Transcript
oh, yeah. Come on. Come on live. Yeah, we are live from a pile. Of Dei stained bow ties Matt. You do not want to get your bow ties anywhere near that steep that Dei stain. Does it come out with? Shout comes out with nothing comes out with legal action and anger. It's an all-new terrific Tuesday edition of business pants joined by analysts whole map mascardi. Wow, Matt mascardi. Wow! Everybody says, wow, when they hear me on today's emergency meeting of ESG cheerleaders, Who are forbidden from chanting ESG at Carbon free volleyball games called February 25th. 2025 the who do you blame game? We're bringing it back. Who do you blame game? The big question is, who do I blame for that? Last Today's meeting thing. This this game at is the fastest rising game show in the ESG Dei stained space. Bigger than any game shows being tried it out. By Staind analytics glass, Lewis fruiting any of them, any of them. It's true. All right. Today, our show today is being sponsored by free flow analytics.com. The only. Platform, measuring board, power connections and performance for free. Now, there's two ways you can read that a, it's the only platform measuring board power connections, performance for free, which is amazing. But it's also match the only platform measuring board power connections and performance. And yeah, at all, right? Yeah. You just said, which part of that is most enticing, the free part or the fact that we actually have analytics about something free or only both feel good. All right, let's let's play. We'll do we need some blame? I don't have blame you signed it. So let's blame some people will do this. All right, get rid of that. Kill it. Yeah, killing me. No, I'm not killing it, I love it. All right, let's play. I'm going first, I'm gonna go first, here's the headlines. So all these are we find headlines over the past two days, really? And we we put it into our who do you blame game machine, and they spit out possible targets to blame for these actions for these. Yeah, actions. Here we go. First headline idea, how none of this is all real, all of it. Sadly Idaho, construction, CEO resigns after a parent Nazi salute at company event. Well, before I even get started. Matt, if you're resigning for a Nazi salute and your CEO, there'd be some journalistic law. That, that name has to be put in the headline to shame that person. I would agree with that. That seems like basic editorial, right? That's his name. Is Tom Hill. Let's call him his named Tom Hill. Also. Is it weird that it's like sort of good news to me that in 2025 that, I that I, someone who's doing a Nazi salute is actually resigning for something. Like, I feel a little okay about that because when the president in the United States, Elon Musk does it, he doesn't resign. But to that later, let's get to this. So Matt, who do you blame? This is not a this is not a publicly traded company so it's a little bit different and we don't have them in our database so bear with me. Who do you blame the guy himself? The former CEO Tom Hill? Yeah, it sounds like a good option, right? He's and unfortunately co-owner of the company and I read 500 articles and 25 press releases. And I don't know that he's giving up his co-ownership, he's probably gonna still make a lot of money through this company. Well, what they're still gonna get paid. What's the point of resigning if you still like own it? I don't know. So, that's the first one. The second one. How about the Bro? Only executive leadership culture at at this company, the company by the way, his name is ESI construction. I should have said that ESI construction there are pretty pretty sizable company there in Idaho, the Bro, only culture. I'm not gonna give you all the names, but it's led by men, It's You Know. Okay, Kevin Smith. It's the other co-owner and now the new CEO Neil Nelson. There's been belt. He's the VP of operations. Blah, blah blah. That's that's the second choice to blame the Bro, only nioh culture. Yeah. And, and I have a reason for saying this based on the next person. The next thing to play is, how about we blame? Could you blame the fact that they did not have a chief people's officer until yesterday? Matt. Oh, when I know you gonna be shocked by this, when a woman named Dallas, Fountain note was promoted to a newly created role for chief people's officer and the quote from the new CEO is with Dallas's leadership. I am confident we will emerge, a more compassionate company. See, wow, yeah. Let the women clean it up baby. Oh easy. So I mean it does make you think make maybe we don't need to get rid of the EI if women help prevent these absolutely catastrophic and you were absolutely reading this backwards, what you should be saying is that we're all allowed to do Nazi salutes, if we just put a woman on afterwards, nobody notices, that's what we, that's what you mean. The fourth thing to blame. It also could be the fact that the lame. Yeah, the fact that the company did not have a corporate responsibility task force because that's the other thing, they added that they added a woman. And they added a corporate responsibility task force with a, with a particular focus on fostering respect across all levels of our organization. Okay, so can we just weigh in on task forces? Yeah, go ahead. How I can just a task force? Do a thing that matters I wish I could. I wish I had more information. I couldn't find the members of the task force. I I couldn't find how often they're gonna meet nothing. Nothing. I mean, it's not a public company, so I'm not surprised there's nothing but but would have been nice. Would have been fun for me? How about this, Matt? Can we blame the fact that when you look online to research this company, that nobody knows if this company is called ESI construction or engineered structures Inc. They keep referring to both of those names at the same time. It bothers me. It's angers me. Who am I blaming for that? Well, it's one of the options. It's one of the okay, okay. Another option of blame is this weird subtext or or sub fact, or whatever it is, and I'm calling it. The Trump versus Trump, okay? Yeah, Trump versus Trump because one of the, you'll see later that the former CEO to the Nazi salute said, he was actually just mimicking president, Donald Trump. But here's the weird thing is that in the press release? Announcing the new woman to clean things up and the task force was all. So a statement from the Boise State University president right because ESI Is one is one of the largest donors to to upcoming ESI construction management building on campus. But her her name, the boys State University president's name is darker Dr. Marlene tromp. Oh, And she is a PhD in English. So you see it's this Trump trump, you know, I mean, it's confusing. Matt. Do you think that's the blame for all this? Like you know what, I'm trying to say, okay? I know I'm trying to say, I had to wedge that one and I thought it was like the Trump trump. Yeah, what is going on? Yeah, I did AI. Write the story and finally Matt, that the last person we could blame for this for the Idaho construction, CEO, Tom Hill, resigning after doing a Nazi salute at a company. Event of all places is how about Elon Musk? Oh, my reason he's my reason in his initial statement before he applies, when he still had his job, Tom Hill called his action, quote, his attempt at humor and parody and claimed he was mimicking, president Trump and SpaceX CEO Elon musk's signature dancing. Okay. So despite despite the fact that these other headlines math, that talking about Elon musk's Nazi salute and Elon Elon Musk support for Germany's Neo-Nazi party. Okay. Yeah, go ahead. There's a lot there's a lot here. Can you can you summarize because there was like 33 things to play that. Yeah, this is why this is this is why this is a the America's favorite Rising ESG game show because there's a lot to consider here to summarize. Are we gonna blame the man himself? Are we gonna blame the Bro, culture? Are we gonna blame the fact that they didn't have a woman to clean it up? Or we gonna blame Elon Musk? Who are we going to blame? What they're for you a lot there. And the funny thing over incredible, by the way, all my instinct is the blame someone at some something else. Entirely? Really, I give you, I give you you something else. So I watched the video, um, sorry and he did, in fact, do the Trump dance. I don't know what that means, but I don't want to know what that, you know that thing where is like jerky. Yeah, football players were doing it for a while. They thought it was funny. Still don't care and and then immediately parlayed it into Elon. Musk's exact double tap Nazi sleeping great. Wonderful. Well, here's the problem. Yeah. Elon Musk. And Trump, the results of that were effectively they were both elected or unelected to run this country, right? Like, well, they do that Nazi salute during the the inauguration, right? He was already elected president and he got fired from Doge from it, right or wait. No, he basically runs that as he sees fit and he has no accountability. So if you're in Idaho construction, CEO does somewhere in your brain. You just think exactly what Zuckerberg said. Zuckerberg said the following, when he decided, he's going to get rid of fact Checkers, and and like imbue his company was more masculine energy which is back to their Roots. He said that effectively that they are they've been out of touch with mainstream discourse And that the world is changed, you know? It's a dramatic where you going, you culture for sure is resigning. If you're CEO, Tom Hill, you think the world has changed? This is okay, because those guys are doing it. Absolutely. That's why Elon Musk was on my list. Except you can't blame musk for it so much as like, isn't it like a sign of something else? Like, except people are realized people are lost. People are blaming Elon Musk for normalizing. This type of Neo-Nazi love, they are blaming him, I don't disagree. I don't disagree. And also the board allows him to stay there and all. So he does everybody else fired. Everybody puts up with him because he's got money. Yeah. Except the CEO of ESI the construction. Firm in Idaho, is not the world's Witcher richest man. Can't. We're going with this. All right, give me a blame. Blame someone. All right, I'm going to blame the Nazi salute. I think everybody should take all that. They're all stupid Behavior. Yeah. I wonder if this case is going to be reversed because the, the female president of Boise State University was one of the people who was upset, wonder if I think if horses reverses it then Trump. You make it your Trump. Well, maybe do a Twitter poll. And, and and, and we can reverse. This can ask his Nazi fan fans. If they think that he should get his job back, if they Trump should get keep going or trying to keep going. All right, I do one. Oh here's one. All right. Here's a headline United Health Group resistance shareholder proposal on delayed and denied care, you know? Even get going man. How about this? How about United Health Group? I know you're all listening. How about this is the year where you just say yes to all the shareholder proposals just because just I don't know, it's a cold and all of branch. Wow, that's bold here. So Matt not they're not binding. You don't actually have to do the report. You could just, you could just say, yes, but drag your feet. I mean, what, you know, They already have problems, you want them to fire their lawyers now because what are their lawyers going to do if not oppose every shareholder proposal? That's what they don't even know. I probably, I don't even know who the lawyers are, cuz I'm sure their names have been scrubbed from their website. But, go ahead, go ahead. All right. So this is a proposal that was put forth by iccr the Interfaith Center on corporate responsibility who is, is like done these proposals for what 500 years. Yeah, I think we in fact, I think they were a big client with the corporate library back in the day if I'm no way back in the day. Thank you for a long time. They sound like they're part of the Modern Day races anti Wolf by, I don't think they are. No, they are not at all. In fact, their name sounds both woke and anti-woke but it is it every none in the entire world is part of this group, right? Like good membership for Interfaith sound. Whoa! Yeah! That's because like the nuns are from all the Of you know, Christianity, right. Like it's all right, and they probably like would let a nice Hindu gentlemen, into the room? All right, Dave. Well yeah, I doubt they would mind. All right because but they proposed a report that United Health Group would put out on the public health and macroeconomic risks of delaying care because people have to go to the insurer to get approval to get the care that they need. And so this proposal is if you know what are the health implications and the macroeconomic risk, the economic risks know the saying you have to ask us first like that delay and the, you know, I'm like this report. So the company is pushing to exclude it on the grounds that it's too vague. Oh, that's what they're true. That's what they're saying. So yeah, who do you blame here? Like like unlike Every other element in society which is just absolutely certain, this one's too vague. Well, everything else is super clear in our world, here's some simple options. Okay? Do you blame iccr the interface and corporate responsibility because for open are not only do they sound both woken anti-wolf so that's confusing and nobody knows they're bored and I see CRS almost all people of color and women. So all right like they feel really super woke but they've been doing this for 100 years but they are asking of a vague question. Should they have asked for something more specific? Okay, can you blame them? It sounds kind of unveiled to me, it's an option. I'm just saying it's an option. Yeah, here's your option. Number two, do you blame United Health Group? Well, I like this who can't seem to understand the proposal. As written here, are I'm going to summarize their explanations for the vagaries and these are not Notes. But when you read them, they might as well be quotes. It's so this is the close to what they're saying, this is the board rationale for, for asking shareholders, to say no to this proposal, this is the board's rationale. Now I'm gonna say before, I say this, the directors that couldn't understand that this was too vague not of 10 of the vague. Yeah nine of the 10 directors on the board, our data suggests has advanced core industry knowledge. Three directors got Advanced degrees and Steven Helmsley who's on the board. He was used to be the CEO. He's been on the board for 25 years. These are the words they couldn't figure out, okay. Also the board could have just picked up the phone and called the iccr be like, what would you mean in this paragraph? When you said, Dave know? I mean, well, its basically that. They what they said was, what public health risk is it, is it a wrist to the individual person? Maybe it's a risk to their family? Or their friends. It could actually. And this is not a joke. They said, do you mean the employer a risk to your boss, right? Well, one of their, one of their bosses was just killed Well not United Health groups boss, the boss of the person who didn't got delayed care. All right, because maybe you bring in your drippy disgusting, sick self to your workplace, right? Because you're waiting to hear if you you can fix yourself and then your boss has to deal with you. Yeah, that's big. Your boss is probably a their own office. So what do you even mean iccr? What is public health risk? This is like Middle School Debate Club. I love this. They also said, we don't understand what macroeconomic means. They don't understand. That's too vague. Do they mean, this is not a joke. Do you mean Regional risks National risks or International risks? Yeah. Because iccr would be asking United Health Group, the terrorists risks posed by delaying care of Jane from Kentucky, right? Like yeah. I understand, they also wanted to know what what iccr means by patient outcomes. You don't mean by a patient. Do you mean the outcome of the individual? Do you mean if they get readmitted after they got care? And should we compare that to if they had no insurance? Maybe you should compare it to dead people. It's all too vague. How do we know what's wonderful here is that the board. You know, Health Group has the opportunity to create a report to help clear up all these vagaries, they could, they could create a glossary that they could take it. Actually contribute to defining all these difficult questions that they sit around trying to answer. So they are trying to push back. So United Health Group is an option because they, they just can't understand, they don't understand words. That's code for the report would anger a lot of people so because when you say it's too vague, that's very childish of them. Don't you think? He was their way of saying, no, we don't want you to know this. I mean, I'm surprised they just didn't say ordinary business, right? They didn't say ordinary business. They actually went for two vague. So they chose this argument like or normally when you want to push away a Cheryl The Proposal. You just say, well, we measure stuff in the course of ordinary business, we make sure. Yeah, what's truly surprising is that why didn't they play like, Exxon and just sue the hell Center in corporate responsibility? What are we soothe them into submission? Yeah, you know what's a good look, suing nuns, get a good. Look. Yeah, well someone's. So in green piece out of business, so why not them and then finally? Well, Great Piece. Speaking of that, you know, for Greenpeace, yeah, congrats for green peas, for not giving up immediately. I love that green pieces basically willing to die. On the vine in order to have the right to protest, right? Like yeah, here. So the story, if you don't know the story, The Greenpeace is being sued by the company that operates the Dakota pipeline for organizing protests against the Dakota pipeline and they want to sue Green Piece is the world we live in now? Yeah. For that. And then finally your third and final potential hoodies showing off that you only have three choices and I had 17. Yeah well I mean I can't remember half the choice is Luigi Mangione. Oh I heard him. Yeah, so if you don't know who Luigi is, his horrifying murder of Brian Thompson. It probably woke everyone up and got enough attention on the issue to get a shareholder proposal filed at all. Isn't that the reporting on a Cheryl to proposal that's being like, resisted by United Health Group? How often do we ever see that ever? Like does it ever happen? Did you happen to check? Because of this, did you happen to check if last year's proxy statement had any share? Liver proposals to your? I did not I'm sure they did. Well I don't know, I might be right but you know, like d e i right. Like, that's probably yeah. We saw a black person in the Halls headquarters and we showed you guys aware. We need a report on how many of that. How many times that could happen. Yeah. All right so it's iccr United. Health group orgy Mangione boy. First of all can you at least credit? This just question actually comes from a listener, right? Who wanted us to die a little deeper? Could you credit The Listener here? Yeah, the listener reached out. To us. They're not like No One's Gonna know that. They're they want to know there are listener our thoughts on this, but they also want to know whether iccr was real. Like, was that like a real place? Because it sounds kind of make believe it. And honestly, when you look at the list, it's it's like 100 naira like it's like, you know convents. So it does sound like a make-believe thing but it is very real. They've been around for a very long time and and yeah it's a legitimate process they're going through. And in fact this is totally standard that every company pushes back on every shareholder proposal. That's part of the process. They all say like a very few will negotiate a settlement. Some will receive you know, like and then it never goes to vote. Some will allow like incredibly rare. They approve it and you know, might even side with it. Say like this is a good proposal but 99% of proposals, stop. The rarely happened, they just fight them. On any grounds like just excluded on any ground. So that's normal. Everything here is normal except that we're reporting on it. That's the thing that's feels not. Yeah, we're the only ones in the world who are taking very serious matters. Seriously. Yeah. What we might be the only, that's so weird. Yeah, so the tongue and cheek choice that the clever choice would be to blame my CCR. Right? Because they, that's why I'm gonna pass on that. I actually like them. The other clever choice. But actually, you know, Also. It the company itself is blaming Luigi for this. They absolutely are blaming Luigi for this new attention on the, on the company itself. So I I bet some people would answer Luigi for this question but for me, just because of the Middle School, Debate Club two, vague kind of like, which is just ridiculous. I'm gonna blame the board members of the United so obvious and well, right, you know me, I'm always attacking board member sorry, so obviously correct. It's fine. Let's go to let's keep playing the. Who do you blame game for February 25th 2025 my next one? Oh, here's a good one. You know, lever. This is a this is a publicly traded company one that we cover Unilever CEO, Heinz Schumacher steps down. CFO. Fernando Fernandez it's a great name to take over. Reports claim that Unilever is Bored is Unified and decision to oust CEO Schumacher. So who do you blame that? Hoodie blame you blame. Wow. Do you blame the former CEO himself? Who is B, who is being fired? Heinz Schumacher and his bored low 3:36 average he's hitting 336 overall according to free flow, analytics.com. And in fact, the next lowest is hitting 456. The average is about 500, he is an outlier for sucking. Wow, according to free flow analytics. So deep blame him or do you do you blame him for his board? Low 305. TSR average, I should add. I should add that heating. Wait, am I blaming him twice? Separate times, I'm just trying to like promote the product here. He's also he's hitting 305 and TSR which again, which is well below the board average is 500, that's, that's average. So again his hitting 305 in total shareholder returns. So, so that's the first choice. Do you blame the former CEO himself Heinz Schumacher? Uh, do you blame the fact that there were three Unilever directors with more influence than the former CEO Hines Schumacher right? Wow. Yes, which and we have talked about this a lot that in situations like this. The the CEO is a vulnerable Target to be removed, which is exactly what happened here. And I'm gonna tell you who those three directors are who have more power according to the data free flow, analytics.com, the only data that of this kind that exists in the world. The first one is Ian, Keith mackins. He is the chair of the board you know. Leave her chair, right? It sounds amazing believe. Yeah he has more influence Andrea young. Oh yeah or Jung? I think Jung. Okay. She has more influenced in the former CEO and one of the reasons why she might be mad is that she feels very powerless on the way for Wayfair board where she also served Because she's serving under two co-founders and two co-chairs. One of them is the CEO. Matt she also feels powerless because she serves on the apple board behind all of the Titans, CEO. Tim Cook, bored All-Stars, Alex gorsky and chair art Levinson so maybe she just wants to exercise some of her power. Maybe she's sick moment in the house, right? And finally, this board also includes another man with more power than the former CEO. This this guy, I call The Chronic agitator Nelson, pelts? Oh no. Oh well did he have anything to say about Unilever casting their drugs with too many black people? Is that he did? Yes. Okay. So that should you blame the CEO himself for bad performance stats? According to error data, do you blame the board? Three board members? Who had more power than him or back to an old favorite Matt. Do you blame Elon Musk? Okay. Wait, wait. Wait for I have evidence to support this. Do you blame me Elon Musk based on this headline? You know, liver promote its Maverick CFO to top spot in Surprise move that Maverick CFO. It's actually an economist from Argentina and as we know, Argentina is another one of these. These these countries has gone to the right. The Trump and musk in the Argentine, president are good friends. They said what they like about him is his decisive and results-oriented approach is ability to drive change at speed, right? So, I see what you're saying. I'm going to do here, so maybe promoting him because this Elon Musk Doge effect, isn't it? I'm not. But Elon Musk here is a joke like this. Here's my problem. Here's my problem with the last one. You don't have to pick them. Um, CFO and Maverick or do not go in the same sentence. Nobody ever said my reporting this is from MarketWatch. Yeah, that's just, that's, that's seems make believe me which leads me with the CEO himself and the board and the 100% correct. Answer is the board right here, right? Like interesting. And the reason why is this is how the shareholder. Process is supposed to work. You own a company, you own their stock. You pick a board that board oversees the executives, they oversee management, particularly the CEO, but all the named executive officers, they are the ones who decide on your behalf as the owner of the company, whether that executive, the CEO is performing. And if they have less influence and power than the CEO does on the their own board like in most companies in the US that process breaks down really fast, it's really hard when the chair of the board who's leading the meeting is the one you're supposed to hold accountable. When they help choose you in the first place. This is how it's supposed to work that board members. Should have more power than the CEO. Yeah, be able to fire them. So I am saying it's the boards fall in a good healthy, blame healthy blame and that there's no such thing as a Maverick CFO. That's what I'm saying? Moving on, what he got. All right, I got another one. Oh mine. Gets shorter here. Good. All right. Here's a headline. JP Morgan, official defends Banks. Dei, programs saying hiring is Merit base. I got Matt, I gotta tell you the reporting of JP Morgan about whether they're Pro or anti Dei is getting more confusing by the day. Exactly. So option, number one for this headline. Jamie dimon, are you to blame here? He's the foot. He said he's a full-throated red-blooded capitalist. He told the Dei anti. Dei crowd to Bring it on. Bring It On. Yeah, he led that challenge and that what made basically? Robbie Starbucks and Fox News. Basically, all say like Jamie dimon says bring it on and then they brought it on so much. So that diamond backtracked and said I was never a firm believer in bias training. Anyway, it's basically what he did. Yeah. So that this is between, you know, Trump's Dei orders that make no sense and are, you know, legally dubious to begin with and, and him having an entire Ranch in which he swore at his own employees, for not wanting to, for wanting to, like, work from home on Fridays. Yeah, he's a confusing dude. I want to for those of you who have been listening to us for a long time. I, I apologize that you've been listening to so long But you might remember the story that Jamie dimon himself took a knee. Matt he took it in support of George Floyd after he was murdered. He did this as the black lives matter movement was was really having, you know, resonating Across America. He took a knee in one of his Bank branches. And this is where we, this is where we are only what four or five years later. He was a firm believer in need. Okay. But he did take a knee and I will say this all. So you mentioned the return to work. Paul's JP Morgan. He's already saying that that he's already backtracking a little bit. This guy is just a classic politician. He's already backtracking a little bit, Matt saying that he doesn't hate return to work. I mean, he doesn't hate working from home, he hates the workers who work from home, who suck. But yeah, yeah. But wouldn't we just hate all workers who suck, no matter where they are? He's just a plan. We just like to talk. This guy, just Like hey, he's just so weird. Oh yeah. But she brings me it's a nice segue into my second blame. Yeah, it Because what is Merit? I don't even know what that is. So the data we have on Merit here, free float shows that 47% of black directors, had more core knowledge of the industries where they're on the boards, they better degrees, they have larger board networks and equal performance compared to just 45% of white male directors. So, the basically effectively what we're seeing is, if you're using the numbers black directors have slightly more Merit than white directors, but it's pretty much all the same. So the idea higher is merit-based, you know, maybe because we're not actually defining Merit. If we did, it would be much easier to defend the banks Dei programs. They could just say you get that, like, people of color and women have more Merit on average, right? So, which is we are. It's very based hiring. Like it just think of it is interchangeable. And here's the confusing part though, is that what we've seen with the movements in ESG, and in the movements in Dei to have more For women and people of color on boards. What we're seeing is that that that that those numbers have gone up along those movements, right? So without those movements without the Dei programs, we would have these qualified people not having these jobs. Right? This is the confusing part of the whole thing, right? So without the I you add less Merit to the board on average is well, we saw in the past. So Merit really the problem here, it could just be Merit, we can blame Merit, the idea of Merit and the third thing, you can blame is your favorite mellody Hobson? Why? Why is on the board of JPMorgan? Yes, she left Starbucks, she is a black woman. Yeah. And she is on the board with another black woman named Alicia Davis. They are the only two people of color on the JP Morgan board and they have a total of. Are you ready for this? No. 0.6% influence oh God. Wait is does Jamie dimon control influence on the sport? He does control influence on the board but he's not the founder. He doesn't have like Elon Musk size influence on doesn't have over 50%. Yeah. Not over 50% but so what is? Shockingly low? Number mellody Hobson. I know you listen to the show. What you need to do is start bullying. Jamie Diamond, tell him to shut up because you were on the board of Starbucks in their prey nickel like Wookiees, where they did things like say happy holidays and they used Red Cups instead of cups with Jesus on them. Like that was your tenure. Then Brian nickel comes in, they make him share of the board. They basically kick you out very slowly or you kicked yourself out because you saw where it was going. Now, it was after having a very quiet, you know, East Asian man. Replace the over, the top, ridiculous founder. Yeah, I think Melody, I think Think you need to like call up Jamie and tell him to shut the fuk up. So you're blaming her. Yeah, I like you know like you need to say I need to be the head of the nominating committee like that. I need to be involved in the succession planning here because you're very steadily while losing your mind right? Like yeah, stop it's interesting, it's an interesting thought because based on her track record at Starbucks and other public boards, I'm forgetting, I'm forgetting which ones she's on other public boards, I believe. But based in her leadership at Starbucks alone, you would think she would have leadership roles at JP Morgan. I mean, the data like like her overall that, the data set here, She that's average for TSR. Is she about 686 on earnings? Yeah. She's like not a weak performer. Go in there and be like, look wherever I go, we earn money. So just listening. So those are your options. Well, he Diamond Merit or mellody Hobson. This one's easy for me, because the headline itself is confusing, JP Morgan official defends Bank. CEI programs, says, hiring his Merit base and we've, you know, we're bringing it on. We're getting rid of Dei, we're mocking bias training. We're mocking the costs for some of this. So, Because of all the confusion, the absolute person to blame here is the chief dealer himself like Jamie dimon, right? Because I don't yeah, she just don't, I don't, I don't know. I don't get, I just don't hear him, I don't feel him. I don't know what he's talking about, and this is the guy Matt who said he he would have been, he would have basically been president, but he was worried about not spending as much time with his family. So he he actually you know, he believes in his heart that he would have been elected president if he had a run. So he's a true, it's a true marvelous guy. Yeah. Yeah. If not for his family, he would be not for his family because evidently America would have supported him. Right? That's actually probably true though. Okay, well I as much as I like to make fun of Jamie Diamond, I would take him in a heartbeat as yeah, over what we've got. Yeah, absolutely. At least, he's a semi adult. Right. What up next for me? I like the blame game. I'm learning a lot actually. Oh here you know. Okay, here's a headline. We don't we don't cover this company. Very often. In fact, I don't think they're in our database. I don't know why I think because they have their they recently went through a merger last year and maybe they haven't. They're not part of the msci University. Yet maybe they'll enter our database soon. But here's the headline CEO, Devin Nunez made, actually. I'm glad you said that because that's one of my that's one of my answers on the, on the blame game, CEO. Devin Nunez made 40 seven million dollars. While truth social parent company, reported 401 million dollars in losses and wow, wow. How do you lose money when the guy who owns you is the president and just can print money. I mean, the crazy thing too is like, that's not a, that's not a small number. I mean, we we cover outrageous CEO pay a lot, and even for a top S&P 500 company. That is a lie number. Yeah, that's a lot to do pay ratio. Yeah. Oh you know what? I did not look that up. If you're if you want to look that up while I'm talking go for. Yeah, I'll go find it. I'll go find. I wonder if they even reported on that because it seems like for a very woke. Uh, data point. Here we go. Who do you blame? Do you blame CEO Devin Nunez himself? Because his Matt rightly pointed out Matt because nobody likes Stephen. Yeah, nobody ever. Okay, that's the first choice. Do you blame any board with nepo babies? Especially King nepo baby. Donald Trump Junior who attended only two of five board meetings. If you fails attendance will ISS vote against him. Well here's the problem. The next choice here is Matt Duke, do you blame just controlled companies in general, especially controlled companies, controlled by nepo babies. Especially King nepo baby. Donald Trump Junior who controls 52% of the vote. And of course we know this is not his, this is not his fortune and money, this is his dad's money. So yeah. Daddy's money. Yeah. So so you can blame the CEO Devin Nunes. You could blame any board, netball babies. You could play any control companies, how about the compensation committee, ready for this compensation committee Matt, and they have one that's yeah, that actually is the news here. First of all, to put this number into perspective, this company, lost 400 million dollars last year and the three names executive officers made, it made 80 million dollars. So she's reasonable. Yeah, so here's the competition committee first there's committee chair. Robert light Tizer. He is a lawyer who worked. He was part of the Trump 1.0 Administration. He is chair of the center for American trade in the American first policy Institute where nepo wife Linda McMahon currently serves as chair, right? And, you know, Linda McMahon she was she was part of trump 1.0 and Trump 2.0. And also another Trump media director David Bernhardt also serves as chair a center for American Freedom. They're all part of this America First policy Institute. Okay? So that's committee chair, Robert lighthizer. And then the second Committee Member is Nepal wife. Linda McMahon who is on that, right? My head's already finished. She is on, she is at that America First policy Institute. She of course, comes from the World of Wrestling. She served both for Trump's both the Trump Administration and then the Third guy in this committee is a criminal prosecutor from the south. I'm already feeling scared a guy named Kyle Greene and his expertise in compensation is, I don't know. I don't even know how to finish a sentence. I, he I don't know what his expertise, so my heads are already spinning from all the, the network connections nepo, babies, Nepal wives, but that's the compensation committee. Do blame them. Or how about this, do you blame Trump? Media is very masculine proxy statement. Matt there is only one woman anywhere in the proxy statement and that is Linda McMahon. There's no mention of diversity, no mention of women or gender. Well, that is in keeping that, in fact, the only I, I did a keyword search for the word gender. The only time it comes up is, is this part of the equity incentive plan? Which says masculine pronouns. And other words of masculine gender shall refer to both men and women. Ah, I like that little. I like that little that little like what they do in like, like Italy, like isn't that? It's like very European. I searched this look, I searched this clause in the SEC database. It does happen but it's pretty rare. It's pretty rare that that that you're basically erasing women. But anyway, the last person to blame correction, you're racing one woman. That's right. Finally, the last person to blame for this outrageous. Pay for, for the for Trump media CEO. Devin Nunez is what about Elon Musk himself right for for everyone, wait, with me, for being a role model to Devin Nunez on how to get rich without really accomplishing. Anything based on this headline, that just came out in the last few days author of upcoming. Elon Musk biography says there is no evidence, billionaire has any intellectual achievements. So, there you go. There's one notable missing thing, go ahead. You're like this, which is it, Trump himself, owns president of the vote voting power, right? Yeah, that's what's weird, is it? It's it's it's it's it's a controlled company. Yeah. It the name on The Ledger is Donald Trump Junior. But we all know that's a bit of nonsense. So the reason why you don't have the CEO, pay ratio is because there's a controlled company exception. They don't have to report it. That was the way of you don't have to report it at all. So here's the thing. What strikes me about this is, if this is the way Donald Trump runs the company, they don't, they're not held to any standard at this company, because he owns 502% of the voting power. So he can choose whoever he wants, he chose one woman and all of them are compromised. Like, every single person on this board is compromised. He chose Vince McMahon's wife. Yeah, but he's known her for years, right? You know when she someone he can control in the 80s, right? Like so these are, these are all known people. They're all people who work for him, whatever, there's no Independence. He treats the government, the exact same way. If America knew anything about corporate governance, would we be in this situation, wouldn't? They've looked at this and will, that's not good. Like that's the So it was despite what they thought if they had negative feelings about Kamala Harris that they would have still voted for just to avoid all the nonsense. The trolled companies in general as the, the okay, to blame here because the compensation committee can make no decision, right? Like and it doesn't matter how masculine the proxy statement is, you know, like big daddy. Trump is one of many controlled companies who just pay themselves, whatever they want, pick whoever they want. So I'm going with that. I'm with you. I think we're you know we keep scratching her heads for how to deal with a lot of this and this is one of my pet peeves. Why do we allow control companies to exist? They should not exist. That's correct, not exist. That's what I got. Here's one for you. I've got two left in this one, too. Yeah, all right. Here's the headline. Former Doge co-chair Vivek, Ramos, joining Ohio's, governor race. No, no, no. So who do we blame for the fact that is and the race for governor? Do we blame business pants? Oh for launching Rama. He's career, we Our own show. Yeah before like two weeks before he announced that he was running for president, he did our show, you did our show of all things of all things, he then flamed out in the presidential race because no one liked him like everyone, thought he was gross and an idiot a rude, not an idiot, but like a fast talking route asshole. Yeah. Um, but on this show he did admit to critical race Theory being a thing. He said it was a necessary thing. He said that on our show so, you know, there's a mistake. He did admit that. Yeah. But do we blame business pants? Oh, yeah. For launching ramaswami into the stratosphere. Well, now, he's running for governor, do we blame? Ohio, attorney general Yost? Why who's also in the race? But the reason Rob, muslimi feels like he has a chance, is because Yost does stupid things, like suing, the Boeing board for safety issues, right? After voting for every board, member every year, there were safety issues. That's something that that guy did. That's weird to blame him though for that. If your mama Swami and Yost had already announced. And that's your competition. You're thinking that guy can't even do it. Right? Yeah. I like that or do you blame Elon Musk? Yes. Because Elon Musk apparently, there was tension between Vivek and musk and Trump both all. As soon as the first day Doge was forced their the vacation he stepped down. Because, you know, co-leaders it was like the most efficient, their First Act of efficiency really like they cut co-leaders co-leaders, right? So they improved the efficiency of that organization. That was like 100% and fish. The Improvement in one day. That's pretty spectacular. Do you, do you blame musk who fired Vivek for make this quick and easy? The answer is, yes, I do blame Elon Musk because I think without without being part of, I think his, his just being a part of Doge, even even before the Doge, anything is gonna make all of those idiotic Ohio voters vote for, for Rebecca. He's been deck. He's been anointed by by musk and Trump. That's all, that's all. He's gonna need to win that race. He will absolutely win that race. Absolutely, I am sorry. The correct answer was businessman. All right, let's move on. We only have a couple left. Thank Gods. I think we're in our number four. We both Matt. We both based on the the folksy annual letter, from the, from the great Gambler. Warren Buffett. We both picked a Berkshire. Hathaway headline, we kind of went in different directions. I'll start with mine. The headline is Berkshire, Hathaway removes, diversity and inclusion from annual report, okay? Removes diversity inclusion from annual report. I would pretend I was shocked, but he hated it before it was a thing, right? Like he actually we made fun of him like three years ago because he wasn't into it the first place. So who do we place these consistent? Did we blame Warren. Buffett himself, America's cuddly genius Gambler. After all, he does control 67% of the board influence. And he also sired two of the board members, Howard and Susan. So we do blessed. Blame him do that. Yeah. Do we or do we blame Warren Buffett's genetics, right? Oh, listen to this, here's another headline, Warren Buffett never considers where Executives graduated from and says a large portion of business Talent is innate. So that I read that, this means that nepo baby is in is fine. And since Nepal nepotism is really the enemy of Dei then Howard and Susan are fine. Really because, right, because he's saying is that If it's a Nate he's basically saying it's it's blood right? It's genetic. Yeah. It also means Matt that non-networked people people who aren't already in the boys club and I'm really I'm looking at you women and people of color. You shouldn't even try anymore because because going to a great University according to America's genius. Warren Buffett. It doesn't mean anything anymore. Right? So it's true. So if Warren is not around to smell your winner, non-blood then just stay home, right? I mean what right what's the point? What's the point Harvard? Princeton it's all. Don't even apply, don't even apply. You can't even create Merit for yourself anymore, Matt because Warren Buffett can smell your innate Talent, right? That's the takeaway here so so do you blame Warren Buffett genetics. How about this? Do you a blame? According to our previous rule with Trump media, do you blame any board with Nepal babies? Because Berkshire Hathaway says, two Nepal babies Howard and Susan or finally. Do you blame what once again, Elon Musk, right? Ready for this? I hate all of these. Here's a headline. Elon Musk blames diversity, equity and inclusion for La wildfires. That's the headline that we know Forbes and Matt in 2024 Berkshire, Hathaway was the largest insurance company in the US with almost 811 billion dollars in assets. Matt, if women and black people are causing wildfires, why would Berkshire Hathaway want Dei to be part of their right? Why wouldn't they scrub it? Interesting? Interesting. Take the I am going to I do want to read something that was in the letter. Go annual letter where Warren Buffett cuddly genius Gambler, Warren Buffett said quote. So thank you Uncle Sam. This is you know like he likes to you know, thank America. He doesn't never letters. There is no actual Uncle Sam but I guess that's America. Is that what that is? That the tax collector? Who was Uncle Sam? Uncle Sam is yeah I think it's Elon Musk. You're kind of the uncle now. So thank you. Uncle Sam someday your nieces and nephews at Berkshire hoped to send you even larger payments than we did in 2024. He's talking about cute, I get it this year, they're paying the largest in taxes they ever have because they were so successful. Okay. Yeah. So they won't work in the IRS to probably cash that check. Now they won't cash the check. That's why spend it wisely. Here's where it gets good. Take care of the many who for no fault of their own, get the short straws in life, they deserve better. To go have a jesus' statement, right? Jesus said that in the same, same 10K where they've removed diversity and inclusion from your 10K. Is he talking about the mughals there? Talking about the poor, the mughals? I thought the people who got the short straws in life and deserve better with the people who are like had systemically been disadvantaged from getting positions, had to go to Harvard improve themselves and now he's saying he wouldn't consider if you went to Harvard all. So no diversity inclusion. But take the tax payment because through no fault of your own, you get the short straw in life. So there you go. It's pretty confusing. I mean that headlights pretty dark. He never considers where Executives graduated from. Yeah, so good luck, proving Merit took to cuddly Gambler, Warren Buffett. So what, yeah, what do Church your choice here? Who do you blame? This one's easy. This one is cuddly. Genius Warren, Buffett himself that 77% of the company. Yeah, come on, you know, it's fine, it's fine. All right, here's my last one. For my last one. Yeah, I only also quick one that you're going to hate too. So, go ahead. Also Warren Buffett. Okay, yes, you. The headline, here is. Yeah, Warren Buffett's. Letter confirms, it won't be long before Greg Abel replaces him as CEO. Warren is. How old now he's like, 147. How old is this guy? I think he's approaching Yoda. Well, but who are we going to blame for? It won't be long before Greg Abel replaces him do we blame interesting Howard and Susan Buffett because children on the board. Yeah. His two children on the board because the key thing I read in that was Greg Abel replace his him but it's true. Business is innate and Greg Abel is taking the seat at the head of the table, that must mean they suck at business. They did. Yes, the business Gene right, right. And Greg Abel didn't have to prove Merit in the same way because he actually went to the University of Alberta, the providence of Canada. I'm not saying anything against. The University of Alberta, but I'm just saying like, you know, it's you didn't exactly have to, to, to struggle and work hard to to like fight his way in like a lot of people of color do into places like Princeton and Harvard. I mean, so Howard actually, you know, published a book Harvard published his thesis right. So like, you know, it means that maybe the problem is his children, were too educated too educated business Gene. Yeah. Oh, so right. So the education kind of snuffed out their innate a business Acumen. I like they like that they learned out their their ability they're not all everything we're saying by the way, this show. Yeah, option two, the nominating committee, okay? Because the nominating committee is sensibly is supposed to pick Greg Abel right. Stephen Burke Kenshin, Ault Charlie Guymon and Thomas Murphy Jr. They have an aggregate of 11%. The Winston, and they're supposed to pick Greg Abel because that's their job succession planning, right? Sure them. So maybe them. Yeah. And then finally, the Grim Reaper I mean, obviously it won't be long because the Grim Reaper can't go far away. So we blame here, I'm glad you mentioned this. Because do you think he's referring to the fact that he will finally actually step down and no actually watch Greg ape so he's gonna wait till he dies. He's now he's talking about I feel like I'm gonna die soon, so he's not gonna give Greg Abel to opportunity to like learn from him, like, take over and then maybe like ask him questions while he's still alive. No, Ablaze been there forever. He's already done the learning. It's I think he's just saying death comes from coming. Yeah. So is it? How are you for not getting the June? Yeah nominating committee for the succession plan, or the Grim Reaper. Okay, the nominee Community that's the big fat joke. So I'm gonna skip that one because clearly is this a control company supposed to be as a control company? So obviously it's all about Warren. Now, we've never, I have never been able to vote for the Grim Reaper for anything in my life. So I kind of liked this opportunity but I really do have to go with. I have to blame his children for. Wow. All right. For they didn't, they didn't pick up the. They didn't get it, they didn't get not good enough. Right? That's true. I can't, I can't make the whole thing so confusing to me, like it's it's a Nate but it's not, I don't know what it is, but not for my kids. That's right. All right. Finally, let's end this. This horrifically. Long, who do you blame game with one more entry? Oh my God. This is a quick one. That Matt's gonna both love and hate? You know, love it for its brevity, he's gonna hate it for the for the choices. There's a headline. And this is actually the headline that scares me the most for our future. But Doge will use AI to assess the responses of federal workers who were told to justify their jobs via email. Not sure everyone knows by. Now, that Elon Musk asked federal workers to justify their jobs with an email and they're going to use AI, Matt of all things to assess the responses. So who do you blame for this horrific? Predicament going on the federal Workforce, is it Elon Musk? That's it. That's all. Oh no I don't want to choose that. I don't have anything. Oh I can't I chose Big Balls. You can just you don't have to. You can fade fade us up before he answer the last question is fine. I I blame everybody for that. That's all your faults. That was our show. That's hazelnut Rallis. I'm here. We are free floats. Come back. We won't have a show on Thursday, but we'll have a double header on Friday out of the proxy countdown. A regular Friday show in which we crank out all the news from the week and tear it apart. Until then good. Bye.