The Wall Street Journal du 01-07-2022
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Publié par
Date de parution 01 juillet 2022
Langue Français
Poids de l'ouvrage 10 Mo

Extrait

Bed Bath & Beyond’s
board replaced CEO
Tritton with an interim chief
as the home-goods chain
reported a plunge in sales
and a wider net loss.A1

YEN136.57

GOLD$1,813.70g$3.80

EURO$1.0442

Business & Finance

DJIA31029.31À82.32 0.3%

* * * *

Xerox saidits CEO,
Giovanni “John” Visentin, died
on Tuesday “due to
complications from an ongoing
illness.” Xerox’s operations chief
will serve as interim CEO.B4

World-Wide

NASDAQ11177.89g0.03%

elsius becamea
cryptoC
currency lending giant
on a pitch that it was less
risky than a bank, with
better returns for customers,
but investor documents
show it carried far more risk
than a traditional bank.A1

A British Virgin Islands
court ordered the
liquidation of Three Arrows after
creditors sued the
cryptocurrency hedge fund for
failure to repay debts.B1

U.S. Edition

What’s
News

U.S. stocks werelittle
changed, with the Dow
adding 0.3% and the S&P 500
and Nasdaq slipping 0.07%
and 0.03%, respectively.B10

Nexstar Media is close
to a deal to acquire
majority control of the CW
Network from co-owners
Warner Bros. Discovery and
Paramount Global.B1

Migrant Death Toll Rises in Texas Tractor-Trailer Tragedy

WSJ.com

10-YR. TREAS.Àyield 3.091%31/32 ,

Poland, as NATO prepares for
two more members to join the
alliance in response to Russia’s
invasion of Ukraine.
The announcement, which
follows a NATO pledge this
week to increase its
high-readiness forces to more than
300,000 troops from about
40,000 now, comes despite
Washington’s efforts to shift
U.S. attention toward China
and offers fresh evidence how
Russia’s war is upending
international security.
“We’re stepping up. We’re
proving that NATO is more
needed now than it ever has
been,” President Biden said on
Wednesday at the opening of
the North Atlantic Treaty
Organization summit.
The shift to China was
evident in the release of NATO’s
updated “Strategic Concept,” a
mission statement for the
decade ahead. China wasn’t
menPlease turn to page A8

ByAlex Leary,
Tarini Parti
andGordon Lubold

The Fed’s Powell saidhe
was more concerned about
the risk of failing to stamp
out high inflation than he was
about the possibility of raising
rates too high and pushing the
economy into a recession.A2

ERIC GAY/ASSOCIATED PRESS
REMEMBRANCE: A makeshift memorial expands at the site where officials on Monday found dozens of migrants dead in an
abandoned truck. The number grew to 53 Wednesday. The past two years have been among the deadliest at the border. A3

Pitched as Safer Than a Bank,
Crypto Giant Proved Riskier

Spirit Airlines
ispostponing a vote on a merger with
Frontier that had been
scheduled for Thursday to
continue talks with Frontier
and JetBlue, a rival suitor.B1

Celsius Network LLC became
a cryptocurrency lending giant
on a pitch that it was less risky
than a bank with better returns
for customers.
But investor documents
show the lender carried far
more risk than a traditional
bank.
The lender issued numerous
large loans backed by little
collateral, according to Celsius
investor documents from 2021
reviewed by The Wall Street
Journal. The documents show

Celsius, according to data from
FactSet.
For banks, that ratio is of
great importance: Regulators
look at it as an indicator of
risk. For unregulated
companies like Celsius, the ratio of
19:1 is particularly high given
that some of its assets were
investments in the extremely
volatile crypto sector, said Eric
Budish, an economist at the
University of Chicago’s
business school who studies
cryptocurrencies. Large banks often
have ratios near Celsius’s, but
they hold much more stable
assets and have access to
central

that Celsius had little cushion
in the event of a downturn and
made investments that would
be difficult to unwind quickly if
customers raced to withdraw
their money. Celsius didn’t
respond to requests to comment.
Celsius had $19 billion of
assets and about $1 billion of
equity as of last summer,
before it raised new funds,
according to Celsius investor
documents from 2021 reviewed
by the Journal. The median
assets-to-equity ratio for all the
North American banks in the
S&P 1500 Composite index was
about 9:1, or about half that of

MADRID—The U.S. plans to
make its biggest military
expansion in Europe since the
Cold War, including its first
permanent troop presence in

U.S. Aims
To Boost
Military
Presence
In Europe

Biggest expansion
since Cold War includes
full-time deployment
of troops in Poland

O R I G I N A L C O P Y
.

The U.S. plansto make its
biggest military expansion in
Europe since the Cold War,INSIDE
including its first permanentTrump’s
Preset Stock Sales Raise
troop presence in Poland, as
members to join the allianceCounsel
NATO prepares for two more
in response to Russia’s in-Insider-Trading Concerns
Biden metwith theReceives
vasion of Ukraine.A1, A8-9
leaders of Japan and South
WSJ analysis shows executives benefit when plans begin quickly
the NATO summit andJan. 6RICK BOWM ER/AP
Korea on the sidelines of
pledged deeper cooperationBYTOMMCGINTY ANDMARKMAREMONTPrearranged trading plans, created by a
weapons provocations.A8Subpoenahave become a popular way for top execu-As Plug Power Inc. shares soared to a
15to counter North Korea’sPERSONAL JOURNALregulation put in place two decades ago,
Airlines try new steps
year high in January 2021, longtime Chieftives and other company insiders to sell
The House panelinves-to speed up help for
WASHINGTON—The HouseExecutive Andrew Marsh unloaded some ofshares. Under the rule, corporate insiders
tigating the attack on the
frustrated
committee investigating the at-his stock in a well-timed sale.can be shielded from allegations of trading
Capitol said it has
subpoetack on the Capitol said it hastravelers.A13on inside information as long as they sell us-In his biggest-ever payday from selling
naed former White House
subpoenaed former Whitethe company’s shares, Mr. Marsh netted $36ing an automated trading plan set up when
counsel Pat Cipollone,
seekHouse counsel Pat Cipollone,million by selling about 40% of his holdingsthey didn’t know about any impending news.
ing information regarding
seeking information regardingBUSINESS & FINANCEThe rule allows these arranged trades tounder an automatic trading plan.
concerns he raised about
concerns he raised about for-The plan, it turned out, had been set upbegin immediately.
Trump’s action related toFord shifts how it sells
mer President Donald Trump’sonly the month before. And shortly after heA Wall Street Journal analysis of 75,000
the Jan. 6, 2021, riot.electric cars, sparking
A1, A4
action related to the Jan. 6,sold, a string of negative company an-prearranged stock sales by corporate
insidworries on dealers’
State court battlesover 2021,riot. nouncementssent the fuel-cell maker’sers, using a comprehensive compilation of
the future of abortion accesslots.B1shares plunging—down 60% over threethe data, shows that about a fifth of them
continued to expand, as
aborBySadie Gurman,months.Please turn to page A10
tion providers in Ohio and
Alexa Corse
West Virginia filed legal
chalandScott Patterson
lenges to state laws curtailing
access to the procedure.A3The subpoena comes a dayIf Inflation Hasn’t Made You
after former White House aideBed Bath & Beyond
Cassidy Hutchinson said thatCrazy, Try Buying an I Bond
The Supreme Court ruled
5-4 that Oklahoma can
prosdangers if Mr. Trump marchedSales Sink, CEO Exits
Mr. Cipollone warned of legali i i
ecute non-Native Americans
in Indian country, clawing
to the Capitol and that heSome investors face weeks of red tape;
back part of its 2020
decitried to get the then-presidentBYSUZANNEKAPNERThe news came as Bed Bath
sion recognizing nearly half
to call off the mob after the‘cruel and unusual punishment’
ANDDEANSEAL& Beyond reported that sales
the state as a reservation.A3
riot had started.for the three months to May 28
The highest-profilesur- InBed Bath & Beyond Inc. saidthe committee’s letter toplunged by a quarter compared
viving participant of a 2015Mr. Cipollone, it said he had in-BYANDREAFULLERwill put up with a weeks-longwith the same period last year,it is replacing its chief
executerrorist attack that killedformation concerning Mr.ANDJASONZWEIGwhile its net loss widened totive as quarterly sales droppedbureaucratic rigmarole that
130 people across Paris inTrump’s “awareness and in-one likened to a “Bataan Death25% and the company strug-$358 million from $51 million.
a single night was sen-volvement in activities under-This spring, Caren Bordow-March.” gledto deal with high inflationBed Bath & Beyond’s shares,
tenced to life in prison.A20itz of Macomb, Ill., sacrificedtaken to subvert the outcomeand changes in customers’To buy the bonds in elec-down more than 55% this year
of the 2020 presidential elec-vacation time, hauling herselftronic form, investors mustspending patterns.and nearly 80% over the last
An appeals court ordered
tion.” Mr. Cipollone has spokento a bank almost halfwayvisit the government’s Trea-When Mark Tritton took12 months, shed an additional
a new trial for imprisoned
informally with the committeeacross the state.suryDirect.gov website. Therethe helm of the company in24% Wednesday.
insurance executive Greg
but hasn’t testified under oath.Her mission? To buy a U.S.they can enter their bank in-2019, he moved quickly toThe CEO change comes
afLindberg, who was convicted
He didn’t respond to a requestsavings bond.formation andoverhaul the home-goodster Bed Bath & Beyond faced
of attempted bribery.A6
for comment.With the stockbuy a maxi-chain by cleaning up crowdedpressure from activist investor
The subpoena highlights themarket sinkingmum $10,000aisles, scaling back couponsRyan Cohen, the billionaire
CONTENTSOpinion.............. A17-19
new paths the committee is ex-and inflation rag-annually per anddoing away with popularfounder of the pet retailer
Arts in Review... A15Personal Journal A13-14
ploring after Tuesday’s testi-ing, a once-ob

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