Apr 11, 2018

California governor to add 400 National Guard members

Governor Brown. Photo: Stephen Lam / Getty Images

California governor Jerry Brown has agreed to use federal funding to add 400 National Guard members to their efforts "combat transnational crime," although it was not clear how many would be specifically sent to the border.

Why it matters: There has been ongoing friction between California and the Trump administration over immigration issues. Governor Brown did not make a public statement on Friday when Defense Secretary James Mattis approved funding for up to 4,000 National Guard troops to be sent to the border.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.