BRUSSELS — Germany’s push to exempt a national champion from future EU oversight could imperil a ministerial deal to integrate the bloc’s financial markets and compete with Wall Street.

Over the coming days, finance ministers will discuss the most contentious parts of their countries’ positions on Brussels’ “market integration and supervision package” of bills, or MISP. They’ll begin with a dinner on Thursday in Luxembourg, as the Council moves toward its official negotiating position.

The hope is that ministers will then sign off on the compromise deal, brokered by Ireland in its role as leader of the EU’s rotating presidency, at the ministerial Ecofin gathering on Friday. This would be a major step forward for the EU’s 10-year bid to create a U.S.-style capital market.

But a push by Germany to exclude one of Europe’s biggest stock exchanges from central EU oversight could turn dinner into a food fight.

This exemption remains in the current compromise position among EU capitals after Berlin refused to give up local supervision of its stock exchange behemoth Deutsche Börse over fears of job losses and ceding power to a bloc-wide entity, despite central supervision being one of the key tenets of the MISP package.

It’s sparked protests from smaller countries, which feel the compromise would disproportionately benefit their larger neighbors — and could scupper the entire deal.

The carveout is “polluting the whole debate” by giving a “huge gift to Germany” while other countries receive nothing in return for their support, one diplomat said.

Another went further. “No deal is better than a bad deal,” a senior EU official said ahead of Friday’s meeting.

One market

Securing a deal on MISP this year is central to the “One Europe, One Market” plan that the EU’s three political leaders in Brussels agreed to in April. EU governments have invested significant political capital into MISP in a bid to turn the bloc into an investment hub where innovative companies can find investors without having to leave for deeper pockets on Wall Street.

Getting sign-off from the EU’s 27 governments would be a major coup for Dublin, which is chairing legislative negotiations in Brussels until the end of the year.

However, six diplomats close to the negotiations gave contrasting views on whether a deal would be possible this week. According to one, anywhere from eight to 17 countries could band together to block an agreement.

The diplomats did concede that the countries opposing the carveout are not unified in their position, however, as they all want different things from a potential deal. But the Deutsche Börse issue remains the most contentious.

After the German government made it clear it would not support a deal on the package unless Deutsche Boerse was carved out, the EU’s six biggest economies came up with a plan over the summer to exempt the exchange from EU-wide supervision by the new “supercop” European Securities and Markets Authority.

The German state of Hesse, Deutsche Boerse’s current supervisor, has consistently opposed giving up the role, fearing job losses and waning influence if the exchange giant is instead overseen by ESMA. The carveout, based on trading thresholds and geographical footprint, would also benefit Spain’s main stock exchange and another German trading platform, Tradegate.

In practice, scoping out the German giant would hollow out the ambition of the MISP plan. Moving to a central supervision model for the EU’s biggest exchanges and other financial plumbing firms like clearinghouses and central securities-depositories has been the thorniest political issue throughout negotiations.

Although ESMA would still oversee large firms such as the stock exchange group Euronext and Nasdaq’s European arm, the watchdog would have fewer staff and less funding, and ultimately be less powerful if it were not responsible for supervising Deutsche BBörse 

The Belgian government in particular isn’t taking the plan lying down. According to two diplomats close to the talks, Belgium’s prime minister, Bart De Wever, could raise the subject at the European Council later this month if a majority of ministers push the carveout through.

Central to the Belgians’ frustration is the fact that their finance giant, the securities-depository group Euroclear, will move to ESMA supervision, while Belgium was shut out of talks among the “E6” supergroup of the bloc’s largest economies, according to multiple diplomats involved in the group’s formation.

If big countries won’t give up the Deutsche Börse carve-out, small countries could win changes to ESMA’s governance structure in exchange for supporting a deal, according to three of the diplomats. They want national finance watchdogs to have more influence in ESMA’s decision-making, while some also want changes to the authority’s funding structure. Large countries want ESMA to be overseen by an independent, powerful executive board akin to the European Central Bank’s. 

“It’s MESS, not MISP,” one diplomat quipped to POLITICO. 

Giovanna Faggionato contributed reporting.

The Trump administration has given its newly created “Super Intelligence Force” broad authority to determine how the tech industry and the federal government should address threats to national security and civil liberties posed by fast-evolving artificial intelligence technology, according to a charter obtained by POLITICO.

Three people familiar with discussions about the task force confirmed the document’s authenticity. The people were granted anonymity to share details that are not yet public.

The task force will identify “measures to improve the preparedness and response capability of both the government and the private sector to threats to the homeland and the American people,” the charter states. It will also produce a report on the risks of AI, focusing on “potential threats to civil liberties,” cybersecurity, standards for advanced models, and the impacts of possible overregulation.

The Wall Street Journal first reported on the details of the charter.

Both Silicon Valley and Capitol Hill were caught off guard by President Donald Trump’s announcement of the task force’s creation, with four tech-sector representatives telling POLITICO the industry was not widely informed beforeTrump’s social media post. Super intelligence is Trump’s preferred term for artificial intelligence.

The task force’s creation comes as major AI labs such as Anthropic and OpenAI have disclosed a spate of cybersecurity incidents related to new models with advanced hacking capabilities, sparking both industry leaders and lawmakers to call for a potential slowdown in AI development.

Director of National Intelligence Jay Clayton will lead the task force in his newly minted role as the administration’s AI czar, with Under Secretary of Defense Emil Michael, Office of Personnel Management Director Scott Kupor, and Federal Trade Commission Chairman Andrew Ferguson serving as vice chairs.

Its members include administration officials across the federal government, including at the National Security Agency and the Health and Human Services Department. Senior White House officials, including Vice President JD Vance and chief of staff Susie Wiles, will also be closely involved. Former Secretary of State Condoleezza Rice and venture capitalist David Sacks, who served as the administration’s AI czar until March, will also provide “advice” to the group on national security and technology, respectively.

The task force will stand for 120 days, but its work can be extended – or functions transferred to another government agency – at Wiles’ direction, per the charter.

The task force will undertake work spanning financial services, energy infrastructure, transportation, agriculture and emergency services, per the charter, and will work with the Pentagon, the Justice Department, the Homeland Security Department and the Federal Trade Commission to outline its recommendations.

The document also calls out two risk areas that have come under increased scrutiny in recent months: biosecurity and threats to the water supply. OpenAI recently threw its weight behind a slate of bills aimed at preventing AI models from exacerbating the threat of biological weapons, and rival lab Anthropic disclosed several incidents in which scientists in foreign countries used their models to research dangerous pathogens.

The Trump administration also rolled out a program in August to protect vulnerable U.S. water facilities from cybersecurity threats, following a series of cyberattacks on local water systems across the country.

The task force will also be responsible for reviewing “the current protocols and mechanisms in place” for AI labs to notify the government of breaches, hacks and jailbreaks, in addition to developing recommendations for improvements to the government’s response to such incidents.

The document refers to the technology “as both an amplifier and accelerant of both risks and opportunities” but ultimately places responsibility for any risks associated with AI on the labs developing advanced models.

“Though the labs are ultimately responsible for the risks and opportunities that their models amplify and accelerate, it is the role of the federal government to recognize and understand this era of change and to enforce our nation’s laws so that the fundamental principles of our Republic are safeguarded and advanced,” the document reads.

Elizabeth Warren’s job doesn’t need to be this hard.

The Democratic senator from Massachusetts is leading a cadre of largely left-of-center lawmakers in reviving the Stop Wall Street Looting Act, legislation that would curtail the worst tendencies of private equity firms. These investment firms frequently buy struggling companies in leveraged buyouts, foisting the debt of the purchase back onto the business being bought. The firms downsize staff and sell off parts of the purchased company to create dividends, all while charging the purchased corporation management fees for their trouble. When the companies frequently fail to service all this new debt, they are forced into bankruptcies that allow the private equity ownership group to walk away. 

Warren has been fighting for a while to hold private equity firms responsible for the well-being of the companies they own. In fact, this is her third attempt at pushing the legislation, which she first introduced in 2019. The act would close loopholes that shield these investment companies from the debts of the newspapers, hospitals and department stores they purchase, and would also limit the amount that could be extracted from a private equity-owned company. 

“Private equity takeovers are legal looting that make a handful of Wall Street executives very rich while costing thousands of people their jobs, putting valuable companies out of ­business, and in the case of health care, is literally a matter of life and death,” Warren said in a statement of an earlier version of the bill. 

Facing one of the most money-friendly presidencies in history and Republican control of the White House and Congress, the bill starts to look like a hard sell. Add in the public’s aversion to barring businesses from doing anything, along with the fond feelings many Americans have for the words “private” and “equity,” and it’s easy to feel hopeless. 

But there is a way to shape public opinion on this issue: Warren and her allies in Congress could simply point Americans toward an iconic redhead with pigtails. In recent years, Wendy’s has taken heat for an alleged decline in food quality. The flood of negative reviews of the fast-food chain, coupled with widespread closures of its restaurants, led Slate to ask in April “What the Hell Happened to Wendy’s?”

The logic behind connecting fast food to private equity takeovers is straightforward. Citizens who aren’t likely to notice when their local newspaper becomes a bit more bare-bones, or that the already byzantine healthcare system becomes slightly harder to navigate, will definitely notice when their lunch gets worse — and could well inspire widespread pushback against murky financial operators.

At least that’s what Stavros Halkias believes. The comedian and actor who made his name on an unprintable dirtbag-left-adjacent podcast made the case for tying private equity to bad sandwiches during a recent interview with sports journalist Pablo Torre.

“I think it’s clear that what’s f**king us up is private equity . . . taking over products that are awesome,” he said. “The one that I’ve actually latched onto recently . . . is fast food.”

Halkias pointed to the fast food chain’s recent adoption of shredded lettuce on its chicken sandwiches as a cost-slashing maneuver typical of private equity-owned restaurants.

“Everybody understands that Wendy’s has gotten s**ttier,” he said. “The spicy chicken sandwich now uses shredded lettuce. Right there, that is private equity. That is someone saying ‘We don’t want a fresh head of lettuce that costs more money. So, we’re going to give you bagged sh**ty lettuce. I know in the grand scheme of things it’s not a big deal, but people will notice.”

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Wendy’s is not fully owned by a private equity fund, but Trian Fund Management and its CEO, Nelson Peltz, own nearly a quarter of the chain restaurant’s stock. Peltz has launched multiple bids to take over the chain, most recently in February and August, before deciding he would wait to see if Wendy’s newest CEO, Bob Wright, could turn the flagging operation around. Still, with a buyout looming over the company’s head and its largest investor grumbling, it’s hard to see cost-cutting measures as entirely free from the influence of private equity firms.

Another fast-food chain, Jersey Mike’s, offers a more straightforward example. After the sandwich company was purchased by Blackstone in January 2025, customer complaints about declining quality and rising prices have dogged it ever since. 

“Some f**khead who’s never spread mayo in his life decided instead of a sandwich this is now a commodity,” Halkias said. “By turning the consumer experience shittier, some d**khead who’s never made a sandwich gets a billion extra dollars.”

Halkias sees fast food and professional sports as the two arenas most likely to turn opinion against private equity and investment firms more generally. “I do think if one of these billionaires ruins a franchise, you might have goombah football fans reading Karl Marx,” he said. “If they destroy the Lakers, guys with Kobe back tattoos are going to start the proletariat revolution. I think that the closest we’re getting to class consciousness is fast food and sports teams.”

Halkias gets paid to be funny, and his stand-up career was boosted by a YouTube algorithm that appreciated his talent for crowd work. While Warren and the bill’s co-sponsors shouldn’t lean too hard on an extemporaneous riff from a podcaster, the germ of a promising strategy is there. 

Private equity is abstract by design; the role of these firms is hard to figure for anyone outside of the C-suite. To draw the line between funds with boring names and the everyday services that have been eviscerated by bean-counters, Warren and the supporters of the Stop Wall Street Looting Act will first have to first meet people where they are. And where they are is eating lunch in their cars.

The post The private equity backlash could start at the drive-thru appeared first on Salon.com.