** TUESDAY, JULY 30, 2019 ~ VOL. CCLXXIV NO. 25 WSJ.com HHHH$4.

DJIA27221.35À28.90 0.1% NASDAQ8293.33g0.4% STOXX 600390.85À0.03% 10-YR. TREAS.À7/32, yield 2.056% OIL$56.87À$0.67 GOLD$1,419.60À$1.10 EURO$1.1145 YEN108.

Federal

Borrowing

Soars as

Deficit

Fear Fades

Treasury expects to

sell over $1 trillion in

debt; issue has little

traction in 2020 race

for bankruptcy within the

past decade although the

website says they haven’t dis-

closed such an event in the

last 10 years.

The LetsMakeAPlan.org site

has been presenting more than

6,300 planners without show-

ing such problems even

though the planners have dis-

closed them to the Financial

Industry Regulatory Authority,

according to a Wall Street

Journal analysis of more than

72,000 profiles on the website.

The Journal compared data

on the LetsMakeAPlan.org site

against records kept by Finra,

an industry-funded watchdog

with legal authority to regulate

brokers.

Among the planners the

Journal’s analysis flagged,

more than 5,000 have faced

formal complaints from their

Please turn to page A

Many people seeking a fi-

nancial adviser begin their

search at LetsMakeAPlan.org,

a directory operated by the

Certified Financial Planner

Board of Standards Inc.

The Board, which controls

the CFP label coveted by finan-

cial planners, boasts of its

high standards and has touted

its directory of professionals

as a place where people can

find a screened, skilled and

trustworthy financial planner.

What they won’t find there

is any indication that thou-

sands of the planners bearing

the board’s seal of approval

have had customer complaints

or faced criminal or regula-

tory problems—often directly

related to their work with cli-

ents. More than 60 have filed

BYJASONZWEIG

ANDANDREAFULLER

Financial Adviser Site

Omits Red Flags

Some complaints don’t show up in profiles

London

Britches

Falling Down

iii

Dress code defied;

‘Can I wear shorts

at Barclays?’

BYANUJGANGAHAR

ANDJULIESTEINBERG

LONDON—Britain’s suited

masses, sweating through a

heat wave, are being driven to

make a once-unthinkable sar-

torial choice. Men are wearing

shorts—to work.

Hairy calves, knobbly knees,

pasty thighs that haven’t seen

the sun in months, even an an-

kle free from the cover of a

woolly sock: All are getting an

airing as temperatures near

100 degrees.

“I googled ‘can I wear

shorts at Barclays,’ ” said Ryan

Campbell, a product designer

at U.K. lender Barclays PLC. “I

didn’t want to be the first guy

Please turn to page A

Several universities in Illi-

nois say they are looking into

the practice, which is legal.

“Our financial-aid resources

are limited and the practice of

wealthy parents transferring

the guardianship of their chil-

dren to qualify for need-based

financial aid—or so-called op-

portunity hoarding—takes

away resources from middle-

and low-income students,”

said Andrew Borst, director of

undergraduate enrollment at

the University of Illinois. “This

is legal, but we question the

ethics.”

One Chicago-area woman

told The Wall Street Journal

that she transferred guardian-

ship of her then 17-year-old

daughter to her business part-

ner last year. While her house-

hold income is greater than

$250,000 a year, she said, she

and her husband have spent

Please turn to page A

WASHINGTON—Borrowing

by the federal government is

set to top $1 trillion for the

second year in a row as higher

spending outpaces revenue

growth and concern about

budget deficits wanes in Wash-

ington and on Wall Street.

The Treasury Department

said Monday it expects to is-

sue $814 billion in net market-

able debt in the second half of

this calendar year, bringing to-

tal debt issuance to $1.23 tril-

lion in 2019. That would repre-

sent a slight decline from

borrowing in 2018, when the

Treasury issued $1.34 trillion

in debt—more than twice as

much as the $546 billion it is-

sued in 2017.

The budget gap for the fis-

cal year that ends Sept. 30 is

on course to exceed $1 trillion,

following the 2017 tax cuts

that constrained federal reve-

nue and a previous two-year

budget deal that raised spend-

ing nearly $300 billion above

spending caps Congress en-

acted in 2011.

The new budget agreement

congressional leaders an-

nounced last week effectively

pushed the issue of govern-

ment spending off until after

Please turn to page A

BYKATEDAVIDSON

Capital One Financial

Corp., the fifth-biggest U.S.

credit-card issuer, said Mon-

day that a hacker accessed

the personal information of

approximately 106 million

card customers and appli-

cants, one of the largest-ever

data breaches of a large bank.

Paige A. Thompson, 33

years old, was arrested in

connection with the hack

Monday by federal agents in

Seattle, officials said. Ms.

matter.

The bulk of the exposed

data involves information

submitted by customers and

small businesses that applied

for Capital One credit cards

between 2005 and early 2019,

the bank said, including ad-

dresses, dates of birth and

self-reported income.

Ms. Thompson is a former

employee of Amazon Web

Services Inc., according to

people familiar with the mat-

ter. The criminal complaint

says Ms. Thompson’s résumé

showed she worked at a

cloud-computing company,

which the government didn’t

name, as a systems engineer

from 2015 to 2016.

The breach compromised

approximately 140,000 Social

Security numbers and 80,

Please turn to page A

Thompson is accused of

breaking through a Capital

One firewall to access cus-

tomer data that the bank had

stored on Amazon.com Inc.’s

cloud service, according to a

federal criminal complaint

and people familiar with the

ByNicole Hong,

Liz Hoffman

andAnnaMaria

Andriotis

Capital One Breach Affects

106 Million Card Applicants

Falling Rates

Fuel Mortgages

Mortgageoriginations,

quarterly

Source: Inside Mortgage Finance

$

0

100

200

300

400

500

billion

2014 ’15 ’16 ’17 ’18 ’

Lenders made $565 billion of

mortgage loans last quarter

amid a refinancing boom. B

and stars Ryan Reynolds and

Gal Gadot, the people said. In

addition, a person familiar

with the matter said, Netflix

plans to release later this year

“6 Underground,” a Michael

Bay-directed action film that

is costing about $150 million,

and Martin Scorsese’s “The

Irishman.”

The last film might be the

company’s riskiest bet. “The

Irishman,” a historical drama

likely to appeal only to adults

interested in serious subject

matter, costs as much as some

all-ages action-adventure mov-

ies because of visual effects

that allow stars including Rob-

ert De Niro, Al Pacino and Joe

Pesci to appear at different

Please turn to page A

Netflix Inc. is spending hun-

dreds of millions of dollars to

produce big-budget films as it

tries to shore up its subscriber

base and push further into ter-

ritory once controlled by ma-

jor Hollywood studios.

The streaming giant is in-

vesting more than $520 mil-

lion to make three big-budget

films, said people familiar with

movie budgets. None of those

movies is likely to get the kind

of wide theatrical release typi-

cally used to make such sub-

stantial investments pay off.

Earlier this month, Netflix

agreed to spend nearly $

million to make the Dwayne

Johnson action movie “Red

Notice,” which is to be filmed

next year at exotic locations

BYR.T.WATSON

ANDBENFRITZ

Netflix Splurges On

Costly New Movies

 Facebook Watch slowly lures

more video ads......................... B

 Fed is poised to cut rates as

thinking shifts........................... A

CHICAGO—Amid an intense

national furor over the fair-

ness of college admissions,

the Education Department is

looking into a tactic that has

been used in some suburbs

here, in which wealthy par-

ents transfer legal guardian-

ship of their college-bound

children to relatives or friends

so the teens can claim finan-

cial aid, said people familiar

with the matter.

The strategy caught the de-

partment’s attention amid a

spate of guardianship trans-

fers here. It means that only

the children’s earnings were

considered in their financial-

aid applications, not the family

income or savings. That has

led to awards of scholarships

and access to federal financial

aid designed for the poor,

these people said.

BYDOUGLASBELKIN

New College Aid Ploy:

Swapping Guardians

 Equifax pitches focus on

cybersecurity.............................. B

Source: IDC Worldwide Quarterly Enterprise Storage Systems Tracker 1Q19. Numbers

represent Dell EMC revenue and rank for each year shown in the all-flash array segment.

Rankings inclusive of sales from companies acquired by Dell Inc.

2014

$0.4B

#

$0.9B

$1.7B

$1.9B

$2.7B

#1 #

2015 2016 2017 2018

Dell Technologies is#1 in All-Flash Arrays

for the fifth straight year.

Always setting the

bar higher.

DellTechnologies.com/storage

CONTENTS

Banking & Finance... B

Business News.. B3,

Capital Journal...... A

Crossword.............. A

Heard on Street. B

Life & Arts....... A11-

Markets..................... B

Opinion.............. A15-

Sports....................... A

Technology............... B

U.S. News............. A2-

Weather................... A

World News...... A9,

s2019 Dow Jones & Company, Inc.

All Rights Reserved

>

What’s

News

Alleged Sept. 11master-

mind Khalid Sheikh Moham-

med has opened the door to

helping attack victims in their

lawsuit against Saudi Arabia

if the U.S. government spares

him the death penalty, accord-

ing to court documents.A

The EducationDepart-

ment is looking into a tactic in

which wealthy parents trans-

fer guardianship of college-

bound children so the teens

can claim financial aid.A

Hospitals wouldhave to

disclose the now-secret dis-

counted prices they negotiate

with insurers under a pro-

posed administration rule.A

Attorney General Barr

is moving to cut off asylum

for people whose claims are

based on being related to per-

secuted family members.A

The suspected shooterin

a California festival attack

used a semiautomatic rifle to

kill three people, including a

6-year-old boy, police said.A

The U.K.’s Johnsonis re-

fusing to hold face-to-face

meetings with EU leaders un-

less they agree to change key

aspects of the Brexit deal.A

Democratic presidential

hopefuls are poised for de-

bates in Detroit, as top-

tier candidates look to

break from the pack.A

Trump ally Tom Barrack

sought Saudi government

funding in a bid to buy reac-

tor builder Westinghouse, ac-

cording to a House report.A

The U.S. SoccerFedera-

tion released a letter saying

it has paid the U.S. women’s

team more than the men’s

team in recent years.A

C

apital One saida hacker

accessed the personal

information of about 106

million credit-card cus-

tomers and applicants, one

of the largest-ever data

breaches of a big bank.A

Borrowing bythe fed-

eral government is set to

top $1 trillion for the sec-

ond year in a row as higher

spending outpaces revenue

growth and concern about

budget deficits wanes.A

Powell is leadinghis Fed

colleagues to cut rates this

week for the first time since

2008, signaling a shift of

thinking on the economy.A

Corporate profitsare

proving to be more resilient

than expected, allaying in-

vestor anxieties about trade

and economic growth.B

Netflix is spendinghun-

dreds of millions of dollars

to produce big-budget films

amid its effort to shore up

its subscriber base.A

Pfizer’s deal to merge

its off-patent drugs busi-

ness with Mylan caps CEO

Bourla’s remodeling of the

pharmaceutical giant.B

The S&P slipped0.2%

as investors looked ahead

to the Fed’s policy meeting.

The Dow rose 0.1%.B

European food-delivery

companies Takeaway.com

and Just Eat struck an

$11.1 billion merger deal.B

Newell pickedRavi Sali-

gram, the former OfficeMax

chief who has also led

Ritchie Bros., to be CEO.B

A U.S. court saidVene-

zuela’s stake in Citgo could

be seized to satisfy a judg-

ment against the country.B

Business&Finance

World-Wide

9/11 First Responders Welcome Signing of Victims’ Funding Act

HELPING HAND: President Trump on Monday signed legislation that funds medical claims from victims of the 9/11 terrorist attacks

for the rest of their lives. Separately, Khalid Sheikh Mohammed, the alleged mastermind of the Sept. 11, 2001, attacks, has opened

the door to helping victims in their lawsuit against Saudi Arabia if the U.S. government spares him the death penalty. A

ALEX BRANDON/ASSOCIATED PRESS