Transcript
I yeah, yeah. Live live live from a pile of stale and smelly, ESG news headlines. It's an all-new terrific. Tuesday edition of business fans joined by analysts whole, Matt mcgarty. Yeah. Yeah. Well, in today's episode called May 26th 2026. The all the stories we missed over the past week game. Yeah. In a very special blame game. Yeah, at the end. Yeah, by Matt mascardi, it's, you think you would be mini or, but it's, you know, I don't look, we had to figure a way to shoehorn, so many stories that we missed. Because, you know, kind of on a some weird summer things happening. There's a lot of stuff going on. It's you might be a little weird again, but you know, I might be going away for a few more days but then I'm like, I looked at my calendar like nothing. I'm like here, forever. So see, then I go away. It's like you go and I go solo show, you know what if you want to hear some shows? Tell us now. And we'll plan for us. It's our show today is being sponsored by free flow analytics and preflow analytics.com. Only platform measuring board power connection in the performance for free. Yeah, how's that going? Anyone know? Look, all I know is the devs, there have built the most ludicrous like thing I've ever seen. It's like scenario modeling and poor drafts and it's it's nuts. It's still not. Yeah yeah. But they'll be more to come eventually you know as long as you know, someone's got a pay them I though I think in order for them to continue the Luna sea. So We'll wait on that. I don't know what that means. All right. Let's what is your game? What do we doing? Oh look there's just so many stories we missed. All right. Well, I got it. Am I, is it a game? I'm I gonna tell me if you care enough like, you know me. All right, let's just go with. I don't care for all of them and, you know, honestly, if you really don't care, look, we can move quickly because I have a lot and you have a bunch, so we could just, if you really hate it, but let's rip through. Let's see, we're gonna go, let's start, I group them too, for all the idiots at home, who can't really fall along. I grouped it. So that I'll set up the group so you know, it's coming. So like this first group is ESG stuff, just like governance stuff, just really ESG jammed in a bag. Only two headlines. Let's start with the big news. I guess it's big news BP. That's the British Petroleum. That's the over there and England they call it England. Yeah, sure. BP. Removes chair, Albert manifold, over governance issues. That's a good headline. Yeah, that's ever. Don't this country ever for sure. BP. Senior independent director. Amanda blank her. Here's her quote. The board has been surprised and disappointed to learn of governance, oversight and conduct issues. Wow, it deems unacceptable and has taken decisive action. Yeah. Decisive and then the very next statement, very next sentence in the article. This is from, I don't know, the BBC, Yahoo finance, whatever the very next. Very next statement. The company did not elaborate on the specific nature of the concerned. Why would they tell you anything? How was that possible? How are we still here? How do they know how to write to how it's a publicly traded company? I don't know. I don't know. Well, I mean, like the governance oversight and conduct issues, it deems unacceptable. Does it and they took decisive that so much so that they needed to take action immediately immediately does seem like something that they should tell and investor here is the reason we acted immediately in term chair. Ian Taylor, he is now he's he was I think he's only been on the board for a year somehow. He got the intern chair good for him. He said The board and leadership. Team have been have deep conviction in the Strategic direction, we have laid out and the company is moving at PACE to deliver it. Now, here's the odd. Part of that. Everyone credits. Albert manifold essentially for pushing out. Former CEO, Murray ocean close in for hiring selecting mego Neil who is the first woman to lead one of the BP, maybe for a woman to lead any oil giant now that I think about it and all the first external hire at BP ever, I think ever And yet. He they're happy, they're all everything's fine. The I mean it's his strategic Direction. No, I mean, yeah, just confusing to me. I don't look that was before the governance oversight and conduct issues, They didn't accept oversight conduct issue. I know which means he's being a gross man and he's probably doing something, he shouldn't be with an employee, but what's the governance oversight? What's weird is that in order to cover up, the fact that manifold was cut by the board who basically instilled him as the chair like five months ago. Yeah, that's right. As October as part of the announcement. They they included this line. The board has been very impressed with Meg O'Neill since she joined as CEO. It's almost like. But why would you say that in the announcement of cutting the chair? Unless, like, you were just well, I don't understand. Any of us? Just tell us. Just tell us what he cares. A good one. I do care. I do like this. I like this. I'm gonna give this a nine on the care scale. All right, completely stupid arbitrary. Ah, we actually like, kind of wondered about this would would women in the board seemed to be going away? Would women in the government start going away? Chelsea gabbard, exit marks, fourth women to leave woman to leave. Trump, cabinet, four, four in a row. You know what, I don't, I could care less like like the. How about that though? But the fact that it's all women leaving is, yeah, like first. He put first of all, he put a lot of women in positions that he just wanted them to suck up to him. Everybody, no one, no one's real, there's no, they just love. It's four in a row. This is just like the government. I didn't think he would. I didn't even have any notes about that. I didn't think I care. Okay, let's go to the apology tour. This is an abstained chartered, the headline is bank boss, sorry after describing workers as quote lower value, human capital and quote, what verses what? Draft Bill Winter's he called. The workers that essentially he's so they're cutting 70,800 jobs which represents they say about 15% of its Global back off Office. Corporate support roles boy. That's a big. That's a lot of words. Yeah. And he describes them as lower value human capital. That's so honest. Bill. Yeah, I like that you're Lowell. You're like lower value human. I mean I like that. Like if you were described to describe CEOs in the banking industry wouldn't Bill Winters be a lower value, human capital CEO, right? Like so. So here's what he did. He went to LinkedIn and he didn't really apologize. The first time he kind of tried to clarify said, I said that He said, I said that lower value roles are more vulnerable to Automation, and that we have a responsibility to help colleagues move into higher value rolls. That's what he said. Okay, we're like, shut up, you idiot. So we came back to LinkedIn and he said, this is, this is the worst apology. This is such a man apology. I have received a lot of support for the messages in my previous post but still get questions about my choice of words which I know has caused upset to some colleagues for that. I am sorry. You that you're upset. Makes I'm sorry. He started with the support of course. Hey, like I said but yeah if you're upset I'm sorry for you that you're upset. Yeah and then JP Morgan's. Jamie dimon followed up with the classic JP Morgan. Jamie dimon says he said he called it and in Artful slip of the tongue from a friend. Oh that's a great. That's A great quote from Jamie know and in Artful slip of the tongue friends written in a LinkedIn post and saying lower value human capitals. No way a slip of the tongue. That's that's like premeditated look. The thing is, this is their friend. I just like their friends. I think it's cute. I I like that, like, there there is Is any outrage about this? You don't think that this is what every CEO thinks about most of their staff actually Bank banking. CEOs. Absolutely. You're just a fungible that you're a human does not mean, you're not fungible to every Bank CEO. They don't care about your kids or the car payment, you have or like that you have, you know, acid reflux and you need pills for it. I do. Yeah. They don't care about any of that shit. They really don't. What they care about is they value you in a hierarchy and they cut you and automate your job. If you suck on that hierarchy, I don't like, and I know, right? But the tongue from, I don't support that. I don't, I don't have to support the system in place, but this is exactly how they think. Yeah, the reason why I care is He his apology is the bullshit. What he said is, what they all. I think credit. I'm glad he said it, it does. It's gonna give it a seven. I like everyone, I like it. That's it for the apology tour. Let's go to nepo. Babies and Dropout babies. Oh a double baby. Yeah. James repo, dropout. This is a two separate James Murdoch. He's a nepo baby. To acquire New York Magazine in VOX media Network. Now, I only list this one because, you know, this something we've been kind of complaining about and worried about forever but it just Seven guys, write everything you read right here. See everything is a lot of nepo babies and they just, they they need media companies. It's just that. I don't know. I don't understand it on that. It's what is it? It's a deep sea. You didn't get listened to as a child. So, right, so seated, need for everyone, you fucking thing, get a creative writing. Write a great novel or something. James know, there's not good, when he'd buy a media Empire, and then you're forced to listen to them. And not only do I care. I love it. It's a zero. Oh, I'm gonna give it a minus one. Yeah, yeah. And let's get started. His arbitrary. This is quite a story bolt CEO. His name is. Ryan Breslow, says he let go of his entire Human Resources team. For creating problems, that didn't exist, he said those problems disappeared. When I let them go. Was the problem, the people, he employed he justified the firing of the whole department by claiming they actively manufactured internal friction. Now now this is a dude who is overseen still there, overseeing a company. That has crashed from 11.00 billion market cap only four years ago down to a 300 million dollar market cap. So it's a 97 probably Human Resources fall, right? I mean what a great guy now. He's he's so what he's doing is he said he's swapped for these swap, the team for a skill to people operations team. She's he wants to empower managers to make Split Second decisions. Do we? This is what we need. We need We need Split Second decision. I like the article, says quote Shifting, the focus away from employee complaints. To Split Second decision. Like also gutting benefit employee friendly benefits. Oh, he claimed a culture of complacency had taken over and that 99% of his legacy. Workforce was simply unwilling to work hard. The way I mean, I mean, he was in charge of hiring 90 99% of the team, he hired suck, and he's still, he's still okay. This is the guy who dropped out of all places to Stanford and he's still running this company. Like, how do we get rid of Ryan Breslow? What does it take? I mean, he's guys a failure. Well, he's what he is, is 30 years old. He's probably already a billionaire because he took all the money, right, right. Of course, that's the fun part of this. Do you care about this? Like not, you should though. Well, look, bigger picture in the same way that I care about Bill Winters, talking about lower value. This is he's saying This move is saying a thing that everyone thinks which is HR. Do you reason why you don't see a lot of HR Executives become CEOs is because The CEOs think HR is basically the shrill complaining of their employees, but I thought they hate our. I thought HR was really there to protect management. Like of course it is to like soothe conflicts and make sure that no one gets like they don't sue the CEOs. But they keep showing up to the meetings with management talking about the employees are really pissed about this. I don't want to, maybe they don't and CEOs. Don't want to hear about it, you know, like I really, honestly think these CEOs do not value. Anyone any any person that they don't think of humans. They don't value, they don't care about your problems, they don't care. If you let go, your entire HR team and say, we're going to stop focusing on complaints from our employees, and start focusing on Split Second decision making and get into founder mode and nobody works hard. Aren't you just saying we don't care about any of you we don't care about your problems. You oh I'm sorry you're pregnant. I don't care. Like figure it out. Come to work with the babies strapped to your face. I don't care. Um, I think we should care about these things mostly because I think they're canaries in the coal. Mine it bolt pattern, it's a pattern. It's a pattern of these young fucking assholes with money or Bill, Winters case old assholes with money. Telling you that they don't think you have any value. You bring nothing. That's what they do. Bring there's actually a report in the New York Times. There's a couple days ago. The headline was to AI Executives were all just meet computers. That's the value of people. Yeah, that's right. I think that is a computer and when the meat computer just like requires too much input or, you know, massaging, because the meats tired, you can get fired. I think this we should pay attention. I'm going to give it a six that's a Time socket that's not like Mother Jones or something. All right, let's move on to oh six. Yeah I know this is important that I keep score here. Okay, this one's a big category that you're really gonna. Hate the middle school boy, man. Babies, ruled the world. It's the same category. We're talking about the same. It's a little different. I only, I only made a new cutter because these are like, these are the top 10 wealth holders on like Ryan Pressly and James Murdoch older, maybe James. I don't even know. Man, drives cyber Lake. I'm sorry, man. Drives cybertruck into Lake to test Elon musk's boat claims and it went about, as well as you'd guess. So. Okay, so so here's an idiot in Texas. Okay, I already don't care. It's already. Yeah. Well here's the only reason why I'm telling this, right? He drove his car into a lake because he thought it was a boat because, Eli and he's actually been arrested. I applaud the Texas police arrested him because he just abandoned it. And what the hell is he doing, right? It's just making law enforcement and rescue teams going with this. Okay? But here's the thing here, I only only I just wanted to because I wanted to tell you what what Tesla CEO Elon Musk said Uh, first, he tweeted that the, that the cybertruck would function as a rudimentary flotation device. He says, it will even float for a while, then he says, it will be able to Traverse at least 333 feet of water as a boat. And then he says it will be waterproof enough to serve briefly as a boat so it can cross rivers lakes. And even Seas now, I mean, a 330 foot C, this guy's not, hell elon's, not held accountable for anything. I just want. I'm sorry I just I know there's a joke here people like he he yeah, the worst. The problem is they arrested the guy who did the thing that yo said the vehicle could do that guy, should pray to Elon Musk. Yes, and absolutely. And like because he's What are we fucking doing fire? I hate this. I hate it. It's a negative 10. It is negative 10. All right. Now Basils, I feel like Bezos. You hate the most in some ways I read this interview that you're going to reference. I don't know how to there's too much here. This is like the Bezos week that we missed. We were like we did a show last Tuesday and then there's just so much Bezos. So first Jeff Bezos, urges US government to stop taxing, 50% of America and claims doubling his taxes, won't help that teacher in Queens. He said, and then he and then he's like backing. I'm done, he's taxed on luxuries second home but he says that Ken Griffin is in the villain and then he's He's saying that Zora's big mistake is that when you don't know how to solve a problem, create a villain and you blame the villain, he just like spouting off and then he says there's no truth to the buy borrow die text strategy that that has been proven that Larry Ellison and Elon Musk use words. They they pledged billions of dollars of stock as collateral for personal bank loans, you've talked about this gay million times calling Tesla, Elon musk's piggy bank. And then he prays his Trump calling his second term is more mature. And then he says, that AI will be Elevate workers despite Amazon cut firing, 30,000 employees and an AI. This is just like the Bezos week of like nonsense. But well, yeah, land on the Andrew Ross, Sorkin and which Sorkin, actually pushed it not pushed him on on like the wealth Gap. I mean inequality, he said anyone like Bezos. That's the first thing you should always talk and Bezos the whole time being basically saying like look, you know, the bottom, you know, three percent of earners or the bottom 50% are some like, massive amount of earners. Basically, you know, pay three percent of taxes and do we should just eliminate their taxes entirely and that give that money back to them as if that's some sort of solution because what cut three percent from the US, you know, Government and you know basically give all that money back to those. But he neglected to say the fact that his fucking company limits as much limits how much she pays the people as much as possible. Like they the reason why they only pay 3% of all taxes in this country is because they don't make any fucking money. I mean, yeah, you have it all, you asshole. Nothing that getting that money back is not gonna help. With all of the like healthcare is an example. It's not gonna help with any of it. You will then he goes on each and then he thinks anymore but goes like you know like like that the having me pay more taxes doesn't help the teacher and queen's, right? It does yeah taxes go to fucking education, like tried to push him on on money in politics, which he basically kind of like flim flopped around so he didn't have to actually answer it. Yes. He's being like fake populace and he's being like a billionaire fucking ability. It was the most, it was so typical like Naval geezy Tech bro, asshole. Like it was just was an article. Do you think it was an Artful slip of the tongue? No actually got sent to me, and it was like, you know, like there's some interesting thoughts in here and I was like, I read it. I was like, I've read this a million times from these Fucking navel gazing Tech Pro man. Beats me the most wonderful fucking punch him in his bald Dome. Meanwhile, he's out on a fucking yacht that yacht that he bought what, you know, got built in like the Netherlands and he wanted to tear down a 400 year old bridge to like get built. Good thing. They didn't tear down the bridge because he sold the yacht because he was born of that yacht. Um, it's really the most. Here's our tweet me the most Is this constant? This constant Deluge of billionaires thinking that their their like point of view and societal opinion matters. So first the two took me twice first. He's he's already calling what Mommy's doing in New York a mistake, right? He's done nothing. He's right. Like he's been there for five months. So first of all I hate that. Like I don't know why I was wearing it, but then he's saying he says it comes right out and says there's no truth to the buy borrow die tax strategy. A, despite the fact that it's been proven many times, and then he, and then he goes on to say, but if it is true, we should fix it. So it's like, wait, I thought there was no truth. So you're saying it's gonna open the door and saying maybe it is like this guy is the, I mean, he talked about how leveraging his capital is hard, like when it comes to donating and it's like, oh well, McKenzie doesn't think so. Mackenzie thinks he can fucking just dump the money and she's made as much money. She's dumped, because that's what happens when you fucking billions and billions of dollars old thing is this Gaslight where you think they come out and they sound smart, like they know what they're talking about because they've seen the way the system works. Its definitive declarative statements. Everything is about like, how they know how to fix the problem. You don't know fucking shit about Humanity. You think you, your workers were peeing in bottles while you were on the job. Let's give her value human capital. Let's give him credit. He you can buy a lot of like cheap hangers on Amazon. It's Just insert that to me, give me a score. It's insane. I well what? I care and hate it before I'm giving them 400. Okay, you 400. Ya back to Elon Elon. Again, I just wanted to point out the one of the ongoing patterns of this idiot, Elon Musk, Elon Musk Compares, his company's work to that of Jesus. He calls the neuralink. He's called it. Jesus like technology. He's praising his stupid company. Here's the part that stuck up to me. Oh, okay, brain computer interface science. So, whatever BCI is called is a concept that has been around since at least the 1970s. And there are more than 130 BCI startups. Have been launched since 2016, yet. Once again, this guy is taking credit for something that he pre-exists him, right? I, he is amazing this way. He really is amazing. Ever invented anything but like, is the Jesus here in this scenario like the closest he's come. Is he like basically building manufacturing rocket in a way that might be faster and reusable? Oh, please that's not inventing anything. But turns out the Rockets, don't make him any money, like we're gonna get to SpaceX in a minute, The Rock, he everything he does is a fucking failure without so we get without me escorts, I don't zero, I don't care this, you know what actually this reminds me of Lloyd blank find said of Goldman Sachs. He's the Xeo of Goldman Sachs right after the financial crisis. He's kind of justify the existence of Goldman Sachs and he Said that, you know they're doing God's work. Goldman Sachs does God's work. It's basically presages the fact that everyone fucking hates you and that's when you start doing the religious thing. Well you're like oh actually our company does God's work. Some let's have a matchup, you're your former Catholic, right? I was better confirmed Catholic. Yeah, who's better God or Jesus? Oh, who wins at at what like Tyson's punch out like and what about the Holy Ghost? Where's the? Holy ghost coming in? The Holy Ghost, is like sipping coffee watching. No one ever talks about the Holy Ghost. Why is it always got Stephen Colbert? Does he really? He makes sure isn't it a triumphant? I'm not mistaken, right? It's a three-headed. Are you guys? I don't care. This might, this is Quite. possibly the worst the week that we missed the I picked this headline, but there's a million headlines about this. Why is Mark Zuckerberg taunting his employees before firing them. So we set his AI Avatar taunting them Well, it could be right. I wonder if to do to the employees. Get to see him? Yeah, I don't know. Okay. Okay. So we reported back in April, that meta is laying off 10% of its Workforce because, you know, Mark's I guess sucks. And he's old But he did something very odd. And there's been countless stories about this. Is that He basically let the entire company stew and worry for over a month. He didn't He didn't tell you who was being fired. So, but this is what this is a. I don't even know if I believe this. This is like next level, Lex Luthor evil weirdness. So this is newly leaked audio from an all-hands meeting at meta release by more a more perfect union more perfect union. Were they the ones that battled star books recently and a proxy contest. I don't think it was more. Okay. Anyway, He got the all the employees together, and he basically told them that the company was harvesting employee data to train its in-house. AI models ahead of the mass of layoffs. And there was a key reason why he's waiting. So he said, quote, we're in a phase where, basically, the AI models learned from having real, I'm gonna read this for beta and instead of just speak the way he speaks. So we're in a phase. We're basically, the AI models learn from having real for watching, really smart people do things. and if you're trying to get it to be able, To be able to do certain capabilities, having AI be able to observe really smart people. Doing those things is, is very important. So the takeaway here is that he gave them the months-long to Stew, so he could watch them. Yes. And he says, in general, the average intelligence of the people who are at this company, is significantly higher than the average set of people that you can get to do tasks. If you're working through contractors, you know, he said that. So what he's saying is that by watching the people, I actually hired the I is learning from smarter people. If we just watch the contractors, those are their getting a poor set of data. This guy, admitted this in front of the whole, your point recently has been like, you know, wow, wow. I'm sick of. I'm sick of worrying about the meta employees. They should be quitting and drove instead of like yeah, right? Because they're part of this like weird evil empire. I mean this guy is he's saying worst, then Standard Chartered. I mean what he's admitting here is is chilling. What he's saying is, he doesn't want any of you like, like, you think it's gonna stop because at 7800 people, he fires, he know. Well, you think he just implemented that program at just the people he fired. He's watching all of you all the time, and we know that he is, he has no accountability. We really put him out. You can't vote out his sport. Oh, you can't do this, is it nothing. The investors have shown no interest in actually raining men or doing anything different. Despite the fact that he's subverted democracy and Don't like he's done every horrible thing if he was a dictator of Congo and he was not a white fucking College Dropout from from Harvard. Would we be talking about the great Mark Zuckerberg? If if you took his quotes and said, I just fired, you know, like all right executed, you know, 500 criminals but not before I didn't like download their brains so that I know how they think know, there'd be a movie about, like, Leonardo DiCaprio will be playing him in a movie. He went on to say so for trying to teach the models coding, for example, then having people internally and build tools that or solve tasks, that helped teach the model. How to code, we think it's gonna dramatically. Increase our models coding ability faster than what others in the capabilities. So he's just basically laying out the tread you, like, we just need to keep watching you to build our models. And when we're done you're fired, right? Like he's just a horrible, human being give me a score. Obviously care about that one too. What I'm gonna give it a 20, it's not as big as the 400 and just you don't have to score this one, but I will say all so into it. And now it's last week that they're cutting 17% of itself, 3100 employees, because they want to make big bet on AI. He's out. They said they wanted to make big bets on AI bets. Big bet I think, actually, the reason why I care about that one is Intuit stock. Since that announcement is down almost 20% over 20, so it's the reverse effect. I think those up, people are starting to realize, like, they're like, wait a minute like into it is making big bets on AI. What the fuck are we doing? What, what is, what is happening anymore? Like I, I think it's, you know, so, my Quickbooks is what smarter? Like, I don't understand. Yeah, I think we should care a little bit about that one because I think it might be reversal. You three Well, it's funny because all the headlines I didn't share today or just the, the millions of strange ways that AI keeps screwing up. In fact, screwing up so much that it is now Putting if you will, I don't know. I don't know the right phrase here, but it's basically entering into the Canon of human knowledge and intelligence. Made up shit. Yeah, wrong. Yeah, wrong, right? Yeah, yeah. So that's where we're at. Yeah. Okay. So let's move on to the woke Wars. Texas. This is like you know this this is stuff that keeps happening but it did happen last week. Texas Attorney General Ken Paxton who's also in a senate race of course suing ISS for allegedly misleading customers by pushing radical political agendas pushing woke ideology Iowa to Blaming them for lying to investors. I don't know. I mean do the customers ever have to do their own due diligence? I mean, as I says really misleading anyone, I mean you have the right like back, you know back in the day and was at the corporate library, one of the jobs I had to do was was parts. The proxy voting guidelines from all of these places, right? I mean if you spend the time in there, you know, actually being misled. There are methodologies going on here and you can agree or disagree and you can fire ISS on your own, right? I mean you could be like nah, I don't really like, I don't I don't really need their guidance or I don't know. This is this is all this is Kabuki. Theater is a Hero Zero, I don't care. And then last category, stakeholders rule. Three headlines dealing with some stakeholder situations. First Wells Fargo, it's always Wells Fargo, right? Wells Fargo must pay 100 million dollars to help home buyers effort, discrimination lawsuit. So this stems from allegations first. Okay, the case in an allegations that Wells Fargo's board fail to maintain adequate oversight of the boards of the banks mortgage lending operations. Of course, I don't see any directors stepping down here, the lawsuit stated that Wells. Fargo was allegedly the only lender To reject more refinancing applications from black homeowners than an approved. Right? So that's where this came from the discriminated against black homeowners and of course, Wells Fargo denied wrongdoing but agreed anyway to pay 100 million dollars to to deal with discrimination lawsuit. So, thanks Charlie sharp. Well, is it didn't Charlie? Was it Charlie sharp? Who said, yes, he couldn't find another Black Talent like yeah. Isn't that? So barely find enough black homeowner's I guess they can't find enough black people want homes. Like that's why they just created. But this is how systemic racism works. I mean, if if you're not even like giving out the loans to black people to have comfortable lives, how are they supposed to like send their kids to college? And how are they supposed to like rise up and and get the American dream like your buddies, right? Like I you need a home, you need to build it. You need like you need all the things that That we all get, which is mortgages to start your lives. Here's actually, the reason why you should care about this, this lawsuit was brought in 2020 or refractions from 2020. It's a Consumer Finance Protection Bureau, which was the Watchdog that was built after the financial crisis to watch these fucking asshole Banks. And all the shit that they did, if that still existed, maybe we wouldn't have had to wait. Six years after filing, a lawsuit to get 100 million dollar, you know, which of which I'm sure 30% is going to lawyers. So you're going to get 10 bucks back for, you know, like them, discriminating against you getting a once in a lifetime purchase of a home. The real problem here is that there is no Watchdog and they'll all the companies know it, they know it. So I'm gonna give this a seven Aerbus Air France, hit with manslaughter charges over, pilot, training, failures and deadly. 2009 flight 4447 crash. This is a big one. The court in Paris, overturned to 2023. Acquittal and found both Airbus and Air France, guilty of corporate manslaughter declaring, the companies solely in their entirely responsible for the disaster. I I don't remember. Okay, so like strongly worded against a company for being complicit in such a. So I I don't know. I don't know if this has any like future ramifications and I don't know this is just a France thing just A European thing. I don't know, but it's I don't know, sounds very French European because what we know is that Boeing crashed multiple planes and all that happened was the CEO was eventually fired but not immediately fired like and still kept all his money. But the board was sued and they paid out dno insurance, but right there board. Member's all still have jobs. Literally every fucking one. Who wasn't dead? Still is on a board? Or yeah, I was gonna say over there. They got rehired somewhere. Yeah. But aren't there. Like, non-americans on those flights? I mean, couldn't other jurisdictions? Uh, try to hold bunk accountable for those things. I don't actually know how the international law works and I anyway, I'm not on that but I, this is a one. All right. And finally in a bit of good news maybe it's up to you. I guess, ride share drivers in Massachusetts, formerly unionized. I don't remember. I don't remember ever seeing anything like this the app drivers Union. Oh yeah, I said it was the first organization in the country to be formally certified to represent drivers for apps such as Uber and Lyft representing nearly 70,000 workers and that's actually a lot. That's a lot incredible. Yeah. I like this. I'm gonna give it a 100. I mean, this might be the really honestly. Uh, we do a lot of like bitching and moaning here and pointing out things and talking about, you know, man babies who control dual class shares and controller Empires and try their colonizing Mars. They're, they're they're they're they're, they're analyzing workers before they fire them for data and but building a strong union network and maybe the only way to come back I don't even know. We're all value. Human capital the only way low value human capital wins is in volume. That's the only way we win. The only way we win we all band together and either don't use a product we unionize we the police like seem to be all the way to Revolution, right? Like that's what the French Revolution was it was all the low value human capital being like fuck you all. Um otherwise it's just like the only person I hear speaking truth to power is basically Elizabeth Warren and Maybe AOC, he's the wrong gender. And so no one takes her seriously. Anyway. So, that's my sad game. Go ahead. My average score was a 41.7, so you cared about some of this stuff going on the news. All right. A little bit, excuse by the 400, right? Here's what I got. Here's what I got. A very special. Who do we blame for the SpaceX IPO governance game. Yeah, yeah. So that's one dropped, right? Yeah, the S1 dropped for SpaceX. I'm gonna, I'm gonna give you some highlights from the S1. I don't really. Um, first of all, musk himself said this quote, starlink enter. This is written in the in the S1. If you don't know what it is, one is, it's the first filing it. It's your intention to IPO. So you every one of the public gets to see firemen the revenue, all the money in the board and the share is doing this. Quote starlink internet is what's being used to pay for Humanity getting to Mars. That was what musk wrote. What is what is in the filing? So if everyone cancels their Sterling subscriptions that we don't have we don't have to worry about going to Mars and he's not kidding. Um, I don't know if you know this or for it lays it out in the, in the filing, but I don't even, I'm not even aware how many customers are starlink. Are there are there? They're like 10 million starlink customers globally? I did not know this. So they may 3.2 billion in revenue for starlink and a net income of 1.2 billion dollars, 1.2 million in net income. So a million bucks is how much starlink made? Okay. Oh, that's it. Yeah, they make a wall, they brought in three billion and they, their their Prophet was 1 million. Basically doesn't seem great. Well, compare that to SpaceX, which we think of, with all the pretty pictures. Every picture in the fucking thing is a rocket going to space. It's a giant penis piercing. The veil of space, right? Like going into space to help reduce the price of groceries. I think, I think that's what they said SpaceX. The space part of SpaceX. 600 million dollars in revenue for a net income of negative, 600 million dollars. Okay. Well, he said even though wait Uh, forgive me for being idiot. SpaceX owns starlink is what you're saying to own. Starlink starlink is like, oh, like a segment. It's like in America. It's like it's it's version of America online and AOL turns out very recently. Now, not turns out, we knew this, we covered this SpaceX bought xai. Why the owner of grok and Twitter? The company that must is ruined. They bought xai because I made it out of space, the company, he's made, absolutely irrelevant. Here's here's what he said about the xai in the filing, okay. Grok is designed as a truth-seeking AI model built on Founder. Elon musk's mission to enable Humanity to understand the universe. So it turns out that they bought xai not because in Twitter, not because they wanted to dunk on people online, but because you wanted to enable Humanity to understand the universe, does you love why he was cutting government signs programs? That's what. That's why. No, that's why he was busy sharing like cat memes of them licking their walnuts that's like, okay, you know, that's enabling human understands doing that. Is that a real thing? I think he sends though, we covered last week that there that he was stopping open. AI discussions to share memes that have everyone laugh at his phone. He said, we believe accomp that accomplishing this Mission requires a true seeking approach to AI. We Define truth seeking as the active Relentless pursuit of what is objectively, true about reality and grounded in evidence, logic empirical data and first principles thinking. So this sounds like very much like a Star Trek light kind of thing, right? I guess. So like it's like how or Star Trek or something like without like real profound philosophy. This is sort of like this. How AI would write this stuff, right? Yeah. All the rock outputs. Like there was a prompt that they got rid of the prop but not the process that was saying. Looking at what Elon Musk said about your question, right? Like so you'd ask it like what do you think about Israel and Palestine and it would be like searching elon's tweets for as the source of Truth. So upgrade, I guess not that much evidence or logic or empirical data but Apparently SpaceX has the AI to enable. It to go to space, but simultaneously said this ai's ability revolutionized human potential is directly dependent on meeting exponentially. Increasing resource demands, which means we must. They want to build. Space energy places. They need to feel the AI so they he's saying we need AI to go to space but we need space to power the AI recently, he said, because they've been numerous reports about like, how it's way more difficult than he pretends it to be. He's like, no, no, it's easy. It's easy, it's unreal. This guy, the gaslighting, but this isn't so my takeaway reading. The entire thing is, this is not a space company. There's nothing space about it is a data center company it. No, it is a satellite internet company because DirecTV that sends internet to your house. That's all you're like or to your plane or to your plane. Yeah. Which a place where you really don't need it. It is. It's more mobile than like the little radar that you put on the top, but it is a classic must Gaslight where you're buying this Vision. The vision he lays out is to build the systems and Technologies necessary to make life multiplanetary to understand the true nature of the universe and to extend the light of Consciousness to the Stars, okay, that's what that's the. That's the reason Star Trek written by like nine year olds, but what you're really buying is an internet company that spends all of its money on one AI vanity project and occasionally does a rocket on the side. If it don't call an internet company, it's a musk company. It's a musk. You the company is musk. It is what the Company ownership is it. Well, let's get to that, but but the company itself is actually entirely funded. Not by musk, it was funded by subsidies and it was funded by late. Like Tesla Tesla wasn't musk's invention. He stepped in he funded some of it a year later after they'd already designed the first car and then he made himself CEO, that's how he got Tesla. That's what Tesla was and he's not doing a great job selling those cars. The founder of Tesla had to sue musk to get his name as the founder of Tesla. Because musk tried to tell him you're not doing a good job. I don't like what you're doing. You're you're out. And said, he wasn't a Founder. Musk is a fucking consummate liar. All he does is lie, and, and she's way to looking like, you know, he's important. Even this he took the role of chief engineer, but when you wear this at SpaceX, when you read the history of SpaceX, he didn't do any of the engineering. He's not an oh, he's not like an A Space Engineer. He worked on like, wait, it's a vision and hired other people to build the fucking Rockets. Wait, so his current title is chief engineer. He's not, he's not CEO, he's chief engineer CTO, and CEO gives himself all the rules, and wait and board, chair and board chair. Yeah. All right, but now you get to the governance part of this because for musk's genius. This is what you get. This is a fragile genius, right? Because he is not gonna let anyone have a say other than himself. Can you can you imagine being so fucking petrified? I gotta tell you, so insecure. If I had the, if I had the courage to to create this company, that was sending data centers to space. I would I would for sure, Surround myself with people, with a great, with great knowledge, who would, who would represent equal power in the decision. I would not want to be left alone to make all the decisions as I'm trying to say. I don't have that level arrogance, so maybe very few people would think it's arrogance. I actually think it's insecurity, because he gave himself 85%, voting power 85.1%. He owns there's classes. There's two classes of shares, obviously, three classes of shares, but the highest we've seen actually Class C is going to absorb and the class A and it's just the private to public share whatever. But he owns 94% of the Class B shares. Which get 10 votes, a share, only 10, I mean, a funny I thought they're going to do some like five six nine. Yeah. And then 12% of Class A shares but he wasn't done. Having 85.1% of the vote was not enough. He also gave himself yes. He also gave himself the ability to exclusively. Pick greater than 50% of the board. What does that mean? If he has all the voting power doesn't is, doesn't he have that right? Anyway, he the class B shares have class B directors. So he owns all the shares he gets to do like half of the board himself, but that's just already. I don't really understand and then he votes on the rest of them with the other 85% voting power. So that's how insecure he is in case he wanted to liquidate his class A shares at some point or some of his class B shares. He wanted to make sure that he still had all the power, all of other way, there's an article in fortune and they quote, the founder of Securities Law Firm. Lacoste, Brookman. His name is Joseph. Lakosky, who's quote about this governance? Arrangement, is, it's crazy that he's stealing my line. That's my, that's my quote. Honestly, this is like, you know, to the extent that like having one vote, one share and not a classified board would be like Big dick, governance energy. This is the littlest dick governance energy I've ever read in a file that it's really kind of sad because the board that he can choose to elect, there's already a board there. It includes for two Executives Gwen, Shotwell who's the president of the company and musk, if I'm not mistaken, the only woman, right? Yeah. She was the head of marketing. She did know engineering or anything like that. She was a third of fourth employee and she's the head of marketing. It includes the Tesla Mafia, which is Ira, Eren press who really? Yeah, directors on the board of Tesla. He's a sick of fan there, he's on the board of Boeing Company and XI. And he was added to this board February 2026. So basically yes man. Must just added another Yes Man. And Antonio Gracia who was the who was a Tesla director? Who is explicitly called out? Out in McCormick's decision. The Delaware decision and tornetta as basically corrupted and totally in the pocket of musk. He has he's been on the SpaceX Sports since 2010. It looks like since 2010. He's also on the neuralink board and the boring company board, right? So with Kyra yeah and he's been on this board just Korean And then he's got two VC Bros and there's a reason he has two. One of them is Randy glean who's been a SpaceX board observers for the last 16 years? He's been a director just since February and the other is Steve jervin. I know that name who was it a Tesla director, right? Step down? He was a director's in from March of 2009. He stepped down because he was accused of sexual, harassment and Drug, you know, sex parties. Okay. You saw on woke right now. So yeah, but Randy green and Stevenson worked at the same firm, draperton, like it was Germans firm and the reason why jervin is jervin on this board since March of 2009, right? Yeah. Glean had to be added to this board because Gervin had was forced out of his VC for him that made the SpaceX investment. So, Jervis in needed another, they needed Is representation on the board. So they put a different guy on from Jervis and basically they work together anyway though. So the two VC Bros, know each other and then you have the PayPal Mafia, Luke know, sick was a co-founder of PayPal. Okay, he's named you don't see very often, I'm glad they finally found a good role for him. Well, there's one guy I couldn't account for a guy named, Donald Harrison, who managed Google? He like does Google strategic Partnerships and Acquisitions and stuff. Until I realized that Luke know sick who was the co-founder of PayPal whose known musk for forever. He's been on this board since July of 2008. No. Sick was one of the early investors in company called deepmind and Google purchased ya mind and Donald Harrison. Structured, the purchase of deep mines so Harrison and no SEC have known each other for at least a decade. So the director relationship 10 years to MUSC not the board tenures, the ten years of these directors relationships to MUSC on any board. Are Shotwell 24 years, Eren, press 21 years, gracias, 21 years, Jervis and 17 gline, 16 years, no SEC, 26 years in Harrison, 11 years plus one, if you can, you you count? No second Deep Mind connection but it doesn't matter. Right? Because I'm sure that the the filing is it's a controlled company, right? They don't have to follow the standard companies. Standard governance practices. Oh course, control company. But how like deeply insecure? Do you have to be about getting an opinion that might be contrary to yours when you have a board. With what is a 2467 members? And an average tenure of 19 years. I mean, do they even have anyone like From like from NASA like or like know some like International Space know or like I don't want their either Tech Bros or VCS there's no one else. And that he's not done, they are Incorporated in Texas and they put, they wrote in the filing. The Texas jurisdiction is exclusive so they can't be sued anywhere, but Texas, they actually chose the judge. You're allowed to say that you're allowed to. They basically said, we have jurisdictional exclusivity, you're allowed to declare that all they say. Yeah. They just said it and you can't even sue them. Unless you own 3% of the company, wait you're this is this is legal. I'm still going. They forced mandatory arbitration. Yeah, of course like you can't even sue them any Texas thing, right? That's a text. That's a thing that you can opt into they have anti-takeover statutes. Well yeah the it gets so petty. Special meetings can only be called by Elon Musk, no one less than 50% of the stock can call a special meeting, or this is even vote at the special meeting. So this is a stupider than the wework IPO. There's, they, they actually can make moves with, no, written consent. And no, prior notice meaning, they can like, do an acquisition not tell shareholders at all until after it's done. Where is this listing which exchange? Yeah, I believe NASDAQ, but I'm not sure. Not that doesn't not the Texas one that, what's the one that Texas has now? I don't know, maybe he'll be Texas, but no, it won't be. This is the SEC. I didn't actually look at where but they may. They have a whole section of where they they fully indemnify the board, including a better version that allows whatever conflicts of interest, directors may have allows them to have it. Okay. That that's the governance structure. Wild West, it's like the wild west. Let's get to. Who do you blame? You, come on, let's go. We're gonna move quickly. Do you blame the US government? I mean, probably go ahead. Tell me why the department of energy in 2010 gave Tesla a 465 million dollar loan which paid for the model S. In fact alone, this guy in fact musk has said Tesla would not have survived without the loan. Why does he need loans? All right, go ahead. Nevada in 2014, gave musk a 1.3 billion dollars to build a factory alone for tests for Tesla. Yeah, why is he must be alone? I wasn't alone. It was like tax subsidies plus. Oh sweet. That's even better. Yeah, NASA spent more than 15 billion dollars over years on SpaceX and programs with him including after things blew up. They re-upped contracts or extended contracts with them to make them work, the IRS in Congress had the EV tax credit 7500 for for an EV, right? I mean know this probably would have bought a Tesla without that. In fact. Uh, the first prophet Tesla ever made in 2020, was almost exclusively on the back of those tax credits. I believe it. Yeah. When they made their first profit in 2020, it sparked the meme Fest during covid. You remember, when they announced that they were profitable for the year, the year, they announced their first profitability. They got added to the S&P, 500 and musk spent the entire time on his, like jacking up the price of the stock, it made him the world's richest, man. The 7500 EV tax credit is almost single-handedly responsible for him, being the world's richest, man. Then he called for an end to that text credit since his competitors needed it. More than Tesla Tesla made 11 billion dollars 20. That was in 2020. This is depressing. I'm not even done the Department of Defense started paying SpaceX in 200. 3 just for conceptual work out of their DARPA program, right? Well yeah, in fact it was so bad that Jeff Bezos in 2016 who I love in 2016 said, quote elon's real superpower is getting government money. Yeah, that's an odd for Pete. Did thought there. Yeah, he's not the only one with that blame the government number two. Okay, so the first blame is the government. Who else? Government blamed fomo? Oh yeah, SpaceX loses money, it does not make money. If it were a satellite company, it would not be the first satellite company. HughesNet was founded in 1996 via sat offered its internet via satellite in 2012. If it was just a satellite company, it would make money, but it's not, it's not a satellite company, it is a little bit. It is a space company and stead investors are valuing SpaceX as the largest IPO in the history of ever. Just by the fact that they are burning all their money that they made on the satellite internet on AI and they make nothing on the actual Rockets themselves. They are spending the most R&D marketing and acquisition of cursor to make up for the fact that rock sucked. They're spending all their money on AI in exchange for that fomo. This is not just 100% a private company. It's worse than a private company because at a private company, VC's actually, Have rights can bail can like ruin Founders if they pull their money if they if they hear they can literally do nothing. It is worse than private but they might make money. So it's worth it. So there's fomo. Do we blame tornetta? Tornetta. If tornetta, hadn't sued musk for his pay. Yeah. Would SpaceX be structured this way. What do you, what do you be more secure? Would he have been a one vote? One share company. So it's like it's like, it's like the argument. If we hadn't like poked at Trump he wouldn't have like gotten so angry that he's just like destroying everything. That's destroying everything. He's like, yeah. Yeah. Like we went underground. We shot a rough one. That's a rough one there. Flamingos, do we blame the banks underwriting. The deal, always who agreed to buy rock at millions of dollars, a pop as a term of getting the underwriting because everyone bends the knee to the money. Yeah. Or do we blame the board? Because I guess I guess I don't know you blame but there is no board here though, to be fair. Who do you play? Who Do you know, bored? There's no not. I mean there are people there but they're not really a board. Yeah, I mean, that's right. You gotta throw them in because, you know, fully formed people and we could blame just Peter teal. I don't know like that guy's I'm gonna go. I'm gonna change the way this game works. I'm gonna I'm gonna and just so we can wrap this up. I am gonna I'm going to pick several options. Oh. Okay, first of all Jeff Bezos is is right. And that the fact that we've known this for over a decade he said in 2016 that elon's superpowers getting government money. So I'm definitely gonna blame the US government. We're not turning off this tap. Yeah, I would blame them by the way, this ask for a lot of it back now. I mean, it's kind of like, when you get a divorce there are there are state laws that you write, like you get percentage of your spouse's earnings and right over the So I I feel like the US government should get should claw back like at least a half a trillion dollars at this point. Well here here's the grand irony of Bezos saying yeah like the Elon superpowers getting government money you know Amazon made 12 billion in subsidies over the last two decades so saying that he's not couple people too I'm just saying he's fuk faces. Bezos is out there talking about like you know how his help that Queen's teacher and all that bullshit, big mistake. Meanwhile, like they fight taxes at every turn and we pay we pay for your existence, we finish, let me. Yeah, please first US government. Uh, absolutely fomo. Oh, you know, it's really, it's kind of combined, isn't I feel like the banks underwriting. The deal is attached to fomo. Yeah, I mean, I I needed another option. I threw that this is the sickest part of our of our current American culture is, is that we will look, we will blind ourselves. If we think there's a possibility of making some kind of a profit without any labor attached to that profit, right? So we will attach ourselves to the biggest devil ever if we think we can. Make money. Make some we're doing nothing. Yeah. Because let's be real investing in companies. Like space. Like you you do nothing. You contributing nothing. You're nothing. You're not even mowing the lawn you're doing nothing. I'm of the long last week and I'm not going to blame the board and turn it on. I'm gonna blame the banks. I'm gonna blame fomo. I'm gonna blame the US government. Oh, but really, I think mostly the banks in Fallout. I don't know, I'm doing, I'm just, well, I scored a fourth president. I don't know how to fight this anymore. I don't know how to fight much anymore. It's canceled your starlink subscription. Like I have I have a somewhat of understanding how to fight a regular public corporation. You can infiltrate, you can, you can vote, because no way, there's no proposals, you can unionize this. This is a, this is a way are happy with dictators in this country. There is no democracy, right? Ironically, we're not though, we're not. I mean, we are not when they call themselves dictators, but we are when we when they come out and ask it, we are free float. Come back on Thursday and Friday because this week we have a full week plan actually here, nobody's leaving. Nobody, no craziness. We're all here. We're doing our stuff and there's even a shower Primacy coming out tomorrow. So come back for that until then good. Bye.