capital Real Asst 27.54 NA NA 2.2 BR Credit Strat;A 8.54 NA NA 8.2
Liberty All-Star Equity USA 6.63 6.54 -1.4 18.6 Nuveen Pref & Inc Opp JPC 7.78 6.85 -12.0 16.9
Liberty All-Star Growth ASG 5.52 5.00 -9.4 6.1 First Trust HY Opp:2027 FTHY 15.24 14.06 -7.7 10.7 Nuveen AMT-Fr Qlty Mun I NEA 12.47 10.66 -14.5 4.2 Wildermuth:I 7.33 NA NA -38.8 BR Credit Strat;Inst 8.51 NA NA 8.9
Nuveen Pref & Inc Term JPI 19.28 18.76 -2.7 17.1 Franklin Univ FT 7.50 6.47 -13.7 7.6 Nuveen AMT-Fr Mu CI NVG 13.48 11.53 -14.5 4.5 Income & Preferred Stock Funds
Royce Micro-Cap Tr RMT 10.01 8.64 -13.7 11.4 BR Credit Strat;U 8.53 NA NA 8.2
Nuveen Var Rate P&I NPFD 19.62 16.87 -14.0 15.9 KKR Income Opportunities KIO NA 13.32 NA 10.7 Nuveen Dyn Muni Opp NDMO 10.90 10.71 -1.7 6.8 Alpha Alternative Assets 6.22 NA NA 1.2
Royce Value Trust RVT 15.97 13.85 -13.3 14.2 BR Credit Strat;W 8.54 NA NA 8.2
TCW Strat Income TSI 4.99 4.60 -7.8 2.8 NeubHgYldStrt NHS 7.76 7.90 +1.8 13.4 Nuveen Mu Crdt Opps NMCO 11.51 10.16 -11.7 5.4 Calamos L/S Eqty and DI CPZ 17.92 15.24 -15.0 10.8
Source Capital SOR 44.39 41.60 -6.3 18.8 CION Ares Dvsfd Crdt;A NA NA NA 8.5
Convertible Sec's. Funds New Amer Hi Inc HYB 8.00 7.04 -12.0 6.7 Nuv Muni Credit Income NZF 13.57 11.76 -13.3 4.6 Carlyle AlpInv Pvt Mkt:A NA NA NA NS
Sprott Focus Trust FUND 8.82 7.65 -13.3 1.4 CION Ares Dvsfd Crdt;C NA NA NA 7.8
AdvntCnvrtbl&IncFd AVK 11.82 11.36 -3.9 9.8 Nuveen Global High Inc JGH 13.16 12.27 -6.8 9.7 NuvMuniHiIncOpp NMZ 11.03 10.18 -7.7 5.0 Denali Strctr Rtrn Strat 10.00 NA NA NS
SRH Total Return STEW 18.56 14.37 -22.6 17.8 CION Ares Dvsfd Crdt;I NA NA NA 8.8
CalamosConvHi CHY 10.17 11.13 +9.4 15.8 PGIM Global High Yield GHY 12.73 11.26 -11.5 10.5 Nuveen Muni Val NUV 9.26 8.51 -8.1 3.9 Flat Rock Opportunity 19.39 NA NA 20.3
Tri-Continental TY 33.47 29.27 -12.5 14.7 CION Ares Dvsfd Crdt;L NA NA NA 8.3
CalmosConvOp CHI 9.61 10.81 +12.5 13.2 PGIM High Yield Bond ISD 13.50 12.32 -8.7 9.7 Nuveen Quality Muni Inc NAD 12.90 10.96 -15.0 4.3 Lord Abbett Spec Sit I:A 9.27 NA NA 13.9
Specialized Equity Funds CION Ares Dvsfd Crdt;U NA NA NA 8.0
V Conv & Inc NCV 3.52 3.04 -13.6 0.6 PGIM Sh Dur Hi Yld Opp SDHY 17.12 15.03 -12.2 8.4 Nuveen Sel TF NXP 14.46 14.02 -3.0 4.0 Lord Abbett Spec Sit I:I 9.27 NA NA 14.7
abrdn Glb Prem Prop AWP 3.76 3.60 -4.3 2.4 CION Ares Dvsfd Crdt:U2 NA NA NA 8.0
V Conv & Inc II NCZ 3.13 2.70 -13.7 1.5 PioneerHilncm PHT 8.01 7.32 -8.6 8.6 PIMCO MuniInc PMF 9.35 8.92 -4.6 5.4 Variant Altrntv Inc:Inst 28.44 NA NA 9.7
abrdn Global Infra Inc ASGI 19.86 16.92 -14.8 2.8 V Div Inc & Conv ACV 20.47 21.92 +7.1 28.3 CION Ares Dvsfd Crdt;W NA NA NA 8.3
Adams Natural Resources PEO 27.89 23.37 -16.2 19.0 WstAstHIF II HIX 4.52 4.37 -3.3 13.1 PIMCOMuniIncII PML 8.68 8.30 -4.4 5.5 Variant Impact;Instl 28.17 NA NA 12.6 CNR Select Strategies 14.50 NA NA 0.0
V Eqty & Conv Inc NIE 23.87 21.38 -10.4 18.5 Western Asset Hi Inc Opp HIO 4.12 3.75 -9.0 10.2 Pimco Muni III PMX 7.99 7.25 -9.3 5.3
ASA Gold & Prec Met Ltd ASA 20.29 17.48 -13.8 5.0 Versus Capital Infra Inc 10.06 NA NA NS First Eagle Crdt Opps A 23.50 NA NA 10.5
World Equity Funds Western Asset Hi Yld D O HYI 12.05 11.68 -3.1 9.5 PioneerHilncAdv MAV 9.01 7.82 -13.3 4.2
BR Enh C&I CII 20.02 18.30 -8.6 9.4 Convertible Sec's. Funds First Eagle Crdt Opps A2 23.42 NA NA 10.2
abrdn Emg Mkts Eq Inc AEF 5.68 4.85 -14.6 3.2 Other Domestic Taxable Bond Funds PionrMuniHiIncOppty MIO 12.54 11.02 -12.2 4.5
BlackRock Energy & Res BGR 15.25 13.19 -13.5 15.4 Calmos Dyn Conv and Inc CCD 18.42 21.20 +15.1 6.6 First Eagle Crdt Opps I 23.37 NA NA 11.0
abrdn Glbl Dyn Div AGD 10.76 9.15 -15.0 4.2 Allspring Multi-Sector ERC 9.80 8.83 -9.9 8.4 PioneerMunHiIcm MHI 9.78 8.54 -12.7 4.0
BlackRock Eq Enh Div BDJ 8.96 7.88 -12.1 2.3 abrdn Tot Dyn Div AOD 9.29 7.82 -15.8 3.7
World Equity Funds First Trust Private Cr;A NA NA NA NS
BlackRock Enh Glbl Div BOE 11.67 9.87 -15.4 5.0 Apollo Tactical Income AIF 14.83 14.40 -2.9 10.6 Putnam Mgd Inc PMM 6.62 5.90 -10.9 3.3 ACAP Strategic:A 20.71 NA NA 29.3 First Trust Private Cr;I NA NA NA 8.7
Allspring Gl Div Oppty EOD 5.21 4.42 -15.2 11.3 Ares Dynamic Crdt Alloc ARDC 14.50 13.87 -4.3 9.7 Putnam Muni Opp PMO 11.25 9.82 -12.7 3.9
BlackRock Enh Intl Div BGY 6.02 5.13 -14.8 0.5 BlackRock Cap Alloc Term BCAT 17.21 15.27 -11.3 12.9
ACAP Strategic:W 15.56 NA NA 30.2 Franklin BSP Pvt Cr:A 10.39 NA NA 6.9
BlackRock ESG Cap All T ECAT 17.92 16.05 -10.4 15.4 BlackRock Mlt-Sctr Inc BIT 14.28 15.13 +6.0 9.3 RiverNorth Flx Mu Inc II RFMZ 15.34 13.66 -11.0 7.4 CalamosGlbTotRet CGO 10.68 9.67 -9.5 15.7 Franklin BSP Pvt Cr:Adv 10.41 NA NA 7.3
Calamos GloDynInc CHW 6.98 6.14 -12.0 14.9 BlackRock Tax Muni Bd BBN 17.09 15.58 -8.8 6.9 RiverNorth Mgd Dur Mun I RMM 16.21 14.68 -9.4 7.3
BlackRock Hlth Sci Term BMEZ 17.09 14.44 -15.5 -4.0 Cantor Fitzgerald SI:A 10.98 NA NA 7.2 FS Credit Income;A 12.26 NA NA 7.3
EV TxAdvGlbDivInc ETG 19.42 17.05 -12.2 13.0
BlackRock Hlth Sciences BME 42.11 38.80 -7.9 -2.5 DoubleLine:Oppor Crdt Fd DBL 14.99 14.72 -1.8 4.9 Western Asset Mgd Muni MMU 11.53 9.96 -13.6 4.5 Cantor Fitzgerald SI:C 10.87 NA NA 6.3 FS Credit Income;I 12.30 NA NA 7.6
EtnVncTxAdvOpp ETO 26.17 23.64 -9.7 13.6
BlackRock Innov&Gro Term BIGZ 8.48 7.05 -16.9 1.9 EVLmtDurIncm EVV 10.36 9.37 -9.6 9.6 Single State Muni Bond Cantor Fitzgerald SI:I 10.99 NA NA 7.4 FS Credit Income;T 12.29 NA NA 7.1
Highland Global Alloc HGLB NA 7.08 NA -12.2
BlackRock Res & Comm BCX 10.65 9.09 -14.6 1.5 Franklin Ltd Dur Income FTF 7.02 6.13 -12.7 11.3 BlackRock CA Mun BFZ 12.73 11.55 -9.3 4.3 Primark Priv Eq Inv:I 12.80 NA NA 13.2 FS Credit Income;U 12.24 NA NA 6.9
India Fund IFN 18.24 17.64 -3.3 26.8 FS Credit Opportunities FSCO NA NA NA 11.2 BR MH CA Qly Fd Inc MUC 12.36 10.68 -13.6 4.2
BlackRock Sci&Tech Term BSTZ 20.38 17.01 -16.5 9.6 Japan Smaller Cap JOF 9.18 7.55 -17.8 11.9 Sweater Cashmere 21.97 NA NA 6.6 FS Credit Income;U-2 12.34 NA NA 7.1
BlackRock Sci&Tech Trust BST 33.96 32.97 -2.9 16.1 J Han Investors JHI NA 13.06 NA 6.7 BR MH NJ Qly MUJ 12.89 11.15 -13.5 4.3 Thornburg Inc Bldr Opps TBLD 17.80 15.39 -13.5 9.1 GL Beyond Income 0.39 NA NA 0.0
LazardGlbTotRetInc LGI 17.50 14.90 -14.9 6.1
BlackRock Utl Inf & Pwr BUI 21.52 20.78 -3.4 -4.0 MFS Charter MCR 6.70 6.10 -9.0 0.0 BR MH NY Qly MHN 11.85 10.24 -13.6 4.1 VirtusTotalRetFd ZTR 5.97 5.32 -10.9 -6.9 KKR CREDIT OPPTY;D NA NA NA 8.8
Mexico MXF 22.31 17.68 -20.8 13.8
CLEARBRIDGEENGYMDSOPP EMO 43.56 40.32 -7.4 53.0 NuvCorePlusImpact NPCT 11.56 9.95 -13.9 9.7 BR MuniYld MI Qly MIY 12.81 11.10 -13.3 4.0
Miller/Howard High Inc E HIE NA 10.70 NA 8.6 Prem12 Mo KKR CREDIT OPPTY;I NA NA NA 9.0
CLEARBRIDGEMLP&MDSTMTR CTR 44.40 40.82 -8.1 45.5 Nuveen Taxable Muni Inc NBB 16.17 14.58 -9.8 5.3 BR MuniYld NY Qly MYN 11.48 10.11 -11.9 4.1 Fund (SYM) NAV Close /Disc Yld
MS ChinaShrFd CAF NA 12.03 NA -11.7 KKR CREDIT OPPTY;T NA NA NA 8.3
ClearBridge MLP & Midstm CEM 48.87 45.45 -7.0 49.0 PIMCO Corp & Inc Oppty PTY 11.10 13.71 +23.5 9.5 BlackRock NY Mun BNY 11.78 10.31 -12.5 3.9
MS India IIF 28.40 22.71 -20.0 34.2 U.S. Mortgage Bond Funds KKR CREDIT OPPTY;U NA NA NA 8.3
ChnStrInfr UTF 22.00 22.22 +1.0 3.6 PIMCO Corp & Inc Strat PCN 11.40 12.85 +12.7 9.6 EVCAMuniBd EVM 10.22 9.24 -9.6 4.0
MS CBRE Gl In Mg Term MEGI 13.56 11.65 -14.1 -10.5 Arca US Treasury NA NA NA 2.8 NIAGARAINCOMEOPPORTNTS NA NA NA NS
Cohen&SteersQualInc RQI 11.43 10.76 -5.9 1.9 PIMCOHilnco PHK 4.56 4.74 +3.9 11.6 Eaton Vance NY Muni Bd ENX 10.55 9.52 -9.8 3.9
Nuveen Multi-Asset Inc NMAI 13.26 11.68 -11.9 11.8 Ellington Inc Opp:A 8.88 NA NA 12.3 Palmer Square Opp Inc 17.94 NA NA 9.6
CohenStrs Real Est and I RLTY 14.53 13.16 -9.4 9.1 PIMCO IncmStrFd PFL 7.90 8.15 +3.2 11.5 InvCaValMuIncTr VCV 11.13 9.62 -13.6 4.0
Nuveen Rl Asst Inc & Gro JRI 12.82 10.95 -14.6 3.4 Ellington Inc Opp:M 8.75 NA NA 13.1 World Income Funds
Cohen&Steers TotRet RFI 10.78 10.91 +1.2 1.1 PIMCO IncmStrFd II PFN 6.97 7.16 +2.7 11.5 InvPAValMuIncTr VPV 11.49 9.94 -13.5 3.6
Templeton Dragon TDF 9.31 7.80 -16.2 -20.8 Loan Participation Funds BlueBay Destra Itl E:A 24.11 NA NA 7.4
CohenStrsREITPrefInc RNP 19.25 19.50 +1.3 12.0 Putnam Prem Inc PPT 3.76 3.46 -8.0 8.0 InvTrInvGrNYMu VTN 11.82 10.45 -11.6 3.7
Templeton Em Mkt EMF 13.22 11.20 -15.3 4.8 1WS Credit Income;A2 18.81 NA NA 7.4 BlueBay Destra Itl E:I 24.13 NA NA 7.7
Columbia Sel Prm Tech Gr STK 28.91 29.56 +2.2 18.5 Western Asset Dvsfd Inc WDI 15.41 14.22 -7.7 10.4 Nuveen CA AMT-F Qual MI NKX 12.97 11.97 -7.7 4.3
Prem12 Mo 1WS Credit Income;Inst 19.20 NA NA 7.3 BlueBay Destra Itl E:L 24.08 NA NA 7.2
DNP Select Income DNP 7.73 8.80 +13.8 -8.1 World Income Funds Nuveen CA Val NCA 9.26 8.65 -6.6 3.8
Fund (SYM) NAV Close /Disc Yld Axonic Alternative Inc 20.05 NA NA 8.8 BlueBay Destra Itl E:T 23.97 NA NA 7.0
Duff&Ph Uti&Infra Inc Fd DPG 10.68 9.23 -13.6 -21.5 abrdn AP IncFd FAX 2.93 2.57 -12.3 11.7 NuveenCAQtyMuInc NAC 12.51 10.74 -14.1 4.3
U.S. Mortgage Bond Funds Axonic Alternative Inc;A 20.00 NA NA NS Calamos-Aksia ACI:A 10.48 NA NA NS
EtnVncEqtyInc EOI 17.91 17.70 -1.2 23.8 MS EmMktDomDebt EDD NA 4.47 NA 3.7 NuvNJ Qual Muni Inc NXJ 13.48 11.79 -12.5 3.2
BlckRk Income BKT 11.81 11.37 -3.7 8.8 Blackstone FR EI D 22.01 NA NA 9.5 Calamos-Aksia ACI:C 10.47 NA NA NS
EtnVncEqtyIncoII EOS 20.25 19.36 -4.4 26.7 PIMCO Access Income PAXS 14.85 14.82 -0.2 11.4 Nuveen NY AMT/Fr Qual MI NRK 11.84 10.62 -10.3 4.1
Investment Grade Bond Funds Blackstone FR EI I 21.98 NA NA 9.8 Calamos-Aksia ACI:I 10.47 NA NA NS
EVRskMnDvsEqInc ETJ 8.87 8.22 -7.3 14.0 PIMCO Dynamic Inc Strat PDX 23.65 21.17 -10.5 4.3 Nuveen NY Qual Muni Inc NAN 12.31 10.69 -13.2 4.3
Angel Oak FS Inc Trm FINS NA 12.39 NA 9.9 PIMCO Dynamic Income PDI 16.86 18.61 +10.4 13.7 Nuveen PA Qual Muni Inc NQP 13.24 11.49 -13.2 3.2 Blackstone FR EI T 21.94 NA NA 9.3 Calamos-Aksia ACI:M 10.48 NA NA NS
ETnVncTxMgdBuyWrtInc ETB 14.32 13.08 -8.7 9.4
BlRck Core Bond BHK 10.30 10.31 +0.1 8.2 PIMCO Dynamic Inc Opp PDO 12.48 12.70 +1.8 11.6 Nuveen VA Qlty Mun Inc NPV 12.27 10.61 -13.5 3.8 Blackstone FR EI T-I 22.48 NA NA 9.3 Carlyle Tact Pvt Cred:A NA NA NA 9.8
EtnVncTxMgdBuyWrtOpp ETV 13.37 12.54 -6.2 9.2
BR Credit Alloc Inc BTZ 11.08 10.10 -8.8 9.4 PIMCO Stratg Inc RCS 4.31 5.61 +30.2 10.0 Blackstone FR EI U 22.91 NA NA 9.3 Carlyle Tact Pvt Cred:I NA NA NA 10.1
EvTxMnDvsEqInc ETY 13.30 12.84 -3.5 20.0 PIMCO CA PCQ NA 9.11 NA 4.6
Insight Select Income INSI 17.00 16.22 -4.6 4.7 Templtn Glbl Inc SABA NA 3.71 NA 11.1 PIMCOCAMuniII PCK NA 5.68 NA 4.4 Bluerock HI Inst Crd:A NA NA NA 13.0 Carlyle Tact Pvt Cred:L NA NA NA 9.7
EtnVncTxMgdGlbB ETW 8.95 7.84 -12.4 5.3
InvescoBond VBF 15.84 15.33 -3.2 5.1 Templeton Em Inc TEI 5.93 5.15 -13.2 10.3 Bluerock HI Inst Crd:C NA NA NA 13.0 Carlyle Tact Pvt Cred:M NA NA NA 9.6
EVTxMnGblDvEqInc EXG 8.88 7.79 -12.3 9.0 52 wk
Ecofin S&S Impact Term TEAF 14.36 11.41 -20.6 -5.3 J Han Income JHS NA 10.96 NA 3.7 WstAstEmergDebt EMD 10.41 8.96 -13.9 9.8 Prem Ttl Bluerock HI Inst Crd:F NA NA NA 13.0 Carlyle Tact Pvt Cred:N NA NA NA 10.3
First Trust Energy Inc G FEN 16.66 16.50 -1.0 37.1 MFS Intmdt MIN 2.80 2.57 -8.2 0.0 Western Asset Gl Cr D Op GDO 12.48 12.00 -3.8 9.7 Fund (SYM) NAV Close /Disc Ret Bluerock HI Inst Crd:I NA NA NA 13.0 Carlyle Tact Pvt Cred:U NA NA NA 9.6
First Tr Enhanced Eq FFA 18.95 17.89 -5.6 14.4 Western Asset Inf-Lk Inc WIA 9.20 7.94 -13.7 9.8 National Muni Bond Funds BNYM Alcntr Glb MS Cr Fd 91.55 NA NA NA Carlyle Tact Pvt Cred:Y NA NA NA 10.0
General Equity Funds
FirstTrEnergyInfra FIF 18.33 18.05 -1.5 31.2 Western Asset Inf-Lk O&I WIW 9.86 8.43 -14.5 9.7 AllBerNatlMunInc AFB 12.24 10.47 -14.5 3.5 CliffwaterClFd;I 10.66 NA NA 13.7 Fid MS Cr;A NA NA NA NS
Alternative Strategies:I 16.17 NA NA -7.0
FirstTrMLPEner&Inc FEI 9.82 9.68 -1.4 34.3 Westn Asst IG Def Opp Tr IGI 17.12 16.69 -2.5 4.7 BlckRk Inv Q Mun BKN 12.78 11.88 -7.0 4.3 First Trust Hdg Strat;A 10.51 NA NA CliffwaterElFd;I 10.86 NA NA 13.5 Fid MS Cr;C NA NA NA NS
N
Gabelli Healthcare GRX 11.47 9.34 -18.6 -3.3 Loan Participation Funds BlackRock Muni 2030 Tgt BTT 23.69 20.41 -13.8 2.9 First Trust Hdg Str;I 10.54 NA NA N
CNR Strategic Credit 7.39 NA NA 23.0 Fid MS Cr;I NA NA NA NS
Gab Utility GUT 2.78 5.54 +99.3 -5.3 Apollo Senior Floating AFT 15.06 14.51 -3.7 10.8 BlackRock Muni BFK 11.28 9.96 -11.7 4.3 Specialized Equity Funds Floating-Rate Opps;A 10.22 NA NA NS Fid MS Cr;L NA NA NA NS
GAMCOGlGold&NatRes GGN 4.08 4.08 0.0 20.0 BR Debt Strategy DSU 10.75 10.53 -2.0 10.0 BlackRock Muni II BLE 11.88 10.35 -12.9 4.4 Accordant ODCE Index;A 9.46 NA NA NS Floating-Rate Opps;I 10.21 NA NA NS Jackson Credit Opps:I 10.15 NA NA NS
J Han Finl Opptys BTO NA 27.16 NA 2.9 BR F/R Inc Str FRA 13.12 13.00 -0.9 11.0 BlckRk Muni Inc Qly BYM 12.42 11.06 -11.0 4.4 Accordant ODCE Index;I 9.47 NA NA NS Floating-Rate Opps;U 10.22 NA NA NS Lord Abbett Cred Opps Fd 8.84 NA NA 9.1
Neuberger Brmn Enrgy I&I NML 8.49 7.33 -13.7 23.8 BlackRock Floatng Rt Inc BGT 12.77 12.81 +0.3 10.6 BR MuniAssets Fd MUA 11.33 11.03 -2.6 4.9 Accordant ODCE Index;Y 9.48 NA NA NS Equalize Community Dev 9.15 NA NA 3.6 Lord Abbett Cred Opps Fd 8.85 NA NA 9.8
Neuberger Nxt Gen Conn NBXG 13.18 11.37 -13.7 28.3 BS SFR 2027 T BSL 14.89 14.29 -4.0 9.4 BR MH Qly 2 MUE 11.39 9.74 -14.5 4.0 Apollo Diversified RE:A 24.17 NA NA -6.2 FedProj&TrFinanceTendr 9.96 NA NA 7.5 Lord Abbett Crd Op:U 8.85 NA NA 9.1
Apollo Diversified RE:C 22.65 NA NA -6.9 Flat Rock Core Income NA NA NA 9.2 Oaktree Dvsfd Income;D 8.98 NA NA 8.6
Apollo Diversified RE:I 24.70 NA NA -6.0 Flat Rock Enhanced Inc 21.60 NA NA 9.3 PIMCO Flexible EM I;Inst 8.28 NA NA 7.1
ARK Venture 25.67 NA NA 34.6 InvDYCrOpp:A 11.02 NA NA 10.5 National Muni Bond Funds
Insider-Trading Spotlight ArrowMark Financial Corp BANX NA 18.32 NA NA InvDYCrOpp:R6 11.03 NA NA 10.8 Ecofin Tax-Exempt Prv Cr 8.40 NA NA
Lind Cap Pt Mun Cred Inc 8.73 NA NA
3.8
CBRE GlbRlEst IGR 5.19 4.76 -8.3 -2.5 InvDYCrOpp:Y 11.02 NA NA 10.7 6.1
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys MainStay MacKay Mu IO;A1 9.94 NA NA NS
CIM RA&C A 23.64 NA NA 0.1 Invesco Sr Loan A 5.85 NA NA 9.6
new information about the prospects of a company. Insiders are required to report large trades to the SEC CIM RA&C C 22.95 NA NA -0.5 Invesco Sr Loan C 5.87 NA NA 8.8 MainStay MacKay Mu IO;A2 9.94 NA NA NS
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by CIM RA&C I 23.87 NA NA 0.4 Invesco Sr Loan IB 5.85 NA NA 9.8 MainStay MacKay Mu IO;A3 9.94 NA NA NS
Refinitiv on April 19, and year-to-date stock performance of the company CIM RA&C L 23.39 NA NA 0.0 Invesco Sr Loan IC 5.85 NA NA 9.7 MainStay MacKay Mu IO;I 9.94 NA NA NS
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Clarion Partners REI D 11.86 NA NA 2.4 Invesco Sr Loan Y 5.85 NA NA 9.8 Nuveen En HY Muni Bd:A1 7.37 NA NA 5.2
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Clarion Partners REI I 11.87 NA NA 2.7 Lord Abbett FR Hi Inc:A 10.24 NA NA 10.0 Nuveen En HY Muni Bd:A2 7.38 NA NA 5.4
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Clarion Partners REI S 11.86 NA NA 1.8 Lord Abbett FR Hi Inc:I 10.24 NA NA 10.5 Nuveen En HY Muni Bd:I 7.37 NA NA 5.9
unknown VP: vice president Excludes pure options transactions Clarion Partners REI T 11.84 NA NA 1.7 Monachil Credit Income:I 10.02 NA NA 7.9 PIMCO Flex Mun Inc;A-3 10.16 NA NA 3.5
Forum RE Income;I 9.64 NA NA 14.7 Nomura Alt Inc;I 10.01 NA NA 5.1 PIMCO Flex Mun Inc:A1 10.16 NA NA 3.7
GS Real Est Div Inc:A 8.12 NA NA -8.7 OFS Credit Company OCCI NA 7.01 NA 21.2 PIMCO Flex Mun Inc;A2 10.16 NA NA 3.7
Biggest weekly individual trades GS Real Est Div Inc:C 8.11 NA NA -9.5 SEI Alternative Income:F 10.25 NA NA NS PIMCO Flex Mun Inc;Inst 10.16 NA NA 4.2
Based on reports filed with regulators this past week GS Real Est Div Inc:I 8.56 NA NA -8.6 SEI Alternative Income:Y 10.26 NA NA NS Single State Muni Bond
GS Real Est Div Inc:L 8.12 NA NA -9.0 Yieldstreet Alt Inc NA NA NA 8.8 PIMCO CA FMI;A-1 10.14 NA NA 2.8
No. of shrs in Price range ($) $ Value GS Real Est Div Inc:P 8.57 NA NA -8.6 High Yield Bond Funds PIMCO CA FMI;Inst 10.14 NA NA 3.3
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)

Buyers Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Apr. 15 Ashford AINC M. Bennett CEO 200 4.91 982 4.80 30.4
Apr. 11 America's Car-Mart CRMT A. Peterson BI 14 57.87 784 58.24 -23.1 Money Rates April 19, 2024
Apr. 15-17 BRT Apartments BRT J. Gould CEOI 37 16.89-17.00 625 17.37 -6.6 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Apr. 15-17 M. Gould ODI 37 16.89-17.00 625 guide to general levels but don’t always represent actual transactions.
Apr. 11 M. Gould ODI 12 16.89 206 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Apr. 11 J. Gould CEOI 12 16.89 206
March index Chg From (%)
Apr. 15-16 Expensify EXFY S. Mclaughlin BI 325 1.43-1.46 467 1.64 -33.6 level Feb. '24March '23 Federal funds Other short-term rates
Effective rate 5.3300 5.3300 5.3500 4.8400
Apr. 16-17 Lovesac LOVE A. Heyer D 22* 18.74-20.24 434 20.80 -18.6 U.S. consumer price index Week 52-Week
High 5.6500 5.6500 5.6500 5.1500 Latest high low
All items 312.332 0.65 3.5 ago
Apr. 12 Science Applications International SAIC T. Townes-WhitleyCEO 3 125.78-125.97 378 124.94 0.5 Low 5.3100 5.3100 5.3300 4.8000
Core 317.088 0.53 3.8
Apr. 12 V. Difronzo O 0.8 126.04 100 Bid 5.3100 5.3100 5.3300 4.8200 Call money
Apr. 10-11 Longeveron LGVN J. Hare H 149 2.35 350 1.92 -85.9
International rates Offer 5.3300 5.3300 5.3700 4.8400 7.25 7.25 7.25 6.75

Apr. 10-11 R. Soffer D 138 2.35 325 Week 52-Week Treasury bill auction Commercial paper (AA financial)
Latest ago High Low 4 weeks 5.280 5.270 5.840 3.190 90 days n.a. 5.34 5.54 5.02
Apr. 17 Fastenal FAST D. Johnson D 3 68.38 229 67.57 4.3
13 weeks 5.250 5.225 5.345 5.060
Prime rates Secured Overnight Financing Rate
Apr. 10 Postal Realty Trust PSTL A. Spodek CEOI 10 13.75 138 13.76 -5.5 26 weeks 5.155 5.120 5.350 4.840
U.S. 8.50 8.50 8.50 8.00 5.30 5.31 5.40 4.80
Apr. 16-18 A. Spodek CEOI 10 13.50 135 Canada 7.20 7.20 7.20 6.70 Secondary market Value 52-Week
Apr. 17 Neogen NEOG D. Jones CO 10 12.36 124 11.61 -42.3 Japan 1.475 1.475 1.475 1.475
Latest Traded High Low
Fannie Mae
Apr. 16 WD-40 WDFC S. Brass CEO 0.43 232.22 100 229.85 -3.9 Policy Rates 30-year mortgage yields DTCC GCF Repo Index
Euro zone 4.50 4.50 4.50 3.50
Apr. 11 Oncocyte OCX A. Arno D 34 2.95 100 2.50 unch. 30 days 6.765 6.623 7.495 5.739 Treasury 5.329 23.250 5.504 4.819
Switzerland 2.00 2.00 2.25 2.00
60 days 6.777 6.633 7.554 5.739 MBS 5.330 25.500 5.689 4.830
Britain 5.25 5.25 5.25 4.25
Sellers Australia 4.35 4.35 4.35 3.60
Notes on data:
Apr. 10-12 Ares Management ARES A. Ressler HI 429 131.80-135.07 57,377 129.53 8.9
Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary
U.S. 5.33 5.38 5.48 4.82
Apr. 15-16 A. Ressler HI 255 128.46-132.40 33,101 widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as
of April 18, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for
Apr. 15 JPMorgan Chase JPM J. Dimon CEO 178 184.18 32,825 185.80 9.2 U.S. government rates overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
are Tullett Prebon rates as of 5:30 p.m. ET.
Apr. 11-12 DoorDash DASH A. Fang D 132 138.38-140.60 18,418 127.18 28.6 Discount Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Apr. 16 T. Xu CEO 132 132.93-134.38 17,664 5.50 5.50 5.50 5.00 Tullett Prebon Information, Ltd.

Apr. 12 Workday WDAY D. Duffield BI 56 263.76-267.43 14,834 252.22 -8.6

Apr. 15 Cencora COR R. Mauch CO 58 235.09 13,533 239.13 16.4 Cash Prices | wsj.com/market-data/commodities Friday, April 19, 2024
Apr. 12 Take-Two Interactive Software TTWO K. Slatoff PI 91 147.60-149.54 13,495 140.60 -12.6 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Apr. 12 S. Zelnick CEOI 91 147.60-149.54 13,495 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Apr. 12 TransDigm Group TDG K. Stein CEOI 10 1206.74-1227.19 12,162 1187.70 17.4 Friday Friday Friday
Copper,Comex spot 4.5020 Wheat,No.2 soft red,St.Louis-u 5.4275
Apr. 16 Salesforce CRM M. Benioff CEOI 41 273.12-280.00 11,411 270.37 2.7 Energy Iron Ore, 62% Fe CFR China-s *117.8 Wheat - Hard - KC (USDA) $ per bu-u 6.2050
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.350 Steel, HRC USA, FOB Midwest Mill-s *830.0 Wheat,No.1soft white,Portld,OR-u 5.7000
Apr. 10 Arista Networks ANET K. Duda OD 36* 288.18-294.09 10,442 246.09 4.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 Battery/EV metals Food
Apr. 11 Apple AAPL J. Williams COI 59 172.22 10,189 165.00 -14.3 BMI Lithium Carbonate, EXW China, =99.2%-v,w 15250
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13650 Beef,carcass equiv. index
Apr. 11 L. Maestri CFO 53 173.19-175.02 9,262 BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 choice 1-3,600-900 lbs.-u 280.68
Gold, per troy oz
Apr. 16 Fair Isaac FICO W. Lansing CEO 8 1132.24-1151.41 9,124 1130.06 -2.9 Engelhard industrial 2379.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 273.95
Handy & Harman base 2379.70 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3208
Apr. 5-15 Zurn Elkay Water Solutions ZWS A. Jalazo BI 250 31.96-32.24 8,019 31.69 7.8 2641.47 Butter,AA Chicago-d 2.9200
Handy & Harman fabricated Fibers and Textiles Cheddar cheese,bbl,Chicago-d 166.00
Apr. 5-15 A. Katz BI 250 31.96-32.24 8,019 LBMA Gold Price AM *2379.85
LBMA Gold Price PM *2382.70 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 168.00
Apr. 12 Pure Storage PSTG S. Dietzen DI 147 53.49 7,863 49.46 38.7 Krugerrand,wholesale-e 2478.84 Cotton,1 1/16 std lw-mdMphs-u 0.7677 Milk,Nonfat dry,Chicago lb.-d 112.00
Cotlook 'A' Index-t *87.35 Coffee,Brazilian,Comp-y 2.3119
Maple Leaf-e 2502.68
* Half the transactions were indirect **Two day transaction Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.5537
American Eagle-e 2502.68
p - Pink Sheets Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150
Mexican peso-e 2881.79
Flour,hard winter KC-p 16.85
Austria crown-e 2339.31 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2502.68
Insider buying and selling by sector Silver, troy oz. Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 90.04
Corn,No. 2 yellow,Cent IL-bp,u 4.0900 Pork bellies,12-14 lb MidUS-u n.a.
Based on actual transaction dates in reports received this past week Engelhard industrial 28.3500 Pork loins,13-19 lb MidUS-u 1.2473
Corn gluten feed,Midwest-u,w 89.7
Handy & Harman base 28.6420 Corn gluten meal,Midwest-u,w 398.9 Steers,Tex.-Okla. Choice-u n.a.
Sector Buying Selling Sector Buying Selling Handy & Harman fabricated 35.8030 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 290.75
LBMA spot price *£22.8200 Hominy feed,Cent IL-u,w 115
Basic Industries 20,950 456,663 Finance 2,951,139 57,249,890 (U.S.$ equivalent) *28.4700 Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 320
Coins,wholesale $1,000 face-a 22219 Oats,No.2 milling,Mnpls-u 4.2875 Degummed corn oil, crude wtd. avg.-u,w n.a.
Capital Goods 346,672 19,459,721 Health care 1,049,890 66,921,826 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4100
Consumer durables 433,746 447,977 Public Utilities 12,647 142,100 LBMA Platinum Price PM *942.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 935.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 357.70 Soybean oil,crude;Centl IL-u,w 0.4438
Consumer non-durables 188,251 6,752,790 Technology 1,139,630 237,267,853 Palladium,Engelhard industrial 1020.0 Soybeans,No.1 yllw IL-bp,u 11.2800 Tallow,bleach;Chicago-h 0.4350
Aluminum, LME, $ per metric ton *2600.0 Wheat,Spring14%-pro Mnpls-u 8.1700 Tallow,edible,Chicago-u n.a.
Consumer services 82,435 22,495,294
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 0 2,945,084 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 4/18
Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data
THE WALL STREET JOURNAL. Monday, April 22, 2024 | B9

Alex Hussey

“My victory is removing ‘can’t’ from my vocabulary.” Alex was hit by an IED in
Afghanistan. He lost both legs, his left hand and has a traumatic brain injury.
With support from DAV, Alex is taking on mountains. DAV helps veterans of all
generations get the benefits they’ve earned—helping more than a million veterans
each year. Support more victories for veterans®. Go to DAV.org.
B10 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Bag Tie-Up India’s Ambitions Hit

Brings Educational Obstacle
Antitrust
Concerns
India kicked off the world’s big- Labor force participation rate
gest election in human history on among emerging economies
Friday. Prime Minister Narendra
LANNA APISUKH FOR THE WALL STREET JOURNAL

Modi is favored, but whoever wins Vietnam

has a big challenge ahead: India ur- 73.1%
gently needs jobs for its millions of
Tapestry, Capri deal young people, but its education
Indonesia
is far from assured system often produces the wrong 67.0
kind of graduates.
If that can’t be remedied, India’s
Coach owner Tapestry’s quest ambition to become a second Brazil
63.4
to become an American luxury gi- “world’s factory floor” to rival
ant is turning out to be quite the China could unravel before it prop-
uphill battle. erly begins. India
The Federal Trade Commission Coach owner Tapestry plans to acquire Capri, owner of Michael Kors. There are some lessons to be 57.9
is reportedly preparing a lawsuit learned from India’s software and
to block Tapestry’s proposed ac- limits. Tapestry has turned Coach price), has shed 29% since that outsourcing boom of the 2000s. In- Source: Morgan Stanley Research
quisition of Michael Kors owner around by getting more customers peak. The decline reflects inves- dia’s famed information technology
Capri Holdings, according to a re- to pay full price and preventing tors’ skittishness about the FTC sector did a stellar job training ambitions to become a manufac-
port on Wednesday from the New products from ending up on clear- blocking the deal as well as wors- students in software engineering turing heavyweight, unless it
York Times. ance racks. ening prospects for Capri, which and allied fields. changes quickly.
Whether the deal creates mar- In a November earnings call, badly missed Wall Street expecta- India churns out around 10 mil- Generous agricultural subsidies
ket-share concerns depends on the the company said the Coach brand tions on earnings in its past two lion postsecondary graduates a also artificially inflate demand for
definition of the market in ques- has increased its average pricing quarterly reports after the deal year, according to Morgan Stanley. farm laborers. In other words,
tion. Coach and Michael Kors com- by more than 30% over three announcement. As India reorients its economy to- many educated graduates don’t
bined had a 17% share of the years. Surely one of the compel- Besides antitrust risk, some of ward manufacturing, those grads have the skills they need, while
North American bag market in ling rationales for Tapestry’s ac- the Capri discount could reflect a won’t necessarily be the kind of many young workers with less edu-
2022, according to a report from quisition is to pull off a similar chance that Tapestry gets cold workers it needs. Only 3.8% of In- cation have strong incentives to
Bernstein, citing Euromonitor feat at Michael Kors, which is suf- feet. dia’s total workforce had under- stay in the countryside.
data. Narrow that down to luxury fering from the same problem that So far, Tapestry seems unde- gone formal vocational training as Improving paltry budgetary allo-
bags and the two brands’ com- Coach had years ago. But being in terred. A representative for Tapes- of mid-2023, according to govern- cations to education and skill de-
bined market share rises to 26%. the “affordable luxury” segment is try said it has “full confidence in ment data. velopment and creating better tie-
Whittle that further to “afford- precisely what creates a natural the merits of this transaction and India scores decently well on ba- ups with industry to impart up-to-
able” luxury bags, and the FTC ap- price ceiling for Coach and Mi- in our legal arguments, should we sic metrics such as literacy. But date vocational training would
pears to have a stronger case: chael Kors: Neither can afford to need to make them.” digging deeper into the figures, es- help. India’s central government
Coach and Michael Kors command push up prices too much for fear At current prices, holders of Ca- pecially for postsecondary educa- currently spends below 3% of gross
a 53% share in North America. of losing out to more exclusive pri can expect to make a 48% re- tion, raises concerns. domestic product on education.
The narrow definition might be luxury brands. turn if the deal successfully closes. The 2023 India Skills Report, And while the Indian govern-
hard to justify. Bernstein says it Moreover, fashion has a rela- What’s the downside? If inves- compiled by online testing firm ment has taken steps to rope in the
defined “affordable” luxury not by tively low barrier to entry and a tors assume that Capri’s share Wheebox in partnership with the private sector, skills training re-
a specific price tier but “manu- consumer looking for a midtier bag price—as a multiple of expected Confederation of Indian Industry mains largely government-driven.
ally,” by excluding certain luxury still has plenty of choices. A search future earnings—will revert to and others, showed only a modest That dependence adversely affects
houses like Hermès. Both Coach on Macy’s website for bags priced predeal levels, they can expect to improvement in “employability” the number and quality of trained
and Michael Kors have products from $100 to $500 yields results lose about 45%. But that might be among young graduates—increas- candidates, according to the Na-
with pricing that overlaps with for more than 70 brands. Impor- a conservative reading: Capri’s ing to 50.3% in 2022 from 46.2% in tional Skill Development Corp set
high-end luxury brands such as tantly, scale alone hasn’t helped disappointing results mean the the previous year. up by the Ministry of Finance.
Louis Vuitton and Gucci, as well as Tapestry and Capri. Data from Eu- stock could settle at even lower Wheebox’s test measures basic India doesn’t have forever to
nonluxury bag brands such as romonitor shows both companies’ levels. skill sets such as numeracy and solve these problems: Factory auto-
DKNY and Cole Haan. Coach’s se- market share of the North Ameri- The FTC’s antitrust case doesn’t English competency, among oth- mation is becoming ever more so-
lection ranges from a $150 cross- can luxury leather goods market seem like a slam dunk. But the ers. Only 28% and 34% of poly- phisticated, and India’s own fertil-
body pouch bag to a $10,000 lim- shrunk from 2018 to 2022. huge potential swings in Capri’s technic and industrial institute ity rate is heading down, which
ited-edition alligator bag. Capri stock, which jumped to stock price mean an awful lot is grads, respectively, were employ- will eventually start chipping away
Will the combination lead to $53.90 on the deal announcement riding on the definition of afford- able in 2023, according to Morgan at its demographic dividend.
higher prices? Possibly, but within in August (shy of the $57 offer able luxury. —Jinjoo Lee Stanley. That bodes ill for India’s —Megha Mandavia

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 JOURNAL REPORT

ALTERNATIVE ENERGY
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 22, 2024 | R1
RYAN GARCIA

Should You Buy a Hybrid?

Here’s What You Need to Know
As sales of electric vehicles fail to live up to some expectations,
hybrids have taken off. Here are answers to the questions many car buyers have.

J
BY BART ZIEGLER UST A YEAR AGO, the car industry was them up as quickly as the industry expected. Unsold EVs
nearly unanimous in its message: Electric vehi- are piling up on dealer lots despite price cuts.
cles are the future and will take over the mar- What happened? Many people worry that the shortage
ket sooner than you think. of public charging stations and limited EV driving range
Now that optimism seems to have been pre- could leave them stranded with a dead battery. Once you
mature. Though carmakers continue to roll out find a charger, it takes vastly more time to refill batteries
new EV models—those that run entirely on bat- than a gas tank. And most EVs still cost more than similar
teries and lack a gas-powered engine—their sales growth gas-engine cars, especially since many models lost their
has slowed dramatically as consumers aren’t snapping Please turn to page R6

become a key part of our ev-

Inside
Are Battery-Powered Home eryday energy ecosystem.
These researchers say CLEANER HEATING AND COOLING
Appliances in Our Future? groups of appliances with
storage-enabled batteries As the U.S. seeks to reduce
eventually could provide buildings’ carbon emissions,
backup power to homes and thermal energy networks are
These appliances are designed to keep help modulate demand on the attracting support. R7
working when the power goes off electrical grid, allowing it to PLANES, TRAINS AND BUSES
withstand ever-harsher
weather events and prevent It isn’t just cars that are being
BY HEIDI MITCHELL still cook, do laundry and keep rolling blackouts. Such appli- electrified. States and cities
your refrigerator going, while ances, they say, also could are converting some mass
also recharging your smart- help stave off grid upgrades transit, and even plane makers

I
MAGINE THAT your ma- phone and ensuring your Wi- by enabling homeowners to are exploring designs. R2
jor home appliances run Fi router never loses connec- reduce their energy use dur-
on batteries. Using regular tivity. ing periods of peak demand,
cords that plug into stan- That future isn’t here yet instead drawing power when A NEW STORAGE SOLUTION
dard 120-volt outlets, the but it’s moving closer to real- it is least costly and most Scan this code to
appliances charge themselves ity, say some researchers, clean, and ultimately support- Storing solar and wind energy
see how AI may help
when power is cheapest and who believe that heavy appli- ing the use of electricity in for later use can be challenging. fight climate change
store enough energy so that ances equipped with battery place of gas and oil to heat, Salt caverns are emerging as a through optimization
during a blackout, you can storage have the potential to Please turn to page R2 possible solution. R4 and efficiency.
R2 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | ALTERNATIVE ENERGY

this summer. power plants could cut “between
Another startup, Impulse 10 and 20% off our country’s
Labs, offers a $5,499 battery-em- overall peak electricity demand
bedded induction stove (around during those hours when de-
$3,299 after tax credits and re- mand is at its highest,” such as
bates) that can boil a liter of wa- on very hot days when air condi-
ter in 40 seconds and allow the tioners are cranking.
user to cook for a time during
power outages. The company’s
founders say the stove’s bidirec- Challenges ahead
tional inverter also could make To be sure, a future of battery-
the stove’s custom battery powered appliances faces many
packs useful tools to power hurdles, says Carnegie Mellon’s
other home appliances. Bergés.
Both companies expect their He says the value proposition
ranges to qualify for tax credits of such pricey appliances might
under the Inflation Reduction not be clear to average home-
Act because each has more than owners unless they are trying to
three kilowatt-hours of battery- live off the grid. He also be-
storage capacity, enough to cook lieves they need better software
roughly two-to-four meals. But to allow them to talk to one an-
even without the tax credit, they other and efficiently coordinate
likely would cost less than in- their power usage. That, he says,
stalling a whole-house battery might require standardization in
like the Powerwall (which in appliance design and the com-
some areas can cost more than mands to which they respond.
$15,000 including installation Brian Mayers, a partner at
but before any rebates or cred- Breakthrough Energy Ven-

Appliances limited storage capacity and are

often used for camping or short-
said, she doesn’t see a clear eco-
nomic case for the appliances
its.) The ranges also might be
cheaper than the cost of pur-
tures, an investment firm
founded by Bill Gates that seeks
term usage. yet. “You may save a bit on elec- chasing and installing a conven- to finance companies working to
That Run on By contrast, only a handful of tricity, but probably not enough tional induction stove—if doing eliminate greenhouse-gas emis-
heavy appliances with battery to offset the costs,” she says. so would require an upgrade to a sions, says he likes battery-inte-
Battery storage have been developed— home’s entire electrical panel to grated appliances as a concept,
and they are pricey. What’s allow the flow of 200 amps into but thinks their benefits are rel-
Power May Be more, most American homes Early entrants the residence, some experts say. atively limited for now because
aren’t set up to allow appliances Among the startups in the area “For some customers, one big of their cost.
In Our Future to supply stored energy to each is Channing Street Copper, which advantage of these devices is “I wouldn’t expect these types
other or to the power grid. Still, has received more than $3 mil- just enabling customers to enjoy of appliances to scale broadly or
some experts say such appli- lion in funding from the Energy the benefits of electric appli- universally, short of major regu-
Continued from page R1 ances eventually could become a Department and private inves- ances without incurring signifi- latory or government incentives
cool, clean, cook and connect. viable alternative to the whole- tors. The company has developed cant costs to upgrade their like we see with heat pumps or
“This future is definitely in house batteries that are starting an induction range, called Char- panel,” which is the metal box HVAC today,” he says.
view for many of us,” says Mario to emerge alongside solar panels lie, which has four burners plus containing a home’s circuit There is also the question of
Bergés, a professor of civil and and electric vehicles. a convection oven, along with a breakers, says Mark Dyson, man- whether placing lots of little bat-
environmental engineering at “These appliances could be brick-like lithium iron phosphate aging director of the electricity teries around a home will lower
Carnegie Mellon University. simpler to purchase for some battery that can be charged from program at RMI, a nonprofit fo- overall emissions, he says, since
“This is a technology that could consumers than installing a a standard 120-volt outlet. The cused on clean energy. mining and making the batteries
provide us with an additional larger-scale battery like stored energy in the battery al- But the real cost savings to can be an energy-intensive pro-
way of making the grid more ro- a Tesla Powerwall and solar pan- lows the range to deliver a high- consumers would come from cess. “If they are used to offset
bust, more amenable to integrat- els, and they’re currently an eas- powered cooking experience programming these devices to natural gas, or to firm up renew-
ing more renewables and to bet- ier ask of consumers, since the without the need for a 240-volt charge when energy is cheapest, ables, they could have a positive
ter deal with the shocks that we battery is integrated at the fac- outlet, and it can keep the range says Dyson. He estimates that a impact,” he says. “If they end up
expect, like higher temperatures tory and the appliance already running so owners can cook and network of energy-storage- just used as backup power, they
and storms.” serves another function,” boil water when the power is equipped appliances—which also will not have positive impact.”
Smaller battery-powered ap- says Jessika Trancik, a professor out. The $5,999 range, which the might include water heaters and
pliances are on the market al- in the Institute for Data Systems company estimates will cost clothes dryers, both of which re- Heidi Mitchell is a writer in

PETE RYAN
ready, including kettles, blenders and Society at the Massachusetts around $4,000 after tax credits quire big, short bursts of en- Chicago and London. She can be
and microwaves, but they have Institute of Technology. That and rebates, will start shipping ergy—aggregated into virtual reached at reports@wsj.com.

affairs for the company.

Porritt says the company is
Planes, Trains and Buses: What Gets Electrified Next? also investigating about a dozen
other possible lines across the
country, like Atlanta to Charlotte,
N.C., and Chicago to St. Louis or
Billions of dollars are available for states and cities each mile driven, according to Kre- pollutants in the valley. Indianapolis. “Once you build the
imer. In 2023, electric buses aver- Meanwhile, some cities also are first, you can build more and im-
to electrify their public-transportation systems aged 53 cents a mile to run, while moving to transition their school- prove each time,” he says.
diesel buses averaged 83 cents. bus fleets to electric, with more More electrification will come
More than a million miles were than 3,800 electric school buses in California if the EPA approves
BY JACKIE SNOW land ferry is replaced with a hy- driven by the fleet last year. delivered or operating across the the state’s new railroad pollution
brid this summer. According to The district had to make some country, according to the World law, which would go into effect in

I
Sebastian Coss, director of plan- upgrades, like building enough Resource Institute. 2030. The law would require rail-
T’S NOT JUST cars that are ning and real estate for the Trust chargers, and its mechanics also road companies operating in the
getting electric motors. Elec- for Governors Island, the ride not had to learn new skills. But Kre- Trains state to replace their oldest trains
tric-powered public transit is only will be quieter and smoother imer says these issues have Amtrak’s Northeast Corridor route with cleaner diesel models and
also generating new interest but also hopefully will demon- mostly been overcome. between Boston and Washington, eventually zero-emission options.
across the U.S. strate what’s possible for electric The main difference between D.C. is the biggest electrified pas-
The infrastructure bill that Con- transit. Planes
gress passed in November 2021 “Part of the ethos of the island Electric-plane makers envision a
offers billions of dollars for states is to showcase leading-edge tech- role for their planes making short
and cities to expand public trans- nology that is focused on climate flights from airfields close to
portation and electrify their sys- change and adaptation,” he says. homes and businesses. For in-
tems. That could help cities over- stance, the Downtown Manhattan
come some of the hurdles that Buses Heliport is seeking Federal Avia-
have slowed the transition to Electric city buses have become tion Administration certification
electrified mass transit—like the common in much of the country, and working on building the
high cost of new electric vehicles, with a total of 1,873 buses on the charging infrastructure needed for
building the necessary charging road in 43 states in 2022, accord- electric aircraft by 2025.
stations and retraining workers. ing to data from the Federal Tran- Many of the new electric-plane
Here’s a look at some of the sit Administration. That was a initiatives are exploring designs
places where public transit is get- that don’t work well with internal
ting electrified and some of the Electra’s EL-2 Goldfinch aircraft combustion engines, according to
ideas on the drawing board. takes flight, above. An electric Scott Cary, a ports and airports
bus, left, in Missoula, Mont. project manager at the National
Ferries Renewable Energy Laboratory. “It
Washington State Ferries, the na- allows options for aircraft design
tion’s largest ferry system, is tran- that may not have existed before,”
sitioning its vessels from diesel to senger-railroad line in the country, he says.
fully electric and hybrid propulsion but new efforts are under way. One approach gaining traction
over the next decade. Caltrain, a service between San is “blown lift.” Rather than relying
In the initial phase through Francisco and San Jose, is testing on long runways to reach high
2030, three of the largest existing a new electric train that has a speeds to generate lift for takeoff
ferries will undergo conversions, battery but relies on overhead and landing, blown-lift aircraft use
removing some diesel engines and wires for power during sections of rows of propellers to blow air over
adding battery packs to enable the trip. the wings, allowing short-takeoff
hybrid operation. “Having the die- California is building an electri- capabilities. While inefficient for
sel engine on board but trying not fied high-speed railroad line that combustion engines, this design is
to use them very often is the would connect San Francisco to well suited for electric propulsion,
goal,” says Matt Von Ruden, who Los Angeles with trains that can according to John Langford, CEO
heads the ferry agency’s system- reach 242 miles an hour. There of Electra, a hybrid-airplane maker
electrification program. 21% increase from the number of diesel and electric buses is how are 119 miles of rail under con- that uses an electric blown-lift
The agency projects the three buses in 2021. long they can stay on the road. In struction, with the first section to system for its short-takeoff-and-
ferries will use 95% less diesel The Missoula Urban Transpor- the winter, when temperatures dip be completed by 2035, according landing aircraft.
fuel and save $60 million over tation District in Montana re- below 10 degrees, the first gener- to Bruce Armistead, the California The Virginia-based company
their life cycle, based on the lower ceived its first six electric buses in ation of electric buses lose 30% to High-Speed Rail Authority’s chief started testing its nine-seat hy-
cost of electricity versus diesel 2019 and another six in 2021. 40% of their range. In less frigid of rail and operations delivery. brid planes in November, targeting
FROM TOP: ELECTRA.AERO; MOUNTAIN LINE

fuel and reduced maintenance They drive more than a quarter of weather, a bus can go up to 150 Meanwhile, Brightline, a private trips between 50 and 500 miles.
needs thanks to the streamlined all the miles covered on the dis- miles on a full charge, compared company, plans to build a line for The planes need about a tenth of
electric propulsion systems. Six- trict’s bus routes, according to dis- with 300 miles for a bus with a electric trains that will connect the runway distance that tradi-
teen ferry terminals are slated for trict spokeswoman Olga Kreimer. full tank of diesel. Las Vegas to Rancho Cucamonga, tional planes require, according to
charging-infrastructure installation The district has committed to a But the electric buses offer a Calif., about 40 miles east of Langford.
and the agency is taking bids for fleet with zero emissions by 2035. quality-of-life bonus in the winter, downtown Los Angeles. Brightline
more hybrid ferries. The buses are more expensive when Missoula commonly experi- expects construction to take four Jackie Snow is a writer in Los
New York Harbor will also be a to buy than diesel models but ences weather inversions that years, according to Ben Porritt, se- Angeles. She can be reached at
bit quieter when the Governors Is- start to make up for the cost with trap vehicle exhaust and other nior vice president of corporate reports@wsj.com.
THE WALL STREET JOURNAL. Monday, April 22, 2024 | R3
R4 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | ALTERNATIVE ENERGY

To create a cavern, engineers

Companies Look to Huge Salt Caverns drill deep down into a salt de-
posit, then flush it with massive
amounts of water, which slowly

To Store Solar and Wind Energy erodes the salt and forms a long,
tubelike hole, a process that can
take two or three years.
Some rock-salt domes in the
U.S. are more than a mile in di-
Renewable power is used to produce hydrogen, Green Hydrogen International, Brian Maxwell, GHI’s chief execu- ameter and are capable of hous-
a company planning a cavern tive. ing more than a hundred storage
which is stored until it is needed for green energy project in South Texas, estimates Salt caverns have been used caverns, says Scyller Borglum,
it would take around 38,500 Tesla since at least the 1940s to store vice president for underground
Megapacks—a type of battery fossil fuels. The U.S. keeps a storage at engineering firm WSP
BY PHRED DVORAK the day, and release it for a few popular for large-scale utility in- good portion of its natural gas Global, and deputy project man-

O
hours in the evening. But the stallations—at an estimated cost underground, as well as its ager for salt-cavern construction
lithium-ion batteries most com- of $59 billion to store the amount emergency crude-oil reserves. at ACES Delta.
N A PLAIN in monly used today are too small of energy it is hoping to keep in The caverns are typically hol- That scale will be necessary if
western Utah, and expensive to absorb the mas- its caverns, which it estimates lowed out of deposits of rock hydrogen becomes a significant
two massive sive amounts of power needed to will cost $150 million to make. salt, formed from the remnants energy source, versus its current
caverns—each balance out grids over months or And just one of the ACES of ancient seas that have hard- main use in fertilizers and refin-
roughly big seasons, energy-industry execu- Delta caverns in Utah will be ened into layers or been ing.
enough to tives say. able store more than three times squeezed into pillars or mush-
house the Em-
pire State Storage starts next year
Building—are being hollowed out Michael Ducker, board director
of rock salt a mile underground. Deep Storage of ACES Delta and an executive
Salt caverns like these are at a unit of Japan’s Mitsubishi
Hydrogen storage caverns are hollowed
emerging as one possible solu- Power, says he got involved in
out of layers, pillars or mushroom-
tion to the question of how to the project in 2019, when the In-
shaped domes of rock salt, which
store solar and wind energy for termountain Power Agency,
later use.
has the right properties to owner of a big Utah coal-power
It’s a three-step process. First, seal in hydrogen gas. plant that supplies electricity to
electricity from solar and wind southern California, approached
farms is used to produce hydro- To create a cavern, Mitsubishi Power with a plan to
gen. Then the hydrogen is stored engineers drill down into replace the plant with one pow-
in caverns like those scheduled to a salt deposit, then flush ered by natural gas and hydro-
be completed next year at the it with massive amounts gen. The idea was to use the bal-
Advanced Clean Energy Storage of water, which slowly looning amount of excess
project in Delta, Utah. Finally, the erodes the salt to form a electricity generated by West
Salt
hydrogen can be used as a green tubelike hole. Coast solar and wind farms—en-
substitute for climate-warming ergy that is now unused—to run
fossil fuels in uses ranging from electrolyzers, equipment that
power generation to steel manu- Such caverns can be more produces hydrogen by separating
facture and shipping. than a mile underground. it out of water. Mitsubishi Power
A number of companies in the decided to invest in the project
U.S. and Europe have started to Caverns in salt domes and supply turbines for the new
invest in or seriously study salt- can run from 1,000 to plant.
cavern projects in the past few 2,000 feet in height, ACES Delta started drilling for
years, with government subsi- in some cases taller its hydrogen caverns in 2022 and
dies for clean energy spurring than the Empire State pumping in water last year. It
them on. Building. will begin replacing the water in
the caverns with hydrogen next
year, Ducker says.
Cost considerations When completed, ACES Delta
Countries around the globe are will be the biggest hydrogen-
building huge amounts of wind storage site in the world, and
and solar energy capacity. The one of the few large-scale green
problem is that renewable power Capturing that renewable as much energy as all of the util- room-shaped domes of salt un- hydrogen projects to get off the
generation can fluctuate a lot de- power by making hydrogen with ity-scale batteries the U.S. had derground. ground so far. In a sign of the in-
pending on the time of day or it and storing the gas under- online at the end of 2023. Salt deposits are more leak- tense interest the project has
year. Solar-panel output, for in- ground isn’t cheap. Industry ex- Those economics were good proof than other types of rocks generated, U.S. energy giant
stance, stops when the sun sets, ecutives say the cost to make a enough to attract the interest of used for storage sites—a feature Chevron bought one of the proj-
and in California can roughly salt cavern could easily exceed Japanese oil-and-gas company especially important for hydro- ect partners last year, and now
halve in winter versus summer. $100 million, on top of expenses Inpex, which is joining GHI in a gen, which is the smallest mole- holds a majority stake.
Utilities are building big bat- for the equipment needed to pro- feasibility study of the Texas cule in existence. And the rock
OWEN POMERY

tery installations that can suck duce the hydrogen. But trying to project. “What we’re trying to do salt doesn’t react with hydrogen, Phred Dvorak is a Wall Street
up some of that renewable elec- provide similar storage with bat- is take renewables and make which can be corrosive to tanks Journal reporter in Houston. Email
tricity when it’s plentiful during teries is much pricier. them oil-and-gas scale,” says when it is stored above ground. her at phred.dvorak@wsj.com.

tives aren’t enough, since long- Build in flexibility

How to Make Progress in Achieving term incentive programs typically

represent the majority of CEOs’
Even companies that are moving
toward their climate targets can

Climate Goals: Tie It to CEO Pay

variable pay. Climate incentives have setbacks due to reasons be-
should be a significant part of yond their control, so there needs
long-term compensation, they say. to be some flexibility built into
As You Sow recommends that compensation plans, says Paul
companies aim to make at least Washington, executive director of
More company boards sure to audit reported metrics for nus in 2022 by replacing an “un- 5% of the total “performance the Conference Board ESG Center.
are doing just that. But accuracy, he adds. measurable climate-related met- shares” in their CEO’s long-term He offers the example of an ac-
The metrics will differ by com- ric” with a quantitative emissions- incentive plan relate to climate quisition in which the target com-
the key is to do it right. pany, depending on where the big- reduction metric in its CEO’s long- goals. Performance shares are an pany has significant greenhouse-
gest impact can be made, says term compensation package, incentive-based form of stock gas emissions. As a combined
John McCalla-Leacy, head of according to the foundation. A compensation paid to executives company, overall emissions will be
BY CHERYL WINOKUR MUNK global ESG at KPMG International. Dow spokesperson says the com- for meeting certain benchmarks. elevated, at least temporarily. In
He has clients, for instance, that pany’s long-term compensation “It can’t be so small in comparison such cases, companies could ex-

S
focus heavily on reducing emis- program is aligned with its emis- to other payouts that it would not clude the acquired company’s
HOULD CORPORATE sions within their supply chain, sions-reduction targets. incentivize action,” says Danielle emissions for compensation pur-
executives’ pay be tied while others focus more on re- poses, allowing execu-
to climate-related ducing emissions within their own tives to be paid for the
goals? operations. things within their con-
More company “We believe that the best met- trol, he says.
boards think so, as awareness rics for sustainability initiatives Companies can also
grows that climate change could have a clear tie to the underlying be flexible by giving ex-
have an impact on corporate bot- business model and strategy,” ecutives partial rewards
tom lines. Some 54% of S&P 500 says John Borneman, managing for efforts that fall short
companies incorporated climate- director of compensation consult- of the established goals.
related metrics into their execu- ing firm Semler Brossy. So, for ex- For instance, a compen-
tives’ compensation plans in ample, an energy or distribution sation plan could call for
2023—more than double the fig- company will have a significant an equity bonus of
ure from two years earlier, accord- focus on carbon emissions, while 100,000 shares for a
ing to a January report from the a real-estate company will focus 10% reduction in the
Conference Board and ESGauge, a on energy efficiency, or a con- company’s carbon foot-
data analytics firm. sumer-products company on sus- print but fewer shares
But experts say how a com- tainable sourcing and waste re- for a smaller reduction,
pany ties pay to climate is crucial, duction, he says. Larcker says.
with some methods more effec-
tive than others. Here’s a look at Quantitative, not qualitative Forge ahead
some of those approaches. Once goals are set, compensation Some advocates of cor-
should be tied directly to them, porate action on climate
Use science-based metrics not to some vague broader aspira- issues urge companies
For starters, climate-related goals tion beyond the metrics, compen- to at least start feeling
have to be firmly rooted in sci- sation experts and climate advo- Think long term Fugere, president and chief coun- their way toward tying executive
ence, says David Larcker, a profes- cates say. Offering incentive pay It’s more common for companies sel of As You Sow. compensation to climate metrics.
sor and director of the Corporate for goals like “adhering to the to build incentives into executives’ Of the 100 companies studied “We don’t think you should let
Governance Research Initiative at company’s climate plan” can risk annual compensation plans rather by As You Sow, Xcel Energy stood perfect get in the way of good,”
the Stanford Graduate School of rewarding executives who don’t than their long-term plans. About out with the highest weighting of says Steven Rothstein, managing
Business. take any action. 86% of companies in the Russell climate-related long-term incen- director of the Ceres Accelerator
Companies that are serious As You Sow, a nonprofit foun- 3000 index that incorporated ESG tives, at 30% of total incentives. for Sustainable Capital Markets.
about rewarding for climate goals dation that promotes corporate performance metrics in incentives Three other companies—PPL, Dow “If they have a good plan, but it’s
should also break down their long- social responsibility, scored 100 of used annual incentives in 2023, and Valero Energy—assigned a not a perfect plan, we think they
term targets into smaller, clearly the largest U.S. companies by according to data from the Con- weight greater than 10% to cli- should start implementing that
achievable and measurable goals, market capitalization, across 11 ference Board and ESGauge. Only mate metrics, while five compa- plan and update it as necessary.”
says Larcker, who is also a distin- sectors of the economy, on their about 8% put ESG measures in nies—Ameren, Southern, Ameri-
guished visiting fellow at the Hoo- climate-rewards programs. It gave their executives’ long-term plan can Electric Power, Dominion Cheryl Winokur Munk is a writer
ROB DOBI

ver Institution, a public-policy its highest grade, a B, to Dow. The last year, and about 5% did both. Energy and EQT—gave climate in- in West Orange, N.J. She can be
think tank. Companies should be company moved up from a D-mi- Some critics say annual incen- centives a 10% weight. reached at reports@wsj.com.
 THE WALL STREET JOURNAL. Monday, April 22, 2024 | R5

JOURNAL REPORT | ALTERNATIVE ENERGY

Let’s See How Much You Really

Know About Electric Vehicles
First question: Which country leads the way in EVs?

the grid is produced from renew- wear out faster. How much 7. In the third quarter of 2023 less than 0.2% of the electricity
BY SIMON CONSTABLE able resources? faster? there were about 160,000 public consumed in the country, accord-

E
charging stations for electric ing to a study by the Argonne
A. 1% A. 10% vehicles in the U.S., according to National Laboratory. What
LECTRIC vehicles B. 21% B. 20% the National Renewable Energy percentage of the country’s
are increasingly C. 51% C. 30% Laboratory. What percentage of electricity does the Electric Power
popular, despite D. 71% D. 40% visits to public charging stations Research Institute estimate EVs
some bumps in the E. 91% E. 50% end without the vehicle being will consume in 2030?
road. But how charged?
much do you really A. Up to 2%
know about them— 3. EVs are one of several green 5. What percentage of the light A. 10% B. Up to 5%
about their history, technologies whose growing vehicles (under 8,500 pounds) on B. 15% C. Up to 8%
or their impact on the energy grid popularity is putting a strain on the road in the U.S. in 2022 were C. 20% D. Up to 11%
and mineral supplies? It’s time to global copper supplies. How much wholly electric or plug-in hybrids? D. 25% E. Up to 15%
find out with our quiz. copper does an electric vehicle E. 30%
contain compared with a gaso- A. 5% or more
line-powered one? B. About 4% 10. When were the first small-
1. Which country/region had the C. About 3% 8. What is the target date under scale electric vehicles developed?
most fully electric and plug-in hy- A. About the same D. About 2% Environmental Protection Agency
brid vehicles on the road in 2022? B. About 1½ times as much E. About 1% rules for the U.S. to ban the sale A. 1770s to 1780s
C. More than two times as of new gasoline/diesel light vehi- B. 1820s to 1830s
A. U.S. much cles? C. 1880s to 1890s
B. Europe D. About 3½ times as much 6. Which company overtook D. 1930s to 1940s
C. China E. More than four times as Tesla to become the largest seller A. 2032 E. 1980s to 1990s
D. India much of fully electric vehicles for the B. 2033
E. Japan last quarter of 2023? C. 2034
D. 2035 Simon Constable is a writer
4. Electric vehicles are generally A. Ford E. There is no such target date. living in the Occitanie region of
KLAUS KREMMERZ

2. A charged-up EV will have heavier than gasoline-powered B. General Motors France. He can be reached at
zero emissions on the road, but cars and light trucks, largely C. Volkswagen Group reports@wsj.com.
that’s not the whole story. What because of the weight of their D. Toyota 9. In 2021 fully electric and plug-
percentage of U.S. electricity on batteries. That means their tires E. BYD in hybrid vehicles in the U.S. used

ANSWERS world, according to data

from the International En-
electricity in the country
came from renewables last
tires can impact an EV’s
driving range.
ergy Agency. Europe was year. Sixty percent was pro-
second with 7.8 million, then duced by fossil fuels, mainly 5. E.
the U.S. with three million. natural gas and coal. A mere 1.2% of light vehi-
The rest of the world com- cles registered in the U.S.
1. C. bined had 1.6 million. 3. C. that year were either EVs
China had 13.8 million EVs An average electric vehicle or plug-in hybrids, according
and plug-in hybrids on the 2. B. uses more than twice as to data from the Energy In-
road, by far the most of any According to data from the much copper as the average formation Administration.
country and more than half U.S. Energy Information Ad- gasoline or diesel-fueled ve-
of all such vehicles in the ministration, about 21% of hicle, according to the In- 6. E.
ternational Energy Agency. China-based BYD sold more
Some analysts have warned than 526,000 EVs in the
of a copper supply shortage quarter.
over the next decade.
7. C.
(L-R) TINGSHU WANG/REUTERS; BRANDON BELL/GETTY IMAGES

4. B. One in five visits to a public

Electric-car tires degrade station ends without charg- How EVs will affect the power grid is a growing concern.
20% faster than those on ing, mostly because the
cars with internal combus- chargers aren’t working,
tion engines, according to sometimes for other rea- the agency released its the U.S. in 2030. The pro-
Kelley Blue Book, a Califor- sons including long lines, ac- toughest tailpipe-emissions jected growth of EVs in the
nia-based vehicle-valuation cording to a J.D. Power rules ever but gave auto- U.S. has sparked some con-
and automotive-research study released last August. makers more time to com- cerns about the effect on
company. Tires are made ply than under previous pro- the power grid.
specifically for EVs to deal 8. E. posals.
with the extra weight, but There is no EPA target date 10. B.
there are fewer choices in for a total emissions ban 9. D. The first workable electric
the marketplace, and they that would effectively re- The institute estimates EVs cars were built in the period
tend to be more expensive. quire all new cars to be will consume 7% to 11% of 1828 to 1835, according to
Growth in EVs is putting a strain on global copper supplies. Failure to use the correct fully electric. Last month the electricity generated in the Energy Department.
R6 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | ALTERNATIVE ENERGY

Are there other advantages stop-and-go driving. Consumer fuel than an ordinary hybrid
to hybrids? Reports says the average pay- when in gas-engine-only mode.
What You Many accelerate more quickly
than their gas-powered equiva-
back period is four years when
gas costs $3.35 a gallon and the
Top-selling
Need to lents. And they are quieter in vehicle is driven 12,000 miles a hybrid vehicles in What else should I know
low-speed driving when they run year. The more miles you drive about plug-ins?
only on battery power. “They or the more expensive the gas, the U.S., 2023 The plug-in feature brings the
Know Before tend to drive a little nicer than
their gas-only counterparts,”
the sooner the payback. same charging issues EV owners
face: You need at least a stan-
Buying a says Alex Knizek, manager of
auto testing and insights at Con- So should I consider a
dard, 120-volt electrical outlet
near where you park. And if you
Hybrid Car sumer Reports. And despite their
more complicated innards they
hybrid even if I do mainly
highway driving?
don’t spring for installing a 240-
volt outlet at home, which can
can be more reliable than similar Possibly, because most of them cost hundreds of dollars to well
gas-powered vehicles, Knizek get better highway mileage than over $1,000, filling the battery
Continued from page R1 adds. a similar gas-only vehicle. But could take 12 hours or so.
tax incentives this year. Moreover, unlike with an EV, your payback period could be Moreover, you have to remem-
Instead, more buyers seeking “there is no change in the con- much longer than for other types ber to plug it in—anecdotal evi-
to trim their gas bill or lower sumer experience,” says Stepha- of drivers. dence suggests that some plug-in
their contribution to greenhouse nie Valdez Streaty, director of Honda owners don’t bother, since the
gases are turning to a quarter- industry insights at Cox Automo- CR-V Hybrid cars run fine on gas. Of course,

191,294
century-old technology: hybrid tive. “I don’t have to worry I’m confused by the “plug-in that means you won’t see the
vehicles, which combine batter- about charging, or range anxi- hybrids” some carmakers full gas savings, so the price pre-
ies and an electric motor with a ety.” sell. What are they? mium you paid might have been
conventional internal-combus- Plug-in hybrids, which the indus- UNITS SOLD wasted.
tion gas engine. U.S. sales of hy- try calls PHEVs, also combine a
brids topped those of EVs in So what’s not to love about gasoline engine with an electric
2023, about 1.4 million to 1.2 mil- a hybrid? motor or motors. But their bat- Given their higher price,
lion, according to Cox Automo- Most cost more than gas-engine tery pack is much larger and so who should consider a plug-
tive, an information and technol- models, up to 20% more, accord- holds more electricity. And un- in hybrid?
ogy provider for the vehicle ing to car-shopping site Ed- like a regular hybrid, you can It depends on several factors. Do
industry. In response, carmakers munds, though they are less ex- plug them into a wall outlet or you have a place to plug one in
plan to turn out more hybrids. pensive than fully electric cars. public charger to refill the bat- where you live or work? Does
But how practical are these For example, the base price of tery, just as with an EV. your daily car use generally fall
models? Will buyers save the Honda CR-V Hybrid, $34,050, within the battery-driving range,
money? And which hybrid varia- is about 15% higher than that of Toyota or close to it, which will speed
tion is best? Below, we answer the gas-only CR-V. Honda doesn’t What’s the advantage of up the payback of the added
RAV4 Hybrid
these questions and others. make an electric CR-V, but a sim- plug-in hybrids? sticker price? And do you live in

How do hybrid cars work?

ilar-size electric SUV, the Volks-
wagen ID.4, starts at $39,735.
But that price premium is fall-
The added battery capacity
means they can travel a certain
distance on the electric motor
145,895 UNITS SOLD
an area with moderate electricity
prices but high gas prices, which
also makes the return on your
In most hybrid vehicles, both the ing as the cost of hybrids’ bat- only, ranging from 15 to 50 or so investment come quicker?
gasoline engine and an electric teries and other components has miles depending on the model. The EPA offers a calculator
motor or motors can power the declined. “I think we will con- So around town or on short trips that helps consumers figure out
wheels. The engine also turns a tinue to see hybrid premiums it can seem like driving an EV, how much they would save on
generator that creates electricity. shrink,” says Valdez Streaty. with its silent ride and no tail- gas and spend on electricity with
The electricity feeds into a bat- However, there are no federal or pipe emissions. Once the battery a plug-in.
tery pack, which in turn provides state tax incentives for these is nearly depleted, the gas en-
juice to the motor. non-plug-in hybrids. gine takes over and they operate
In addition, most hybrids re- like a regular hybrid, so there’s So which type of vehicle
charge the battery in another no worry about getting power system provides the
way: When you take your foot Any other disadvantages to stranded. lowest fuel costs?
off the accelerator or hit the hybrids? The electric driving range Generally an EV does, though
brakes, the car reverses the di- This isn’t necessarily a disadvan- means they can get greater gas Honda there are variables including the
rection of the electric motor, tage but a quirk: They get better mileage during a trip than an or- Accord Hybrid prices of gas and electricity and

91,064
which both slows the vehicle and mileage in city driving than on dinary hybrid, but that depends your driving habits.
turns the motor into a generator highways—the opposite of gas- on the length of the trip—a Here’s a comparison from the
to create electricity. This process engine-only cars. For instance, shorter drive takes more advan- EPA of average annual fuel costs,
tage of the gas-free range before UNITS SOLD based on 15,000 miles of driving,
the engine starts up—and for several versions of Toyota’s
whether it’s city or highway RAV4 SUV: for the gas-engine
U.S. market share by alternative-fuel type, quarterly driving. Plugging them in at pub- version, $1,700 to $1,750; for the
lic chargers from time to time hybrid version, $1,300; and for
20.0%
while on the road also boosts the the plug-in hybrid version, $950.
17.5 mileage. There is no fully electric
Plug-in hybrid
That efficiency is one reason RAV4, but the similar-sized
15.0
carmakers plan to build more of Volkswagen ID.4 AWD costs $750
12.5 them—plug-ins help their mak- a year in electricity, the EPA es-
Hybrid ers meet federal and state regu- timates.
10.0
lations.
7.5
Toyota
5.0
Some carmakers offer “mild
Sienna
What else might entice me hybrids.” What are they?

48,443
EV
2.5 to buy a plug-in model? These vehicles have a smaller
0 A few qualify for a federal tax electric motor and battery pack
2019 ’20 ’21 ’22 ’23 credit, up to $7,500, while some than regular hybrids, which they
states also subsidize plug-ins. UNITS SOLD use almost entirely to supple-
Source: Cox Automotive Models eligible for a federal ment the power of the gas en-
credit include the Ford Escape gine rather than propel the car
Plug-In Hybrid and Jeep Grand independently. Some can shut off
Cherokee 4xe. However, there the engine while you slow the
is called regenerative braking. the Lexus RX hybrid gets 37 mpg can be income restrictions for car and run briefly on the bat-
But this type of hybrid, the most in the city, but just 34 mpg on these credits. Leasing a plug-in tery, and use regenerative brak-
common variation, can’t be the highway. So if most of your can be another way to get the ing to recharge the battery, like a
plugged in to refill the battery. daily driving is on an interstate, value of the federal tax credit, hybrid. And in vehicles with a
Sophisticated electronics fig- you won’t see the same effi- since the leasing company gets start-stop feature that cuts the
ure out whether the engine or ciency benefit as people who do the credit and can apply it to engine while at a stoplight, the
motor—or both simultaneously mostly stop-and-go drives. your lease cost. car resumes driving on battery
in some models—should propel Ford power for a short period before
the vehicle at any time. Maverick Hybrid the engine restarts. These fea-

46,527
What’s behind the lower Are there drawbacks to tures can raise the vehicle’s mpg
highway efficiency? plug-in hybrids? rating, another boost to carmak-
That sounds complicated. The engine usually runs most of Yes. Absent a tax break, most ers’ efforts to meet government
What’s the point? the time on the highway, burning cost more than regular hybrids— UNITS SOLD requirements.
Hybrids get more miles per gal- gas, since the electric motor by Toyota’s RAV4 Prime plug-in
lon of gas because they aren’t itself isn’t powerful enough to SUV has a base price of $43,690,
burning fuel all the time—the maintain high speeds. compared with $31,725 for the Note: Most models also come in gasoline-only versions. What are the downsides of
Source: Cox Automotive mild hybrids?
engine can shut off while the regular RAV4 Hybrid. And
battery and electric motor do the in very cold weather, a plug-in is They can’t drive solely with the
work, typically when traveling at Can I earn back a hybrid’s likely to run out of battery motor except intermittently,
lower speeds, coasting on the price premium through gas power faster than the stated age than a regular hybrid, espe- which means they don’t offer the
highway or in stop-and-go driv- savings? range, the same shortcoming cially in highway driving. That’s quiet and lively driving of a reg-
ing. Moreover, because the mo- Many owners can, depending on that affects EVs. because the extra batteries that ular or plug-in hybrid in battery-
tor can assist the gas engine, the how long they keep the car and Plus, once you deplete the bat- plug-ins carry weigh hundreds of only mode. And they don’t pro-
engine can be less powerful than particularly if they do a lot of tery, you might get lower mile- pounds more, eating up more vide anywhere near the gas
in a similar gas-only car and efficiency of these hybrids.
thus more fuel-efficient.

Vehicle types So what is better for the

How much better mileage environment, driving any
does a hybrid get than a Conventional Hybrid electric Plug-in hybrid electric Electric type of hybrid or an EV?
regular gas-powered car? Engine Engine Engine It’s complicated. While hybrids
Electric motor
It can be dramatically better, use less gas overall than regular
about 40% more on average than gas-only cars, and thus put out
gas-only vehicles, according to fewer greenhouse emissions,
Consumer Reports. they still pollute while in gas-en-
The most efficient Toyota gine mode. Some environmental
Camry hybrid sedan gets 52 groups have pushed back on car-
miles a gallon in combined city Electric Electric Battery makers that promote the green
and highway driving, according motor Gas motor advantages of hybrids.
to the Environmental Protection EVs, by contrast, emit no pol-
Agency—nearly 63% more than Battery lution themselves. But the elec-
the most efficient nonhybrid Battery tricity used to charge their bat-
Camry’s 32 mpg. The hybrid Gas Gas teries could come from coal- or
Hyundai Tucson Limited SUV gas-fired power plants that con-
gets a combined 37 mpg, 32% tribute to global warming, so in
better than the nonhybrid’s 28 effect they aren’t totally clean,
mpg. either, in those cases.
The Energy Department offers
a tool to compare the mileage of Fuel Gasoline Gasoline Gasoline and/or Electricity from grid Bart Ziegler is a former Wall
hybrid and nonhybrid versions of electricity from grid Street Journal editor. He can be
the same model. Source: Electric Power Research Institute reached at reports@wsj.com.
 THE WALL STREET JOURNAL. Monday, April 22, 2024 | R7

JOURNAL REPORT | ALTERNATIVE ENERGY

BY DIETER HOLGER

S
TEPHANIE
Farinelli and her
husband never
thought they
would buy their
first home in a
subdivision.
Then they found
Whisper Valley, an enclave
nearly 20 miles outside down-
town Austin, Texas.
All of the houses in Whisper
Valley have solar panels, heat
pumps—and a geothermal bore-
hole around 350 feet below
ground. They are connected to a
communitywide geothermal grid
that pulls heat from the ground
to warm buildings in cold
weather and pumps heat out of
buildings and back to the ground
to cool them in hot weather.
Drawn to the environmental
appeal and promised energy sav-
ings, the couple bought a home
in the community last year.
Farinelli, a 54-year-old software
developer, says they pay a flat
$70 a month for the geothermal
system and around $60 a month
on average for electricity for a
roughly 2,000-square-foot home,
50% less than what they paid for
electricity at a smaller rental
apartment in Austin. Another
plus: There are no noisy outdoor New England utility Eversource is building a geothermal network in Framingham, Mass., linking together some residential and commercial buildings..
air-conditioning condensers.
“It’s just so quiet,” she says.
“You can hear the cows mooing

Thermal Energy Networks May

down the street. It’s crazy.”
Whisper Valley is part of a
new wave of projects linking
buildings together in so-called

Be About to Have Their Moment

thermal energy networks. These
systems, which offer a reliable,
efficient and climate-friendly al-
ternative to fossil-fuel-based
heating and cooling, haven’t
been widely deployed in the U.S.
yet. But as the U.S. moves to- These climate-friendly heating-and-cooling systems are drawing support high upfront costs, which can
ward a goal of achieving net- vary, depending on geological
zero emissions by 2050, some
from states, cities, utilities and developers conditions for drilling, how
states, cities, utilities and devel- many geothermal wells are
opers are taking a closer look, needed, the energy efficiency of
attracted by the technology’s po- networks they can become even covering more than 40% of U.S. air out of the units and into the the connected buildings, the cli-
tential to reduce greenhouse-gas more so, allowing buildings to natural-gas customers, have network to cool them. mate and other considerations.
emissions, cut heating bills, ease share heat with each other and joined the Utility Networked Data centers make sense as an Generally, the balance of with-
strain on the electrical grid and store it underground for future Geothermal Collaborative, an in- energy source because more are drawing and depositing heat
provide gas utilities with a new use. formal industry group exploring getting built and they usually might not be optimal in climates
business model in a cleaner en- Many thermal networks rely how they can function as geo- run 24/7, supplying “very high- where you need the heat or cool-
ergy future. on geothermal energy, but they thermal providers, the decarbon- quality waste heat” that is de- ing constantly throughout the
can be designed to exchange ization coalition says. pendable and at a high tempera- year, says Rob Best, an associate
heat with other sources, too, The Framingham project, the ture, says Alexander Buell, Con at engineering consulting firm
Momentum grows such as sewer systems, data cen- first of its kind in the U.S., Edison’s director, portfolio plan- Arup. It’s like a battery, he says,
Systems like the one in Whisper ters and bodies of water. strings together a neighborhood ning and analysis. in that “you are taking some out
Valley harness the relatively sta- Thermal networks are sprin- of 31 residential buildings and New York is among a few and putting some back.”
ble temperature below ground to kled throughout the U.S., includ- five commercial buildings and states that have passed legisla- The networks also are better
provide heating and cooling to ing on some college campuses. will serve around 140 customers tion mandating that large utili- suited for more energy-efficient
buildings. On cold days, fluid Now, fueled in part by federal to start. Eversource, the New ties propose thermal-energy-net- buildings constructed in the past
flows through a closed under- and state incentives encouraging England utility behind it, says work projects. 20 years, he says, as heat pumps
ground pipe loop, absorbing heat the expansion of low-carbon en- the project has estimated costs don’t have to work as hard.
from the earth and moving it to ergy, utilities are starting to ex- of $14 million after federal and How quickly larger-scale proj-
and from connected buildings, plore the feasibility of replacing state clean-energy tax credits. The business case ects will pay off in energy sav-
where a heat pump concentrates some of their natural-gas infra- In New York, meanwhile, Con- Eversource is still determining ings remains to be seen, but col-
(L-R) EVERSOURCE ENERGY; CITY OF FRAMINGHAM

and converts that energy into structure with thermal energy solidated Edison has three pilot how rates would look under lege campuses that have
hot air or hot water. On hot networks. projects that are approved for thermal energy networks. For networked geothermal give some
days, the system works in re- Proposals for utility-scale pi- full design, including one in now, it plans to charge custom- idea. Colorado Mesa University,
verse, pulling out heat from lot projects are in the works in Manhattan’s Chelsea neighbor- ers a flat rate of $10 a month for which deployed a geothermal
buildings and storing it under- Massachusetts, New York and hood that would use excess heat residential heating and cooling, network in 2008 that it is in the
ground. Minnesota, according to the from a data center to provide says Nikki Bruno, vice president process of expanding, says the
Ground-source heat pumps, Building Decarbonization Coali- hot water to 372 apartments, of clean technologies at Ever- system produces $1.5 million en-
which run on electricity, are the tion, with one project, in Fra- and heating and cooling for 72 source. Customers also will have ergy savings a year and paid for
most efficient heating-and-cool- mingham, Mass., scheduled to apartments in four nearby multi- to pay for electricity to power itself within 11 years. In addition
ing option on the market. And come online in June. At the same family housing developments. On the heat pumps, which the utility to geothermal, the university’s
when they are configured into time, around 24 gas utilities, hot days, the system can pull hot installed. system stores and withdraws
Bruno says geothermal net- heat, as needed, from an Olym-
works make business sense for pic-size swimming pool.
gas utilities because they require In Whisper Valley, new homes
Earth Energy similar skills for installing and
managing long-lived infrastruc-
sell for around $300,000 to
$600,000, and home buyers can
Thermal energy networks rely on a closed-loop water pipe that circulates fluid throughout ture. The pipes, made out of get a one-time tax credit of
the system. While designs vary, here's how a system like this might work. plastic and metals, have 40- to $10,000 via the 2022 Inflation
50-year lifespans, and the geo- Reduction Act, according to
A closed-loop water Excess heat from data centers, A utility building Heat pumps serving the thermal boreholes can last up to Douglas Gilliland, managing di-
pipe circulates fluid which usually run 24/7, can pumps the fluid homes and businesses 100 years or more. There are rector at Taurus Investment
throughout the system. add heat to the system. through the loop. extract and amplify heat to currently fewer safety require- Holdings, the developer. He says
warm them or transfer heat ments compared with natural there is around $25,000 to
to the fluid to cool them. gas, but regulations are still be- $35,000 worth of clean-energy
ing developed. investments per home, including
“[When] we saw the pipe for for geothermal and solar.
the network go in the ground, it The community, which sits on
felt very, very familiar,” she says. around 2,000 acres, is still in its
Unions representing pipe fit- infancy with around 500 houses
ters see the potential, too. currently. Within 10 years, devel-
“Geothermal energy will not opers plan for 5,000 single-fam-
only help us reach a net-zero ily homes, 2,500 multifamily
economy, it will create good-pay- units and 3 million square feet of
ing union jobs in the process,” commercial space, such as gro-
says Wendell Hibdon, director of cery and convenience stores.
energy and infrastructure for the Taurus aims to build more
United Association of Union geothermal communities across
Plumbers and Pipefitters. the U.S., including an apartment
It isn’t often that you see gas complex in Florida, according to
utilities, unions and environmen- Gilliland, who says he is talking
talists on the same page, says with developers, state govern-
Zeyneb Magavi, executive direc- ments and cities nationwide who
tor at HEET, a nonprofit pushing are interested in the model.
to replace natural-gas infrastruc- “Builders have been trying to
ture with geothermal networks. find ways to make their homes
When it happens, “you just more and more efficient,” he
get a kind of momentum we are says. “By using geothermal, it re-
not used to seeing,” she says. ally takes the pressure off the
builder in coming up with expen-
Geothermal boreholes hundreds of sive ideas.”
feet deep use the relatively constant In some systems, local bodies of water can cool Challenges remain
temperature of the earth to supply or heat the flowing water in the loop via a heat Still, getting a geothermal net- Dieter Holger is a writer in
heat to the system on cold days or exchanger, a device that uses a combination of work off the ground faces a Santa Cruz, Calif. He can be
to store excess heat on hot days. convection and conduction. number of challenges, including reached at reports@wsj.com.
R8 | Monday, April 22, 2024 THE WALL STREET JOURNAL.

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