Mcconnell Cedes on Sharing Power, Sees Filibuster Staying
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P2JW026000-6-A00100-17FFFF5178F ****** TUESDAY,JANUARY26, 2021 ~VOL. CCLXXVII NO.20 WSJ.com HHHH $4.00 DJIA 30960.00 g 36.98 0.1% NASDAQ 13635.99 À 0.7% STOXX 600 405.13 g 0.8% 10-YR. TREAS. À 15/32 , yield 1.038% OIL $52.77 À $0.50 GOLD $1,854.90 g $0.80 EURO $1.2143 YEN 103.77 House Delivers Trump Impeachment Case to Senate Apollo’s What’s News Black To Step Business & Finance Down pollo’s Leon Black Aplans to step down as CEO afteranindependent As CEO reviewrevealed larger-than- expected paymentstoJef- frey Epstein that it never- Review found large thelessdeemed justified. A1 payments to Epstein, Yellen will become the firstwoman to lead the U.S. but concluded they TreasuryDepartment after were justified the Senatevoted 84-15to confirm her forthe post. A2 BY MIRIAM GOTTFRIED GameStopshares closed 18% higher afterswinging Leon Black plans to step wildly,inwhat has become down as chief executiveof agladiator match between Apollo Global Management Inc. chatroom-driven daytraders afteranindependent reviewre- and Wall Street shorts. A1 vealed larger-than-expected S payments to disgraced finan- Citadeland Point72 are PRES cier Jeffrey Epstein that it nev- investing $2.75 billion in TED erthelessdeemed justified. Melvin Capital, an emer- CIA Themonthslong reviewby gencyinflux of cash expected SO Dechert LLP found no evidence to stabilizethe hedgefund, AS that Mr.Black wasinvolved in which has been hit hardby LSH/ the criminal activities of the aseries of short bets. B1 WA lateEpstein, who was indicted AN TheNasdaq and S&P 500 in 2019 on federal sex-traffick- SUS closed at records, gaining NEXTSTEP:Clerk of the HouseCheryl Johnson and acting Sergeant at Arms Tim Blodgett lead the Democratic impeach- ing charges involving underage 0.7% and 0.4%, respec- ment managersastheydeliver to the Senate their case forthe second impeachment of former President Donald Trump.A4 girls,according to the law tively,while the Dowindus- firm’sreport, which wasdis- trials retreated 0.1%. B11 closed in asecurities filing Monday. AMCsaid it signed deals In itsreport, Dechert found for$917million in financing the fees that the billionaire to survivethe pandemic McConnell CedesonSharing hadpaid Epstein were forle- formonths longer without gitimateadvice on trust- and resorting to bankruptcy.Its estate-tax planning that proved shares rose almost 26%. B1 to be of significant value to Mr. Google is pushing forward Power, Sees FilibusterStaying Black and his family.Mr. Black with itsplan to removea paid Epstein atotal of $148 widely used tracking tech- million, plus a$10 million do- nologyfromits Chrome nation to his charity—far more browser,despitecomplaints BY lINDSAY WISE Sens.Kyrsten Sinema of Ari- whether Mr.Biden still op- previously embraced that ap- than waspreviously known. from rivals that rely on it to zona and JoeManchin of West poses eliminating the filibus- proach, which gavethe parties Mr.Black wroteinaletter target ads at individuals. B4 WASHINGTON—SenateMi- Virginia reaffirming their op- ter, White House press secre- equal seatsoncommittees and to Apollo’s fund investorsthat nority Leader Mitch McCon- position to itselimination. tary JenPsaki said: “The let nominees and bills advance he would cede the role of CEO Anheuser-Busch said it nell said that he is ready to Their statementsearlier in the president’sposition hasn’t to the floor even if a commit- to co-founder MarcRowanoN won’t devoteaSuper Bowl moveahead with apower- daysignaled that Democrats changed.” tee vote was tied. or beforehis 70th birthdayoN commercial to itsflagship sharing agreement aftertwo don’t have the votesneeded to TheDemocratic senators “We’reglad Senator July 31 while retaining the role Budweiser beer brand and Democratic senatorssaid they kill the filibuster unilaterally, “agree with President Biden’s McConnell threw in the towel of chairman. In the letter, will redirect the spending to won’t support ending the leg- sinceitwould take all 50 of and my viewthat no Senate and gave up on his ridiculous which wasalso disclosed in the marketing campaigns related islativefilibuster,acentral them, plus Vice President Ka- majority should destroy the demand.Welook forwardto securities filing,Mr. Black de- to Covid-19 vaccinations. B1 sticking pointfor the GOP in mala Harris, voting as a bloc. rightoffutureminorities of organizing the Senateunder tailed other governance the talks. President Biden, who both parties to help shape leg- PleaseturntopageA4 changes he is recommending World-Wide In astatement lateMonday, served 36 yearsinthe Senate, islation,” Mr. McConnell said. to the board, including the ap- the Kentucky Republican said said during his presidential In his statement, he pointed to DOJ watchdog to investigate pointment of moreindepen- his concerns about the filibus- campaign that he would prefer a2001 agreement—the last election moves.......................... A4 dent directorsand the elimina- McConnell said that he terrule,which requires 60 to preserve the filibuster, un- time therewas a50-50 Sen- GOP Sen. Portman of Ohio tion of Apollo’s dual-class is ready to moveahead with votesfor most legislation to lessGOP resistancetohis leg- ate—as a model for 2021. won’t run in 2022................... A4 sharestructure. Mr.Black also apower-sharing agreement advance, had been assuaged islativeagenda made eliminat- SenateMajority Leader Justices toss emoluments pledged to donate$200 million in the Senateafter two by commentsfromDemocratic ing it necessary. Asked Friday Chuck Schumer (D., N.Y.) had suits against Trump.............. A5 PleaseturntopageA6 Democratic senatorssaid they won’t support ending the legislativefilibuster,a central sticking point for RicchettiBrothers INSIDE Moderna to Test Republicans in the talks. A1 The House sent the ar- ticle of impeachment against Trump to the Sen- Rise in D.C. S Booster for Va riants ate, officially starting the countdown to a trial. A4 PRES UMA BY PETER lOFTUS neutralizing antibodies that TheJusticeDepartment /Z One is in the White House, the other is a worked against the emerging inspector general said his of- TO Moderna Inc.said its virus variantstested, including fice will investigatewhether lobbyist; power brokers recall Podesta duo Covid-19 vaccine appeared to strains firstevident in the U.K. agencyofficials “engaged in /NURPHO protect against emerging vari- and South Africa. an improper attempt” to over- BY JULIE BYKOWICZ wantshelp with China trade CLIFF antsofthe coronavirus in lab- That meansthe Moderna turn Biden’selection win. A4 AND BRODY MULLINS issues and aCovid-19 vaccine VID oratorytests, but as aprecau- vaccine likely still protects Moderna said itsCovid-19 developer embroiled in afed- DA tion it would test whether a against the emerging strains, vaccine appeared to protect WASHINGTON—As a eral investigation. booster shot improves immune but a weaker response to the against emerging variantsof WhiteHouse counselor,Steve Thepresidential change- WORLD NEWS responses and develop anew South Africa variant suggests the coronavirus in lab tests, but Ricchetti is atop confidant of over hasn’t only ushered in a Britain’s economy vaccine targeting the strain the hazards of avirus that as aprecaution it would test President Biden and one of newgovernment but also re- shrank morelastyear firstidentified in South Africa. PleaseturntopageA7 whether abooster shot im- the most important new shuffled Washington’shierar- Thecompanysaid on Mon- proves immune responses. A1 powerbrokers in govern- chyofsenior administration than thatofany other dayits vaccine produced im- Merck halts developmentof ment. officials and well-connected member of the G-7. A8 mune-system agentsknown as twoexperimental vaccines... A6 Biden signed an execu- tiveorder imposing tougher His younger brother,Jeff lobbyists. TheRicchetti rules on government-pro- Ricchetti, has agrowing ros- brotherswill be trying to curement practices to in- teroflobbying clientsseek- shape policyoverthe next Davos, Minus ing access to those power four yearsfromboth ends of crease purchases of prod- brokers. the axis. ucts made in the U.S. A2 Among them areAma- SteveRicchetti, 63 years Bono and Xi? TheWhiteHouse lifted zon.comInc., which needs old and an Ohio native, has restrictions against trans- help navigating the govern- PleaseturntopageA10 Paradise gender servicemembers ment’sstimulus plans and an- in the U.S. military, revers- titrust investigations,aman- Gerald F. Seib: Political center iii ing aTrump directive. A3 ufacturing companythat sizes up Biden’searly days... A4 Italian Prime Minister Fancy forum skips Conteisset to resign on Tuesday, asign of the con- Alpine town, tinuing fissures in Italian GameStop’sWild Ride skiers rejoice and European politics. A7 China’s Xi issued a Fueled on Social Media BY ERIC SYLVERS veiled warning against the Biden administration’s DAVOS, Switzerland—The preparations to rally allies BY JOE WALLACE GameStop’sgains forthe year World Economic Forumisn’t in to challenge Beijing on a to morethan 300%, is the latest Davosthis year.The pandemic range of issues. A9 On Reddit and chat forums, sign that frenetic trading by in- sawtothat. Forlocals and ski- daytraderswereshouting it dividual investorsisleading to ers, it means they getthe Al- from the rooftops: Buy outsizestock-market swings. pine villageall to themselves, CONTENTS Opinion.............. A15-17 GameStop! Thevolatility prompted the something that normally WE STOP Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports......................