JOURNAL REPORT © 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, November 22, 2016 | R1 KELLYANNE CONWAY RUDOLPH ‘Fairness is about equality GIULIANI of opportunity, not ‘We don’t want equality of outcomes.’ to become a country where we have political vindictiveness after an election.’ BUSINESS INTHEAGEOF DANIEL TARULLO TRUMP ‘It’s probably more likely that At the annual gathering of the next response would be a The Wall Street Journal’s CEO Council, tightening.’ top executives got an early look at how their world may be about to change ELIZABETH WARREN PREET ‘The American people BHARARA do not want Wall Street to run their ‘The vast majority government.’ of insider-trading cases we brought have resulted in convictions.’ KEVIN TOM MICHAEL BRADY COTTON ROGERS ‘Wehaveto ‘We’re not ‘Cyber does fix and create there to put not recognize 21st-century our finger on these arbitrary health care.’ the scale for lines that we this or that have drawn.’ business or industry.’ THE WALL STREET JOURNAL INSIDE Rudolph Giuliani talks about Daniel Tarullo offers his Susan Desmond-Hellmann Michael Rogers says a David Cote on people’s view Stephen Wolfram on Donald Trump’s immediate view of the economy and and Thomas Frieden dis- public-private partnership is of business, R4 communicating with AIs, R6 agenda, R2 interest rates, R5 cuss the world’s biggest the key to combatting health threats, R8 cyberattacks, R9 Stephen Schwarzman on Guruduth Banavar on using Kellyanne Conway says the Kevin Brady spells out the the outlook for productivity artificial intelligence in issue at the core of the House GOP’s economic Gene Sperling is optimistic Preet Bharara on keeping and the economy, R4 decision making, R7 election was security, R4 priorities, R6 for the Democratic Party and executives honest, R9 the U.S. economy in the long John Graham on the right Andrew McAfee on who will Elizabeth Warren discusses To m Co t t o n looks at the run, R8 PLUS time frame for evaluating succeed in the second the message the Democrats evolution of the Republican Daniel Kahneman on the CEOs, R5 machine age, R9 heard, R4 Party, R7 dangers of hindsight, R2 R2 | Tuesday, November 22, 2016 THE WALL STREET JOURNAL. JOURNAL REPORT | CEO COUNCIL What Is on Trump’s CEO COUNCIL MEMBERS (Chief executive officers John D. Johns, Protective Anthony Scaramucci, except as noted) Life Corp. Founder, Co-Managing Thomas P. Joyce Jr., Partner, Skybridge Nicholas K. Akins, Danaher Corp. Capital Immediate Agenda American Electric Power Rana Kapoor, Yes Bank Ltd. David T. Seaton, Mukesh Dhirubhai Ambani, Alex Karp, Palantir Fluor Corp. Chairman and Managing Technologies Jahja Setiaatmadja, Rudolph Giuliani says it’s borders, corporate Director, Reliance Michael J. Kasbar, World President Director, PT Industries Ltd. Fuel Services Corp. Bank Central Asia Tbk taxes, repatriation and trade Johan C. Aurik, Managing Declan Kelly, Teneo Gregg M. Sherrill, Tenneco Partner and Chairman, Holdings Keith Skeoch, Standard Life Global, A.T. Kearney Christopher J. Klein, Frederick W. Smith, FedEx ‘I think you’ll see Mitch Barns, Nielsen Fortune Brands Home & Gary B. Smith, Ciena Corp. George S. Barrett, Cardinal Security Inc. Sir Martin S. Sorrell, Group a conservative Health Inc. Sarah Krevans, Sutter Chief Executive, approach to John F. Barrett, Western & Health WPP PLC Southern Financial Group Mary A. Laschinger, Veritiv K.R. Sridhar, Bloom Energy antitrust law.’ Dominic Barton, Global Donald H. Layton, Freddie Paula Steiner, Health Care Managing Partner, Mac Service Corp. McKinsey & Co. Richard I. Lesser, Boston Todd A. Stevens, California Patrick Bass, thyssenkrupp Consulting Group Resources Corp. North America Inc. William Lewis, Jeff Storey, Level 3 Brendan Bechtel, Dow Jones & Co. Communications Inc. Bechtel Corp. Robert A. Livingston, Anthony R. Tersigni, Marc Benioff, Salesforce Dover Corp. Ascension JeffreyL.Bewkes,Time George Logothetis, Libra Robert Thomson, Warner Inc. Group News Corp Aneel Bhusri, Workday Inc. Peter S. Lowy, Co-CEO, Paul A. Tufano, Ståle Bjørnstad, Cxense Westfield Corp. AmeriHealth Caritas Jean-Laurent Bonnafé, BNP William Mansfield, MUFG Family of Companies Paribas SA Securities Americas Inc. Ronald N. Tutor, Tutor Benjamin A. Breier, Kindred Gracia C. Martore, TEGNA Perini Corp. Healthcare Inc. Michael J. Massey, N.V. Tyagarajan, Vincent Brun, President, PetSmart Inc. Genpact Ltd. RALPH ALSWANG/DOW JONES Vacheron Constantin Timothy J. Mayopoulos, Bernard J. Tyson, Kaiser North America Fannie Mae Permanente Rudolph Giuliani has had an MR. GIULIANI: Donald Trump. ney general. So I won’t have to Gregory W. Cappelli, Apollo John McAvoy, Consolidated Tien Tzuo, Zuora extensive career, but he is per- Donald Trump is an extraordi- decide. I don’t know who’s go- Education Group Inc. Edison Inc. Erez Vigodman, Teva haps best known for leading narily smart man. Exposing ing to be attorney general. Lloyd Carney, Brocade Terry D. McCallister, WGL Pharmaceutical New York City to recovery af- him to different viewpoints is I think you’ll see a conser- Communications Systems Holdings Inc. and Industries Ltd. ter the terrorist attacks of the very best thing we can do. vative approach to antitrust Gregory C. Case, Aon PLC Washington Gas Timothy R. Wallace, Trinity Sept. 11, 2001. Now he’s a It’s exactly what Obama didn’t law. If it’s predatory pricing, Dominic Casserley, Daniel J. McCarthy, Frontier Industries Inc. prominent member of Presi- do, although he said he was where there are alternatives, President, Deputy CEO, Communications Corp. Mark Weinberger, EY dent-elect Donald Trump’s going to do it. you’ll probably see a challenge Willis Towers Watson Bill McDermott, SAP SE Dion J. Weisler, HP Inc. transition team and emerged to it. If it’s a situation in which Terrence W. Cavanaugh, Karl McDonnell, Strayer Harold L. Yoh III, Day & after the election as one of the MR. BAKER: Let me talk about there’s no alternative but a President, Erie Insurance Education Inc. Zimmermann top contenders for the post of Steve Bannon. There has been large conglomerate, I think Group Jim McGrann, VSP Global Yang Yuanqing, Lenovo secretary of state. a lot of concern about some of you’ll see the Justice Depart- Anil Chakravarthy, Thomas McInerney, The Wall Street Journal’s the things that he’s associated ment passing on that. Informatica Genworth Financial Inc. PARTICIPATING GUESTS Gerard Baker spoke with Mr. with. He has been accused of The last thing in the world William C. Cobb, Richard P. McKenney, Guruduth Banavar, Vice Giuliani about Mr. Trump’s po- racism. He has been accused of you’re going to see is an anti- H&R Block Inc. Unum Group President and Chief sitions and plans. What fol- anti-Semitism. business administration. Don- Andrew Collins, Sentient Jet Larry J. Merlo, CVS Health Science Officer, Cognitive lows are edited excerpts of the MR. GIULIANI: I haven’t seen ald Trump realizes that he got Steven H. Collis, Alex Molinaroli, Johnson Computing, International conversation. any of that in Steve. I’ve seen a elected, to a very large extent, AmerisourceBergen Corp. Controls Inc. Business Machines very smart, very bright man, on something he said in so Luis Manuel Conceicao do Steve Mollenkopf, Derek Belch, Founder and On the table very worldly man. I also think many speeches: “Jobs, jobs, Amaral, Eurocash SA Qualcomm Inc. CEO, STRIVR Labs Inc. MR. BAKER: Give us your sense something happens to you jobs.” So being pro-business is Roger W. Crandall, Deanna M. Mulligan, Preet Bharara, of what the immediate agenda when the election’s over. It’s being pro-jobs. Massachusetts Mutual Guardian Life Insurance U.S. Attorney, Southern is for the Trump presidency. not that you change your posi- That doesn’t mean there Life Insurance Co. Co. of America District of New York MR. GIULIANI: You’re going to tions. But you begin to realize, won’t be a necessary level of Bal Das, Chairman, BGD Oscar Munoz, United Kevin Brady, Chairman, see very much the policies he “I’ve got to bring in more peo- regulation. But one thing that Holdings LLC Airlines House Ways and Means talked about. ple. I’ve got to broaden my ho- President-elect Trump told me, Doug DeVos, President, Rupert Murdoch, Executive Committee; U.S. Repre- I analogize this election to rizons.” I don’t think that just he said, “One of the things I Amway Corp. Chairman, 21st Century sentative (R., Texas) when Andrew Jackson de- happens to the president. I learned over running for presi- Craig Donohue, Options Fox and News Corp Kellyanne Conway, Senior feated what was the almost think that happens to the chief dent, when I began, I thought Clearing Corp. Eileen K. Murray, Co-CEO, Adviser, Presidential emerging nobility of America. of staff, the policy adviser, the the biggest concern that busi- Michael J. Dowling, Bridgewater Associates Transition Team; Cam- The American people had had communications director, sec- nesses had was taxes. It’s true Northwell Health Pierre Nanterme, Accenture paign Manager, Donald J, enough of this elite, we needed retary of defense, attorney they are concerned about Francisco D’Souza, Christopher J. Nassetta, Trump for President somebody who represented us. general, secretary of state. taxes. But they tell me their Cognizant Technology Hilton David Cote, Chairman and That’s what happened here. When you’re out there just biggest concern is regulation. Solutions C.L. Max Nikias, President, CEO, Honeywell The people revolted against criticizing, it’s one thing. I’m going to cut those damn Colin Dyer, Member of the University of Southern Tom Cotton, U.S. Senator the elite that was trying to When you actually get on the regulations in half.” Board of Directors, Jones California (R., Ark.) force on them policies they inside, there’s a certain weight Lang LaSalle Indra K.