Transcript
Always wakes me up. Yeah. They're awake now. Live. From your CEOs. None. Reusable grocery bag. It's yeah. Another manic Monday edition of business fans joined by analysts whole map mascardi. Yeah. Matt mascardi. Wow. The mat mascara. You. Whoa. Said no one ever anywhere in today's expired milk. Oh, expired milk. Again call October 16th 2023 Monday morning headlines and things are analysts whole agrees with. Ya and disagrees with. Yeah but we can just do one if you want. Oh, I'm ready for all of it. Good. Our show today, ready to go? Yeah, is being sponsored by free flow analytics. The only ESG data platform to treasure real board influence. All right, let's do this thing. Oh, I do have to say oh no I can't say in during the transition music in Friday's show we were asking about what to call a male CEO. Who's brought in to be a body Shield? Go ahead. I was calling him a sidecar. Yeah, go ahead. I did get a suggestion that you call them. The Greg. Because of in succession they rolled out Greg to fuck to lay everybody off and he read really badly from like a statement, but they roll Greg out, so they call the Gregg. All right, I like that. I think that's good. We'll call. Call him male body Shield, CEO, the Greg, this coming from a guy who I'm pretty sure has not seen the show succession, right, in the first season. That's really that you gave up after that, you really, you know what? Here's the thing. Yeah. It's like asking a doctor to watch my medical drama's. It's like, you do it all the time. It's exhausting. Except I kept feeling about the shows Creator and writer. Someone finally gets me someone, someone understands what I care about. All right. Here we go. Ready? Yeah. What do you got? I've got some random headlines. That's correct. The first one is quite boring but let's go with it. Rite Aid just filed for bankruptcy. I didn't even know. Rite Aid still exist. How about does anyone go there? Here's what I also didn't know in March, the US justice department sued Rite Aid. Accusing the company of missing red flags when pharmacists filled opioid, prescriptions. That's a big one. Yeah, it is Big. That's a big deal. That's pretty much the one thing they kind of should be doing. Right? I love that. It's the contributing factor to bankruptcy that I should be selling Skittles and shampoo and and checking those red flags when dispensing opioid prescription. There's really not a lot of other stuff that's it, because they don't sell cigarettes anymore. I don't think I mean, I'm sure they do like this CVS, CVS. Yeah, I don't know. Um, you know what I noticed about this though? The chair of the board Bruce bought Akin. Okay. Keep going. He presided. He's he joined the boy in 2013, he still there. Anyway, problem was from 2014 to 2019 like it was not that long ago. He is still the chair of the board like where are investors at this point? The guy keeps getting reelected seriously. No, there was something else that irritated me about this board. First of all, they also announced a new CEO Jeffrey Stein. He is a, he's also going to be the chief restructuring officer. He's clearly coming in because he has some experience with companies. Declaring bankruptcy, fine, whatever, cheers. Okay. We replaces the interim CEO, who will forever be, you know, probably branded by some who don't do their due diligence as one of the causes of the failures of riding. That's all. That's a woman. Of course, named Elizabeth, busy Burr. Oh, one of the best things we've ever had in the CEO busy Bird. Yeah, I don't, they don't usually listen nicknames, but they put it right here in the filing, they really don't. Um, so she's been in terms CEO since January. And they also appointed two new board, directors, carry tougher, and Paul Kegler. And the reason why I bring up is this is that there's a long list of boards. At these two, directors have been on a lot of them, basically, failure companies. So I think these are all like failure experts although well, yeah, go ahead. Let me say this on the board now. Leaving the board is Joe Anderson Jr. Who is a decorated military? You know a vet. He has a long and amazing career of stuff that includes. He set on Rite Aids board during the opioid Scandal and left last year as their declaring bankruptcy, and he went to join Lordstown motors, which just declared bankruptcy this year, he joined them in 2022. He's double bankrupted. Like maybe he's a specialist now because he's just seen a lot of it. You know, I very politely put my mute on because I've been clearing my throat a lot and then I forgot to take my mute off. How about that? Oh really. What is a zoom call and amateur? I don't know where I was, but let me just say this, the two, the two board members that they have appointed to help clean up the mask. Have sat on a slew of other boards including failures like GameStop and we work that are still failures. So I don't know why we think these are experts, we were yeah, but here's my bigger point, which irritates me in this world of the board. The board directors is that we've talked about this before because I know every time you bring this up you're always scratch your head to the point of like a little bit of blood because you're so confused. Yeah. Yeah, why are these helped out of the lights? Why are these companies allowed to appoint people to the board before the shareholder vote? They just they throw people on the boards and then they put the directors up for vote the next meeting. But as we know everybody rubber stamps these directors through Despite the fact that they're claiming the ISS and black rocker ruining the world, these directors always pass. So why do we allow them to just sneak directors onto the board before an initial vote? I never understand it. I don't understand how that, how it works. Like, in every other election, you nominate somebody, then there's a hold of, they have the job, right? This is the only elected job that I've ever seen, where the board nominates them, and they join the board, they actually go through them. They give them a contract. They give them shares and then, and then shareholders, vote and shareholders. What do they like to do? Are they like to be like, no, wait this? This person ever thinks at that point, it never happened. Well, I wonder if that's part of the game. The other problems that they really wanted to make this this situation better is that they would have a slate of directors that were competing against each other. Why not? Tell the shareholders What, their strengths are where they've come from their experience and let the shareholders decide, which of these directors, they think works best, but you're right. It's just they appoint and then they sit back and they laugh because they know that nobody votes against directors because as we've learned that from people who are reluctant to buy our data, people were worried about hurting these people's feelings. Yeah. Yeah. Right. The big baby facts against them they might get upset with us. Oh, Where I know what I'd like to say. I would actually really like to see, like, slate of director debates, like, can you, can you imagine like, if at the annual general meeting, none of them have actually been elected. But everyone who's up for election has to give a speech and debate each other for half an hour and then you actually pick one that you don't think is an asshole that might actually do a good job. Wouldn't that be something ostensibly many of these corporations are more important than our actual democracy. So that is, there's no way. Is that a crazy idea? And no way, I agree. I think it's, I think it's reasonable speaking of which, let's move on to. We have a category here called CEOs rule, but and this sense more and more CEOs actually do rule, Matt. With two big elections. Swiss populists set to sweep polls with war on woke Madness. That's what that's called. War on Wolf Madness in migration. This is led by the former CEO and majority shareholder of EMS Kami, which is a Plastics and chemical company. His name is Christopher blocker. He's a basically is an 82 year old white angry dude. In Switzerland representing the a very conservative approach to rule over there in Switzerland formerly. Have anybody younger than 82 who can run like well see, I have a problem with Biden in this country. Matt 3,000. Who else would say things like woke Madness. That's only the that's the role of an old white dude unless you're vimic from a Swami I guess. But that's that's that's that's a territory of an old white guy and all. So Unfortunately for for all you people who used to be fans in New Zealand, New Zealand, elects conservative Christopher luxon as its Premiere after six years of liberal rule, he was the former CEO of Air New Zealand and Unilever Canada. And if you read his bio Matt, there's a long list of things that you will feel rather. Frightened by isn't Unilever. Pretty woke what. Maybe not, you know, didn't rub off. Like, I guess he must have been in the fracking division of Unilever. Let's just say that this guy is not carrying the woke mantle so that's what's going on there and elections. All so a little pop quiz for you Matt. Speaking of CEOs, who rule? Here's a headline, experts. Overwhelmingly blame one person for climate change, confusion quote, one of the greatest, climate villains. Here's two quotes. See, if you can guess who that they're talking about, okay? He was we wielded his, he has wielded his Global media Empire as a cudgel to Sao confusion and doubt about the science and the solutions he will go down in history. As one of the greatest climate villains. Another person weighs in, it's hard to think of another person who has single-handedly done more to muddy The public's understanding of climate change. This is out of reporting from the guardian. I mean you're checking out I guess media Empires. There's there's only one media Empire that would fit this, right? It has to be Fox News. It has to be Rupert Murdoch. Ding. Ding, ding, ding ding. Again. So, you're you're suggestion that we should be able to hear direct or debate. We should have a shareholders. Should have a vote on who gets to run these companies because maybe we, maybe we want to have a counterbalance, to Rupert Murdoch. Of course that company was, you know, run by a family control. So what matters, but still, you know, where I'm going with this. I'm gonna be agree with you in theory. Well, just do that. Speaking of family control. How about this headline? Bill Ford. Executive chair, Bill Ford calls for an end to Auto strike, saying that America loses. If Union wins higher wages, I mean, I can't make this stuff up. How does America wait? Yeah, this is the great grandson calculus work. This is the great grandson of founder Henry Ford. He called on Auto Workers to come together to end a month-long strike that he says, could cost a company. Which is really his family. The ability to invest in the future. And, and this reporting says, it's a rare speech. He says, quote America loses, if this, if this happens, first of all, why, why is the the great grandson of and founder Henry Ford, the chair, the executive chair at Ford Motor Company, who despite his family Holdings, Matt, he still makes he made 18 million 17 million dollars last year, 17 million dollars? Why is it a rare speech? Why don't we hear more from this chucklehead? Why is it rare that we hear from him? Why is he only now getting involved publicly in the strike? Why a month later? Because he's been busy counting. The 17 million you from like, how many nickels that is? That's a lot of nickels. I'd also like to say that the the fact that there it's hurting, America, Ford bought back 3.5 billion dollars in shares between 2012 and 2022. That's money. You didn't save for innovating and, or paying your employees 3.5 billion is not a small sum of money, not to mention the fact that the primary beneficiaries of buying back, those shares is the Ford family. So when you say America, you mean My ability to buy another marble. Bathroom installation. What do you mean by America? I will say this, I think his definition according to the date of the Earth today, I think is definition of America is white men. That's what America I think he's talking really. When you look at the data but let me, let me give you a few tidbits. First of all. Part of his pay. Matt shareholders, gave him one point seven million dollars so he could fly his company is Jet and for security over one million dollars for security, who the hell knows? Who built Ford is Well they get a save. They will you, okay, but could you pick them out in a lineup? How could I I mean no like million dollar security, other tidbit a million dollars. He's actually the company's most hated director. Did you know that for all the directors 14% of shareholders voted against them the most hated director at 4? What's more than a personal use of an aircraft like that simply like. Yeah, that seems anathema to like that. It's almost twice as much. He's almost twice as much on security. I just want to know what's going on. A Ford Motor Company where the the executive chair gets 1.1 million Security in the CEO gets zero dollars in security. Like what's really? That said he is the most hated director person second point. So more board tidbits over there at Ford. You know, the, the Ford board. I think there's 14 people overall. There are three William's and five. John's, did you know? Wow, that's Let's get, right, that's gotta be, that's that's gotta be, that is a record. There is an absurd female power Gap. According to our data 29% of the board is women, but only have 10% of the influence. That's people partly because Bill Ford has 60% as 61% of it. Yeah. Some other information, all five named executive officers are men of the 31. There's 31 company officers according to its web for his website. Only six are women. Yeah. Of that. Six one is the head of HR. And one is all so a Ford family member so really. It's like it's don't ask me how many affords, 31, corporate officers are black. Do you want to ask me? You can ask me. It's wild. How many are black? Just one, one even worse. When you pull back, Ford Motor Company lists all 89, people, who they deemed to be part of leadership. There are there. This isn't Detroit. Michigan, Family five, black leaders and five. And one of them is a board member. So technically, not really a part of the company, a little part of the companies leadership and the other one, of course, is a chief diversity officer there. Oh no. I mean, To hit all of it. I just just brazenly, Matt. When you talk about, who loses when he says America loses, it is the Ford family and a bunch of like, white dudes. I guess that's the America that he's worried about, but this is, but look, we can be upset or we can say, this is why dual class shares don't really work. Yeah. Like because you can't do anything about. Well, it's a fake public company. It's not really a public company to that point. There was a shareholder proposal this year at Ford's annual meeting in by an overwhelming. Majority anyone not named Ford voted to, to get rid of dual class shares Cheryl is definitely want to get rid of that, a Ford. But they, there's nothing they can do about it and they can't. Yep. Joe's on you. And then finally, meanwhile there was a headline and Fortune. Here's the headline, very simple. Big three carmakers paid their CEOs one billion dollars since 2010 and now say they can't afford to pay strike. Workers. So to your point about stock BuyBacks, there's another billion dollars to add to that. Yeah, 3.5 billion. Just at 4. Not the big three if you know, that's big three of them, that's big three car makers. One billion dollars for sale know I'm saying Ford's BuyBacks by the rights in that same time. Period was 3.5 billion, which means if the others were doing BuyBacks at the same time you're talking about like possibly you know anywhere from six to 10 billion dollars in BuyBacks and a billion dollars in PEI. Um, and they can't figure out what where they could have gotten the money to pay. You know, well, living wage and for Innovation, not to mention what this data misses is that bill for is not even the CEO at Ford. And if you, he made 17 million dollars last year over the last 12 or 13 years, that could be another 200 million dollars. So that. Yeah. And that's, yeah, that's talking about the CEOs. Let's get out of that, I'm feeling. Yeah, I don't, I'm just about this. How about this next one? Just one. I mean, I, I don't know what kind of world we live in, but I feel like this next headline, kind of blows up this entire loss suit but just months after Florida, Governor, Ron DeSantis striped Disney of itself. Governing status a neighboring theme park has been granted many of the same benefits. A Special Districts. The Orange County Board of County Commissioners unanimously voted earlier this week, to create a special district for the 719 acres in compassing universal. Or Landover Resort. Wow, the special district were poorly used. 174 million dollars in bonds to fund infrastructure. Matt ready for this. All of the board seats for the special district will be held by. Universal employees, not not friends of Ron DeSantis that happening over at Reedy Creek there. I mean, it's like, this is just like, I just cannot believe it's because the opposite world like Bizarro World in Florida. I don't know. I don't know what's happening. Are they just gonna kill this special district next or do that? Oh wait Orlando, don't they have a gay day? I am like, I don't understand. This is while the lawsuit was going. How does this not completely? Doesn't this say without a shadow of a DOT that Ron DeSantis is going after Disney for political reasons. I mean, How could, how could they make the case? Otherwise know, they, they do seem to have gay days at Universal Studios except that Universal didn't say anything against. Don't say gay. I suppose, like I said, that's a different. That's but that if that's it, if that's literally, the only difference then Disney's already slammed, dunk lawsuit, crazy Slammy and Donkey here, slimy A little bit of comic relief. I wanted to add this story in Citibank wins lawsuit against fired analysts, who expense his Partners meals to the company and then claimed t82 of everything. I like, I don't know why I like this one, but I want to hear your can play the role of head ethicist. You can be Chief at the system, this one. So the dude goes to Amsterdam, he he is under his 100 dollar daily spending allowance, but he got two for lunch. You got two sandwiches two pasta dishes two coffees. He had two of everything basically at all his meals, but under his daily allowance, Then I you I would never fire somebody for that but okay, but then they asked him. What's going on? Did you eat two sandwiches and have two coffees and he said yes but then later it turned out that he was lying that his partner, he bought. Okay first part. So I would always fall here. I would never ask if you give someone 100 dollars a day and say, spend it on food and things that you need to me, that's a hundred dollars a day that you spent on food and something that you needed. And if you were smart enough to bring your partner with you and share two meals, I mean, how big could the possible? It's just too sandwiches. You didn't like snorting coke off of like I wasn't 718 Martinez. Yeah. He wasn't in like you know, smoking marijuana and a bar like it was. He's having a sandwich and have you seen the sandwiches? That's not like that. Us sandwiches know. In fact, you're right. They're they're, you know, sandwiches and you get like, you know, 7 foot long sandwich. This is like a it's like a small meal with a coffee. Come on, get over it. Here's how sad this. Really a City Bank. So they want they won the lawsuit. It even got to the point where the dude had to admit that there he said that there were mitigating factors including the recent loss of his grandmother and that he was on strong. He was on strong medication when he replied. Oh, see that's all, that's all ridiculous. Well let's get out of that. Yeah, for former FTX CEO SBF, Sam bankman fried. You know, as we know was in one in court, one of the big lawsuits against CEO. His lawyers were saying he needs more Adderall to concentrate in court. Okay, I don't care. I imagine that you're you're you're you're the government is Has a loss of the prosecuting you you are right on the verge right on the edge, Matt of spending the entire rest of your life in prison, right? And you can't pay attention. You need Adderall. Like, I mean really if he's needed at, if it's like like a physiological. I'm sorry, man, that's fine. That's one that you might pay attention to. I don't, I don't care about this mostly what I think is like, you know, will he spend the rest of his life in jail? I think that's actually unlikely. I think he's probably like in and out of a minimum security prison in five years. Like, and then he's doing a speaking tour for 100,000 dollars, you know, an event at a Newman University? Yeah, exactly. I mean, that's that's like, failing up. 101. Finally, in CEO detention news getting in trouble with her principles, Australia finds X. That's that's the formerly known as Twitter for failing to crack down on child abuse content. That's one also Elon musk's. Elon musk's ex illegally fired. An employee in retaliation for her internet post challenging its return to office policy. That's according to the US Labor Board and also former Starbucks CEO, Howard Schultz, violated federal labor law by telling a barista in California, who questioned the coffee, change response to Union organizations. You Union organizing to go work for another company. So, Elon, and Howard doing illegal things. That's know that this is, this is just founder fetish bad behavior, isn't it? That's why it's just reporting the news. That's what I got. Matt. That's all right. Here's what I got. Here, a very simply. Five headlines, I hate that. I agree with and five headlines. That I vehemently. Just so if we become so dumb as an Enterprise now that you're just reporting on headlines that you agree with. That's that's what we've come down to that. It's a Monday. You're gonna sit through it. Wow. But I want to know whether or not, you would you agree with my assessment? Yes. Okay. Here's the first one Vivek ramaswamy says, it's quote, not productive for companies to Blacklist. Harvard students, who make quote Dums statements, like blaming Israel for the Hamas. Attacks me, or disagree. Look, okay, this is a complicated answer. I agree with vivek's statement. That's not productive, but I don't agree with with anyone reporting anything that he cares about. Oh, I really don't care about his opinion about anything. It is a Harvard, alumnus. We're Vivic. You're that true saying you shouldn't blame Harvard students for dumb statements. It does feel very Zone ass. Yeah, here's another one VC, billionaire Marc Andreessen on Tesla and SpaceX. They probably would have gone under without with anyone besides Elon. You know, I almost spent an entire segment on this this morning because I I got done a rabbit hole because just because this irritated me so much because it's one of these things that in our modern culture you can kind of just throw out bulshit statements like this like it probably would have gone under. I it just made me insane. So you're saying you agree that it probably I mean you mean without his strong personality and Captain know and and what what without douchebags like Market Andresen basically fawning over him and giving him as much money as he wanted, because prophecy, right? Exactly. Yeah. Jason meant to say, is I have such a musk fetish? Yes, I can't find anyone else except for maybe. Adam Neumann. Like that's what he meant to say. It's Agree. He's right. Sure, the whole thing is astronomy. I mean, yeah. Moving on another one try. This Fox News host and Trump supporter. Sean, Hannity suggests GOP, Presidential candidate Vivek. Ramaswamy is not qualified to be president because he's never held public office. Yeah, that I I definitely love that one. Yeah, there you go. That's just great from a trump supporter. I just a wonderful I actually it's not so much to me because he's never held public office because he's unqualified because he's a rude. Yeah, exactly. That's that's what about Trump. Now we're talking about Vivint what really? Yeah, there's the next headline. I don't think it's too much. Waffle House, workers pushed for 25 dollars an hour. They're all disagree, you know. I've been to a couple Waffle House's, it was, you know, and I've been in the middle of the night, you know, like 3 a.m. already bad. I mean, these people deserve a lot of fucking money places. I'm just gonna go out on a limb and say, like, I don't think it's too much. I know should be 100 dollars an hour. Probably probably. Yeah, especially after midnight. Yeah. When the bar is sled out there dicey situations. Yeah. Here's a sub headline. Attorney Waffle House shooter. Believe God commanded him. Oh, he's like a Keen in Waffle Houses. In fact, I've read articles about how come there's so many shootings in Waffle Houses only well they're horrible places. Yeah. Well because they're, you know, they're in states with no gun laws and again they're catering to the like post bar scene where everyone's like drunk and walk around with their guns and yeah, just pay the people. All right. Here's the last one and things I hate. I agree with, they don't go for jewelry anymore. Olive oil, theft On The Rise increase. Well, I will say this as being half Greek, the Greeks don't have a lot of money. They don't own a lot of expensive jewelry. There's none of my family. I'm just saying but and some and I'll say this, there's nothing better than all of Wales, my favorite thing on the planet. That's the correct answer. Yeah. All of oil is better here. It's better than everything. Yes. He's like, VM in lead. Degree West. Oh, do you agree or disagree? Here's the first one plant-based cheese. Maybe getting more appetizing. Yeah, I knew you would pissed on this one. I'm I'm open to Alternative meat and cheese world. I know you were against them. I am open. I'm open. I eat impossible Burgers. I'm okay with that impossible, sausage. I'm okay with that. Plant-based cheese is not getting more appetizing, as someone who's lactose, intolerant and doesn't have a lot of cheese choices. I still refuse plant-based cheese, maybe give it a shot. Here's one. Netflix is planning houses. Where fans can get closer to their favorite shows? What does that mean? They're opening houses? Like what houses. So you people fans can go stranger things out. Yeah, like, watch the show in. Who am I to laugh? One of my favorite Trips over the last, like, 10 years, was taking my daughter to the Harry Potter Studios in London. I thought it was fantastic and I don't even really care much about Harry Potter so I don't want to be a hypocrite. Maybe it's a good. Yeah. Okay. But but like, can we at least at a baseline agree that we spend so much Goddamn money on entertainment, it's crazy. We have strikes and it's crazy pushes because we won't pay employees, but we will pay billions of dollars to build fake world. So yeah. Watch it on a TV like what's missing out of this headline is is a CEO. Ted surrender saying today, I believe in this guy makes like even for CEOs, the dudes rich. I think he makes like a routinely like a run 150 million dollars a year. He was saying that the reason why the strike is still going on is because of all things, the actors were acting or asking for like a cut of of successful. Right. Yeah. They're trying to just share the profits on successful shows and that's, that's too much for old Teddy boy. So well, here's one that I've immediately disagreed with why did the metaverse die? Because Silicon Valley doesn't understand the concept of fun. Why do you disagree with that? Because it was a hellhole. It had nothing to do with me. Agree with that one. I think that the leaders of Silicon Valley. I think all they really know is like vapid apps that get you addicted. I don't know if they know fun. Know, of course they don't know fun but that's not my point. The metaverse didn't die because It wasn't understanding fun. It died. Because it sucked. It was horrible. All right. Moving on Dollar Generals Boomerang, CEO doubled. Its market cap during his first stint. Can he do it again? No. That is correct. Answer is no, you got that one, right? Yeah, industry. There's there are. There are issues that industry from, like, basically every known stakeholder that in existence and probably 17 others, stakeholder groups. So, we don't know about yet, I haven't even been invented. It is just like an industry waiting to blow up, really. I mean, it's it's the worst, it's the works of like they yes, routinely had the one of the largest worker CEO pay ratios. Oh, of American companies. Like if there's, if there's Everett industry, were workers need to unionize ASAP. It's this one because it worst case scenario. That if like, you know, Ronald Reagan's ghost comes back, alive, becomes president and fires all the Striking workers. It doesn't matter get any other job anywhere else. Well, it's funny. You say that because this is a headline from 2021 people are fed up Dollar General workers pushed to unionize amid hostility from above 2021, that guy. Boomerang CEO, right? Same guy. Um, and here's my last one. Yes, let's cheer for the last. Well, you don't share it. Which and non-alcoholic beer sales are soaring. I don't put this one. I okay. Here's how I feel sobriety is not in. I don't drink, but America's shooting cans of beer because they're woke, it's not that sobriety is in its that wokeness. And I woke is in and they're just waiting to get totally hammered when they can find something that isn't woke. According to most of America, that's not to start a sad like comedy routine because I'm not that funny. But no alcoholic beer. What what is that, like, milk water? Why would you drink Nana alcohol beer? I don't. What are you doing there, anyway? What's wrong with you? What is wrong with you? That's Damian Ross on your analysis. We are free float. Today's Show is sponsored by free flow analytics.com. I don't know why we say it every single show and still don't go and sign up, just go and sign up. I mean, like it fun all the time. To your directors and assholes on these boards. We'll be back on Wednesday with a woke Wednesday and we got a big interview coming up this week too. We are interviewing John. Luke Combs this week. Oh I thought he was interviewing you. Well we're interviewing him he's lost. Its gonna be the old thing, but stay tuned for that coming soon. Until then goodbye.