* * * * * THURSDAY, APRIL 15, 2021 ~ VOL. CCLXXVII NO. 87 WSJ.com HHHH $4.

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Afghans Brace for Change as Biden Sets U.S. Departure Date Bank
What’s
News Earnings
Business & Finance
Soar to
oinbase fetched an
Record
C $85 billion valuation in
the cryptocurrency ex-
change’s stock-market debut,
a watershed moment for an
Highs
industry that began a de- Turbulent markets and
cade ago as an experiment
in digital money. A1, B1, B10 a blank-check boom
 Goldman posted records produce blockbuster
in quarterly revenue and results in first quarter
profit, while JPMorgan
notched its highest quar-
A stock-market boom
terly profit on record. Wells
fueled by Reddit-reading indi-
Fargo enjoyed its best-ever
GHULAMULLAH HABIBI/EPA/SHUTTERSTOCK

vidual investors and a burst of

quarterly profit in corporate
companies entering the public
and investment banking. A1
markets produced record
 Dell said it would spin off quarterly profits at Wall
its stake valued at $52 billion Street’s biggest banks.
in cloud-software company
VMware, a deal the PC By Peter Rudegeair,
maker said would strengthen Orla McCaffrey
its financial position. B1 and Ben Eisen
 American Airlines said
Goldman Sachs Group Inc.
it is preparing to operate a
GUARDED: Afghan army soldiers secure a military base Wednesday that was previously used by U.S. soldiers in the Nan- posted records in quarterly
nearly normal summer
garhar province. President Biden said he would withdraw the remaining American forces from Afghanistan by Sept. 11. A18 revenue and profit. JPMorgan
schedule, anticipating that
Chase & Co. notched its high-
widespread vaccination will
est quarterly profit on record,
unleash appetite for travel. B1
driven by record revenue from
 The Justice Department

Coinbase Valued at $85 Billion

trading stocks. Even Wells
has stepped up an antitrust
Fargo & Co., a minnow on
probe of American’s recent
Wall Street, enjoyed its best-
partnership with JetBlue. B2
ever quarterly profit in corpo-
 Thermo Fisher is nearing rate and investment banking.
a deal to buy pharmaceuti-
cal-testing company PPD
for more than $15 billion. B1
 The S&P 500 and Nasdaq
In Roller-Coaster Stock Debut The party shows no signs
of ending soon. Even after re-
porting a 73% increase in in-
vestment-banking fees, Gold-
man said the volume of
fell 0.4% and 1%, respec-
BY PAUL VIGNA at $328.28. Coinbase went whipsaw moves as an indica- lists for trading about 50 cryp- coming transactions in that
tively, while the Dow indus-
public through a direct listing tion of how this stock may tocurrencies besides bitcoin. business at the end of the first
trials posted a 0.2% gain. B11
Coinbase Global Inc. fetched under the ticker symbol COIN. trade, said Wedbush Securities Today, the company has more quarter stood at a record
 Luxury-goods retailer an $85 billion valuation in its Coinbase was last valued at analyst Daniel Ives. “This is than 1,000 employees serving level.
LVMH reported a strong re- stock-market debut, a water- about $8 billion in a 2018 going to be a roller coaster,” more than 56 million custom- “Activity levels continue to
bound in first-quarter sales, shed moment for an industry fundraising round, but some Mr. Ives said, adding there ers in 100 countries. be elevated from what I would
defying the pandemic’s drag that began a decade ago as an analysts had projected its val- would be many investors trad- Coinbase’s debut on the say was a pre-Covid activity
on the global economy. B1 experiment in digital money. uation could top $100 billion ing in and out of the shares. public markets feels similar to level by a meaningful
Shares of Coinbase, the based on private market trad- “Right now the Street is still when other sector-defining amount,” David Solomon,
 Kohl’s reached a deal with
first major bitcoin-focused ing. It briefly topped that trying to put goal posts companies went public, like Goldman’s chief executive,
activist investors that will add
company to test the U.S. public mark Wednesday before pull- around the valuation,” he said. Please turn to page A9 said on a conference call with
three directors to its board
market, opened at $381 on the ing back. The exchange had Founded by Brian Arm- analysts. “The environment,
and leave its CEO atop the de-
Nasdaq Global Select Market. set a reference price on Tues- strong and Fred Ehrsam in  Cryptocurrencies leap to Please turn to page A2
partment-store chain. B3
They rose as high as $429.54 day of $250, but no trades 2012, Coinbase grew into one records............................................ B1
in the first few minutes of were executed at that price. of the most significant compa-  Coinbase IPO mints a  Heard on the Street: Doing
World-Wide trading and ended the session Investors should take the nies in the crypto market. It billionaire.................................... B10 more with less........................ B12

 The Biden administration

will impose a range of re-
taliatory measures against
Russia in response to Mos-
Disgraced Ponzi Schemer Amazon Coerces
Madoff, 82, Dies in Prison Partners by Using
cow’s alleged election in-
terference, a widespread
hacking campaign and
other malign activity. A1
 The president said he
would withdraw the remain-
ing U.S. forces from Afghani-
BY MICHAEL ROTHFELD
AND JUSTIN BAER
Its Broad Reach
stan by Sept. 11, telling the
Bernie Madoff, a onetime
nation “it’s time for American
troops to come home.” A18
fixture on Wall Street who di- Technology giant strong-arms vendors in
rected one of the largest finan-
 The government’s recom- cial frauds in U.S. history, died
one market to engage with it in others
mendation to pause using Wednesday at a federal prison
STUART RAMSON/ASSOCIATED PRESS

J&J’s Covid-19 vaccine will hospital after serving the first BY DANA MATTIOLI Amazon, the person said.
remain in place after an ad- 12 years of a 150-year sentence. AND JOE FLINT Moreover, the company wor-
visory panel put off a vote He was 82. ried Amazon would glean in-
on how to move forward. A7 Mr. Madoff, onetime chair- Amazon.com Inc. last year sights from Ecobee’s users
 Former Brooklyn Center, man of the Nasdaq Stock Mar- told smart-thermostat maker that it could use in compet-
Minn., police officer Kim Pot- ket, shocked the world in De- Ecobee it had to give the ing products.
ter was taken into custody cember 2008 when he tech giant data from its Amazon responded that if
and charged with second-de- confessed his investment busi- voice-enabled devices even Ecobee didn’t serve up its
gree manslaughter in the fatal ness was a multibillion-dollar when customers weren’t us- data, the refusal could affect
shooting of Daunte Wright. A3 Ponzi scheme. He pleaded Bernie Madoff leaving a New York court in January 2009. ing them. The Canadian com- Ecobee’s ability to sell on
 A forensic pathologist guilty in March 2009 and was pany said no. Amazon’s retail platform, the
testified for the defense at given the longest sentence al- But it soon became clear ter year. Ultimately, a court- The smaller company person said.
the murder trial of former lowed. that the assets Mr. Madoff appointed trustee estimated feared that complying with Amazon’s tactic of lever-
Minneapolis police officer The size and duration of his boasted of managing existed Mr. Madoff took $17 billion of the demand would violate aging dominance in one busi-
Derek Chauvin in the kill- fraud, disclosed in the midst of only on paper. He hadn’t in- customer money through the customer privacy, said a per- ness to compel partners to
ing of George Floyd. A3 the global financial crisis, were vested clients’ money, instead scheme. son familiar with the epi- accept terms from another is
elusive. Initial reports indicated shuffling billions of dollars Please turn to page A6 sode. Ecobee’s devices work a familiar one, said former
 The Senate confirmed $65 billion had been wiped out through his company’s bank ac- with Alexa, Amazon’s voice- Amazon executives and offi-
veteran regulator and at Bernard L. Madoff Invest- count and fabricating state-  Efforts to recover ill-gotten powered assistant, and it al- cials at companies on the re-
banker Gary Gensler as ment Securities. ments showing profits year af- gains continue........................... A6 ready shared some data with Please turn to page A10
chairman of the SEC. A4

Ketchup Packet Savers INSIDE

 Hundreds of business
leaders and companies signed
a statement to “defend the
right to vote and oppose any Squeeze Them for Profits
U.S. to Punish Russia
discriminatory legislation.” A3
i i i For Hack, Interference
JESSICA HILL/ASSOCIATED PRESS

 The police officer who

killed Ashli Babbitt during the Shortage of favorite condiment sparks
U.S. Capitol riot won’t face WASHINGTON—The Biden Russian sovereign debt shook
federal criminal charges. A4 an online market for hoarders administration will impose a Russia’s markets and added to
 Died: Bernie Madoff, 82, range of retaliatory measures its economic woes.
BY HEATHER HADDON retiree from Indianapolis, against Russia on Thursday in That order prohibits U.S. fi-
architect of one of the
AND ANNIE GASPARRO logged onto eBay and posted response to Moscow’s alleged nancial institutions from buy-
largest financial frauds in
20 Heinz ketchup packets for election interference, a wide- ing new bonds directly from
U.S. history. A1, A6
A ketchup shortage vexing sale for $8 after The Wall Russia’s central bank, finance
restaurants has fueled a sec- Street Journal reported April 5 By Michael R. Gordon, ministry and the country’s U.S. NEWS
CONTENTS Opinion.............. A15-17 ondary market—an under- on restaurants’ squeezed massive sovereign-wealth fund
Arts in Review... A13 Personal Journal A11-12
Dustin Volz CDC advisers delay
ground trade in coveted ketchup supplies. Ms. Cohen, and Vivian Salama after June 14.
Business News...... B3 Sports....................... A14
ketchup packets. who said she amassed her col- Among other measures, 10
J&J vaccine decision
Capital Account.... A2 Technology............... B4
Crossword.............. A14 U.S. News............. A2-7 Diners with the good for- lection during fast-food stops spread hacking campaign and Russian diplomats will be ex- over blood-clotting
Heard on Street. B12 Weather................... A14
Markets..................... B11 World News. A8-9,18
tune to have a stash on a recent road trip, other malign activity, accord- pelled, including some due to cases. A7
of saved ketchup typically uses eBay to ing to people familiar with the allegations that Russia offered
packets are listing clear clutter from her matter. to pay bounties to militants in
> them on eBay Inc. and house but thought Using a new executive or- Afghanistan to kill U.S. mili- THE MIDDLE SEAT
Facebook Inc.’s Mar- hawking ketchup der, the measure will expand tary service members, the peo- Shortage of vehicles
ketplace to make a sounded like fun. the existing prohibitions on ple said. Sanctions will be im-
buck off the pan- About 12 hours U.S. banks trading in Russian posed for Russia’s cyber
on rental-car lots
demic’s latest supply- later, the packets sold. government debt, some of the intrusions, election meddling complicates travel
s 2021 Dow Jones & Company, Inc.
All Rights Reserved chain constraint. Colin Ashbaugh “I’ve never gone so people said. Previous prohibi- and occupation of Crimea. planning. A11
Lindsey Cohen, a and his packet Please turn to page A2 tions targeting portions of Please turn to page A4
 A6 | Thursday, April 15, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS

Madoff Victims’ Legal Fight Continues

BY ALEXANDER GLADSTONE cash, in litigation expected to Israel to Jewish teens from Mr. Madoff “inflicted in- seeking $3.8 billion through judges since it began, has gen-
AND JUSTIN BAER wind through courts for years. Massachusetts and was pro- credible damage on families pending legal proceedings. erated intense disputes over
As those efforts play out, the viding matching grants to and institutions in our com- Ken Caputo, general counsel which account holders that
Bernie Madoff died on financial lives of numerous in- other organizations seeking to munity,” Mr. Ben-Shimon said. for Securities Investor Protec- profited should have to return
Wednesday in a prison medi- dividuals and nonprofit organ- extend similar services. Mr. “But there was also a breach tion Corporation, which has money and how much.
cal center in North Carolina. izations who turned to Mr. Lappin, who died last year at of trust and a shaking of con- been funding the recovery ef- It could easily continue for
For many of the victims of Mr. Madoff to safeguard their age 98, also lost money. fidence in the American Jew- forts, said “some hedge funds years, according to lawyers and
Madoff’s Ponzi scheme and money remain ruined. “It all came to a crashing ish world. There are psycho- and banks are fighting to hold investors involved in the litiga-
lawyers still pursuing his ill- “People had always hoped halt when Madoff was ar- logical vestiges that remained on to distributions that they tion, especially after the Su-
gotten assets, the fallout con- he’d come clean about a bunch rested,” Ms. Coltin said. for many, many years.” received.” preme Court last year gave Mr.
tinues to affect their lives. of stuff, actually give the Jewish Federation of The collapse and exposure of The SIPC has paid roughly Picard the green light to pur-
More than a decade has whole story,” said Jonathan Greater MetroWest New Jer- Bernard L. Madoff Investment $2 billion to fund the recovery, sue the return of some Ponzi
passed since Mr. Madoff con- Sablone, a lawyer who has sey, which provides family, Securities LLC led to the cre- covering expenses for profes- scheme proceeds that passed
fessed to his crimes and began represented private firms in community and vocational ser- ation of a liquidation trust to sionals such as lawyers, inves- between foreign institutions.
serving a 150-year sentence. In disputes surrounding the vices in five counties, didn’t help victims recoup lost funds. tigators, accountants, and fo- That decision brought
time, a court-appointed trustee Ponzi scheme. “Obviously that invest directly with Mr. Ma- As of February, Irving rensics experts, Mr. Caputo roughly $3 billion in foreign
learned the scheme had taken chance is now gone.” doff. But some of its donors Picard, the trustee overseeing said. SIPC’s funds are provided transfers potentially within Mr.
an estimated $17.5 billion of cli- The Robert I. Lappin Sup- did, and the loss of funding the Madoff liquidation case, by its members, primarily fi- Picard’s grasp, though legal
ent money, of which more than porting Foundation closed its forced the federation to slash had recovered or reached set- nancial brokerages. wrangling continues. Offshore
$14 billion has been recouped doors and laid off staff in late its budget and lay off staff. tlements to recover about Mr. Picard said Wednesday feeder funds that pooled inves-
and distributed to account 2008 after learning that it had The organization quickly $14.4 billion. The case began that his legal team is “commit- tors’ cash and parked most or
holders at Mr. Madoff’s now- lost $8 million on its invest- found its footing and restored in 2008. More than $14.1 bil- ted to continuing to identify all of it with Mr. Madoff were
defunct investment firm. ments with Mr. Madoff, said the services that had been dis- lion has been returned to cus- and recover Mr. Madoff’s sto- bankrupted when the Ponzi
The trustee is pursuing Deborah Coltin, the organiza- rupted, said Dov Ben-Shimon, tomers, close to 70% of their len funds and return them to scheme was exposed. Most
more banks, offshore funds, tion’s executive director. the federation’s chief execu- allowed claims. In a report their rightful owners.” have settled with Mr. Picard.
family offices and other inves- The foundation pioneered a tive since 2014. Other wounds filed in bankruptcy
uptcy court in The liquidation case, over- —Andrew Scurria
tors for allegedly taking stolen program
gram offering free trips to took longer to heal, he said. March, Mr. Picard said he is seen by three bankruptcy
se contributed to this article.

Architect hanged
ha himself by a dog leash
in 2010 on the second anniver-

FROM TOP ; 60 MINUTES/ASSOCIATED PRESS; KIMBERLY UNGER/SECURITY TRADERS ASSOCIATION OF NEW YORK/ASSOCIATED PRESS; MARY ALTAFFER/AP
sa
sary of the scheme’s revelation.

Of Fraud Andrew Madoff died of cancer

An
in 2014.
In a statement on Wednes-

Dies at 82 day, Mr. Madoff’s lawyer, Bran-

day
don Sample, said that “Bernie,
do
up until his death, lived with
guilt and remorse for his
gui
Continued from Page One crimes.” Andrew Madoff, shown in a
A statement from the Bureau Bernard Lawrence Madoff 2011 ‘60 Minutes’ interview,
of Prisons on Wednesday said was born on April 29, 1938. He died of cancer in 2014.
Mr. Madoff died at the Federal was raised in Laurelton, a sub-
Medical Center in Butner, N.C. urban neighborhood in Queens.
Mr. Madoff’s death came about While at college at Hofstra Uni-
a year after his attorney asked versity on Long Island, he mar-
a federal court to release him ried childhood sweetheart Ruth
from prison as he fought a ter- Alpern and applied for a bro-
minal illness. ker-dealer license.
Mr. Madoff had chronic kid- Mr. Madoff found a niche as
ney failure and 18 months to a market maker for people who
live, his attorney wrote at the wanted to trade in small quan-
time. tities, mostly of bonds, also
On Wednesday, Mr. Madoff’s known as odd lots, he told New
lawyer said his client had been York magazine in a 2011 jail-
RUBY WASHINGTON/THE NEW YORK TIMES/ASSOCIATED PRESS

on kidney dialysis for some house interview. These were Mark Madoff, shown in an
time. “the crumbs” big banks had undated photo, committed
Mr. Madoff exuded respecta- passed over, but it was a high- suicide in 2010.
bility and cut an aristocratic margin business, he said.
figure, with a mane of silver In the early 1970s, Mr. Ma-
hair. He enticed victims with an doff joined a consortium of
air of exclusivity, luring inves- dealers that developed the
tors to plunk down huge sums screen-based trading system
by threatening to turn them that became the Nasdaq Stock
away. Mr. Madoff let it be Market. Before that, prices
known that he wouldn’t be were propagated nightly via
bothered with clients who “pink sheets.” His break came
couldn’t invest enough. He was in 1975, when the brokerage in-
famously secretive about his dustry deregulated commis-
methods, adding to the allure— e— sions, allowing regular inves-
RUB

and allowing him to escape de- tors to trade affordably without Ruth Madoff after visiting her
tection. a broker.
bro Mr. Madoff began husband at a New York federal
Mr. Madoff cultivated a handli large blocks of trades.
handling detention facility in 2009.
ish
large, though not solely, Jewish He w was Nasdaq chairman in
clientele. His wealthy and we ell- 1990, 1991 and 1993. have said. Employees once put
known clients included mem- em- Mr Madoff had already be-
Mr. a new fake document in a re-
bers of the Wilpon family, at gun managing
m private wealth. frigerator to cool it after it
the time owners of the New Carl Shapiro,
S a philanthropist, came off the printer and threw
York Mets; the late Elie Wiesel,
sel, met h him in the early 1960s and it around like a “medicine ball”
the Holocaust survivor and No- gave Mr. Madoff $100,000 to to make it look old before turn-
bel laureate; banks, hedge dge invest. “He did very well with
inves ing it over to an auditor, Mr.
funds and charities; and thou-
hou- it,” Mr.
M Shapiro told the Palm Madoff’s former lieutenant, Mr.
sands of elderly retirees. Vic- man. HBO released its own film rage as he smiled for the televi- pleading guilty to fraud Beach Daily News. DiPascali, testified at a trial of
tims crowded into his 2009 in 2017 with Robert De Niro as sion cameras when he passed charges. Mr. DiPascali died in It isn’t clear when Mr. Ma- former colleagues.
sentencing hearing. Mr. Madoff and Michelle Pfeif- throngs of reporters on the 2015. doff turned to crime. Federal Mr. Madoff didn’t go unsus-
“The fallout from having fer as his wife, Ruth. street. As he faced sentencing, Five ex-employees were con- prosecutors said his fraudulent pected. A 2001 Barron’s article
your life savings drop right out Mr. Madoff helped lead a he rejected the notion that he victed in 2014 of crimes related activity began in the 1970s. Mr. focused on the improbability of
from under your nose is truly revolution in finance in the was unsympathetic. “I will live to the fraud, such as falsifying Madoff said he recalled his his returns. Whistleblower
like nothing you can ever de- 1970s through his legitimate with this pain, with this tor- records, but weren’t shown to scheme beginning during the Harry Markopolos, who con-
scribe,” Dominic Ambrosino, a market-making business. He ment for the rest of my life,” have known about the Ponzi recession of the early 1990s, cluded Mr. Madoff’s reported
retired corrections officer, said was among the first to use Mr. Madoff told a judge. scheme. when he began fabricating gains were impossible after try-
in court. computer screens to display eq- Later, he would lay some Members of Mr. Madoff’s profits to please institutional ing and failing to replicate
Irving Picard, the court-ap- uity prices and execute trades. blame on his investors, saying immediate family maintained clients. In the U.S. and abroad, them, complained to the Secu-
pointed trustee assigned to re- His fraudulent investment- they had enough warning signs they didn’t know about the so-called Madoff feeder funds rities and Exchange Commis-
cover funds for victims, col- advisory business—where Mr. to catch on. fraud and weren’t charged. But that helped private investors sion, sparking an inconclusive
lected more than $14 billion, Madoff falsely claimed to beat After his exposure, authori- the family was destroyed. get access to his fund multi- investigation.
largely through lawsuits and the market with his “split- ties set out to convict others His sons worked for years in plied the impact of the fraud. The SEC’s failure to discover
settlements against investors strike conversion strategy”— involved in the scheme. Mr. Mr. Madoff’s market-making Meanwhile, inside the Ma- Mr. Madoff’s fraud revealed the
who withdrew more from Mr. helped fund a life of luxury for Madoff’s older brother, Peter, business, on the 19th floor of doff investment-advisory of- agency, in the minds of many,
Madoff’s firm than they in- him, his wife and their sons, pleaded guilty to fraud for fak- Manhattan’s Lipstick Building, fices on the 17th floor of the as an ineffectual guardian of
vested and institutions he ac- Andrew and Mark. The family ing documents and lying to reg- two floors above the center of Lipstick Building, only a few the markets. A nearly 500-page
cused of ignoring red flags. acquired homes in Manhattan, ulators but denied knowing the fraud. It was them to whom trusted employees had access report by the SEC’s inspector
The scandal was depicted in the Hamptons and Palm Beach; about the Ponzi scheme. Peter he confessed, and they who re- with a keycard. general in 2009 concluded that
many books, by journalists, vic- a multimillion-dollar yacht; Madoff was sentenced in 2012 ported him to authorities. There, Mr. Madoff told them substantive, specific complaints
tims and the fiancée of Mr. Ma- country-club memberships; and to 10 years in prison. Bernie Ruth Madoff, cut off by her to create phony trades to be in- and news articles over 16 years
doff’s younger son. In 2016, an shares in private jets. Madoff’s lieutenant, the late sons for standing by her hus- cluded on account statements, should have raised significant
ABC television movie starred Mr. Madoff seemed to mock Frank DiPascali, did admit to band, eventually stopped giving higher returns to fa- questions about whether Mr.
Richard Dreyfuss as the con victims after his arrest, inciting complicity in the Ponzi scheme, speaking to him. Mark Madoff vored investors, prosecutors Madoff was trading.

U.S. WATCH
FEDERAL RESERVE nounced that guidance,” Mr. Pow- messaging of domestic violent ex- TEXAS
ell said in a virtual event held by tremists in the U.S., FBI Director
Powell Says Tapering the Economic Club of Washington. Christopher Wray said Wednesday, Rep. Brady Won't
To Precede Rate Rise “That would in all likelihood be be- likening the role platforms play in Seek Re-Election
fore—well before—the time we the spread of extremist thought
Federal Reserve Chairman Je- consider raising interest rates.” to foreign-backed online political Rep. Kevin Brady (R., Texas),
rome Powell said that the cen- The Fed has said it would hold disinformation. who helped shape the Republi-
tral bank would begin to slow rates near zero until it sees the “Social media has become, in can tax overhaul of 2017, said
the pace of its bond purchases labor market return to full em- many ways, the key amplifier to he wouldn’t run for re-election.
“well before” raising interest ployment and inflation rise to 2% domestic violent extremism just Currently the top Republican
rates. and is forecast to moderately ex- as it has for malign foreign influ- on the House Ways and Means
The Fed has been buying at ceed that level for some time. Mr. ence,” Mr. Wray said in an annual Committee, Mr. Brady led the
least $120 billion a month of Trea- Powell reiterated he thinks it is world-wide threats hearing held by tax-writing panel for four years,
sury debt and mortgage-backed highly unlikely the Fed would raise the Senate Intelligence Committee. including when Republicans low-
securities since June 2020 to hold interest rates this year and noted Mr. Wray stopped short of ered the corporate tax rate and
MATT ROURKE/ASSOCIATED PRESS

down long-term borrowing costs. that most central-bank officials blaming Silicon Valley companies reduced individual rates during
Since December, the central bank see rates near zero through 2023. for aiding domestic extremism, in- the Trump administration.
has said the economy must make —Paul Kiernan stead urging Americans “to under- “This term, my 13th, will be
“substantial further progress” to- stand better what the information the last,” Mr. Brady said
ward its goals of maximum em- FBI is that they are reading” and ap- Wednesday in Texas. Term limits
ployment and 2% inflation before proach it with a “greater level of preventing him from leading the
it scales back those purchases. Social Media Amplifies discerning skepticism.” Ways and Means panel if Re-
“We will taper asset purchases Extremists, Wray Says Facebook Inc., Twitter Inc. and publicans take back the House
when we’ve made substantial fur- Alphabet Inc.’s YouTube had no next year played a part in his
WELL COVERED: Cherry trees in bloom provided a floral canopy ther progress toward our goals, Social-media companies play a immediate comment. decision to retire, he said.
along Columbus Boulevard in Philadelphia on Wednesday. from last December when we an- central role in disseminating the —Dustin Volz —Kristina Peterson