Treasury Secretary Bessent Comes to DealBook Summit to Cancel Times Subscription

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Treasury Secretary Scott Bessent, unable to find his New York Times password to cancel his subscription, came live to the annual DealBook Summit emceed by business journalism impresario Andrew Ross Sorkin by asking Andrew to nix his Times account and dared to say the “Gray Lady” is no longer The Paper of Record.  Andrew and Secretary Bessent sparred on inflation, tariffs, Rush Hour 4 and just about everything—at one point Secretary Bessent called Andrew a “pop” historian based on the well-reviewed “1929” tale published recently. The two did agree on how wonderful Michael and Susan Dell’s $6.2 billion donation to give 25 million young kids $250 was, and a chance to own a piece of the American dream, in Secretary Bessent’s words. Huzzah!


Andrew got Secretary Bessent to admit that his views on tariffs had “evolved” and got Larry Fink to admit his view of crypto “evolved” all the way from staunch critic to BlackRock issuing a Bitcoin ETF.


Mary Barra of GM talked about dialing back EV production based on consumer demand, and Alex Karp, perhaps the most candid and unusual CEO of our times, articulated a strong defense of the country, how prolific his company is at protecting the U.S. and its allies, and why he despises the Ivy League.


Later in the event, when Andrew asked Anthropic’s Dario Amodei who the winners and losers of AI would be and whether we are in a chatbot-fueled bubble. Dario half-joked that there are some running their businesses with a “YOLO” philosophy– for older readers, you only live once.


In the governance world, Larry Fink addressed the Trump-floated proposal to take away voting right from the big three index players by saying without large long-term investors the activists would rule the roost, noting Blackrock votes with management over 98% of the time.


Brian Armstrong of Coinbase was asked about moving to the Lone Star state from Delaware, and he said Delaware has become “too unpredictable.”


Delaware Court of Chancery Vice Chancellor Lori Will would beg to differ and makes Delaware’s case for the simplicity of their corporate law structure in a new paper.


Guests included venture investors Bill Gurley and Josh Wolfe, elite media such as Diane Brady of Fortune and Stephanie Ruhle, CEOs such as Ynon Kreiz of Mattel—and even Andrew’s parents!  Throughout the day, we were treated to lattes from Invest in Puerto Rico, chocolates from Capital One, and a copy of Andrew’s book. (We have read it.) We congratulate Andrew and our friends at DealBook!

 

Have a great weekend and week,

GPP Team



ACTIVISM

Financial Times: Activist campaigns more likely to target female CEOs

According to a new report published by The Conference Board and reported by the FT, companies with female CEOs made up 15.7% of activist targets from 2018-2025, despite comprising only 6.3% of the Russell 300 over the same period. Read More

 

Bloomberg: Activist Barington Targets Bill Holdings, Pushes for Sale

Barington joins Starboard Value and Elliott Management in going after the payments firm and is reportedly pushing the company to explore strategic alternatives. Read More

 

Banking Dive: Comerica, Fifth Third sued by activist investor

Activist investor HoldCo is alleging breaches of fiduciary duty by both companies, arguing that the proposed acquisition of Comerica by Fifth Third Bank was “negotiated over an extraordinarily compressed timeline” and motivated by the Comerica CEO’s desire to retain a lucrative position at the company after a sale. Read More



M&A

Financial Times: Goldman Sachs boosts ETF line-up with acquisition of Innovator Capital

Goldman Sachs is acquiring Innovator Capital Management, a provider of defined outcome ETFs that use derivatives for risk mitigation, for $2bn to expand its active ETF capabilities. Read More


The Wall Street Journal: Saudi Fund to Own Almost All of Electronic Arts After Buyout

The Journal shares that based on recent filings to a Brazilian court, and despite publicly teaming up with Silver Lake and Affinity Partners on the purchase, the Saudi PIF sovereign fund is poised to own 93% of video-game company Electronic Arts, an unusually high total for a take private. Read More

 

Bloomberg: Paramount Hikes Warner Bros. Breakup Fee to $5 Billion

Lucas Shaw reports that in a sign of confidence of receiving antitrust clearance to acquire Warner Bros, Paramount Skydance has more than doubled its proposed breakup fee. Read More



CORPORATE GOVERNANCE

Wall Street Journal Opinion: The SEC Is Reviving American Capital Markets

Adapted from his recent speech to the NYSE, SEC Chairman Paul Atkins penned an op-ed for the Wall Street Journal in which he discussed how, ahead of America’s 250th anniversary, simpler disclosure rules will help companies and investors moving forward. Read More

 

Reuters: Norway wealth fund to back call for Microsoft human rights report at AGM

The fund, who as the tech company’s eighth-largest holder with a 1.35% stake worth $50 billion, plans to vote against the re-appointment of Satya Nadella as chair of the board and his pay package. Read More



IPO

Financial Times: Anthropic taps IPO lawyers as it races OpenAI to go public

The initial public offering could come as soon as 2026 and become one of the largest IPOs ever, testing the market’s waters for backing big AI companies with massive costs and financial performance that are difficult to forecast. Read More

 

The Information: Wealthfront Seeks $2.1 Billion Valuation in IPO

The profitable, 17-year-old company is set to be one of the only tech firms to try to go public before the end of the year and could go public as early as next week. Read More

 

Financial Times: Barrick Mining considering IPO of North American gold assets

Following the departure of its CEO and Elliott’s involvement, the Toronto-based miner is exploring listing a small minority stake in assets that includes mines in Nevada and the Dominican Republic. Read More


FROM OUR DESK TO YOURS

Yingtao, a Chinese fine-dining restaurant named after the owner’s grandmother, is tucked away amid the bodegas and bars on Ninth Avenue in Hell’s Kitchen in a neighborhood that is the right kind of gritty meets Insomnia Cookies.


The Michelin Guide shared our sentiments, noting that “Owner Bolun Yao's beloved grandmother serves as both the namesake and culinary inspiration for this stylish Hell's Kitchen hideaway, an unassumingly ambitious project that aims to reinterpret Chinese cuisine through the lens of Western fine dining.”


Yingtao is part of the generation of high-end Korean and Chinese-fine-dining that has exploded in the City, and today (December 5) coincidentally is its two-year anniversary.


When you walk from the bar area to the dining room you pass by fish and duck hanging in the window of the fridge. It has a seven-course tasting menu, plus some add-ons -- well worth the $165 pp price -- and an efficient but well-chosen wine list.


The dining room sits right in front of the open kitchen, so you have a bird’s eye view of the many chefs at work.


We started with three-week aged tuna in a spring roll with candied ginger, and nearly fell over with a dish called Bao, sea urchin, truffles, sitting on top of a mini purple sweet potato. Next up was a Montauk fluke with kumquat, ginger and chili.


Somewhere between appetizers and entrees was Jiao Zi, Kurobuta, corn and black truffle (while in season). From the Hudson fish farm, seared trout with chamomile, sake and celtuce. Then for the last entrée the wagyu, with hoisin, snow fungus (which we were unfamiliar at first but now love it!) and pear. For dessert, we had apple with winter melon and lemon grass. And lastly, Baba, a fermented sweet rice.


We thoroughly enjoyed it, so add it to your list!



PEOPLE MOVES

  • After a yearlong search, HSBC named former KPMG executive Brendan Nelson the bank’s chairman. Read More
  • Evercore hired former JPMorgan global co-head of healthcare Ben Carpenter. Read More



UPCOMING EVENTS



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