Will Goldman’s Blankfein Depart by the End of the Year?: DealBook Briefing


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However some essential context is critical: Neither Mr. Blankfein nor the board has set a timeline for him to step down, folks briefed on the matter stated. Mr. Blankfein has not mentioned the opportunity of leaving on the finish of the 12 months, these folks stated, although there’s a common view that he probably would retire within the subsequent couple of years. And it is extremely potential that this story might power Mr. Blankfein to maneuver sooner to explicitly lay out a timeline than he had initially deliberate.

Is it potential that Mr. Blankfein would step down on the finish of 2018?

Certain. It’s completely a chance, these folks stated. However it’s hardly a certainty. And it is usually a chance that he may step down as C.E.O. however stay chairman, the folks stated.

Is it potential that he may nonetheless be at Goldman for half or all of 2019?

Certain, these folks stated. However that’s not a certainty both.

Is it potential he’s at Goldman in 2020?

That’s much less probably, these folks agree. Goldman’s board has held discussions about who ought to succeed Mr. Blankfein ever since Gary Cohn left the agency on the finish of 2016, these folks stated. The board has designated Harvey Schwartz and David Solomon as probably successors, however has not set a particular date for when they should resolve on who will take the reins, these folks stated. Each males have privately been planning to take over, these folks stated.

— Andrew Ross Sorkin

Right here’s Mr. Blankfein’s response to the WSJ story:

That didn’t take lengthy.

The order President Trump signed on Thursday imposing tariffs on imported metal and aluminum supplied him with wiggle room to exempt international locations down the street.

The truth is, even earlier than signing the order, he instructed the opportunity of later excluding allies like Australia.

Effectively, that looks like extra of chance now.

Late Friday President Trump stated he’s working with Australian Prime Minister Malcolm Turnbull on an settlement so Australia is not going to be topic to the tariffs.

The listing of these hoping Broadcom fails in its pursuit of Qualcomm retains rising.

The Wall Road Journal reviews that Intel “is contemplating a spread of acquisition options in response to Broadcom’s hostile pursuit for Qualcomm.”

These choices embody a potential bid for Broadcom, the WSJ reviews citing nameless sources.

Shares of Broadcom jumped 5 p.c after hours.

Details from the WSJ

• Intel is anxious in regards to the aggressive menace a mixed Broadcom-Qualcomm would pose.

• Intel has been weighing its choices since late final 12 months and has engaged advisers.

• Intel may make a bid if Broadcom seems probably to reach its pursuit of Qualcomm.


• Any transfer from Intel is way from sure and one in every of WSJ’s sources stated it’s unlikely.


Washington isn’t so certain a merger of Broadcom and Qualcomm is a good suggestion. The Committee on International Funding in the US, the federal government panel that opinions transactions’ nationwide safety implications, moved to stall the potential takeover of Qualcomm

The panel’s intervention put Broadcom’s bid in jeopardy. In follow, opinions by Cfius typically result in the demise of offers.

Jobs, jobs, and extra jobs.

The February jobs report is in. The variety of jobs added was the strongest in two years, however wage progress remained lackluster.

Listed below are the numbers:

• 313,000 jobs have been added final month, essentially the most since October 2015. Economists had anticipated a achieve of about 200,000.

• With revisions to earlier months, the three-month common job progress was 242,000 a month.

• The unemployment charge was four.1 p.c, the identical as in January.

• The typical hourly wage grew by zero.1 p.c. It grew by zero.three p.c in January. The year-over-year improve fell to 2.6 p.c from 2.9 p.c.

• The labor power grew by 806,000, pushing the labor power participation charge again as much as the 63 p.c mark.


A leap in job positive aspects in February clears the way in which for the Federal Reserve to boost the benchmark rate of interest when it meets this month.

The wage figures have been disappointing. The bounce in hourly earnings in January — which pushed the year-over-year determine to 2.9 p.c, from 2.three p.c simply three months earlier — was cited as a reason for a market sell-off. With February’s puny progress of zero.1 p.c, the year-over-year improve dropped to 2.6 p.c.

12 months-over-year wage progress

12 months-over-year wage progress

Some good old style Goldilocks for traders.

Traders couldn’t have requested for far more from Friday’s jobs report. The numbers for February present the US economic system was ready so as to add a surprisingly giant variety of new jobs with out creating the type of surge in wages that may immediate traders to fret about inflation.

The 10-year Treasury be aware, which could have bought off on inflation fears, barely budged when the report got here out. Futures markets pointed to larger opens for inventory markets.

The economic system created 313,000 jobs in February, essentially the most since October 2015. Wages rose 2.6 p.c from a 12 months earlier, beneath the two.9 p.c charge for January that stoked inflation issues.

In idea, as employers add giant numbers of latest staff, the competitors to rent employees ought to drive wages a lot larger. Why is that not occurring proper now? It appears numerous individuals who beforehand weren’t on the lookout for jobs are actually coming into the work power. That, partially, explains the 800,000 individual improve within the labor power.

However traders will little question discover one thing to worry about. Some might resolve that the expansion in employment is so sturdy that it received’t be lengthy earlier than wage pressures construct up. The quantity of slack within the labor power is unknown, so traders shouldn’t depend on it to dampen wage progress indefinitely, in line with this view.

— Peter Eavis

When will wage progress decide up?

It’s the unknown that torments traders each time the roles report comes out.

Possibly we will shed some gentle.

As Friday’s jobs report confirmed, the economic system is including giant a numbers of jobs with out stoking the type of surge in wages that makes traders anxious about inflation. Traders favor these financial circumstances as a result of it reduces the possibilities that the Federal Reserve must elevate rates of interest extra rapidly than they count on.

However how lengthy may wage progress stay average? A lot is dependent upon how a lot slack exists within the jobs market. The headline unemployment charge, at four.1 p.c, suggests there may be little or no.

However the unemployment charge doesn’t depend the individuals who aren’t within the workforce – and who might now enter it. Nobody is aware of for certain what number of of those persons are actually on the lookout for a job at anybody time, or may achieve this within the close to future. But when there are a variety of them, firms is not going to wrestle to search out employees — and wage progress may stay tame. Conversely, if the variety of potential employees on the sideline is small, wage pressures may quickly construct up.

One approach to get an thought of the dimensions of this group of individuals is to have a look at the employment charge, which measures folks with jobs as a proportion of the inhabitants (over 16 years outdated and excluding prisoners.) At 60.four p.c in February, that charge remains to be properly beneath the extent it was at earlier than the 2008 monetary disaster. That may suggest that there are nonetheless lots of people who may enter the roles market.

However our colleague Ben Casselman, who covers economics, has devised an adjusted employment charge that readers may discover fascinating.

How did you modify the measurement of the employment charge – and why did you make your tweaks?

Let me begin with the “why?” The employment charge is nice in that it avoids all the problems that bedevil the unemployment charge by way of deciding who ought to “depend” as unemployed. However the issue is that it’s too broad. It consists of an enormous group of people that nobody would count on to work, particularly retirees. And that group is rising quickly as a result of child boomers are getting old. So if we would like the employment charge to inform us something significant in regards to the state of the economic system, we’ve to account for that large demographic pattern not directly.

One simple means to do that is to have a look at the employment charge amongst so-called “prime-age” employees, these ages 25 to 54. That excludes each retirees and most faculty college students, which suggests it filters out a variety of the demographic noise within the employment charge. The issue is, it filters out a variety of invaluable data, too. A lot of 55-year-olds work! And certainly, 55-year-olds are more likely to work now than they have been a technology in the past.

My calculation, which borrows from an method utilized by economists (and occasional Upshot contributor) Ernie Tedeschi, adjusts for demographic shifts by controlling for age and intercourse. It basically asks, “What would the employment charge appear like right this moment if the U.S. inhabitants nonetheless had the identical demographic profile because it did earlier than the recession?”

What does your adjusted employment charge inform us in regards to the jobs market proper now?

By my calculation, the demographics-adjusted employment charge was at 62.eight p.c in February, which is sort of precisely the place it stood in December 2007, which was the primary month of the recession. Nevertheless it’s nonetheless considerably beneath the place we have been in 2000, the final time the unemployment charge obtained this low.

Can we use your adjusted employment charge to get an thought of how a lot slack is left within the labor power?

Sure, nevertheless it doesn’t give a definitive reply. What it tells us is that the employment charge has absolutely recovered from the recession. It doesn’t essentially imply that every one the slack is gone.

Let me develop on that barely. Between the height of the dot-com bubble in 2000 and the height of the housing bubble in 2007, the age-adjusted employment charge fell by a few proportion level. There are two reads on that. One is that the job market simply by no means obtained nearly as good within the mid-2000s because it did in 1999 and 2000. The opposite interpretation is that there was a elementary shift within the economic system, and for some set of causes — expertise, globalization, video video games — the share of People who’re prepared or capable of work has fallen.

If you happen to purchase that second story, then the truth that the age-adjusted employment charge is again to prerecession ranges ought to inform you that we’re mainly at full-employment right this moment. The slack is gone. That is nearly as good because it will get. However I’d argue the final couple years ought to result in important skepticism about this type of structural-change thesis. The labor power has grown dramatically over the previous few years. Job progress has continued unabated. Unemployment charges for marginalized teams resembling black People have fallen sharply. And this has all occurred in an setting the place wage progress has been sluggish, which means that employers are capable of entice employees with out boosting pay, no less than by a lot. All of that implies that there are nonetheless folks on the market who’re prepared to work if alternatives grow to be obtainable. I don’t know if we will get again to that 2000 employment stage, however right this moment’s report suggests we will no less than maintain shifting in that path.


President Trump after signing an order imposing new tariffs on imported metal and aluminum.

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Doug Mills/The New York Instances

Economists and analysts react to the roles report.

Joseph Music and Michelle Meyer, BofA Merrill Lynch: Immediately’s “Goldilocks” report suggests the enterprise cycle nonetheless has one other leg to go: the labor provide is rising to fulfill the achieve combination demand, stopping value pressures from constructing too aggressively.

Ellen Zentner, Morgan Stanley: Straight traces don’t exist in economics. Regardless of the transfer decrease within the year-over-year tempo of common hourly earnings (AHE), the underlying pattern in wage progress continues to agency, consistent with continued tightening within the labor market and rising productiveness.

Joe Brusuelas, RSM US: “The job market continues to sizzle because the economic system is within the early phases of absorbing a late cycle fiscal increase that may help a progress charge properly above the long-term pattern in 2018. The 313,000 job achieve is greater than triple that obligatory to fulfill the demand of latest entrants into the work power, which if it sustained will proceed to place downward strain on the unemployment charge. This is not going to be misplaced amongst an F.O.M.C. that leans hawkish in 2018 and factors towards an rising chance that the central financial institution will hike charges 4 instances this 12 months. How sturdy is that this labor market? The rise of 806,000 within the labor power and 785,000 within the family employment estimate are sturdy and statistically important, which is a uncommon two-for within the month-to-month labor report. This labor market is on fireplace and wage positive aspects are in prepare.”

James Ingram, MB Capital: “February’s fall in common wage rise information takes a few of the strain off. However the creation of greater than 300,000 jobs in February suggests it can return within the months to return. Throw in a possible commerce battle between the US and the EU and the US economic system may very well be headed for an ideal inflationary storm later this 12 months. An rate of interest hike in March from the US Fed should now be all however nailed on.”

Capital Economics: “We suspected that the flu epidemic and the unseasonably chilly climate in January had depressed payrolls, however even we have been caught out by the power. Sickness and climate additionally affected the earnings and hours labored information in January, with these results unwinding in February.”

Senator Elizabeth Warren has some questions for Apollo and Citi.

Particularly, Ms. Warren, Democrat of Massachusetts, is within the loans Apollo and Citigroup prolonged to Jared Kushner’s household actual property agency, reviews Politico’s Playbook.

Ms. Warren, together with Consultant Elijah Cummings, Democrat of Maryland, Senator Tom Carper, Democrat of Delaware, and Senator Gary Peters, Democrat of Michigan, despatched letters to Apollo (the letter) and Citigroup (the letter) asking:

“For the dates the loans have been supplied, circumstances of the mortgage and an outline of the method by which the Kushner Firms obtained the loans. It asks for ALL MEETINGS between the 2 corporations and Kushner, and numerous particulars about these conferences. They request ALL DOCUMENTS from the mortgage course of and whether or not any of the loans included international financing.”


The New York Instances reported final week that:

• Josh Harris, a founding father of Apollo International Administration, was advising Trump administration on infrastructure coverage final 12 months and met with Mr. Kushner a number of instances. Amongst different issues, the 2 males mentioned a potential White Home job for Mr. Harris, which by no means materialized. In November, Apollo lent $184 million to Kushner Firms. The mortgage was to refinance the mortgage on a Chicago skyscraper

• Michael Corbat, Citigroup’s C.E.O., met with Mr. Kushner within the spring, and shortly afterward the financial institution lent Kushner Firms $325 million.


Martin Shkreli throughout his fraud trial final 12 months. Mr. Shkreli is finest recognized for mountain climbing the worth of a drug, Daraprim, by 5,000 p.c, a transfer that drew widespread condemnation from the general public and politicians.

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Amr Alfiky/Reuters

Martin Shkreli is sentenced to seven years in jail for fraud.

Stephanie Clifford of the NYT reported:

Martin Shkreli, a former pharmaceutical government infamous for sharply rising drug costs, mounting sneering defenses of his actions and even issuing a bounty for one in every of Hillary Clinton’s hairs, was sentenced on Friday to seven years in jail after being convicted of fraud final 12 months.

Final summer season, a jury convicted Mr. Shkreli, nicknamed Pharma Bro, on three of eight counts , concluding that he had lied to traders about, amongst different issues, how the hedge funds have been managed, what they invested in and the way a lot cash that they had. The jury discovered that he had additionally secretly managed an enormous variety of Retrophin shares.

Prosecutors had sought a sentence of no less than 15 years; the protection had pushed for 12 to 18 months.

How a lot is Martin Shkreli’s Wu-Tang album value?

Ben Sisario of the NYT writes:

When Martin Shkreli, the disgraced former prescription drugs government, is sentenced for securities fraud in Brooklyn on Friday, the federal government could have its decide of a variety of his belongings to fulfill the $7.36 million judgmentagainst him.

There’s a brokerage account with $5 million in money, shares in his firm Vyera Prescription drugs, even a Picasso.

After which there may be an merchandise that has been the topic of worldwide intrigue: the only copy of the Wu-Tang Clan album “As soon as Upon a Time in Shaolin,”packaged in a customized silver-and-nickel case and accompanied by a 174-page leather-bound guide. It could be essentially the most well-known album ever stored within the possession of only one individual.

However what’s it value?

The reply? It’s difficult, although specialists all doubt that the album may yield wherever close to the $2 million Mr. Shkreli apparently paid for the album at public sale three years in the past.

The tariffs have already got carveouts

President Trump approved tariffs on imported metal and aluminum yesterday, defying allies and Republicans alike. However as Peter Eavis notes, the presence of exemptions for Canada and Mexico present extra wiggle room than anticipated:

Commerce Secretary Wilbur Ross has leeway to exempt sure metal and aluminum imports from the restrictions if he determines that the US lacks the capability to supply them. There may be additionally a nationwide safety exemption, notable since nationwide safety issues are the authorized foundation for the tariffs.

And Neil Irwin of the Upshot reckons that whereas we’re seeing a commerce skirmish, it received’t essentially grow to be a commerce battle. (He additionally thinks it’s partly a negotiating tactic within the Nafta talks.) That hasn’t stopped commerce companions protesting. And in its lead editorial, The Economist wrote, “Not since its inception on the finish of the second world battle has the worldwide buying and selling system confronted such hazard.”

The opposite China commerce story: Mr. Trump tweeted that he has requested Beijing to scale back its commerce deficit with the U.S. by $1 billion, including, “We should act quickly!” Elon Musk subsequently beseeched him on Twitter to sort out China’s restrictions on auto imports.

The commerce flyaround

• U.S. allies like Canada and Japan signed what was lengthy often known as the Trans-Pacific Partnership, thumbing their noses on the White Home. (NYT)

• Historical past belies Mr. Trump’s assertion that “commerce wars are good, and simple to win,” Jim Stewart says. (NYT)

• Possibly we must always fear much less in regards to the tariffs and extra in regards to the White Home’s inquiry into Chinese language mental property coverage. (Breakingviews)


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Andrew Harrer/Bloomberg

May Peter Navarro exchange Gary Cohn?

The coverage adviser who pushed the tariffs needs to grow to be the brand new nationwide financial adviser — scarily for pro-free-trade enterprise leaders and Mr. Cohn’s dwindling cohort within the Trump administration.

Extra from Jonathan Swan of Axios:

Trump loves Navarro, and Navarro displays the president’s hard-wired beliefs on commerce much more carefully than Cohn ever did, or did any of the opposite high officers concerned within the commerce debate apart from Wilbur Ross.

Mr. Navarro isn’t within the lead — different candidates embody a high lieutenant to Mr. Cohn, Shahira Knight — however can’t be counted out.

The politics flyaround

• The president has threatened to veto a spending invoice if it funds the Gateway tunnel between New York and New Jersey that he opposes, doubtlessly main to a different authorities shutdown, unnamed sources say. (Politico)

• The current tax overhaul received’t pay for itself, in line with Harvard economists. (WSJ)

• The lawsuit towards President Trump by the adult-film actress Stormy Daniels raises the opportunity of the president needing to testify and will present proof of marketing campaign finance violations. (NYT)

• Elizabeth Warren has written to Citigroup and Apollo asking for particulars about loans to Kushner Firms simply after Jared Kushner joined the White Home. (Politico)


Cigna is taking on Categorical Scripts.

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Wilfredo Lee/Related Press

When being a giant well being insurer isn’t sufficient

Behind Cigna’s $67 billion (with debt) acquisition of Categorical Scripts is the concept medical insurance by itself is a challenged enterprise. The C.E.O.s of the 2 firms stated the union would assist decrease prices. Nevertheless it’s additionally meant to assist Cigna counter each UnitedHealth, the large of the trade, and a mixed CVS and Aetna.

There’s skepticism: Cigna’s shares fell 11 p.c yesterday. Matthew Borsch of BMO Capital Markets stated that traders had hoped the insurer would purchase one thing aside from a enterprise “underneath strain, underneath scrutiny and to a point in decline.”

About that strain: The F.D.A. has proven curiosity in lack of competitors amongst drug advantages managers. David Balto, an antitrust knowledgeable, advised the NYT, “Historical past has proven the place there are a number of mergers happening in a single trade, the Justice Division goes on excessive alert.”

Critics’ nook: Charley Grant of Heard on the Road writes, “Cigna has elevated its vulnerability to trade adjustments quite than lowered it.” And Lex says of Categorical Scripts’ trade, “Like Seth Rogen comedies, they’re a U.S. establishment whose utility eludes different nations.”

The offers flyaround

• Toys “R” Us, but to discover a purchaser, is making ready to liquidate its U.S. operations, unnamed sources say. (Bloomberg)

• Shell and the Blackstone Group are in talks to make a $10 billion bid for BHP Billiton’s U.S. shale belongings, in line with unnamed sources. (Sky Information)

• Atlantia of Italy and ACS of Spain are in talks over a joint bid for Abertis, avoiding a possible bidding battle. (FT)

• FanDuel is in talks to go public by merging with a blank-check firm, Platinum Eagle Acquisition, unnamed sources say. (Axios)

• McAfee is shopping for TunnelBear, a VPN companies supplier. (TechCrunch)

• Earlier than becoming a member of the White Home, Jared Kushner held talks to promote the New York Observer to 2 large Democratic supporters, David Brock and the media mogul Haim Saban, unnamed sources say. (BuzzFeed)

False information is your fault

That’s in line with an M.I.T. research that tracked the unfold of each verifiably true and pretend tales on Twitter, and located that “falsehood subtle considerably farther, sooner, deeper, and extra broadly than the reality in all classes of knowledge.”

The caveat, per Steve Lohr of the NYT:

“We’ve to be very cautious about making the inference that faux information has a huge impact,” stated Duncan Watts, a principal researcher at Microsoft Analysis.

Elsewhere in social media: How Russian trolls slid into the non-public Fb messages of Trump marketing campaign aides. Guidelines to restrict international meddling in U.S. elections might not take impact earlier than this 12 months’s midterms. Sri Lanka is making an attempt to dam Fb, WhatsApp and Instagram to cease anti-Muslim violence. And will Mr. Trump be obliged to mute critics on Twitter as an alternative of blocking them?

The tech flyaround

• Uber is pitching potential traders right this moment on a $1.25 billion mortgage, unnamed sources say. (Bloomberg)

• Meet Missouri’s lawyer common, Josh Hawley, who has subpoenaed Alphabet as a part of an inquiry into potential violations of the state’s client safety regulation. (Bloomberg)

• What occurs when Bitcoin miners come to your city. (Politico)

• Japan suspended buying and selling on the exchanges FSHO and Bit Station amid concern about client protections. (WSJ)

• Mr. Trump held a heated debate on whether or not violent video video games might be related to mass violence, however didn’t point out the place he stood. (NYT)


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Barack Obama might make reveals for Netflix

The previous president is in talks to create unique content material for the streaming big, although they haven’t found out what number of episodes to do, in line with the NYT. He’s additionally drawn curiosity from Apple and Amazon.

Our questions:

• How a lot would Netflix pay? Keep in mind that it gave the showrunner Ryan Murphy $300 million for a five-year content material deal. The Obamas already signed guide offers reportedly value $60 million.

• Whereas Mr. Obama doesn’t intend to tackle his successor immediately, will his probably selection of matters — like well being care, immigration, voting rights — be seen as a counter to President Trump anyway?

Elsewhere in media: The actor and producer Michael B. Jordan will undertake using “inclusion riders” in his manufacturing firm’s initiatives. Disney will add a live-action “Star Wars” collection to its forthcoming streaming service, to be directed by Jon Favreau. And Disney shareholders voted down a nonbinding endorsement of Bob Iger’s pay package deal.


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Richard Drew/Related Press

Traders are fearful. Merchants are joyful.

Whereas the now nine-year-old bull market should have some legs — even when it isn’t prone to high final 12 months’s efficiency — there’s extra for traders be troubled of. Not so for merchants.

Extra from Landon Thomas of the NYT:

“We’re seeing excessive volatility right here — it’s the Goldman Sachs enterprise mannequin,” stated Adam Sender, the founding father of Sender Firm & Companions, a hedge fund the makes a speciality of making fast bets in up-and-down markets. “Issues are shifting round like loopy — the alternatives are large.”

A facet be aware: Nervous in regards to the markets’ actions? You may want a hug.

And Peter Eavis wonders: What occurs when the bond market and the Fed disagree? It’s a bit like seeing the economic system’s mother and father battle, he says.


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Peter Hoffman for The New York Instances

The tensions behind Dina Powell’s return to Goldman

Bringing again the previous White Home adviser after her current tour of responsibility in Washington, Lloyd Blankfein reckoned, would assist the agency navigate the Trump presidency and win large shoppers worldwide.

However her forthcoming place on the administration committee has rankled some senior executives, in line with Bloomberg:

The choice to create a brand new seat on the committee for an government whose prior expertise at Goldman Sachs centered on philanthropy and associated initiatives has grow to be a subject of debate inside its hypercompetitive headquarters in Decrease Manhattan.


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Chuck Burton/Related Press

Revolving door

• Tesla’s chief accounting officer, Eric Branderiz, is the newest government to go away. (Bloomberg)

• Uber’s head of product, Daniel Graf, is leaving. He’ll get replaced by Assaf Ronen, who most lately led Amazon’s voice procuring (“Alexa, purchase stuff”) group. (Recode)

• Twitter named Parag Agrawal as its chief expertise officer. (CNBC)

Cory Johnson has left Bloomberg TV to grow to be Ripple’s chief market strategist. (CNBC)

The Velocity Learn

• The N.M.E., as soon as Britain’s most essential music newspaper and a style maker on each side of the Atlantic, has put out its final print version after 66 years. (NYT)

• Institutional Shareholders Providers opposed Elon Musk’s $2.6 billion compensation package deal. (FT)

• The E.C.B. held rates of interest regular, however dropped its promise to ramp financial stimulus again up “if the outlook turns into much less favorable.” (NYT)

• Helmut Maucher, who labored his means up from a manufacturing facility job to grow to be the C.E.O. who made Nestlé the world’s largest meals firm, died on Monday. (NYT)

• G.M. faces the prospect of a possible $1 billion inventory payout to handle claims stemming from its ignition swap disaster. (WSJ)

• Lehman Brothers prompted $2.four billion in damages to traders holding securities backed by shaky house mortgages, a New York chapter decide dominated in one of many final remaining disputes within the defunct financial institution’s practically decade-long liquidation. (WSJ)

• Merrill Lynch agreed Thursday to pay $1.four million to settle S.E.C. allegations that it didn’t do sufficient to analyze pink flags at a Chinese language firm whose unregistered securities it bought. (WSJ)

• Alex M. Azar II, the secretary of well being and human companies, stated that medical doctors and hospitals ought to inform sufferers how a lot their care earlier than treating them. (NYT)

• Congress is on monitor to order credit-reporting firms to let customers freeze their information freed from cost. (WSJ)

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