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Best of the Web, North American financials edition

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Best of the Web, North American financials edition

New York Life faces its involvement in American slavery before the Civil War, Trump voters who rely on Obamacare hope Trump doesn't do what he said he will do, and Wall Street gears up for the holiday party season.

Insurance policies on slaves: New York Life's complicated past

New York Life Insurance Co. is grappling with its early, pre-Civil War history as a company that sold insurance policies to Southern slaveholders covering the deaths of slaves, The New York Times wrote. That legacy is at odds with the company's work in the 20th century fighting racial prejudice and building a more diverse workforce.

Anthony Scaramucci is the 'Wall Streeter of the Year'

Yahoo Finance named the SkyBridge Capital II LLC founder its "Wall Streeter of the Year" for winning the biggest bet of his career: that supporting Donald Trump's campaign early on would pay off in the end. Now, Scaramucci is on the president-elect's transition team and could join the administration full time, prompting speculation that his SkyBridge hedge fund could go on the block. "I want to be in the secretary of loyalty section of the [Trump] Cabinet," he told Yahoo.

How Donald Trump may actually widen the U.S. trade deficit

If President-elect Trump's plans for infrastructure spending and his protectionist policies come to fruition, he may actually preside over a widening of the U.S. trade deficit rather than shrinking it, The Wall Street Journal reported. The scenario: A strengthening dollar prompts the Fed to raise rates faster than they anticipated. As a result, American exports become less competitive in the global market, leading the trade deficit to grow as a share of U.S. GDP.

Trump voters didn't take him literally on Obamacare. Oops?

A column in The Washington Post argued that blue-collar workers who have benefited from the Affordable Care Act's insurance expansion still voted for Trump because they did not take his promise to repeal the law literally. Other Trump pledges, such as asking every agency to pare back spending by 1%, could actually devastate many other programs that disproportionately benefit the very people who voted for him, columnnist Dana Milbank wrote.

The 10 best business quotes of 2016

The New Yorker collected 10 of the most memorable one-liners of the year in business, including Warren Buffett's response to Donald Trump stating that Buffett probably avoided income taxes too. Also included: Martin Shkrelli's congressional hearing smirk and a Wells Fargo & Co. employee disclosing that she dealt with stress at her branch by sipping hand sanitizer to take the edge off.

Wall Street holiday parties are back...but don't tell anyone

Reuters surveyed the holiday party scene on Wall Street and found that banks and financial services firms are loath to talk about their annual gatherings, which have been notoriously opulent in the past. The high-end venues, drinks and food are still around, Reuters reported, but companies are scaling back some expenses, such as hiring a famous musician to perform.