Apr 19, 2017

Sessions hints DOJ will keep fighting Obamacare subsidy case

(Alex Brandon / AP)

Attorney General Jeff Sessions suggested the administration will keep appealing the House lawsuit on the legality of Obamacare insurer subsides in an interview on Fox News on Wednesday.

When asked by an interviewer whether he would "continue to allow the legal process to continue for another judge to take a look at this case," or whether he'll take a "step back from it," Sessions chose the former. "The legal process will continue," he said, indicating the administration will continue to challenge a district court ruling saying the payments are illegal.

Why this matters: The subsidies have become a huge issue as insurers make decisions about the 2018 enrollment period. This doesn't give them much new certainty about what will happen long-term, but it seems to suggest the payments will at least continue while the appeal plays out.

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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.