Good morning. The Federal Reserve and the Securities and Exchange Commission are investigating Goldman Sachs’s role in buying Silicon Valley Bank’s securities portfolio while it was working on its doomed capital raise before the bank’s failure, according to people familiar with the matter.

The Justice Department has also subpoenaed Goldman as part of its investigation into SVB.

• Broader probes: The Wall Street Journal previously reported that the SEC and Justice Department are investigating the bank’s collapse. The Goldman inquiries are part of the broader probes, some of the people said.
• Goldman cooperates: Goldman said it is “cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries into SVB, including the firm’s business with SVB in or around March 2023.”
• Unusual arrangement: It is rare for banks to simultaneously work as both an adviser to a company and a buyer of its assets, except in times of financial stress, bankers and banking lawyers say.

Note to readers: The Morning Risk Report won't be published Monday in observance of the Juneteenth holiday. We will return on Tuesday, June 20.

White Starbucks manager fired after arrests of two Black men wins $25 million.

A federal jury this week awarded more than $25 million to a white former Starbucks regional manager who oversaw the Philadelphia location where two Black men were arrested in 2018, finding that she was fired because of racial discrimination.

The jury in New Jersey’s U.S. district court determined Monday that Starbucks must pay damages to the former employee, Shannon Phillips, for violating discrimination laws, according to court records. The episode in 2018 drew widespread attention after a social-media video circulated showing two men being arrested at a Starbucks cafe.

CoinEx to leave U.S. after settling New York lawsuit.

Cryptocurrency platform CoinEx will wind down its U.S. operations after reaching a settlement with New York, said the state’s attorney general, Letitia James, who had sued the company over its failure to properly register.

Hong Kong-based CoinEx will also turn over about $1.8 million, partially in the form of refunds to customers, as part of the settlement announced Thursday. James, one of the top law-enforcement officials charged with policing Wall Street, has taken a hard line on cryptocurrencies.

• A federal judge ruled Thursday that the criminal charges against Sam Bankman-Fried should be split into two trials, after both prosecutors and the defense agreed that litigation in the Bahamas could delay the FTX founder’s case.
   
• Two of the biggest U.S. ticket sellers plan to change how they display prices to concertgoers, the White House said Thursday, moves aimed at simplifying the process of buying tickets.
   
• The former Samsung Electronics executive accused of leaking sensitive technology to build a China-based chip factory had a renowned career in his native South Korea before pivoting to roles that would help advance Beijing’s semiconductor sector, according to people familiar with the matter and public corporate records.
   
• A group of music publishers representing songwriters from Taylor Swift to Beyoncé is suing Twitter for alleged copyright infringement, arguing that the platform benefits from the use of songs it hasn’t paid for.

U.S. government agencies hacked in cyberattack.

Several U.S. government agencies, including the Energy Department, have been hacked in a data-stealing cyberattack exploiting a software bug that had already compromised major businesses in the U.K. and elsewhere, U.S. officials said Thursday.

While officials were still investigating the intrusions, they said none of the pilfered data had apparently been leaked online so far and that no extortion demands had been paid to the hackers. A Russian-speaking criminal group was likely responsible, officials said.

July rate rise is likely, analysts say.

The Federal Reserve’s decision to hold interest rates steady while projecting more increases ahead reflected a compromise that makes a hike next month more likely, analysts said after Chair Jerome Powell’s comments Wednesday.

Powell’s phrasing during a press conference hinted that his default position for now is to raise rates at the Fed’s July 25-26 meeting, some said.

• Beijing is planning major steps to revive China's flagging economy.
   
• The U.S. and Ukraine’s other Western allies pledged immediate support to the embattled country’s air defenses and a longer-term commitment to training its forces as NATO defense ministers met Thursday to advance alliance plans for facing threats from Russia.
   
• North Korea broke a two-month absence of missile tests on Thursday, as Pyongyang expressed discontent over U.S. and South Korea live-fire annihilation drills that concluded on the same day.
   
• Higher interest rates are expected to weaken U.S. consumer spending.

• Technology developers are designing a new generation of human-like robots aimed at filling in for workers at warehouses.
• West Coast dockworkers reached a tentative labor deal following more than a year of contentious negotiations that have disrupted trade flows.
• AR is coming to the OR as startups design augmented-reality systems to give doctors “X-ray vision” into patients on the table.
• The maker of the Instant Pot cooker filed for bankruptcy as consumers slowed their discretionary spending to cope with inflation.
• A postpandemic binge in dividend payments from companies to their private-equity owners is undermining their credit quality.

• Russia’s state energy giant is close to striking long-term deals to sell substantial supplies of oil, a sign that Moscow can continue to count on petroleum exports to fund its war on Ukraine.
   
• Artificial intelligence and other high-tech tools, though nascent in most hospitals, are raising difficult questions about who makes decisions in a crisis: the human or the machine?
   
• New Zealand’s central bank last year said it was willing to tolerate a recession as a price for bringing inflation under control. That contraction was realized at the end of the March quarter, as high interest rates and storm damage took its toll on the South Pacific economy.
   
• The Supreme Court is heading into the final stretch of its current session.
   
• Generative-AI startups are rolling in billions of dollars of funding, but they could already be headed for failure if they can’t get the right data—and that won’t be an easy feat.

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