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      Capital One to Acquire Discover, Creating a Consumer Lending Colossus

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      The all-stock deal, which is valued at $35.3 billion, will combine two of the largest credit card companies in the United States.Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States.“A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller,” said Matt Schulz, chief credit analyst at LendingTree.Capital One, with $479 billion in assets, is one of the nation’s largest banks, and it issues credit cards on networks run by Visa and Mastercard. Acquiring Discover will give it access to a credit card network of 305 million cardholders, adding to its base of more than 100 million customers. The country’s four major networks are American Express, Mastercard, Visa and Discover, which has far fewer cardholders than its competitors.But consumer advocates pushed back on the possible deal, saying it posed antitrust concerns. “It is very difficult to imagine how federal regulators could allow Capital One to buy Discover given the requirement that mergers benefit the public as well as insiders,” Jesse Van Tol, the chief executive of the National Community Reinvestment Coalition, said in a statement.The acquisition by Capital One will be one of the first tests of regulatory scrutiny on bank deals since the Office of the Comptroller of the Currency said last month that it intended to slow down approvals for mergers and acquisitions.“It’s hard to know which way it would go, but there will certainly be a lot of attention paid to this deal because of the money and magnitude of the companies involved,” said Mr. Schulz.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BlackRock, JPMorgan and State Street Retreat From a Climate Group

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      BlackRock, JPMorgan Chase and State Street are quitting or scaling back their ties to an influential global investment coalition.BlackRock, which has been criticized for its embrace of environmental considerations in investing, was among the firms that scaled back or withdrew from a climate coalition.Victor J. Blue for The New York TimesA $14 trillion exit Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group.All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.The retreat jolted the political landscape. Representative Jim Jordan, the Ohio Republican who compared the coalition to a “cartel” forcing businesses to cut emissions, called for more financial companies to follow suit. And Brad Lander, New York City’s comptroller, accused the firms of “caving into the demands of right-wing politicians funded by the fossil-fuel industry.”The companies say they’re committed to the climate cause. JPMorgan said it had built an in-house sustainable investment team to focus on green issues. And BlackRock will maintain some ties to the coalition: It has transferred its membership to an international entity.A recent shift by Climate Action raised red flags. Last summer, the group shifted its focus from pressuring companies to disclose their net-zero progress to getting them to reduce emissions.State Street said the new priorities compromised its “independent approach to proxy voting and portfolio company management.” And BlackRock, which has become a political lightning rod over its embrace of climate considerations in investing, said those tactics “would raise legal considerations, particularly in the U.S.” (Hence the transfer to an overseas division.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Banks Face a Growing Real Estate Crisis

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      A year after the collapse of Silicon Valley Bank, investors are fearing for regional lenders saddled with a mountain of souring commercial mortgages.Concerns about New York Community Bancorp deepened on Wednesday after the lender was hit by a credit downgrade, and its stock fell further.Bing Guan/BloombergBanking crisis déjà vu? The sell-off in regional bank stocks looks set to worsen on Wednesday, after Moody’s cut New York Community Bancorp’s credit rating to junk status.Fears are now rising among investors over the United States’ distressed commercial real estate sector. This comes as a crucial lifeline created during last year’s banking crisis is set to expire.N.Y.C.B.’s shares plunged as much as 15 percent in premarket trading after the downgrade, before rebounding. The stock has plummeted roughly 60 percent in the past week after the lender reported dismal results, especially stemming from its exposure to souring commercial real estate loans.Last year, N.Y.C.B. won the bidding for assets tied to Signature Bank, which failed shortly after the demise of Silicon Valley Bank. That pushed its assets above $100 billion, putting it into a new regulatory category, and subjecting it to more stringent capital requirements.Bank jitters are spreading. The KBW Nasdaq Regional Banking Index, a collection of midsize bank stocks, has fallen nearly 12 percent in the past week as investors worry about lenders’ exposure to commercial real estate loan portfolios.Plunging office occupancy rates and high interest rates are a big reason. The shift in working practices after the height of the coronavirus pandemic has roiled the commercial real estate market and lenders could face a “maturity wall” of as much as $1.5 trillion in commercial real estate loans set to come this year and next. (U.S. regional banks provide the bulk of such loans, putting them at particular risk.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Yellen Says Stable Financial System Is Key to U.S. Economic Strength

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      The Treasury secretary will offer an upbeat assessment of the economy on Tuesday, a year after the nation’s banking system faced turmoil.Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years.Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank.While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like other government bodies, the council did not anticipate or warn regulators about the problems that felled several regional banks.“Our continued economic strength depends on a solid and resilient U.S. financial system,” Ms. Yellen said in her prepared remarks.Last year’s bank collapses stemmed from a confluence of events, including a failure by banks to properly prepare for the rapid rise in interest rates. As interest rates rose, Silicon Valley Bank and others absorbed huge losses, creating a panic among depositors who scrambled to pull out their money. To prevent a more widespread run on the banking system, regulators took control of Silicon Valley Bank and Signature Bank and invoked emergency measures to assure depositors that they would not lose their funds.The bank failures — and the government’s rescue — prompted debate over whether more needed to be done to ensure that customer deposits were protected and whether bank regulators were able to properly police risk.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Jamie Dimon Reshuffles Management Team at JPMorgan

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      Many consider the moves a sign of a succession plan at the nation’s largest bank, although the stalwart Mr. Dimon has signaled he’s not going anywhere.JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he’s staying put.Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions that he might step aside. The specter of his eventual departure, however, hangs over JPMorgan as outsiders question whether he might run for public office or serve in a presidential administration.In a memo to employees Thursday, JPMorgan muddied the matter further. It said that Daniel Pinto, the bank’s chief operating officer and Mr. Dimon’s deputy, would no longer handle the bank’s daily operations. Mr. Dimon said that he and Mr. Pinto would “continue to jointly manage the company.”Mr. Pinto’s former responsibilities will be split by Jennifer Piepszak and Troy Rohrbaugh, who will serve as co-chief executives of an expanded commercial and investment bank that brings several lines of the company into one unit. Ms. Piepszak, who co-heads JPMorgan’s massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh had been one of the co-heads of the bank’s markets and securities business.The reshuffle will result in the departure of some executives. Others at the bank will see their roles redefined or be promoted to new ones.Another senior executive, Marianne Lake, who ran the consumer and community banking unit with Ms. Piepszak, will now become the sole head of that business. Wall Street analysts have long considered Ms. Lake as a potential successor to Mr. Dimon as well.Mary Erdoes, who runs JPMorgan’s wealth management business and is perhaps the bank’s most public face after Mr. Dimon, will remain in her current role.Mr. Dimon has a financial incentive to stay in his post a good deal longer. In addition to his annual pay ($36 million in 2023), he is slated to receive an additional bonus if he’s still chief executive in 2026. More

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      What to Expect at Today’s DealBook Summit

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      Vice President Kamala Harris, Elon Musk, Bob Iger, Jamie Dimon and Tsai Ing-wen, the president of Taiwan, are among the big names speaking.Leaders in politics, business and culture will gather in New York for the DealBook Summit today. Here, The Times’s Andrew Ross Sorkin interviews Reed Hastings of Netflix at last year’s event.Hiroko Masuike/The New York TimesThe lineup for DealBook Summit 2023 On Wednesday, DealBook will be live and in person at our annual summit in New York.Andrew takes the stage around 9 a.m. Eastern, and the first interview kicks off soon after. The DealBook team and reporters from The Times will be reporting live from the conference.Even if you are not with us, you can follow along here beginning at 8:30 a.m. Eastern.Here are the speakers:Vice President Kamala HarrisTsai Ing-wen, the president of TaiwanElon Musk, the chairman and C.E.O. of SpaceX, the C.E.O. of Tesla and the chairman and chief technology officer of XLina Khan, the chair of the Federal Trade CommissionJamie Dimon, the chairman and C.E.O. of JPMorgan ChaseBob Iger, the C.E.O. of DisneyRepresentative Kevin McCarthy, Republican of CaliforniaJensen Huang, the C.E.O. of NvidiaDavid Zaslav, the C.E.O. of Warner Bros. DiscoveryShonda Rhimes, the television show creator and the founder of the Shondaland production companyJay Monahan, the commissioner of the PGA TourWhat to watch: The buzz and fears swirling around artificial intelligence, the rise of hate speech and antisemitism since the Hamas-led Oct. 7 attacks on Israel, China-U.S. relations, inflation, interest rates and the chip wars and streaming wars — these topics and more will be covered by Andrew as he interviews some of the biggest newsmakers in business, politics and culture.There will be plenty of questions about an uncertain world. Americans are down on politics, the economy and workplace conditions. College campuses are divided. What role does business play in addressing these grievances? What about the White House and Congress? Can they bring voters together? Speaking of which, can Republicans unite to keep the government from shutting down again (and again)?Elsewhere, can Beijing and Washington decrease tensions and restore more normalized trading relations? What about A.I.? Is this a technology that will unleash a new wave of productivity, or is it a force that could do irreparable harm? And what’s so special about colonizing Mars?More on what to expect later.HERE’S WHAT’S HAPPENING Charlie Munger, Warren Buffett’s longtime lieutenant, dies at age 99. A former lawyer who became the vice chairman of Berkshire Hathaway and a billionaire in his own right, he became known for his sardonic quips. But Munger had more influence than his title suggests: Buffett credited him with devising Berkshire’s famed approach of buying well-performing businesses at low prices, turning the company into one of the most successful conglomerates in history.The Koch Network endorses Nikki Haley. Founded by the billionaire industrialists Charles and David Koch, the political network — which had raised a war chest of more than $70 million as of this summer — could give Haley’s campaign organizational strength and financial heft as she battles Gov. Ron DeSantis of Florida and aims to close the gap on the Republican front-runner, Donald Trump. Haley has risen in the polls since the first Republican primary debate in August, while DeSantis has slipped.Apple reportedly moves to end its credit card pact with Goldman Sachs. In the latest blow to Goldman’s consumer finance ambitions, the tech giant has proposed pulling the plug on a credit card and savings account it introduced with the bank, according to The Wall Street Journal. It’s unclear if Apple has found a new partner to issue its Apple Card, though Goldman had previously discussed a deal to offload the program to American Express.Mark Cuban makes two exits. The billionaire entrepreneur will leave “Shark Tank” after more than 10 years of assessing start-up pitches and making deals on camera. And, according to The Athletic, Cuban is selling a majority stake in the Dallas Mavericks to the casino billionaire Miriam Adelson and her family for a valuation around $3.5 billion. (He will retain full control over basketball operations.)Some things we’d like to cover Vice President Kamala HarrisWill “Bidenomics” save or sink the Biden-Harris ticket in 2024?Elon Musk, SpaceX, Tesla and XWhat did you learn from your trip this week to Israel?Lina Khan, F.T.C.What is your endgame in taking on Big Tech?Jamie Dimon, JPMorgan ChaseDoes America have too many banks?Jensen Huang, NvidiaIs investor enthusiasm around artificial intelligence justified, or is it merely inflating a bubble?We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Could Nikki Haley Really Beat Trump? Big Donors Are Daring to Dream.

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      Powerful players in the business world have gravitated toward Nikki Haley, aware that she remains an underdog but beginning to believe she has a chance.Late last month, Nikki Haley, the former U.S. ambassador to the United Nations, got an unexpected call from Jamie Dimon, the chief executive of JPMorgan Chase. Mr. Dimon said he was impressed by Ms. Haley’s knowledge of policy details and her open-minded approach to complex issues raised in the Republican presidential race, according to a person familiar with what they discussed. Keep it up, he told her.He wasn’t the only business heavyweight to say so.In recent weeks, a group of chief executives, hedge fund investors and corporate deal makers from both parties have begun gravitating toward Ms. Haley and, in some cases, digging deeper into their pockets to help her.Her ascent in the polls and strong debate performances have raised hopes among Republicans hungering to end the dominance of former President Donald J. Trump that maybe, just maybe, they have found a candidate who can do so.“I’m a long way from making my mind up — something could change — but I’m very impressed with her,” said Kenneth G. Langone, the billionaire Home Depot co-founder, who has donated to Ms. Haley’s campaign and is considering giving more. “I think she’s a viable candidate. I would certainly like her over Trump.”Kenneth G. Langone, a co-founder of Home Depot, is part of a bipartisan group of chief executives, hedge-fund investors and corporate deal makers who have shown new interest in Ms. Haley. Kevin Dietsch/Getty ImagesMs. Haley’s fresh appeal to the moneyed crowd is coming at a critical juncture in the race, when positive buzz and steady cash flow are vital to a candidate’s survival. With less than eight weeks before the Iowa caucuses, Ms. Haley’s campaign and allied political committees need money to pay for travel, advertising, staff and a ground game to draw out potential voters.Some business leaders say they appreciate her focus on cutting taxes and government spending. Others praise her foreign-policy chops and her search for a winning Republican message on abortion rights, on which she has sought a moderate path but recently tacked to the right by saying she would have signed a six-week ban as governor of South Carolina.Most say they see her as a welcome alternative to Mr. Trump, whom they blame for inciting the violence of Jan. 6, 2021, for costing Republicans a Senate majority in last year’s midterm elections and for being too volatile as a commander in chief. They also prefer her to President Biden, whose economic policies and age many cited as a concern.“It’s invigorating to be truly excited by a candidate again,” said Jonathan Bush, the chief executive of a health-data startup and a cousin of former President George W. Bush. He hosted a virtual fund-raiser for Ms. Haley in early November.Mr. Bush, a Republican who voted for Mr. Biden in 2020 and for Gary Johnson, the Libertarian candidate, in 2016, said he had been struck by her knowledge and poise.“The topic that everyone is on is, ‘How do you beat Donald Trump?’” Mr. Bush said, “and she was careful to say, ‘Look, people will decide about him, but this is where I am on certain issues.’ And she rattled off some issues, related to our debt, related to our role in the world. But what you picked up was an electric energy,” he added, “that I think got this crowd really excited.”But even with Ms. Haley’s momentum, halting Mr. Trump’s seemingly inexorable march to the Republican nomination promises to be a slog. With a wide edge in national and early-state polls, the former president is running effectively as an incumbent, with legions of supporters prepared to vote solely for him.Several donors and advisers described two groups taking shape among the major, top-dollar donors:First, those who have yielded to the likelihood that Mr. Trump, however they may feel about him, will probably be the nominee, and have decided to stop funding potential alternatives. Second, those who believe that with enough financial resources and a savvy field operation, Ms. Haley could unseat him.Despite the long odds, her financial supporters say they see a path to victory.“There were people that don’t like Trump at all but were very skeptical that he could be stopped,” said Eric Levine, a Republican fund-raiser who leads the bankruptcy and litigation practices at Eiseman Levine Lehrhaupt & Kakoyiannis. “They now believe he can be stopped,” he said, pointing to Ms. Haley’s steady climb in the polls.Mr. Levine, who initially backed Senator Tim Scott of South Carolina, is co-hosting a Haley fund-raiser on Dec. 4. “His aura of invincibility is just peeled away completely,” he said.A spokeswoman for Ms. Haley’s campaign declined to comment.Polls show that Ms. Haley has gained traction against Gov. Ron DeSantis of Florida, who has held the No. 2 spot in national surveys all year. In Iowa, she has pulled nearly even with Mr. DeSantis, even as he has pursued an all-in strategy for that state. In New Hampshire, where she is in second place, she has been nearing 20 percent in polling averages.Her campaign said she pulled in $1 million in the first 24 hours after the last debate on Nov. 9, where she distinguished herself for her hawkish positions on Ukraine and Gaza and for her scathing dismissal of Vivek Ramaswamy, a rival she called “scum.”And while fund-raising numbers for the fourth quarter have not yet been released, interviews with about 20 financial and corporate executives suggest that more big checks will soon arrive.Ms. Haley’s $11.6 million war chest has already been bolstered by campaign contributions from wealthy Wall Street executives, including the fund manager Stanley Druckenmiller and the private-equity investor Barry Sternlicht.“I’m supporting Nikki because I think the nation needs to move on from the divisiveness and fear-mongering of the far left and right,” Mr. Sternlicht said. “I’m also opting in for a fresh face, a younger person who more accurately reflects the nation.”Timothy Draper, a venture capitalist in California, was an early backer, pouring $1.25 million into a super PAC supporting her. In recent weeks, he said, he has fielded interest from Democrats and Republicans and, notably, many women. “I think she can unify the country,” he said.Ms. Haley has mingled with Gary D. Cohn, the onetime Goldman Sachs president who served as Mr. Trump’s top economic adviser at the same time Ms. Haley was U.N. ambassador, and the investment banker Aryeh Bourkoff, who co-hosted a fund-raiser for her in Manhattan on Nov. 14.Her team is discussing policy with representatives for Kenneth C. Griffin, the billionaire hedge fund founder, on topics running the gamut from increasing students’ access to high-quality education to how to ensure a strong national defense, according to a person briefed on their discussions.Mr. Griffin recently told Bloomberg News that he was “actively contemplating” backing her, but he has not made up his mind, this person said.Students at Emmaus Bible College in Dubuque, Iowa, listening to Ms. Haley speak at a campaign event this month. She has risen in polls in Iowa, where Gov. Ron DeSantis of Florida has invested heavily. Ms. Haley’s backers, as well as some Republican observers, believe that if she can inch closer to Mr. DeSantis in Iowa or even outmaneuver him for second place, she could enter the New Hampshire primary election the next week with real momentum.If she could then reel in support from the state’s independent voters, some of them add, she could have a chance of beating Mr. Trump there.“There’s a possibility in the coming months to win New Hampshire,” said Mr. Bush, who is planning to form a political action committee to promote Ms. Haley to independent voters in the Granite State, not far from where he lives in Maine.Mr. Bush also plans to repeat his virtual fund-raiser to introduce her to new donors without asking her to spend unnecessary time working a cocktail party. (He said that he invited his Bush cousins to the November event, but that none of them attended.)An upset in New Hampshire could also move the needle during the Feb. 24 primary in Ms. Haley’s home state, South Carolina, where she was governor before serving in the Trump administration. She is polling second there, trailing the former president badly.The leanness of Ms. Haley’s campaign has become an asset. In the third quarter, her campaign spent $3.5 million, about 43 cents of every dollar it took in, a far lower rate than candidates like Mr. DeSantis as well as Mr. Scott, who dropped out this month.Some Wall Street executives, many of whom are focused on government spending and debt, note approvingly that Ms. Haley largely flies commercial.For some deep-pocketed donors, the openness to Ms. Haley stems from desperation.“I would take anyone not over 76 or crazy,” said Michael Novogratz, the chief executive of the cryptocurrency firm Galaxy Digital, a past Biden supporter who is now exploring both Ms. Haley and Representative Dean Phillips, the Minnesota Democrat who is mounting a last-ditch bid for his party’s nomination. Mr. Novogratz said that Mr. Trump was too divisive and that Mr. Biden was too old.Ms. Haley is someone he might support, he said, as is former Gov. Chris Christie of New Jersey.“Unfortunately,” he added as a caveat, “I don’t see either beating Trump.” More

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      Elecciones en Argentina: esto es lo que hay que saber

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      El domingo, los votantes decidirán quién será su próximo presidente: Javier Milei, un libertario de ultraderecha, o Sergio Massa, el ministro de Economía de centroizquierda.Durante meses, Argentina ha estado ocupada con una sola pregunta.¿Su próximo presidente será Javier Milei, un libertario de ultraderecha cuyo estilo audaz y propensión a las teorías conspiratorias le ha valido comparaciones con el expresidente estadounidense Donald Trump?El domingo, los votantes van a decidir.Milei, economista y excomentarista de televisión, se enfrenta a Sergio Massa, actual ministro de Economía de Argentina, de tendencia centroizquierda, en una segunda vuelta. Massa lideró en la primera vuelta del mes pasado, con 37 por ciento de los votos frente al 30 por ciento de Milei. Pero las encuestas sugieren que la contienda del domingo estará muy cerrada.Como trasfondo de las elecciones está la peor crisis económica del país en décadas, con una inflación anual que supera el 140 por ciento, solo detrás de Líbano y Venezuela a nivel mundial. Dos de cada cinco argentinos ahora viven en la pobreza. Ambos candidatos han ofrecido visiones dramáticamente distintas de cómo salir del marasmo económico en un país de 46 millones de habitantes, algo que ningún líder argentino ha conseguido en décadas.Pero el debate económico ha sido opacado por el ascenso de Milei, su personalidad excéntrica y sus planteamientos radicales para rehacer el país.Ahora que Milei está cerca de la presidencia, la votación del domingo es una prueba de la fuerza del movimiento mundial de ultraderecha. Milei ha recibido con agrado las comparaciones con Trump así como con el expresidente de derecha de Brasil, Jair Bolsonaro. Y, como ellos, ha advertido que si pierde sería porque la elección estuvo amañada.Esto es lo que hay que saber sobre los comicios en Argentina.¿Quién es Javier Milei?Antes de que Milei, de 53 años, fuera candidato presidencial, era vocalista de una banda de covers de los Rolling Stones, un economista de opiniones marcadamente libertarias y un comentarista de televisión conocido por sus exabruptos. En 2021 fue electo al Congreso de Argentina.Milei ha concentrado su campaña en una propuesta económica que implicaría recortes tanto al gasto público como a los impuestos, el cierre del Banco Central de Argentina y la dolarización del país. Los analistas políticos y los economistas dudan de que cuente con las condiciones económicas o la coalición política necesaria para llevar a cabo un cambio tan extremo.Milei, antiguo líder de una banda de covers de los Rolling Stones, fue elegido diputado en el Congreso argentino en 2021.Sarah Pabst para The New York TimesDurante la campaña, Milei presentó a su oponente, Massa, como líder de una turbia “casta” de élites políticas que le roban a los argentinos comunes y corrientes y a sí mismo como un advenedizo temerario que se los va a enfrentar. En sus eventos de campaña se le presenta como un león rugiente mientras sus seguidores corean “la casta tiene miedo”.Sin embargo, su personalidad excéntrica y sus políticas belicosas a menudo han acaparado la atención. Hemos visto sus ataques contra el papa, los choques con los seguidores de Taylor Swift, las declaraciones de que es un gurú de sexo tántrico y de que el cambio climático es una artimaña socialista, su disfraz de superhéroe libertario y la relación cercana con sus perros mastines, que son clones, bautizados en honor de economistas conservadores.¿Quién es Sergio Massa, su oponente?Massa, de 51 años, ha pasado toda su carrera haciendo política y ha sido intendente, diputado y jefe de gabinete. Por su oscilación de derecha a izquierda se ha ganado fama de pragmático.Ese es el mismo enfoque que ha tomado durante la campaña presidencial, promocionando su capacidad de gobernar, colaborar con los empresarios y lograr una coalición política para arreglar la economía.Pero para muchos argentinos, carece de credibilidad en asuntos económicos. Durante los últimos 16 meses ha supervisado la economía de Argentina, mientras se hundía. La inflación ha subido y el valor del peso argentino se ha desplomado. En julio de 2022, cuando Massa fue nombrado ministro de Economía, 1 dólar servía para comprar 300 pesos en el mercado no oficial. Hoy, 1 dólar compra 950 pesos.Sergio Massa ha dedicado toda su carrera a la política, pero sigue intentando presentarse como candidato del cambio.Sarah Pabst para The New York TimesLas dificultades de Argentina no empezaron con Massa. Durante décadas, unas políticas económicas deficientes más un alto gasto gubernamental y un enfoque proteccionista al comercio, han dejado al país con una de las economías más constantemente inestables, a pesar de su abundancia de recursos naturales.Massa culpó a una sequía histórica y a 44.000 millones de dólares de deuda externa por dañar a muchos argentinos durante su tiempo como ministro de Economía. “Perdimos la mitad de nuestras exportaciones agrícolas” durante la sequía dijo en una entrevista, “entonces la mayor apuesta fue a sostener el nivel de actividad y de empleo”.La economía de Argentina se contrajo en un 4,9 por ciento en el segundo trimestre de este año, que es el dato más reciente disponible; fue la primera disminución luego de nueve trimestres de crecimiento en los que el país se recuperaba de la pandemia. El desempleo en su mayor parte también ha retrocedido en trimestres recientes, a 6,2 por ciento para fines de junio.¿Qué proponen?La plataforma de Milei se centra en sus promesas de cerrar el Banco Central y dolarizar la economía. Durante la campaña, Milei aplastaba versiones en miniatura del Banco Central y alzaba billetes gigantes de 100 dólares con su imagen.Mile también se valía de otro objeto de utilería: una motosierra que agitaba en sus mítines. La sierra representaba los recortes profundos que propone, entre ellos la disminución de impuestos; la eliminación de regulaciones; la privatización de industrias estatales; la reducción de los ministerios federales de 18 a ocho; la conversión de la educación pública a un sistema de vouchers y el sistema público de salud a uno sustentado en aseguradoras; y el recorte del gasto federal hasta en 15 por ciento del producto interno bruto de Argentina. Después de algunas repercusiones negativas ha matizado algunas propuestas.También ha dicho que le gustaría prohibir el aborto, liberalizar las regulaciones de tenencia de armas y en gran medida cortar las relaciones con cualquier país que no sea Estados Unidos o Israel.En una entrevista, Massa dijo que las propuestas de Milei eran algo “suicida” para el país.Sus propuestas de cambio son mucho más modestas. Massa ha dicho que busca incrementar la producción de petróleo, gas y litio; simplificar el sistema impositivo y reducir en general el gasto al tiempo que aumenta la inversión en educación y formación laboral. “Austeridad”, dijo.Sin embargo, sus llamados a la austeridad han sido perjudicados por sus medidas recientes de recortar impuestos, otorgar bonos a los trabajadores y liberar más fondos para los pobres. Los críticos han señalado que estas políticas son clientelismo irresponsable en tiempos de crisis económica.¿Qué ha dicho Milei sobre el fraude electoral?Durante meses, Milei ha asegurado, sin aportar pruebas, que en las elecciones primarias del 5 de agosto le robaron más de un millón de votos. También ha dicho que la primera vuelta de las elecciones generales del mes pasado estuvieron amañadas en su contra.Ha alegado que hay estafadores que se roban y malogran sus boletas en las mesas de votación, lo que evita que sus seguidores voten por él. (En Argentina, los ciudadanos meten una boleta de su candidato predilecto en un sobre y depositan el sobre sellado en una caja. Las campañas distribuyen los votos con el nombre de su candidato en los lugares de votación).Las autoridades electorales rechazan las denuncias de Milei y su campaña ha aportado pocas pruebas. El director jurídico de su campaña dijo en una entrevista que solo tenía conocimiento directo de 10 a 15 denuncias escritas de votantes.Votantes buscan sus nombres en las listas electorales en las elecciones generales en Buenos Aires, Argentina.Rodrigo Abd/Associated PressEsta semana, la campaña de Milei escaló la lucha y presentó un documento ante un juez federal que aseguraba había un “fraude colosal” y que las autoridades argentinas cambiaban votos de Milei para Massa. La campaña citó fuentes anónimas.Milei ha cuestionado abiertamente los resultados de las elecciones de 2020 en Estados Unidos y de Brasil en 2022, que estuvieron acosadas por afirmaciones sin sustento que ocasionaron ataques violentos a los capitolios de dichos países.Ahora los argentinos se preparan para lo que pueda suceder en caso de que Milei pierda. Sus seguidores han llamado a protestar afuera de la sede de la autoridad electoral tras el cierre de las urnas del domingo.El viernes, Milei dijo que el partido titular de Massa, “está dando muestras de desesperación muy groseras” y que probablemente intentaría aferrarse al poder en caso de que Milei triunfe. En dicho caso, añadió, su gobierno “aplicará la justicia con toda la fuerza que corresponda”.Lucía Cholakian Herrera More