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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Taxing Days
The weekend revelation of some of Donald Trump’s tax records put the New York real-estate developer on the defensive by showing the extent of his 1990s financial troubles and suggesting those setbacks could have eliminated his federal income-tax bill for years afterward. Parts of Mr. Trump’s state tax documents from 1995 show that he reported a $916 million loss on that year’s tax return. That would allow him to legally soak up years of future income without paying any federal income taxes. The revelations leave Republicans increasingly concerned he is ceding momentum to Hillary Clinton. Meanwhile the latest trouble raises the stakes a little for Indiana Gov. Mike Pence’s performance opposite Sen. Tim Kaine in the vice-presidential debate on Tuesday, though the undercard event seems unlikely to change much. The latest Wall Street Journal poll, meanwhile, shows Mrs. Clinton luring seniors, the country’s most reliable voters, away from their usual support of Republicans.
No Deal
Colombian voters narrowly rejected a peace accord between President Juan Manuel Santos and a Marxist rebel group that would have ended 52 years of conflict, a startling outcome that thrusts the country into uncertainty. The vote in Colombia came barely a month after the government and the Armed Revolutionary Forces of Colombia, or FARC, concluded four years of peace negotiations in Cuba. Polls had earlier shown the “Yes” vote comfortably winning the referendum. The deep antipathy Colombians hold toward the FARC propelled the “No” vote, but absenteeism was also an important factor: Fewer than 38% of voters went to the polls nationwide. Mr. Santos said the vote wouldn’t affect the cease-fire, and that on Monday he would convene a meeting with all political forces in Colombia to discuss how to proceed.
Keep Talking
Deutsche Bank’s talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases are continuing, with no deal yet presented to senior decision makers for approval on either side. People familiar with the settlement talks say details remain in flux. Justice Department lawyers have floated the possibility of also reaching accords with other European banks who have yet to resolve similar investigations and announce them at once, but no such move is certain. Deutsche Bank’s shares have been on a roller coaster over questions about how big a fine the lender might end up paying to close out the investigations into its role packaging and selling mortgage-backed securities before the financial crisis. But what lies at the heart of Deutsche’s troubles is the market’s loss of confidence in its business model, writes our Europe File columnist Simon Nixon.
New Year, New Fruit
Fall delivers cool weather, crisp leaves and also a spike in the sales of mangosteens, cherimoya and other offbeat fruit. The bonanza is propelled by Rosh Hashana, the two-day celebration of the Jewish new year, where some follow a tradition of trying a new fruit on the second day of the holiday—Tuesday, this year. Loosened U.S. import restrictions over the years have unleashed a fruit avalanche. As more varieties become available, the quest to find the weirdest fruit has grown fevered, especially in the New York region. The northeast U.S. usually receives 20% to 25% of the nation’s exotic fruit; around Rosh Hashana, that edges closer to 70%. “Some of them are really awful tasting,” said the head of business development for one market. “We buy them anyway.” That is because they know they will sell.
Celebration Turned Tragic
That Was Painless
Several dozen people died in a stampede Sunday when a religious celebration in Ethiopia turned into an anti-government demonstration that triggered police to fire tear gas and rubber bullets.

A Recorder Box on NJ Transit Train That Crashed Didn’t Work

Gun-Show Customers’ License Plates Come Under Scrutiny

What’s Derailing Greece’s Plan to Sell State Assets? Its Own Government

Low Turnout in Migrant Referendum Is a Setback for Hungarian Premier

Drugmakers Point Finger at Middlemen for Rising Drug Prices

TE Connectivity CEO Tom Lynch to Step Down, President Will Be Successor

Current and Former MPS, Deutsche Bank, Nomura Executives Charged in Italy

An OPEC Output Cut Not Likely to Alter Oil Imbalance
The final score of the 2016 Ryder Cup, in which the U.S. beat Europe on Sunday for the first time since 2008 and just the second time this century.
We are not leaving the European Union only to give up control of immigration again...We are going to be a fully independent, sovereign country—a country that is no longer part of a political union with supranational institutions that can override national parliaments and courts.
British Prime Minister Theresa May signaled that the U.K. would pursue a clear break from the European Union, saying that the U.K. would trigger the process of disentangling from the bloc by the end of March.
Going back to our story above, what are your thoughts on the revelation of some of Mr. Trump’s tax records? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on clients retreating from Deutsche Bank, Daniel Souza of Connecticut wrote: “The $14 billion fine slapped on Deutsche Bank by U.S. regulators contributed to doubts by investors and depositors about the bank’s survivability. The magnitude of the proposed fine is unprecedented, arbitrary and unwarranted when considering fines on other banks like Goldman Sachs which was hit for a much smaller $5 billion. U.S. authorities have gone too far on this one and created an unintended consequence: the risk of another Lehman event.” Jay Davidson of Colorado said: “Two things killed Lehman: a severe, and short duration, liquidity crisis and a Federal Reserve chairman that chose, perhaps for personal reasons, to let Lehman fail. Neither event exists in this case. Good time to buy Deutsche Bank stock.” And Roy Farrow of Nevada opined: “Politically motivated retribution undertaken by government never plays out in a constructive manner. The irony of our government precipitating another financial crisis, after being a primary culprit in the last financial crisis, is simply too rich. Let’s hope that the next POTUS has the political courage to stop the ambulance chaser approach of seeking deep pockets to assuage the pain occasioned in large measure by its malfeasance. The excessive fines delivered upon our banking system are a prime reason our economy has been in neutral for eight years and counting.”
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 "What's 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.
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