Transcript
Live. From page 67, please gotta find his line. It's a watered down Wednesday edition of business nuggets. Join us always by Emma, Eldritch lurking. And metallic. Matte mascardi. I'm the podcast hosts. The New York Times did not buy. An unaffectionate. Today. And today's liquidy bag called February. Yeah, second 2022. Damian Ponders, Sophie's choice and read super long documents. Oh, not again, Emma, dissects a seemingly positive headline. And Matt talks about manly races stuff, is anyone? No one wants to know what Eldridge means. I don't think you guys know what Eldritch means. Come on. I think you're running out of adjectives. That's what I think. Actually have a massive last year, isn't L just like a video game isn't like. It's Sinister and strange Emma. Is that you Sinister? And yeah, actually I think that's something. We have kind of nicely. Look, she's embraced. Yeah, I'll take it. You're having weird. Okay, sorry, I got it. Okay, keep going, we're good. I'm gonna hand it off to Matt. Matt, this this is a, this is okay. Before I before I even let you tackle this story to me this is one of the bigger stores in our world. This is like the perfect crossover of all of our ESG Wok data nonsense and pop culture. But second of all kind of say a big round of applause to the NFL already figuring out two other stories to bury this story and the same day like is NFL you you're always great at this at hiding but you also dropped today that the Washington our words, what are they? The Washington now, the Washington football team is change your name and then you also somehow. Officially announced Tom Brady's retirement. Now, even though we knew about it on the weekend, I don't know what you're up to NFL but you're you're glorious bastard. Glory on the so on the same day that the Washington commanders. Got a lot of racist. Oh you're still alive and the greatest American football player of all time, retired, Tom Brady and us is retirement. Here was the other headline that they buried? Wait, there's another headline. Yes, there was a third Brian Flores Sue's NFL claiming bias in coaching search. Flores for our Croatian, listeners was the blackhead coach of the Miami Dolphins up until this year, despite posting a few weeks ago, the first back-to-back winning seasons for the team. In 17 years, somehow still wasn't good enough to keep his job. Flores alleges in his lawsuit, systemic bias and Coach churches, states, that diversity is essentially a check, the box effort when hiring minority coaches, and that more or less implies. That millionaire billionaire, white owners, quietly, discriminated against minorities, I don't know about you. Well, yeah, but my governance is tingling. Yes, it did skis. It's really tingly right now. Let me Let me just search for the, what's the comp for this? Oh, alright. Everywhere for the 2021 NFL season. There were a whopping three black head coaches out of 32 teams. Wait, is that true? No, there were two. There was a, I believe there were three and that they got fired. As we went along, two black head coaches and one Latino. Oh, I will say, three coaches of color out of 30 teams. Despite the fact that the 30% of all coaches across the league not had but all are our people of color and 70% of the players, 70%. All right, African American or people of color. Here's another, here's another way to think of it in 2021, The Motley Fool which is a hotbed of deeply research business content. If you're not reading them outley full, I don't know where you're getting your information. Actually, the one thing I don't to me that joke, it's a joke, just they do. A story in September titled, this is real. Quote, top black CEOs of 2021. Okay, if you're wondering who the top black CEOs in the Fortune, 500 are in 2021, you don't have to look that fucking hard. There are four of them. In fact, the Motley Fool article only highlighted three, Just despite the vast representation, Motley Fool. Yes, apparently, but vast representation and what we know of employee pulls black directors, make up only 4% of us boards and black CEOs. Make up less than 1% of Fortune. 500 CEOs less than 1%. the NFL released, a statement about Florida's lawsuit, saying, quote, Damien pulled, this is fantastic. Diversity is core to everything we do. And there are a few issues on which our clubs and our internal leadership teams spend more time. I've identified the issue. They should spend the most time on. It's diversity, you morons. You can't get anything with you, like you can't, how do you say it's quarter what you do, there are no people of color anywhere and look and look, there's a very easy comp for them. It's called the National Basketball Association, like basically, right there and they they're doing this. They're they're doing a much better job of this somehow have other gasoline black head coaches. That said, do not look to the NHL. Yeah, for any. Well, don't go over. Well, they have, you know, I mean, I'm not joking here, but they probably have as many black players as there are CEOs in the Forbes. 500, it's not a fair call, that's roughly true. But here, let's make this a board Fable. Okay, brought Brian, um, because I'm gonna, I'm gonna take your world. I'm gonna slam it into my world. Institutional investors like you just got a job for that quote. Yeah. Is the digital investors like BlackRock the largest in the world and play portfolio teams that are 90% white? We actually did a study of it right here on this show. Those white people then invest and help elect board members that are on average. 95% white. There are approximately 4% black directors in the United States. According to a Harvard, study those Blackboard members, They said as part of the same study that more than 50% of them got the job because they knew another board member personally, that's how they got the gig, the same study showed that boards with no minorities tended to interview on average. 0.2 people of color 0.2. I'm confused by stats, like 20% of a person callers. What they actually brought in, just I'm hoping the top path, the top 20%. You see where I'm going with this Brian. The NFL, meanwhile has 32 owners that are basically like a series of 80 year old Calvin, Candie, portraits, their old white socialist billionaires. It is social that reference and right over my head who is Calvin, James, What do you mean socialists? How are they socialist again? Oh candy. Sorry, I'm good. I'm caught up. There's how are they socialist the NFL? So billionaires actually love socialism because billionaires there are only 32 teams and whenever they strike a deal as a league, they spread the money, no matter how good your team is. So your team makes a lot of money. Some other team doesn't make as much money. You have to share your money with that team. Right there, for the billionaires, all continue to be billionaires. Everyone wins in that situation somehow the billionaires. Absolutely love it. It's socialistic baseball. Its socialist and football, its socialist soccer, its socialist everywhere. They love socialism actually soccer's. Not really socialist but they love it in this country. Only if it applies to billionaires. But the NFL is like a billionaire chain massage in that way, okay? It's all about who, you know, to get in and pretty much all they know or white people while the Rooney Rule, they're surrounded by black people, though I don't. What are you talking about? Not the billionaires. Well, the Rooney Rule got me was mandated it that you have to actually interview for your head coach, or GM position at least a pitiful. One minor, just find one person who is not a white person. The Studies have shown that white candidacy, biased may have decreased, but hiring bias hasn't. It's all still who, you know, other studies show that actually because a lot of coaches tend to be ex-players. Player position, bias plays a tremendous role in hiring coaches because there are fewer black quarterbacks, who tend to and being coaches. Basically, you are correct. Brian systemic. Racism is literally everywhere. That's how you end up with the same percentage of black head coaches as black CEOs, on the Fortune. 500. Yeah, cuz why it's happening right now. In Houston. Reports are the, they want to hire a 20 year, backup QB, white guy named Josh McCown, who has no coaching experience, but, you know, just, they love hanging out like that. Guy, is space cowboy penis. Jokes are amazing, really good, really good and me while calling Kaepernick somewhere is wondering when he's going to get the call to finally play quarterback again 10 years after kneeling. Brian. Well, calling his new friend at least here. Here's your lawsuit is amazing and it will fail miserably. Oh, don't say. Well, so here's my offer. Join us at freeflow media. Okay, I'm ready. You can come back to the Patriots and Coach. I'm happy. I will root for you forever, but why not join free flow media in our conquest of governance? Diversity fails. Just give it some thought. That's all I'm saying. That was a big story today coming out of the NFL. Yeah, in fact, Matt, I can help you with that. I can help. I can help lure him in with with my next story. Oh, And, and I'm gonna apologize in advance. Look, I I don't typically like to read. Such long winded quotes, stop there, right? Like to read. But these are so genius to me. They're so horrible. And I spent so long and this court document that I don't care. I'm gonna do it because I don't think anyone's gonna read these quotes. I just I have to I have to do it. Here we go. The headlines, Stacey Mack and sued BNP Paribas for sex discrimination and victimization after finding a witches hat on her desk. This is 21st century. That's what we're just happened. In London, it was in Salem. And I want to make sure I'll point out its London, not Paris because I just want to point it out. Here we go. A UK Court, accepted her claim, and awarded her nearly 2.8 million dollars in Damages. The judge said she increased the damages, because BNP failed to adequately apologize to Macon. So there you go, that there's a reason for fall right there. Wow, apology tour fell. Whoa, yeah, Mac and told the court, she was subjected to disparaging comments from male colleague and her witness statement. She described how one of her bosses regularly dismissed her with the phrase. Not now Stacy, The phrase was used so regularly that it was picked up by other colleagues and appeared in group messages, according to an earlier ruling. So it was that earlier ruling that got me all excited that early ruling was about equal pay. That's what the first. This is what the case is about. I couldn't resist. So I spent the good part of my morning in Stacy's 98 page employment. You know, no joke. I basically I think I read the whole damn thing here. My takeaways I got three takeaways first of all, that's a really shitty click-baity. Headline, Business Insider. This court document is broken into 452 different sections. The part on the witches hat. Merely comprised section 70 and 701. Yeah, all right. Did sound weird. 2.8 million dollars for witches had to not sound correct. And now, let's fast forward to the third. And this is where this is where relates to Matt's story with the NFL with this pointless. Rooney Rule. Check out this Gem of a quote, I found in section 226. Shit, you not from Stacy's, previous, shithead manager. This is in response to being asked about the comparison between Stacy and her, male colleague, who got lavish with high salaries and bonuses, despite being basically the same worker other than his space rocket male appendage. Here's what the manager said, this is the actual quote, from this court case. Remember being asked about the differences. Absolutely. So the difference in the role, well there's a couple of differences. So firstly, the role is very different. Secondly, the competence requirements are very different and experience levels are very different. And the when you look at the background and experience of them, I think that shows and it also shows in previous. If you look at compensation history there is it's not there's no there's not just been a difference of being there's a difference, a long way. So in my mind, yes. The roles are very different. That's one continuous case dismissed. Yes, case dismissed they are different, and that's why they paid him, look. I mean what? And the finally, my other takeaway in section 228, get ready for this one. You need a cup of coffee. The same head manager was asked, whether he had told Stacey that she had. Been given a pay raise to quote, close the gap between genders. Here's his actual response, bear with me. It's a long. By. I got to do it justice. Here we go. Can do it actual. Can you do it in a British accent? Know I'm I can 100% categorically say I wouldn't because that phrase, it's just not what I would say, period. It's nothing to do with the. It's just that I wouldn't use an expression like that because it's just not in my DNA. So no 100% not, I wouldn't, but what we said is exactly what we were advised to say by HR, which is that, which was very public that we looked at equal opportunity pay across a number of spectrums and it wasn't just gender. There was Junior talent because there was you know, we consistently and this is no shock. It's public information. I'm sure receive feedback that there were gaps in salaries. And you know, the I mean it's very interesting to share and this is just my personal feedback that and every organization I worked at previously, we've just had grids so I never discussed pay. It was easy, right? But no look it's actually to be clear and I know this is tape. I'm not that stupid. I wouldn't I'm not that stupid, right? So you cannot Say something like that. So why would you could we have said that we were looking at equal opportunities and then shared what made, what that may consist of, of course. But that's not, I don't believe. I don't believe there's anything wrong with saying, I want to say two things. First of all, just to clarify, Damien was not stuttering, over, know, those who were made up line for line. What was said, okay, and number two, Stacy. Your lawsuit was moderately successful, but you are not going to get rid of systemic bias against women. So I'm gonna extend you, an offer, join us at freeflow and Lydia join us. You and Brian, and Emma, and Damian, and Ari. And I can fight the powers that be with ridiculous snark. This is what we offer. So join us. And can I just say, I don't know if you've ever worked in a corporation but in the break room of every corporation is 8,000 and knowing posters, right? Yeah. Posters describing your rights and whatnot. How about this for the for the for the section about your right to equal pay? Can we just post these quotes show? How much bulshit it is? It is just utter bulshit that there's not equal pay across that job. You feel like that? I have to congratulate you, when I pulled this headline, this morning one didn't think you were going to choose it and two, you really exceeded my expectations with it, like those clothes you were right? I, I was skeptical about, they were they were jams, you're right. And it in a perverse way. I was actually quite excited like around section 226 when I found. Yeah, I was just like, oh, I think we should play act. The conversation that was actually had like between the prosecutor and the man. Yeah. I think it needs a whole. Yeah. All right. Let's move on to something a little more. Uplifting, here's Headlines from you, I know from me. Shocker Here's headline, Native American tribes, reach, 500, and 90 million dollar, opioid settlement. Yay. Sounds pretty good. So 175 Native American tribes, sued Johnson, and Johnson amerisourcebergen, Cardinal Health, and McKesson for their role in the opioid crisis that hit indigenous communities, particularly hard. And there was a study that they cited in 2015. The overdose rates were highest for Native American populations. Out of All American populations. So this money is going to go along way for those communities. And here's a good news. All 574 federally, recognized tribes will be able to participate in the settlement even if they didn't sue for opioids. So even if they don't have anything involved in the legal system, they can still participate in get some of the money from the settlement and the money from the suit collected, by the tribes is required, to be used to manage the impacts of the opioid epidemic. The deal will move forward when 95% of the tribes with lawsuits against the four companies have agreed to the terms of the settlement. That's all good news. Here's a bad news. Per usual. The monetary restitution is a drop in the bucket for these companies Johnson. And Johnson has to pay 150 million over the course of two years and they made 61 billion dollars in 2020 alone. The three distribution companies at have to pay the leftover 440 million over the next seven years. And a mayor Source Bergen and Cardinal Health. Both made almost seven billion dollars in 2021 while McKesson made almost 13 billion. It's it's not particularly impressive when you line it up to how much they really make. Yeah, Matt I just I'm trying to do the math really quickly. Oh well they're taking those feelings, take 15% out for legal fees. That's that was a piece of information that was dropped. This is a Time case is this is this the first is this the final amount this is if 95% of the tribes that are currently legally involved side and off on it then yes, that is the final amount. Okay. So the other piece of bad news is that if the settlement is approved as expected Johnson, and Johnson has already stated that the deal is not an admission of wrongdoing, right? Translation. We are gonna throw some pocket change at the problem and then Waltz around saying we did absolutely nothing to contribute to the opioid crisis. We are obviously partially responsible for so yeah, we we like the settlement. I like that in general. It's tough. Yeah, we should highlight that in general because corporations are famous for, not for yeah, for paying big fines for getting in trouble, but for never admitting wrongdoing. That's not only pay the money. If they get off scott free, that's like part of the implicit deal. That's all I got. Here's the fun part to settlements. Yeah. And this is, as I am not a tax lawyer, but as I understand them, when you receive the money, that is a taxable event to you. When you pay the money, that is tax deductible. Oh god. Oh you, thank you. I can make everything, I don't sure neither one of you know that actually enter this. But do any do all these tribes have the same tax laws that we have? I mean some of these are like Sovereign. Yes their own Sovereign rules. Right. It went it's yeah that when it's the tribal Nation. Yeah they may there may be no tax implications for them but but for the company paying it for the companies. Yeah. Do we before we get the hell out of here. Emma. Because I'm scrapping my last goofy story about Tesla because it doesn't fit into these three stars. Sorry Tesla. Do we know how many people this actually reaches like how many people were talking about 175? So the tribes get to be. It's as small as a literal handful of people and as big as 45,000 literal handful of people. Wow. Right. Yeah. So it's a big variable in terms of how many people try. Good. Like nine dollars a person for lifetime of problems. If you split it, if all 574 tribes, On their decide to take part in the settlement. Then if you split it completely evenly, regardless of how many people are in the tribe, each tribe would get like 800,000 dollars ish to contribute to their opioid resources. Oh I see. Okay, so so only 175 tribes sued but 574 all good. Exactly? Right. All right, it's like lost a day here at Business Band. Yes, it is. I have one last thing to say the tribes you. Yeah, you won. But honestly you're gonna get like eight dollars and it's not that great. So I have another offer Join us. Here's the issue with your strategy, if you keep shiting on their lawsuits. Why would they want to come work for us? And let's make systemic change here with snarky government. They're already doing. That's my final statement on it. Get us out of here Matt that's Emma lurking. I don't know what she's final statement meaning me and that's Damian Ross. I'm not scaredy. This was the longest set of business nuggets you've ever heard, but it was important. If you want more business, nuggets, sort of like this but hopefully shorter tomorrow, Thursday, it'll be shorter. Come back. Get us on the live stream. Get us an app on Spotify in those places. Otherwise, come on Friday for the good game with Emily. Chew with Morgan, Stanley slash. Oh our fancy expert time, Emily's gonna join us and she's going to tell us how stupid we actually are will see you tomorrow.