Business
He worked from home and died suddenly. Five days passed before his body was found
Dominic Inexperienced signed out of labor as he at all times did, precisely at 4:30 p.m.
“Good afternoon everybody, my shift has ended,” the 28-year-old emailed from his desk in the lounge of his Los Angeles residence on a winter Wednesday afternoon.
A distant contract employee, Dominic had by no means met any of his colleagues. A supervisor would later inform his father that she couldn’t decide him out in a photograph. “We actually don’t know folks by something besides the work that they do,” he remembered her saying.
Because the COVID-19 pandemic entered its third yr, Dominic and his friends anticipated as a lot out of life. In 2020, Dominic’s lessons went distant. His June 2021 commencement ceremony was held as a drive-through. And all of his job interviews have been performed by video.
Dominic, who was single and lived alone, had began his place as an epidemiologist in September, becoming a member of the 41% of white-collar staff who have been absolutely distant, spending their days at residence in jobs that have been extra disconnected and isolating than ever.
In the beginning and finish of every shift, Dominic despatched his bosses a compulsory e mail clocking out and in.
However the subsequent day, a Thursday, Dominic didn’t ship his 8 a.m. e mail. He missed the 4:30 p.m. sign-out too. Friday additionally got here and went with no signal of Dominic.
Dominic’s dad and mom, Joseph and Jeannine Inexperienced, who lived in Michigan, didn’t hear from him over the weekend, however that was not surprising; they have been used to ready for texts from their busy son. However by Monday, which was Martin Luther King Jr. Day, they grew frightened.
Joseph checked their household mobile plan and noticed Dominic’s telephone had been darkish for 5 days. Jeannine checked their joint checking account and noticed it too confirmed no exercise.
By the point Dominic’s physique was found in his residence Monday night time, he was unrecognizable and needed to be recognized by the few fingerprints nonetheless seen on his palms.
::
Late final summer time, Dominic had packed up his issues from his dad and mom’ home in southern Michigan. He’d been taking lessons from inside his bed room since his campus, Loma Linda College close to San Bernardino, shut down in 2020.
Like many younger folks, he moved throughout the nation to start out a brand new job in L.A. figuring out few folks on the town however filled with hope for the long run.
Dominic labored as a contractor doing knowledge entry on the Los Angeles Division of Public Well being, monitoring COVID-19 instances. It was his first job out of grad faculty, the place he obtained a grasp’s diploma in public well being in June 2021.
He was employed by an organization known as Healthcare Staffing Professionals, which has offered the county company with almost 1,000 contractors because the pandemic started, 80% of whom labored remotely full time, like Dominic, in accordance with a division spokesperson. Though Dominic was a “teleworker,” the staffing company needed him to dwell within the L.A. space.
The job paid nicely, and Dominic was excited that he may afford an residence of his personal, while not having roommates. He scoured rental listings and landed a one-bedroom in a three-story postwar constructing in Koreatown for lower than $2,000 a month.
When Dominic’s dad and mom got here to city in October, they might inform that he was proud in his personal quiet means, smiling to himself as he confirmed them round. His signature white Converse footwear have been lined up on the door. Crisp, new dish towels hung within the kitchen. Dominic had at all times been meticulous, at the same time as a baby, making his mattress of his personal accord since age 4.
On his nightstand, Jeannine seen the aromatherapy diffuser she had given him for Christmas. In the intervening time, Dominic slept on an air mattress.
“I don’t know if I need to purchase a bed room set till I do know if I’m going to remain in L.A.,” Dominic defined to his dad and mom.
Dominic had a plan for all the things in life, and far revolved round his profession. He got here from a household of execs — his mom had been a registered nurse, his father had not too long ago retired as a lieutenant colonel within the Air Power — and everybody knew him as “very Sort A.”
The contractor job was a steppingstone, Dominic informed his household, one that may get him nearer to the subsequent milestone — a doctorate in epidemiology, which he deliberate to make use of to assist underserved communities.
As soon as he was financially safe, Dominic stated, he’d begin a severe relationship and, ultimately, get married and have 5 youngsters. Over 6 toes tall with an athletic construct and an infectious smile, Dominic had full confidence on this a part of the plan.
Dominic’s dad and mom seen how joyful he appeared. He had an excellent job, a pleasant residence, a automotive he beloved.
However on the similar time, the pandemic had shrunk Dominic’s world. He was an introvert by nature, and his primary social contact had been via the classroom and day by day exercises on the health club.
In L.A., he hardly left his residence. To get out of the home on the finish of the day, he’d hop into his Toyota Camry and take a protracted drive to choose up dinner. On nights and weekends, he boosted his resume with a part-time job doing educational analysis on sickle cell anemia.
Christmastime got here. An enormous Marvel fan, Dominic was trying ahead to the brand new Spider-Man film, and his older brother, Adriel, hoped to see it with him over the vacation. However Dominic informed his household that he couldn’t be a part of them again in Michigan. He wanted to check for knowledgeable examination.
A couple of days after New 12 months’s, Adriel, who works as a physician in Fresno, texted Dominic to ask him to go tenting along with his spouse.
Dominic had at all times needed to see Yosemite. However he stated he needed to end a venture for his part-time analysis job that weekend.
“I’ll need to deliver bear spray if I’m going subsequent time. Until they’re hibernating 🤔,” Dominic joked.
It was the next week that his household seen his uncommon radio silence.
On the night time of Monday, Jan. 17, Joseph known as an L.A. quantity that belonged to somebody who had despatched Dominic two textual content messages that afternoon. He reached Lisa Smith, a supervisor on the county public well being division.
“Dominic?” Smith requested, seeing a well-known out-of-state space code.
“No, I’m Dominic’s dad,” Joseph answered.
Smith stated she hadn’t heard from Dominic since Wednesday and was involved. However, she added, “Technically, he doesn’t work for us.”
The Greens requested a household buddy who lived domestically to go to Dominic’s residence to satisfy the police for a wellness verify.
As he waited, the buddy went round again and climbed as much as Dominic’s first-floor residence. Peering in via the vertical slatted blinds, he may make out Dominic’s bed room within the darkness, illuminated by the blue glow of the diffuser on his nightstand. There was Dominic on his mattress, immobile.
He had most likely been there for days, Joseph and Jeannine would be taught.
“He’s not viewable,” the coroner’s investigator informed them once they requested to see their son.
::
The Greens returned to L.A. to cope with Dominic’s issues. They waited outdoors the residence whereas a hazmat crew in full physique fits and respirators cleaned his bed room. The crew left carrying pink baggage of medical waste. An industrial fan remained on blast.
The Greens unzipped the plastic sheeting over the doorway and opened the door to Dominic’s residence. The stench of loss of life hit them from the hallway.
They wept as they packed his garments and went via his possessions, sorting issues to offer away: his Yeti thermos, his free weights, his new bike with solely 4 miles on it.
The Greens tried to piece collectively what appeared to be the final day of Dominic’s life.
Cleansing out the fridge, Adriel discovered {a partially} eaten Chipotle hen burrito. The receipt confirmed Dominic had picked it up in Ladera Heights on Wednesday night time.
Close to Dominic’s Xbox, Adriel discovered a brand new online game controller that had arrived within the mail that afternoon.
It was a restricted set of clues. But Dominic’s dad and mom have been comforted by the thought that their son had spent his ultimate hours doing issues he beloved: consuming Chipotle and gaming.
Different mysteries remained unsolved. They discovered packing containers and packing containers of garments Dominic had not too long ago ordered that also had all of the tags. He spent greater than $2,000 assembling a brand new wardrobe that was far dressier than his common uniform of observe fits and beanies.
However Dominic didn’t see anybody and had nowhere to go, his household puzzled. Possibly, they guessed, Dominic thought his workplace would reopen quickly, and he needed to have a pleasant set of labor garments.
Possibly Dominic had put collectively a set of church garments in anticipation of going to in-person providers once more. Again in Michigan, he had attended digital church providers along with his household; perhaps Dominic had selected a congregation to affix in L.A.
They might solely guess.
Their work completed, the Greens gathered in a circle in the midst of the residence. Even carrying N95 masks, the scent was sturdy.
Devoted Seventh-day Adventists, the household held palms and commenced to sing a hymn. It was a tune of hope, a central tenet of their religion:
Swift to its shut ebbs out life’s little day;
Earth’s joys develop dim; its glories go away,
Change and decay in throughout I see;
O Thou who changest not, abide with me.
::
Again in Michigan, the Greens started to organize for Dominic’s funeral.
Joseph requested one among Dominic’s supervisors on the county well being division for some good phrases to learn on the service.
“Among the many employees in my cost, Dominic stood out for being exceptionally punctual — he at all times logged out and in of his shifts exactly on time,” Nathan Lehman, a supervisor, wrote.
Joseph and Jeannine couldn’t perceive why they hadn’t been contacted when their punctual son missed two days of labor. Dominic had listed his dad and mom and his older brother as his emergency contacts in paperwork for the staffing company. All they wanted was a telephone name, and they might’ve discovered his physique sooner, they thought to themselves time and again.
It was not as if Dominic’s absence over two work days had gone unnoticed. The Greens pieced collectively that Dominic had gotten emails and textual content messages from supervisors on the public well being division, asking about his whereabouts. Attendance insurance policies have been strict, they famous as they learn via his orientation supplies.
“Dominic didn’t present up. Why didn’t you verify on him?” Joseph requested Lehman by telephone.
“I supervise 100 folks,” stated Lehman, including that he was reluctant to get staff in hassle, Joseph recalled.
The Greens thought perhaps there needs to be a legislation about calling emergency contacts. On the very least, they felt, employers had an ethical duty to verify on staff who don’t present up.
“The job is your first level of contact,” Jeannine stated.
Arianna Garcia, a consultant of Healthcare Staffing Professionals, stated that the corporate’s observe is to contact the worker on the third consecutive missed workday and to inform emergency contacts if there’s no response.
The county well being division stated that if a contractor doesn’t report back to work, the company’s process is to have the supervisor contact the contractor and in addition make a report back to the staffing company by the third missed workday. A spokesperson stated that division employees adopted all polices and procedures and “went above and past” by making “a number of efforts to contact Dominic via numerous strategies beginning on the preliminary no-show date, together with on a non-working vacation.”
“Public Well being takes the welfare of our workforce significantly and stays saddened by the passing of Dominic Inexperienced,” a spokesperson stated in an announcement. “In his time as a distant contract employee for DPH, Dominic’s onerous work and dedication to public well being left an impression on these with whom he labored.”
The Greens booked Dominic on a ten p.m. flight out of L.A. on Friday, Feb. 4. His physique arrived the subsequent morning in Florida, the place they’d a household crypt close to Orlando. Dominic can be buried subsequent to his maternal grandfather.
Their custom was to carry funerals on Sundays. Shut household and pals gathered across the coffin the night time earlier than, when the Seventh-day Adventist sabbath ended, to go to quietly with the physique, inform tales and draw power privately earlier than the whirlwind of a giant funeral.
The Saturday night time gathering was a household custom from Jeannine’s non secular upbringing in Haiti. She longed to carry Dominic’s hand and contact his face, to see him peace within the casket, like he was sleeping. She needed to inform him that she beloved him and missed him. “I’m happy with you,” Jeannine would have informed her son.
Planning the gathering, she, Joseph and Adriel mentioned the potential for opening the casket to get one final glimpse of him, even figuring out what they noticed can be imprinted on their minds.
However the day earlier than the vigil, the household obtained unhealthy information from the funeral residence director.
“I’ll be trustworthy with you,” she stated. “Even with the embalming, he’s in fairly unhealthy form.”
Taking Dominic out of refrigeration on Saturday night time, she defined, can be dangerous. After the sabbath, the Greens and shut pals gathered with out the casket. They checked out photographs and informed tales of his childhood as a army child, dwelling on bases from Japan to Massachusetts, touring the world.
Joseph addressed the group and went over the schedule for Sunday.
“We will’t have a protracted service. In the event you’re in this system, keep on with your time-frame,” Joseph stated. “They’re afraid that persons are going to have the ability to begin smelling him.”
Earlier than the funeral Sunday morning, the Greens managed to get only some rushed minutes with Dominic’s casket because the musicians have been organising. They wore Converse footwear, beanies, denims and white button downs in tribute to Dominic, an off-the-cuff however sharp dresser.
In the long run, the Greens determined in opposition to opening the coffin.
The funeral residence director had saved a lock of Dominic’s hair in a velvet bag, which Jeannine put in her purse.
Joseph regarded out on the viewers and delivered his remarks. Beside him was Jeannine, Adriel and Jeannelle, Dominic’s youthful sister. Close by, stood a life-size cardboard cutout of Dominic, smiling extensively, an ideal image of youth and vitality.
Maintain your family members tight, Joseph urged. Test and ensure they’re OK.
“Please know that no employer goes to take care of you want your loved ones.”
::
In late Might, 4 months after Dominic’s loss of life, his dad and mom obtained the outcomes from his post-mortem.
It was a pure loss of life, the L.A. County medical expert’s workplace discovered. Dominic, seemingly wholesome, died of cardiomyopathy, a coronary heart situation that may trigger sudden loss of life.
By all indications, Dominic bought prepared for mattress that Wednesday night time, lay right down to sleep and easily by no means wakened.
“How many individuals on the market could also be single and don’t have any individual else at residence to see that they’re OK?” his father requested.
::
For these within the college-educated skilled class, Dominic’s path is a well-known one.
Life is basically organized round work and accomplishment. You get a level after which, in your 20s, you’re employed and work and work. You delay marriage and kids, typically striving for a monetary stability that’s increasingly more out of attain.
You progress to cities 1000’s of miles away, leaving household and help networks corresponding to pals or church, to take jobs which might be more and more not jobs in any respect however contract gigs.
At present, almost 60% of staff whose jobs will be completed remotely report that they work at home all or more often than not — virtually triple the pre-pandemic numbers.
Many have come to choose the digital office. On the similar time, a shift is underway, and far of white-collar work seems to be like this: somebody working of their residence, sitting at a pc of their bed room or front room all day, alone.
::
After the funeral, the Greens obtained an e-sympathy card from Dominic’s colleagues on the public well being division.
His co-workers wrote messages that have been as candy as one can write underneath the circumstances.
“Dominic was recognized by his sturdy work ethic and character,” wrote Smith, one among his supervisors. “Character is what an individual does when nobody is trying.”
Dominic was a wonderful epidemiologist, an ideal individual to work with, a valued member of the crew, others stated.
“Dominic and I have been in the identical cohort and we onboarded collectively,” one lady wrote. “Although we solely shared a number of emails right here and there, he was very sort and might be sorely missed.”
Business
U.S. Sues Southwest Airlines Over Chronic Delays
The federal government sued Southwest Airlines on Wednesday, accusing the airline of harming passengers who flew on two routes that were plagued by consistent delays in 2022.
In a lawsuit, the Transportation Department said it was seeking more than $2.1 million in civil penalties over the flights between airports in Chicago and Oakland, Calif., as well as Baltimore and Cleveland, that were chronically delayed over five months that year.
“Airlines have a legal obligation to ensure that their flight schedules provide travelers with realistic departure and arrival times,” the transportation secretary, Pete Buttigieg, said in a statement. “Today’s action sends a message to all airlines that the department is prepared to go to court in order to enforce passenger protections.”
Carriers are barred from operating unrealistic flight schedules, which the Transportation Department considers an unfair, deceptive and anticompetitive practice. A “chronically delayed” flight is defined as one that operates at least 10 times a month and is late by at least 30 minutes more than half the time.
In a statement, Southwest said it was “disappointed” that the department chose to sue over the flights that took place more than two years ago. The airline said it had operated 20 million flights since the Transportation Department enacted its policy against chronically delayed flights more than a decade ago, with no other violations.
“Any claim that these two flights represent an unrealistic schedule is simply not credible when compared with our performance over the past 15 years,” Southwest said.
Last year, Southwest canceled fewer than 1 percent of its flights, but more than 22 percent arrived at least 15 minutes later than scheduled, according to Cirium, an aviation data provider. Delta Air Lines, United Airlines, Alaska Airlines and American Airlines all had fewer such delays.
The lawsuit was filed in the United States District Court for the Northern District of California. In it, the government said that a Southwest flight from Chicago to Oakland arrived late 19 out of 25 trips in April 2022, with delays averaging more than an hour. The consistent delays continued through August of that year, averaging an hour or more. On another flight, between Baltimore and Cleveland, average delay times reached as high as 96 minutes per month during the same period. In a statement, the department said that Southwest, rather than poor weather or air traffic control, was responsible for more than 90 percent of the delays.
“Holding out these chronically delayed flights disregarded consumers’ need to have reliable information about the real arrival time of a flight and harmed thousands of passengers traveling on these Southwest flights by causing disruptions to travel plans or other plans,” the department said in the lawsuit.
The government said Southwest had violated federal rules 58 times in August 2022 after four months of consistent delays. Each violation faces a civil penalty of up to $37,377, or more than $2.1 million in total, according to the lawsuit.
The Transportation Department on Wednesday also said that it had penalized Frontier Airlines for chronically delayed flights, fining the airline $650,000. Half that amount was paid to the Treasury and the rest is slated to be forgiven if the airline has no more chronically delayed flights over the next three years.
This month, the department ordered JetBlue Airways to pay a $2 million fine for failing to address similarly delayed flights over a span of more than a year ending in November 2023, with half the money going to passengers affected by the delays.
Business
California drops zero-emission truck rules after inaction by Biden's EPA
California government’s plan to phase out heavy-duty diesel trucks and diesel locomotives has been derailed.
The ambitious plan aimed at reducing local pollution and global greenhouse gases required special waivers from the federal government. The Biden administration hadn’t granted the waivers as of this week, and rather than face almost certain denial by the incoming Trump administration, the state withdrew its waiver request.
That means the far-reaching regulations issued by the California Air Resources Board in 2022 to ban new diesel truck sales by 2036 and force fleet owners to take them off the road by 2042 won’t be enforced. Known as the Advanced Clean Fleets rule, the idea was to replace those trucks with electric and hydrogen-powered versions, which dramatically reduce emissions but are currently two to three times more expensive.
“While we are disappointed that U.S. EPA was unable to act on all the requests in time, the withdrawal is an important step given the uncertainty presented by the incoming administration that previously attacked California’s programs to protect public health and the climate and has said will continue to oppose those programs,” CARB Chair Liane Randolph said in a prepared statement.
Environmentalists reacted with deep disappointment.
“To meet basic standards for healthy air, California has to shift to zero-emissions trucks and trains in the coming years. Diesel is one of the most dangerous kinds of air pollution for human health,” Paul Cort, director of Earthjustice’s Right to Zero campaign, said in a prepared statement. “We’ll be working tirelessly in the coming years — and calling on Gov. [Gavin] Newsom, state legislators, and our air quality regulators to join us — to clean up our freight system and fix the mess [U.S.] EPA’s inaction has created.”
The trucking industry is pleased at the result, but hopes to continue working with California on environmental issues.
“This rule was flawed, and was not reflective of reality,” said Matt Schrap, chief executive at the Harbor Trucking Assn. “Ideally this is an opportunity to take a step back and look at a program that would be more sustainable.”
Trucking representatives had filed a lawsuit to block the rules, arguing they would cause irreparable harm to the industry and the wider economy. Train operators said no zero-emission locomotives exist on the commercial market.
Schrap said “the most important thing is the EPA could have issued the waiver and they didn’t.”
The EPA said it acknowledges California’s withdrawal of the waiver requests “and as a result is taking no further action on CARB’s prior requests and considers these matters closed.”
President-elect Donald Trump is a champion of the fossil fuel industry, making it unlikely that his administration would have approved the California waivers. The state could, however, pursue waivers at some point in the future.
Under the federal Clean Air Act, California is allowed to set its own air standards, and other states are allowed to follow California’s lead. But federal government waivers are required. Most of California’s waivers have been granted, including approval in December of a California ban on new sales of gas-powered cars and light trucks by 2035.
Business
Elon Musk, Mark Zuckerberg and Jeff Bezos to Attend Trump’s Inauguration
Bezos, Zuckerberg and Coke at the inauguration
Corporate America had already raced to donate big sums to Donald Trump’s record-breaking inaugural fund. Now some of its leaders appear eager to jockey for prominent positions at the inauguration next week.
It’s a new reminder that for some of the nation’s biggest businesses, forging close ties to a president-elect who is promising hard-hitting policies like tariffs is a priority this time around.
Jeff Bezos and Mark Zuckerberg are expected to be on the inauguration dais, according to NBC News, alongside Elon Musk and several cabinet picks.
The presence of Musk isn’t a surprise, given the Tesla chief’s significant support of and huge influence over Trump. But the other tech moguls have only more recently been seen as supporters of the administration. (Indeed, Bezos frequently sparred with Trump during his first presidential term.)
It’s the latest effort by Bezos and Zuckerberg to burnish their Trump credentials. At the DealBook Summit in December, Bezos — whose Amazon has faced scrutiny under the Biden administration and whose Blue Origin is hoping to win government rocket contracts — said that he was “very hopeful” about Trump’s efforts to reduce regulation.
And Zuckerberg recently announced significant changes to Meta’s content moderation policy, including relaxing restrictions on speech seen as protecting groups including L.G.B.T.Q. people that won praise from Trump and other conservatives. On the inauguration front, Zuckerberg is also co-hosting a reception alongside the longtime Trump backers Miriam Adelson, Tilman Fertitta and Todd Ricketts.
Both tech moguls have visited Mar-a-Lago since the election, with Zuckerberg having done so more than once.
Coca-Cola took a different tack. The drinks giant’s C.E.O., James Quincey, gave Trump what an aide called the “first ever Presidential Commemorative Inaugural Diet Coke bottle.”
More broadly, business leaders want a piece of the inauguration action. The Times previously reported that the Trump inaugural fund had surpassed $170 million, a record, and that even major donors have been wait-listed for events.
Others are throwing unofficial events around Washington, including an “Inaugural Crypto Ball” that will feature Snoop Dogg, with tickets starting at $5,000, The Wall Street Journal reports.
It’s a reminder that C.E.O.s are reading the room, and preparing their companies for a president who has proposed creating an “External Revenue Service” to oversee what he has promised will be wide-ranging tariffs.
David Urban, a longtime Trump adviser who’s hosting a pre-inauguration event, told The Journal, “This is the world order, and if we’re going to succeed, we need to get with the world order.”
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In other Trump news: The president-elect is expected to appear via videoconference at the World Economic Forum in Davos, Switzerland, which starts on Inauguration Day, according to Semafor.
HERE’S WHAT’S HAPPENING
Investors brace for the latest inflation data. The Consumer Price Index report, due out at 8:30 a.m. Eastern, is expected to show that inflation ticked up last month, most likely because of climbing food and fuel costs. Global bond markets have been rattled as slow progress on slowing inflation has prompted the Fed to slash its forecast for interest rate cuts.
More Trump cabinet picks will appear before the Senate on Wednesday. Senator Marco Rubio of Florida, the choice for secretary of state, is expected to field questions about his views on the Middle East, Ukraine and China, but is expected to be confirmed. Russell Vought, the pick to run the Office of Management and Budget, will most likely be asked about his advocacy for drastically shrinking the federal government, a key Trump objective. And Sean Duffy, the Fox Business host chosen to lead the Transportation Department, will probably face questions on how he would oversee matters including aviation safety and autonomous vehicles, the latter of which is a priority for Elon Musk.
Meta plans to lay off another 5 percent of its employees. Mark Zuckerberg, the tech giant’s C.E.O., told staff members to prepare for “extensive performance-based cuts” as the company braces for “an intense year.” The social media giant faces intense competition in the race to commercialize artificial intelligence.
A new bill would give TikTok a reprieve from a ban in the United States. Senator Ed Markey, Democrat of Massachusetts, said he planned to introduce the Extend the TikTok Deadline Act, which would give the video platform 270 additional days to be divested from its Chinese parent, ByteDance before being blacklisted. It’s the latest effort to buy TikTok time, as the app faces a Jan. 19 deadline set by a law; President-elect Donald Trump has opposed the potential ban as well.
A question of succession
JPMorgan Chase and BlackRock, the giant money manager, just reported earnings. (In short: Both handily beat analyst expectations.)
But the Wall Street giants are likely to face questioning on a particular issue on Wednesday: Which top lieutenants are in line to replace their larger-than-life C.E.O.s, Jamie Dimon and Larry Fink.
Who’s out:
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Daniel Pinto, who had long been Dimon’s right-hand man, said he would officially drop his responsibilities as JPMorgan’s C.O.O. in June and retire at the end of 2026. Jenn Piepszak, the co-C.E.O. of the company’s core commercial and investment bank, has become C.O.O.
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And Mark Wiedman, the head of BlackRock’s global client business and a top contender to succeed Fink, is planning to leave, according to news reports.
What Wall Street is gossiping about JPMorgan: Even in taking the C.O.O. role, JPMorgan said that Piepszak wasn’t interested in succeeding Dimon “at this time.” DealBook hears that while she genuinely appears not to want to pursue the top job, the phrasing covers her in case she changes her mind.
For now, that means the most likely candidates for the top spot are Marianne Lake, the company’s head of consumer and community banking; Troy Rohrbaugh, the other co-head of the commercial and investment bank; and Doug Petno, a co-head of global banking.
The buzz around BlackRock: Wiedman reportedly didn’t want to keep waiting to succeed Fink and is expected to seek a C.E.O. position elsewhere. (So sudden was his departure that he’s forfeiting about $8 million worth of stock options and, according to The Wall Street Journal, he doesn’t have another job lined up yet.)
Fink said on CNBC on Wednesday that Wiedman’s departure had been in the works for some time, with the executive having expressed a desire to leave about six months ago.
Other candidates to take over for Fink include Martin Small, BlackRock’s C.F.O.; Rob Goldstein, the firm’s C.O.O.; and Rachel Lord, the head of international.
But Dimon and Fink aren’t going anywhere just yet. Dimon, 68, said only last year that he might not be in the role in five years. And Fink, 72, said in July that he was working on succession planning: “When I do believe the next generation is ready, I’m out.”
The S.E.C. gets in a final shot at Musk
Another battle between Elon Musk and the S.E.C. erupted on Tuesday, with the agency suing the tech mogul over his 2022 purchase of Twitter.
It’s unclear what happens to the lawsuit once President-elect Donald Trump, who counts Musk as a close ally, takes office. But the agency’s reputation as an independent watchdog may be at stake.
A recap: The S.E.C. accused Musk of violating securities laws in his $44 billion acquisition of the social media company.
The agency said that Musk had failed to disclose his Twitter ownership stake for a pivotal 11-day stretch before revealing his intentions to purchase the company. That breach allowed him to buy up at least $150 million worth of Twitter shares at a lower price — to the detriment of existing shareholders, the agency argues.
The S.E.C. isn’t just seeking to fine Musk. It wants him to pay back the windfall. “That’s unusual,” Ann Lipton, a professor at Tulane Law School, told DealBook.
Alex Spiro, Musk’s lawyer, called the latest action a “sham” and accused the agency of waging a “multiyear campaign of harassment” against him.
The showdown sets up a tough question for the S.E.C. Will Paul Atkins, the president-elect’s widely respected pick to lead the agency, drop the case? Such a move could call the bedrock principle of S.E.C. independence into question.
Jay Clayton, who led the agency during Trump’s first term, earned the respect of the business community for running it in a largely drama-free manner. It was under Clayton that the S.E.C. sued Musk over his statements about taking Tesla private.
Musk, who is set to become Trump’s cost-cutting czar and is expected to have office space in the White House complex, has called for the “comprehensive overhaul” of agencies like the S.E.C. The billionaire said he would also like to see “punitive action against those individuals who have abused their regulatory power for personal and political gain.”
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In related news: The Consumer Financial Protection Bureau sued Capital One, accusing it of cheating its depositors out of $2 billion in interest payments.
THE SPEED READ
Deals
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DAZN, the streaming network backed by the billionaire businessman Len Blavatnik, is closing in on funding from Saudi Arabia’s sovereign wealth fund as the kingdom continues to expand its sports footprint. (NYT)
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The Justice Department sued KKR, accusing the investment giant of withholding information during government reviews for several of its deals. KKR filed a countersuit. (Bloomberg)
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OpenAI added Adebayo Ogunlesi, the billionaire co-founder of the infrastructure investment firm Global Infrastructure Partners, to its board. (FT)
Politics and policy
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