The 10-Point: My Guide to The WSJ Date: Fri, 19 Dec 2014 07:39:16 -0500 From: Gerard Baker, WSJ Reply-To: [email protected] To: [email protected] The 10-Point. Gerard Baker Editor in Chief of The Wall Street Journal Good morning, A Fuzzy Picture U.S. officials are in a quandary over how to respond to the possibility that a nation-state used malware to attack a U.S. corporation. Our story looks at why the White House is walking a fine line in its search for a response to North Korea’s apparent hacking of Sony Pictures. By presidential directive, the military has a responsibility to help protect and defend critical infrastructure in the U.S. However, entertainment companies aren’t part of the infrastructure listed in the directive, presenting a dilemma for the U.S. government. Furthermore, we note that retaliating presents its own set of challenges, with options that people familiar with the discussions say are either implausible or ineffective. Meanwhile, we report that ripples from Sony Pictures’ decision not to release its controversial comedy “The Interview” immediately reached other entertainment projects in the works as producers and studios sought to distance themselves from productions involving North Korea. Our film critic Joe Morgenstern writes in his review that “watching ‘The Interview’ is torture from almost start to finish.” Burned by Oil Oil losses are adding to the challenges facing the $2.8 trillion hedge-fund sector. Our story takes a look at some bad bets made by star investors during 2014. Billionaire Carl Icahn, for example, has seen the value of his firm’s holdings of a Canadian oil-and-gas company tumble $230 million since late August, and John Paulson’s firm suffered one of its largest losses of the year on a gamble that big oil firms would gobble up smaller ones. That’s not to say some hedge funds weren’t on the right side of falling oil prices. Brazilian private-equity firm 3G Capital recently launched a fund that is up more than 20% for the year through November on the back of an oil prediction. And some hedge funds are looking to take advantage of the turmoil, examining everything from debt and stocks that sold off sharply to longer-term opportunities, such as lending to distressed energy companies that are facing payments due in coming months. Meanwhile, we report that oil prices moved back into positive territory in trading today, but they are likely to remain volatile as markets continue to look for a price floor. Bear Left For some time, the liberal and moderate strands of the Democratic Party have maintained a united front. But that cooperation has become strained after the midterm elections. Our story analyzes fissures that are emerging among Democrats over the party’s economic message. They pit those who favor policies that foster broad economic growth against others rallying behind Sen. Elizabeth Warren’s call for a focus on income inequality. Those aligned with Ms. Warren call for policies that would increase the minimum wage, raise taxes on wealthy households and subject Wall Street firms to tighter regulation. One question hanging over the party is whether former Secretary of State Hillary Clinton will cast herself in Ms. Warren’s populist mode or adopt a more centrist, business-friendly stance, should she run for president. We note that her history suggests the latter. Meanwhile, in her latest attack on Wall Street, Ms. Warren is pointing fingers at Citigroup. The Art of Giving Are you tired of giving the same generic gifts over the holidays? We find that shoppers looking for more creative presents for the family are turning to art as an alternative to books, sweaters and computer games. Online-art retailers, such as Etsy, Artsy.net and Christie’s own online store, are making it easier than ever to build personal collections. If you need some help picking something out, we have tips on what art to give everyone in the family and offer an eclectic list of ideas—from a tarantula-shaped perfume bottle to a “drawing in pubs” class—gathered from museum stores, galleries and online merchants. And if you would still like to explore non-art options, here are some modern gift ideas—from a minimalist party bag to a design purist’s ping pong table. Also be sure to check out our guide for gifts of the future, which includes electronic pants, robotic dogs and printers that spit out sculptures, among other gadgets. TOP STORIES U.S. U.S. Spy in Havana Exposed American Moles Obama Spells Out College-Ranking Framework WORLD Boko Haram ‘Kidnaps Nearly 200 Villagers, Kills Dozens’ in Nigeria Several Islamic State Leaders Have Been Killed in Iraq, U.S. Says BUSINESS Can Wal-Mart Clerks Ship as Fast as Amazon Robots? Cuba-U.S. Thaw Could Heat Up Fights Over Cigar, Rum Rights MARKETS Ex-American Realty Chair Accused of Ordering Accounting Changes Mobile’s Rise Poses a Riddle for Banks TODAYS VIDEO WSJ’s Quirkiest Videos of 2014 That Was Painless Italian donkey races, beer-chugging runners and bulldog beauty contests. A look back at some of WSJ’s quirkiest videos of the year. NUMBER OF THE DAY $36.65 billion The cost of the government’s three separate settlements with Bank of America, Citigroup and J.P. Morgan since late 2013, including the $16.65 billion deal with BofA in August that is the largest ever between the U.S. and a single company. Our story looks at how a memo jump-started the investigation that helped the Justice Department get the settlements. QUOTE OF THE DAY It’s not a matter of Crimea. We are defending our independence, our sovereignty and our right to exist. We should all understand this. President Vladimir Putin in response to a question about whether Russia’s current economic troubles were “payment for Crimea.” TODAYS QUESTION Going back to our earlier story, how should Washington respond to North Korea’s apparent attack on Sony Pictures? Send your comments to 10point@wsj. —Compiled by Khadeeja Safdar READER RESPONSE In answer to yesterday’s question about the thawing of U.S.-Cuba relations, Arsenio Amores, who said he’s a Cuban exile based in Maryland, wrote: “Only Obama thinks this is a positive accomplishment for the U.S. and the world at large. With this agreement, O condones all inhuman actions undertaken for over fifty years by the Castro regime. And additionally throws all the Cuban exile population under the bus.” And Tome Walters of Texas wrote that President Obama had provided “a lifeline to one of the last Communist governments standing. One with a miserable record on political freedom and human rights. I can’t wait to hear his plans to bring the full weight of the U.S. government to bear on the Castros to move Cuba toward freedom and democracy. Something beyond Sean Penn visits. I expect I’ll still be waiting a year from now…” But Mary Ann Mikulski of New York, describing herself as “overjoyed,” said the thawing “is something I’ve wanted for over 50 years. It’s so hypocritical for the U.S.to be fueling the Communist Chinese economic growth, a country that could turn on us and destroy us in an instant, and yet continue economic sanctions against tiny, almost helpless, Cuba.” This daily briefing is named The 10-Point after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary Whats News digest of top stories. Technically, 10-point referred to the size of the typeface. The type is smaller now but the name lives on. SUBSCRIBE FOR FULL ACCESS TO WSJ.COM You are currently subscribed as [email protected]. 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Posted on: Fri, 19 Dec 2014 17:58:32 +0000
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