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Jan 24, 2017

DealBook Afternoon Edition on January 24, 2017: Top Story Doubts Arise as Investors Flock Crowfunded Start-Ups

Tuesday, January 24, 2017

The New York Times »

The New York Times 

Top Story
Ryan Feit set up one of the first websites that list companies trying to raise money from small investors. “Investing in start-ups is really risky, and it’s very different than buying a used couch,’’ he said. “We definitely do not think you should treat it like Craigslist.”
Doubts Arise as Investors Flock to Crowdfunded Start-Ups
Advocates of a new law that aims to make it easier for businesses to raise capital worry whether investors are getting the information they need.

President Trump signed documents clearing the way to government approval of the Keystone XL and Dakota Access pipelines in the Oval Office on Tuesday.
Trump Revives Keystone Pipeline Rejected by Obama
The new president continued dismantling his predecessor’s policies by clearing the way for a project at the heart of the battle over climate change.
Projections from the nonpartisan Congressional Budget Office reveal the strain that the government’s debt will have on the economy as President Trump embarks on plans to slash taxes and ramp up spending.
Federal Debt Projected to Grow by $8.6 Trillion Over Next Decade
Congressional Budget Office projections reveal the strain that the debt will have on the economy as President Trump embarks on plans to slash taxes and ramp up spending.
Judge William H. Pryor Jr. of the federal appeals court in Atlanta in November. He is a former Alabama attorney general, a graduate of Tulane’s law school and an outspoken opponent of abortion and gay rights.
Trump’s Supreme Court Choices Come Into Focus
The leading contenders, Judge William Pryor Jr. and Judge Neil Gorsuch, are both conservatives but a study in contrasts.
Business Day
Trump, in Meeting, Urges Automakers to Build in United States
The tenor of the White House meeting with the chief executives of the three Detroit automakers appeared far more cooperative than adversarial.
Joseph Tsai, the chairman of Koubei and vice chairman Alibaba, at the New York Stock Exchange in 2014 for Alibaba’s initial public offering.
Hoping to Strike Gold Again, Silver Lake Leads Investment in Koubei
The affiliate of Alibaba is what is known as an online-to-offline business — meant to help attract customers of internet services to physical locations and services.
Andrew J. Ceresney left the Securities and Exchange Commission in December after three years at the agency.
Former Top S.E.C. Enforcer Returning to Debevoise
Andrew Ceresney, who stepped down as the S.E.C.’s enforcement chief at the end of last year, will rejoin his old firm as co-chairman of litigation.
President-elect Donald Trump said he had a “great meeting” with Jack Ma, executive chairman of Alibaba, on jobs.
Alibaba’s Profile Is Global, but Its Fate Is Tied to China
The Chinese e-commerce giant posts strong quarterly revenue, but its businesses abroad are only a minor contributor to its results.
Square Feet
The pool at Marriott Marquis Houston. The hotel, which opened the day after Christmas, will serve as Super Bowl headquarters for the N.F.L.
The Super Bowl Returns to a Transformed Houston
The city, which was hit hard by slumping oil prices, has overhauled its night life, infrastructure and parks in hopes of becoming a world-class destination.
News Analysis
President Xi Jinping of China in Bern, Switzerland, last week. During his visit, Mr. Xi visited the World Economic Forum in Davos, where he hinted that with the United States in retreat, China was prepared to step up as a champion of free trade.
Trump Injects High Risk Into Relations With China
As he tosses aside decades of American trade policy, President Trump could also go his own way on other issues with China, including Taiwan and the South China Sea.

Buzz Tracker
Wells Fargo’s sales-tactics scandal. Bank branches were given a heads up before Wells Fargo’s internal monitors landed for inspections. Managers would call for all hands on deck to stay all night to shred documents or forge signatures, some current and former managers said. – The Wall Street Journal
We’re still writing checks. “I honestly didn’t even know you could use a check in a store,” says Erika Lewy, a 21-year-old senior at the University of Vermont whose parents taught her how to write a check before she went off to college. – The Wall Street Journal
Sergey Aleynikov’s conviction revived. A New York state appeals court reinstated the criminal conviction of the former Goldman Sachs programmer. – Reuters
Israel Englander gets blindsided. The billionaire founder of Millennium Management was caught off guard when his top lieutenant and potential successor abruptly resigned. Can the empire move out of its founder’s shadow? – Bloomberg
AIG harassment lawsuit. A former underwriter is suing the insurance giant and her former boss, claiming the executive perpetuated a “boys club” atmosphere — which included male employees hiding under women’s desks to peek up their skirts, and licking female colleagues. – New York Post
Looking Ahead
European lenders’ data may shed light on ‘Brexit’ plans. Investors will again be focused on Europe’s banking sector this week as some of the region’s biggest lenders report their fourth-quarter results, kicking off the earnings season for Europe’s financial sector. UBS, on Friday, and Banco Santander of Spain, on Wednesday, are both expected to update investors on their results.
One question likely to be on the minds of analysts and investors is what plans European banks are making for their operations in Britain after Prime Minister Theresa May outlined her vision last week for a clean break from Europe. Such a move could make it more difficult for financial companies to offer services to European clients from London, depending on the outcome of the negotiations.
At the World Economic Forum in Davos, Switzerland, last week, the chairman of UBS, Alex Weber, said as many as 1,000 of the bank’s 5,000 employees in London could be affected. HSBC has also said it might move as many as 1,000 employees to Paris. – Chad Bray