Plus: Crossword newbies | Tuesday, January 03, 2023
| | | | | | | Presented By Cooley | | | | Axios PM | | By Mike Allen · Jan 03, 2023 | | Happy Tuesday afternoon. Today's PM — edited by Kate Nocera — is 467 words, a 2-minute read. Thanks to Sheryl Miller for the copy edit. | | | | | | 1 big thing: McCarthy mutiny | | Rep. Kevin McCarthy watches representatives vote for House speaker today. Photo: Win McNamee/Getty Images House Republican Leader Kevin McCarthy lost his bid for the speakership on the first round of voting today — and shortly thereafter, he lost a second ballot. - Ballots will continue until someone gets a majority of votes — but it's unclear how long that will take. The House can't start regular business until a speaker is elected.
- Members of the 118th Congress can't be sworn in, the House can't set rules to govern itself, and it can't consider legislation or create committee assignments, Axios' Erin Doherty reports.
Flashback: It took two months — and 133 ballots — for the House to elect its speaker in 1856. On both ballots today, the same 19 Republicans blocked McCarthy by voting for other candidates. On the second ballot, they all voted for Rep. Jim Jordan (R-Ohio). - All Democrats voted for Minority Leader Hakeem Jeffries (D-N.Y.) — the first Black person nominated to lead either chamber of Congress.
Public attention leading up to the vote had largely focused on five "Never Kevin" Republicans. - The fact that 14 other Republicans emerged as "no" votes — and none of them moved McCarthy's way on the second vote — underscores his profound weakness, Axios' Alayna Treene writes.
|     | | | | | | 2. ✈️ Southwest's trust deficit | | Unclaimed bags sit near Southwest carousels in Denver on Friday. Photo: David Zalubowski/AP Southwest canceled fewer than 100 flights over the weekend. But there's still a long way to go before the airline earns back the trust of its famously loyal customer base. - The airline will review every aspect of its operations, including the company's outdated scheduling technology and its unique point-to-point routing, Axios' Michael Mooney reports from Dallas.
For years, Southwest had a sparkling reputation for customer service. - That reputation went up in smoke over Christmas, when social media feeds were filled with videos of thousands of bedraggled passengers stranded in airports.
Share this story. | | | | | | | | A message from Cooley | | Investors in the drivers' seat | | |  | | | | Equity terms shift in downturn environments, with terms structured to be more favorable to investors. The strategy: - Increased liquidation preferences.
- Recapitalizations.
- Pay-to-play transactions.
Get more details and recommendations. | | | | | | 3. Catch up quick | | Sam Bankman-Fried leaves federal court in Manhattan today. Photo: Michael M. Santiago/Getty Images - Disgraced former FTX CEO Sam Bankman-Fried pleaded not guilty to fraud, conspiracy, campaign-finance violations and money laundering in federal court in Manhattan today, Axios' Kia Kokalitcheva and Crystal Kim report.
- 🏈 NFL Commissioner Roger Goodell told teams today that the Bills-Bengals game won't be resumed this week after Bills safety Damar Hamlin suffered a cardiac arrest on the field last night. NFL statement.
| | | | | | | | 4. ✏️ Crossword newbies |  | | | Photo: Carolyn Kaster/AP | | | | Nearly 2,000 words made an initial appearance in the New York Times crossword puzzle last year. - Jim Horne and Jeff Chen, who run the website XWord Info, write in The Times today that crossword answers evolve to reflect "cultural shifts and trends."
Some answers brought to us by the year 2022 include YEETED ... DYSTOPIAN ... ECHO CHAMBER ... GROGU ... INFLUENCER ... and THAT SUCKS. | | | | | | | | A message from Cooley | | The heightened risks of insider-led transactions | | | | | | | | Board members owe fiduciary duties to all stockholders and must act for the benefit of the company and stockholders, whether the deal is inside-led or not. Okay, but: These duties are scrutinized more in insider-led transactions, and the standard of review is usually higher. Here's why. | | |  | | Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it. | | | | | | Axios thanks our partners for supporting our newsletters.
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