Transcript
Oh, the copy editor. Really nailed it in this week. Live from your ESG pickle jar. That's it. That's all I have pickle jar, we got there's nothing else. It's a business pants Friday. Show here at September 5th Studios, featuring analyst whole Matt mcgarty. I love how you're the only one who gets any credit for anything but that's fine. That's I'm okay. Who gives me credit? You know. So I've created these introductions and I only announced you like I don't exist which is oh yeah why don't you? That's you know like you have you don't have control over the script today. Weekly wrap up. CEOs are fun and important. Oh, thank God. Boston is better than Providence and Liberty locks, Liberty locks. I don't know what that means. Yeah, I knew you wouldn't. Oh, I'll give you a hint. It's like Freedom fries. Can you can you? Oh I was gonna say is it's smoked salmon because that that's from a particular country that that people are upset about in the US, couldn't oh, I know exactly where this going. I was tough one. I tried. I was like, I was like, what is Norway even known for where they sell, like, how do I sell? Or no, for oil, you said oil, and yet they drive a lot of electric vehicles. Although I heard that know the, the only country That is like addicted to Tesla's is Norway of all countries, right? Norway, I still. Yeah, despite their, you know, liberal ways, anyway. Let's let's, oh, our show today is being sponsored by free flow to analytics.com. The only platform measuring board power connections and performance for free. That's a good thing. You seem happy about that. I love that. First of all, I love it because I just got a new set of data from them, updated data. And oh it's it's gonna get pushed to the platform soon and but they let me get a sneak sneak peek. I love it. And every time I get a new data set it makes me happy by the way. Happy it's possible. We have some new listeners here and there we hear whisperings. We welcome other sponsorships. If we've had, we've heard a lot of people praise us for things like our authenticity, which, you know, which I think we accept as a valid compliment. If you want to sponsor something that is fiercely authentic and independent sponsor the show. Yeah, all. So it's fiercely independent and authentic and all those things. But the listener ship, looking at the data, the information is like, we're like dealing with like Dave money, sweet investing, like, see that's trying to say that's so they're not a Dollar General on. They have a lot of spending power, what matters? Yeah. That's what audience. What Matt saying is that we have A really well, not quantity. Why are you come on? Let's do it. Come on, let's do it. No, no, I'm nervous. I love that music. I love the music. I'm nervous, because for the first time I'm using a new brow, I'm using Microsoft Edge and not Chrome and I'm worried. It's gonna like ruin the show. I'm pretty sure. Actually, it says, in in Riverside, do not use Microsoft true. I think it's working so far. Let me get the story of the week. I gotta tell you. This week was crazy for stories. I think what I've learned is that an August, everyone either goes to the Hamptons or goes to the moon wherever rich people vacation. I think it's both and they just don't release any stories. But the first week after Labor Day, it's just we've just had an onslaught of Stories on what I thought. Like, I thought it's the opposite. I thought it was like really news dump. Bad news, right before three day weekend, maybe journalists go away, too. We're journalists. Where do they vacation, they get a tent door side of the road? No Norway. I thought Norway mostly and no particular order. Here are my stories of the week, first at Nestle, Nestle, the CEO was sacked over a fair with Junior colleague. That's the headline. Ya heard about this, his name is Laurent Frey, if I don't know if I'm getting that right. But dismissed after boardroom inquiry revealed undisclosed, romantic relationship. They say another headlines that he promoted a junior colleague, he had a fair with. How about this headline? Nestle CEO acts after probe into complaints of favoritism CFO says well the CFO what we never get this kind of crap we never get like board members and Executives immediately like rat in the dude. Out point fingers being like getting on their ethical high horse. This is really strange. I gotta tell you and and listen to this new one. So this story, this is CFO anime happens to be a woman. The story came up because a an employee raise concerned. Honestly is internal Reporting System called speak up, so someone actually used system. Yeah, but here's where she said that made me laugh the matter was investigated by the board. Okay, but no evidence was found. So they, they didn't have to hire an outside counsel. A bunch of lawyers. Who, who? They, they found them. They found something the board itself. Actually couldn't figure it out at this. Yeah, yeah. Another wrinkle of the story. Wait. Yeah. Go ahead. The board didn't find it. Did they ask the CFO? Did they ask anybody? I don't know. I don't know how the board an impressive group of like a dozen of Europe's finest Business Leaders. They couldn't figure it out. They couldn't figure this out. They hired a Swiss law firm and they figured it out. Nine seconds later and he was out fast. Yeah, so okay. So here's another part of this story before I get to what I think is going on. Nelson. Oh, is a She's quoted in this. The headline is now nestled fired at Scandal Club CEO, without a payout, a really move a corporate governance. Expert says, so she's the corporate governance expert, Wellington that that checks out, right? She says that is really unusual. I think that's actively a badge of success for corporate governance because that's something investors have been concerned about for a long time. He was being dismissed and somehow getting to stay on. I don't know what that means but but I thought were talking about pets. Yeah. Yeah. She's mostly referring to like the executive chair move, right? Yeah. But the writer of the article kind of mixed up two ideas. Yeah, I think they did. But okay, so all all roads point to the board here of like a swift move, they're calling them out. They're telling everyone what the problem was. The CFO is even weighing in. I never see this. So it made me ask the question, who the hell is the board? What's going on here? And you know the board is it's basically one man. It's a guy named Paul bulky, let me tell you about Paul. Ex CEO, right? Yes. Paul has been the chair since 2017. He was the CEO from 2008 to 2016. He is their longest tenured director. He's been there since 2008. He's the longest tenured by seven years. This is his board. He's been at the company. Since 1979, a new company. Something tell. Okay. This is just I'm doing a little bit of conspiratorial math here. I'm not falling for the story that they're putting in the press this guy. Laurent. He was hired a CEO, only a year ago. Yeah, one year, I'm smelling a little bit of like a bob Iger Bob chapek problem going on here. They weren't liking the new CEO instead of talking to him, and figuring out this problem with his relationship. They pulled the plug. That's what I'm thinking, I'm thinking that they, they, they're admitting to themselves, they made a succession planning problem and they're ending his tenure. I don't know. I, I'm just, I don't mean to be cynical here. I just don't think all boards pulled the plug. So quickly on situations like this. Maybe they're just doing the right thing. Maybe, these are ethical Geniuses. I don't know. I'm smelling something a little off here and I will tell you that Nell's partner, the Sees Bob, monks told me that when you're when you're looking for corporate governance stores, if you smell something fishy, if I just, you smell something off, like follow your nose. And I'm, I'm smelling something off here. I I think Paul, I think Paul has got one to get rid of this guy. I see Bob monks. Did not tell you that recently as he stopped recently too soon. For that joke. Yeah. Here's what? So we actually I don't have not buying it. Well, so we had, we had somebody asked us about this situation. They said, what can you? And this is I said the same answer. The first time, by the way, you said the same answer the first time. And my answer was, like, look a company, like, Nestle is a professionalized board. There's basically well, Boris, yeah, it's European. But there's boards where, you know, it's because it's your opinion, you don't see and well, but the largest, but the former CEO, which is a bit on you, the former CEO is there, which is unusual. But the people around the former CEO of effectively. These are, you know, they're all professionals, they're multi borders, not one of them are, most of them are on multiple boards, right? Like, this is pulse board and you have to believe that like the board is acting in the boards best interest, right? Like I remember the board, didn't, they didn't find the problem. The first time it looked Right? I I think what we've discovered about this board in particular, is they are really bad at finding something out, but really good at making a decision. Maybe better. Something's been maybe bad CEO succession planning too. This is a, this is quite the story. It's no Kroger, but it's good. Okay. Speaking of which just to tell you how unusual, this really is, the Kroger ex CEO still in the headlines. I pulled this this week Kroger's, exeo won't have to detail. Only repeat that will not have to detail embarrassing thing. He did to get fired. So he's still we still don't know what this chump did Rodney McMullen. He did something horribly unethical too at, Kroger he got let go but we know everything about about Laurent the former Annie's CEO. I get again, even the CEO is the CFO. Yeah, that's CFO was talking gossip. I mean, that's what you're this stuff. You just Kroger CFO. Being like, yeah, I was a real dick, like, just not gonna happen. So if you have any insight on this reach out to us because I I'm just, I don't know. I'm just, I'm look, I'm not saying that. It's not a fireball offense, it is, if you're, you know, if you're breaking the code of conduct at Company. I just think that there are also plenty of scenarios where the board says, hey, let's figure this out. Like we might have to reprimand, you might have to do this but you know, I don't know. They Nestle gonna fire you immediately but what did they name an interim? Already named a successor? Already. It's another Insider, which is, which is that, that to me, is the fascinating part, right? Like, I don't let me check that while you're talking, I don't think it's a intern because, because the fact is if you can name somebody that quickly, Either the timeline is in question here, as in like they knew for longer and announced it. Now while they looked for an immediate successor or the it happened. Really swiftly and they are really good at knowing exactly who they wanted in the job next. And by that, I mean, Paul right, Paul bulky because he's the one who's been there since 1979. It's basically he's treating it like a Founder for him. He wanted next, and that's who they picked. I don't know what it is. It's so this is the his name is Philip. neural till He is, he's, he comes, he's an inside higher. He's been at the company since he graduated college, And he is already promoted as the new CEO. No. No interim. So like when credit graduate college, right? Like I think if Paul 2001 1979, then there's no way the new CEO is going to cross, the guy who's been my company, my 19th at 46 years at the company. My Bob monks corporate governance bodies since tells me that this is a bob Iger Bob, chapek moment, they think they made about that, okay? That's the first order. We Second Story of the week, you're not gonna like as much Tech CEOs. Take turns praising Trump at White House dinner. You know, we're gonna come back to this, I added them as assholes this week, okay? Can I just do the quick math on this? Can I do some ESG fun math on? I love yesterday math. Yeah so there are 25 I spent about an hour, you know, it's difficult navigating the world when when you use a combination of Internet searching and AI agents because they all give you different information so it anyway. But I feel very confident I found the list and I'm not including some of the people who worked for the Trump Administration or his wife. I'm just talking about all the actual Executives, who came? I got a list of 25 executives. So let's play a quick game and that's this. What, what were there more College dropouts, who attended or more women? Oh no. I mean, I think you kind of, I think, you know the answer already. It's 25 or 25 spent. Let me build suspense. Yeah. Oh, the difficult know, on one hand, so many College jobs, on the other hand, women are everywhere. And well, the good news before you answer the question, the good news is that we've talked a long time about this 30% of barrier. Like, alright, we got to get 30% off the boards. Yeah, but we have 30%, we have here from it. We're receding. No, no. This group of tech Executives. I'm saying they hit 30% at something. Is it women? Or is it called dropouts, who? It's definitely all so hard? It's dropouts, come on. Yeah, 32% of the cohort are College Dropout and yet only, Three of the 25 women, a 25 people are women. Only I don't pretend going to college, is the answer to everything, but one third of these people are man, boys. That's basically what we're that's the number, right? Can I tell you axios, if you're listening axios, we've been talking to axios a lot this week about releasing. Some of our data on the Bro, IPO world, all the men and they've been pushing us to get even more data to prove this and prove that actually, if you're listening, exactly 11% of this cohort is women. That's the same figure. We came up with our other things, just trust us, we know what we're talking about. I mean, it's that's a fun. That's a fun stuff. The unfortunately, one of the women is not even, she's a nepo baby. She's her dad, actually started the company. So I didn't know how to include up. That's she's a CEO, but still had to include her, but you didn't include musk because he now says, no, you must not there. He was said he was invited but couldn't attend. Yeah. And that is a segue to our next story. But before we get to that, how about this horrible story that just made me kind of cringe. One of the invite teas was such an Adela the know. I'm sorry. He was one. No, I'm actually as soon after chai CEO of Google he said this, this is the headline I'm glad it's over. Google CEO. Thanks Trump. For antitrust, resolution, that's just creepy to me. That's not the way it's supposed to work. By the way, the bricks that's the president is not supposed to be targeting the Department of Justice about about major antitrust cases. I'm surprised. They kind of said it that loudly, like, let's just thank you Trump for. Anyway, it's horrible. I feel uncomfortable about that about Okay, so let's move on. That's the second story of the week of all the tech bro and they really are Tech, Bros the math, it's Bros. It's it's man. Bros man. Baby Bros. The third story segue over to Elon Musk. I don't want to spend a lot of time on this because I don't want to thoroughly depress my whole weekend because I have a new book and I'm just I don't want to just dwell on this too much Tesla. Ready for this and I'm taking this headline. This is from The Indian. Times. Yeah, Times of India or something, I Indian Defence review. I don't know what this is. If I just, I just like the way I like the way they put this, I was gonna use a headline from CNBC. I like there's better Tesla plans to pay Elon Musk, 1000 billion dollars which means already ate it, which is a trillion dollars, right? Yeah, I like a thousand billion now. Yeah, but this is the way they said it which is they and they're like that, they added this more than Switzerland's, GDP and see. Now I'm getting depressed, more than Switzerland, GDP in a deal, tied to sci-fi level goals. So okay, this is a crazy headline, but but I think the point is real, is that this is basically like sci-fi movie villain. Like this is craziness. This is like Beyond Lex Luthor. I mean, they meant sci-fi villain. I think that's how I'm taking it. This is, yeah, worst in Lex Luthor. I mean, This is crazy talk. So and this is let me just let me highlight one other detail. I don't know if you want to talk about this. Now, if you want to talk about this, I'm gonna talk about it later, too. Until I found in. I think there's a CNBC, So Tesla chair, Robyn denholm who we know has, she's gotten really rich off of just kissing musks a lot, right? Like a billionaire. No, no, almost a quarter, three quarters of a billion dollars just in the last year or right? Or two, she's kinda. Yeah, this is really like, she's cash. They're all cashing out in the last year. Yeah. So she said, she said, the plan was designed to keep the CEO motivated and focused on delivering for the company. That's her quote. Okay, But then she went on to say that they would not put any limit on where and how musk's expenses time or require him to spend any minimum number of hours per week on Tesla business. I mean what a joke. I mean really like so they're gonna give him a trillion dollars to stay motivated and focus but and yet There's actually no requirement for him to stay focused on the company. I can't believe that we have to say out loud. Robin you should resign just for the sake of the world just resigned. You're you're not independent of anything. You're a total shill. This is embarrassing. I really so. So one of two things is probably true here. Either musk is literally a one of the kind, once in every 10 generation super, I don't care. I don't care or it's not the more likely he has no accountability and no governance because like both could be true. I guess. You imagine forget. It's Robin Denman Elon Musk pretend it's the chair or the lead independent director at GM and Mary Barra. Would you ever in the history of ever say? We are going to pay Mary Barra, even 10 billion, dollars to stay focused on her job and then they But they, we are not going to require that they show up to their job. What about just a sense of like American ethics morality? I thought we were like a Christian Nation like what are we doing anyway? But why are you what are you talking about? But you know, I'm trying to say like judeo Christian like, what are we doing? What we're enriching like one man over millions of America? What the hell is going on? Anyway whatever sense of like here's the worst part you talk about corporate governance. Here's the worst part. you could company this stupid test Tesla which by the way as I as I mentioned the opening of the show, only Norway still by his Tesla's like they suck at selling cars. I know, I know I know Elon you know you're going to sell robots one day fine, whatever. But here's how terrible the stupid company is. Elon Musk and Robyn denholm are not even up for a vote this year. No. Of course, they don't even let shareholders vote for directors every year. The whole thing is stupid. You know, it's amazing. There's a shareholder proposal right now to eliminate classical board and they're and they're only proposal eliminated, but in order to get that passed you have to eliminate supermajority voting because otherwise you need a supermajority and there's a show to eliminate supermajority voting which they don't expect to pass, right? Like I don't even know, I don't even care what you're saying anymore, listening changes NASDAQ New York, Stock, Exchange, whatever. Stop. Stop letting companies list that have that. Don't have annual elections that have. And that don't have one share. One vote, let them be private companies, just stop. Stop the reason why, the reason why we have to recognize the level of bullshit is because we talk a lot about dual class companies like fake public companies, right? Where one share is worth 10 and we talk about Tesla saying, it's one share, one vote and we talked about how like, oh well Tesla is a more a democracy. And those are and even musk himself said he wasn't comfortable without owning more of the company, and he threatened to take like, you know, AI somewhere else and his Innovation somewhere else because it was one share, one vote. He's worried about activists he's worried about, like, you know, you know, getting voted out in that stuff. But the reality at Tesla is that two-thirds of investors need to agree. To get rid of certain things in order to actually make it a democracy. Because right now, you don't even vote for half of the people. You don't vote for two thirds of the board at any given year and the ones you do vote for. It's not it's non-binding they don't have to go anywhere. One, what is the Democracy? One of the 25k leaders to be at the White House? Yesterday was a College Dropout Dylan field. He's like 10 years old. He's already a billionaire. The stock is already tanking because they're not making any money. He runs a company called figma, we're just ipo'd. We're his stupid Shares are worth 15 votes per share. Again the company is already tanking, he's already a billionaire somehow. He's And and the, what is the company do? This is, what are my complaints that I said to reporters about, why I was pissed about this bro, IPO Market. It's not just that it's it's letting men, you know, acquire generational wealth over women. Because most of them are not only are CEOs of the IPO and companies, but they, they're the biggest shareholders. But they, they create insipid companies that don't benefit Humanity at a time where we could all use a little bit of benefit. We could all use a little bit of help this guy Dylan field figma. It's like, AI, that helps you build nicer better websites. Like what really, like you're laughing because judging because you should, because it's dumb, I'm sorry. But if that's your company, yeah, you should be making like, 80,000 dollars a year. That's your cap, Dylan field. Like if we're going back to the list there, like I also noticed that you have for cats on the list. Yeah. Who's the CEO of Oracle is or isn't Oracle? Owned by Larry. Yes, Larry Ellison, yes. And I had included on the list, but you're you're really talking about, like, two of the three women in that room. Are a nepo baby and a dual under a dual class? Male dictator, I wonder what percentage dropped out of Stanford. I'm guessing it's also higher than the percentage of, well, you know, in that room, you know, it's weird too. Is that the, The Third Woman? Whatever? There's three women one, you just mentioned, Stafford. Cats, Oracle, CEO. And the most recognizable was Lisa Sue. Of course, she's the CEO AMD because of Jensen Wong, right? Yeah, was there. But the third one is net Natalie. Don't pay. She is the nepo baby daughter of the of a farmer suitable company. A privately held pharmaceutical company, from Italy. Like, what the hell is she doing there? Like, that's one of the three texts, you, I don't, but I had to include her in this in the stats, to be fair. So anyway, let's move on to the fourth story of the week. So the first was the Nestle CEO fired, second or the tech Bros at the White House. Third was incredibly horrible trillion dollar PayPal package proposed to Tesla. The fourth. I'm just calling ESG and pop culture. We had a lot of CEOs weird pop culture stories this week. First, the, I don't know if you actually went to watch the tape but there's a Polish CEO who stole a hat from a kid at the US Open. That's a good tape me uncomfortable. I they're calling him the most hated man on the internet. The second was a Turkish CEO, CEO. Threw a flower pot at an employee. I like that one, too, but don't do that. You shouldn't throw flower pots at CEO, but it was just a big week for, for, for look, the US. Open story was a big deal this week. I had to include it. Everyone was talking about it, so I just had to throw it in there if you wanted to go in a different direction. I mean, throwing a flower pot is fun, and I am tempted to pick it. I don't, I did watch the video. I don't It made me really uncomfortable. I will say that like, watching the reason why I picked the flower part one is because the CEO said that he promised to manage staff better to prevent similar instance in the future. So I only picked it as a corporate governance lesson of like he's like throw a flower pot. Well, no, it's like he stays at work and he he's promising to make things better. It's like okay. Like you. Yeah, I promise that I'll deal with my anger management problem and I picked the other story because I, I thought it was kind of funny because all the ESG sleuths out there were mad at the Polish CEO, still the kids hat. And there are there attacking a different company with the same name called drug. So the all the ESG slots are getting it wrong and they're attacking a different company with the same name. So, I love that story of the week is Nestle. It's nestled, it's no real house. It's in our wheelhouse, it's in our wheel. House. This is a massive company. I know like Americans don't think about any other place. Other than America though. Don't think but Nestle is actually like half of the things you're eating. Like they're like four food manufacturers on Earth and Nestle's one. It's like a crafts, Nestle and chipotle. Right? That's Mundelein, right? Like Chipotle. They make Doritos. Yeah. All right. Let's move on to what do we got good list. Yeah, come on. Paul bulky. He's the one who fired the CEO and that's why I know Paul bulky. Remember that name pretz journals listening to this Paul Bulky's. The guy you need to ask the question. Don't ask about the you know, the kind of. How did you have a guy so fast? Like how did you have a guy ready so quickly? What did you like? You have some kind of machine, some 3D printer or something. Yeah, it's a really good one. I have two good list of this week. You want to go first? I'll go one and then you can do one. I mean, first of all, the first one is easy for me. It is the headline was Harvard beets, Trump and judge orders us to restore 2.6 billion in front of the card for you, because it's your alma mater. I am you from Rhode Island? Yeah, I am livid at my alma mater, because Harvard sued and got the money that now, whether or not they actually get paid is still a question, right? Like they were the question, like, they're not gonna raise release the funds, to Harvard, most likely, but now, Harvard actually has leveraged in any conversation. Like, this whole thing was bulshit give us our money and they'll pursue it and and we'll see how far it goes. But look at, look at you Dopey College's that rolled over how I don't care that you paid not that much money roll over to this this situation rolling over like this protect, you know, your staff and your Students and all the stuff but you think rolling over your protected, those stabbing your students in the back but doing it's really does nothing. The short-term pain, and your faculty and your family. It's really unbelievable to me. So yeah that one made me feel good a little bit Vindicated because I'm glad that somebody fought in one. Something that would have been my choice. So I picked a couple that were like tongue in cheek good list but I, I was, I was happy. I was definitely happy to see that Harvard beets Trump. So, again, a little tongue and cheek, my first one is the Kraft, Heinz breaks up. Bumming out. Billionaire, Buffett, write like that. But, here's the thing, that is why I'm making him out. Here's the thing that I picked, why I picked, this is a good list. Let's listen to the names of the new companies. I, I almost can't believe it. I feel like I'm being trolled here. The, the one that selling things like Oscar Mayer, Kraft, singles, Lunchables. First of all, can you believe there's a company that sells that shit? Is that food? They're calling it. North American Grocery. That's not a great name. Can you even believe? That's the name. It's like a adjective and a noun. It's like a, a modifier. And a thing, like, what North American grossing, first of all, is that stuff is food like that, companies still successful? The second one? Ready for this? Ready for the second one. Remember? Crap times is breaking up. First of all, why not just call it Kraft and Heinz but whatever dude. Okay. But the second entity which sells sauces and spreads again, I can't believe it's a fing company that sells you and spreads like mayonnaise right I guess yeah and by sauces they mean catch up. Okay I don't really call sauce. It's more like not a sauce. It's like a type of toothpaste that you don't want to look like another sauce. Yeah. This is what they're calling it. Global taste elevation That's the company name or the right, where do you? I swear to you. I double check this. This is what they're saying that. What is happening Global taste elevation? That? I had to pick that for good list. That's, that's a great name Global. It's like, taste elevation. Can you have less brand value? Like your first segment is like food selling and the second segment is tongue things like right? Did I like screws? I don't know. I swear I don't like this but it is Tug and cheek goodly. It is. Yeah, I love it. It is ridiculous. What's your second one? My second one actually, is this headline US flight attendance pushed to be paid when planes aren't in? The are most of our passengers have no idea. I love, I love it. Because we just saw the Air Canada, Air, Canada. That's what they fought for. This is the value of like your union and the Striking. Wow. Did you know, they don't know, 90% of their job is how dealing with assholes on the ground? Not in the air. How's this possible? I don't know how you don't, they're there. They're there in uniform and, and they're checking people in onto the plane before. It takes up. How, how did I walk into the building where I work? I'm at work. This is as soon as they get to the airport, they should go into a door and punch in the time, right, right. Like even if you said as soon as you get on the airplane, that means when they're cleaning up the shity gum you left on the bottom of your seat. But even when they're walking, don't get paid for that when they're walking through the airport, they're probably like Snot knows, kids are probably like waving to them. That's work. Unbelievable. They don't get paid for that in the The first place, right? Most passengers have no idea. I'm super glad that they're doing something about my second. Good list is this is this this bizarre moment where we have a new Global CEO and during the Socialist world like this is kind of like Zoran mondani I don't know what's going on here. I I maybe Bernie's having another moment but here's the headline McDonald's, CEO warns of two tiered economy. What's going on here? Like you talking about Chris kimski is he joining the, the social left of the business, bro? Now what the hell's going on? So he says this. He says, particularly with middle and lower income consumers, they're feeling on there are under a lot of pressure right now. Amen. Chris he says, if okay here's the here's the line of demarcation. He says if you are upper income Earning over 100,000 dollars a year. Things are good. But for everyone else. It's shit, right? So that's his line. That's his line. But okay, here's where it's a little tongue and cheek. I don't think he said things are shit if I'm paraphrasing, but they are. But here's but here's here's the tongue and cheek part of it. McDonald's CEO, Chris Kempinski! He earned 18 million dollars last year. 19, million dollars a year before. Etc, etc. Matt last year just for the his personal flights, not not even attached to his board meetings at McDonalds. They gave him 400,000 dollars in perks. So that's four times. Four times the amount that he claims is like already a big earner. Yeah, he didn't say I have a shity time. He said we're just seeing that people like me. That's why right tongue? And she saying his CEO pay ratio last year, which actually is the lowest it's been in four years was was 1,014 to 1 which means that 11:02 a.m. and 50 seconds on the first day of the year, he earns as much as the as the median employee at McDonald's. So I just think it's a little I think is that the right word? I don't just have a sort of dispute where they like didn't want to pay wages or or set a tips or something like no, he's angry that, he's what he's angry about is that the tip workers. Are don't have to pay taxes on the tips, but his workers are not getting tips. He thinks that they should all have a minimum wage. Yeah, increase their salary, pay that more. This is just say the Chris, like, if you're gonna wait into this war then to just do the right thing. First of all, you're gonna say, living wages, living wages. If you're gonna say this and you're going to say this like knowing that your employees make less than that right? Like what what's the living wage employee living with the median at McDonald's, right? Like you're talking about 20,000 dollars a year. Like the most people, I think it's the last CEO pay ratio. It was 26,000 was the number. They used, 26,000 dollars a year. Less than 100,000 dollars a year. You got your employees. Have it bad about this about Chris kimski in 2021 when we're still kind of in the covid world. He his CEO pay ratio is 2,200 to 1. You see your you put this in good list. I feel like this is actually his tongue and cheek because I I'm glad that he's warning of a two-tiered economy. I mean, that's important. I think it's important to warning. Sure, I I'm not voting for that, but I'm not gonna let go of your Chris. I'm gonna like, I'm gonna pester you to get that living wage thing going. Get that figure it out, figure it out. My, my vote is, I'm going to vote for Harvard. Yeah. All right. Good, that we got that right? Let's do assholes. Oh, boy. It's no. I've got four, but it's all one thing. Okay. All right. So first number one, is free market capitalism. Yes. It's kind of under attack special from the right now Republic, like, they're becoming socialists company. They are full on socialism out of the Republican town in this country. All right. First of all, I want to just over to remind her on this. First one in 2024, Dear John Deere yes, Tracking Company. Detract your company cave to Robbie Starbucks. I mean, even how that happens. I have no idea. Robbie Starbucks citizen International role, internet control. No, no citizen journalists. What I said, I said, not internet control, that's what I said. Yeah, they scrapped their Dei programs in 2024. Congratulations and Starbucks said, quote people should go to work without having to feel like they have to behave a certain way in order to be acceptable to their employees. I don't even know what that means. I'm pretty sure it means they can be racist, they can be do whatever they want Herschel with the barrel. Again, is that we're talking about employees should have no like repercussions for their behavior. Well, it's funny you say that because there was there was a story this week about a Fox News announcer. Who said that, I, I can talk shit about women now because Trump won. He said that out loud. So yeah, that's kind of what Robbie Starbucks is saying, like what he's saying, like, we've earned the right to be racist to other employees. Now. Because thank God, finally. Okay. You know, finally dear, the entire board at Deer said, okay, sure. The dire dire dire said, we agree. Let's scrap all Diversity Program. Like, Costco. They could have put on our press release saying, Hell, No. But there were like, yeah, fine. We made a fun of deer because after deer scrapped their Dei programs wimps, the national legal policy, Center actually still put in a Cheryl's, a proposal demanding for a report on implied, discrimination against whites. Effectively is what they asked for and wasn't the title because they always sort of try to mask it with some innocuous sounding title but they did say that quote, in 2019, Starbucks was sued for a single case of discrimination against a white employee, who was awarded 25 million and 2023. The risk of litigation for such mistreatment is rising and companies have begun to reconsider whether they're Dei programs perpetuate, Prejudice rather than alleviated. That was the argument terrible because one white person got discriminated against That you, this isn't even know how that this is a material risk. Now, they're saying that like even though you scratch your Dei, it's a material risk. We want to report, they pushed him even farther in response to Dear scrapping. Their Dei, the national black Farmers Association. President, John Boyd actually called for the resignation of John met, the deer and boycott. The company said, they were boycotting. But I just want to emphasize that when this headline came out, the first thing I thought is I thought it was the Dei, not the like I thought it was the Diaz problem because the headline is John Deere. A US icon is undermined by tariffs and struggling Farmers. That was the headline from like yesterday? Yeah, so free market capitalism, Is basically you caved not to the market. You gave to one internet troll. Yeah. And the market fucked you up or one thing, right, wing populist. President the guy who basically is in office now because of internet trolls like Robby Starbucks put in place, tariffs, artificial taxes on you, that is killing your business. So they said we're going to save your business by scrapping the Dei and they killed your business with tariffs. So, congratulations for capitalism there. Who is the exactly the last free market capitalism. So, that's tongue and cheeky mean? Yeah, all of them. So, number two. Okay. The assholes free market capitalization. So, my foot. Okay. I did this conceit is not gonna work I but, you know, I'm with you. I'm with you. So, we're gonna play it out the number two free market. Capitalism here is the headline that I saw you. Alluded to it. Yes, us very troubled by Norway funds. Caterpillar divestment over Israel because so yeah, this was a struggle for me. So I immediately thought of Freedom fries were mad. We were mad at France because they join a horrible war against Iraq back in like what 2002 or something. And so they they the republicans in Congress, actually put in a bill. They changed the french fries to Freedom fries. So I thought, what can we do with Norway? And I, I struggle, I spent too long, too much of my morning for this out and I ended up on Liberty locks because I guess they sell a lot of salmon Liberty. I already just not gonna like you, so it's important to me. I go ahead. Here's what Lindsey Graham. Yes. All the delightful, teddy bear. Lindsey Graham. Yeah, said about this, he Lindsey Graham. He said threatened to impose tariffs on Norway and stopped issuing Visa visas, to the funds officials. Like, so, if you're official of the fund that divested from Caterpillar because of your, the fun, basically made an assessment, they said wait caterpillars. Dealing in Israel. We don't want to hold the stock anymore and Lindsey Graham is saying, we are not going to allow your officials back in our country and we are going to impose tariffs on Norway. We're not, they're not gonna leave. The officials of the fun back in the country. Yeah, they won't let them in this area. Actually, he said, Quote to those who run Norway's Sovereign, well fund, if you cannot do business with caterpillar because Israel uses their products, maybe it's time, you're made aware that doing business or visiting America is a privilege. Not a right? That's what Lindsey Graham. Senator Republic like this. I don't like this. so every time you divest from something, you don't like now for any reason, Well, they're going to what tariff you that makes me concerned because I hope your Visa I have said a million times in this show that I, I have embraced Costco and turned my back on Target, because Costco Embrace Dei in Target. Saying no to do. So does that mean that Lindsey Graham is gonna attack me and maybe no poke your Visa, you can tell you, he's gonna send you to what I'm divesting for the for a reason, he doesn't love is that all they don't agree. They made a political choice, just like everyone in the world makes every day. Like I would even get it more somehow, it's all nuts, but I would get it more. If it was an American citizen, like our American fund, who, like decided loudly to do that, which there are American Funds. I thought that was capitalism that you just make a decision. This isn't Norwegian fund. Yeah, who can invest wherever the fuck they was? So, can Americans I thought, except I said, except in Texas, not anymore Emma. Yeah. Because the free market capitalists have decided to tell you where the free market capitalists Monday. Show, where it's okay that I've asked and where it's not. Unbelievable. Number three, asshole a week. Free market capitalism. Okay, I'm see what I'm doing here. See how it's working? Yeah, what do you got? Look, I just I The way capitalism works now is you thank the dear leader. Here are the quotes from the Trump meeting. Okay. This is the Trump meeting with the tech executives. Soon, drop, which I have Google said. I appreciate that your Administration. I appreciate the year administration had a constructive dialogue, and we were able to get to some resolution. So pichai. Thanks Trump. Administration for getting to an Anti-Trust resolution. Here's what Sam Altman said. This made me throw up in my mouth a little bit. Thank you for being such a pro-business, pro, Innovation president. It's a very refreshing change. I change its going. Yeah. I think it's going to set us up for a long period of leading the world and that wouldn't be happening without your leadership, has Sam been paying attention to American history since like slavery? Why are we sucking? Donald Trump's dick. I don't understand any of it, but I don't. But why do you, why did you conveniently ignore us? History. I mean, especially since World War Two Worlds, America, drop out of college. All right. Okay, we didn't get yelled it. Yeah, you get to that class. I love. So Sam. If Sam had stayed in college, he'd realize that America has been pro-business. Long before Trump was president. Here's the funniest part to me because at one point here that's disgraceful sin, you need to go away too. At one point Trump started pointing at Executives and asking them how much they were planning to invest in America. And Tim Cook said 80 billion dollars a year and saw ya Nadella. No Satya Nadella said 80 billion a year and Tim Cook said, like 20085 90. Then it came to Mark, Zuckerberg who's sitting right next to Donald Trump. And when Donald Trump pressed him for a number Zuckerberg, replied, that meta, would invest at least 600 billion in the US through 2028. Okay. So he's there, he's doing a multi-year. He's trumping the other, you know, literally, they just sat around and they were like what number will Donald Trump. Think is the coolest. Everyone say a bigger number as you go around and you could see them in that Middle School way where they're like, like, I punched three kids. I punched four today. I took seven kids, lunch money. I did 12 kids in the last two days. Look, this is why this baby. This is why I'd like to think that shows like this are important for our democracy is That, that famously, a lot of the pledges, especially around Trump. I already this year, I think it was soft. Banks pledge is bullshit. These pledges don't amount to there where they start, it will make lip service and these videos believe should be held accountable. Carnival this though, the one that always, that always makes me angry of Courts is Elon Musk. Who promises everything to his shareholders is never accountable for any of it. He just gets to say stuff. But like, you know, that the the number that Mark Zuckerberg is doing, he's literally sitting there and he's making up a number to PLS Trump right there, because he's right next to me. He's making up a number. It's so dumb. And when you actually do the math on these numbers and I could tell you this for a fact because it happened in the reverse. So right now, we're pleasing, dear leader, the conservative Trump Administration. But when I was an analyst back at the mothership you were you, I thought you were a lunatic on a milk crate and time. Square. Well, that's what we call analysts at msci. I actually had to look at, like, all of these Banks would come out with massive numbers for how much green Finance or climate Finance. They were going to fund and all the banks with Trump, the last bank, it was literally the same thing, except there was no Administration asking for it, but they were they come out and say we are going to fund 10 billion dollars in the next five years in climate finance. And the next one will come out. We are going to fund 12 billion dollars in the next nine years eventually and this 600 billion. Yeah. And and that's exactly, you get to 600 billion. So, the price is, right, except you can't go over in the price is, right? I'm gonna tell you right now, something that happened behind closed doors. This is 15 years ago, so I don't think it matters anymore. But Goldman Sachs put out a number that said they were going to fund ten billion dollars in like seven years or something like that. And I wrote in a report that we ended up sending to Goldman, to get verification, I wrote down, I said, I cannot account for this number. The, when I do the math, what I find is that they finance their double Counting. So, these Banks, basically if they all Finance together one company, they don't tell you the amount that they raise, they tell you, the total amount that they financed and they all claim credit for it. So every one of them gets triple or quadruple, or quintuple the number that they like a financing. I did all the math and I sent it back to them. And I said, you said you raised 10 billion, I can only come up with like 1.7. Oh, can you describe the difference and they came back and they sent me a spreadsheet that was unlocked. I was like I'm not allowed to talk about the specifics of the spreadsheet but they counted every possible thing they could that they had done already or were going to do, they didn't add anything new to it and they don't we're happy to say, we double count All of these numbers are Fiction's. Yes. Now we're doing the same thing to conservatives, so you didn't like what we did with the lefties and the climate activists and the ideal logs over there sit like who are claiming all these big numbers. They wanted like to look. Now you're doing the same exact thing with dear leader. It's a fucking joke. All right. Come on. Who's your favorite? Fourth. Free market capitalism. Oh wait, I already did that one. Okay, what do you got? I just I have to bring up the musk PayPal. We'll spend more time on this next week. I think we're gonna spend a lot of time on it, but effectively I'm getting into the nitty-gritty of the pay package, the one trillion dollar number and it's not one trillion. My number is, he's is likely net worth when we're done with. This is 1.5 trillion and the way he gets there is, um, is is to turn Tesla into a meme stock Again by acquiring all of his private companies and taking the multiple on the mean, right? And that was a, that was whispered and the past, right? That he wants to have a big horrible evil empire called of all things X. Yeah, yeah. And he said, it's like a movie that out in the Press. Kara Swisher has been talking about it for a long time that that's, that's been his like, his desire. This is the movie villain desire. The way. He now can make himself. The world's first trillionaire, is to leverage all those private companies. Inside of Tesla, his piggy bank and get control at the same time. Like, he'll end up with 25% control of the company. I made a decision, Elon, I figured something out. First of all, we already have, we have other car companies, we have other social media companies. We we have other companies, we have NASA. Can go to space. We don't, we have other AI company. We don't need you anymore. Why don't you just retire? Why don't you hears? Move back to South Africa. He's a part of the free market. Capitalism, like related to this, that I find the most comical, the special committee at Tesla special special, that's what they called it. They called it. It's not a special committee attested. This was two people because they cannot find anyone independent on the sport. And even the people they found are not one of them is, maybe independent, not independent, but closest it's Robyn. Denholm Who was every committee and is nowhere, close to being independent. When you see him. He makes we actually alluded to it. Right. She made you know, nearly a billion dollars in the last few years. That's not independent of anything now and the other person is Kathleen, Wilson Thompson, okay, Cathleen Wilson Thompson. Who is on the committee? The special committee to decide his giving him back, 90 billion dollars. You know, for the old payback is that was taken away by Delaware and this new PayPal package. Cat guess who the only one on the pay special committee up for a vote this year. This I know official Lambs, not robbing Denham. I know that so Kathleen Wilson Thompson. Congratulations on getting voted out of Tesla because investors are going to be so pissed at the only person they can vote on. Can I? So those are my options. Yeah so can I just say free market capitalism? Yes. That's the correct answer. But can I just say that the one I would focus on The most, I think would be this this very disturbing Lindsey Graham. I find that unbelievable, that's really terrifying, all right, and childish and Petty and Incredibly hypocritical. Let's do headlines, winners predictions, good to help out of here. That's you're trying to say is, let's get the hell out of here. Let's get out. I have a bunch of headlines. I I was tickled. Again I told you I tagged so many good stories this week hats off of this first one you know I love headlines where they're not specific and just a bunch of nouns and adjectives thrown together. And I again I double check this, this is serious, this is an actual headline. And let me see if you can guess what the story is. But this is the actual headline. I don't know what they're afraid of here. I don't know why they don't want. They don't want to tell you who or where or what Giant Food Company. Fires CEO after Anonymous reports, raise alleged romantic relationship with employee. Giant Food Company, fire CEO. That's the Nestle story. Yes. Do they think Americans are just too stupid to know what Nestle is or do they think that what do they think Giant Food Company? I mean. Okay, so In fairness, yeah, that headline is from people. Okay. So like, but isn't that like like a trashy rumor rag. Right? Like come on. So I need people they're gonna be like what people are actually, they got it backwards, the Romantic relationship should have come first and then everyone would have read it. That's true. My next one. I love the Dopey Jim Kramer quotes. This is the guy from CNBC. I don't know how what? CNBC I know you're listening. Give us a show like, yeah, if you can, let this chucklehead make quotes like this with, just like his rent, random, opinions. Let us who spend dozens of hours every week doing actual research. We said it's under our website where it's fact based snark. Everything we talk about is Based on thorough research and facts. Public filings. Etc. Here's what Jim Cramer say. Here's the headline palantir Technologies. CEO is the smartest person ever to live, says, Jim Cramer. I know you're laughing but but come on if you can let that guy have a show. Give us a show at 2 a.m. when no one's listening ever to live. Just let us have. Let us have a show my third headline which I just think is incredible. I just This is the National Basketball Association of Basketball Coaches board of directors, the nabc, right? So many words in there. A little boards that we cover here. The yeah, this is the headline Pope Named to nabc board of directors. Wait. Look just take it at face value. I just a great headline it is a good headline and I hope it is unfortunately it's not our holy pontiff but I just here's one this one speaks for itself. A Midwest lawyer named Mark Zuckerberg wants the other Mark Zuckerberg to stop ruining his online Foot Pro. Good luck with that. Good luck. I just like the Midwest, lawyer considers the other, the other Mark Zuckerberg. Good luck. That like, he's the other one. And this one made me giggle Newsmax, sues Fox News for allegedly abusing Monopoly power, okay. the Monopoly power, they are alleging in court that Fox News has is right-wing thoughts, I'm not kidding, but can't just change the channel. The lawsuit alleges that Fox News is abusing. Its power, as the leader and conservative leaning news. I don't understand. You can't, I didn't realize that. Paul ideology was a monopoly position. Well we like okay he wasn't stupid. Thoughts about corporate governance and yes, right. My immediate thought was who do we have to Sue? Or who's going to sue us? Yeah, for our snarky governance Monopoly. Okay, who sings us? Come on. All right, who's your winner easy for me? It's it is the chair and former CEO and the longest tenure director at Nestle. Paul bulky bulk a good one. Clearly won the week. He's a big man over there nestled. I I've got two winners. The first is Intel because this is turning out to be the best trade ever, a cash. Intel got nine billion dollars in cash and that 9% of 10% of its voting rights back, the diluted, the voting, the descending voting, share right? So now, 10% of you have to like, you have a smaller number of shares with which to vote against anyone there. So, The guy on second base and meetings, and to get that they did nothing. They got the same money they were going to get what I do know they had to go have a dinner with Trump which I actually would not want. Can you imagine like if you get you had to go have a dinner on all you got joke? Yeah. Like they like the Trump Administration said like we're gonna give you this money. It was a grant. So like you didn't have to give up any equity for it but now they're like oh we're gonna take Equity, we got a stake in you but really what they got was no opposition. And now does this headline? Trump deal? Lets Intel move factories overseas. Oh yeah, that's not even funny. Yeah, Elizabeth Warren. That's horrible. So now Intel, the manufacturer stuff here. Again, all political theater, all political, it's the same thing with Tim, Cook it up. Well, Tim Cook went to have dinner with Trump a month ago and then they agreed like, oh, I guess you don't have to make the iPhone in America. Don't worry about. Isn't that the thing you've been arguing like American company taking America? But oh, by the way, all the other companies need It makes stuff here but you don't, because we want you to be cheaper or what like what is that. And in the last few jobs reports last few jobs reports that the sector that's really struggling is manufacturing. So I don't know what, I don't know what Trump is figuring out here Geniuses, what else? Like your other winner and my second winner, my sub winner here is a lefty climate activist named Jay Butera. Have we talked okay, before we've never talked about him and with good reason you Tara, is that he's on The Advisory Board of the citizens climate Lobby. He's Robbie Starbucks on the board, probably know. He did not get asked to be on that board, but he's a long time climate activists and, and he invested in climate solution of brown like you. That's, I love. Oh, I love JB Tara, but I'm angry at brown right now, JB Terry submitted a shareholder proposal at Tesla, asking for a political neutrality pop. Policy. Which made me get JB Tara. You unwittingly I know you're doing it because Elon Musk stepped into far-right conspiracy theory politics and you're saying like Tesla is a climate company. Like I want him out of those politics, like he's alienating his customers, all that stuff. I love it because it's literally the ask that conservatives are demanding of every company. They go in that they're saying like you like they're looking for political neutrality policies. They have score cards about political neutrality. They're saying conservatives are discriminated against at court in Corporate America. And Lefty climate activists managed to ask for the exact same thing. We're all the same. It's all the CSG. This, he's one of my winners. Interesting board citizens. Climate Lobby, not only J Butera but they have two actors Don Cheadle and Bradley Whitford, you know, from West Wing. Yeah, and and guy, they have a dead man on their board. George Shultz, the former, you know, he was in the Reagan, The Raven cat happen. Yeah, I think like 10 years ago He's listed on the board despite that they also told you that he died in 2021 but still listed on the boards. Interesting board, very interesting board, two actors in a dead man, I love it. All right, who's your predictions? My Deezy Nestle. That's the company I'm talking about this week in light of Kraft Heinz. What are they changing it to Global? Yeah, I like Global taste sensation. Is that what it is? I have to scroll to that Global taste elevation in light of elevation, and let that Nestle because they want to try to like, get out of the the shadow of this Scandal. They're gonna change. Its name to human nourishment Ventures. I like that. It's a good name though. That's a good name. I have a quick one. The US government will take a 100% stake in Caterpillar tractor supply and Harley Davidson because the free market is just manly in the 19th. Yes, right. That's the free market. Well, you know what isn't, why does Nestle change his name to Giant Food Company? I think that would be better. Isn't that better than Tractor Supply changes named giant Tractor Company giant manly Vehicle drivers. We are free float. We did not get to approxi count on this week. We will get to one next week, you care. So we're going to cover that this coming week because we was coming. And if you didn't see Cheryl the Primacy, Mike Levin and lipton's podcast came out, they talk about Intel, they talk about the government's, taking it fascinating conversations, get that podcast until next week. Good