Business Pants – 2022-05-23

Live. Hello live from the third rail. Ooh! It's dangerous today. It's a magical Monday edition of business pants. All right. Fine. Join us. Always by Emma uses her laptop as a pillow lurking and Matt, you Matt uses his pillow as a laptop. The cardi that's definitely accurate. Magic know, I'm a huge fan of biscuits. I just love biscuit, you know, nobody likes biscuits, what do you think about? Oh my God, I love him, love the dry, and terrible move on, clearly never had. A Popeyes that's not today's methodical bag of bacteria, Phil jelly donuts, speaking of Popeye's called May 20th 2022. A bunch of boring story update academic stuff. Speaking of boring from Atmos, cardi and you can't spell games without Emma's G. I have a g. I don't know what that means. I don't do this. And can we sell the opening a little bit harder than everything? We do is boring, literally, that's okay with everything. We got some incredible stuff today. The radio voice. Let's go into it. Here you go updates, every Monday and Emma and I are gonna look to name this. If anyone want to sponsor this section you can call us. I'm like, you have nobody. We look at all kinds of things. We don't know what to do. There's Monday morning is so confusing. So we let's do some updates update our stories. Here we go. First. Oh, the oversight board. I guess. Meta. Oversight board from Facebook. Oh Zucker. Yeah, it's important. You say isn't you say Facebook? Because I don't even think they bought updated the page because it still says determines. If Facebook's decisions. Are they only do they do face, they don't deal with Instagram. I don't think her, but they do though because I made a spreadsheet inside, and they do sometimes refer to Instagram, very confusing, his very confusing, very confusing, they okay? So, their last decision was February 1st 2022. So, we looked to see if there anything new. Have they done any new decisions everywhere? I'm excited? Nothing. Oh the news, the news not one is not Emma. Emma, not one nothing. Maybe almost over four months nothing but they actually the their February decision was referencing something that happened in like 2818. So in Sweden so we're fighting. We've got like a five-year timeline for them to decide one thing a year, nothing. Here we go. Moving on, sorry. I'm apologizing blanket, but it's kind of an important update suppose, let's talk about musk musk and Twitter. Uh, sorry you don't have to listen this over the weekend, Elon Musk, of course, added to the uncertainty, over his bid agreeing with some, some schmuck on Twitter who said, if 25% of the users are bought Then the Twitter acquisition acquisition deal should cost 25% less Matt. Now that's business, that's financed. You see that how he took. He took a percentage and he used it took it from over here to use it over here like that brilliant business. That's actually I had to get a CFA to do that. Yeah, of course. Musk agreed. Because, you know, that's how business is done. But I just want to remind everyone, that in April, here's what you know, I must got to say about this, but his offer, my offer is my best and final offer. He also said, I am not playing the back and forth game, I have moved straight to the end. Whoa, by. And he meant when Tesla stock was really, really good and they didn't have 16 Scandal, and he hadn't pulled his penis out in front of a flight attendant, and he hadn't gotten to terrible debt to buy this thing. And nobody was happy to give him the money. Look and is a vague Yeah, that's all I'm saying. Am I noticed? It's kind of dangerous. You didn't give me a timer today so I can just keep right now. You're doing okay. I'm letting you roam baby formula. Let's do baby formula. First, the really depressing part of it. This headline baby milk formula recipes online. Doctors, warned of dangers. So, consumers are getting bad advice. Wait, and I guess, Where they're getting their terrible, baby. Name. A few companies, where they might be getting better advice. Can you possibly be YouTube? Tiktok Facebook, Instagram? Social media, you nailed it. I will. I will say this though. We free speech is coming for the rescue, you know, it is. Thanks to Kimball, musk's, thanks, Kimball musk, brother. We're gonna solve this soon. We're gonna have free speech. We're gonna, we're gonna tackle these issues. Yeah. Right. Free speeches. Gonna Miss information to be clear. Yes. Oh baby formula is misinformation cool so we're gonna fix it. Cool. under them, like, All right, oh, let's fire up the CEO apology. Letter, analyzer translation. We don't get a lot of these. It's probably our fault because we are the only company that reports earnestly and passionately about Executives. Apologies Corporation, apologies. But we haven't had a lot of apologies recently, but we have one CEO of Abbott Laboratories. Bob Ford in the Washington Post. He penned an apology letter, so let's get at it. Here we go. Yeah, Matt. Bob Ford. Bob Iger of Like to Chicago, like to of Chicago, like, miles, white, the ex CEO, basically stepped out of this one in 2021, right or 2020. Oh, I see what you're saying, see what you're saying. I think he I heard it. Well, he's more of the he's more of the, he's the cheapest Dennis Calhoun. He's the champion to the tiger anyway. Continue the Calhoun to the kayek to the agar. I got that actually is an SAT question. Anybody has the ego please? Come back, here we go. So just to catch you up at laboratory. Essentially responsible for the the formula, the baby formula shortage because of discussing and death making bacteria in their one of their Laboratories one of Abbott's. Laboratories had bacteria Everitt laboratory is laboratory. Yeah, here's the apology letter from the CEO and Cher himself and I will start with this. Is it a good idea that he has two jobs at this company? Does he really did? We need this. Actually we've discovered from Elon that's not enough job. Yeah not a good idea. Starts a letter with we had Abbott. Take great. Pride in helping people with diabetes, check their glucose, providing critical coronavirus testing and making life-saving heart devices letter with this that he starts the letter with this. Well, that doesn't check out either. So, a company before apology, Yeah. Yeah. The night, the 9000 says make themselves sound like heroes. Yes. So they're just like they're they're baiting you with like look. We're heroes. Got it. Got it. Good start. Then comes the actual apology but the fast the past few months have distressed us. As they have you and so I want to say we're sorry to every family, we've let down since our voluntary recall exacerbated, our nation's baby formula storage. So the 9000 says this is this is just as bad for us as it is for you. Right? I mean I'm surprising on the word voluntary in there like because that makes sound kind of heroic all so, doesn't it? Yeah. Fortune teller, Matt. That's, let's get to it. That's the next one. Here's the next quote. We we believe our voluntary recall was the right thing to do. Oh, there you go. Okay, we will not take risks when it comes to the health of children. All right. The fda's investigation did discover a bacteria in our plant that we will not tolerate okay? Like that, they voluntarily recalled after the FDA stepped in and said, you know, there's like crappy bacteria all over your shit. So like if it's not voluntary, the FDA was about to make it in Terry, but it was like, no, no, we got it, we got it, don't worry about it, it's on us. On us. We are the 9000 degrees with both of you making themselves sound like Heroes Part 2, right there, they're taken care of stuff, they're taking care of business. All Right, Moving On. We know that some children have been hospitalized because of the lack of elicare, a specialized formula for children who cannot digest, other formulas and milks. We're establishing a 5 million dollar fund, that will be independently administered to help these families with medical and living expenses as they whether they're storm. The 9000 says that Bob officially earns 5 million dollars by March 14th. Yeah, it's kind of cool, right? That's kind of nice. I like that. Also, the 9000 actually searched and researched the apology, but did not see, Bob mention, this passage from the guardian on Friday, the guardian reported that Abbott detected bacteria, 8 times as its net profits soared by 94% between 2019 and 2021. In just as it's tainted. Formula, allegedly began sickening a number of babies with two deaths. Reported the company increased dividends to shareholders by over 25% while also announcing a stock buyback program worth five billion dollars. Yeah. Okay, I'm gonna throw that in for Colorado. The 9000 telling that I didn't do that the 9th house. So just so we're clear. Um, yeah. Abbott has been, what? First of all, poisoning babies? That's, that's a fact know. Allegedly, yeah. Maybe poisoning babies and two. They got caught poisoning babies. And three. They are. Now, they only have baby poisoning formula that they have to fix. So, now, they're starving babies. That's the gist here, right? Okay, allegedly fine. Kit. Please continue. I just want to clear that up. Make sure I had really, it was just the it's just the timing of it. That's fun to me because it's like The recalled I think like earlier this year, right? Like, didn't it was, it was like recent recall, but detected, the bacteria. A lot of times between a lot of before that. All right, yeah, keep going on. He says Bob pforte says this is the CEO and chair about Laboratories in his appalling in Washington Post. He says You can feel safe buying any Abbott product you find on the store shelves. And if that was the sentence end of sentence, well, they, they did take all the ones full of bacteria off the shelves recently. So, He's probably right? Yeah. And the 9000 does add this the FDA and CDC reported the baby's consumed formula produced at the Michigan facility before they got sick and the bacteria may have contributed to their death that you know the FDA and CDC wanted to add that they did that that was their addendum. The 9000 pick that up, that's the footnote. Moving on. He says these steps were taking these steps. We are taking won't end the struggles of families today, 9,000 says, that's what the 5 million dollar hush funders for. And yeah, and finally, Bob says, some solutions will take weeks. Others will take longer, but we will not rest until it is done. I will not rest. This is, this is great. This is great. Like mansplaining apology letter fodder here. He's not going to rest, not gonna wrap. Actually a little worried about is sleeping. Great. Well, how's he supposed to get 9,000 degrees? The 9,000 says, oh, Bob is CEO and chair, and now, he's not gonna sleep. No way, Bob can handle this crisis with sleep, deprivation, just saying the 9000 says the heat that he or she, or it is an ESG expert. So trust him on this, trust him her in on it there, I don't know, and a PostScript to this Abbott laboratory story. Bob also says, in his op-ed, I want everyone to trust us to do. What is right. I know that must be earned back in the 9000 says I'm confused. You said we should feel safe by any Abbott product so aren't you asking for us to immediately trust you? Yeah, I think. But you're also saying you suck at this. But you're the right guys to fix it. Hey Bob, do you need a long monkey pox? Oh my God. Yeah, monkeypox. I'm already next up. I didn't. That's nice and Emma and I was the 9000 actually is completely immune to monkeypox. So it feels very safe. Joe. All right, Mr. Monkeypox. It's a machine wrap this up. It's a machine. Moving on, Russia's horrible, war in the Ukraine are update. Is that Starbucks now will exit Russia. After 15 years, closing 130, licensed cafes. So Starbucks McDonald's. Oh can we just say that us companies have unintentionally extended the lifespans of Russians by stopping diabetes after closing, both Starbucks and McDonald's in Russia. Getting rid of all the good drugs. All the good drugs are gone, a few updates from our alternative democracy. These are just every week. I go through all the, this is how I do it in case you're curious. I go to the SEC site. I look at all the latest 8K filings. I search for for the 5. 0, 7. And I guess, sorry, she's a woman. I will add the exciting part. I found here Ms. That there that's it. There's no other woman on the board of where food comes from. It's only the, the CEOs wife. I don't see this a lot. So, it's exciting. It's got that was exciting. And I'm gonna tell you that I'm allowed to say this stuff because I'm an ESG expert. I, I can say you and the 9000. I'm also gonna say that two of the 32 members of their leadership team are non-white. So food also comes from white people with their wait, two. Okay. Got it. I like it. You're like, 9,000 Junior over there. And the other thing I found from boating at public corporations are alternative democracy. Is something from a company called evgo. Yeah, it's a company in the EV space and and they actually have a CEO is not a man who actually has an advanced degree and whose cowboy hat wearing brother, I checked. She does have a cowboy hat ring brother is not on the board is a woman. Named Kathy. Wow. So it's possible. I mean you can have company in the EV space without a maniacal narcissist. She not buying Twitter I I actually don't know the answer to that, I'm not. Well I want to be I want to be fair like as a good researcher, I'm not gonna just guess. I don't really know. I love that. I love your addiction. To the truth. Is she expert and filing her updates from the world of cryptocurrency and nft? This is just a piss off. Matt, here's an article called here's about the terms some glossary of terms, here's some terms, you might have missed quickly ape in to invest a lot of money into a new cryptocurrency and nft project without doing the proper research. First, this sounds very musky. He Apes in the lot, right? He does. Second big term is an actual article from CNBC, I guess. GM. This is a, this is amazing one short for good morning. It's a popular greeting on nft Twitter. No signals that someone this is not actually in the artist, this is ground, but yeah, a real one. This is revolutionary. They say good morning. This is I've never heard of this term before, it's amazing. They're Wizards. Wow. They're just they're Geniuses, they're Geniuses. And finally there's actually a term called lfg short for yes. Let's fucking go. Usually used to Hype up an nft project. This is stolen from Tom Brady, these, these people are chuckleheads. There's a bunch of these are bunch of. All right, white boy, nerds let me say lfg, let's go to my segment where we're gonna go. Sorry. Yeah, I didn't have a timer. So I kept going. Is it what I do? I'm gonna get All right, here we go. I this is a new segment. I'm calling egg head say so all right, here's something. I bet you're wondering Elon Musk is the Innovative big thinking founder which is super cool, but doesn't he suck balls at managing a company and you're not alone? Here's what the egg heads. Say, the paper I read is called how much do you tmt's matter and founder LED firms? Where TMT equals top management team. So it's asking basically, if you surround a Founder by really strong Professional Management teams, How much do those professional teams matter. The authors are, Bradley Hendricks, Travis Howell and Chris Bingham from unc's. Kenan Flagler business school. Okay we don't drop that name a lot and the real world application here is this is how I summarize it. They did not I I summarized it as Elon really nice work on Tesla. Now, can we actually deliver a product that doesn't need to be recalled built by a Workforce that aren't abject racists while keeping our penises Square in our pants? That is the goal here. Okay? What they found the egg heads found. Founders. 10 to ignore the professional management teams and underperformance results. Here are some notes and quotes, congratulations narcissists everywhere. Just some quick notes and quotes here, they looked at 2100 companies between 1997 and 2030 that IP owed with, and without Founders at the helm, but all of whom had these top management teams and they Define, what that means. Here's the quote from the paper we find that although team structure has a significant impact on the performance of non-founder LED firms. Got it. Yep, it has little to no effect on the operating performance of founder-led firms. That's scary, suggesting that founder CEOs. May exert too much control. Thus the irony is that Founders are retained to propel progress, but they're very retention May, prevent progress. I I hate to admit. This but I have to give some props to like the three who I assumed to be white men based on their names, who are okay? Okay. But that really hit me in a deeper way than I thought it would like the retained Propel progress, but their retention May prevent progress. I hate to it kind of hit me. I don't. And they actually quantify how much recording to the date they used. We get there. Can I just Applaud them for that. That's borderline poetic retained. Retained to propel progress but they're very retention May because it 100% does, right? It's beautiful beautiful. By the way, they're just paraphrasing us. I mean I like that. They had that they had created a whole research paper basically just backing up our theories, but sure it's fine. Except we're not all, you know, Emily Dickinson about it, you know, know they're actually smart use me. This is what the egg carrier. I try. Yeah, lfg look the what they found was actually that the top management, the founders surrounded by top management, teams performed 60% worse than companies, where the founders will let go. There we go quickly. Quantify worse, was that mean return on assets General criteria, but they have a bunch of criteria that they can control for. And that means in summary with a minute, 30 left, a, my timer not 17 minutes. Was a nice, slow roll out of here now, egg head say yeah should quit. That's what they say. That's what I took away. Okay, wait a minute. I I hate to be annoying because I love this kind of reporting and I hope you do this every week. Really. We should we should put a spotlight on our academics because we just should Elon Musk. Is he a founder of Tesla? Yeah, he took over Tesla. Okay, he is officially, according to the paperwork, a founder of Tesla, he is not actually in real life. A founder of Tesla, okay, completely confused. What does that paid to have his name? Put on the hypothetical. We know this for a fact. Or is this like one of your Lucid fever? Know, I'm pretty sure that this is a fact. Okay, I'm confused. Let's get back to this one. I want to maybe you can update us this next Monday because I there is a bit of confusion about whether he's actually, Matt, I can do a deep dive Ilan. Who owns what who's the founder of what? Okay, because it be fair to Elon in this situation, Matt, he's not the typical funder. I think they're looking at because he doesn't exert the voting control that most of the founders. I know that they actually Quantified founder. Yeah. Okay. Like powerful Founders and they there was a dual class component but they all so included. Founders that have a substantial Equity stake in the company outside relative to the other management team management and Easy in that way. Elon actually has a significant stake. Got it as a father Well, let's hope we can reach out to those chuckleheads at UNC in the can join us. That was Egghead. Say this game. All right left G. God. Lfg become a thing. I swearing that right right now. All right. So welcome back to game time with Emma, lurking. It's me. Yay. All right. Today we have a lawsuit Roundup quiz, I have collected a couple of headlines about recent lawsuits involving public companies, and I met him in our always, incredibly behind on the news. So they need to show up and I'm Gonna Fill them in Via background information and a quiz question. At the end of each headline, oh, I hate background information. Sorry, come on this, come on. Here's the headline. Yeah, inside Nikes, high-profile gender discrimination lawsuit, where plaintiffs clean, unequal pay and more. Thanks to a boys club culture. Shocker. All right, quick background. So Matt doesn't walk off the women who originally filed the suit against naked for discrimination filed, a motion for class certification, which would make it a class action lawsuit, which would expand the suit from 14. Women, they're 14 women currently as plaintiffs to about 1,000 women who have worked at Nike from 2017 onward Nike recently unsealed their motion against class certifications. So the 14th to have class certification and Nike said, we don't that would be bad for us 14 to 5,000, not great numbers. So yeah, if you Matt and Damon, if you were Nikes legal team, what would your defense be to prevent class certification? Before we get to that, what is it unsealing their motion? Yeah. Kit. Kat, what does that meal? They don't technically have to disclose it to the public, but they chose to, for legal strategy reasons, what would your defense be to prevent the classroom? Well, when my defense be um, That well maybe you can lean in. Oh I got it. I got oh wow you go. Wow, I got it. No you go, you're crazy Secrets. Don't want to reveal Trade Secrets? I was gonna go with a deep green wash, which was we don't see gender. So, oh, I know they're good. One trade secrets and and gender doesn't. There's not a gender is a social construct in there for. You can't class certify. That includes only women. It's got to be some, like, your, your certification is already discriminatory those plus Shoes. Am I supposed to choose the shoes have the men's and women's sizes in them? So, yeah. We don't, we don't, it's all the same and our board is full of like Founders and Founders Sons. Yeah, CEOs and their sons and like, do all Clash share. Girls, like girls, we went. This is we're boys that like girls, we're boys that like girls. Thank you. You guys. Clearly should have been lawyers. Like, you're, you were mistaken in your career paths because these are really great but they're actual defense, which I did find is that they're planting on claiming that individual, hiring managers make decisions about pay. So any pay disparities, are isolated not systemic. Wait, what? Because so the Rogue. Oh, bad apples. Oh yeah, all right, good one. Number two, New York state is doing Amazon, accusing. It of discriminating against pregnant, and disabled workers. Here's your quick background. You're such a dragon. That's so depressive. This is, these are lawsuits? I don't know what you want from me. They're not typically uplifting. I don't think I want anything from you pregnant. Amazon, worker asked, not to carry boxes over 25 pounds, her manager denied her, and she proceeded to enter herself that Amazon refused to swap a disabled workers shift, when they provided medical documentation, proving that they needed to be on a certain sleep schedule. And You know who doesn't need a sleep schedule anymore is Bob or you know, it's all of these cases of people who have been mistreated by Amazon when it comes to their pregnancy or disability. Whatever, here's your question. Yeah. When you hear the phrase, you can't drum roll over a pregnancy dissemination story. When you hear the phrase accommodations consultant in the context of Amazon's operations. What do you think in accommodations consultant does? Edition. This is a real role at Amazon that is important to this case was I like Like all my answers seemed like very offensive, so I'm hesitant to talk. It does seem a little like an escort. Oh God. is it like someone who changes the like, goes into the, like, the lactation room and this is, like, maybe we should get LED light, bulbs in there that Thank you. Thank you know, it's not the right answer. That's all I got there. No, yeah, the the right answer. Probably has something to do with giving foot massages to disabled people, so that they don't sue the company. So close Emma, so close but in accommodations consultant is actually Basically doing what HR is supposed to do. They recommend accommodations for workers based on the circumstances and it turns out on site managers can overrule them, which is one of the tenants of this case. They say that accommodations Consultants come in, they make their recommendations. And then the Amazon corporate, basically tells the warehouse managers to ignore whatever, they accommodation is consultant said, so, Okay, that's awesome. And for the Third, Another one. This one is a little bit more lighthearted. Luckily for you. Here's a headline. According to you, not maybe not to the plaintiff McDonald's and Wendy's sued for Burger adds that mislead on size. So there is a singular man from New York, who was suing? McDonald's a singular man. Yeah, from New York who was guessing Spike Lee. I don't know about, you know, he's suing both McDonald's and Wendy's for 50 million dollars because of 50 50 million dollars because he feels mislead. All right. My question for you, is this what percent bigger is the lawsuit claiming the burgers are in advertising compared to real life. Oh is this is this is this guy a certified idiot or just like a regular idiot? Do we know because he's not looking at like the posters like a bus stops. That are like blown up to be big. You know. So the next size of a burger? Yeah, cuz I don't know. What is he looking at? Is he looking at? I don't even know. I need, you know, Ads are made, I need you to make it. He does know that the Billboards on the side of highways are made really large so that people can see them far away. I guess 14%, honestly, I would say this. Can I just say this if I was the judge that, that he should be thankful that the burgers are smaller because oh my God crap. Damian had a lot of talking privileges. Matt. What percent do you think it is 14% And I nailed it. Didn't we say 25% earlier in the store and the show 25% 25% 14% Matt is correct. It is at least 15%. According to the place 14. Yeah, there you go. That is your lawsuit. Wasn't it? Great. I had lfg. That was business pants. We are free float, media. That's Damian Ross. And Emma lurking. I was at mascardi, we are no longer business pants until tomorrow when you come back and watch or listen to this again. Goodbye.