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Vote for the winner of this week’s world-famous news haiku competition™ in today’s poll! And now for something completely different.

Matt Davis — Need2Know Chedditor

News You Need2Know

What’s the stock market up to, eh?

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Companies mentioned in today’s newsletter

$JPM ( ▲ 0.53% )   $SFD ( ▼ 0.04% )  

President sues JP Morgan, accusing bank and its CEO of political bias

President Donald Trump has filed a lawsuit against JPMorgan Chase $JPM ( ▲ 0.53% ) and its CEO, Jamie Dimon, seeking $5 billion in damages. Trump alleges that the bank unfairly closed his accounts in January 2021 for political reasons, following the January 6 insurrection.

The suit, filed in Miami-Dade County, accuses JPMorgan of bowing to “unsubstantiated, ‘woke’ beliefs” and politically motivated discrimination aimed at distancing the bank from Trump and his conservative views.

Trump’s complaint claims JPMorgan’s actions caused financial and reputational harm to him and his businesses. It also alleges that Dimon directed JPMorgan to place Trump and his affiliates on a “blacklist” of individuals deemed high-risk or non-compliant with bank rules. “JPMorgan debanked the accounts ‘because it believed that the political tide at the moment favoured doing so,’” the complaint states.

The bank, however, has denied the allegations. “While we regret President Trump has sued us, we believe the suit has no merit,” JPMorgan said, adding that account closures are based on regulatory considerations, not politics.

Perhaps not entirely coincidentally, JPMorgan Chase CEO Jamie Dimon criticized Trump’s Immigration and Customs Enforcement (ICE) crackdown in Davos yesterday, likening it to "five grown men beating up a little old lady."

Speaking at the World Economic Forum, Dimon advocated for a calmer, more compassionate approach to immigration, emphasizing the contributions of immigrants to industries like healthcare, agriculture, and hospitality. He urged pathways to citizenship for hardworking individuals and proper asylum policies.

Coney Island hot dog hawker Nathan’s Famous sells for $450 million

The landscape of American fast food is shifting as the legendary Nathan’s Famous Inc. has agreed to be acquired by Smithfield Foods Inc. $SFD ( ▼ 0.04% ) in a deal valued at approximately $450 million. The sale marks a massive milestone for the company that began as a humble nickel hot dog stand on Coney Island in 1916.

Smithfield, the world’s largest pork producer, will pay $25.35 per share in cash to take over the iconic brand. For Smithfield, which already manufactures the hot dogs sold under the Nathan’s label, the acquisition is a strategic move to expand its portfolio of branded products.

Nathan’s Chairman Howard Lorber expressed optimism about the future, stating, “We are excited to become part of the Smithfield family.” He then ran off with a huge bag of money, bound for Las Vegas.

While the ownership is changing, the brand’s deep-rooted connection to New York culture remains intact. With over 10,000 outlets and its world-famous Fourth of July eating contest, Nathan’s Famous is more than just a restaurant; it’s an American institution. This $450 million deal ensures that the "World’s Greatest Hot Dog" will continue to reach fans across the globe.

Song of the Day: Girlfriend, ‘Sideways’

On her full-length debut studio album, “Honey Water,” Girlfriend keeps lighting the same match and wondering why her fingers burn. Her songs revolve around staying when you should leave. Here’s one about “looking at me sideways.” So, it’s just like this newsletter!