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AT & T's C.E.O. Regrettable Pay Michael Cohen: DealBook Briefing

But it also said his Legislative Team would now report to Telecom's general lawyer, David McAtee. Bob Quinn, the team's senior executive vice president, will retire.

Here is the full text of the memo obtained from DealBook:

Our company was in the headlines for a few days for the wrong reasons and our reputation was damaged. There's no other way to say that ̵

1; AT & T, who hired Michael Cohen as a political advisor, was a big mistake.

To be clear, everything we did was made lawful and perfectly legitimate. The fact is, our previous association with Cohen was a grave misjudgment. In this case, our security review process in Washington D.C. clearly failed, and I take responsibility for it. Here you can find more information on this topic, if you are interested.

For the foreseeable future, the External & Legislative (E & LA) Group will report to General Counsel David McAtee. Bob Quinn, Senior Executive Vice President – E & LA, is retiring.

David's top priority is to ensure that each and every one of us in the political arena are people who share our high standards and we would be proud to be associated with AT & T.

To all who work tirelessly every day work to serve customers and proudly represent the brand, thank you. My personal commitment to you is – we will do better.


In a separate document, the company discussed several other issues about the recruitment of Essential Consultants – including the fact that Mr. Cohen was approaching AT & T:

Michael Cohen turned up during the transition period following the election to our external relations organization, and said that he would leave the Trump organization and consult with a select few companies who wanted his opinion on the new president and his government – the main actors, their priorities – and how they think.

The company also noted that it had hired "political advisers" in the past, especially at the beginning of new administrations.

The AT & T memo comes after Novartis' CEO of three months told Vasant Narasimhan to his employees on Thursday that the disclosures of the $ 1.2 million pharmaceutical company's deal with Mr. Cohen led to "no good day for Novartis" , (The contract was signed under Mr. Narasimhan's predecessor.) [19659013] The Big Problem: It's not clear that Novartis can get advice on issues like drug pricing or AT & T's on Time Warner and net neutrality advised to get a lot from Mr Cohen in the end. (19659014) In Other News by Michael Cohen: The Ministry of Finance has launched an investigation into how Michael Avenatti, lawyer for Stormy Daniels, received Mr. Cohen's bank records.

19659015] – Michael de la Merced


Wu Xiaohui, former chairman of Anbang. Credit
Thomas Peter / Reuters

Behind China's Debt Raid

Beijing faces tough jail sentences – the former chairman of the Anbang Insurance Group, once a highflower, just 18 years old – is letting shadow distributors wither away, China signals this is serious with its debt problem. (The total was 256 percent of G.D.P in the last year.)

Guilt seems to be one of the things that keeps President Xi Jinping awake. From a 2016 speech highlighted by the NYT:

"Some financial risks are long-term, lurking sources of infection that are deeply hidden, but can break out in a flash." The US subprime crisis erupted overnight "If we have big problems in the future, it could well be in this area, and that requires a lot of vigilance."

(Another of his worries: losing a tech race to the West.)

But debt reduction will be difficult as Christopher Lee of S. & P. ​​Global told the NYT: "Like any debt relief campaign, it is not painless."


Oil rig pumpjacks extracting crude oil. Credit
David McNew / Reuters

What's on Our Business Radar

Oil: Bank of America analysts Merrill Lynch are talking about $ 100 a barrel next year. The military exchange between Israel and Iran has not helped. (But the Blackstone group seems to be ready when prices rise.)

Lending: It has been a major engine of economic growth, but has slowed down in recent years, writes Peter Eavis. In March, bank lending to corporations rose only 2.5 percent, compared to an average of 7 percent in the last three years. The issue of corporate bonds fell by 14 percent compared to the previous year. The longer credit growth lags, the less likely a trump boom will be.

Trade: While Trade Minister Wilbur Ross said the US has made progress in negotiating with China, there is more to do. And if the White House wants a new Nafta deal this year, House spokesman Paul Ryan says the deadline for a final release is next Thursday.

Stocks: Dan Loeb of Third Point Thinks Investors Worry About Enterprises There are signs that a recession is imminent.

The Political Revolution

• Rudy Giuliani resigned from law firm Greenberg Traurig, which undercut his claims to payments to Stormy Daniels. (NYT)

• President Trump is expected to drop an election pledge to negotiate Medicare lower drug prices. The F.D.A. confirmed a lack of EpiPens.

• What automakers are likely to raise with Mr. Trump at a meeting of C.E.O.s today. (NYT)

• The White House's decision for Deputy US Secretary of the Treasury Adam Lerrick has been withdrawn. (Politico)

• Scott Pruitt fed with a cardinal in Rome who denounced the action against climate change as a "pagan emptiness" (and is charged with sexual abuse). A White House spokesman said yesterday that allegations against E.P.A. Chef "has raised some concerns."


Nicolas Asfouri / Agence France-Presse – Getty Images

What happens when Apple and Goldman Sachs work together?

You are working on an Apple Payments credit card. That would make apple juice slow its service sales as iPhone sales, and Goldman will expand its customer loans to offset declining trade sales. The loser: Barclays Goldman would replace.

But they would face challenges. More from Tripp Mickle and Liz Hoffman of the WSJ:

The pressure on credit cards is closely linked to Goldman, whose track record in consumer finance is barely two years old. Credit cards are a murderous business that is dominated by larger competitors such as JPMorgan Chase and Citigroup. The returns are falling. And Goldman lacks much of the infrastructure to issue credit cards and make payments to merchants.

Elsewhere in Financial Services: The morale of Deutsche Bank in the US is shrinking. The Bank of America talked about selling Remington Outdoor their piece of a loan.


Andy Samberg, left, and Andre Braugher in Brooklyn Nine-Nine. Credit
John P. Fleenor / Fox

The Offers Are Flying

• Media M. & A. Movements have tarnished the fate of TV shows. (That is, R.I.P. "Brooklyn Nine-Nine.") What keeps Greg Maffei of Liberty Media from the deal.

• Silver Lake agreed to buy ZPG, a UK online real estate platform operator, for around $ 3 billion. (Bloomberg)

• We like the codenames in Takeda's Pharmaceuticals Deal for Shire: Takeda was "Yamazaki," Shire "Hibiki." (Bloomberg)

• Dan Loeb's Third Point Is Allegedly Under Discussion to Create a Gap – Verification Company (Reuters)

• Why Alphabet Next to Walmart could invest in Flipkart. Robinhood, an online brokerage, has raised $ 363 million from a $ 5.6 billion rating from people like DST Global. The New Zealand sovereign wealth fund invested $ 65 million in Rubicon Global, a startup for waste collection.

• Volvo's parent company has reportedly hired Citigroup, Goldman Sachs and Morgan Stanley to lead an IPO. The largest I.P.O. of the year so far, AXA Equitable, fell in initial trading. Thoma Bravo is reportedly considering an I.P.O. or sale from Dynatrace, a software manufacturer.

• Saint-Gobain from France has dropped his long-standing takeover bid for a Swiss competition, Sika. (FT)


Eric Thayer for the New York Times

Thousands of Russian Ads on Facebook

Democrats from the House Intelligence Committee released 3,519 ads accused by the Internet Research Agency, a Russian organization accused of intervening in the 2016 presidential election were bought. Her audience includes fans of Sean Hannity and supporters of Black Lives Matter. Facebook acknowledged that it was "too slow to detect this kind of disruption in the information business," but said it was working to prevent such abuse.

Elsewhere on Facebook: A Calstrs portfolio manager compared the company's stock structure to a "dictatorship". (Note: The New York Times Company also has shares with two classes.)

Cryptocurrency corner: Huawei gives its users easier access to Bitcoin. Cryptocurrency-inspired art is now one thing, with a crumbling portrait of Jamie Dimon receiving $ 33,000

Elsewhere in the Technique: SoftBank's Masa Son has changed tech investing, for good and evil , Amazon has reportedly stopped buying "Shopping" ads in Google search results. Apple has scrapped plans for a $ 1 billion data center in Ireland. How Didi Chuxing teamed up with Uber's biggest rival in Brazil, 99. Panasonic apparently hesitates to invest more in a battery partnership with Tesla.

Revolving Door

• JP Morgan Chase Chris Berthe As a global head of cash equities execution, leading teams that electronically match stock buyers and sellers. (CNBC)

• Moelis & Company has discontinued Anuj Mathur as Managing Director, specializing in Internet and Digital Media Investment Banking. (Moelis)

Reading the Speed ​​

• Spotify said it would stop promoting or recommending music from artists whose behavior or content it found offensive, including R. Kelly. (NYT)

• Elaine Wynn has become a champion of shareholder rights and good corporate governance. (NYT)

• The novelist Junot Díaz, who works for M.I.T. is accused of alleged allegations of sexual misconduct, resigns as chairman of the Pulitzer Prize. (NYT)

• Marchesa, the brand founded by Harvey Weinstein's wife Georgina Chapman with the support of Anna Wintour and Scarlett Johansson, is making a comeback. (NYT)

• Bloomberg Philanthropies has invested $ 43 million in more than 20 small and medium-sized cultural organizations in seven cities. (NYT)

• MoviePass has competition. (Wired)

We would appreciate your feedback . Please send your thoughts and suggestions by email to bizday@nytimes.com

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