Don’t Go Cherni-ng Yourself Up

Hey Chedd-heads! Welcome to Need2Know’s redesigned newsletter! There’ll be a ton of new features over the coming weeks, but don’t worry. They’ll all be cheese-friendly!

Cherni Vit, as we all know, is a Bulgarian green cheese produced only in and around the village of Cherni Vit. It gets a green crust because of specific conditions in the region. The cheese nearly went extinct at the turn of the millennium, but thanks to slow food efforts, locals began producing it once again—and, presumably, eating it. Today’s news you need2know, meanwhile, is all about people getting cherned churned up over a variety of issues! Nobody is nearly going extinct or turning green, as far as we know, but that would also have been interesting:

Cheddlines You Need2Know

• Quote of the Day

• Is DOGE Breaking the Law?

• Frontier Makes Another Bid to Buy Spirit Airlines

• Today on the 'Gram

• Those Mystery Drones Were Not the Enemy

• Julian Edelman Makes His Super Bowl Predictions

• Wanna Rebuild Los Angeles? You’ll Need a Permit

Did you know green can be high like a mountain, or deep like the sea?

—Matt Davis, Need2Know Chedditor

P.S. Check out Meta’s new Oakley glasses on our ‘gram.

Quote of the Day

Is DOGE Breaking the Law? Public Citizen Sues Trump Administration to Ensure Compliance

Robert Weissman, co-president of Public Citizen, is suing the government over existence of the Department of Government Efficiency, to be led by Elon Musk. Weissman argued that the appointment of Musk to oversee DOGE is unconstitutional and riddled with conflicts of interest.

"Elon Musk, the richest person in the history of the world, is to oversee a commission that's going to make it give advice on how to cut government spending and how to roll back regulations," Weissman said. He contends that this violates federal laws regarding advisory committees, which require fair and balanced representation, open meetings, and a specific agenda.

Weissman highlighted Musk's vast conflicts of interest across various government agencies, including the Consumer Financial Protection Bureau, the Securities and Exchange Commission, the Federal Trade Commission, the Defense Department, and NASA.

“There is probably no one in the country or in the world who has more conflicts of interest before the United States government than Elon Musk,” Weissman said. He also questioned Musk's qualifications and agenda, stating, “The whole idea of efficiency as Elon Musk has pursued it in the business world, is not what efficiency means in the world of public service.”

Weissman also criticized President Trump's recent firing of 17 inspectors general, calling it a “Friday night midnight massacre” and suggesting that it's intended to enable waste, fraud, abuse, and corruption. He expressed alarm about the administration's actions: “What the Trump people are trying to do is overwhelm us with the volume of what they're doing and instill fear.”

Weissman emphasized the importance of checks and balances, particularly from Congress, the courts, and the public. He called for people to speak out against the administration's authoritarian moves and to strengthen democracy. “If people rally together and stand up, we can stop those moves and we can strengthen our democracy, which we desperately need to do,” Weissman said.

Frontier Makes Another Bid to Buy Spirit Airlines

Frontier Airlines has expressed interest in purchasing Spirit Airlines, which declared bankruptcy late last year. This comes despite a previous failed merger attempt in 2022, and Spirit’s immediate declaration of disinterest in the sale.

Many discount airlines, except Spirit, are recovering more slowly from the pandemic compared to full-service carriers. Experts, however, believe low-cost airlines like Frontier will still manage to fill market gaps, keeping competition lively and prices in check.

Frontier’s imaginatively named parent company, Frontier Group Holdings Inc., proposed a deal involving new Frontier debt and common stock. The move comes after JetBlue's attempt to acquire Spirit for $3.8 billion was blocked by the Justice Department and a federal judge, citing concerns over rising prices for Spirit’s budget-dependent customers.

Frontier remains hopeful, citing the merger’s potential to create a robust low-fare airline capable of competing effectively on a larger scale. Spirit Airlines, while navigating bankruptcy since November 2020 and facing significant financial losses, has been considering its options carefully. Despite receiving Frontier’s proposal, Spirit has said it looks less favorable than continuing with its standalone plan for exiting Chapter 11 bankruptcy protection. Maybe they’re hoping for a higher bid?

Meanwhile, Frontier’s shares saw a 6% increase after the announcement of their renewed bid for Spirit.

From @cheddar

Those Mystery Drones Were ‘Not the Enemy,’ Says the White House

The White House says most of the mysterious drones observed in New Jersey, which caused public concern and at one point led to the shutdown of an airport, were in fact authorized by the Federal Aviation Administration.

White House press secretary Karoline Leavitt said that after thorough research, it was determined that these drones, seen in large numbers and especially at night, were permitted for various reasons, including “research.”

“This was not the enemy,” she said, after misinformation spread including claims that, for some reason, the drones could be from Iran. Nope, said the Department of Defense.

The drone activities caused significant disruptions, including the temporary closure of runways at New York Stewart International Airport, which you’ve never flown into or out of. Still: Oops!

New York Governor Kathy Hochul and New Jersey Governor Phil Murphy both sought federal assistance to address the issue. My main question here is whether we’re comfortable with the idea that “most” of these drones were legit. What about the other possibly 49% of the drones? Are we saying those should give us the creeps?

Julian Edelman Makes His Super Bowl LIX Prediction: Taylor Swift’s Boyfriend’s Team Will Win

Sure, this newsletter is about finance, tech, and innovation. But every now and then, just like people who work in those fields, we like to talk about sports. So, former New England Patriots wide receiver Julian Edelman joined us to talk about football!

On the possibility of Patrick Mahomes cementing his legacy as the greatest of all time (GOAT) with another Super Bowl win, Edelman acknowledged the significance of achieving three consecutive victories in the salary cap era: “If he wins one more? He's going to be put on that conversation a lot. And it’s deservingly so because it’s never been done to go back-to-back-to-back, to repeat it in a salary cap era.”

Edelman also addressed Bill Belichick’s genre transition to college football at North Carolina: “I think this is the perfect time for him to get in this situation with how the college landscape is. It’s pretty much pro football now... What’s a better way to do that than to go play for, you know, Bill Belichick, who’s going to instill, you know, the professional routine, the professional schedule, the professional scheme and schematics?"

Regarding the Chiefs’ perceived preferential treatment from referees, Edelman dismissed the notion: “That whole narrative is bull. We used to hear the same thing. It’s whenever you’re on top. Everyone who’s got a problem with it that’s talking about it in the league, you need to shut up and go beat them.”

Edelman also weighed in on the upcoming Super Bowl matchup between Taylor Swift’s boyfriend’s team and the Eagles, whom she is not dating: “It’s hard to bet against Patrick Mahomes,” he said. “Saquon Barkley, though. He's an X factor. If they can get that run game going and control the game, that’ll give them the best opportunity. They’re going to have to play a perfect game. If you don’t know, the Chiefs will just stick around, and they’ll beat you in situational football. And I think that’s probably how it’s going to go.”

So, the Chiefs? When pressed for a definitive prediction, Edelman did indeed opt for Taylor Swift’s boyfriend’s team.

Wanna Rebuild Los Angeles? You’ll Need a Permit

The recent wildfires in California have caused devastating damage, leaving many wondering how long it will take to rebuild. James Gallagher, CEO of GreenLite, a company that specializes in streamlining the construction permitting process, offered us his insights.

Gallagher explained that the permitting process is a major bottleneck in rebuilding efforts. "In L.A., we could be looking at five years to rebuild and get people back in their homes and businesses," he said.

The reason for the delay is the complexity and variability of the permitting process, which is primarily governed by city and county agencies. "There are 20,000 different jurisdictions, different agencies that regulate permitting in this country alone," Gallagher said.

GreenLite aims to address this issue by using bribes. Wait, no. Sorry: by using software and automation to expedite plan review and permitting. "Right now, we're taking about 75% of the time out of reviewing plans as a traditional process," Gallagher said. The company works with licensed architects and engineers to ensure compliance and safety while significantly reducing timelines.

GreenLite has seen significant growth in recent years, expanding its operations to multiple states and working with major companies across the country. While the wildfire damaging L.A.  is extensive, Gallagher hopes that his company can help things along by getting green lights on those permits. Best of luck to him.