<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Warren Buffett's favorite banker is investing in a $7.5 billion deal for Panera Bread.</p><p>On Wednesday, JAB Holdings, which owns Krispy Kreme, Keurig, and Caribou Coffee, announced a $7.5 billion deal for US bakery chain <a href="http://markets.businessinsider.com/stock/PNRA-Quote">Panera Bread Co</a>.</p><p>JAB said it is buying Panera through JAB BV, an investment vehicle that is made up of JAB Holding, and JAB Consumer Fund, a fund "backed by a group of like-minded, long-term oriented investors."</p><p>In addition, "entities affiliated with BDT Capital Partners are also investing alongside JAB BV."</p><p>BDT Capital is a firm set up by Byron Trott, a former Goldman Sachs banker. <span>It's not the first time BDT Capital has worked with JAB. I</span><span>n May 2016, BDT advised JAB on its </span><a href="http://www.businessinsider.com/jab-buying-krispy-kreme-2016-5">acquisition of Krispy Kreme Doughnuts</a><span> for $1.3 billion, according to data from Thomson Reuters.</span></p><p>Byron Trott is perhaps best known on Wall Street as Warren Buffett's favorite banker. In 2004, Buffett mentioned him by name in a letter to Berkshire Hathaway investors.</p><p>"He understands Berkshire far better than any investment bank with whom we have talked and - it hurts me to say this - earns his fee," Buffett said.</p><p>The firm recently advised Mars Inc., the maker of candy and pet food, on its <a href="http://www.businessinsider.com/mars-to-buy-vca-2017-1">$9.1 billion deal</a> to buy the animal hospital company VCA Inc. That deal followed Mars' acquisition of Wrigley, the chewing gum company. In October, Mars <a href="http://www.businessinsider.com/r-mars-to-buy-buffetts-stake-in-wrigley-chewing-gum-business-2016-10">took full control of Wrigley</a> after it bought Warren Buffett's stake in the company.</p><p>Buffett originally teamed up with Mars to buy Wrigley for $23 billion in 2008. Trott brought Buffett into the deal, with the billionaire investor putting <a href="http://www.reuters.com/article/us-byron-trott-europe-idUSKCN0T72CA20151118">$6.5 billion of his own money</a> into the transaction.</p><p>Trott told <a href="http://fortune.com/2014/12/29/byron-trott-billionaires-banker/">Fortune magazine in 2014</a> that his company works only with "billionaires with businesses." </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/financial-planner-starting-a-new-job-how-to-offer-negotiate-negotiation-salary-2017-3">A financial planner explains why starting a new job is the best time to negotiate salary</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R0M3NjYTE6jjKKzlx14kUjcd7gFbkWEI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Warren Buffett's favorite banker is investing in a $7.5 billion deal for Panera Bread

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>On a day that featured the revival of the GOP plan to repeal Obamacare, stunning news from the Federal Reserve, and a new letter from JPMorgan CEO Jamie Dimon, stocks did relatively little and bond yields hardly budged.</p><p>We've got the headlines, but first, the scoreboard:</p><ul><li><strong>Dow:</strong> 20,683.77, +34.44, (+0.17%)</li><li><strong>S&amp;P 500:</strong> 2,358.97, +0.86, (+0.04%)</li><li><strong>Nasdaq:</strong> 5,894.57, +2.43, (+0.04%)</li><li><strong>10-year Treasury:</strong> 2.350%, Unchanged</li></ul><ol><li><a href="http://www.businessinsider.com/richmond-fed-president-jeffrey-lacker-resigns-admits-leaking-information-2017-4">Richmond Fed president Richard Lacker confirms he leaked information to an analyst.</a> Lacker said he was the source of a leak to Medley Global Advisors in 2012 regarding a decision by the Fed' Federal Open Markets Committee and confirmed he did not report the infraction to an internal investigator at the time. He did report the matter to investigators in a follow-up in 2015. Lacker said he was immediately stepping down as head of the Richmond Fed.</li><li><a href="http://www.businessinsider.com/jamie-dimon-shareholder-letter-on-state-of-the-us-2017-4">Jamie Dimon released his annual letter to shareholders.</a> Dimon said he was worried that "something was wrong" in the US and there are six issues holding back economic growth. <a href="http://www.businessinsider.com/jamie-dimon-ceo-letter-jpmorgan-on-education-and-labor-force-participation-2017-4">Dimon also expressed concerns</a> over the low labor force participation rate in the US.</li><li><a href="http://www.businessinsider.com/jpmorgans-jamie-dimon-on-brexit-and-the-eu-2017-4">Dimon also brought up his concerns with Brexit and the European Union.</a> The JPMorgan CEO said that he hoped Brexit would bring the EU closer together but admitted that it could "<span>result in political unrest that would force the EU to split apart</span>." Dimon also <a href="http://www.businessinsider.com/jamie-dimon-shareholder-letter-on-trump-regulation-stock-price-2017-4">attributed some of JPMorgan's big stock increase post-election </a>to positive expectations of investors under Trump.</li><li><a href="http://www.businessinsider.com/jab-holding-building-a-coffee-and-bagel-empire-2017-4">Panera is trying to sell itself and Credit Suisse thinks JAB Holdings is the most likely buyer.</a> <span>Bloomberg reported on Monday that</span><a href="http://www.businessinsider.com/r-panera-bread-exploring-possible-sale-bloomberg-2017-4"> Panera is exploring options after it received a number of take-over interests</a><span>. The report said potential suitors could include Starbucks and Domino's. Credit Suisse analysts said they believe Jab, which owns<span> Krispy Kreme, </span><span>Caribou Coffee, and Peet's Coffee and Tea, would be the most likely buyer.</span></span></li><li><a href="http://www.businessinsider.com/ahca-trumpcare-timeline-trump-healthcare-paul-ryan-2017-4">Republicans may be trying to revive the American Health Care Act.</a> The White House is leading the charge to get conservative members of the House Freedom Caucus on board with the AHCA despite Congress leaving for a two-week break at the end of the week and facing a government shutdown on April 28.</li><li><a href="http://www.businessinsider.com/staples-exploring-sale-2017-4">Staples is in talks to sell itself.</a> The Wall Street Journal reported that the office supply company was exploring a sale to private equity firms. Shares jumped more than 13% after the news.</li></ol><p><strong>Additionally:</strong></p><p><a href="http://www.businessinsider.com/my-fed-leak-question-to-yellen-echoed-for-longer-than-i-ever-expected-2017-4">I tried to ask Yellen about the Fed leak - and the question echoed for longer than I ever expected</a></p><p><a href="http://www.businessinsider.com/stock-market-us-leadership-2017-4">America's leadership in the global stock market is ending.</a></p><p><a href="http://www.businessinsider.com/jpmorgan-annual-report-on-tech-2017-4">JPMorgan is targeting Silicon Valley.</a></p><p><a href="http://www.businessinsider.com/idea-that-monetary-policy-doesnt-matter-making-a-comeback-2017-4">The most dangerous idea in Federal Reserve history seems to be making a comeback.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/footage-helicopter-us-militarys-ch-53k-king-stallion-2017-3">Here's footage of the US military's new helicopter that'll cost as much as an F-35</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xibWZnYTE6tXkBM0vhxE4nGG7SAzDwFJ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

FED LEAKS AND JAMIE DIMON'S ANNUAL LETTER: Here's what you need to know

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>By Chloe</span></p><p class="caption">Vegan burger and fries at By Chloe</p></div><p></p></div></div></span><span style="font-weight: 400;">The day has come for restaurants that dare to be different. </span></p><p><span style="font-weight: 400;">Nation's Restaurant News has released its roster of <a href="http://nrn.com/emerging-chains/meet-2016-breakout-brands?PK=UM_NRNwebMarch2a&amp;utm_rid=CPG06000001658553&amp;utm_campaign=8048&amp;utm_medium=email&amp;elq2=7eaaf3d76d274db98032f3af3b73827c#slide-2-field_images-157871">the Breakout Brands of 2016</a>, and the trend of the year is quirky creativity. </span></p><p><span style="font-weight: 400;">"What the concepts have in common is that they all break the mold," the foodservice industry publication writes. "These new emerging restaurant brands bring customers a unique experience, tapping into hot trends and taking innovative approaches to food and service."</span></p><p><span style="font-weight: 400;">Here are five new brands that are changing the restaurant industry as we know it. </span></p><h3>Xi'an's Famous Foods</h3><h3><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson</span></p></div><p></p></div></div></h3><p><span style="font-weight: 400;">Xi'an serves authentic cuisine from the Shaanxi province in northwest China, with menu items such as </span><a href="http://www.businessinsider.com/xian-famous-foods-named-best-restaurant-2016-01"><span style="font-weight: 400;">spicy cumin lamb burgers, pork "zha jiang" noodles, and "spicy and tingly" beef noodle soup</span></a><span style="font-weight: 400;">. </span></p><p><span style="font-weight: 400;">The nine-location chain has come a long way from a food stall in the basement of a mall in Queens, with celebrity fans including Anthony Bourdain and Bobby Flay. In January, Xi'an was named the second-best Chinese restaurant in America by </span><a href="http://go.redirectingat.com/?id=35871X943606&amp;site=businessinsider.com&amp;xs=1&amp;isjs=1&amp;url=http%3A%2F%2Fwww.timeout.com%2Fusa%2Frestaurants%2Fbest-chinese-restaurants-in-america&amp;xguid=715c2c82cc5dbb863b311b85a5973711&amp;xuuid=d706e35def1976e1bc758a96a9e39213&amp;xsessid=&amp;xcreo=0&amp;xed=0&amp;sref=http%3A%2F%2Fwww.businessinsider.com%2Fxian-famous-foods-named-best-restaurant-2016-01&amp;pref=http%3A%2F%2Fwww.businessinsider.com%2Fs%3Fq%3Dxi%2527an%2527s%2Bfamous%2Bfoods&amp;xtz=300"><span style="font-weight: 400;">TimeOut US</span></a><span style="font-weight: 400;">. </span></p><h3>Sweetfin Poké</h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Sweetfin Poké/Facebook</span></p></div><p></p></div></div></p><p><a href="http://www.businessinsider.co.id/poke-will-be-the-next-big-food-trend-2016-1/11/#.VtcCBpMrKi4"><span style="font-weight: 400;">Sweetfin </span><span style="font-weight: 400;">Pok</span></a><span style="font-weight: 400;"><a href="http://www.businessinsider.co.id/poke-will-be-the-next-big-food-trend-2016-1/11/#.VtcCBpMrKi4">é</a> is paving the way to make </span><span style="font-weight: 400;">the Hawaiian raw fish dish a mainstream lunch go-to</span><span style="font-weight: 400;">. Customers can build their own bowls of </span><span style="font-weight: 400;">pok</span><span style="font-weight: 400;">é at the restaurant, with bases including spicy tuna, salmon, snapper, and tofu. </span></p><p><span style="font-weight: 400;">Sweetfin is located in Santa Monica, California, and has plans to open five more locations in the Los Angeles area this year. </span></p><h3>Intelligentsia Coffee <div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.flickr.com/photos/nalundgaard/2619443347/">Flickr/nalundgaard</a></span></p></div><p></p></div></div></h3><p><span style="font-weight: 400;">The Chicago-based premium coffee chain is a hipster favorite (and </span><a href="http://www.businessinsider.com/victorias-secret-models-diet-tip-warm-water-2015-10"><span style="font-weight: 400;">Victoria's Secret model</span></a><span style="font-weight: 400;"> approved). In November, </span><a href="http://www.businessinsider.com/peets-coffee-buys-intelligentsia-coffee-2015-11"><span style="font-weight: 400;">Peet's acquired a majority stake</span></a><span style="font-weight: 400;"> in the 10-location chain, bringing Intelligentsia into its parent company's coffee-heavy portfolio that includes Stumptown Coffee Roasters, Caribou Coffee, and the Einstein Noah Restaurant Group. </span> </p><h3>Eatsa <div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jillian D'Onfro/Business Insider</span></p></div><p></p></div></div></h3><p><span style="font-weight: 400;">Eatsa is a rare restaurant that requires zero human contact. </span></p><p><span style="font-weight: 400;">The two-location concept is almost fully automated, functioning like a vending machine </span><a href="http://www.businessinsider.com/eatsa-fully-automated-restaurant-chain-2016-2"><span style="font-weight: 400;">that spits out freshly-prepared food</span></a><span style="font-weight: 400;">. The menu is super healthy, with $6.95 quinoa bowls featuring toppings like portobello mushroom, edamame, corn, salsa, guacamole, onions, pears, spaghetti squash, and more. </span> </p><h3>By Chloe</h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>By Chloe</span></p></div><p></p></div></div><span style="font-weight: 400;">As fast-food gets health-savvy, By Chloe is precisely on trend. </span></p><p><span style="font-weight: 400;">The fast-casual restaurant serves up food that is 100% vegan, plant-based, and kosher certified. However, the menu is intended to appeal to vegans and non-vegans alike, with a menu packed with meat-free tacos, burgers, french fries, and pasta. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sushi-in-a-bowl-healthy-fast-food-trend-2016-2">Poké is the next healthy fast food trend</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="MwYm9sMDE6GE7eYR3JA02qpPOo3ZPAs1" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The 5 break-out restaurant brands of 2016

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Stocks soared in trading on Wednesday before tumbling to end the day in negative territory.</p><p>All three indexes tanked following the release of the Federal Reserve's minutes from the March monetary policy meeting as the Fed indicated that it would look into reducing its balance sheet by the end of the year.</p><p>The Dow Jones industrial average was up nearly 150 points on the day early in trading before tumbling in the afternoon.</p><p>We've got all the headlines, but first, the scoreboard:</p><ul><li><strong>Dow:</strong> 20,647.47, -41.77, (-0.20%)</li><li><strong>S&amp;P 500:</strong> 2,356.46, -7.33, (-0.31%)</li><li><strong>Nasdaq:</strong> 5,864.48, -34.13, (-0.58%)</li><li><strong>10-year Treasury:</strong> 2.357%, +7 basis points</li></ul><ol><li><a href="http://www.businessinsider.com/fed-minutes-march-2017-meeting-2017-4">The Fed's minutes said that most of the members of the FOMC want to start shrinking the balance sheet.</a> The Fed also signaled that it believed that the labor market was near or at full employment and that it has nearly met its inflation target. In fact, some members of the FOMC said in the minutes that the Fed had almost hit its 2% inflation target.</li><li><a href="http://www.businessinsider.com/federal-reserve-minutes-on-trump-fiscal-stimulus-2017-4">The Fed also said that it ws unsure about Trump's economic policies.</a> Half of the members of the FOMC had not introduced any assumptions about economic policy into their projections. Additionally, the members said they were keeping an eye on how <a href="http://www.businessinsider.com/the-fed-is-getting-worried-about-the-stock-market-2017-4">expensive the stock market was getting</a> and <a href="http://www.businessinsider.com/fed-minutes-on-hard-data-versus-soft-data-2017-4">said it was monitoring soft vs. hard data.</a></li><li><a href="http://www.businessinsider.com/r-jab-holding-to-buy-bakery-chain-panera-bread-in-75-bln-deal-2017-4">The owner of Krispy Kreme and Keurig is buying Panera Bread for $7.4 billion.</a> JAB Holdings, which owns a large group of food brands also including Caribou Coffee, bought Panera a few days after news broke that the bakery brand was looking to sell itself. The deal was a 20.3% premium on the price of Panera stock from the day before the news of a possible sale broke.</li><li><a href="http://www.businessinsider.com/adp-private-payrolls-march-2017-2017-4">ADP private payrolls beat.</a> The measure of private employment in the US came in at 263,000 for the month of March, well above the 185,000 expected by economist. February's reading was, however, revised down to 245,000 from 298,000.</li><li><a href="http://www.businessinsider.com/ism-services-pmi-markit-march-2017-2017-4">The service sector slowed in March.</a> Both the ISM and Markit non-manufacturing PMIs missed expectations for the prior month. ISM came in at 55.2, lower than expectations of 57, and Markit's came in at 52.8, below the expected 53.1.</li></ol><p>ADDITIONALLY:</p><p><a href="http://www.businessinsider.com/mike-pence-freedom-caucus-negotiations-trumpcare-ahca-2017-4">The stock market doesn't think Trump will deliver on one of his biggest economic promises</a></p><p><a href="http://www.businessinsider.com/mike-pence-freedom-caucus-negotiations-trumpcare-ahca-2017-4">The negotiations over 'Trumpcare' 2.0 are already looking like a disaster</a></p><p><a href="http://www.businessinsider.com/warren-buffetts-favorite-banker-just-landed-a-9-billion-dollar-deal-2017-4">Warren Buffett's favorite banker is investing in a $7.5 billion deal for Panera Bread</a></p><p><a href="http://www.businessinsider.com/fed-minutes-messaging-rate-hikes-balance-sheet-2017-4">The Fed is getting aggressive with its messaging to markets after learning hard lessons</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hide-invisible-internet-web-activities-traffic-tor-vpn-2017-3">Congress just voted to allow your internet provider to sell your online history and data -&#xa0;here's how to protect your privacy</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="s1YTBrNTE6L5vSeDz5PlekoBXjoR5rb9" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

STOCKS TUMBLE INTO THE RED: Here's what you need to know

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Facebook/Krispy Kreme</span></p></div><p></p></div></div>JAB Holding Company is buying Krispy Kreme Doughnuts for $21 a share, or about <span>$1.35 billion.</span></p><p><span>The deal is expected to close in the third quarter.</span></p><p>Last year JAB spent $13.9 billion to buy the home-brewing company <a href="http://www.businessinsider.com/jab-holding-buys-keurig-coffee-2015-12">Keurig Green Mountain</a>.</p><p>It also owns Caribou Coffee and <span>JAB also has controlling stakes in Peet's Coffee &amp; Tea.</span></p><p>"This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders," Krispy Kreme chairman Jim Morgan said in a statement.</p><p>Wells Fargo is advising Krispy Kreme and Barclays and BDT &amp; Company are advising JAB.</p><p>JAB also owns a stake in the consumer products company Reckitt Benckiser, which <span>owns everything from </span><span>Durex to Gaviscon.</span> It also has a luxury arm which houses investments in Jimmy Choo, Belstaff and Bally, and owns perfume maker Coty.</p><p>JAB struck a deal in 2013 to buy D.E. Master Blenders 1753, and later agreed a deal with Mondelez International to combine their respective coffee businesses. That created Jacobs Douwe Egberts, which describes itself as the biggest pure-play coffee company in the world.</p><p>Here is the press release:</p><p style="padding-left: 30px;">WINSTON-SALEM, N.C.--(<a href="http://www.businesswire.com/" target="_blank">BUSINESS WIRE</a>)--Krispy Kreme Doughnuts, Inc. (NYSE: KKD) ("Krispy Kreme" or the "Company") and JAB Beech Inc., an indirect controlled subsidiary of JAB Holding Company ("JAB") in which BDT Capital Partners is a minority investor alongside JAB, today announced that the companies have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme's Board of Directors, represents a premium of approximately 25% over the Company's closing stock price on May 6, 2016.</p><p style="padding-left: 30px;">At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from Krispy Kreme's current headquarters in Winston-Salem, N.C.</p><p style="padding-left: 30px;">Jim Morgan, Chairman of the Board of Directors of Krispy Kreme, commented, "For nearly 80 years, our iconic brand has been touching and enhancing lives through the joy that is<em>Krispy Kreme</em>. This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders. I am confident the JAB team is the right partner with whom to continue building upon our incredible legacy."</p><p style="padding-left: 30px;">Tony Thompson, CEO of Krispy Kreme, commented, "JAB's experience and industry knowledge make them the ideal partner to help grow the iconic <em>Krispy Kreme</em> brand throughout the world. We remain focused on our long term strategy and continuing to offer our premium, high-quality doughnuts and sweet treats to consumers around the world. We look forward to working with JAB to continue bringing the joy that is <em>Krispy Kreme</em> to a growing number of customers. Together with our talented team and our passionate franchisees, we will continue to build on the Krispy Kreme culture, values and commitment to our customers and guests."</p><p style="padding-left: 30px;">Peter Harf, Senior Partner at JAB, commented, "We are thrilled to have such an iconic brand as <em>Krispy Kreme</em> joining the JAB portfolio. This is yet another example of our commitment to investing in extraordinary brands with significant growth prospects. We feel strongly that Krispy Kreme will benefit greatly from our long-term focus and support for management's vision in building on the legacy of this exciting brand as an independent standalone entity."</p><p style="padding-left: 30px;"> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/inventors-who-were-killed-by-their-inventions-2016-5">7 inventors who were killed by their own inventions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VsMGYwMDE6fvg6irQt8i2KueCbxtIwrO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The company that bought Keurig is buying Krispy Kreme

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.com/detail/news-photo/revellers-run-with-jandillas-fighting-bulls-entering-the-news-photo/479746112">Getty Images / David Ramos</a></span></p></div><p></p></div></div>Investment bankers are increasingly leaving Wall Street to work for the companies they advise - and it's starting to hurt the banking industry in more ways that one.</p><p>JPMorgan's Alejandro Vicente, a managing director in consumer goods, is the latest to make the jump.</p><p>He's leaving to work for JAB Holdings, the Keurig- and Caribou Coffee-owner that last week announced it was <a href="http://www.businessinsider.com/jab-buying-krispy-kreme-2016-5">buying Krispy Kreme</a> Doughnuts, <a href="http://www.ft.com/fastft/2016/05/17/top-jpmorgan-dealmaker-to-join-jab/?ft_site=falcon&amp;desktop=true">the Financial Times' Arash Massoudi reports</a>.</p><p><span>Vicente will</span> be working on transactions for the company, which has been on a buying spree lately and also owns stakes in a number of consumer products brands.</p><p>But he's not the only one. Earlier this year, the former Morgan Stanley banker Alban de La Sabliere <a href="https://www.linkedin.com/in/albandelasabliere">joined the French drug maker Sanofi</a>, which is now <a href="http://www.businessinsider.com/sanofi-makes-bid-for-us-biotech-firm-medivation-2016-4?r=UK&amp;IR=T">bidding to buy the pharmaceutical company Medivation</a>. </p><p>Also in healthcare, the JPMorgan banker Henry Gosebruch <a href="http://www.businessinsider.com/jpmorgans-henry-gosebruch-going-to-abbvie-2015-9">last fall left the bank for AbbVie</a>.</p><p>Here are some more high-profile departures:</p><ul><li><span style="line-height: 1.5em;">In July, Blackstone's chief financial officer, Laurence Tosi, announced his decision to </span><a href="http://www.businessinsider.com/blackstones-tosi-reportedly-heading-to-airbnb-2015-7">jump ship for tech startup Airbnb</a><span style="line-height: 1.5em;">.</span></li><li><span style="color: #222222; line-height: 1.5em;">Last March, Morgan Stanley's CFO, Ruth Porat, </span><a href="http://www.businessinsider.com/morgan-stanley-ruth-porat-new-google-cfo-2015-3">went to Google</a><span style="color: #222222; line-height: 1.5em;">.</span></li><li><span class="message_content">The Carlyle Group's former cochief operating officer, Mike Cavanagh, left to become Comcast's CFO. Before Carlyle, <span>Cavanagh </span>coheaded corporate and investment banking at JPMorgan.</span></li><li><span class="message_content">The former Goldman Sachs tech banker Anthony Noto is now CFO at Twitter.</span></li><li><span class="message_content">The former Credit Suisse tech banker Imran Khan is now Snapchat's chief strategy officer.</span></li></ul><p><span style="line-height: 22.5px;">The departures are a double-edged sword for banks. </span><span style="line-height: 22.5px;">Not only are they losing top talent, but they could begin to miss out on deals as companies turn to in-house experts rather than hiring on teams of bankers.</span></p><p><span style="line-height: 22.5px;">We <a href="http://www.businessinsider.com/boutique-banks-win-big-deals-2016-4">saw that a couple of weeks ago</a> with AbbVie's $5.8 billion deal for Stemcentrx and Comcast's $3.8 billion deal for DreamWorks. Neither acquirer hired outside bankers, <a href="http://www.wsj.com/articles/an-investment-bankers-worst-nightmare-1462895679">according to The Wall Street Journal</a>. Both recently hired bankers from Wall Street. </span></p><p><span style="line-height: 22.5px;">That meant banks missed out on what could have been $45 million in advisory fees for those two deals, according to estimates from Freeman &amp; Co.</span></p><p><span style="line-height: 22.5px;"></span><span style="line-height: 22.5px;">In other words, this could be the beginning of a big problem for Wall Street.<br /></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-plays-into-lottery-tickets-2016-5">We tested an economic theory by trying to buy people's lottery tickets for much more than they paid</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Wall Street stars keep leaving the industry - and it's becoming an expensive problem

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/cmmorrison/6755362725/sizes/l">cmmorrison/Flickr</a></span></p></div><p></p></div></div></p><ul><li><strong>Consulting firms like Deloitte and Accenture are increasingly being seen as coming for ad agencies' business.</strong></li><li><strong>Their pitch to marketers such as Chipotle: we can help you with complex challenges, and can build digital products that can transform your business.</strong></li><li><strong>Still, consultants will have to prove they can weave creativity with technical know how.</strong></li></ul><p>Here's why ad agencies need to worry about consulting firms: traditional ad shops can't handle burrito orders.</p><p>At least, that's what the consultants say.</p><p>Chipotle has recently tapped <a href="http://www.deloittedigital.com/us/">Deloitte Digital</a> to build and maintain its Apple and Android Apps as it looks to <a href="https://digiday.com/marketing/behind-chipotles-app-ordering-strategy/">implement mobile ordering across its network of restaurants</a>. On the surface, that may not seem like that big a deal. It's just <a href="https://itunes.apple.com/us/app/chipotle/id327228455?mt=8">one app</a> after all.</p><p>But as consulting giants like Accenture and <a href="http://www.businessinsider.com/deloitte-research-office-personalities-2017-2">Deloitte</a> circle around the ad agency business, it's partnerships like the Chipotle app that some in the ad industry see as a harbinger of things to come.</p><p>They say that while traditional and even digital ad agencies are still great at making ads and buying media to make sure they get in front of the right people, they aren't as well equipped to make apps that are so vital to a company's business - let alone all the billing, data collection and logistical implementation required.</p><p>And as digital customer experiences become a crucial part of marketing - people are literally holding a company's brand in their hands after all - the argument is that consulting companies, with their informational services heritage, are best equipped to handle this kind of work. And the more that the <a href="http://www.businessinsider.com/deloitte-cmo-says-old-ad-model-is-not-what-marketers-need-2017-10">Deloittes of the world can get their hooks into marketer's operations,</a> the more ad assignments they'll be entrusted with - which puts classic ad agencies in a disadvantaged position, or so the thinking goes.</p><p>Indeed, in the ad industry, where the future of the ad agency model is<a href="http://www.businessinsider.com/companies-are-cutting-out-ad-agencies-and-going-in-house-2017-6"> constantly being examined</a>, consulting firms have become the new bogeyman. Fair or not, firms like <a href="http://www.businessinsider.com/oracle-never-considered-buying-accenture-2017-4">Accenture</a> and IBM are seen as <a href="http://adage.com/article/news/consultancies-rising/308845/">having a better claim on driving real business results </a>in an industry known for making pretty ads and making sure they get where they are supposed to. </p><h2>What's so great about consultants?</h2><p>Greg March, the CEO of the independent ad agency Noble People, summed up the conventional wisdom regarding consulting firms as thus: "They've got MBAs, they've got money for days, and they have access to the C-suite decision makers."</p><p>Consulting giants have also been making lots of acquisitions in this sector of late; last year, <a href="http://www.adweek.com/agencyspy/deloitte-digital-acquires-heat/103457">Deloitte bought the San Francisco creative agency Heat, reported Adweek.</a></p><p>During an interview at the Cannes ad festival in June, Michael Kassan, CEO of the ad advisory firm Medialink, <a href="https://www.businessinsider.com.au/future-of-ad-agency-business-business-insider-at-cannes-2017-6">even predicted that a giant consulting firm would end up buying one of the big four ad agency holding companies like WPP or Publicis</a>.</p><p>"The real difference is, we bring a few things they don't have," said Donald Brady, principal, Deloitte Consulting LLP and Customer Experience Innovation Leader at Deloitte Digital. "We have deep industry expertise and can handle complex technical solutions. [Agencies] are coming from creative world. They don't have the depth or scale."</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Deloitte</span></p><p class="caption">Donald Brady, principal, Deloitte Consulting LLP and Customer Experience Innovation Leader at Deloitte Digital</p></div><p></p></div></div>Brady noted that Deloitte last year recorded $27 billion in revenue and has a network of over 10,000 people in 28 countries.</p><p>By nature, companies like Deloitte see themselves as playing a more integral role in helping assess and improve their clients' businesses that goes well beyond marketing.</p><p>"Our clients come to us with really big challenges. Transformational challenges," said Oliver Page, Principal at Deloitte Digital. Transformational challenges such as changing the way people order and pay for food in thousands of restaurants - a behavior which is increasingly becoming the central way people interact with many brands.</p><p>Page said that in the quick service restaurant category, it's very early but in some cases ordering via apps is accounting for 1% of a company's business. Chains like <a href="http://www.businessinsider.com/how-panera-solved-its-mobile-ordering-problems-2017-6">Panera Bread have seen digital ordering take off, as Business Insider reported in June</a>. </p><p>"That channel really is becoming a huge revenue driver for restaurants," said Page.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP Photo/Charles Krupa</span></p><p class="caption">FILE - In this March 8, 2010, file photo, an employee passes an order to a customer at a Panera Bread store in Brookline, Mass. Panera is being acquired by Europe's JAB Holding Co. for more than $7 billion. JAB is better known for the growing stable of brands it owns, including a controlling stake in Peet's Coffee &amp; Tea, most of Caribou Coffee Co., Stumptown Coffee and Keurig Green Mountain. (AP Photo/Charles Krupa, File)</p></div><p></p></div></div>"It's moving quickly. What you end up having when you interact with your customers is a much richer data set. That's what is unique [about what we do]. Making ordering easier or more convenient is what consumers are looking for, and it is what the brand represents. And making these things work in the real world, it's not easy.</p><p>"This is a testament to where the market is going," Page added. </p><h2>Left brain vs. right brain</h2><p>Perhaps. For his part, March argued that both ad agencies and consulting firms have their natural strengths and weaknesses, and that each side's weaknesses can be addressed by hiring different types of people.</p><p>He admits to being biased, but he believes it will be easier for ad agencies to hire more analytic-driven people than for consulting firms to get more creative.</p><p>"From what I've heard from people who have worked on both sides, the consulting firms are not really strong on how to engage creatively," he said. "A culture of creativity is really hard."</p><p>March said that agencies are hardly bereft of offering their clients potential ways to change their businesses. The question is, do they know how to execute them?</p><p>At the same time, consultants have to prove they can deliver on ad campaigns that work. "The knock on these guys has always been, they give you decks and then leave," March said. "They've got to change that. If you are going to charge somebody $2 million for a strategy that's one thing, but now they are going to have to execute."</p><p>Gene Liebel, co-founder of the digital Work and Co, which works with Facebook, Apple and Marriott, and others, agreed that in 2017 more marketers need help building digital tools to help them directly interact with their consumers. But he also doubted whether consulting firms are up to the task of handling the little things, or can attract the right talent to deliver.</p><p>"Someone still has to do the hard work of designing and building successful digital services, and that execution piece is what's actually the toughest," he said. "The talent pool for the best engineers and best digital designers is surprisingly small, and those people are drawn to places where they can go beyond just concepting great digital experiences. They want to make real things. And actually witness their ideas make it out into the world to be used by real consumers."</p><p>In other words, Chipotle's app better work really well. Or like many marketers, the company might soon be looking for a new agency.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-pop-pimples-right-way-skin-care-dermatology-2017-9">The only right way to pop your pimples</a></h3>        <div>                    </div>    </div>

Marketers like Chipotle are turning to consulting firms to help transform their businesses - and ad agencies are nervous

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty Images/Win McNamee</span></p></div><p></p></div></div>Stocks went nowhere while the price of crude oil slid to start the week. </p><p>The <a href="http://www.businessinsider.com/crude-oil-price-may-9-2016-5">decline in oil prices</a> came after news out this weekend that Saudi Arabia would replace its oil minister after 20 years on the job. </p><p>First, the scoreboard:</p><ul><li>Dow: 17,699, -41, (-0.2%)</li><li>S&amp;P 500: 2,058, +1.2, (+0.1%)</li><li>Nasdaq: 4,750, +15, (+0.3%)</li><li>WTI crude oil: $43.40, -2.8%</li></ul><h2>Coffee, Donuts</h2><p>JAB Holdings is creating a coffee and donut empire. </p><p>On Monday, the European investment company <a href="http://www.businessinsider.com/jab-buying-krispy-kreme-2016-5">announced a deal to acquire Krispy Kreme</a> for $1.35 billion, or $21 per share. Shares of Krispy Kreme gained about 24% on the news. </p><p>In December, JAB spent $13.9 billion to buy home-brewing coffee company Keurig Green Mountain. The company also owns Caribou Coffee and a controlling stake in Peet's Coffee &amp; Tea. </p><p><a href="http://www.businessinsider.com/jab-holding-building-a-coffee-and-bagel-empire-2016-5">Here's a full rundown of the consumer-related companies JAB has scooped up in recent years</a>. </p><p>"This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders," Krispy Kreme chairman Jim Morgan said in a statement on Monday. </p><p>The only thing I can definitely say on this deal is that Krispy Kreme has good donuts and good K-cup flavors. </p><h2>Fintech, Disrupted</h2><p>Fintech leader <a href="http://www.businessinsider.com/lending-club-ceo-stepping-down-2016-5">Lending Club announced Monday</a> that its CEO will be stepping down following an internal review that involved a $22 million loan sale. </p><p>In a statement Monday morning, Lending Club said CEO Renaud Laplanche would step down after, "<span>an internal review of sales of $22 million in near-prime loans to a single investor, in contravention of the investor's express instructions as to a noncredit and nonpricing element, in March and April 2016."</span></p><p><span>Basically, the company lined up a buyer for a pool of loans but then didn't deliver loans of the credit quality desired by the buyer of the loan pool. According to Bloomberg, Jefferies was the buyer of this particular pool. </span></p><p><span>Kadhim Shubber at <a href="http://ftalphaville.ft.com/2016/05/09/2161111/well-at-least-things-probably-cant-get-worse-for-lending-club/">FT Alphaville writes</a>:</span><span> "<span>A key selling point of online lending has been that the digitisation of the loan process means that data is easier to analyse and, critically, more trustworthy. But as </span><a href="http://ftalphaville.ft.com/2016/04/01/2158123/transparency-is-our-skin-in-the-game/" target="_blank" title="" Transparency="" is="" our="" skin="" in="" the="" game="">we've argued before</a><span>, it's wrong to assume that greater transparency and detail equals greater accuracy, particularly when the key issue in lending has always related to incentives rather than information."</span></span></p><p><span><span>Basically, fintech needs borrower but it also needs purchasers of those loans just as much and getting those two folks to line up is not a particularly easy process. In fact, in this case it didn't seem to work at all! </span></span></p><p><span>Elsewhere, the company reported earnings that missed on the bottom line though revenue came in better than expected. </span></p><h2><span>Bond Market Liquidity</span></h2><p><span><a href="http://www.businessinsider.com/deutsche-bank-on-bond-market-liquidity-2016-5">Matt Turner is worried about bond market liquidity</a>. </span></p><p><span>Or, specifically, about the use of bond ETFs as a source of liquidity when the price of the bonds underlying the ETFs are probably stale. </span></p><p><span>But as this chart from Deutsche Bank shows, there is basically a period in which bonds exist, in terms of being legitimate market instruments for which an investors can get up-to-date pricing information, and then the bonds just sort of sit. </span><span>Like, say, in the pool of bonds that compose an ETF, the price of which is guesstimated and used a source of daily liquidity for those bond investors who can't this liquidity elsewhere. </span></p><p><span>And so on. </span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Deutsche Bank</span></p></div><p></p></div></div></span></p><p><span>Here's Deutsche Bank:</span></p><p style="padding-left: 60px;">So there you have it: roughly one-third of all names in HY and IG barely ever trade. They could go for months without a real price print, meaning that <strong>all those indexes tracking thousands of ISINs on a daily basis are routinely guessing values for 25-40% of their constituents.</strong></p><p style="padding-left: 60px;">It is what it is, whether we like it or not, the reality of the situation, and at least to this point, the industry has not come up with a better solution to this problem than guesstimating values for a large number of bonds. But it nevertheless provides an important lesson to all those using indexes to measure their volatility, sharpe ratios and other useful risk/return characteristics. <strong>Because a large portion of this indexes is marked at stale prices, all these otherwise useful measures are routinely underestimating true volatility in credit. </strong></p><p>Citi, meanwhile, <a href="http://www.businessinsider.com/citi-says-10-year-yield-to-retest-lows-2016-5">thinks the 10-year could be headed</a> to 1.5% this year an possible back to its all-time low of 1.38%. </p><h2>Bill Ackman</h2><p>Bill Ackman sent some really great emails during the whole Valeant blow-up back in the fall. </p><p>Among them was a <a href="http://www.businessinsider.com/bill-ackman-email-to-charlie-munger-2016-5">lengthy email to Charlie Munger </a>imploring him to reconsider his comparison of the company to ITT, one of the most famous conglomerate roll-ups from the 1960s. </p><p>Rather than compare Valeant to ITT, Ackman pitched Munger on a more familiar idea: Berkshire Hathaway. </p><p><span>"Valeant shares a lot of similarity to Berkshire in its decentralization, its approach to capital allocation, and its shareholder orientation," Ackman wrote. </span></p><p><span>"Pearson's management approach is similar to 3G's in the company's extremely cost-disciplined and rational approach to operations. While Valeant has made a large number of acquisitions of varying size in an extremely strategic and disciplined fashion since Pearson has been CEO, nearly all have been purchased for cash.</span></p><p><span>"Valeant is not a roll up which has used a high-value currency to buy lower-multiple unrelated businesses. In fact, Valeant stock has been and continues to remain perennially undervalued, and Pearson has been extremely reluctant to issue equity (in fact, the company repurchased a substantial amount of stock in the first few years of his tenure)."</span></p><p><span>Elsewhere in Ackman's emails <a href="http://www.businessinsider.com/bill-ackman-valeant-share-price-drop-emails-2016-5">we get to see his clear panic</a> during the worst of Valeant's PR nightmare and share plunge, and he also dropped some clues about what he'd like to see the company do with its Bausch &amp; Lomb unit (<a href="http://www.businessinsider.com/ackman-wants-valeant-to-ipo-bausch-and-lomb-2016-5">spoiler: IPO it</a>).</span></p><h2><span>Additionally</span></h2><p><span><a href="http://www.businessinsider.com/donald-trump-default-print-money-2016-5">Donald Trump says more things on debt</a>. <a href="http://www.businessinsider.com/donald-trump-national-debt-money-print-2016-5">Josh Barro is concerned the real problem is that Trump thinks he's a genius</a>.</span></p><p><span><a href="http://www.businessinsider.com/the-future-of-technology-is-here-2016-5">I argued that technical innovation has basically done what it's going to do</a>. (People didn't like this argument.)</span></p><p><span><a href="http://www.businessinsider.com/facebook-newsroom-reportedly-suppressed-conservative-news-2016-5">Facebook's newsroom sounds a lot like other newsrooms</a>. </span></p><p><span><a href="http://www.businessinsider.com/financial-advisor-insights-may-9">Pascal's Wager teaches an important lesson about investing and risk</a>. </span></p><p><span><a href="http://www.businessinsider.com/powerball-ticket-was-sold-in-new-jersey-2016-5">$429.6 million Powerball ticket sold in New Jersey</a>.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/global-economy-biggest-threat-2016-4">FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4wNWo1MzE6mCXkk1XHZUEjn1PYYwkNot" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

OIL FALLS, STOCKS GO NOWHERE: Here's what you need to know

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/stuart_spivack/8973515151/">Flickr/stu_spivack</a></span></p></div><p></p></div></div>The next genetically modified food you eat probably won't be a GMO.</p><p>At least not in the conventional sense of the term, which means genetically modified organism.</p><p>It will probably be made using Crispr, a new technique that lets scientists precisely tweak the DNA of produce so that it can do things like survive drought or avoid turning brown.</p><p>On Thursday, agriculture giant <a href="http://news.monsanto.com/press-release/corporate/monsanto-announces-global-licensing-agreement-broad-institute-key-genome-edi">Monsanto nabbed the licensing rights to the technology from the Broad Institute</a> to use in its seed development. This is the first license the company has issued to a company for use in agriculture. (Agriculture giant DuPont, on the other hand, is collaborating with another <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword> company, called Caribou Biosciences, to license its <a href="http://www.businessinsider.com/dupont-crispr-corn-in-stores-in-5-years">own Crispr crops, including corn)</a>.</p><p>Harvard geneticist George Church thinks crops like these might be our best hope for ending the war against GMOs, which <a href="http://www.businessinsider.com/the-war-against-gmos-is-full-of-fearmongering-and-fraud-2015-7">he and dozens of other experts call misguided</a>, once and for all.</p><p>"It's a beautiful thing," Church recently told Business Insider.</p><p>The US Department of Agriculture seems to agree, as does Monsanto. The USDA has already moved two crops made with Crispr - a <a href="http://www.businessinsider.com/the-us-government-says-crop-edited-with-crispr-wont-be-regulated-2016-4">type of mushroom</a> and a <a href="http://www.businessinsider.com/dupont-crispr-corn-in-stores-in-5-years">type of corn</a> - closer to grocery store shelves by opting not to regulate them like conventional GMOs. DuPont, the company making the corn, <a href="http://www.businessinsider.com/dupont-crispr-corn-in-stores-in-5-years">says it plans to see the crop in farmers' fields</a> in the next five years.</p><h2>When a GMO is not a GMO</h2><p>What makes these crops <em>not</em> GMOs, you might ask? It all comes down to the type of method that scientists are using to tweak their genes. And Crispr is a far more precise method of modifying genes than scientists have had access to before.</p><p>Instead of relying on the genetic engineering people are referring to when they talk about GMOs, which involves swapping out a plant's genes with chunks of DNA from another organism such as a bacterium, Crispr allows scientists to simply swap out a letter or two of the plant's genetic code (composed from the letters A, G, C, and T) and replace it with another one that, say, prevents it from turning brown.</p><p>"Changing a G to an A is very different from bringing a gene from a bacteria into a plant," Church said.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.flickr.com/photos/zivkovic/5646763233/">Flickr/zivkovic</a></span></p></div><p></p></div></div></p><p>At the center of the agency's decision not to subject the new crop to its rules is the fact that the Crispr-edited mushroom doesn't contain any "introduced genetic material" or foreign DNA, which is how most GMOs are made.</p><p>This could mean that everything we know about genetically modified food is about to change.</p><p>"DuPont views the USDA's confirmation as an important first step toward clarifying the U.S. regulatory landscape and the development of seed products with CRISPR technology," Neal Gutterson, DuPont Pioneer's vice president of research and development, told Business Insider by email.</p><h2>A world of Crispr crops?</h2><p>Teams of researchers across the globe are working on developing more crops made with Crispr, and experts say the USDA's recent decision is a promising development.</p><p>"If USDA decides the first product does not require regulation, that would definitely be encouraging for the many people already using Crispr," Joyce Van Eck, an assistant professor at the Boyce Thompson Institute, told the Genetic Expert News Service shortly before the USDA made its decision.</p><p>Crispr was first introduced as a genome-editing tool in 2013 in a couple of common laboratory plants, including a weed called Arabidopsis and a tobacco plant. Since then researchers have been <a href="http://ensia.com/voices/crispr-is-coming-to-agriculture-with-big-implications-for-food-farmers-consumers-and-nature/">experimenting with it in a range of crops, including oranges, potatoes, wheat, rice, and tomatoes</a>. "By the end of 2014, a flood of research into agricultural uses for CRISPR included a spectrum of applications, from boosting crop resistance to pests to reducing the toll of livestock disease," Maywa Montenegro <a href="http://ensia.com/voices/crispr-is-coming-to-agriculture-with-big-implications-for-food-farmers-consumers-and-nature/">wrote in January in the science magazine Ensia</a>.</p><p>Of course, Church would prefer that people embrace GMO foods as they are now, since <a href="http://www.realclearscience.com/blog/2013/10/massive-review-reveals-consensus-on-gmo-safety.html">numerous scientists have determined they are safe</a>. After all, he said, Americans have <a href="http://www.businessinsider.com/things-that-wouldnt-exist-without-gmos-2015-8">embraced GMOs in other things</a> like clothing (<a href="http://www.ers.usda.gov/data-products/adoption-of-genetically-engineered-crops-in-the-us/recent-trends-in-ge-adoption.aspx">94% of the cotton that goes into things like T-shirts is genetically modified</a>).</p><p>"I hope people wake up one day and realize, 'Hey almost everything is GM - it's in the air, on our bodies, in our medicine - maybe we can get over the GM foods controversy," Church said.</p><p>Until then, we have Crispr.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-usda-guidelines-coffee-eggs-breakfast-cholesterol-2016-1">New USDA dietary guidelines have good news for coffee drinkers - and drop breakfast recommendation and cholesterol warnings</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ViYzEyMDE6GnULZX3DoI0tIUcdyIbCk4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Monsanto may have just ended the war on GMOs

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div>In a letter released to the public on Monday, chemical giant DuPoint Pioneer announced plans to market the first crop that uses<span> a type of precise genetic modification called CRISPR-Cas 9. </span></p><p>DuPont is the fourth-largest chemical corporation in the world, and it wants to see the product - a hybrid type of corn - in farmers' fields as early as 2021.</p><p>"We're applying our 90 years of knowledge of corn biology to develop the next generation of high-quality waxy corn hybrids for the benefit of the entire value chain from growers to processors and end users," DuPont Pioneer vice president of research and development Neal Gutterson said in a statement.</p><p>The USDA has said that it will not subject the CRISPR corn to the same rules as traditional GMOs.</p><p>In response to Pioneer's "Regulated Article Letter of Inquiry," about the new product, the USDA said that it does not consider the CRISPR corn "as regulated by USDA Biotechnology Regulatory Services."</p><p><span>This comes on the heels of a <a href="http://www.businessinsider.com/the-us-government-says-crop-edited-with-crispr-wont-be-regulated-2016-4">letter released last week</a> in which the </span>US Department of Agriculture said that it wouldn't<span> regulate a mushroom that had been gene-edited with the same type of CRISPR technology. (In its case, the genetic tweaks helped keep the mushroom from turning brown.) </span></p><p><span>Like with the corn, this approach is widely different from the one the USDA has previously taken with traditional GMOs, which <span>are regulated by the agency's <span>Animal and Plant Health Inspection Service (APHIS). APHIS <a href="https://www.aphis.usda.gov/aphis/ourfocus/biotechnology/sa_regulations/ct_regulations"><span>keeps an eye on </span><span>new</span><span> genetically modified organisms that "may pose a risk to plant health."</span></a></span></span></span></p><p><span><span><span><span>But unlike the mushroom, which was created by researchers at Penn State with no plans to bring the product to market, the corn would ideally be on grocery store shelves in the next few years.</span></span></span></span></p><p><span><span><span><span><span>"The next generation of waxy hybrids developed with CRISPR-Cas will represent a step-change in how efficiently we bring elite genetic platforms of high-yielding waxy corn to our customers," said Gutterson.</span></span></span></span></span></p><p><span>Essentially, CRISPR is a far more accurate method of modifying genes than scientists have had access to before.</span></p><p><span>At the center of the agency's decision not to subject the new crop to its rules is the fact that the CRISPR-edited crops don't contain any "introduced genetic material" or foreign DNA, and so would not be a threat to other plants.</span></p><p><span>This is the focus of a lot of the policy surrounding GMOs, or genetically modified organisms. Because GMO crops are tweaked in a lab to contain harmless DNA from other organisms, like bacteria, which help make them more resistant to things like drought or pests, they are regulated by the USDA.</span></p><p><span><span><span>In its letter, the agency says firmly that the CRISPR-edited mushroom doesn't pose a risk to plant health, and so doesn't need to be regulated:</span></span></span></p><p style="padding-left: 30px;"><span><span><span>APHIS has no reason to believe that <span>CRISPR/Cas-9-edited</span> white button mushrooms are plant pests. Therefore, consistent with previous responses to similar letters of inquiry, APHIS does not consider CRISPR/Cas-9-edited white button mushrooms ... to be regulated.</span></span></span></p><h2><span><span><span>A world of CRISPR crops?</span></span></span></h2><p><span><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty Images/Justin Sullivan</span></p></div><p></p></div></div>This could be the shape of things to come.</span></span></p><p><span><span>"If USDA decides the first product does not require regulation, that would definitely be encouraging for the many people already using CRISPR," Joyce Van Eck, an assistant professor at the Boyce Thompson Institute, told the Genetic Expert News Service last week.</span></span></p><p><span><span>Many researchers are <a href="http://ensia.com/voices/crispr-is-coming-to-agriculture-with-big-implications-for-food-farmers-consumers-and-nature/">currently looking into developing CRISPR food products</a>.</span></span></p><p class="p1"><span class="s1">DuPont Pioneer has been collaborating on research and intellectual property with <a href="" Pioneer="" previously="" announced="" strategic="" agreements="" for="" research="" collaborations="" and="" intellectual="" property="" IP="" licenses="" with="" Vilnius="" University="" Caribou="" Biosciences.="" These="" are="" combined="" DuPonts="" own="" technology="" capabilities="" infrastructure="" scientific="" expertise="" that="" being="" applied="" in="" order="" to="" advance="" CRISPR-Cas.="">Caribou Biosciences</a>, the biotech company co-founded by Jennifer Doudna, one of the discoverers of CRISPR, for sometime now. </span></p><p><span><span><span><a href="http://ensia.com/about/people/maywamontenegro/" title="View author profile">Maywa Montenegro</a> wrote for environmental-news site Ensia in January:</span></span></span></p><p style="padding-left: 30px;"><span><span><span><span>Since its 2013 demonstration as a genome editing tool in </span><em>Arabidopsis</em><span> and tobacco - two widely used laboratory plants - CRISPR has been road-tested in crops, including wheat, rice, soybeans, potatoes, sorghum, oranges and tomatoes. By the end of 2014, a flood of research into agricultural uses for CRISPR included a spectrum of applications, from boosting crop resistance to pests to reducing the toll of livestock disease.</span></span></span></span></p><p><span><span><span></span></span></span><span><span><span>This could be good news given <a href="http://www.businessinsider.com/americans-doubt-scientists-on-gmos-2015-7">Americans' hefty - though scientifically unfounded - opposition to GMOs.</a> T</span></span></span>he <a href="http://www.nap.edu/openbook.php?isbn=0309092094" target="_blank">National Academy of Sciences</a>, the <a href="http://www.aaas.org/sites/default/files/AAAS_GM_statement.pdf" target="_blank">American Association for the Advancement of Science</a>, and the <a href="http://ec.europa.eu/research/biosociety/pdf/a_decade_of_eu-funded_gmo_research.pdf" target="_blank">European Commission</a> all have said that traditional GMO foods are safe to eat. A <a href="http://www.realclearscience.com/blog/2013/10/massive-review-reveals-consensus-on-gmo-safety.html">large scientific study from 2013</a> found no "significant hazards directly connected with the use of genetically engineered crops." But CRISPR crops won't be traditional GMOs. And perhaps they'll start to change people's minds about the future of food.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-usda-guidelines-coffee-eggs-breakfast-cholesterol-2016-1">New USDA dietary guidelines have good news for coffee drinkers - and drop breakfast recommendation and cholesterol warnings</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ViYzEyMDE6GnULZX3DoI0tIUcdyIbCk4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's 4th-largest chemical giant wants to genetically modify corn to create a new super crop in the next 5 years

<p>Over the weekend, Daily Beast editor <a href="http://www.thedailybeast.com/contributors/goldie-taylor.html">Goldie Taylor</a> <a href="https://twitter.com/goldietaylor/status/731586169083924481">tweeted</a> out a horrific story about what happened when her&#xa0;25-year-old&#xa0;son tried to sell the MacBook&#xa0;she had bought him for college on&#xa0;Craigslist.&#xa0;</p><p>According to Taylor, when her son met the buyer in a public place in Atlanta, he was suddenly placed in handcuffs with a weapon&#xa0;held to his back. A scan was conducted on this computer, and when it was discovered the computer wasn't stolen, her son was released, she says.&#xa0;</p><p>The&#xa0;men apparently never identified themselves, but when her son later checked in with the supposed buyer, that person blamed the police.</p><p>In a statement, Taylor&#xa0;said, "<span>we believe that unidentified members of <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> enforcement acted without the required probable cause and used a decoy to lure my son to a public place." </span><span>She added, "<span>Atlanta police chief George Turner's office reached out to my son, at the behest of Mayor Reed, today and we believe an internal review is underway."</span></span></p><p>Here's her full tweetstorm about the incident.</p><p><div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p class="embed-spacer">&#xa0;<div></div></p><p>She has continued to&#xa0;tell her story and respond to doubters <a href="https://twitter.com/goldietaylor">on Twitter</a>.</p><p>Here's her full statement provided to Business Insider:</p><p style="padding-left: 30px;">During an incident that unfolded last week, undercover officers targeted my son Joshua as he attempted to sell his personal computer through Craigslist-the country's leading digital classified advertising site. Disrupting a private and legal transaction, we believe that unidentified members of law enforcement acted without the required probable cause and used a decoy to lure my son to a public place.</p><p style="padding-left: 30px;">Shortly after he arrived, my son was handcuffed and detained with a weapon pressed to his back, while his personal property was subjected to a warrantless search. At no time did any of the three officers present identify themselves or their agency, nor was my son ever told why he was being detained. He feared for his life and thus complied with every command. The incident occurred on Thursday, May 12 aroun<span data-term="goog_1687371393"><span>d 2 p.</span></span>m. at the Buckhead Caribou Coffee, located near the intersection of Piedmont and Peachtree Roads.</p><p style="padding-left: 30px;">&#xa0;Joshua, who is a 25-year-old Atlanta native and an architecture student, believes in the spirit of community and, among other efforts, was a campaign volunteer for Atlanta mayor Kasim Reed in 2009. However, he also believes-- as I do-- in equal protection under the law. We believe that his constitutional right to privacy, as well as his protections against false imprisonment and illegal search and seizure, were all violated.</p><p style="padding-left: 30px;">As a family, we believe that strong, healthy communities depend on relationships built on mutual trust and respect between members of law enforcement and the people they are sworn to serve and protect.&#xa0;&#xa0;<span>We have hired legal counsel to help us fully investigate the incident, identify the officers involved and navigate the appropriate next steps.&#xa0;</span></p><p style="padding-left: 30px;"><span>Atlanta police chief George Turner's office reached out to my son, at the behest of Mayor Reed, today and we believe an internal review is underway.&#xa0;</span></p><p style="padding-left: 30px;">While we remain grateful for the outpouring of support from people around the country--as an editor with a national publication and cable news political analyst who has covered high-profile cases of police violence in North Charleston, Ferguson, New York, Baltimore, and elsewhere-- I can think of no greater pain than to lose my son.</p>

You Searched For "Caribou Coffee" and got 12 results

Warren Buffett's favorite banker is investing in a $7.5 billion deal for Panera Bread

Frank Chaparro,Matt Turner

FED LEAKS AND JAMIE DIMON'S ANNUAL LETTER: Here's what you need to know

Bob Bryan

The 5 break-out restaurant brands of 2016

KATE TAYLOR

STOCKS TUMBLE INTO THE RED: Here's what you need to know

Bob Bryan

The company that bought Keurig is buying Krispy Kreme

Portia Crowe

Wall Street stars keep leaving the industry - and it's becoming an expensive problem

Portia Crowe

Marketers like Chipotle are turning to consulting firms to help transform their businesses - and ad agencies are nervous

Mike Shields

OIL FALLS, STOCKS GO NOWHERE: Here's what you need to know

Myles Udland

Monsanto may have just ended the war on GMOs

Erin Brodwin

The world's 4th-largest chemical giant wants to genetically modify corn to create a new super crop in the next 5 years

Erin Brodwin

My son was cuffed and threatened for trying to sell his Macbook on Craigslist, alleges Daily Beast editor

Julie Bort

Apple's smart photo app will be way behind Google's - here's why

Kif Leswing