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2 years agoon
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adminThe Atlantic is publishing a collection of key internal government documents related to the Trump administrations family-separation policy, known as Zero Tolerance. The records informed the reporting of my cover story on how it came to be and who was responsible. Our hope is to introduce greater transparency around a policy that gravely harmed thousands of families and whose development and intent were concealed from the public for years. During the Trump administration, more than 5,000 migrant children were taken from their parents as part of a dubious and ineffectual strategy to deter migration across the southern border. Hundreds remain separated today.
From the September 2022 issue: We need to take away children
These records showcase, among other things, government officials attempts to mislead the public; inconsistent and sometimes nonexistent record keeping, which to this day means that a full accounting of separations does not exist; efforts to extend the length of time that children and parents were kept apart; and early and repeated internal warnings about the policys worst outcomes, which were ignored.
As you will see, some of the records are marked pre-decisional, deliberative, or attorney-client privileged in an attempt to exempt them from federal disclosure requirements and ensure they would never become public. The Atlantic obtained them only through extensive litigation.
The Atlantics records, combined with others secured by the House Judiciary Committee, the progressive nonprofit group American Oversight, and separated families themselves, have been organized and tagged for future use. The collection is far from complete, and many of the documents still contain redactions. However, we hope that this database will prove a useful tool for those engaged in research and documentation of family separations, and that the body of publicly available information will continue to grow.
Jump to Initial separations, Deliberations leading up to the implementation of Zero Tolerance, Zero Tolerance Policy, Misleading the public, Investigations by the Department of Homeland Securitys Office for Civil Rights and Civil Liberties, Problems with family reunification and attempts to thwart it, Known instances of separation, Collections, Further readingInitial Separations (Pilot Programs)
In the spring of 2017, Jeff Self, the Border Patrol chief in the El Paso Sector, which includes New Mexico and parts of Texas, quietly launched a regional program to start referring migrant parents traveling with children for prosecution, which would require those families to be separated. This strained resources throughout the immigration system, including at the Department of Health and Human Services, which took custody of the children. Federal officials would later call the program a pilot and use it as a model for expanding the practice nationwide. Some early separations also occurred in Yuma, Arizona, under a separate initiative.
Family Separation Directive for Texas Border Patrol stations in the El Paso Sector*
Family Separation Directive for New Mexico Border Patrol stations in the El Paso Sector*
Department of Health and Human Services official: They are discovering more separations that were not reported.
HHS officials contact Immigration and Customs Enforcement seeking help locating the parents of detained separated children.
HHS official reports that the Department of Homeland Security is working on a family separation policy again.
El Paso Sector After Action Report summarizing the results of separations that occurred there in 2017
Jonathan White, head of the HHS program housing children, reports, We had a shortage last night of beds for babies.
HHS officials report, We suspect that there are other [unaccompanied children] being separated from parents.
Border Patrol official Gloria Chavez tells the acting agency chief Carla Provost that the El Paso Sector has been separating families for more than four months. Provost calls for separations to stop.
Provost: This has been ongoing since July without our knowledge It has not blown up in the media as of yet but of course has the potential to.
Border Patrol official Scott Luck asks colleagues Chavez and Hull, Why are we just hearing about it?
A DHS official requests a Border Patrol report on initial separations in El Paso to present to Homeland Security Secretary Kirstjen Nielsen.
The acting deputy chief of the Border Patrols El Paso Sector tells Chavez, inaccurately, that family separations there lasted only two to seven days, and suggests, despite evidence to the contrary, that many people presenting themselves as families at the border were in fact unrelated. Deliberations Leading Up to the Implementation of Zero Tolerance
At a February 14, 2017, interagency meeting, immigration-enforcement officials presented a nationwide plan to separate families as an immigration deterrent. Afterward, officials at the Department of Health and Human Servicesthe agency that would be charged with caring for separated childrenpushed back against the plan while scrambling to prepare. The plan was also leaked to the media, after which Homeland Security officials began to assert publicly that the idea had been abandoned. In reality, during and after regional separation programs were implemented in Texas, Arizona, and New Mexico, the nationwide plan was still being pushed aggressively by leaders of the immigrant-enforcement agencies, as well as by Stephen Miller, President Donald Trumps chief immigration adviser, and Gene Hamilton, a confidant of Millers who worked at DHS and the Department of Justice.
Invitation to the February 14, 2017, meeting
HHS official Jonathan Whites internal summary of proposals discussed at the February meeting
HHS official: DHS stressed in a meeting that the overall intent of the actions is to serve as a deterrent.
White asks enforcement officials for more information about plans to separate families.
List of attempts by White to inquire and raise red flags about plans to separate families
HHS March 2017 report: Children who would be separated tend to skew heavily toward tender aged; separations could be considered a human rights abuse, cause a myriad of international legal issues, and increase the risk of human trafficking.
HHS official: DHS is looking to expand family separations despite a complaint filed with the inspector general. (Original complaint here.)
In an internal memo, federal officials describe family separation as a short term solution to be implemented in the next 30 days.**
December 2017 correspondence between DHS officials: Announce that DHS will begin separating family units.
December 2017 DHS policy proposal: Parental Choice of Detention or Separation
Customs and Border Protection Commissioner Kevin McAleenan plans to formally recommend family separation: I do believe that this approach would have the greatest impact. Zero Tolerance Policy
Zero Tolerance memo signed by Department of Homeland Security Secretary Kirstjen Nielsen
DHS Secretary Kirstjen Nielsens follow-up Zero Tolerance memo with additional instructions
El Paso Sector initial implementation guidance
El Centro Sector implementation guidance
Del Rio Sector implementation guidance
Scott Lloyd of Health and Human Services asks McAleenan and Acting ICE Director Tom Homan for a meeting to discuss the implications of Zero Tolerance.
Border Patrol officials warn of repercussions for prosecutors who declined to participate in separations.
The Justice Departments Gene Hamilton touts a dramatic increase in prosecutions under Zero Tolerance.
A lot of parent separation cases are missing information, an HHS official reports.
HHS officials note inconsistent documentation and tracking issues.
An HHS official reports, There are a bunch of tender age girls stuck in Border Patrol stations; this is caused by the policy decision to separate kids from their families as a deterrent.
A magistrate judge in Tucson, Arizona, inquires about separation and reunification processes.
After a Bownsville, Texas, magistrate demands a list of separated families and their locations, a Border Patrol agent jokes, I might be spending some time in the slammer.
Yuma Border Patrol Sector reports: Resources are strained by meal preparation, and feeding detained families.
Amended Big Bend Sector guidance
Orders to halt separations following President Trumps executive order reversing course on Zero Tolerance in response to public outcry
A Customs and Border Protection official notes failures to properly document separations of 0-to-4-year-old children. Zero Tolerance Charts
Though a full accounting of the family separations that took place during the Trump administration does not exist, these internal government charts offer some insight into the nature of those that were recorded. For example, Homeland Security officials have often suggested that some of the individuals separated under Zero Tolerance were actually false families, or that separated parents were guilty of more serious crimes beyond the misdemeanor of illegally crossing the border, to justify taking their children away. But the first chart in this list makes clear that 2,146 of 2,256 separated parents who were referred for prosecution between May 5 and June 20, 2018, were charged only with the misdemeanor. During the same period, 137 parents were charged with the felony of having crossed the border illegally more than once, while only two were presented with other charges. The second chart notes that over those weeks, at least 251 children younger than 6 were separated from their parents, along with 1,370 children ages 6 to 12, and 1,272 ages 13 to 17.
Zero Tolerance Separation datasets May 5-June 20, 2018
Internal Border Patrol Prosecution Initiative Update charts from July 1 to July 7, 2018
Undated list of reasons for some separations Misleading the Public
Below is a small sampling of instances when government officials, members of congress, reporters and community groups sought information about a noticeable rise in family separations. Despite these inquiries, for more than a year, Department of Homeland Security officials denied that the agencys treatment of families had changed, suggesting that business was proceeding as usual and that families were not being separated any more than in the past.
The El Paso Federal Defenders Office has registered an increase in the separation of children and parents, an immigrant advocacy group wrote to Immigration and Customs Enforcement officials ahead of an August 2017 meeting. What is the current policy on family separation?
Border Patrol officials scramble to respond after a meeting with Representative Beto ORourkes office, in which family separations were inadvertently disclosed.
Months into the El Paso Sector separation initiative, Border Patrol official Aaron Hull tells the ICE official Phil Miller, We dont like to separate families.
Houston Chronicle reporter Lomi Kriel asking whether the Border Patrols policy on family separations had changed, and receiving unclear answers in response. (Kriels article here)
Jonathan White of the Department of Health and Human Services asks Customs and Border Protection Commissioner Kevin McAleenan and Acting ICE Director Tom Homan why his agency is receiving larger numbers of separated children than in the past. Homan does not respond. McAleenan does not disclose that separations have been underway to White.
A communications official at DHS seeks guidance on how to respond to inquiries from the media and immigrant advocacy groups.
DHS official to reporters: We ask that members of the public and media view advocacy group claims that we are separating women and children for reasons other than to protect the child with the level of skepticism they deserve.
In response to another inquiry, HHS officials decline to respond, and then confirm that more than 700 children have in fact been separated.
In internal emails, DHS officials push back against the story about 700 separated children, claiming inaccurately that the actual number is much lower. Investigations by Homeland Securitys Office for Civil Rights and Civil Liberties (CRCL)
Quarterly meeting agenda: There are reports of family separation cases at the border.
A report on an investigation into complaints of family separations cites inconsistency, inadequate protocols, and lack of collaboration. It recommends the creation of an interagency working group, a Family-Member Locator System, and other tools to prevent prolonged separations and to ensure that families are eventually reunified.
A summary of an investigation into 950 complaints about family separations anticipates permanent family separation and new populations of US orphans.
CRCL staff seeks information about the enormous volume of matters alleging inappropriate family separations.
Cameron Quinn, the head of CRCL, emails Customs and Border Protection Commissioner McAleenan to raise concerns about reports of family separations.
Quinn tells McAleenan that CRCL has received over 100 recent allegations of separations.
CRCL staff notes the Border Patrols failure to document some separations.
Quinn forwards allegations of coercion and abuse of separated parents to McAleenan and Acting ICE Director Ron Vitiello. (Original complaint found here) Problems With Family Reunification and Attempts to Thwart It
An Immigration and Customs Enforcement official named Matt Albence insists that the expectation is that we are NOT to reunite the families and proposes ways to avoid such reunifications, such as moving children away from the border faster.
We cant have this, Albence writes about reunifications.
Albence and other ICE and Border Patrol officials lament that some families have been reunified, calling it a fiasco and not the consequence we had in mind, which obviously undermines the entire effort.
Reunifications, Albence insists, are not going to happen unless we are directed by the Dept to do so.
Reports that reunification forms were given to parents in languages they did not understand
Correspondence on harried reunification efforts
An employee at a company contracted to care for separated children tells colleagues, ICE will be stopping all reunifications due to limited bed space. Known Instances of Separation
In the federal lawsuit Ms. L. v. ICE, lawyers representing the federal government turned over the most complete list of family separations that exists. The ACLU shared that database with The Atlantic after redacting details such as names and dates of birth, which could be used to identify individual parents or children who were affected by the separation policy. Collections
Here, documents are organized into collections based on key criteria, such as year, location, federal agency, and the key players involved.
Full collection
2017, the first year in which separations took place
2018, the second year in which separations took place
Department of Justice, which prosecuted some separated parents
Department of Health and Human Services, which took custody of most separated children
Department of Homeland Security, which oversees the immigration-enforcement agencies Customs and Border Protection, the Border Patrol, and Immigration and Customs Enforcement
U.S. Customs and Border Protection, whose officers separated some families at ports of entry
Border Patrol, whose agents separated most of the families affected by the Trump administrations family-separation policy
ICE, whose leadership advocated for separating families and sought to prolong separations
The White House, where a group of hawks, led by Stephen Miller, Donald Trumps senior immigration adviser, pushed for aggressive enforcement tactics, including separating families
Matt Albence, Head of enforcement and removal operations, the division of Immigration and Customs Enforcement that carries out deportations
Gloria Chavez, a long-serving Border Patrol official who had early knowledge of separations that occurred in the El Paso Sector
Gene Hamilton, Served as senio counsel at DHS under President Donald Trump. When Nielsen took over as DHS secretary, Hamilton left to work on immigration enforcement with his former boss Jeff Sessions, who was then Trumps attorney general.
Jonathan Hoffman, A close adviser and assistant secretary for public affairs to DHS Secretary Kirstjen Nielsen
Tom Homan, The intellectual father of the idea to separate migrant families as a deterrent, who went on to serve as acting ICE director through the end of Zero Tolerance
Bob Kadlec, HHS assistant secretary of preparedness and response, who led the agencys family-reunification task force
John Kelly, Considered but ultimately rejected the idea to separate migrant families as a deterrent while serving as Trumps first DHS secretary. Kelly went on to serve as Trumps chief of staff during Zero Tolerance.
Scott Lloyd, Director of the Office of Refugee Resettlement, the HHS division that houses detained unaccompanied children. For months, Lloyd declined to look into reports of family separations, even when presented with overwhelming evidence that they were occurring.
Kevin McAleenan, Commissioner of Customs and Border Protection, which oversees the Border Patrol. In May 2018, McAleenan recommended that the Border Patrol start referring migrant parents for prosecution and separating them from their children.
Kirstjen Nielsen, After serving as chief of staff to John Kelly at DHS, Nielsen became DHS secretary and the face of family separations
Carla Provost, Acting Border Patrol chief during Zero Tolerance
Ron Vitiello, Acting Director Customs and Border Protection, who was second in command to Kevin McAleenan during Zero Tolerance and the preceding pilots
Katie Waldman, DHS deputy press secretary, who went on to marry Stephen Miller
Jonathan White, Served as head of the HHS program that houses detained migrant children. White opposed and tried to prevent family separations, and later helped lead HHS efforts to reunify families.
Chad Wolf, Chief of staff to Acting DHS Secretary Elaine Duke and Secretary Nielsen. Under Duke, Wolf pressed the DHS policy office to support proposals to separate families. Locations: Big Bend, Brownsville, Calexico, California, Canutillo, Del Rio, El Centro, El Paso, Harlingen, Hidalgo, Houston, Laredo, New Mexico, New York, Nogales, Phoenix, Port Isabel, Rio Grande Valley, San Diego, San Luis, San Ysidro, Texas, Tucson, Yuma Further Reading Congressional Reports
House Oversight Committee: Child Separations by the Trump Administration
House Judiciary Committee: The Trump Administrations Family Separation Policy: Trauma, Destruction, and Chaos Inspector General Reports Department of Justice
Review of the Department of Justices Planning and Implementation of Its Zero Tolerance Policy and Its Coordination With the Departments of Homeland Security and Health and Human Services Department of Health and Human Services
Separated Children Placed in Office of Refugee Resettlement Care
Communication and Management Challenges Impeded HHSs Response to the Zero-Tolerance Policy
Characteristics of Separated Children in ORRs Care: June 27, 2018November 15, 2020 Department of Homeland Security and Components
DHS Lacked Technology Needed to Successfully Account for Separated Migrant Families
CBP Separated More Asylum-Seeking Families at Ports of Entry Than Reported and for Reasons Other Than Those Outlined in Public Statements
Children Waited for Extended Periods in Vehicles to Be Reunified With Their Parents at ICEs Port Isabel Detention Center in July 2018
ICE Did Not Consistently Provide Separated Migrant Parents the Opportunity to Bring Their Children Upon Removal *The government supplied numerous copies of this directive with various portions redacted. The least redacted version has been excerpted here from the Border Patrols After Action Report, which summarized the results of the separations that occurred in the El Paso Sector in 2017.
**This memo was originally obtained by the office of Senator Jeff Merkley.
Note: The government occasionally supplied The Atlantic with multiple versions of the same email chain or report, and redacted different portions of each. Such documents have been combined in order to show all unredacted material.
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UK
‘I have nightmares of dead bodies’: Patients dying and undiscovered for hours in hospital corridors
Published
3 hours agoon
January 16, 2025By
adminPatients are dying in corridors and going undiscovered for hours while the sick are left to soil themselves, nurses have said, revealing the scale of the corridor crisis inside the UK’s hospitals.
In a “harrowing” report built from the experiences of more than 5,000 NHS nursing staff, the Royal College of Nursing (RCN) found almost seven in 10 (66.81%) say they are delivering care in overcrowded or unsuitable places, including converted cupboards, corridors and even car parks, on a daily basis.
Demoralised staff are looking after as many as 40 patients in a single corridor, unable to access oxygen, cardiac monitors, suction and other lifesaving equipment.
Women are miscarrying in corridors, while some nurses report being unable to carry out adequate CPR on patients having heart attacks.
Sara (not her real name) said she was on shift when a doctor told her there was a dying patient who had been waiting in the hospital’s corridor for six hours.
“It took a further two hours to get her into an adequate care space to make her clean and comfortable,” she told Sky News.
“That’s a human being, someone in the last hours of their life in the middle of a corridor with a detoxing patient vomiting and being abusive behind them and a very poorly patient in front of them, who was confused, screaming in pain. It was awful on the family, and it was awful on the patient.”
More on Nhs
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Dead patients ‘not found for hours’
A nurse working in the southeast of England quit her job after witnessing an elderly lady in “animal-like conditions”.
She told the RCN: “A 90-year-old lady with dementia was scared, crying and urinating in the bed after asking several times for help to the toilet. Seeing that lady, frightened and subjected to animal-like conditions is what broke me.
“At the end of that shift, I handed in my notice with no job to go to. I will not work where this is a normal day-to-day occurrence.”
Another nurse in the South East said a patient died in a corridor and “wasn’t discovered for hours”.
Sara told Sky another woman needed resuscitating after the oxygen underneath her trolley ran out. Sara was one of just two nurses caring for more than 30 patients on that corridor.
“I have had nightmares – I have a nightmare that I walk out in the corridor and there are dead bodies in body bags on the trolleys,” she said, growing visibly emotional.
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No electricity to plug in computers
One nurse, who spoke to Sky News, said the conditions were “undignified” and “inhumane”.
“It’s not just corridors – we utilise chairs, cupboards, whatever space is available in the hospital to be repurposed into a care space, in the loosest sense of that term. These spaces are unsafe.”
Some spaces, she said, don’t even have basic electricity for nurses to plug in their computers.
The nurse, who spoke to Sky on the condition of anonymity, said she has experienced burnout multiple times over the state of her workplace.
“I have come to the conclusion this week I don’t think I can continue working in the NHS or as a nurse,” she said.
“It breaks my soul; I love what I do when I am able to do it in the right way. I like caring for people, I like making people better, I also like providing a dignified death.”
She added: “I want to look after the institution I was born into, but for the sake of my family and my mental health, I don’t know how much more I can give.”
With 32,000 nursing vacancies in England alone, data also shows around one in eight nurses leave the profession within five years of qualifying.
Staff ‘not proud of the care they are giving’
The Royal College of Nursing (RCN) says the testimony, which runs to over 400 pages, must mark a “moment in time”. In May 2024, the RCN declared a “national emergency” over corridor care in NHS services.
Professor Nicola Ranger, RCN general secretary and chief executive, said: “At the moment, [nursing staff] are not proud of the care they are giving.”
“We hear stories of escalation areas and temporary beds that have been open for two years,” she added. “That is no longer escalation, it’s understaffed and underfunded capacity that is pretty shocking care for patients. We have to get a grip on that.”
Read more: Hospital advertises for corridor nurse amid NHS winter crisis
She called the situation “a disgrace”, citing abuse of staff as another reason for people leaving the profession in droves.
Last week, a nurse was left with “life-changing injuries” after being stabbed by a man while at work.
“The NHS used to be the envy of the world and we need to take a long hard look at ourselves and say ‘what needs to change?’
“The biggest concern for us is that the public Is starting to lose a little faith in their care, and that has to stop. We absolutely have to sort this out.”
Commenting on the RCN’s report, Duncan Burton, chief nursing officer for England, said the NHS had experienced one of the “toughest winters” in recent months, and the report “should never be considered the standard to which the NHS aspires”.
“Despite the challenges the NHS faces, we are seeing extraordinary efforts from staff who are doing everything they can to provide safe, compassionate care every day,” he added. “As a nurse, I know how distressing it can be when you are unable to provide the very best standards of care for patients.”
Have you experienced corridor care in an NHS hospital? Get in touch on NHSstories@sky.uk
Technology
Tesla is offering Cybertruck discounts as EV market gets crowded
Published
4 hours agoon
January 16, 2025By
admin
A soldier walks next to a Tesla Cybertruck, which was donated to the National Guard, after powerful winds fueling devastating wildfires in the Los Angeles area forced people to evacuate, in the Pacific Palisades neighborhood on the west side of Los Angeles, California, U.S. Jan. 13, 2025.
Daniel Cole | Reuters
Tesla started offering discounts on new Cybertruck vehicles in its inventory this week, according to listings on the company’s website.
Discounts are as high as $1,600 off new Cybertrucks, with the reduced price depending on configuration, and up to around $2,600 for demo versions of the trucks in inventory, the listings show. Production of the angular, unpainted steel pickups has reportedly slowed in recent weeks at Tesla’s factory in Austin, Texas.
Deliveries of the unconventional pickup began reaching customers in 2023. CEO Elon Musk originally unveiled the Cybertruck in 2019 and said it would cost around $40,000, but its base price in the U.S. was closer to $80,000 over the course of 2024.
Wall Street previously viewed the Cybertruck as an important driver of growth for Tesla’s core automotive sales.
While the Cybertruck outsold the Ford Lightning F-150 last year in the U.S. and became the fifth best-selling EV domestically, according to data tracked by Cox Automotive, its high price, repeat recalls and production issues in Austin hampered growth. In November, Tesla initiated its sixth recall in a year to replace defective drive inverters.
As CNBC previously reported, Tesla’s deliveries declined slightly year-over-year in 2024, even as EV demand worldwide reached a record. A slew of new competitive models from a wide range of automakers eroded Tesla’s market share.
According to Cox data, full-year EV sales reached an estimated 1.3 million in 2024 in the U.S., an increase of 7.3% from the prior year. But Tesla’s sales for the year declined by about 37,000 vehicles.
The Tesla Model Y SUV and Model 3 sedan ranked as the top two best-selling EVs by a wide margin. But both older, more affordable Tesla models saw sales drop from the previous year. Cox estimated Tesla sold around 38,965 Cybertrucks in the U.S. last year.
In recent days, Musk apologized to customers in California for delays in delivering their Cybertrucks. He said the trucks are now being used to bring supplies and wireless internet service to people in Los Angeles impacted by devastating wildfires.
“Apologies to those expecting Cybertruck deliveries in California over the next few days,” Musk wrote on X. “We need to use those trucks as mobile base stations to provide power to Starlink Internet terminals in areas of LA without connectivity. A new truck will be delivered end of week.”
Technology
Goldman Sachs CEO Solomon says IPO market is ‘going to pick up’ along with dealmaking
Published
5 hours agoon
January 16, 2025By
admin
David Solomon, CEO of Goldman Sachs, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024.
Mike Segar | Reuters
Goldman Sachs CEO David Solomon says there’s an end in sight to the multi-year IPO drought.
“It’s going to pick up,” Solomon said on Wednesday, in an on-stage interview with Cisco CEO Chuck Robbins at a summit hosted by the computer networking company in Silicon Valley. “It’s been slow, it’s been turned off.”
Solomon, who flew to California for the event just after his Wall Street bank reported fourth-quarter results that blew past analysts’ estimates, said the capital markets broadly are showing signs of life ahead of President-elect Donald Trump’s inauguration next week.
The tech IPO market has largely been dormant since the end of 2021, when tech stocks started falling out of favor due to soaring inflation and rising interest rates. Mergers and acquisitions have been difficult in technology because of hefty regulation that’s restricted the ability for the biggest companies to grow through dealmaking.
Solomon said the mood is changing, and he expects momentum M&A as well as in IPOs.
“We have a more constructive kind of optimism, which always helps,” Solomon said. He later added that, “broadly speaking, I think it’s an improved business environment.”
Earlier in the day, Solomon said on his company’s earnings call that Trump’s election and a swing back to Republican power in Washington is already starting to make an impact in the business world. He noted on the call that “there is a significant backlog from sponsors and an overall increased appetite for dealmaking supported by an improved regulatory backdrop.”
Solomon’s comments on the call and at the Cisco event came on a day when the S&P 500 posted his biggest gain since November, helped by a tame inflation report and Goldman’s results. Goldman’s stock popped 6% on Wednesday.
While the stock market has had a strong two-year run and the S&P 500 and Nasdaq hit fresh records last month, IPOs have yet to see a resurgence. Cloud software vendor ServiceTitan debuted on the Nasdaq in December, marking the first significant venture-backed IPO in the U.S. since Rubrik in April.
“The values came down after 2021, people are growing back into those values,” Solomon said at the Cisco summit.
Some companies have said they’re ready. Chipmaker Cerebras filed to go public in September, but the process was slowed down due to a review by the Treasury Department’s Committee on Foreign Investment in the U.S., or CFIUS. In November, online lender Klarna said it had confidentially filed IPO paperwork with the SEC.
Though he’s bullish about what’s coming, Solomon said that there are structural reasons not to go public. He said 25 years ago there were roughly 13,000 public companies in the U.S., and today that number has come down to 3,800. There are higher standards around disclosure for being public, and there’s now tons of private capital available “at scale.”
“It’s not fun being a public company,” Solomon acknowledged. “Who would want to be a public company?”
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