An Ethical Code of Conduct Is Good for Business

The Supreme Court’s reversal of tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA) has triggered a cascading series of events. These include a forced pivot by the Trump administration towards alternative tariff authorities, activity at the Court of International Trade (CIT) aimed at securing refunds, and behind-the-scenes jockeying by companies seeking to position themselves to claim those tariff refunds.

The structure works like this: a lead investor buys in at one valuation, and then a second tranche closes at a substantially higher number, often within weeks. Carta data shows 20 of these transactions in just the past six to twelve months, with frequency accelerating in the fourth quarter of 2025.[1] More are expected. In the AI era, patience is in short supply.

A loan regime split-dollar life insurance arrangement can be an important option to provide retirement benefits to nonprofit executives…