Why Trump’s Accounting Firm Wanted Out | Munger Bashes Bitcoin | Ukraine’s Cyber Warning

Plus: Americans’ Response To Inflation Is Not What Many Expected

Good morning.

For years Mazars juggled the balancing act of lending credibility while also distancing itself from Donald Trump’s financial claims—it’s no surprise the accounting firm has now cut ties with this tricky client. We’re also covering billionaire investor Charlie Munger’s call to ban cryptocurrencies, and whether cyber attacks against Ukrainian institutions could be a prelude to more significant intervention. Finally, don't miss this story about why American shoppers appear to have made peace with a rise in consumer prices.

Correction: Yesterday’s edition of the Daily Dozen referred to Marvin Lewis as a former Rams coach. That is incorrect. Lewis was head coach of the Cincinnati Bengals from 2003 to 2018. We regret the error.

In The News Today

The U.S. disputed Russia’s claim that a number of troops returned to their garrisons, accusing Moscow of dispatching an additional 7,000 soldiers to the country’s border with Ukraine.

Mikaela Shiffrin failed to finish the second leg of the alpine combined skiing event, her final solo event at the Beijing Olympics, the latest disappointment for the American skier.

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Recent cyber attacks on Ukrainian banks and military, suspected to originate in Russia, appear to be an attempt to cause psychological disruption in Ukraine. It could be a signal for a far more significant attack in the future, and possibly a physical one.

Famed investor Charlie Munger, vice chairman at Berkshire Hathaway and longtime business partner of Warren Buffett, harshly criticized cryptocurrencies like bitcoin and warned investors not to treat the stock market like a “gambling parlor.”

News that Donald Trump’s longtime accounting firm Mazars severed its ties with the former president isn’t that surprising, considering Trump’s long history of lying about his wealth and Mazars’ long history of both enabling, and trying to distance itself from, the whole charade.

Shares of Roblox plummeted 25% Wednesday morning after a worse-than-expected earnings report. The wildly popular Gen-Z online gaming platform became the latest tech company punished by investors for failing to meet revenue expectations.

Colorado-based Company Six sells beer can-sized surveillance robots as a tool to help police in difficult situations. But a consultant for the manufacturer, who is also a former police chief, was recorded at a sales presentation earlier this month making “unacceptable” comments on how the device could be used to spy on women.

The Biden administration announced a new wave of $415 million in student loan forgiveness to support borrowers who were defrauded by the educational institutions they attended, such as DeVry University, Westwood College, and ITT Technical Institutes. 

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