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

The Wall Street Journal
Good morning,
In Harvey’s Wake
The economic consequences of one of the worst natural calamities in U.S. history are starting to be felt across the country. Gasoline prices surged to a two-year high at the pump Thursday after the owner of the largest pipeline in the U.S. reported that shipments were being sharply curtailed, spreading the economic pain from Hurricane Harvey throughout the country. Retail prices approached $2.49 a gallon by Thursday evening, up about 14 cents from a week ago. In some cities, prices have climbed much more than that and could keep rising. The storm knocked out more than 20% of U.S. refining capacity. Texas drivers are starting to worry about getting enough gasoline. Meanwhile, at least 42 deaths have been attributed to Harvey. In Houston, residents came out to assess the wreckage and begin cleanup efforts. The storm has affected 100,000 homes and sent more than 30,000 people to emergency shelters around the state.

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Defense Brief
Lawyers for President Trump have met several times with special counsel Robert Mueller in recent months and submitted memos arguing that Mr. Trump didn’t obstruct justice by firing former FBI chief James Comey and calling into question Mr. Comey’s reliability as a potential witness. The legal arguments and meetings offer the first detailed look at the interplay between the wide-ranging investigation and the team that is representing the president. One memo submitted to Mr. Mueller by the president’s legal team in June laid out the case that Mr. Trump has the inherent authority under the constitution to hire and fire as he sees fit and therefore didn’t obstruct justice when he fired Mr. Comey in May. There is no indication Mr. Mueller accepted the lawyers’ reasoning or has dropped the part of his inquiry looking at any obstruction of justice by the president.
Account Error
Wells Fargo said its sales-practices scandal was far broader than it had previously acknowledged, ensuring that the bank will continue to face scrutiny over a problem that has weighed on it for nearly a year. The San Francisco bank said Thursday that 3.5 million “potentially unauthorized” customer accounts were opened as a result of improper sales tactics, a 67% increase over the 2.1 million figure it made public last fall. The disclosure, made at the conclusion of a review of the misconduct, comes against a backdrop of new missteps within Wells Fargo’s consumer-lending operations and significant underperformance in the stock market compared with its big-bank peers. Wells Fargo said it was providing $3.7 million in additional customer refunds as a result of the revised tally of potentially bogus accounts.
Grid of Shame
It’s kickoff week for college football and, of course, winning goes a long way to bolster fans’ enthusiasm for their team. It packs stadiums, brings in money and can even lead to the glory of a national championship. However, at many programs, there’s a qualifier for evaluating that winning: How much did supporters and alums have to grit their teeth and pinch their noses on their way to those victories? This is the awkward harmony of college football. There’s what happens on the field, which grips fans like nothing else on Saturdays. Then there’s what goes on off the field, which may be the only thing capable of overshadowing the football itself. With the season moving into full gear this weekend, it’s time for our annual Grid of Shame. See how your college football team stacks up.
TODAY'S VIDEO
Key Players
That Was Painless
U.S. investigators are looking into contacts between several current and former associates of President Trump and Russian individuals—some with direct ties to the Russian government or state-owned entities. We provide a who’s who of the Russians at the center of the probes.
TOP STORIES
U.S.

Administration Cutting Ads and Grants Aimed at Boosting Affordable Care Act Sign-ups

Four Companies Chosen to Build Prototypes of Border Wall
WORLD

U.S. to Block Potential Russian Move Into American Energy

In Win for Macron, Union Opposition to French Labor Overhaul Is Mild—So Far
BUSINESS

Big Food Faces Pressure From Retailers Demanding Discounts

Tenet Healthcare CEO to Step Down as Activist Flare-Up Continues
MARKETS

Life Insurer Faces Off Against African-American Church in Battle Over Rates

Watch Out: The Weak Dollar Gives Shareholders Money Illusion
NUMBER OF THE DAY
22
The number of blank-check initial public offerings in the U.S. so far this year, raising $6.9 billion. That accounts for a record 22% of the money raised in IPOs in 2017, putting the year on track to be the busiest since 2007 for blank-check IPOs, which involve companies with no assets that are seeking to raise cash for acquisitions. Nasdaq wants to make it easier for such companies to go public.
QUOTE OF THE DAY
I was Trump before Trump was Trump.
Former Trump campaign aide Corey Stewart, now running for Senate in Virginia, in a campaign announcement. Mr. Trump’s presidency is already reframing Republican primaries, which for the past generation have largely been contests over which candidate is the most conservative. Now the question often is: Which candidate is the Trumpiest?
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the scandal over Wells Fargo’s sales practices? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on former Trump campaign chairman Paul Manafort’s link to a Russian oligarch, Joel McLemore of Georgia wrote: “Unless someone shows me that the oligarch affected the vote in 2016 in a way specifically adverse to Hillary Clinton or specifically favorable for Mr. Trump, I do not care how many Trumpsters associated with him. The ‘crime’ is all that matters, and so far there seems to be none.” Ben Richmond of Washington, D.C., said: “Mr. Manafort’s ties to a pro-Putin oligarch who advocated for policies contrary to the interests of the U.S. are shameful and unpatriotic. The pro-Putin policy agenda of Mr. Manafort’s former clients reinforces the need for strong, independent investigations into Russia’s involvement in our 2016 election.” And William C. Plumpe of Michigan commented: “Too many contacts over time by too many key Trump aides with the Russians to be mere coincidence.”

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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