The Presidential Daily Brief


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    Chinese Government Reportedly Detains Anbang Chairman

    It’s hard to run an empire from jail. Under Wu Xiaohui, Anbang Insurance became known for smart mergers. But now he’s out — “unable to perform his duties,” according to the company — after being detained by Chinese authorities. Wu hasn’t been charged and it’s unclear if an investigation is underway. Anbang, boasting $242 billion in assets, bought New York City’s iconic Waldorf Astoria hotel for $2 billion, and negotiated with presidential son-in-law Jared Kushner for a $4 billion Fifth Avenue development deal that was canceled in March without explanation.

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