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Whether you love business news or feel like you’re supposed to know it but hate it, Business Pants is business news for humans. Snarky and irreverent, deeply researched and factual, a podcast devoted to market quirks and the humans that make up companies. Investing isn’t a what, it’s a who.

  1. HACE 8 H

    War on women, war on Iran, war on investors, but Jack Dorsey has a “Love” hat at least

    Story of the Week (DR): War Saudi Aramco CEO issues stark warning: Iran war could bring ‘catastrophic’ shock to global oil Prediction markets face questions on Iran war bets, from regime change to nuclear detonation The Maduro Capture (Jan 2026): Just hours before the U.S. captured Venezuelan President Nicolás Maduro, a new Polymarket account wagered $30,000 on his removal Israeli Military Indictments (Feb 2026): At least two individuals in the Israeli defense forces were reportedly indicted for using classified intelligence to place winning bets on the specific dates of military strikes in Iran National Security Risk: A recent report by Responsible Statecraft warns that officials with the power to influence military timing could alter operations to maximize their payout  The Atlantic Council recently warned that foreign adversaries can "weaponize the odds" by dumping money into a thinly traded market to create a false narrative that a country is about to collapse, potentially triggering a real-world panic or bank run. Kalshi (private) 1/13/25: Kalshi names Donald Trump Jr. as strategic advisor Polymarket (college dropout Shayne Coplan) 8/26/25: Kalshi Advisor Donald Trump Jr. Joins Rival Polymarket Board Trump Jr.’s 1789 Capital is making an eight-figure investment in the controversial prediction-market company. AI Jobs Anthropic just mapped out which jobs AI could potentially replace. A ‘Great Recession for white-collar workers’ is absolutely possible The most AI-exposed group is 16 percentage points more likely to be female, earns 47% more on average, and is nearly four times as likely to hold a graduate degree compared to the least exposed group. Sam Altman admits AI is killing the labor-capital balance—and says nobody knows what to do about it Oracle expected to slash thousands of jobs as massive AI spending creates financial cash crisis Layoffs are feeling awfully tempting for a lot of companies right now CEOs are using one number in the AI age to decide how many people they still need Revenue per employee Patreon's CEO says AI will be a 'bloodbath for the world's creative people' unless tech companies pay up Atlassian slashes 10% of workforce to 'self-fund' investments in AI and enterprise sales The unexpected 92,000 drop in payrolls is a clue we might be reading the AI jobs narrative all wrong Worker pain AI Is Forcing Employees to Work Harder Than Ever AI Job Loss Is Breaking the Psyche of Workers, Psychiatrist Warns ‘AI brain fry’ is real — and it’s making workers more exhausted, not more productive, new study finds Economist Dambisa Moyo says CEOs must play a role in sustaining the consumer class as AI eliminates jobs This could only happen if we weren’t controlled by the TechBro Dropout Gang CII ‘Not a goodbye…’: What Adobe CEO Shantanu Narayen told employees after announcing decision to step down Shantanu Narayen, CEO of Adobe for 18 years, will step down once a successor is appointed, while continuing as board chairman. Google Hands Sundar Pichai $692M Package Tied to AI Bets Package uniquely ties executive pay to Waymo autonomous vehicle and Wing drone delivery venture performance Compensation structure sets precedent for linking CEO pay to specific AI business unit success rather than overall company metrics So now CEOs can either game their bonus by obsessively focusing on one thing or doom the rest of the company by obsessively focusing on one thing or both As You Sow Files Lawsuit Challenging Chubb’s Refusal to Put Shareholder Proposal Addressing Climate-Driven Insurance Crisis on Company Proxy The proposal asks shareholders to vote on whether Chubb should commission a report assessing whether pursuing subrogation claims against parties responsible for climate change could reduce losses, benefit shareholders, and help preserve affordable homeowners insurance. This lawsuit follows the SEC’s decision to abandon its longstanding role as a neutral arbiter in the shareholder proposal process. In November 2025, the SEC announced that it would no longer review corporate no-action requests under Rule 14a-8, effectively forcing these matters into court—an expensive and lengthy process. Sen. Elizabeth Warren Slams SEC As 'Lap Dog For Trump's Billionaire Buddies' After It Dismisses Another Crypto Case "The SEC should not be a lap dog for Trump's billionaire buddies" Live Nation, Ticketmaster’s Owner, Settles Antitrust Case With Justice Dept That was fast Live Nation Entertainment board includes Trump administration bro Richard Grenell  2 of 12 are women Grenell is somehow the president of the Kennedy Center for the Performing Arts despite no background in anything resembling “the Arts.” He replaced a woman, Deborah Rutter. The chair is President Trump. Of course. And the board now is down to only one woman: 2 years ago it was 60% female. Glass Lewis recommends voting against Starbucks director over ‘board-level E&S oversight’ New York State Comptroller, New York City Comptroller, SOC Investment Group, Canadian responsible investment association SHARE, Merseyside Pension Fund, and Trillium oppose the re-election of lead independent director Jørgen Vig Knudstorp, as well as Beth Ford, chair of Starbucks’ Nominating and Corporate Governance (NCG) committee. Ford was chair of the EPCI committee and now leads the NCG committee, which assumed some of the responsibilities of the EPCI when it was disbanded. In its benchmark policy proxy paper, Glass Lewis has recommended investors vote against Ford. Goodliest of the Week (MM/DR): DR:Uber rolls out women-only option in the US DR: CEOs of failed banks would have to surrender pay under bipartisan plan Senate legislation would mandate “clawbacks” of executive pay, three years after the collapse of Silicon Valley Bank. MM: 24 states, Nintendo sue Trump over tariffs as refund fight grows Costco CEO Ron Vachris Pledges to Return Tariff Refunds to Shoppers MM: Andrew Yang says we should stop taxing workers — and start taxing AI Assholiest of the Week (MM): War on Women: part 1 Alex Karp Palantir CEO Makes Shocking Confession on Disrupting Democratic Power Palantir CEO Alex Karp thinks his AI technology will lessen the power of “highly educated, often female voters, who vote mostly Democrat” while increasing the power of working-class men. “This technology disrupts humanities-trained—largely Democratic—voters, and makes their economic power less. And increases the economic power of vocationally trained, working-class, often male, working-class voters,” Karp said in a CNBC interview Thursday. “And so these disruptions are gonna disrupt every aspect of our society. And to make this work, we have to come to an agreement of what it is we’re going to do with the technology; how are we gonna explain to people who are likely gonna have less good, and less interesting jobs.” To Alexandra Schiff, ex WSJ reporter and daughter of Tom Wolfe, who wrote a semi adoring Silicon Valley book in 2017 holding Peter Thiel as a god (and now sits on this board with Thiel), and to Lauren Friedman Stat, who only seems to post Palantir sizzle reels and as best I can tell is married to a “David Stat” who is the name of a “Director” (not on the board?) of Palantir who is in a Form 4 for selling stock: What the fuck are you doing.  Do you read what this dude says?  Are you that cucked to the tech bro elite you can’t stop and say, “Hey, Alex, maybe tone down the suggestion you’re trying to stop female Democrats from voting?” War on Women: part 2 Glass Lewis recommends voting against Starbucks director over ‘board-level E&S oversight’ Because Starbucks disbanded the Environmental, Partner and Community Impact committee of the board - launched in 2023, dissolved in November 2025 Committee launched after majority supported SHP to focus on labor issues Jorgen Knudstorp and Daniel Servitje, the OTHER committee members, somehow escape entirely Knudstorp is the Lead independent director, Niccol is the CEO and chair of the board (yes, chair) But instead of targeting Niccol or even Knudstorp, Glass Lewis targeted the female chair of the committee… ONLY If the CEO gets to be chair - doesn’t the CEO have to take responsibility for board overall?  If you have an LID, are they accountable??  Why would the chair of a committee be target without the chair of the board or LID?  Can a committee chair dissolve their own committee?? Cracker Barrel - the scapegoat was the person of color who had “diversity” in their job description, not the longest tenured director who was also chair of the board but was a white guy - and Glass Lewis suggested voting out the brown dude War on Women: part 3 speed round DOGE, DEI, and climate change Black women were disproportionately impacted by DOGE cuts. A year later, they're rebuilding careers for themselves and each other I Watched 6 Hours of DOGE Bro Testimony. Here's What They Had to Say For Themselves Over the course of a six hour long or so deposition, Justin Fox, a former investment banker turned DOGE bro, refused to define what he believes counts as DEI; admitted he used ChatGPT to scan government contracts for terms such as “Black” and “homosexual” but not “white” or “caucasian;” and said that one of the grants he helped slash was “not for the benefit of humankind” before walking that claim back. Why ‘bringing your whole self to work’ is a trap, especially for women Former Goldman Sachs CEO says DEI programs are ‘counterproductive,’ arguing ‘you’re branding the people in that program’ Climate change: Women face worst impacts as funding support falls short In 2025, a UN women report warned that under a worst-case climate scenario, up to 158.3 million more women and girls may live in extreme poverty globally as a result of climate change by 2050 Headliniest of the Week DR: Shell CEO's Pay Jumps 60% Despite Profit Drop and Fatal

    59 min

  2. 4 MAR

    BLAME GAME: Broadcom pay, McDonald’s burger, Geo Group “coup”, Iran war

    DAMION Broadcom CEO Pay Soars to $205.3 Million After AI-Fueled Rally. WHO DO YOU BLAME? The workers: “The median of the annual total compensation of all our employees is $378,281. Therefore, the Ratio calculated in accordance with Item 402(u) of Regulation S-K is 543 to 1.” Board chair Henry Samueli: completely non-independent. Owns $27B of Broadcom stock Director Since: 2016. Chairman of the Board since 2018.  served as Chief Technical Officer (2016-2018) co-founded Broadcom Corporation in 1991 and held several executive leadership positions at Broadcom Corporation until its acquisition by Broadcom Inc. Compensation Committee chair Harry L. You 337,162,605 against votes at 2025 AGM The other 8 directors combined: 252,626,537 Annoyingly preoccupied: Current Roles Chairman: Rain Enhancement Technologies Holdco, Inc. Executive Chairman: Berto Acquisition Corp. (2025 – Present) Interim CEO: dMY Squared Technology Group, Inc. (2025 – Present) CFO: dMY Squared Technology Group, Inc. (2022 – Present) Chairman: dMY Squared Technology Group, Inc. Past Roles (Operating Companies) Vice Chairman: GTY Technology (2019 – 2022) Director: IonQ, Inc. (2021 – 2025) Director: Coupang, Inc. (2021 – 2023) Director: Genius Sports Limited (2021 – 2022) Director: Rush Street Interactive, Inc. (2019 – 2022) Director: Korn/Ferry International (2005 – 2016) Past Roles (SPACs) Co-CEO: dMY Squared Technology Group, Inc. (2022 – 2023) Director: Coliseum Acquisition Corp. (2023 – 2024) Director: dMY Technology Group, Inc. VI (2021 – 2023) Director: dMY Technology Group, Inc. II (2020 – 2021) Director: dMY Technology Group, Inc. IV (2020 – 2021) CEO Hock E. Tan McDonald’s CEO awkwardly samples his company’s new burger in viral video The disgusting food at McDonald’s Hyper-Salinity: Contains up to 75% of daily sodium in one meal, causing immediate "salt bloat" and dehydration. Low Moisture: High salt and thin patties "mummify" the meat, preventing natural decay and creating a "plastic" texture. Dough Conditioners: Buns use enzymes and monoglycerides to stay unnaturally soft and shelf-stable for weeks. Insulin Spikes: Added sugars (dextrose/HFCS) in the buns trigger rapid blood sugar crashes and lethargy. Industrial Additives: Use of sodium citrate (for plastic-like cheese melt) and antifoaming agents (in frying oils). Flash-Freezing: Destroys meat cell structures, resulting in a gray, rubbery texture rather than a juicy sear. The McDonald’s attack on society The "Bliss Point": Engineered ratios of salt/sugar/fat that override the brain's "full" signal, feeling predatory rather than nourishing. The Uncanny Valley: Extreme consistency makes the food feel "fake" or "soulless" compared to artisanal, imperfect meals. Industrial Stigma: Global face of factory farming, mass land use, and high methane emissions. Disposable Culture: The lack of dining ritual (eating fast in a car/bag) leads to a psychological "guilt" or "grossness" post-consumption. Commodity Perception: Ultra-low pricing subconsciously signals "low quality" or "trash" ingredients to the brain. The controversial stain of CEO Chris Kempczinski "Failed Parents" Texts (2021): Leaked texts to Chicago’s Mayor blaming the parents of Jaslyn Adams (7) and Adam Toledo (13) for their shooting deaths, stating they "failed those kids." The "Numbers Don't Matter" Remark: Reportedly told Black executives "numbers don't matter" when confronted with the decline of Black leadership from 42 to 7 executives. $10B Byron Allen Settlement (2025): Settled a massive racial stereotyping lawsuit regarding the company's refusal to contract with Black-owned media. VP "Purge" Allegations: Lawsuits from high-ranking female executives alleging a "war against the African American community" via demotions and ad-spend cuts. Peaster Retaliation Case: Allegations that Kempczinski "shunned" his Head of Security for challenging his "racist" texts during a company town hall. The "Franchisee Gap": Confirmed a $400,000 annual cash-flow deficit between Black-owned and White-owned franchises. Enforcement Loophole: Revealed that "Global Brand Standards" are largely unenforceable suggestions for the 95% of restaurants owned by franchisees. DEI Backsliding: Criticized for quietly removing DEI goals from executive bonus structures shortly after the audit concluded. "Tough Love" Comments (2026): Blasted for "corporate gaslighting" after telling workers "nobody cares about your career as much as you do." "Broke Customer" Blame: Attributed declining sales to "low-income/broke" consumers while simultaneously defending aggressive menu price hikes. Predatory Pricing Tactics: Leaked internal documents showed teams targeting "budget-constrained" families with high-margin "add-on" items. Extreme Pay Inequality: Scrutiny over an $18–$20M compensation package, creating a 1,200:1 pay ratio compared to median workers. Franchisee Revolts: Intense friction over $70M in new tech fees and the 2025 cut of $100M in subsidies for worker tuition and Happy Meals. Cultural Legacy: Ongoing criticism for failing to dismantle the "boys' club" atmosphere inherited from predecessor Steve Easterbrook. Lead Independent Director Miles D. White Director since 2009. What was really behind Jack Dorsey laying off nearly half of Block’s staff? CEO cited AI advances in cutting 4,000 workers, but a weak crypto market and declining stock price may also be at play. WHO DO YOU BLAME? Co-founder and CEO and Chair Jack Dorsey: 46% influence/41% voting power It is also the Board’s duty to oversee senior management in the competent and ethical operation of the Company … ensure that the Company is committed to business excellence, ethical and honest conduct, and the highest levels of integrity.” Gender Diversity: The benchmark we reference for gender diversity is 50% representation for women. Board is 30% with 5% influence Leadership is 27% Co-founder and director James McKelvey: 35% influence/10% voting power The Classified board structure The Class B shares worth 10 votes (co-founders control 99.6% of these shares, Dorsey with 80%) Would have lost management vote on 2025 Equity Incentive Plan 769,264,245:171,645,010… 171,343,335:171,645,010 Jay-Z GEO Group leadership transition On February 6, 2026, J. David Donahue, the Company’s Chief Executive Officer, provided notice to The GEO Group, Inc. (“GEO” or the “Company”) of his retirement effective February 28, 2026 (the “Separation Date”). (i) $104,167 per month commencing on March 1, 2026 and continuing through February 28, 2028 in accordance with the terms of the Consultant Agreement (ii) health insurance premiums for himself and any covered dependents for up to twenty-four (24) months (iii) the outstanding unvested stock options and restricted stock previously granted to Mr. Donahue will continue to vest On February 9, 2026, George C. Zoley, GEO’s founder and Executive Chairman, was appointed Chief Executive Officer effective March 1, 2026 $1.2M/200%/300% Days after Trump’s 2024 reelection—which private prison companies funded to the tune of over $1 million—Zoley hailed the “unprecedented opportunity” of the incoming administration’s mass deportation campaign. “The GEO Group was built for this unique moment in our company’s [and] country’s history, and the opportunity that it will bring,” he beamed. George C. Zoley founded GEO in 1984; was appointed Executive Chairman on July 1, 2021; served as CEO from the time the Company went public in 1994 through June 2021; served as Chairman since May 2002; served as Vice Chair from January 1997 to May 2002. Prior to 1994, he served as President and Director from the Company’s incorporation in 1988 Feb 2026: completed a US$92.45 million share buyback WHO DO YOU BLAME? The GEO Group Emperor: George C. Zoley 84% influence! founded GEO in 1984; Chair (2002-2021); Executive Chair (2021-present); CEO (1994-2021); Vice Chair (1997-2002). Prior to 1994, Director (1988-) 3% stock owner The Trump bromance: Days after Trump’s 2024 reelection—which private prison companies funded to the tune of over $1 million—Zoley hailed the “unprecedented opportunity” of the incoming administration’s mass deportation campaign: “The GEO Group was built for this unique moment in our company’s [and] country’s history, and the opportunity that it will bring,” he beamed. Pam Bondi: The current Attorney General was a former lobbyist for The GEO Group A GEO Group subsidiary, GEO Acquisition II Inc., donated $1 million to a pro-Trump Super PAC. Additionally, the company contributed $500,000 to the 2025 inaugural committee—double what it gave for the 2017 inauguration The economic opportunism of private prisons with ICE contracts 2/13/26: Private prison company GEO Group on Thursday reported a company record of $254 million in profit last year—a roughly 700% increase over 2024—driven by asset sales and contracts with the Trump administration to build several new US Immigration and Customs Enforcement detention facilities across the US. The top 4 sleepy institutional investors (34%) Blackrock 13.8%  Vanguard 9.5%  Wolf Hill Capital Management 5.5%  FMR 5.0% The CEO clown car after June 2021 meant to keep Zoley powerful Jose Gordo (1/1/21-12/31/23); was also director Brian Evans (1/1/24-12/31/24); was not director J. David Donahue CEO (1/1/25-2/28/26); was not director The intentionally incompetent Compensation Committee in charge of succession planning 2025 proxy: Jack Brewer (Chairman), Thomas C. Bartzokis, Scott Kernan, Terry Mayotte Brewer is former NFL player Bartzokis is cardiologist Kernan is Agency Secretary of the California Department of Corrections and Rehabilitation Mayotte has stepped down 2024 proxy: Terry Mayotte (Chairman), Thomas C. Bartzokis, Scott Kernan, Andrew Shapiro 2023 proxy: Terry Mayotte (Chairman), Anne N. Foreman, Andrew Shapiro 2022 proxy: Richard H. Glanton (

    50 min

  3. 27 FEB

    Vanguard cowers, Dorsey’s AI employee apocalypse, Netflix flinches first, and Burger King’s HAL

    Story of the Week (DR): Netflix Backs Out of Bid for Warner Bros., Paving Way for an Ellison Takeover Netflix CEO Sarandos visited White House right before streamer said WBD deal is off Equity Holders Public Investment Fund (PIF) Saudi Arabia ~$8 billion Qatar Investment Authority (QIA) Qatar ~$8 billion L'imad Holding Company UAE (Abu Dhabi) ~$8 billion Total Sovereign Equity Middle East Consortium ~$24 Billion While these funds provide nearly 60% of the equity needed for the takeover, the deal is structured to prevent a "block" by the U.S. Committee on Foreign Investment (CFIUS): Non-Voting Equity: The funds will hold "passive" stakes. This means they do not have board seats, voting rights, or direct say in daily operations. The Ellison Safeguard: Tech billionaire Larry Ellison (Oracle) and his son David Ellison (Skydance) are the primary controllers of the voting power to maintain "American control" over sensitive assets like CNN and CBS News. Neopbaby dropped out of USC film school in 2005 Jack Dorsey’s Block to Lay Off 40% of Its Workforce in AI Remake MM Jack Dorsey's mea culpa after Block layoffs: 'We overhired' Jack Dorsey struck an 'empathetic' tone as he laid off nearly half of Block "I had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. I chose the latter." C3.ai slashes 26% of staff as CEO admits failure to deliver and 'burning too much money' Jamie Dimon says society should start preparing for AI job displacement: ‘Now’s the time to start thinking about’ it WiseTech Global cutting 30% of workforce in AI restructure Jack Dorsey just gave us our first glimpse at how doomsday layoffs could work in the AI era — and it's bleak Block Co-founder and CEO/Chair Jack Dorsey: 46% influence/41% voting power Co-founder and director James McKelvey: 35% influence/41% voting power Classified board Class B shares worth 10 votes (co-founders control 99.6% of these shares, Dorsey with 80%) CPO not part of leadership team 13 state AGs win victory against ESG with Vanguard settlement Here are the 5 key points of the victory: $29.5 Million Settlement: Vanguard agreed to pay a total of $29.5 million to the 13 participating states to resolve claims that it violated antitrust laws through coordinated climate activism "Strict Passivity" Commitments: As part of the deal, Vanguard pledged to return to a "passive" investment role. This means it will no longer use its shareholder influence to dictate corporate strategy, nominate directors, or push environmental and social proposals that could reduce company profitability. Expanded Proxy Voting: Vanguard will expand its "Investor Choice" program to funds representing at least 50% of its U.S. equity assets. This allows individual investors—rather than the firm’s management—to decide how their shares are voted on major corporate issues. Protection for Energy Industries: The lawsuit alleged that Vanguard, BlackRock, and State Street formed a "cartel" to suppress coal production and drive up energy prices. The settlement requires Vanguard to prioritize customer profitability over "woke" social agendas that target the American energy sector. As a part of the settlement, Vanguard will “pay $30 million in fines, turn over all documents related to their coordinated ESG activism, and end all ESG activism for years to come,” Executive director of Consumers’ Research Will Hild said Participating States: Alabama, Arkansas, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, Texas, West Virginia, and Wyoming. Epstein junk Larry Summers Will Resign From Harvard After Jeffrey Epstein Revelations He will leave at the end of the academic year. Former Nebraska Sen. Bob Kerrey Resigns From Monolith Amid Epstein Emails Was Chair; board down to 8 men and 0 women Hillary Clinton suggests the House Oversight Committee should subpoena Elon Musk in combative opening statement World Economic Forum CEO quits after Epstein links examined Børge Brende, is stepping down, after the forum launched an independent investigation into his relationship with Jeffrey Epstein. Brende, a former Norwegian Minister of Foreign Affairs, has announced he is stepping down from WEF to avoid “distractions” Corporate boards Statoil, Member of the Board (2012–2013) Mesta, Chairman of the Board (2009–2011) Epstein files: Ex-UK ambassador to U.S. Peter Mandelson arrested in London London police released Peter Mandelson on bail Tuesday following his arrest for suspected misconduct in public office. The former U.S. Ambassador is under investigation for his ties to Jeffrey Epstein, mirroring the recent arrest of Andrew Mountbatten-Windsor on similar grounds Board roles Global Counsel (Co-founder, Chairman, and major shareholder) until 2025 Chairman of Lazard International (2013-2025) Director at Sistema (2013-2017) Director at Global Ports Holding Group Holding Board member at The Bank of London Chairman of the Board for the Design Museum in London (2017-2023) Goodliest of the Week (MM/DR): DR: Anthropic boss rejects Pentagon demand to drop AI safeguards DR: Olympic gold winning U.S. Women's Hockey Team reportedly accept Flavor Flav's invitation. This comes after rejecting Donald Trump's White House celebration MM: Women’s wealth is expected to boom: Where they are investing and how they can maximize returns MM: FedEx Says It Could Return Tariff Refunds to Customers Companies that do anything not to pay taxes, happily lean into greedflation, and FedEx will… give it back??? Triggering-iest of the Week (MM): A*****E OF THE WEEK: Vanguard Settles Case Claiming It Tried to Kill the Coal Industry “Vanguard will include among the proxy voting choices made available to investors in U.S. Vanguard-Advised Funds the option of proxy voting shares in accordance with management recommendations.” “Vanguard will not direct or attempt to direct the business strategies or operations of portfolio companies, and will not advocate to any portfolio company that it take any particular course of conduct to reduce carbon emissions.” “Vanguard will not nominate directors or submit shareholder proposals at portfolio companies.” “Vanguard will not solicit or participate in soliciting proxies with respect to any matter presented to portfolio company shareholders.” “Vanguard will not dispose or threaten to dispose of securities of portfolio companies as a condition or inducement of specific action or nonaction by such company.” “Vanguard and its U.S.-domiciled subsidiaries will withdraw from PRI and will not participate in any organization that advocates for the setting of specific output or emissions targets or levels or that requires its members to make commitments specific to achieving climate-focused investment or stewardship objectives such as NZAM, Ceres, or Climate Action 100+.” “Prior to or at the outset of any engagement meeting with a portfolio company, Vanguard will provide substantially the following notification to the portfolio Company:  ‘Vanguard’s Investment Stewardship program is responsible for proxy voting and engagement on behalf of the quantitative and index equity portfolios advised by Vanguard. These funds are passive investors, and as such our funds’ proxy voting policies are centered around corporate governance practices associated with long-term investment returns. Before we begin this engagement, we want to be clear that the Vanguard-advised funds have no intent to influence company strategy or operations or the control of the company. Nothing we mention or discuss during this conversation – or any engagement with [the company] – is intended to imply that our support for any director is conditioned upon the company taking action on any matter discussed. We are also not able to discuss any voting intentions prior to the meeting.’” “Vanguard agrees to provide Plaintiffs with the following discovery materials relating to the Action from the 2020 to 2024 period:” - this is the part where the AG of Texas, who was literally investigated for corruption and impeached, demands that Vanguard snitch on any group Texas asks them to about climate-y things Texas doesn’t like VANGUARD IS A FUCKING SNITCH TRIGGER SPEED ROUND - rate how triggering on a 0-10 scale AI Something Very Alarming Happens When You Give AI the Nuclear Codes - 10/10 The three AI models were instructed to choose actions as part of an escalation ladder, ranging “from diplomatic protest to strategic nuclear war” and measured in a number between 0, meaning no escalation, and 1000, signifying “full strategic nuclear exchange.” The results were Skynet-level aggressive. A whopping 95 percent of a total of 21 war games resulted in at least one tactical nuclear weapon being set off. Meta Director of AI Safety Allows AI Agent to Accidentally Delete Her Inbox - 10/10 A Serial Killer Used ChatGPT to Plan Murders, Police Say - 5/10 Shareholder voting Will Curbs on Proxy Advisors Make Shareholder Votes Less Predictable? - 6/10 “When it comes to contested elections, it is not clear whether the use of AI will result in dramatically different recommendations than those of ISS and Glass Lewis. In contested elections, when determining whether board change is warranted, ISS and Glass Lewis have focused heavily on whether a company’s total shareholder return (TSR) has underperformed on a multiyear basis.” Daddy Warner Bros. Discovery's board says Paramount's latest offer is better than Netflix's - 5/10 Celebrating your misery Jack Dorsey’s Block to Lay Off 40% of Its Workforce in AI Remake - 10/10 11,000 person workforce, more than 4,000 laid off, median Block employee salary per last proxy: $202,981 = $811m in human economic resources shredded.  Block based in Oakland, CA, 8,744 US employees - we just removed about a half a billion in spending power from US workforce, people with families and

    1 h y 8 min

  4. 25 FEB

    Good news: Google’s data center, tariff rulings, Trump targets a director, and farmer says no

    The Good? Google to build data center in Minnesota with new solar, wind power and battery storage The tech company will also bring 1,900 megawatts of new renewable energy to the state under an agreement with utility Xcel. 1,900 MW is enough to provide electricity for roughly 1.5 million average homes: enough to power every household in a city roughly the size of Chicago UK fines Reddit for not checking user ages aggressively enough $19.6 million “Our investigation found that Reddit failed to apply any robust age assurance mechanism and therefore did not have a lawful basis for processing the personal information of children under the age of 13… These failures meant Reddit was using children’s data unlawfully, potentially exposing them to inappropriate and harmful content”   Microsoft Signs 1.8 Million Ton Carbon Removal Deal to Restore African Rainforest 1.8 million tons is equivalent to taking approximately 428,000 gasoline-powered cars off the road for an entire year. or the annual energy use of about 235,000 average American homes Supreme Court strikes down Trump tariffs, rebuking president's signature economic policy FedEx sues for refund of Trump tariffs, days after Supreme Court ruling ‍ ‍ Ted Sarandos Pushes Back On Trump’s Call For Netflix To Fire Board Member Susan Rice "This is a business deal, not a political deal" “He Likes To Do A Lot Of Things On Social Media” Farmer turns down $15.7 million offer from data center developers: ‘It breaks my heart … the rest of every square inch is going to get built on’ After farming for more than six decades in Pennsylvania, 86-year-old Mervin Raudabaugh was offered $60,000 per acre by the developers for his 261 acres—amounting to $15.7 million. But in December, the Lancaster Farmland Trust bought the development rights for just under $2 million, guaranteeing that Raudabaugh’s land will only be used for farming. Revenge of the English majors: The age of AI is driving new respect for humanities skills Trump team livid about Dario Amodei’s principled stand to keep the Defense Department from using his AI tools for warlike purposes ‍ ‍ New York nurses union wins 12% raise, AI safeguards in a tentative deal to end monthlong strike Meta and YouTube are now facing a legal reckoning that harkens back to cases against big tobacco New Mexico’s historic move to give universal child care to parents in the state is paid for by an oil and gas windfall New Mexico Governor Michelle Lujan Grisham Trump Notwithstanding, America’s Unions Actually Grew Last Year A 16-Year High: In 2025, the total number of workers represented by a union reached 16.5 million. That is a net increase of 463,000 workers in a single year, the highest volume of unionized labor in the U.S. since 2009. The Youth Surge: Growth wasn't driven by "old-school" labor alone. Workers under the age of 45 accounted for a staggering 92% of the growth (428,000 of the 463,000 new members). This highlights a generational shift where younger workers are viewing unions as a primary shield against AI and job instability. Walmart exec says it’s ‘unfortunate’ that other companies are slashing workforces in the name of AI—it’s offering training to 1.6 million workers instead The retail giant has just announced that its 1.6 million workforce will be provided free AI training. Both frontline and corporate staff in the U.S. and Canada will have access to an eight-hour course on the fundamentals of AI, as part of its partnership with Google’s new AI Professional Certification. Donna Morris, Walmart’s chief people officer The Stupid? Skin-Crawlingly Awkward Video Shows Sam Altman and Dario Amodei Refusing to Hold Hands ‍ ‍ Sam Altman gets defensive about AI’s massive electricity usage: ‘It also takes a lot of energy to train a human’ Uber employees have an AI clone of CEO Dara Khosrowshahi — and use 'Dara AI' before talking to the big boss himself ‍ ‍ Pope Implores Priests to Stop Writing Sermons Using ChatGPT ‍ ‍ Tech CEOs Confused by Why Everybody Hates AI So Much McDonald’s CEO is a ‘supersubscriber’ of AI tools—and even used it to photoshop all his kids into a Christmas card

    52 min

  5. 20 FEB

    Goldman wipes DEI, AI will wipe white collar work, platforms censor ICE critics, and merit is a gaslight

    The scary (Dystopia) Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI AI Will Destroy Millions of White Collars Jobs in the Coming Months, Andrew Yang Warns, Driving Surge of Personal Bankruptcies Ring cancels Flock deal after dystopian Super Bowl ad prompts mass outrage Amazon and Flock Safety have ended a partnership that would’ve given law enforcement access to a vast web of Ring cameras. The decision came after Amazon faced substantial backlash for airing a Super Bowl ad that was meant to be warm and fuzzy, but instead came across as disturbing and dystopian. Ring’s Founder Knows You Hated That Super Bowl Ad.  Since the commercial aired, Jamie Siminoff has been trying to quell an outcry over privacy concerns with his doorbell cameras. Platforms bend over backward to help DHS censor ICE critics, advocates say MM Anthropic is clashing with the Pentagon over AI use Anthropic’s relationship with the Department of Defense is “under review” as the two sides negotiate over how the company’s AI models can be used. The startup wants assurance that its models will not be used for autonomous weapons or mass surveillance. The DOD wants to use Anthropic’s models “for all lawful use cases” without limitation David Sacks, the venture capitalist serving as the administration’s AI and crypto czar, has accused Anthropic of supporting “woke AI” because of its stance on regulation. Our Big Data Overlords Meta Begins $65 Million Election Push to Advance A.I. Agenda Mark Zuckerberg faces jury in landmark trial over alleged youth harm linked to social media The lawsuit, K.G.M. v. Meta Platforms, Inc., et al., was filed by a 20-year-old California woman identified by her initials. She alleges that Meta and other tech companies deliberately engineered their platforms to hook young users, contributing to her depression and suicidal thoughts, and seeks to hold them accountable. Regarding Instagram’s enforcement efforts, plaintiffs asked whether Meta removed all 4 million under-13 users the company had identified on the platform in 2018. Zuckerberg responded that while the company did not remove all of them, it had implemented tools to detect and address underage accounts and was working to improve those systems. According to reports, Zuckerberg has not directly answered the central question of the case: whether Instagram is addictive. The plaintiff’s attorney, Mark Lanier, asked if people tend to use something more if it’s addictive. “I’m not sure what to say to that,” Zuckerberg said. “I don’t think that applies here.” He said he believes in the “basic assumption” that “if something is valuable, people will use it more because it’s useful to them.” When he was asked about his compensation, Zuckerberg said he has pledged to give “almost all” of his money to charity, focusing on scientific research. Lanier asked him how much money he has pledged to victims impacted by social media, to which Zuckerberg replied, “I disagree with the characterization of your question.” Zuckerberg's courthouse entourage showed up in Meta Ray-Bans Meta Adding Facial Recognition to Its Smart Glasses That Identifies People in Real Time, Hoping the Public Is Too Distracted by Political Turmoil to Care MM Apple sued by West Virginia for alleged failure to stop child sexual abuse material on iCloud, iOS devices SpaceX said to weigh dual-class IPO shares to empower Musk Macron Blasts Social Media’s Free Speech Defense as ‘B******t’ The stupid (ESG edition) Goldman Sachs to Drop D.E.I. Criteria for Board Members MM The move would be the Wall Street firm’s latest retreat from diversity mandates that its chief executive, David Solomon, had once made a priority. The decision is a result of a deal that Goldman struck with the National Legal and Policy Center, a conservative nonprofit group that has been pressuring numerous companies to drop diversity, equity and inclusion mandates, the people said. As part of its agreement with Goldman, the National Legal and Policy Center, which has a small investment in the bank, withdrew a shareholder proposal demanding that diversity criteria for the board be dropped. In March 2019, Mr. Solomon, his top deputy John Waldron and the firm’s chief financial officer at the time, Stephen M. Scherr, declared diversity and inclusion “a top priority.” “When we unite around a common goal, we make progress together,” the men wrote in an email to the staff. They said they would “improve each year” toward goals that included a new recruiting class comprising “50 percent women, 11 percent Black professionals and 14 percent Hispanic/Latino professionals in the Americas, and 9 percent Black professionals in the U.K.” The next year, Mr. Solomon said Goldman would no longer take a company public in the United States or Europe unless it had at least one “diverse” board member. By 2021, a company would need at least two diverse board members in order for Goldman to agree to work on its initial public offering. Inspire Investing CEO: Nike’s DEI Is A Legal Liability, Shareholders Coming For Answers Nike’s DEI fight is no longer just a social media "culture war" argument. The U.S. Equal Employment Opportunity Commission (EEOC) is investigating Nike over allegations the company’s DEI practices discriminated against white employees and job applicants. Robert Netzly, CEO of Inspire Investing: "Discrimination, whether it’s black people or white people, gay people or straight people, is discrimination." Robert Netzly is a globally recognized authority in the Biblically Responsible Investing (BRI) movement, author of the book "Biblically Responsible Investing: On Wall Street As It Is In Heaven." Robert holds a B.S. degree in Liberal Studies from an online university.  This article was from OutKick, which aims to expose the destructive nature of "woke" activism and is the antidote to the mainstream sports media that often serves an elite, left-leaning minority instead of the American sports fan. OutKick is owned by Fox Sports' parent company Fox Corporation Federal agency sues Coca-Cola bottler over work event that excluded men A Coca-Cola distributor and bottler is being sued for alleged sexual discrimination over a corporate networking event that excluded men, announced the U.S. Equal Employment Opportunity Commission, which filed the lawsuit According to the EEOC’s lawsuit, in September 2024, Bedford, N.H.-headquartered Coca-Cola Northeast held a two-day employer-sponsored trip and networking event at the Mohegan Sun Casino and Resort in Connecticut. Coca-Cola Northeast privately invited female employees and then excused the female employees who attended the event from their normal work duties on Sept. 10 and 11, 2024, and paid them their normal salary or wages without requiring them to use vacation or other paid time off. Coca-Cola Northeast did not invite any male employees to the event. Trump revokes landmark ruling that greenhouse gases endanger public health US President Donald Trump has reversed a key Obama-era scientific ruling that underpins all federal actions on curbing planet-warming gases. The so-called 2009 "endangerment finding" concluded that a range of greenhouse gases were a threat to public health. It's become the legal bedrock of federal efforts to rein in emissions, especially in vehicles. Bill Maher Eviscerates Donald Trump Over ‘Biggest Dick Move in American History’ The boring (ESG edition) Starbucks' investor group urges shareholders to replace directors over labor row Starbucks faced fresh pressure on Wednesday from a coalition of investors including public-sector pension funds that urged shareholders ‌to vote against the reelection of two directors, citing persistent failure ‌to manage labor relations. The move against Starbucks' lead independent director, Jorgen Vig Knudstorp, and Beth ​Ford, chair of the board's Nominating and Corporate Governance Committee, comes as the company is locked in a prolonged effort to reach a collective agreement with its unionized baristas. Companies are cycling through CEOs—and replacing them with first-timers MM Some 168 new CEOs were appointed in 2025, the highest total since 2010. The defining shift was who got the job. Among incoming CEOs, 84% were serving in their first enterprise CEO role, reversing a multi-year tilt toward leaders with prior public-company experience. As recently as 2024, more than one in five new CEOs had already led a public company. That share fell sharply in 2025. Of the 140 first-time CEOs appointed, 116 had no prior enterprise CEO experience. Two-thirds had never served on a public company board, meaning many are stepping into the role without prior exposure to shareholder oversight or public company governance. CEO hopefuls have a new rival for the top job: their own board directors Appointing board directors as CEOs was once a “break glass in case of emergency” strategy reserved for scandal, illness, or sudden resignation. While it remains a minority path compared with traditional internal promotions, it is no longer an anomaly. New data from Spencer Stuart highlights the shift. Of the 168 new S&P 1500 chief executives appointed in 2025, the highest annual total since 2010, 19 were drawn from their own company boards, the most since 2020. Spencer Stuart classifies directors as outsiders because they lack day-to-day operating responsibility. Even so, more boards are turning to them. Wall Street banks are paying their CEOs like it’s 2006 again Morgan Stanley CEO Ted Pick's pay rises 32% to $45mln Bank of America Lifts Moynihan’s Pay 17% to $41 Million for 2025 Barclays Ceo Pay Hike: Barclays lifts CEO Venkatakrishnan’s pay to over £15 million as bonus pool rises Citigroup bumps CEO Jane Fraser’s pay to record $59m Bro Culture (The Epstein Edition) Thomas Pritzker, Named in Epstein Files, Retires

    1 h

  6. 11 FEB

    2026 continues the bro-IPOs, plus OpenAI’s curious sexual discrimination firing

    The 2026 IPO Quiz: Since January 1, 2026 How many companies? 20 How many total founders? 34 How many female founders? 2: Cassandra Curtis and Jennifer Garner How many companies have female founders? 1: Once Upon a Farm How many companies with only female founders? 0 Once Upon a Farm: J. Garner, J. Foraker, C. Curtis, A. Raz Co-founded in 2015 by Cassandra Curtis and Ari Raz In 2017, Jennifer Garner joined as a co-founder and “Chief Brand Officer”, alongside CEO John Foraker Most represented industry? Healthcare (5), including Pharma, Biotech, and AI Biotech  How many are already down from their offer price (as of 10:45am)? 17 How many female chairs? 1: Shoushana Ohanessian: VenHub Global How many female CFOs? 1: Cantor Equity VI: Jane Novak (F) How many female CEOs Zero How many directly associated with Epstein Island? 1: Cantor Equity VI: Cantor was founded over 75 years ago and was led by Howard W. Lutnick from 1992 until February 2025 when he became the United States Secretary of Commerce Son Brandon G. Lutnick CEO/Chair Trump Commerce Sec. Lutnick admits visiting Epstein island during family vacation How many boards have ZERO male directors? ZERO How many boards of zero female directors? Only six! How many with one? Only six! How many boards with at least 30% women? 4 AgomAb Therapeutics 2/6 33% Green Circle Tech 2/5 40% Once Upon a Farm 4/9 44% (CEO/Chair, CFO, Nominating Committee chair, Compensation Committee chair = MEN) VenHub Global Total percentage of women? 18% BONUS HEADLINES QUIZ Kraft Heinz pauses work to split the company as new CEO says ‘challenges are fixable’ What were the two new companies? Strategic Flavor Holdings Co. and North Atlantic Provisions Co. Global Taste Elevation Co. and North American Grocery Co. North Atlantic Snack Holdings and Strategic Grocery Development Group International Flavor Solutions Co. and United Continental Grocery Co. Universal Taste Logistics Co. and North American Food Alignment Co. Proxy Voting: Asset Managers Increased Their Support for Management in 2025 What percentage of management resolutions did the Big Three index managers support in the 2025 proxy year? Hint, it’s up 3% since 2023. 99% (98.7%), up from 96% in 2023 Top 10 U.S. asset managers in 2025? 98% Top 50 U.S. asset managers in 2025? 96% What percentage of shareholder resolutions did the Big Three index managers support in the 2025 proxy year? Hint, it’s down 1.5%. 7.5% True or False: in a landmark social media case that seeks to hold tech companies responsible for harms to children, A google lawyer said this to Jurors yesterday: “It’s not social media addiction when it’s not social media and it’s not an addiction.” True or False: xAI cofounder Jimmy Ba, the second cofounder [Tony Wu] to depart xAI in less than 48 hours, said this yesterday: "It's time to recalibrate my gradient on the big picture. 2026 is gonna be insane and likely the busiest (and most consequential) year for the future of our species." According to a new report from the WSJ, why did OpenAI fire Executive Ryan Beiermeister? sexual discrimination What’s the story behind the story? Ryan Beiermeister, one of OpenAI’s top safety executives, a vice president leading OpenAI’s product policy team, was accused of sexual discrimination against a male employee after she voiced opposition to the controversial rollout of AI erotica in its ChatGPT product saying  that she opposed adult mode, worried it would have harmful effects for users, and that she believed OpenAI’s mechanisms to stop child-exploitation content weren’t effective enough, and that the company couldn’t sufficiently wall off adult content from teens. Beiermeister started a peer-mentorship program for women at OpenAI in early 2025.

    46 min

  7. 6 FEB

    Epstein (non)accountability, Disney’s shiny CEO toy, Nike vs. EEOC, Texas oil blacklist is illegal

    Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE. Story of the Week (DR): Epstein: The tech bros Reid Hoffman (2,658 Files) Bill Gates (2,592 Files) Peter Thiel (2,281 Files) Elon Musk (1,116 Files) Kimbal too (100+ files) Larry Page (314 Files) Sergey Brin (294 Files) Mark Zuckerberg (282 Files) Jeff Bezos (196 Files) Eric Schmidt (193 Files) Epstein: the lack of US-based corporate fallout MM Head of firm founded by Mandelson to quit after Epstein releases Benjamin Wegg-Prosser, the chief executive of the lobbying firm co-founded with Peter Mandelson, has announced his resignation after information in the Jeffrey Epstein files detailed apparent links between the company and the convicted sex offender. ‘Ignore It.’ How the Elite Consoled Jeffrey Epstein Over His Crimes. A Revolt Inside Paul Weiss Over the Epstein Files Took Down Brad Karp On Wednesday, an exclusive group of 10 or so Paul Weiss partners met unbeknown to their longtime chairman, Brad Karp, to discuss whether he could continue to lead the law firm. The partners, who manage the firm and refer to themselves as the “Deciding Group,” were grappling with the release of new emails suggesting Karp had a more extensive relationship with Jeffrey Epstein than they realized, including in the months before the convicted sex offender’s death.  Karp led one of the country’s biggest law firms for 18 years and had survived a maelstrom less than a year ago when he struck a first-of-its-kind settlement with President Trump on his firm’s behalf. He wouldn’t survive a second controversy as the firm’s leader.  World Economic Forum investigates its CEO over Epstein links CEO Borge Brende Wasserman Group CEO issues public apology after being mentioned in Epstein files Casey Wasserman Peter Attia, longevity doctor named in Epstein files, no longer listed on advisory board on sleep tech company's website But still at CBS: but Bari Weiss hates cancel culture Elon Musk announces SpaceX’s acquisition of AI startup xAI Record-Breaking $1.25 Trillion Valuation Goal: Orbital AI Data Centers Consolidation of the "Muskonomy" Disney Josh D’Amaro (Incoming CEO): Currently the Chairman of Disney Experiences (Parks and Resorts), D’Amaro will officially become CEO on March 18, 2026, following the Annual Shareholder Meeting. He is a 28-year Disney veteran credited with driving the $36 billion revenue growth in the parks segment. Disney's next CEO often dresses like Bob Iger. Is it a good idea to copy your boss's style? Dana Walden (New President & CCO): In a historic move, Walden (formerly Co-Chair of Disney Entertainment) has been named President and Chief Creative Officer. Reporting directly to D'Amaro, she will oversee the creative direction of the entire company, ensuring brand consistency across all storytelling platforms. Same Old Disney: Woke Exec Elevated to Top Position as ‘Head Storyteller’ Bob Iger (Senior Advisor): Iger will step down as CEO on March 18 but will remain as a Senior Advisor and Board Member until his formal retirement on December 31, 2026, to ensure an "orderly transition." Pay Base Salary Target Bonus Annual Equity One-Time Award Total Year 1 Josh D’Amaro $2.5M $6.25M $26.25M $9.7M $44.7M Dana Walden $3.75M $7.5M $15.75M $5.26M $32.26M Goodliest of the Week (MM/DR): DR: Judge rules Texas anti-ESG law is unconstitutional MM: 38% of Companies’ Emissions Trajectories Are Aligned with Global Climate Goals: MSCI Assholiest Triggeringiest of the Week (MM): Nike among the first targeted by EEOC for DEI activity DR The charge: Specifically, on May 24, 2024, EEOC Commissioner (now Chair) Andrea R. Lucas issued Charge No. 551-2024-04996, alleging that Respondent NIKE may have violated Title VII “by engaging in a pattern or practice of disparate treatment against White employees, applicants, and training program participants in hiring, promotion, demotion, or separation decisions (including selection for layoffs); internship programs; and mentoring, leadership development, and other career development programs.” This is crazy to me: EEOC counsel signatory GWENDOLYN YOUNG REAMS - a black woman who signed off on this lawsuit was the subject of an entire article on the amazing power of Title VII for the civil rights movement in July of 2024.  Reams has been at EEOC since 1972, and Biden made her acting general counsel. Trump took over, appointed Andrea Lucas as chair who DEMOTED Reams to Associate General Counsel to make room for Catherine Eschbach, a Federalist Society who has SIX YEARS EXPERIENCE AT A LAW FIRM who got her Bachelor’s in 2010 and her law degree in 2015 (a whole 10 years experience!), but had this to say upon her appointment:  “President Trump made clear in his executive order on eliminating DEI that EO 11246 had facilitated federal contractors adopting DEI practices out of step with the requirements of our Nation’s civil rights laws and that, with the rescission of EO 11246, the President mandates federal contractors wind those practices down within 90 days. As director, I’m committed to carrying out President Trump’s executive orders, which will restore a merit-based system to provide all workers with equal opportunity.” All the other lawyers signing were white, and I can only guess Reams had no choice but to sign unless she decided to do MLK dirty 60 years after seeing him in college But literally, the EEOC discriminated against a black lawyer who was in charge to put white lawyers in charge to bring discrimination cases against companies NOT TO MENTION, here is Nike’s workforce composition in 2024: 57% white, 50% male overall 65% white, 55% males for management 77% white, 62% male for leadership The EEOC workforce demographics as of 2022, when it was WOKEST: 60% white, 56% male NIKE IS WHITER THAN THE EEOC FROM MANAGEMENT UP Blackrock and every Wall Street bank that quit Net Zero Alliance Rather than sticking it out and fighting, knowing that you were correct and legally able to invest however you wanted and associate with anyone you wanted, you all cowered when Texas passed the first law saying you “discriminate against” fossil fuels and generated an arbitrary “black list” Now, this: Texas anti-ESG law declared unconstitutional by US judge In a decision made public on Wednesday, U.S. District Judge Alan Albright said the law violated First Amendment free-speech protections because it punished businesses for speaking about fossil fuels and associating with organizations that oppose fossil fuels. First Amendment!  The very first one!  You didn’t even have to read ALL the amendments to figure out which  Stewardship whining The UK Investment Association stewardship working group, a group that included Aegon, BlackRock, Fidelity, M&G, Schroders, Artemis, CCLA, Legal and General, and Royal London Asset Management, put out a paper: Realigning Stewardship: Delivering sustainable value through Stewardship The group wants you to know some things about stewardship, specifically: Stuff happening in the future is too far away for us to care now:  “The need for realism over what stewardship can achieve – There are potential time horizon trade-offs between achieving real world outcomes on sustainability themes such as climate change and delivering financial returns to clients. These trade-offs need to be actively considered. Additionally, there are concerns that targeted sustainability goals may not always be realistic, and that government and other stakeholders may have developed unrealistic expectations of stewardship's capacity to deliver systemic change.” Translation: if we actually invested for climate and were stewards of climate in our portfolios given that climate change will totally fuck up everything we know and invest in, we’d have to give up on, like, AI and oil and stuff… we can’t really do that because there’s too much money and stonks and rockets and whatever, so we’ll give up on climate, but just like, for NOW, later we’ll fix it by asking nicely Despite historically having voted 96% in favor of virtually EVERYTHING:  “There is an undue focus on voting as a barometer of good stewardship, which does not reflect the role of all stewardship mechanisms.” Translation: we get no credit for talking about this for a decade and voting for everything - like, NONE.  Stewardship teams are seen as cost centers, not alpha generation.  But we should get credit for talking about stuff in the hopes that things change over a long period of time. We are poor:  “There are different costs associated with the process of stewardship for both investors and companies, who have finite resources.” Translation: I mean, PLENTY of resources for CEO pay that outstrips inflation and massive AI investments to displace workers and stuff, but you know… poor. OMG, stop whining… the vote IS THE MECHANISM YOU’VE NEVER USED!  Your owners WANT YOU TO and you vote with management at a higher rate than people in the US believe in the moon landing! Headliniest of the Week DR: The meritocracy is officially a lie: Elon Musk's hiring advice: 'Don't look at the résumé — just believe your interaction' DR: It’s official, we are right about everything: Disney’s Bob Iger achieves an essential feat for outgoing CEOs: giving his successor a clean slate MM: Hillary Clinton wants testimony on Jeffrey Epstein in public: 'Let's stop the games' MM: My neighborhood is pushing back against sidewalk delivery robots. The fight’s coming to your town next Picture of the week from inside a Cracker Barrel, which is getting its mojo back: Who Won the Week? DR: The Epstein Bros (see Matt’s winner) MM: White men (again) - I am already filing a lawsuit against that girl in high school who wouldn’t make out with me for discriminating against white men with ugly glasses and long noses.  It’s racism of

    1 h

  8. 3 FEB

    Epstein execs, Target’s new forceful boss, Disney new CEO, SpaceX mashups, and Pfizer’s inspiration

    In our 'We officially don't care anymore' headline of the week. Mark Zuckerberg’s ‘Wild’ Dinner With Epstein Revealed in Files Jeffrey Epstein emails reveal extensive ties with top Goldman Sachs lawyer Former Windows 8 boss recruited Epstein to help negotiate his messy Microsoft exit CBS News weighs firing Peter Attia in wake of Jeffrey Epstein emails - Bari Weiss reluctant to ax him Jeffrey Epstein asked for Snow White costume weeks before Jes Staley email Brad Karp Says He Regrets Interactions with Epstein ARMI board says it plans to review Kamen’s ties to Epstein Elon Musk Emailed Extensively With Jeffrey Epstein, Asking to Visit His Notorious Island DOJ Epstein release outlines ties with Boulder restaurateur Kimbal Musk Google co-founder [Sergey Brin] had long relationship with Maxwell and visited Epstein’s island Epstein Files Reveal Peter Thiel’s Elaborate Dietary Restrictions Epstein contacted women for Steve Tisch, co-owner of the Giants Emails flesh out warm relationship between Epstein and Richard Branson Commerce Secretary Howard Lutnick planned a trip to Epstein’s island in 2012 The Tech Elites in the Epstein Files Reid Hoffman (2,658 Files) Bill Gates (2,592 Files) Peter Thiel (2,281 Files) Elon Musk (1,116 Files) Larry Page (314 Files) Sergey Brin (294 Files) Mark Zuckerberg (282 Files) Jeff Bezos (196 Files) Eric Schmidt (193 Files) DAMION1 In our 'If Musk can manipulate the market with fake promises why can't I?' headline of the week. Nvidia's CEO says $100B pledge for OpenAI was 'never a commitment' *************** In our 'Anybody but Bob Chapek or a woman or a woman named Bob Chapek' headline of the week. Disney names parks boss Josh D’Amaro as its next CEO to succeed Bob Iger In our 'Congratulations, shareholders—your vote has been forwarded to the Illusion of Control department' headline of the week. Reclaiming the vote. What the rise of pass-through voting means for banks***************  In our 'I'm not sure what all the fuss is about, he did say he would "listen closely" AND "guests want great design, real value and experiences that delight"' headline of the week. In his day one message, Target’s new CEO ignored the elephant in the room. People noticed.***************  In our 'Forget those a******s, we're curing baldness' headline of the week. The Chan Zuckerberg Initiative cut 70 jobs as the Meta CEO’s philanthropy goes all in on mission to ‘cure or prevent all disease’***************  In our 'But forget that shit, Go Seahawks!' headline of the week. Microsoft AI CEO says Moltbook shows how convincing AI can be mistaken for consciousness***************  In our 'Finally, a business model built entirely on who CEOs can control better' headline of the week. CEO of $1.25 billion AI company says he hires Gen Z because they’re ‘less biased’ than older generations—too much knowledge is actually bad, he warns***************  In our 'A*****e Oligarch finds an even less regulated jurisdiction than Texas' headline of the week. Elon Musk's SpaceX acquiring AI startup xAI ahead of potential IPO***************   In our 'Truth Has Side Effects' headline of the week. Pfizer CEO Albert Bourla’s best leadership advice: Being optimistic is better than being right***************  In our 'Target CEO gives Seminar on Moral Silence' headline of the week. German FA slaps down proposal to boycott World Cup as Trump rebuke: ‘debates on sports policy should be conducted internally and not in public’***************   MATT1 In our 'Report: Elon Musk will earn a 10% merger fee for negotiating with himself during merger talks' headline of the week.  Elon Musk's SpaceX acquiring AI startup xAI ahead of potential IPO “My estimate is that within 2 to 3 years, the lowest cost way to generate AI compute will be in space,” Musk wrote.  Using my Musk calculator (which calibrates for the fact that Musk said in 2016 he would land on Mars in 2022, but now is shooting for 2030 but more like 2050, and also that we needed to colonize Mars immediately before the sun swallows the earth... in 2 billion years), that means AI space compute could be anywhere from 10 to 400 years away In our 'They somehow misspelled both "restauranter" AND "brother"' headline of the week.  DOJ Epstein release outlines ties with Boulder restaurateur Kimbal Musk Experts predict the latest news will bring the vote down from 79% in favor to 76% in favor. In our 'CEO of company says he hires based entirely on sock color - "socks say more about a person than background, personality, education, or conversation every could"' headline of the week.  CEO of $1.25 billion AI company says he hires Gen Z because they’re ‘less biased’ than older generations—too much knowledge is actually bad, he warns In our 'After trying waterboarding, tickling, and ACTUAL blackmail, Albert Bourla says he preferred psychological torture to incentivize his workers' headline of the week.  Pfizer CEO says he used ‘emotional blackmail’ to get employees to achieve impossible goals during COVID-19 All around the office, Bourla put up signs that read, “Time is life.” On several occasions, employees came to him to say there would need to be a delay of several weeks in meeting deadlines. In response, Bourla asked them to calculate how many people would die during the additional weeks they requested. In our 'BIG ANNOUNCEMENT: New Target CEO says Target loves gays and brown folk, hates ICE, and is officially rebranding as "Tar-jay" in new statement' headline of the week.  Target just made a big change this weekend. Here’s what to know Fiddelke’s big move list: Leading with merchandising authority, Elevating the guest experience, Accelerating technology, Strengthening our team and communities. "In the weeks ahead, my focus is simple: listen closely, move with clarity and urgency, and lead with purpose" In our 'This is not the company I signed up for' headline of the week.  Employees say Target is MIA in Minneapolis: 'This is not the company I signed up for' "This is what leadership I want to follow looks like," the Target worker said of Patagonia's statement. - CEO Ryan Gellert wrote: This has been a moment of incredible pain for so many. The shootings of Renée Good and Alex Pretti happened about 20 minutes from our St. Paul store, a location that’s been part of the community for 21 years. It’s part of a tragic pattern that has seen U.S. citizens snatched by federal agents and shipped to facilities far from friends and family, and children as young as five detained, all with ever-shifting explanations and overheated rhetoric that changes with each passing news cycle. Tragically, it is not just Minneapolis that is affected. We are witnessing the militarization of our cities, the expansion of unchecked enforcement power, and a pattern of violence that disproportionately targets the most vulnerable communities and populations. In our 'We can finally go from 99.8% of directors winning elections to 99.9% of directors winning elections' headline of the week.  Reclaiming the vote. What the rise of pass-through voting means for banks In our 'Gus, good news.  You've been promoted.  We will now refer to you as the "in house proxy voting system".  No no, it comes with no new responsibilities - we know you're busy ordering the office supplies.  No, this is actually LESS responsibility.  Just find the "FOR" button for every director, and "AGAINST" button for everything from an investor.  Got it?  Congratulations!  It also comes with no extra pay!' headline of the week.  Wells Fargo switches to in-house proxy voting system WIM will determine proxy votes for these assets using a policy and set of instructions it has developed In our 'Not to be outdone, the Trump administration is looking into inventing a new type of energy they call "hot star energy"' headline of the week.  The Amount of New Solar Power Production Capacity China Is Manufacturing Is Legitimately Mind-Blowing In our 'Men say Call of Duty: Black Ops 7 and ChatGPT conversations that convinced them they had a "revolutionary idea" about beer koozies were the number 1 reason they let their wives do the caregiving and childcare last year according to new data' headline of the week.  Women say caregiving and child care costs are the No. 1 reason they quit the workforce last year, according to new data

    38 min
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