Transcript
Live. I was hoping to scare our live from the longest running low data Wednesday in the solar system. It's worked it on Wednesday here at business pants, Junior, High School. Oh Junior, High join is always by Emma Larkin, Stein, lurking and data the re Queen, I don't know. That's enough. I'm super yellow but actually you're more yellow today are Brighter yellow in. Today's organic, beets filled bag of non caustic nuggets called June 29th 2022. Yeah. Another alternative democracy Roundup. Yeah. Another stakeholders Roundup from our card carrying ESG expert. Junior. That's Emma lurking. And the stupendous matte checks in, from Green, Finn 22. So, Matt in three, he's still there. Day. Number two of the green biz. ESG conference greenfin. Green point 22. I guess that's the implication of the dentist 22 times. Matt sent in three clips and Arya in control of when we're going to hear the clips because Ari is sitting in Matt's chair. So are you are allowed to interrupt at any time and say, I want to hear from Matt and not from you jerks. Sounds good. Emma, give me. Seven minutes. Is that what I wanted? I'll try to. I'll try to get through this. That's the alternative democracy Roundup today. I looked at 34 companies so that you don't have to and these are, you know again like this is just Curiosities I look for Curiosities. Before I get to the, to the, to the stuff, I really found, I, there are 27 companies that looked at that really nothing's going on. I call that the pure pure boredom. Category. Although did you know there's a company called shot spotter that claims that they can. Yeah you do know about this yeah, they triangulate. Gunshot claim, they can identify whether or not a gunshot was fired in an area. And, or just, yeah. What a lot of cities, you know, right? It doesn't. It sound and it can just and it can deferent sheet between fireworks, sounds and gunshots. So police response is faster, how do you know so much about shot spotter? Yeah. Because I don't know if you're aware, but the city of Hartford has a gun problem. Okay, well, no offense, but I don't know really anything about the city of Hartford except for that the Gilmore's grandparents lorelei's Jill you know her. Yeah. That is so yeah that's all I know of a Hartford other than that. When I drive through I'm sort of relief if that's all, you know about Hartford that means you don't know anything about Hartford know nothing. Thanks for that Ari. Lots of gun violence. I think going door Dash. Why does anybody care about door Dash? They shouldn't because the co-founder CEO chair. Tony XU. Controls 69% of the vote because his class be sure is give him 20 vote per share. So this is a another one of these fake companies and by the way that you'd want to know this, he also serves on the board of meta platforms, along with Mark Zuckerberg, so they learned they talk about dictator stuff and Despite receiving a 413 million dollar, stock award last year, again, his own company that he completely controls. He also gets 300,000 dollars in salary every year, just for shits and giggles, isn't that nice? Wow, you think we sit around being like, dude, you gotta have all the control. That's the only way to do it. I would hope so, I hope that is right. Yeah, just do. Joanne. I don't know. Do either of you ever show a shop at Jo-Ann Fabrics. I have yes, I Inspire 2. Here's what here's a this is, what page? We can expect it's like oh you want to know how to cross stitch? Okay 100 dollars later I only ever made one crossed that's you though. That's your journey. That's not all of our Journeys. Know I'm saying Joe aunt is super expensive. Oh I'm trying to hobby good luck. Maybe that's the heart for Joanne because of all the guns gun play at. Here's what I learned today, which makes me super duper said, I was already sad this week for a lot of obvious reasons. But super duper said, time, Joanne Fabrics, the board is predominantly male. There's three women, four men, the CEO and chairs a dude, and the private Equity Firm, the controls. It not only is it called a Leonard green, which is a man's name. But there's 18 total Partners only two were women Joanne, I'm sorry. This story is all women. I just feel I feel really sad by this. I just you know that explains a lot. There used to be a gigantic Joanne store and they slowly shrunk and terrible spun off the other you know area, two different. There's like an AT&T in there too now so it makes sense. They need to reflect their customer base. Terrible. Uh, okay. Moving on. How about Virgo, Manufacturing Corporation. I'm calling this. My pure Madness alert Donald rudkin voted out by a lot of votes over 3 million four four, six million against. Wow, Yeah, although it's not gonna matter Emma because this is one of those companies where you only need one vote. It's a plurality voting standard which means you just need one vote. Yeah. I've never heard of that. Oh yeah, this is, this is a, this is a big problem, the corporate governance world the, the corporate governance, the gods and goddesses, they want something called majority vote with resignation which means that if you don't receive more. Yes, boats, no votes. You, you leave immediately. That's what they want. But this rarely happens. Is it just a suggestion anyway. It's not, it doesn't have to be. This could be codified as a lot of companies more and more do have this policy that if you get more no votes, you do have to resign immediately. So it can happen. It has to be in the bylaws but the company has to implement it specifically themselves. Yeah, exactly. So, it's a suggestion. This company is one of those ones where it's plurality standard, which means you just need one vote. This is a weird one because the I rarely see this, the auditor all. So fail, the two, the accounting firm. It did not pass this, always passes and all. So the guy who got all these votes against them, he spent 36 years at Deloitte in touch. So I don't know what's going on. I could find a new stories about this. Maybe we're the only ones reporting on this. There's something really smelly going on a Virgo manufacturing, so pleased, but anyone knows tell us. Zen core. Another director who got more no votes, which I don't think it'll matter because again, they have the same stupid voting Center. You gyro hotter, this one really pissed me off because I cannot figure out why shareholders hate him. I just couldn't figure it out. I usually get the stuff out already. I couldn't figure it out. Ah, Cowen Inc. Champaign, almost failed. 44% said, no thanks dude. I just wanted to point this one out already, you, especially because this kind of goes into the what the, the tool You're Building, You're Building. What is it called? Influencer score. That was called. Uh-huh. Not influencer, but I guess we could call it influencer. Here's an interesting one, the dumb CEO Cowen Inc. Jeffrey Solomon, he received a magical annual bonus, discretionary bonus for 60 million dollars. Even there's no reason why they gave it to turn. This no performance metrics nothing, they just give them cash. That's just the way it is. And here's what I learned that he went to University of Pennsylvania as did the page here, the pay committee chair. Brett Barth, who was also a trustee at University of Pennsylvania. This is something that our score tracks. and don't tell me that this is not influential, because you know that if you're a trustee at a college and and your friend goes there blah blah blah, it matters, it matters, so, I'm gonna say, What does that company do? I've never heard of that company. Cowen Inc. I guess. Emma can Google it. While I move on and then there's some other boring things going on Banking Company investment, bankers. Oh, I'm noticing. That overboarding is getting a lot of votes against. If you're sit on too many boards, you're gonna get voted out all. So, if the stock price is doing poorly, people are going to be angry. These are these are seem to be the two things that shareholders care about anymore. So there's overboarding a blueprint medicines, overboarding. It Premiere racks. That's about it. My time is almost over, you guys. Look like you want to string me anyway. I mean, you really had me going there with shots spotter, but then all went downhill from there. Yeah. We peeked at a shot spotter. Can somebody please take me to Madison? I don't know what Matt has here a little bit from our green. Finn 22, Matt McCarty, green Biz not green Finn Nope, green business is the name of the the company or the group and then the green fin is the conference. Here's Matt know we are. I'm reporting live from the green fin 2022 conference. With this update. 100% of the mid-morning snack was vegetarian the best of which was the chia pudding cup. The almond butter concord grape, Shia cup with almond milk. I had two of them and I'm not gonna lie. I feel incredibly ESG also went to the ESG investor grade data panel in which everyone said, ESG data sucks and we need auditing and better Frameworks. It's great to have the same conversation I've had for the last 15 years. 15 years later, that's where we're at. That's green Finn 2022. It's a great conference. I'll check in later, hopefully, with a special guest. That. I'm contradictory stuff there. like, like, It's great to talk about the same thing that we've been talking about for 10 years, but also great conference having a great time. Well, there's some I do wonder if his poop is gonna be stamped with the letter e. S g, startling thought, sorry. I'm kind of disappointed because he sent the menu and there was one of the Chia. Chia, what are they called? Chia Pet, what's it called? Chia muffin, I don't know what it was, she pudding? Yeah, putting seed pudding. One of them had coconut in it and I'm disappointed. He picked the old man one. All right, that's it. Thank you Matt McArdle. I don't know if I have anything else. I want to share with other one of you. Are you done why? I don't know. I say I it's just it wasn't working for me. So maybe I'll pass it. Maybe I'll pass it on. Emma. What do you have to? What do you have to share today? Emma. Um, I have some stakeholder headlines for you, is my job on woke Wednesday. So I have three headlines that I wanted to feature. That includes some stakeholder news, are you ready? Yes. Yeah. Alright, I'll give myself seven minutes and Ari. Once again, you are the controller of the mat Clips. There are two more matte Clips to go. You can cut me off, mid-sentence. If you know what is long? So don't like, don't have your headlight, don't wait till the end are. All right, seven minutes. Here we go. Headline. Number one, JetBlue is already failing its flight attendants. Now, comes its attempts at a hostile, takeover of spirit. So do both of, you know, the whole jet Blues Spirit Frontier drama. No, can you? So Basically, the overview goes, as such Spirit agreed to a merger with Frontier Airlines earlier this year. But a couple weeks later, the merge after the merger, was announced, JetBlue announced an offer to buy Spirit. Slash do the same sort of murder thing that Frontier was looking to do what Damian Right to me, you know, the frontier would agree with you and spirit shareholders are voting on this. Merger with Frontier this week in JetBlue has appealed to Spirits shareholders by telling them to vote. No, Spirit has also already rejected JetBlue's offer, not once but twice, they have increased the offer, I believe. Now they are on their third time of increasing the offer if I'm not mistaken. And the reason that this is very high stakes is because if regardless of who it is, if it's JetBlue or Frontier, who merges with Spirit Airlines, they will become the 5th, largest airline in the country. Okay, so they'll be under the Big Four. Thunder, which is a big deal. So very dramatic kind of high stakes. Um, the president of the transport Workers Union wrote this article and he said the following based on JetBlue's service failures and copious contract violations, with their foot attendance, I find it unreasonable to expect JetBlue to successfully, build a new massive airline that can successfully compete with a big four. So this Union that he represents has 6500, JetBlue employees as members. So they know what they're talking about. Wow. And here's just a little background data to put into context for you. So JetBlue had right roughly 12,000 flight delays and cancellations in April alone. So in one month, Yeah, but do we know if that's high or low relative to the big four. So ready? I can give you this info. From January 2016 to August 2021. JetBlue was reported to have to be to sorry to have been one of the airlines with the most flight delays. So it is outside compared to other Airlines and JetBlue was one of only two major Airline carriers and not to exceed 80% for on schedule, flights from June 2020 to August 20th, 2016. First of all I'm a very patient person so I don't care about delays. Like that's not like if you don't have a good book you're sad person. But yeah you got please nobody has placed about the past. The delays are a problem for the flight attendance who need to do their job and like rest. I agree with that. But here's the problem. Yeah. Is that for those of us with bony butts and I'm one of them me too. Yep. JetBlue there. You know, it's kind of comfortable. So I don't want you crapping all over. JetBlue all the other, the big four are extremely uncomfortable. I know, well, Joe stop it. All right here, which I can imagine dink is important for tall person like you Damian Yes, so just I don't know what game you're playing here. I don't know who's paying you to report the story but stop it. I'm just telling you what, I know. All right, are we ready to move on to headline number two? Mascari live at greenfin 2022, the conference I am with Old friend of our show. It is. Greg Larkin from punks and Pinstripes. Say hi Greg. There's Greg we're gonna do five ESG questions with Greg Larkin. Are you ready? Here we go. Yes. First of all, ESG. At its best ESG at its worse. Give me ESG yet its best. Yeah, that represents a gigantic klusterfuk once it makes landfall but ESG friends at first. Oh, Like the subprime crisis was a predatory lending problem before it was a credit crisis. Front edges, the storm I like it. ESG at its worst is a sanctimonious meaningless signal. Where a bunch of people self congratulate themselves because they were instrumental in the boycott of South Africa and got Nelson Mandela out of jail. Yeah, that was Africa. All right, questions the biggest enemy of ESG. Who's the biggest enemy of ESG itself? Oh, question number three. Your favorite or least favorite ESG? Buzzword. Ratings. Oh, controversial from the man who made them. Ratings and impact. I think ratings are a headline that totally misses out the meat of the story and because you have ratings, you don't have analysis. I would all the time rather know why a company is underperforming from an environmental standard that knowing that it's a triple sec. I'm with you I hate reading. And how about number four? What is the biggest Vice? in your opinion of an ESG, professional sanctimoniousness. that makes me feel bad but it's true because I am sanctimonious and last On a scale of 0 to idiots. How often do you think everyone else is an idiot in ESG? so, as much more about me than they actually of the other people and in the space, I literally suffered, my biggest vices are envy and rear ends and fullness and I'm competitive to the point where anytime I see someone else get credit. Or have a breakthrough Discovery. The first thing I say to myself is they're not that smart talk them and so I have to like, as I grow older and more emotionally disciplined. I have I have to like see myself getting envy and resentful and and stop myself and be like, you know what? God bless them. Oh, for them. Wow, I'm gonna go with the answer, is everyone? That is our Report, Greg Larkin, a punks and Pinstripes at greenfin 2022. Goodbye. One thing I learned are is that Matt is really unwilling to share the microphone but you know how we didn't get the microphone really close to Greg, it was mostly on Matt. I wonder if he took his little lapel mic thing and I had yes. Next time he does it with the greatest. They have to hug so that the microphone SEC Commissioners name has Mr. Print not print price. Hester Price Rite, peers peers, I always say, print felt weirdly, are we done with that clip, apologies? The media board is frizzing out on me a little bit. All right, well, for the podcast listeners, We'll add that. Oh yes, absolutely back to your stories. Emma. What else? You have stickers in my stories? Let's see if I can get a timer up. Yeah. The media board doesn't want to cooperate with me at this moment in time. It would have seen. Just don't datel at all. All right, I won't do it. Number two, Tests, the workers are returning to the office, only to find there aren't enough desks or parking spots for them. Oh, so keep in mind. This is after Elon Musk made a big stink about his employees returning to the office. He said that, he basically if you don't show up to the office, he is assuming that that is your resignation. He said that basically verbatim and a lot of other CEOs and Business Leaders had some stuff to say about that. So this is particularly ironic given his passion for in office work. So, does that make you a little happy? Oh, yeah, absolutely. No. Like in my mind. Yeah. The shit show of it. Well side know, there's another article today about how elon's been oddly quiet. He isn't tweeted like in a week and they're wondering what's happening. Is he dead? Oh, are you with your shot Spotter? And you're like, wondering people are dead. It's too much really too much. Um moving. All right, a couple of details for you. Yeah, so they so to take you through the Tesla workers day, very quickly, Tesla workers, showed up to work and they came there and found a very crowded parking lot that did not have enough room for all of them. So they had to park at a transit station nearby and then get shuttled to the Tesla offices. Well, how does this even make sense if you telling me that the office? If there are people laid off in there? How was this? How was the office? Suddenly smaller? What changed in the hired people they laid before but they hired more people with okay, I'm really confused. Okay, it's fair enough, I think I'm also confused. and then once they got to the office, At headline said, there were enough desks for everyone. And on top of that, the Wi-Fi wasn't stable enough for everyone to like work through the day. So they couldn't even if I yeah, like, of course. Mr. Starlink couldn't give them good enough internet apparently. Well, I was surprised by that. Anyway, do companies really rely on Wi-Fi, when you're in the office, why wouldn't you be hardwired? What is that about? What's going on Damien? That is so 1999. What are you doing? Yeah, what I mean, I recently worked at S&P 500 company. We didn't use the stupid Wi-Fi. I mean, how dare you come on, welcome to 2020 that an Elon Musk run company isn't using Wi-Fi, that's like one of his things. So then it got to the point where managers were telling employees to work from home because they didn't have the facilities for everyone to work in the housing. Because does that mean if you go home and you fired, is that like a trick like a riddle, a trick question, aren't you catch 2022? It really does. I feel it feels like a trap. This is also to put this into a little bit of different context. This is also happening as 200 employees. Just got fired from, that's why office. That's why I'm completely confused by this. I don't know where you're talking about. Yeah, so I mean the question, the solution is simple. You take the shuttle over, you sit on the ground and you hotspot yourself and you work. Yeah. That's what they want you to do. That is true commitment to Elon how about this stop driving alone to work. It's just sad. All right, let's finish up your stories. Come on. And finally. One. 2000, leaked documents and employees. Say, Silicon Valley Healthcare startups cerebral harmed. Hundreds of patients, and prescribed serious medication with abandon. So this is like the longest article I've ever read out of business. Like, it is truly a Bible. It is a Biblical. It is pretty long, I'll agree. So, just a quick, some quick background on cerebral. Their mission was to democratize democratize access to high-quality mental, health treatment, and they provided prescriptions for psychiatric medications on a membership basis. So it's like okay, they're drug dealers. Yes, exactly. Um, and its height, it had 462 million dollars in funding. So it was like a real big Silicon Valley startup. So, and now, at least two federal agencies The Drug Enforcement Administration and the Department of Justice are investigating cerebrals prescription practices specifically, while the FTC is investigating, whether cerebral deceive To Consumers. So they're dealing with a lot of legal issues here. So yeah, they're founder CEO stepped down to over the last few months. Yes, that is correct. So, a little bit of background is to the things that are a little bit sketchy about cerebral. They skirted state regulations would put, which put many clinicians licenses in Jeopardy. A former cerebral psychiatric nurse practitioner wrote several incident reports and said that, they never heard back about a single one of them and eventually quit filing them. Their chief medical officer told employees that 95% of patients should be prescribed medication and full-time. Physicians were expected to oversee 75 to 100 nurse practitioners across multiple States in each. Nurse could be seeing hundreds of patients. This is important because not every state has a cap on how many nurses are sorry. Nurse practitioners doctors can oversee, but in states with caps, like, for example, California, they have a maximum of four. There's a maximum of five in Ohio. So clearly they are very overdone, but this is the Playbook of big data, right? They, they just do everything at speed. Everything at scale is skirt regulations. They, they're just trying to become Essentially too big to fail, like they're trying to grab so much of the market that no one knows how to stop them anymore. Like that's the Playbook. and, Put up, here's just some company data, the startup had more than 210,000 active patients across 50 states and the UK, by the end of March. At this of this year, it employs about 4,500 people on right before its initial public offering, which was about the size of lifts work for, or sorry, it was about the size of lips Workforce before its public offering. So it's big and in the second quarter of 2021 staff members dealt with an average of 349 Health crises a week. But by the first quarter of 2022, it was handling and 49 weekly. Tracy's, Wait, this is a crisis with their workers, right? No, with their patients. Because if I worked at cerebral, I think I would also be having a crisis for sure. So the art of the rest of the article is just ripe with, like, story after Story of horrible experiences by the nurse practitioners, from the doctors from Executives at the company who were concerned by patients, who have schizophrenia diagnosis, who were being treated by nurse practitioners, without any specialty. Well, or yeah experience. Yeah. This is yeah, another reason why I should listen to us Ari because we reported on this many months ago because we reported on I think in a apology letter from its CEO that was wonky and weird and insincere and stupid. So this so you should pay attention to us because we we predict everything we predict all future. Blow off just we smell silly last thing. Is that the CEO who stepped down had no background in healthcare? Yeah. But come on to be a drug dealer. Do you really need to push? Push, push. And that's it. That's all I got. Thank you everybody I guess even though I don't know, I don't know what just happened, but who cares, right? Because there's always tomorrow. I mean we can always fix everything tomorrow. That's the always tomorrow. Yeah that's the nature of the news here in our ESG world is that there's just more coming. So if you hated today, you'll love tomorrow. That's all I'm gonna say. Well, I hated today and tomorrow we I believe we're gonna have our very own Matt Mascari back with us. I don't know if that's possible because just like a Tesla. He's gonna come back and see the Aries at his desk. Yeah. He doesn't have a, where's Mack gonna go home? Even his two driveways. Oh, that was business pants. I am alerting that was already Queen and Damien Raul's and our guest star from the green, Finn green, Biz green, whatever conference. Thank you to all of you. Thanks for listening Larkin and Greg Larkin. Our special guest for a second. There we will see you tomorrow for our quiz Thursday show, lots of games and lists and fun things like that. Thursday's are the best days in my opinion. So excited for that. Thanks for listening. See.