Former Apollo chair Jay Clayton is offering companies that committed fraud a chance to disclose privately in exchange for avoiding charges or public exposure, representing a dramatic shift in Wall Street enforcement. Meanwhile, several banks are committing to multibillion-dollar debt financing for Caesars Entertainment as part of the US ambassador to Italy's hospitality expansion, while SpaceX proposes governance changes guaranteeing Elon Musk cannot be fired and offering a trillion-dollar Mars colony pay deal.

The softer approach to corporate crime aligns with President Trump's policies since his January 2025 re-election, as the Department of Justice has lost over a quarter of its lawyers and corporate prosecutions hit a 40-year low. Legal & General in the UK faces structural challenges with its flat share price and dividend sustainability questions amid rumors of a potential sale, while LVMH sells Marc Jacobs amid luxury goods sector tensions that go beyond cyclical downturns.

US corporate oversight continues to weaken as the audit regulator considers slashing staff and enforcement divisions, coming just before what may be the largest wave of IPOs ever, including SpaceX's potential trillion-dollar listing. The luxury sector's structural challenges and L&G's potential acquisition reflect broader consolidation trends in asset management where hundreds of billions in passive strategies remain "sub-scale" amid increasing competition from new entrants like Apollo-backed insurer Athora.