Transcript
Headphone rattling. Yeah. Coming out hot! Whoa wow. Live. From the shark infested Northeastern Waters. Matt the sharks are coming. I heard of New England. It's warm up here now. Thank you, climate change. Yeah, another manic. Monday edition of business fans joined by the lord of the BS. I guess I guess BS just stands for bulshit now. I don't know which is better. Or does it stand for our product and today's swampy ant hill called July 17th. 2023, top 10 sexy Monday stories and directors of the week. I think I'm gonna make it board member of the week so I can just say BM of the week. Okay. So that maybe lord of the BM should be no. That's arguably way worse. For our only fans who were talking about. We had to drop the original name of our product which was which initials were BS. Yeah, we thought we thought it was funny that Matt was the Lord of both bulshit and our product. Yeah, prior product. Yeah, but now we're prior product is not sue us, so and then baseball got real upset. So now we are now. We're free from analytics old baseball friends and there's no joke, there's no joke for your nickname free float analytics. And in fact, this show today is sponsored by free. Float, analytics.com. You should go there and sign up. There's a little login thing. This is sign up. You get a free account. S&P 500 is free. So you can see every board member in the sp500, our powerful there and how they perform, that's, it's free. I don't know. Like, I don't know why you wouldn't sir. Use it gives you something for free? You do the thing right? Like, why wouldn't you? In fact I use it. I actually use it from my general. I know it's hard to believe that I research all the items I pick. It is kind of flat. It is I don't believe any of that. I actually use it for the show, man, I use it now, I was my main data source, like I have a piece on the new chair of Cummins. And I went right there and I actually learned something from free flow. And analytics. So there you go. You know what I did last night or two nights ago, I had to go pick up socks at Target. Oh, and I was standing in Target in the line. Waiting to pick something up. And I looked up targets power structure because I just was curious. I like, I wanted to know and it's like now I know who I'm buying my socks from, like I can see the pictures of everybody who's running this company and how powerful they are. All right, let's do this show. That's our sponsor. Free. Float, analytics.com, go there. And here's our show. Do we have anything? Yeah, let's just do it. The first story is fitting for that music. Oh really Tucker Carlson show on Twitter. Come on makes add deal with anti-esg shopping app. Look, that's kind of fun though. You knew this would draw my attention because this is from CNBC, right? This is not like a crackpot. Financial news service. So on Twitter, even CNN, Now call is calling things anti-esg. That's how mainstream it is, the shopping app is Public Square, which Matt, you've played that you've covered on the show before. Yeah, it was in it or he voted it asshole of the week, a week ago, Friday. Because it was, we realized that the snowflake conservatives in this country need to save space. Okay, so I made one, I won't go deep into that app. Again, that's that's Public Square anti-esg shopping app, but I did want to talk about their leadership picks. I don't think we talked about the corporate governance. We didn't talk about that. Yeah, the founder and CEO of public squares, Michael Seifert. Okay. Is that good? Well, all I could find his bio was the Bible, quote, Isaiah 12:2. What what's that? Something about the Lord, he follows the Lord. I Picture of who these people are not even joking about what their religious beliefs are. I'm just trying to paint you a picture. I also found I also unfortunately listened to an hour-long podcast. Not ours, where interviewed Michael Seifert, and he'll bad. He and he also looks like he found a crumpled American flag to put behind him. He's a very he's very pro-america so I did see that like there. Yeah. That there's a screenshot you have in the pre-production that. It's, it's a man. It's a bearded white, man. Yeah, was very well, everyone's white. Everyone's white hair. Yeah. And on American flag behind him that he looked like he was sitting on right before the show, and then realized he needed something behind him and just so, you don't have to, I want everyone to know who works in the ESG industry that the, the anti ESG crowd equates. What you do to the Chinese Communist party. Maybe you already know that, but that's the takeaway bunch of Chinese Communists. The elitists and globalists and Us the co-founder and CEO of public squares. A man named Sebastian, Harris. And let me just tell you I'll just tell you about all these people that I found is that none of them are qualified to do what they do. None of them are shocks me. I, this is gonna sound elitist, but none of them have gone to, to colleges or universities that you've really heard of or have they studied what you would think mine that what you would think that they should study to create these businesses? I thought that I mind that I'm just painting you a picture. So the co-founder and CEO his last tweet on record is So wild you can't tell which gender you're Barista, is these days. Um, CEO of a company. Are we supposed to be like investigating the gender of our Burberry? I'm scared again. I don't still is coffee, right? I don't even know if I have a comment on this. I I'm just think this is the CEO and co-founder of her company is Troy. I don't even know what he's trolling here, but it's kind of sad, not. I'm very confused, I'm very confused. And the CFO, I read an interview with Brad surley in one of his coaches already like him. He said, I actually lived in a three-story house with 24. Other Christians. It was insane. It was essentially a, it was essentially a Christian frat house for people that weren't in college and then he said we had gals on the first floor. Oh yeah, baby. So I don't really understand what kind of a company. This Public Square is okay, the country. Yeah, the company is helping it. Take it. Public is even more interesting. This is, this is a spat called Columbia acquisition Corps. Oh, they're going via SPAC, oh, that's so retro. Luckily, for me, they actually filed the SEC. So, I was able to find some information about them so that the CEO and chair of Columbia acquisition court is actually not a white man. It's a man named Omid Malik. I don't know how pro-america would think about omeed Malik, but he's the CEO and chair how dare you. And why is he famous or inFAMOUS? Because he was the Bank of America executive, that that was fired during the me, too. When we meet two really broke out for harassing and you know, basically assaulting his co-workers of course he denies those clams. Yeah, there were gals on the first floor. That's why he was harassing them and this is again, this is not like Fringe reporting. This is that's reporting from The New York Times And The Wall Street Journal the CFO and fellow director. At that spec is a man named Joe Vol, who was so fired during that harassment probe at fired. Yeah. And just a few days ago, axios actually had a story called The Big Money donors back in DeSantis and RFK Jr. Featuring Malik and Joe Volbeat real. So that's That at least is on brand. Are the whole thing is nuts? Matt really. It's it's a, it's a sad dirty nutty, horrible Cesspool. It is a little weird that the this is a very Christian pro-christian organization. There's really that. Yes, they feel very marginalized. Despite the fact that everyone celebrates every Christian holiday in this country, and whatever, even even me, I'm proudly Jewish, I, I happily celebrate Christmas Day managed in, like, you just named like, four people at the, who are leading this. All of whom either mentioned, women mention gender, or have been accused of harassment. Heather mentioned like frat houses. They're harassing people who like harassing people who are shortlist go you know that's impressive reporting you. It was really nice. It's sad. It's sad. All right, moving on. Number two story. This one is at a salon. It's called billionaires are not okay. For their mental health, time to dress quickly raise their taxes. Oh, this is like that following up on a piece in the New York Times, by Paul Krugman saying that money and privilege or rotting the brains of our Elite CEOs. um, I look, I'm of two minds of this. Number one, it's probably true number two. I also would like it to wrap my brain. Yeah, I wonder if I wonder if this will eventually become part of a populist pushback, will we will the right wing. Even now they're on a big anti-esg, anti-capitalist spree. Will they actually agree and want to claw back and tax? The hell out of these people to reduce the power of the sucks and the musk's because do we want to see those of Corporations deciding which planets were going to be calling ising? And I mean we never did but I will say that what I like is that we've democratized snowflake ISM, it used to really be in the purview of the Liberals, particularly on Twitter who would cancel culture? Everybody from, like 20 years ago? Saying something, whatever that means or whatever. Harley sure. But yeah. Like every time anybody did anything wrong? Yeah, Twitter would get on them. And now, it does seem like everybody needs safe spaces. Like everybody wants a safe space. Now, billionaires are the poor billionaires all Billions are rotting their brains, they need safe spaces and the conservatives. They need Twitter and Public Square. They need their safe spaces and everybody's getting a safe space these days. It's kind of nice. It's inclusive, it's almost like inclusion. Some weird way. Elizabeth Warren is urging the SEC to investigate Tesla and its board of directors over possible. Talks Of Interest misappropriation of corporate assets, and other negative, impacts of Tesla shareholders. She wrote that there, the Tesla's boards, apparent lack of independence from musk combined, with inaction and incomplete, disclosures, race questions about possible, violations of security map. Here's why I bring this up free flow. Analytics would be the perfect platform for Senator Warren. Apparently, we have it. We have his apparent, lack of Independence. You send it to her, but did you did we talk to anybody in the office? We should look. If you if you reach out to us we will walk them through how to use this tool Fred. You're the only listener we've got friends is something to Elizabeth Warren if you're a listener and, you know, Elizabeth Warren, we have data. I'm watching all these ESG hearings as you are right like the proxy advisory hearings like it's it's my numbingly stupid and yet I'm trying to I reached out to every evil on other side of the I don't care. I've reached out to everybody and said we have data, you can have it for free just talked in like the actual data instead of like you know weird platitudes we can give you numbers to talk about not one, no responses. None responses, it's tough. It's tough being on the stuff being so when no one cares and no one listens. Yeah. Well here Elizabeth or my here's where our data will tell you that no other ESG data, provider, will tell you is that indeed 80% of the influence on the Tesla boards control by people with the last name of musk. Wow, you will not see that at sustainalytics msci ISS because technically Elon Musk does not own, a controlling share of testing close, really not even close. And that's what right? Yeah, it is one share one, it's a weird company because you think it was Democratic based on the governance structure, not even the chair, not even sure he's not the chair separation of and we are data suggests. That's dad is bullshit. Paul's false, correct. False Black Rock will give retail investors in its biggest exchange traded fund the chance to participate in proxy voting in 2024. So they're continuing to A love it. Give voters choice. I guess voters choice. Right. Here's why I love it. There's one good reason to love this. Yeah. Because they that if you are a retail voter, you have no data, unless you sign up for free data from Dakota, that will help you vote. I mean 90%, we Lament The Seven, there were 200 shareholder proposals on the Russell 3000 last year that low that little. Yeah, that's, that's how p500 and 16 of them were Amazon, right? Like, so we're not talking about, there are a lot of shareholder proposals to go through the 98, or 99% of the votes that you're gonna cast. Is for board members and there is no data on board members anywhere except here, so get it. Yeah. In fact if you subscribe and buy our product, I'll even throw in right now and add on that. I will I'll pick up the phone with you and we can talk about how how to vote on the shoulder proposals if you want to have a casual conversation. I'm not gonna tell you but I'll give you my opinion. I think you should talk about which is the best dog food on Patriots or Public Square. Actually I know everyone seems to hate Black Rock, black rock as part of this conspiracy. I I looked at three recent Black Rock votes. These were these I found these from proxy monitor. These are three shareholder votes that actually got a lot of yes, vote. Right. I just randomly picked to see is Black Rock part of the conspiracy. Are they anti management? Are they anti-corporate America? The first one out of deer. This is a shareholder ratification of excessive golden parachutes, right 41%? Of shareholders said, yes, BlackRock Said no, no Starbucks and assessment of worker rights commitments. This one passed. Matt 52%. Of shareholders said, yes, to this at Starbucks BlackRock said, no Okay, and then a young brand annual report on lobbying this is also a big one, a big one for shareholders, 41% of shareholders said, yes, to this one and annual report on lobbying, BlackRock said, know why does not it's a report. I 20 minutes to write that down, but I will say this, though, I am guessing that most people would assume that it is absolutely black rocks. Fault that shareholders voted, yes for an assessment of worker rights. That's right. At Starbucks. Absolutely Larry thinks fall Black. Rock said no to that. I just want to point that out. All right. Well, they're socialists. So moving on. A 340,000 UPS drivers poised to strike over extreme heat. Safe working conditions, the largest single employer strike in US history could framework or power as a climate solution. Wow, how about that? I love. I actually. So I'm gonna talk about this a little bit later but this this strike I did. When I saw it. I was like, is this the first climate change is a new problem for us, right? Like they didn't need air conditioners 10 years ago because it wasn't 7,000 degrees every single day. Yeah, but now thank you. Climate change. They need it. This is a climate change, isn't it? And the same way you could say that. The Hollywood strike is about megalomaniac CEOs, you know, creating AI without any reels, right? Yeah. No too much. Yeah, it's a duck strike. Speaking of suck, prolong Hollywood strikes. Could lead to an absolute collapse. That's according to former Paramount Pictures CEO. Okay, collapse of what the entire Hollywood industry. Obviously is a threat, he's like he's threatening the strikers to be like if you don't come back, You know, you'll never have a job again. I mean, can you imagine though a world without television? Would that be a bad thing? I can actually Barry said to ease that disparity, you know, in the pay disparity, top Studio Executives and top paid actors could take a 25% pay cut, as a good faith measure to try to narrow the difference. The try to know how about that though. I've never seen anyone actually easy. Barry Diller has made like a billion dollars in his life more. Yeah. Like that guy is a governor. He's actually the poster child for terrible governance in his career he put all his friends on every board he's ever been on he buys and sells the companies that and like run some like their toys all that said. 25% pay cut. May make a dent in the rot that's happening in the billionaire brains too, so double good. Alright, Barry Diller's, net worth for billion. And I just want to put my stamp on this all, I want the 25% pay cut to be total compensation, not just the salary part portion, like every realized unrealized and realized, I think all whatever everything not, just that loud, dumb. Sorry. Okay. Moving on, Deloitte Australia, CEO Adam, poch it admits. He is not worth his 2.3 million dollar, pay package in a public hearing over salaries in misconduct. A consultancy firms. The CEO was asked by Senator Barbara pocock in Australia. Are you really worth seven times? The salary of the Australian? Prime minister, the CEO responded? No, yes. And went on to say, I happened to deeply recognize that I'm incredibly privileged to earn what I do for what I do. Okay. He gonna take a pay cut after this or does he still cash that check? How about the fact that like 2 million dollars? Which is what they're talking about here is is just if put that in the context of the S&P 500 that that 2 million dollars is barely scratching at the pay packages. That guy that guy's a small cap, right? Yeah. He's like running a used car dealer at 2 million dollars. Yeah. Who do you think the first would you like prediction? Who will be the first American CEO to admit their paid, too much in public? Oh, good question. It would be probably Warren Buffett with his 30000 a year salary. It's funny. It's funny. You mention that I, I forgot the story that there was a report over the weekend at the Billionaire's. Summer camp, that Warren Buffett's wife was complaining, that coffee cost, four dollars a cup, which actually is crazy. It is pricey but compared to probably the same where you are but compared up compared to prices up in Portland, Maine, that's cheap. I mean, by some beans discount on people just Um, okay. Here's the the free flow analytics, one that I looked up. The headline, is that common CEO? Jennifer Rumsey will become the first female chair of Cummins board. Okay. Oh, so I asked myself, sounds good. So, before I even knew I was looking at, I wanted to know, this is why I went to free flow analysis. I said, well, should this be a surprise? Would the people using our data? Would they be surprised that comes is putting forward, a female chair and a female CEO? Well, there is yeah, the question is, is this Excellence or is this D E? I actually it's, it is excellent too. That's actually the subtext here, but, but here's what our data shows us Matt is that at Cummins 30 30% of the board by body is represented by women, right? 38% of the board are women, but they actually control 46% of the power. Wow, a positive diversity, which is unusual. That's nice, but it suggests That we could have and should have predicted that there will be more female leadership at Cummins and Matt to your question about Excellence, Jennifer Rumsey actually has the highest overall batting average on the board. By a lot, she's hitting 719. Everybody else on the on the Cummins board is at 584 or lower. So she's actually the highest performer on the Cummins board as well, according to our data. Wow. Access. She is excellent. She's actually an excellent female those exist. I thought we just voted against those. Yeah. I know you're joking but I, but we did talk to Vivica ramaswamy and, and when we did pose, the question about what he thought about more, you know, women being CEOs, whatever he immediately went to talking about a meritocracy. Yeah, he did. He didn't even consider whether that they were probably high achieving and excellent. And then said that the one of the reasons why there might not be many women or diverse CEOs, is because of systemic education, problems over the last, like 40 years. He basically said critical race Theory can explain the lack of female and diversity, despite supporting the demise of that is false. And there is no crt's. A communist plot writers disrupted, CEO David savlov time at billionaire. Summer camp by request this by requesting. The Warner Bros Discovery, CEO pay up for their lost wages via venmo. So some journalists found that David. SOS venmo account is public so they started asking him for money. Essentially what one of the masks for fifty dollars, for new picket line walking shoes. Here's a question. Yeah. Why do you have a venmo account if you're billionaire David's aslaf like what do you do with that venmo account? Except send it to people when you don't want anyone to know that you've sent the money right? Well, I saw two things that the general is discover one is a producer at CBS actually sent money to David. Zazzle. On the day of the announced, the merger that the merger, okay? Also, there's a payment to Cheryl Hines the David says, love saying, who is an actress on Curb, Your Enthusiasm and all the wife of RFK Jr. Okay. So yeah. That was the those are the two payments that were outed. Yeah. Why would you want that public? I don't know. What is this good for? Why would you ever even have this account? The article was tickled by the fact that David zaslav was declining the requests at the meet at the billionaire, summer camp. He was obviously had his venmo account, open his work, he was like, well it hits your inbox like you get like I have venmo and I use it to pay our babysitter. Sure, sure. Like, you know, like the teenagers who come over and give him like because you find them actual money these days because there's no more actual cash. They don't know to do with it. I handed them cash once and they were like, I'm sorry. Where do I know? Is this, is this European? So you just send them venmo and I I don't know why at a level of a billionaire, you think you'd have somebody to take care of your venmo needs and finally, even more negative news at a Goldman Sachs, I did predict that DJ diesel would be. He wouldn't last the year, right? So, I only have I think I have to this prediction. This headline, Goldman Sachs accused of culture of bullying that made staff saw through meetings. Wait, was it like the silent kind of SOB like that that like stifled. Like open weeping. What is this? This is eat. And just so, you know, this is not like a Damian Lawless low-level employee type of law. So this is from Ian Dodd, who was Global head of recruiting, and was there sobbing? Yeah. So he said that, that Goldman employees frequently expressed distressed by crying and that sobbing through meetings was common Behavior. Now, this must have been, like, when you could turn your camera off, like I imagine. This is why everyone wants you to come back to work. So you can't open meetings. Yeah, they could see if you're sobbing and and then fire you right, then Goldman Sachs even more than like, the, the black rocks and whoever else must have the worst Communications Department out of all Corporation, they had the most negative stories about them constantly. We really Goldman Sachs was like, the boogeyman for a good five, six years black during the financial crisis, BlackRock is really stolen that mantle, it's just from one Jewish Associated firm because of the people who were running it at to another Jewish Associated firm because the people who run it. It's it's it's like a passing of the torch. You don't hear much about Goldman anymore. Opal head of recruiting. Yeah, my turn. Now let's do a BM of the week because yeah, a board. Of the week, okay. Because I was gonna say, isn't Monday a little early to announce it? It's the BM of, it's like your BM of the week. How do you know what your diet's gonna be? Where the rest of the week, right? Like you need more fiber. So here is the headline Damien. Already read 340,000 UPS, drivers poised to strike over extreme heat, safe, working conditions. Okay. So, um, here's I use this as the backbone. I actually I'm a little like, on the fence about this choice but I want to highlight some of the inconsistencies. And what we see this is a case study in why committees might actually need real power. This is my takeaway. Okay, your BM of the week is a woman named Christiana Smith. She she's the head of the compensation in human capital committee at UPS as part of their Charter, this is a excerpt from the charter. Quote, provide human Capital Management strategy and practices oversight, including relating to Performance Management talent management, diversity Equity, inclusion work. Culture and the development and retention of the company's Workforce that seems squarely in the don't put your drivers in ovens and send them on to the road and then ignore their request for air conditioner or Windows. Maybe they even have no windows. Well, UPS, famously, those drivers. Leave those doors open famously because they must be boiling in their rights. Got to be so hot in there. Here is the amazing part. Christina Cristiana Smith. She she's the head of the comp committee and human capital committee, okay? She only has 4% of the influence at UPS 4%. In fact, the comp committee overall has a staggeringly low 26% of board influence and Christiana is the weakest member of the committee. She chairs according to our data Rodney Adkins is the strongest member at only 8% of overall influence? Yeah. This is um and this is a community where they there's only one labor issue that I could find amongst all the committee members on all of the boards where they sit and it is Adkins where there was a class action settlement for 30,000 dollars over unpaid overtime wages from like three years ago at a place called Avnet where Adkins is on the board. Otherwise they're clean on labor issues. For the most part, they don't oversee a lot of them, it doesn't seem to be a huge problem for them. And Christiana bats, 448 overall, which is the third best on the board and Adkins is the top performer on the board. This is, I don't understand why they have so little power. Well, here's the amazing thing. Yeah, I was gonna say, does this. I mean, this tracks really, with our thought, which is the competition committees are either established with other CEOs, other publicly trades CEOs, which means that they're going to vote in your best interest because it's in their best interest at their jobs or to your point here. Maybe you put weak people there. So you can control. So you can dictate your pay, right? And which case, the controlling party would likely be Carol, Tom, who's the CEO? And she has 24% of the board influence by herself. So she is about equal power as the entire comp committee, which has four members That said, yeah, the amazing thing about UPS is it's actually a dual class fake public company. They have dual class shares with 10 to 1 voting power. Only in UPS's case. It's not held by some shit head profound gonna say, yeah, who's the hell FF? It's held by 155,000, employees and X employees. It's part of their Charter was, they gave the Dual class that class A shares to employees and X employees. So, the employees themselves have the voting power over the company. The money. Do you know, that's correct. Do we know what percentage of the vote they control overall? I believe it's, it's in the I didn't check but it's a lot quite a lot more remarkable. It is remarkable for America. Yeah management, active management right now actually only has less than 1% of the total power because so shares, probably, yeah. So, because there's so many shares in so diffuse and that means the people who, if You are upset if your driver a UPS and you're upset about not having air conditioning or doors and you are roasting in there and climate change is coming for you. You actually can go to your manager or your manager's manager who did get Equity shares and tell them to vote against the people on the board. You actually have the power to do that. If you're upset, you can actually get in touch with the board and tell them, this is our problem, you need to be dealing with this. You should be voting in this way. Your enemy is not like, you know, going to be capitalists and shareholders like BlackRock ore out there, you know, controlling your board. And there this is actually an internal issue. So if they don't give you what you want, it's because they didn't vote for what you want. That's your so Christiana. Like Christiana Smith. She Is your BM of the week? I like this, that's what I've got. That's all we've got today, that's enough. That's plenty. That's Damian role as I am the BM of the week. I don't know why he That's all we got. Come back on Wednesday when we do woke Wednesday. I'm sure we have a tremendous amount of anti woke stuff because there's some more there's some more fun. Yes. G related hearings tomorrow so I'm gonna spend my day doing. Yeah it's terrible. Go to free flood analytics.com sign up its free go get it till Wednesday. Goodbye.