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      Elon Musk and DOGE vs. Regulators

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      The billionaire has needled government agencies, armed with potential influence over their budgets. But some of these organizations are also looking into his interests.Elon Musk’s attacks on the agencies that regulate his businesses are raising questions about conflicts of interest.Eric Lee/The New York TimesMusk vs. regulatorsElon Musk remains perhaps the most consequential figure in President-elect Donald Trump’s orbit, with a commission for cutting government spending headed by him and Vivek Ramaswamy — widely known by its acronym, DOGE — promising huge reductions.Federal regulators have become prominent targets for Musk and his allies. But those agencies are continuing to scrutinize the tech billionaire’s interests, raising questions about conflicts.“The SEC is just another weaponized institution doing political dirty work,” Musk posted on X on Thursday, joining a flurry of right-wing attacks on the agency. The impetus for the ire: an appeals court ruling that Nasdaq can’t require diversity on the boards of companies that list on the exchange, a longtime bugbear of conservatives.Ramaswamy wrote on X of the commission: “When an agency like the SEC is so repeatedly & thoroughly embarrassed in federal court for flouting the law, it loses its legitimacy as a law enforcement body.”That comes after Musk took aim at the I.R.S. last month, when he polled his X followers about what to do with the tax authority’s budget. The overwhelming response: “Deleted.”But the S.E.C. is renewing scrutiny of Musk. He disclosed on X that the regulator had given him an offer to settle an inquiry into unspecified charges. A letter from Alex Spiro of Quinn Emanuel Urquhart & Sullivan, Musk’s lawyer, claimed that the agency had given them 48 hours to accept or face punishment, as part of an “improperly motivated campaign.” Spiro’s letter also revealed that the commission had reopened an investigation this week into Neuralink, Musk’s brain-implant start-up.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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      Remembering David Bonderman, a Private Equity Pioneer

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      A former lawyer, he cofounded the giant investment firm TPG and became known for complex deals that remade corporate America. He died on Wednesday at 82.David Bonderman, a founder of TPG, in 2018. “He built and led an impressive firm,” David Solomon of Goldman Sachs said of Bonderman.Stephen B. Morton/Associated PressRemembering BondoDavid Bonderman, a corporate lawyer who co-founded the giant investment firm TPG and helped transform private equity into a multitrillion-dollar industry that reshaped Wall Street, died on Wednesday morning. He was 82.Bonderman — Bondo to his friends — became a private equity pioneer, leading big and complex takeovers that saw corporate titans go public, and whose success helped persuade publicly traded companies to adopt his industry’s tactics, DealBook’s Michael de la Merced writes.Bonderman’s entry into private equity was by happenstance. After graduating from Harvard Law School, he taught law and then worked as a civil rights lawyer for the Justice Department. He went on to join the Washington law firm Arnold & Porter. Among his achievements there was persuading the Supreme Court to overturn an insider-trading conviction of Raymond Dirks, a securities analyst turned whistle-blower.In the mid-1980s, Bonderman was approached by Robert Bass, the Texas oil magnate, about helping run his family office. Bonderman said that he had never invested professionally before, but Bass told him that he hadn’t either.Bonderman and a colleague in the family office, Jim Coulter, founded what became TPG in 1993. By then, the two had made their names by buying Continental out of bankruptcy and turning around the embattled airline. (Emblematic of their approach: They FedExed undesirable food from the plane to Continental’s C.E.O., telling him it needed improving.)They joined a small group of financiers who turned leveraged buyouts from a cottage industry into a Wall Street behemoth, borrowing money to buy, restructure and flip big businesses.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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      Assad’s Rule Ends

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      We explain the latest developments in Syria.President Bashar al-Assad’s long and brutal reign in Syria has ended. After 13 years of civil war, Syria’s rebel fighters have stormed the capital, Damascus, and claimed victory.The government’s forces fled without significant resistance as rebel fighters poured into the city. Assad resigned and left Syria, Russia said, but his location could not be confirmed. The rebels appear to have taken over the state television, and they announced Syria to be “free of the tyrant.” The country’s prime minister, who remains in Damascus, said he would work on a transition government. The rebels called on their forces to stay away from public institutions until they could be formally handed over.The rebels said they are now continuing their advance into the east. Below, we explain what has happened and what may come next.What we knowAreas of control as of 10 p.m. local time Saturday. Rebels stormed into Damascus on Sunday morning.Samuel GranadosThe rebels’ rapid advance over the past two weeks was a dramatic end to a yearslong stalemate. (Read The Morning’s explanation of the war.)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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      Year in Review

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      As critics issue their year-end lists, we want to know your personal favorites of 2024.It’s the most wonderful time of year, and I don’t mean the holiday season, although I’ve heard that people are excited about that too. No, for nerds like me who love to plan out their holiday culture consumption — those whose appetites are always far larger than their capacity for viewing/reading/listening — December is sacred because it is when critics issue their retrospective best-of lists, their verdicts on the best movies, music, TV, books and other cultural artifacts of 2024.I’ve always thought it a shame that everyone I know doesn’t issue a best-of list. Yes, critics are experts in their fields, completists who have surveyed the landscape of their beats such that their assessments of “the best” are far more informed than the average cultural consumer’s. But I also want to know what my friends and family loved, and why. There’s no easier way to get to know someone a little bit more deeply than by asking them for a recommendation. I have a fantasy of pulling out a bullhorn on my morning commute and asking everyone in my subway car their top five films of the year. I’m not sure anyone would play along with my reindeer game, but if they did, I expect that I’d get a few good recs, some truly nutty ones, and that it would certainly bring a spirit of joy and conviviality to a typically alienating part of the day.And why stop at the usual categories? Best-of lists are typically limited to the same categories. Tell me your favorite movie, book and song, but I also want to know the best line of poetry you read this year, the best cocktail you devised, the best tradition you started, the best grilling technique, the best piece of advice you received. We’re all living and exploring and absorbing.And so I ask you, as I do every year, to send in your own highly specific, idiosyncratic, genre-free favorites from 2024. What did you discover? What did you learn? What did you love? Submit your answers here, and I’ll include as many of them as I can in upcoming newsletters.For moreThe Morning readers’ bests of 2023 and 2022.The best advice Morning readers received in 2023 and 2022.“As with everything worth making — bread, sweet love, mix tapes — there’s an art to creating a great Top 10 list.” From 2011, Dan Kois on how and why to make a best-of list.The Times’s best of 2024 lists.More year-end lists from around the internet.THE WEEK IN CULTUREFilm and TVAmy Adams in a scene from “Nightbitch.”Searchlight Pictures, via Associated Press“Nightbitch,” which stars Amy Adams as a stay-at-home mother who turns into a feral dog, is one of the movies Times critics are talking about this week.“The Agency” on Paramount + and Netflix’s “Black Doves” are part of a new crop of spy dramas whose biggest battles take place within the hearts and minds of their agents.ArtThe discovery of a rare picture of the poet Arthur Rimbaud, made by his lover Paul Verlaine, prompted a bidding war in Paris.At New York’s Grolier Club, an exhibition renders physical representations of lost or unfinished works by writers including Ernest Hemingway and Christopher Marlowe.More CultureJean-Charles de CastelbajacAlain Jocard/Agence France-Presse — Getty ImagesWhen Notre-Dame Cathedral reopens, the clergy will be wearing new liturgical garb designed by the French designer Jean-Charles de Castelbajac.The most expensive dinosaur fossil ever sold at auction — a stegosaurus that went for almost $45 million — has a new home at the American Museum of Natural History in New York.The two remaining defendants in the case against Young Thug’s rap label YSL were found not guilty of murder and gang charges.THE LATEST NEWSWar in SyriaRebel fighters in the streets of Hama on Friday.Bakr Al Kassem/Agence France-Presse — Getty ImagesRebels fighting to depose Syria’s president, Bashar al-Assad, advanced on another major city en route to the capital. The sudden intensification of the war has led neighboring countries to close their borders.Iran, which for years has helped Assad maintain control of Syria, is now evacuating military personnel from the country.The leader of Syria’s rebel groups told The Times that he was confident his fighters could oust Assad. “This operation broke the enemy,” he said.Other Big StoriesA vote on whether to impeach South Korea’s president, Yoon Suk Yeol, slowed to a crawl as the opposition tried to convince members of his party to support the ouster of the president.A federal judge ruled that the U.S. Naval Academy can consider race and ethnicity in admissions, asserting that affirmative action was essential to protect national security.A panel of federal judges upheld a law that would ban TikTok in the U.S. unless its Chinese owner, ByteDance, sells the app. Donald Trump opposes the ban.The U.S. Department of Agriculture will begin testing the nation’s milk supply for the bird flu virus.Police officers now believe the man who shot the chief executive of UnitedHealthcare in Manhattan escaped from the city that day. Investigators recovered a backpack in Central Park similar to the one he was carrying.CULTURE CALENDAR📺 “Somebody Somewhere” (Sunday): In the second season of this HBO half-hour, a character graces a potluck with St. Louis sushi, a delicacy that combines ham, pickles and cream cheese. It’s delicious. And tough on the gut. That’s also true of this riotously funny, achingly tender comedy created by Hannah Bos, Paul Thureen and Bridget Everett. Everett stars as Sam, a woman who returns in middle age to her Manhattan, Kan., hometown. A sweet and salty heartbreaker about family found and chosen, this show will end its three-season run on Sunday.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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      Musk, Trump, A.I. and Other DealBook Summit Highlights

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      The economy, inflation, tariffs, the future of media, pardon politics and other big topics that made headlines this year.Jeff Bezos was cautiously optimistic that President-elect Donald Trump would be more measured in his second term.Michael M. Santiago/Getty ImagesFour takeaways from the DealBook Summit The U.S. election dominated the news agenda this year, and the two people at the center of Donald Trump’s win came up in nearly every conversation yesterday at the DealBook Summit. The president-elect and Elon Musk may not have been in the room, but questions about how they will shape business and politics were front and center.The general view of the day was cautious optimism, even among those who had publicly criticized Trump and Musk — or been targeted by them.But many questions remain. What will Trump and Musk mean for government, business and the economy? Will they succeed in cutting regulation and government spending? And will they go after their perceived enemies and rivals?Here are four big themes from this year’s event.What will happen with the economy?Most of the speakers were willing to give Trump the benefit of the doubt, or at least played down worries about his most disruptive policy ideas.Jay Powell, the Fed chair, addressed one of the biggest questions hanging over the next administration: Will the president-elect go after the central bank’s independence? No, Powell said emphatically. The Fed, he said, was created by Congress and its autonomy is “the law of the land.”“There is very, very broad support for that set of ideas in Congress in both political parties, on both sides of the Hill, and that’s what really matters,” he said.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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      A Unique Night at the Opera

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      At the Metropolitan Opera with Angelina Jolie. Even if you’re not a fan of classical music, you’ve probably heard the voice of Maria Callas. As opera’s defining diva and one of the greatest performers of the 20th century, she is omnipresent in our culture, nearly 50 years after she died.Now Callas is the subject of “Maria,” a film starring Angelina Jolie, which opened this week in select theaters and goes to Netflix on Dec. 11.“You’ve been hearing Maria your whole life,” Jolie told me. “You just didn’t know it was her.”As The Times’s classical music reporter, I wanted to understand how a Hollywood A-lister prepared to play an opera star. So I invited Jolie to the Metropolitan Opera in New York one recent night for a performance of Puccini’s “Tosca,” a signature opera for Callas. You can read my story about the experience here.Jolie’s every move is tracked by the tabloids, especially since her 2016 divorce from Brad Pitt, which is still playing out in court. She at times seemed uncomfortable with my questions. But she spoke candidly about living in the spotlight; the loneliness she sometimes feels; and why she took seven months of voice lessons for “Maria,” which is directed by Pablo Larraín.In today’s newsletter, I’ll tell you more about Callas and examine the parallels between Callas and Jolie.La DivinaCallas was born in New York to Greek immigrants in 1923, and became renowned for her silky voice and her ability to give her characters the nuances of real people. Known as La Divina to her admirers, she inspired cultish devotion, and fans would sometimes wait in line for days to get tickets for her performances.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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      Inflation Concerns Loom as Trumponomics Revs Up

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      Investors are bracing for the latest data as the president-elect’s economic agenda of cutting immigration and taxes, while raising tariffs takes shape.Progress on tamping down inflation has stalled in recent months. Will today’s data show more of the same?David Zalubowski/Associated PressTrump puts inflation on the agenda The inflation risk stalking the markets eased over the summer, but it never really went away. It’s front and center again as investors contend with a Trumponomics crackdown on immigration, a rising trade-war risk and a potential bonanza of tax cuts.An important inflation measure comes out at 10 a.m. Eastern: the Personal Consumption Expenditures index report. It’s the Fed’s preferred inflation gauge and one of the last big data releases of the year that the central bank will consider as it ponders when to lower borrowing costs further. (Next week’s jobs report is another.)Donald Trump’s latest trade threats show how uncertain the outlook could be. Since the president-elect this week vowed to impose tariffs on Canada, China and Mexico — the United States’ three biggest trade partners — analysts have been gaming out the potential impact. Economists fear that it could add bottlenecks and costs to supply chains and reignite inflation, and that it could scramble the Fed’s policy on interest rates.A worst-case scenario from Deutsche Bank economists: that core P.C.E. next year would jump by an additional 1.1 percentage points if the Trump tariffs were fully enacted. Is the tariff talk an opening salvo for trade negotiations, or a fait accompli? That uncertainty can be felt in the $28 trillion market for U.S. Treasury notes and bonds: Yields hit a four-month high this month, though they are down on Wednesday. Yields climb when prices fall, and have been especially sensitive to concerns that fiscal policy could fuel inflation.Here’s what to watch for in Wednesday’s P.C.E.:Core P.C.E., which excludes volatile food and food prices, is forecast to come in at 2.8 percent on an annualized basis. That would be 0.29 percent above September’s reading.Such a rise would represent a second straight month of inflation trending higher, putting the level further above the Fed’s 2 percent target. The report “should show another ‘bump in the road’ on the path to 2 percent inflation,” Veronica Clark, an economist at Citigroup, wrote in an investor note this week.The culprits are thought to be shelter inflation — especially house prices, with mortgage rates soaring — and used car prices, as well as higher portfolio management fees.Futures traders on Wednesday were pricing in roughly 60 percent odds of a Fed rate cut next month. But their calculations have been volatile in recent months, and a surprisingly hot number could cause a shift in thinking once again.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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      Barack Obama’s Big Lesson

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      We cover an analysis of the 2024 election. It remains Barack Obama’s most underrated political skill: his appeal to working-class voters, including those who are white.Obama won most voters without a four-year college degree in his two presidential campaigns. Those majorities helped him win Florida, Iowa, Michigan, Ohio, Pennsylvania and Wisconsin in both campaigns. He even won Indiana and North Carolina once.He did so by both speaking to the economic frustration that resulted from years of slow-growing wages and signaling that he, like most Americans, was moderate on social issues. He made clear that he understood people’s anxiety about the speed of cultural change.He talked about “an awesome God” in the 2004 speech that made him a national figure. He rejected sweeping new policies like single-payer health care. He traveled to the University of Notre Dame as president and said he wanted to reduce the number of abortions. He supported civil unions rather than same-sex marriage when most voters felt similarly.He went on MTV and complained about people who wore their pants too low. (“Some people might not want to see your underwear — I’m one of them,” Obama said.) He took a middle ground on immigration, criticizing both family separations and companies that undercut “American wages by hiring illegal workers.”As time has passed, I think some people have forgotten how conservative Obama could sound. This approach sometimes angered progressives. They called him a sellout, a neoliberal and “the deporter in chief.” But Obama was genuinely moderate in some ways. He also hated treating political disagreements as existential and opponents as the enemy.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