Your Evening Briefing
After failing to convince Congress of the need for a wall on the southern border, President Donald Trump declared a national emergency. Combined with a bill he signed Friday, the move could free up $8 billion for its construction. During remarks from the Rose Garden, Trump said he expected to be sued, which is almost guaranteed. Democrats (and some Republicans) warn that the move is a usurpation of Congressional power.
Here are today's top stories
Now, all that stands between Trump and the wall his supporters were promised are California, Nevada and New Mexico, local governments, land owners—and Congress. Want to sue the president? Get in line.
Some of those cases will probably end up before the U.S. Supreme Court. In the meantime, the justices agreed to decide whether the administration can ask about citizenship on the 2020 census.
Deutsche Bank has decided that none—as in zero—of the more than $4 billion it promised to spend on consumer relief after the global mortgage crisis will go to distressed U.S. homeowners.
Amazon's escape from New York is a catastrophic outcome to its extremely hyped search for a second headquarters, Bloomberg Businessweek reports. At least it may still get a tax break intended for the poor when it expands in America's richest county.
Joshua Sason, a financier who made a fortune on penny stocks while he was in his 20s, was sued by the SEC for fraud.
Starbucks has disclosed for the first time how much it pays its median employee: $12,754 a year—and 52 pounds of coffee, one for each week.
What's Luke Kawa thinking about? The Bloomberg cross asset reporter sees a glaring asymmetry in U.S. markets. High yield bond indexes are near record highs. Stocks have nearly recovered all of their December swoon. And yet the 10-year Treasury yield remains about 10 basis points away from its early-January low and 35 basis points short of where it ended November.
What you'll need to know tomorrow
- The 10 best-paid hedge fund managers made $7.7 billion last year.
- Colin Kaepernick settled his blacklisting lawsuit against the NFL.
- The Perth mint has recast this gold bar more than 65,000 times.
- Why Walmart won't stop selling shoppers the National Enquirer.
- Steve Ballmer bleeds Microsoft, but picks Amazon.
- Once rare, supercars costing $1 million and up are multiplying.
- Airbus is selling its original fleet of flying whales.
What you'll want to read in Businessweek
In the aftermath of Hurricane Katrina, Brad Pitt founded the Make It Right Foundation to build affordable housing in the Lower Ninth Ward of New Orleans, a historically working-class black neighborhood. The nonprofit pledged to build 150 energy-efficient residences designed by prize-winning architects. By 2015, 109 residences were completed, but construction came to a standstill. Since then, little by little, the story of the project has changed. Residents have complained about flaws in design, construction, and materials; last summer a house had to be demolished. In short, Make It Right has gradually evolved from a bold example of design’s potential to solve problems into a cautionary tale.
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