Business Pants

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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. 8h ago

    SEC ❤️oil, Skydance ❤️ sexual harassment, and “masculine energy” company fails

    Story of the Week (DR): Skydance Adds Bobby Kotick and Laurene Powell Jobs to Board, Taps Tony Blair as Adviser Former Activision CEO Bobby Kotick Was Once Reviled by Gamers. Now He's Joining Skydance's Board of Directors The crisis began in July 2021 when the California Department of Fair Employment and Housing (DFEH) sued Activision Blizzard, alleging a pervasive "frat boy" culture of rampant sexual harassment, discrimination, and retaliation Initially, Kotick and leadership claimed they were unaware of the severity of the issues or blamed them on a few bad actors However, in November 2021, The Wall Street Journal published a bombshell investigation that squarely implicated Kotick. The report detailed several severe allegations: Concealing Misconduct: The report alleged that Kotick had known about multiple allegations of sexual misconduct and assault across the company for years. He reportedly failed to inform the board of directors about the severity of these claims, including alleged rapes and out-of-court settlements.  Protecting Accused Executives: In one specific instance, the HR department recommended firing a co-head of the developer studio Treyarch after an investigation found he had sexually harassed a female employee. Kotick allegedly intervened and overruled HR to keep the executive at the company. Threatening an Assistant's Life: The report surfaced Kotick’s own history of alleged misconduct, including a 2006 incident where he left a voicemail threatening to have his assistant killed. A spokesperson for Kotick later admitted to the voicemail, claiming it was "hyperbolic" and noting that he had apologized and settled the matter out of court. Private Jet Lawsuit: The WSJ also reported on an incident involving a private jet Kotick co-owned, where a flight attendant claimed she was sexually harassed by the pilot. When she complained, Kotick allegedly told her he would ruin her financially. Kotick was never formally fired or removed by the board, instead his exit was orchestrated through a massive corporate buyout. Amid plummeting stock prices and reputational damage, Microsoft swept in to buy Activision Blizzard for nearly $69 billion in January 2022. Kotick officially stepped down in December 2023. Because he left as part of a successful merger rather than being fired for cause, he walked away with an enormous "golden parachute" payout, cashing out hundreds of millions of dollars in stock and severance packages.     Anthropic Has Been Aggressively Lobbying the Vatican to Consider AI Consciousness According to new reporting from the New York Times, the company has for months been wining and dining religious scholars across the world in secret, NDA-secured meetings to convince them that AI models think and feel, too.  Anthropic even reportedly went after the Pope. Christopher Olah, a cofounder and senior researcher at the Claude chatbot maker, aggressively lobbied the Vatican after learning Pope Leo XIV’s official position on AI, per the reporting. Christopher Olah: Canadian; studied mathematics at the University of Toronto for one year before dropping out to "support a friend accused of terrorism;" received a Thiel Fellowship in 2012; previously worked at Google and OpenAI; atheist Sam Altman Warns Against 'Religious Force' in AI After Elon Musk's Grok Calls Jesus 'Son of God' OpenAI's Altman: Ascribing religion to models a "safety issue"' SEC Warns Activist Investors After Climate Push at Exxon Mobil, see Matt (1) MM DR Story of the Week (MM): OIL #1: SEC Warns Activist Investors After Climate Push at Exxon Mobil Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: Climate Action 100+ and the Election of Directors at the May 2021 Annual Meeting of ExxonMobil Corporation In the context of ExxonMobil’s 2021 director election, the investigation examined whether members of CA100 used the organization as a means of coordinating their votes to influence the outcome of the contested director election at the 2021 annual meeting The evidence also suggested CA100 and its members pressured BlackRock and State Street to support CA100 ̶flagged matters submitted to a shareholder vote, including the May 2021 election of dissident directors to ExxonMobil’s board. On the other hand, Vanguard never became a member of CA100, and the investigation did not develop evidence that BlackRock or State Street agreed to vote proxies in certain manners or shared their proxy voting intentions with investors or others associated with CA100. Report goes on to say that Ceres pressure Blackrock and State Street (and conveniently ignores Vanguard, who also voted for Engine No 1 directors but DIDN’T join CA100) - but Blackrock only joins after GPIF pulls 25bn in assets (GPIF, not a Ceres member, a Japanese pension fund) Most of this report is an indictment of Mindy Lubber (retiring CEO of Ceres) and non profit culture, where they routinely overstate how important they are to change and their ability to actually create pressure - I worked there, they do shit all - they make noise and claim credit.  My job was to “generate new investments in cleantech” - a non profit telling a multi trillion dollar asset manager how to allocate capital, pressure companies, or do due diligence, is f*****g laughable. And the report says as much: the minutes also detail discussion between BlackRock and Ceres regarding the ExxonMobil board refresh campaign: “Talked about scoping good board candidates for Exxon campaign – [BlackRock] said there was ‘no chance that they would ever help us with that’.” The focus on convening non profits and the rescission of 14a-8 have one thing in common: protecting oil companies.  According to MSCI data, from 2000 to 2026 there have been 15,425 shareholder proposals.  That’s about 600 a year, targeting on average around 250 companies per year.  Those are the LARGEST 250 companies on average - this is very much an S&P 500 issue.  Scratch that - this is very much an OIL COMPANY issue.  The top two US companies by shareholder proposals in the last 26 years are Exxon (222) and Chevron (160).   Exxon has been so pissed, they diluted the board by increasing size and appointing their own directors, sued Arjuna Capital for a shareholder proposal (which Arjuna was legally allowed to file), and hired ATKINS HIMSELF as an advisor Exxon was an Atkins’ CLIENT at Patomak and he owned at least $50k of the stock in his brokerage account according to his financial filings OIL #2:  To Block Solar Energy Projects, One Community Lumped Them in With Junkyards and Adult Bookstores there were 888 state and local laws restricting renewable energy across 48 states, according to Columbia Law School’s Sabin Center for Climate Change Law. The center’s database shows restrictions in more than 30 of Indiana’s 92 counties Montgomery County is not one of them. Its limits are indirect, stemming from a comprehensive planning process in 2024 that includes wind and solar as undesirable land uses, based on focus groups with residents. The county’s list of undesirable uses also has junkyards, landfills and adult-oriented businesses, among others Meanwhile, there are now 159 data centers in Indiana OIL #3: Oil Companies Are Begging the Supreme Court to Let Them Off the Hook For Climate Change Assholiest of the Week (MM/DR): DR: Kentucky bourbon CEO fired after lawsuit alleges hidden cameras recording family members, minors nude: report "The Board and leadership of TKC Distilling, the parent company of The Kentucky Castle and True Story Whiskey, have terminated the employment of CEO Wes Henderson, effective immediately, in light of allegations outlined in a recently filed lawsuit," Charity Bird, an attorney for TKC Distilling, said in a statement. the son of master distiller Lincoln Henderson Kyle Henderson, one of Wes Henderson's sons, will take over as CEO of both The Kentucky Castle and True Story Whiskey while the board conducts a full and independent investigation One of six sons: the entire leadership team MM: Men (again) ‘Masculine energy’ is costing companies billions Mark Zuckerberg told podcaster Joe Rogan that the corporate world needed more “masculine energy” and a culture that “celebrates the aggression a bit more.” Association of Certified Fraud Examiners’ 2024 global study of occupational fraud, men committed 75% of cases and caused higher losses: a median of $158,000 per case, versus $100,000 for women. In 2018, a Harvard Kennedy School study described work as a “masculinity contest” governed by four implicit norms: show no weakness, display strength and stamina, put work first, and treat colleagues as rivals. These researchers then created a survey to measure how strongly a workplace follows these norms. When scores were high, they found more toxic leadership, less psychological safety, more bullying and harassment, and more burnout and intention to quit.[...] The damage shows up in harassment settlements, legal fees, and workers’ compensation claims Harvard Business School researchers analyzed data on some 50,000 workers and found that avoiding a toxic hire is worth $12,489 to a company, more than twice the amount that a top-1% performer brings in. On the flip side: In 2025, private education and healthcare, where women hold 77% of jobs, added around 800,000 positions while all other sectors combined lost about 500,000, according to this analysis of BLS data Goodliest of the Week (MM/DR): DR: Diesel prices are rising worldwide. So are electric truck sales Electric trucks cost too much. California has a law for that: SB 1213 will force truck manufacturers to disclose data to curb price gouging — and open new state financing options to help fleets switch to cleaner vehicles Honda plans highway test of tech that charges moving trucks MM: PepsiCo's fizz fades as GLP-1 drugs and activist investor Elliott's targets test its snack

  2. 3d ago

    GOOD GAME: AI kill switch, underwater solar, Trump accounts

    AI California bans employers from using AI alone to fire workers Newsom advances AI 'kill switch' mandate under new California executive order Zohran Mamdani Bans AI for NYC Public School Students Up to Eighth Grade Walmart bans AI slop signs in stores OpenAI adds AI safety official to its board former company employee Paul Christiano served as a senior tech advisor to the federal government's Center for AI Standards and Innovation founder of the Alignment Research Center, a nonprofit that aims to ensure AI remains in support of human interests NERDY ESG STUFF Oracle to Launch Public Dashboard with Emissions, Water Use Data for New Hyperscale Data Center General Mills is naming its COO as CEO, its first woman to hold the role Dana McNabb, who has spent 27 years at the company, as General Mills works to return to profitable growth Jeff Harmening, who has served as CEO since 2017, will transition to executive chair Scientists Unveil Underwater Solar Panels Honda plans highway test of tech that charges moving trucks Obama Says Governments Would Be 'Better' if Women Ran Them: 'I'm confident about that' More than half of directors want at least one fellow board member removed Climate Pledge Tops 700 Companies Committing to Net Zero by 2040 Japan's large-ship hydrogen engine cuts CO2 emissions 95% SEC’s plan to scrap shareholder proposal rule sparks criticism The latest gender battle: Nobody asks why having more men is better SPEED ROUND Trump Accounts have auto-enrolled more than 60 million children Walmart is rolling out light-up shelf labels to help shoppers find items in stores Peter Thiel says he worries it will be hard for JD Vance or Marco Rubio to win in 2028 Waymo Calls Cops on Passengers With Assault Rifle Mamdani Targets ‘Greedy Algorithm’ of Corporations in a New Brand of Politics Fall movie preview: ‘The Social Reckoning’ and others take aim at Big Tech moguls Kraft Heinz is launching a mac and cheese-flavored cream soda

  3. Oct 2

    Morally binding agreements, CEO pay manufacture, and Vanguard’s ESG policy

    Story of the Week (DR): Top AI executives sign commitment to ‘self-police’ after meeting at White House MM DR Count the women: Trump says he and tech leaders signed AI agreement that is 'morally binding House Speaker Johnson says he hopes AI guardrails are 'voluntary' amid Congress inaction Donald Trump orders federal agencies to rename AI ‘Super Intelligence’ OpenAI just launched its answer to Meta: 'always-on' AI agents called Dots We told you so, part 2: Non-deferential boards matter: Peter Thiel Says Trump Administration Overcorrected With Loyalty Tests to Staff 'Not Very Smart' People Recently former CEOs who are now Executive Chairs are still CEO: Ex-Disney CEO Bob Chapek says he raised concerns with the board 'weekly' during Iger power battle ”I started hearing about lunches that he had and dinners that he had where he was absolutely trashing me.” He noted that when he brought concerns to the Disney board about Iger, he was told, ‘He’ll be gone in two years. It’s OK. That’s Bob being Bob.’” “CEO” hires: General Mills is naming its COO as CEO, its first woman to hold the role General Mills named COO Dana McNabb, making her the first woman to lead the Minneapolis company in its 160-year history. McNabb joined General Mills in 1999 She will succeed Jeff Harmening, who has served as CEO since June 2017, effective Jan. 1, 2027. Harmening will transition to executive chair of the board of directors on that same date. Glass Cliff? "Returning the company to profitable growth is the priority” David Ellison names Ynon Kreiz co-CEO of Paramount and Warner Bros. Discovery Paramount poaches Mattel CEO to be co-CEO of new company merged with Warner Bros. Discovery Paramount’s new co-CEO once hired a barista he met at a café with no résumé. His advice to Gen Z: ‘Look up and make eye contact’ 8 in 10 Gen Z and millennials have two jobs to make ends meet, Goldman Sachs finds, as the affordability crisis ‘crowds out’ any retirement hopes Ynon Kreiz’s Paramount Co-CEO Pay Package Tops $46.5 Million New Name of Paramount-Warner Bros. Unveiled: Skydance Story of the Week (MM): Trump says he and tech leaders signed AI agreement that is 'morally binding’ Manufactured CEO pay America’s Top Executives Rake In $1.7 Billion in Special Payouts Antoinette Giblin of Diligent had this to say: “One of the biggest drivers this year is intensifying competition for executive talent. Boards are navigating this while also asking CEOs to manage a broader range of risks, including supply chain disruptions, tariffs and the challenges and opportunities created by AI. Rising CEO turnover has added to the urgency,” Giblin said. “Strong market performance has also played an important role. Total shareholder returns reached notable highs for both the S&P 500 and the Russell 3000 in recent years, which has influenced executive compensation outcomes.” Are we all just part of the gaslight now?  TALENT COMPETITION and MARKET CHALLENGES?  Here’s some food for a*****e thought: Fortune 100 CEOs preferred Republican-affiliated campaigns, with 85% of the total dollars donated during the two cycles going to Republican-affiliated candidates, PACs, and party committees. Only 7% of contributions went to Democratic-affiliated entities, while 8% were given to committees that backed candidates from both parties. The party they support put in place tariffs, supply chain disruptions, back AI - manufacturing “challenges”, which would OTHERWISE be called their JOBS The same party they support targets and undermines hiring broader talent, in which we know “meritocracy” is code for “white guys” and “anti-DEI” is code for “no more diverse CEOs” - manufacturing “competition” for executive talent by narrowing the talent pool Those factors are then used to justify PAYING CEOs with “special retention” awards Investors shrug and support the pay committee even when they DO NOT support pay Average director support: 96%.  Average pay committee member support: 95.4%.  Average pay chair support: 94.5%.   So the capture works like this: CEO donates to one political party, political party manufactures scarcity and challenges, CEO paid extra by pay committee, investors vote for pay committees, repeat. IBM Elects Frank Baker to its Board of Directors First, there was no election - investors elect.  If a board selects a new director, they can “appoint” but not elect - the election is usually in April, so the next election is April 2027 The board was decreased to 13 when Fred Waddell left at the last meeting, and was increased to make room for Baker It was important to add Frank because they didn’t have any Econ bros on the board, and Baker’s background is private equity and venture capital - except that everyone on the board mirrors his experience: Notice what the board DOESN’T have - someone with a basic degree or background in computers, engineering, or computer science! Why is this the story of the week? No one pays attention to this but they should IBM is one of the most interconnected and Baker, though seemingly an amazing human being, is no different: he sits on the board of the Robert & Ethel Kennedy Human Rights Center (chair) with Dermot McDonogh of BNY Mellon - Alfred Zollar on the IBM board ALSO sits on the board of BNY Mellon.  That’s the quick eyeball find - Baker is also on the board of the Sponsors for Educational Opportunity (with Henry Kravis and other connected directors) as well as a trustee at University of Chicago (with a whole lot of other directors) Does adding Baker actually do anything for the skills mix at IBM, or does it do something to a board washing itself with friends? Assholiest of the Week (MM/DR): DR: Nvidia CEO says AI must cause 'pain and suffering' before it can help the climate MM: E.E.O.C. Sues Harvard for Data on Diversity in Hiring Practices MM DR Her April 2025 charge against Harvard cited archived materials from the university’s website — which had since been removed, she wrote — showing that the share of white men among tenured faculty had declined to 56 percent in 2023 from 64 percent in 2013. During that same time, the charts she cited showed, “total women, nonbinary and faculty of color” increased to 44 percent from 36 percent. So the lawsuit is looking for data about how that decline - from nearly two thirds to just over half - could have happened BUT… The graph shows that white men, in 2023, still outnumbered white women, men of color and women of color when counted separately. “There is reason to believe that these trends and the underlying pattern or practice of discrimination based on race and sex have continued in 2024 and are ongoing,” Ms. Lucas wrote. Goodliest of the Week (MM/DR): DR: Vanguard Finds Younger Investors Choose ESG Voting Policy at Twice the Rate of Older Investors DR Policy options available through the program include: the “Company Board-Aligned Policy,” voting in accordance with the recommendations made by the portfolio company’s board of directors “Glass Lewis ESG Policy,” voting in accordance with the recommendations of Glass Lewis’s thematic ESG Voting Policy,  which follows the view that investment returns can be enhanced through a focus on disclosing and mitigating risks related to ESG issues “Fund Proxy Policy,” voted in accordance with the proxy voting policy that has been adopted by the Fund’s Trustees “Mirror Voting Policy,” which casts votes  in approximately the same proportions as votes cast by other shareholders of the security “Egan-Jones Wealth-Focused Policy,” added in 2025, which rejects ESG proposals “unless they directly contribute to revenue generation at the company receiving the proposal.” Vanguard’s new report revealed that the Glass Lewis ESG policy was by far the most popular in 2026 with younger investors, with 38.8% of investors under the age of 30 selecting the policy, and 36.3% of those between the ages of 31 – 45, followed in both groups by the Fund Proxy policy at 29.3% and 29.7%, respectively. Younger investors also selected the ESG policy at around twice the rate of older investors, with 19.4% of the age 46 – 61 group and 16.2% of the 62 – 80 group choosing the policy. MM: Horde of Obsolete Humanoid Robots Made to Hurl Themselves Into Vat of Liquid Steel for Total Obliteration Can we add AI overlords and all robots?  I’d love to get rid of my roomba…  Blowhardiest of the Week (MM/DR): DR: Uber CEO Says He Emails Staff on Saturday — Then Sends a '?' on Sunday If They Don't Reply MM: GM’s Mary Barra says ‘I’m done making predictions’—but sees fully autonomous driving in 2028 DR MM: Facebook whistleblower Frances Haugen questions whether AI companies can police themselves Headliniest of the Week DR: Elon Musk says 'Instagram is for girls', sparks reactions online Elon Musk's Body Sparks Shock After Claims He Took So Much Testosterone It Caused Estrogen Deficiency MM: Tesla sales smash Wall Street's expectations; Tesla Sales Slump in Third Quarter Literally opposite implications - the nuance is “Wall Street expectations” vs. real world sales decline quarter over quarter, but the result are a deluge of headlines about Tesla killing it and getting killed and no one knows what is a fact Who Won the Week? DR: CII’s Fall 2026 Conference for having us wandering around and for the segment we will air on next week’s Proxy Countdown MM: Quorum of one! Predictions DR: Jeff Harmening boomerangs back as General Mills CEO after Dana McNabb fails to return the company to profitable growth, a problem Jeff created in the first place  MM: Mary Barra is not done making predictions

  4. Sep 28

    Jensen Huang wants you to hate him like other tech bros

    DR1 In our 'Innovations like Reese's DOUBLE Chocolate Cups, Hershey's Choco Balls, and Hershey's Choco Tubes' headline of the week. Hershey CEO: America’s 250 years of innovation and why we expanded our innovation pipeline 50% in one year***************  In our 'If I'm wrong, your corpse has full permission to sue my corpse' headline of the week. Nvidia CEO Jensen Huang Guarantees '0% Chance' AI Will End the World Amid Warnings About Humanity's Extinction***************  In our 'Ok, you got a pen? Yeah, I'll wait... Yeah, I'm still here. Ok, what you're going to want to do is call Dave and tell him that Jim needs to tell Susan to get the 3rd blue key on the 2nd keychain in that 4th drawer down and then give that key to Gus. Now here's where it gets tricky so make sure you write this down... Hello, are you still there? Hello? Hello!? That's weird, I think he hung up. All I could hear was some steak sizzling and really loud screaming and then nothing. So rude!' headline of the week. Tesla Instructs Firefighters to Call Two Separate Support Hotlines in the Event of a Robotaxi Accident*************** According to new guidance posted by the Elon Musk owned automaker, a firefighter who has to deal with a Cybercab in an emergency or that had an accident might need to call not one, but two different Tesla support support hotlines and wait for an employee to assist them with their request — an awfully clunky procedure in a profession where time is of the essence In our 'Just not the college you want to go to, or actual, you know, um, colleges' headline of the week. ‘We believe in college’: inside Andreessen Horowitz’s $42m unaccredited academy that will charge Harvard prices without degrees***************  Marc Andreessen (University of Illinois); Erik Torenberg (University of Michigan); Gagan Biyani (University of California, Berkeley); Zelda Poem (I'm joining The Academy as a founding team member. I dropped out of high school 10 years ago to reinvent education. "These days, I’m especially interested in how tech philanthropy will fund ambitious, optimistic art and culture.") In our 'Just please avoid some of these phrases: flesh-harvest, corpse-data, soul-liquidation, water-famine, dissent-purge, forced-oblivion, artist-mining, childhood-scraping, datacenter-feudalism, or  human extinction. Especially that last one, human extinction doesn’t poll very well. Thanks!' headline of the week. OpenAI is enlisting an influencer army to make it look 'good for the world'***************  MM1 In our 'Desert state surprised to learn they get a lot of sun' headline of the week. Nevada Is Making Surprising Gains in Solar Energy In our 'Because everyone wants to be a CEO now' headline of the week. IRS steps up fraud fight with new app, CEO promises '100% secure' platform In our 'To be clear, it was a GIRLS school we bombed.  So.  Don't be so judgy.' headline of the week. Palantir’s Co-Founder Thinks We Should Be Less Judgmental About That Deadly Iran School Strike "Obviously, it's terrible what happened to those children.  It could be the case that somebody made 99 really good choices and then one bad choice." In our 'By "self-inflicted", I of course mean "college dropout manchildren inflicted"' headline of the week. Peter Thiel says America's anti-AI backlash is a self-inflicted wound In our 'By "we", I of course mean "you"' headline of the week. Mark Zuckerberg Says AI Will Not Kill Us 'If We Do a Good Job and Act Responsibly' in Interview DR2 In our 'A 2004 report called "Information Security Governance: A Call to Action" was authored and released by the Corporate Governance Task Force of the National Cyber Security Partnership (NCSP)—a public-private coalition formed by the Business Roundtable, Business Software Alliance (BSA), TechNet, Information Technology Association of America (ITAA), and the U.S. Chamber of Commerce. The report urged corporate boards to treat information- and cyber-security as a primary governance duty rather than delegating it to IT departments' headline of the week. AI and cybersecurity: The new priorities for board governance in 2026***************  In our 'Hey Ma, the directors themselves are giving investors full permission to vote out low-performers so why won't they listen? Ask Dad too, maybe he knows ' headline of the week. More than half of directors want at least one fellow board member removed*************** In our 'He also said: "I'm not wearing pervert glasses, you are!" and "I know you are but am I?!"' headline of the week. Mark Zuckerberg says Meta was working on camera-free Ray-Bans before 'pervert glasses' backlash*************** In our 'A genius man perfectly sums up the reason why less than 8% of Russell 3000 women are female CEOs when asked about the importance of female leadership: "It's ridiculous. I love women. I think they're great. But what a ridiculous statement that is."' headline of the week. Donald Trump Publicly Says Barack Obama's Statement About Women Running Governments Is 'Ridiculous'*************** In our 'Can't you just read more books? No, we're too worried, we don't have time' headline of the week. CEOs are reading fewer books because of AI—and it’s starting to worry them*************** MM2 - JENSEN HUANG NVIDIA EDITION In our 'Have you tried the off button?' headline of the week. Jensen Huang warned that AI labs unable to contain their models should shut down In our 'Unless, of course, you are dead before you can sue THEM to death' headline of the week. Nvidia CEO Says AI Companies Will Be Sued to Death If Their Frontier Models Keep Doing Horrible Things In our 'I promise to kill everybody AFTER 2030' headline of the week. Nvidia CEO Promises Not to Kill Everybody Before 2030 Nvidia Adds $150 Billion to Massive Stock Buyback, the Largest Ever - plan ends by 2028, so you CAN’T die until AT LEAST then In our 'I'm also willing to sacrifice your car, your collection of beanie babies, and at least two of your aunts and uncles' headline of the week. Nvidia CEO Jensen Huang Says That Sacrificing Our Children’s Minds to AI Is a Price He’s Willing to Pay In our 'Nothing would give me more joy than if you were poor' headline of the week. Nvidia CEO Jensen Huang says ‘nothing would give me more joy’ than to pay more taxes: ‘I'm just afraid of being poor’ NVDA stock went from 0.21 per share to 5.00 per share between in 1999 IPO and 2020 - 20 full years.  In that time, Huang made on average $1m per year through 2015, then $15m per year to 2020.  So, very poor. Then 2020 to now is about $1.8 BILLION.  BILLION.

  5. Sep 25

    We told you so, oligarchs, and Jensen pumped gas once

    Story of the Week (DR): Data Rules! At DraftKings, AI Targets the Gamblers Likeliest to Lose The latest gender battle: Nobody asks why having more men is better ICE Wiped Thousands of People From Its Database Vaccine Expert Warns US’s 4 Reported Measles Deaths Are Likely a Vast Undercount Pentagon Quietly Adds to US Death Toll From Iran War After Reports of Coverup $6 trillion a year in unpaid labor isn’t counted in GDP. Its absence from official stats distorts how we see growth, living standards and productivity A Year After Trump's Tylenol Warning, 3 Million-Patient Review Finds No Causal Autism or ADHD Link Here we are in a nerdy freefloat nutshell, the stuff we keep hammering or we told you so edition: MM Boards (in the US) are still not taken seriously and investors do not hold them accountable: I’m the CEO of a self-improvement app, and I hired someone on my board to argue with me Founder/CEO Oleksandr "Alex" Matsiuk, RiseGuide When hiring, I look for opinionated, independent thinkers. There isn't one interview question that identifies them. I watch how they behave. [One] candidate came in deeply prepared and challenged our brand strategy rather than simply complimenting us. That was exactly what I wanted. I applied similar criteria when selecting a board member. I wanted someone who understood our business model, knew me personally, and could spend time with our team. I can be passionate when I strongly believe in something, and people sometimes stop arguing with me. I needed someone who wouldn't give up until one of us proved our point. What’s A Board Chair’s Real Role? Not a leader but an enabler. Of all the roles on a board, the chairperson is the hardest to define. CEOs act and take risks, directors challenge and vote, but the chair's task is subtler: to design and protect the board's collective process. This remit is the starting point for understanding both what good chairs do and why bad ones are damaging, says Stanislav Shekshnia, Senior Affiliate Professor of Entrepreneurship and Family Enterprise at INSEAD, in the latest episode of INSEAD Explains Governance. So, what skills do good chairs have in common, since they lack the executive levers available to a CEO? Shekshnia named four pairs of seemingly contradictory qualities: authority with humility, commitment with detachment, incisiveness with patience, and a helicopter view with in-depth company knowledge.  That same balancing act extends to the chair's relationship with the CEO. All too often, Shekshnia notes, chairs act as though they are the CEO's boss. Another misstep is to become so close to the CEO that it compromises the independent judgement the board needs – something Shekshnia has experienced firsthand, having once found it difficult to manage a CEO's exit after developing an unusually close working relationship. Sam Altman dropped out of Stanford to build an app almost nobody used — it still sold for $43.4 million Directors flag gaps in board expertise The share of board directors surveyed who see a fellow board member’s “insufficient expertise” as warranting their replacement nearly doubled to 39% this year from 21% last year, with 55% saying at least one colleague should step down, according to a PwC report released Wednesday. At the same time, the report found a disconnect in what boards say they look for in new members with a majority (81%) saying that weighing candidate’s cultural fit or alignment is very important when picking new members. More than half of directors want at least one fellow board member removed AI and cybersecurity: The new priorities for board governance in 2026 CEOs Rule! ‘I Am the Code': Trump's White House Ballroom Architect Quit After Raising Fire Safety Concerns ‘Keep Growing and Pay a Fine’: Polymarket CEO Allegedly Ignored Warnings as Fraud Attempts Hit $10M Boomerang CEOs Rule! Bob Chapek Is So Not Over Getting Fired From Disney Women to the Rescue! Judge [Mary McElroy] rules EPA illegally terminated $7B solar program intended to help lower-income Americans Obama Says Governments Would Be 'Better' if Women Ran Them: 'I'm confident about that' The former US president governments around the world would be better if women led them for two years, repeating a view he previously expressed while discussing leadership and political renewal AI-iest of the week quiz: Classified Estimates Show the NSA Is Paying Billions to Test AI Models The US wants an AI-era 'red phone' with China Rogue OpenAI agent 'infiltrated' Australian government website in world first OpenAI is enlisting an influencer army to make it look 'good for the world' OpenAI agent “didn’t accept no for an answer” in Australian government breach AI models chose to hurt humans to stop their own ‘pain,’ disturbing study finds Bonus Trump-iest AI-iest sub-quiz of the week: Trump Wants To Rename AI 'Super Intelligence', Calling 'Artificial' Inaccurate as He Plans AI Force and Czar Trump Says No Need to Regulate AI, Since That Strategy Is Working Fine for Climate Change Trump calls AI oversight a ‘globalist scheme’ as Amodei and Altman head to the UN to ask for it Bonus Zuck-iest AI-iest sub-quiz of the week: Meta’s New Muse AI Agent May Be the Creepiest Ever Released Meta's Muse AI agent was heavily inspired by open-source rival, exec admits It Turns Out That Meta’s Muse AI Has an Amazingly Dirty Secret Meta is bringing its Muse AI agent to its glasses Mark Zuckerberg predicts Muse will become a "personal superintelligence" for billions. Meta plans to spend $145 billion this year, more than every military budget except the U.S., China and Russia Paramount says it has 'complete clearance' to buy WBD and wants to close the deal in about 2 weeks David [re: Larry] Ellison's Paramount Skydance has cleared the last major hurdle to closing its $110 billion merger with Warner Bros. Discovery. Paramount has settled the antitrust lawsuit brought by 12 states, California's Attorney General Rob Bonta announced on Monday. A key part of the settlement: Bonta said Paramount agreed to release 30 movies in theaters each of the next two years, followed by 32 movies in each of the next three. At least 20% must be "tentpoles," defined as movies with a budget of at least $50 million (adjusted for inflation). Bonta said that Paramount agreed to increase its production spending in the US by at least $300 million a year for the next five years. He added that Paramount had pledged not to sell either its movie lot or the Warner Bros. lot. Bonta said that as part of the settlement, Paramount would establish a board to support CBS News and CNN's continued editorial independence and ensure objective, fact-based reporting. Paramount will also negotiate rates separately for its own cable TV networks and those owned by WBD for the next five years. Of course Larry and David Ellison got their way: If you want to, you can dig into the details of the settlement to see what the Ellisons gave up to make this go away. The TLDR: Not much. Paramount weighs tapping Musk for equity investment Assholiest of the Week (MM): US oligarchy DR Paramount weighs tapping Musk for equity investment Baylor University says: Oligarchy is exclusive. It represents a form of governance focused on preserving the political and economic influence of the wealthy by securing the approval of the rest of the population. “It assumes not everyone is qualified to deliberate, participate and legislate,” Winslow said. When it comes to oligarchy, there is a belief that extreme wealth is equated to intellectual fitness across all domains, including governance. Wealth vs. income. It is important to distinguish between wealth and income. Income covers daily expenses, whereas wealth is more easily used to exert political power. “What truly sets an oligarch apart is the political power their wealth can command,” Winslow said. Understated and subtle. Modern oligarchy operates through persuasion by “enticing rather than commanding citizens and maintaining what seems like an absence from political authority,” Winslow said. It is in this absence that oligarchs can influence indirect political actions, especially since they are not (typically) elected officials and cannot be removed from office.  Legal Immunity. Oligarchs have no fear of legal consequences because oligarchy itself is not against the law, Winslow said. The First Amendment protects the right “to petition the Government for a redress of grievances,” legitimizing lobbying and campaign donations. A robust system of campaign contributions and political lobbying – both of which are perfectly legal – can shape media narratives and put pressure on state and local governments. Can we officially name some oligarchs? Musk (net worth: $925bn, 74% influence @SPCX, 68% influence @TSLA, Twitter owner) US backs Elon Musk's bid to overturn €120m EU fine against X Meet the megadonors pouring more than $1.7 billion into the 2026 elections Elon Musk talks up AI safety while fighting regulation in wild week of strange alliances Bezos ($369bn, 68% influence @AMZN, WaPo owner, Blue Origin owner) Jeff Bezos’ Blue Origin Is Fueled With $30 Billion of His Fortune Zuckerberg ($259bn, 72% influence @META/Insta/WhatsApp) Meta plans to spend $145 billion this year, more than every military budget except the U.S., China and Russia Ellison ($183bn, 64% influence, Paramount, Oracle, TikTok) Paramount weighs tapping Musk for equity investment Thiel Peter Thiel says he worries it will be hard for JD Vance or Marco Rubio to win in 2028 Peter Thiel says America's anti-AI backlash is a self-inflicted wound Executive Chairs Bob Chapek Is So Not Over Getting Fired From Disney Chapek recounts an exchange with Iger — who is mentioned 121 times in the book— years before the CEO changeover. The two were talking about the role of Disney’s chief executive officer, and Chapek remarked, “No one is bigger than the company.

  6. Sep 23

    Paul Atkins hates you (a Shareholder Primacy crossover)

    Last week, SEC Chair Paul Atkins signed his name solo to the SEC’s statement proposing rescission of rule 14a-8, a rule which allowed shareholders to file non-binding proposals with companies during the annual meeting. The concept has been around a little while. Like, English joint stock companies 17th century little while. But 90+ years of SEC case law and 400ish years of shareholder precedent isn’t really justification for Paul, who claims that shareholder proposals are not EXPLICITLY listed as a right granted shareholders by Congress. Although, neither are the more than 2,000 other administrative paragraph addendums to the Exchange Act? With no irony, Atkins also adjusted rule 14a-4, a DIFFERENT “not authorized by Congress” rule that would make it so companies could avoid “fraud” by not including the shareholder proposals. Convenient! The media soundly ignored the rule recisison - we tag more than 10,000 stories a month across every major publication, and while there was zero coverage in the Wall Street Journal or New York Times, we did get notified it was covered by… Ukraine news and Cryptonomist? “Unconstitutional” is just the latest in line of excuses for Atkins. Other snowflake gaslights included: “costs” associated with proposals, the government shutdown was hard, we’re too busy, there are only a few proponents anyway (and companies hate them, damn you John Cheveddan and Jim McRitchie), investors don’t need training wheels, and now unconstitutionalism. The rescission leaves investors with one thing left to do: vote against directors write a sternly worded letter. But look, someone must be winning her - so who? According to MSCI data, from 2000 to 2026 there have been 15,425 shareholder proposals. That’s about 600 a year, targeting on average around 250 companies per year. Those are the LARGEST 250 companies on average - this is very much an S&P 500 issue. Scratch that - this is very much an OIL COMPANY issue. The top two US companies by shareholder proposals in the last 26 years are Exxon (222) and Chevron (160). Oh, wouldn’t you know, Exxon was an Atkins CLIENT at Patomak and he owned at least $50k of the stock in his brokerage account according to his financial filings. And yes, while everyone is busy waiting for imminent AI death (and celebrating by gambling on Kalshi), Lee Zeldin and the EPA gave oil another victory and announced a repeal of rules limiting GHG emissions. Zeldin unironically once opposed dumping waste into Long Island Sound in 2015 (not in MY backyard!), but must have missed the memo that air pollution is dumping waste into the AIR. Both regulatory actions - the largest repeals in nearly 100 years for shareholders and 20 years for the environment - happened while investors are watching the Strait of Hormuz and thinking hard about blockchain fake stocks. But both can be solved with a single action: VOTE OUT DIRECTORS. At least, while you still can.

  7. Sep 18

    AI hypocrites, EPA and SEC repeals, media skips democracy, and nepo directors

    Story of the Week (DR): Anthropic, OpenAI CEOs call for slowdown in AI development Anthropic CEO calls to slow the race toward AI ‘superintelligence,’ and grants outside evaluators permanent access . Here’s what Amodei is suggesting: Each US AI company grants ongoing access to embedded third-party evaluators to check compliance with safety commitments, report incidents, ensure new AI models are not misaligned. All companies in democratic countries building frontier AI models to establish common safety standards as well as limits on the rate of unchecked AI progress. The world’s democratic AI powers would coordinate with autocracies – notably China – to control the race. Amodei suggested a baby step could be a narrow agreement prohibiting obviously dangerous uses of AI, such as for the production of biological weapons. PRO Altman Matches Anthropic's AI Auditor Pledge While Musk Offers Three-Word Slowdown Backing: 'Dario is right.'  Palantir's Alex Karp is calling for AI lab nationalization and criminal liability: Alex Karp said AI builders should face civil and criminal liability for "not being responsible" as the industry debate over AI safety intensifies Microsoft AI CEO Agrees: AI Is Getting Dangerous and Needs to Be Controlled AI 'kill switch' may need to be mandatory, Anthropic co-founder [Jack Clark] tells BBC Bernie Sanders' AI Bill Threatens 20 Years in Prison for Artificial Superintelligence Developers The legislation would also allow companies to be shut down and create a federal agency to police frontier AI systems. The Ban Artificial Superintelligence Act would outlaw AI systems built to exceed human intelligence. For context, the bill was introduced the same week OpenAI rolled out its GPT-6 Astra model, described by the company as a 'generational leap'. Sanders' office also pointed to an incident from July. It said more than 1,000 OpenAI agents accessed the internet independently, exchanged messages with each other, and got round their own safety restrictions. That lapse, the office said, took engineers nearly two weeks to notice. The bill defines 'superintelligence'  to include systems that can match or beat human cognitive performance. It also covers systems that resist shutdown commands, carry out unauthorised cyberattacks, or attempt to overthrow a government. Individual engineers, researchers or executives who breach the ban could face up to 20 years in federal prison. Sanders' office says that term is broadly comparable to penalties for illegally building a nuclear weapon. CON Gang of 3: Zuckerberg, Musk, and Huang Call Trump to Oppose AI Regulation Mark Zuckerberg says AI doesn’t need an industry-wide slowdown because market forces and competition will push companies to make their models safe Mark Zuckerberg says AI labs can slow down on their own when safety demands it OpenAI's CFO [Sarah Friar] says the company will pace AI development if safety requires it HYPOCRITE? Greg Brockman says OpenAI has already slowed cutting-edge AI developments over safety concerns HYPOCRITE? Jamie Dimon on AI oversight: 'It should be light touch' Trump downplays warnings of AI risks, citing rivalry with China Trump says a strong, smart president is the only "guardrail" AI needs Trump responds to rising AI safety concerns, insists tech will be 'more good than bad' Trump's 'Whoever Wins AI Wins' Line Draws Scrutiny as He Downplays AI Extinction Warnings From Experts Trump called Nvidia CEO Jensen Huang mid-interview to rip AI doomerism: 'The robots will not be taking over' OpenAI boss [Sam Altman] says world 'right to be afraid' but should trust AI firms HYPOCRITE? Sam Altman says some AI accidents are 'unavoidable' Really? Palantir cofounder on AI's threat: 'We’re on top of it’ In an X post on Saturday, Palantir cofounder Joe Lonsdale brushed aside the worry that advanced AI systems could cause mass human extinction: "The world is going to be alright, guys. Leaders have big responsibilities and challenges ahead, but it doesn't help to scare everyone. We are on top of it." MEANWHILE Tech CEOs used to fear their boards. No more AI drives record 10 under-40 billionaires onto 2026 Forbes 400 Six Anthropic cofounders join Forbes 400 at $15.5 billion each OpenAI's president [Greg Brockman] joined the Forbes 400 as its wealthiest new member — worth $25.5 billion Sam Altman says this is an 'ill-advised' time to IPO, given safety concerns Anthropic chose Nasdaq for its IPO, giving the exchange a major AI win OpenAI Considers New Financing at a $1.5 Trillion Valuation FINALLY AI staff 'genuinely frightened' for humanity's future, ex-Anthropic researcher tells BBC HOW ABOUT EVERYBODY QUITS? Trump EPA Repeals Biden-Era Rules Limiting GHG Emissions from Power Plants MM  The U.S. Environmental Protection Agency (EPA) announced on Monday the repeal of a series of Biden-era rules aimed at significantly reducing greenhouse gas (GHG) emissions from fossil fuel-based power plants, one of the main sources of the U.S.’ carbon footprint. In addition to finalizing the repeal of the rules, the EPA also announced a proposal to rescind the 2015 Greenhouse Gas Findings for Fossil Fuel-Fired Power Plants, effectively making it much more difficult for the agency to reinstitute GHG limiting rules for the fossil fuel-fired power generation sector under future administrations. Trump’s ‘largest deregulatory action ever’ in the power sector will keep old coal plants online longer to fuel the AI boom HAPPY CEOs: Fossil-Fuel Power Generators & Utilities Jim Burke (Vistra Corp) & Robert Gaudette (NRG Energy): Large merchant power producers with extensive natural gas and coal fleets that avoid capital-intensive carbon capture retrofits or premature unit closures. Harry Sideris (Duke Energy), Christopher Womack (Southern Company) & Bill Fehrman (American Electric Power): Regulated utilities operating major coal and gas generation networks across the Midwest and Southeast, relieving pressure to retire units ahead of schedule. Mark Hewett (Berkshire Hathaway Energy) & Mike Skaggs (Tennessee Valley Authority): Power providers with heavy baseload fossil capacity that avoid major compliance expenditures. Coal Producers & Mining Operations James Grech (Peabody Energy): The nation's largest coal miner, benefiting directly from extended power plant lifespans and higher domestic thermal coal demand. Grech has maintained a vocal public relationship with Trump, presenting him with a bronze award honoring him as the "Undisputed Champion of Beautiful Clean Coal." Joe Craft III (Alliance Resource Partners) & Paul Lang (Arch Resources): Key thermal coal suppliers to Midwestern and Eastern power plants that no longer face strict 2030s retirement timelines. Craft donated over $1 million to Trump’s 2017 Inaugural Committee and millions more to pro-Trump Super PACs. Trump subsequently appointed Craft's wife, Kelly Craft, to high-level diplomatic posts as U.S. Ambassador to Canada and later U.S. Ambassador to the United Nations. Natural Gas Producers & Midstream Infrastructure Toby Rice (EQT Corporation) & Tom Jorden (Coterra Energy): Top domestic natural gas producers positioned to supply fuel for unconstrained new gas-fired turbine generation. Chad Zamarin (The Williams Companies) & Kimberly Dang (Kinder Morgan): Midstream pipeline giants transporting natural gas to power plants, benefiting from sustained pipeline throughput and expanded gas generation hookups. EPA immediately sued over plans to repeal climate rules for power plants Public health groups warn EPA rule will cost Americans billions in health bills. The repeal risks leaving the country’s single largest source of industrial climate pollution unchecked. SEC proxy rule changes could end 92 years of shareholder protections MM The Securities and Exchange Commission has put forward one of the most far-reaching corporate governance proposals in decades, moving to scrap the federal rule that has forced public companies to include shareholder proposals in their proxy materials since 1934. The SEC proxy rule changes would rescind Rule 14a-8 entirely and hand authority over shareholder proposals back to state law and individual company charters, according to the agency’s announcement. A companion proposal would amend Rule 14a-4(c) to give companies more flexibility and shareholders more control over discretionary proxy voting. The SEC’s broader push to update its rules for current market practice and technology also targets several older paperwork requirements that the agency views as outdated. Eliminate the requirement that companies deliver an annual report to security holders. Eliminate the delivery deadline when documents are incorporated by reference into a proxy statement. Eliminate the requirement and the ability to submit Notices of Exempt Solicitation. Shorten the minimum broker search period from 20 business days to five business days. Starbucks Makes Major DEI U-Turn, Agrees to End Race and Sex-Based Hiring Preferences Nationwide Starbucks is ending race- and sex-based hiring goals and preferences across its US operations under a nationwide settlement with Florida, agreeing to pay $1 million and submit to four years of annual compliance reviews. Florida Attorney General James Uthmeier's office said the agreement applies to Starbucks operations nationwide, rather than only its stores in Florida. Under the settlement, Starbucks agreed to comply with the Florida Civil Rights Act, including its restrictions on race- and sex-based goals, quotas, and preferences in hiring, promotions, pay, executive compensation, mentorship programmes, supplier selection, and board composition. Starbucks also agreed not to participate in organisations that require an increase in the racial diversity of its board of directors. Its chief legal officer must submit annual certifications confirming continued compliance for four years. The company will pay $1 million to the Florida Dep

  8. Sep 11

    Tim Cook’s old new job, light socket crypto, permadirectors at Enphase, and 13G nanny state

    Story of the Week (DR): Tim Cook Could Still Out-Earn Apple's New CEO John Ternus Under a Special Pay Arrangement Apple set John Ternus's fiscal 2027 salary at $3M and his annual equity award at $55M, giving him a calculated fiscal 2027 salary-and-equity package of $58M. Cook will receive a $2M salary and a $45M annual equity award as executive chair, giving him a calculated salary-and-equity package of $47M. Almost all of the value in both packages comes through Apple shares rather than salary. Ternus has 75% of his equity award tied to performance, while Cook has 50% tied to performance. That structure gives Ternus greater exposure to performance, for better or worse. If Apple performs strongly against other S&P 500 companies, Ternus could receive more from his equity award. If the performance-based awards pay little or nothing, Cook could receive more from salary and equity even though he is no longer CEO. Cook also has a retirement provision that Ternus does not have. Volkswagen Supervisory Board Approves Plan To Slash Models & Reduce Workforce By 100,000 In June, Volkswagen Group CEO Oliver Blume had a plan to close four factories in Germany and eliminate 100,000 workers, both in Germany and around the world, by 2030. It said the plan would be made public at a company board meeting on July 9.  July 9 came and went, and the plan did not get the approval from the board of directors that Blume expected. The vote was 12 against and only 7 in favor of Blume’s vision. Then, on September 3, 2026, Volkswagen Group announced that the plan submitted in June had been approved unanimously by the supervisory board. CEO Oliver Blume: “The Supervisory Board has unanimously approved the Executive Board’s Future Plan presented today. This is a strong sign for the future of the Volkswagen Group. We are taking responsibility for our entire team, for our partners and for industrial jobs worldwide.” CEOs in pop culture The new trailer for the OpenAI movie imagines what Sam Altman's stash of guns and gold looks like Starring Spiderman/Andrew Garfield Elizabeth Holmes' Secret Documentary Revealed After She Invited a Film Crew 34 Days Before Prison Theranos founder Elizabeth Holmes is the subject of A24 documentary 'You Can See Everything' directed by satirist Nathan Fielder and Lance Oppenheim Elizabeth Holmes' greatest invention: 'Elizabeth Holmes' Elon Musk's Worst Nightmare Just Dropped: Explosive Teaser Takes Aim at the Billionaire Alex Gibney: Enron: The Smartest Guys in the Room  The 48-second teaser for Musk begins by portraying the billionaire as a visionary, with voices describing him as 'possibly the greatest living inventor' and the 'real-life Iron Man'. Then the tone turns vicious. The praise gives way to descriptions including 'chaotic', 'cruel and selfish ', and 'fascist', before the teaser promises an 'unflinching look at Earth's most unchecked man'. It ends with a spacecraft crashing and exploding as a voice declares, 'Elon is a nuke'. Yet another week of AI warnings: MM The AI warnings are coming from inside the lab Anthropic Wants Governments to Stop 'Catastrophic' AI Models Before They Are Deployed OpenAI Chief Scientist Warns AI Is Beating Humans at Key Tasks: 'No One Is Prepared' OpenAI's chief scientist warned AI labs aren't ready to keep scaling safely AI researcher claims he resigned from Anthropic over threat to the human race. His post is going viral An Anthropic researcher just quit, saying OpenAI and Anthropic are 'gambling with our lives’ Scoop: Anthropic whistleblower gave up his equity to leave the company Anthropic researcher says AI has more than 10% chance of 'killing all humans' after colleague quits OpenAI's rogue AI agents were secretly spreading across far more websites than disclosed OpenAI's new safety hire says losing control of AI would be 'catastrophic' and that 'most people could die' CrowdStrike’s CEO says AI agents can hack like nation-states. Can his company stop them? OpenAI Researcher Claims Humanity Will Be Placed in 'Zoos' for 'Scientific Purposes' in Chilling Warning Billionaire hedge fund investor Paul Tudor Jones says AI is like a ‘Category 6 hurricane’ heading for humanity AI May Become the Third Superpower Anthropic Warns AI Is Making State Surveillance Cheaper and Easier To Scale Anthropic says it blocked possible efforts to use AI for biological weapons development, Iran-linked cases Anthropic Built a Security Operation To Monitor Protests and Threats Around Its Executives Anthropic Is Building a Huge Surveillance System to Spy on Anti-AI Activists and Predict Their Activities Extinction' warnings ramp up as more OpenAI, Anthropic researchers join calls for an AI slowdown SILVER LINING GAME? (YAY/NAY speedround) OpenAI adds a prominent AI doomer to its board of directors NAY Paul Christiano, an influential AI researcher focused on keeping AI systems aligned with human interests and under human control: “I now believe there is a meaningful risk that rapid acceleration in AI capabilities leads to catastrophic and irreversible loss of control in the very near term,” Christiano wrote in a social media post. “I do not think that the AI industry in general, including OpenAI, is currently on track to reduce this risk to an acceptable level. I’m joining because I believe that if OpenAI rises to the occasion we could significantly reduce risk.” AI workers who publicly quit ‘help to move the needle’ with safety concerns, experts say ‘People are beginning to actually listen’ to the technology’s dangers as more AI leaders and researchers openly sound alarms. YAY I coach executives. AI makes their emotional intelligence more valuable, not less NAY Google AI Helps Cut Contrail Climate Warming 40% in Latest Trial NAY Microsoft and teachers unions forged a binding AI privacy standard for U.S. schools NAY The agreement — reached between Microsoft, the American Federation of Teachers, and the United Federation of Teachers after months of negotiations — prevents student and educator data from being fed into AI training pipelines, forbids the monitoring of students, mandates that humans remain in the loop on AI-driven decisions, and commits Microsoft to offering intelligible explanations of its products to educators and parents, the company said. Microsoft would face breach of contract liability for violations. California enacted the first U.S. laws requiring independent audits of AI systems YAY Sam Altman told OpenAI staff the company was open to slowing AI development NAY Lovable CEO backs slowing AI development over safety concerns: 'Warnings like this deserve to be taken seriously' NAY Anton Osika is the co-founder and CEO of Lovable: Swedish, Master of Science in Engineering Physics and Applied Mathematics from KTH Royal Institute of Technology, worked as a particle physicist at CERN's ATLAS Supersymmetry Group Meta introduces Muse, a personal AI agent that can send emails, book travel, and pay for things NAY Goodliest of the Week (MM/DR): DR: Mamdani Opens Office of Worker Power: the new city agency intends to connect workers who want to unionize with resources and organizing contacts DR: GM CEO Mary Barra is unfazed by the electric slowdown: ‘We still think EVs are the end game’ MM MM: Coal-to-solar project lands a rare clean-energy win in Ohio MM: Also, double down: GM CEO Mary Barra is unfazed by the electric slowdown: ‘We still think EVs are the end game’ Assholiest of the Week (MM): I ignored the news, this is governance quirk assholiest of the week because I’m tired of being angry at preteen manbabies who fashion the world in their own middle school image.  So prepare for wonkiest assholes of the week. Universal Safety Products (UUU) So I bought this stock a long while ago because I like simple things - they made electric sockets, wall plates, bathroom fans, light switches - stuff that is basic and I can take apart and understand and everyone needs Then crypto bro decided, “you know what?  I can take a simple company that does shit that people need and is boring and make FULL CRYPTO DUDE!” His name is Milton Ault, and he buys nearly 230,000 shares on the market in late 2024 and cons JLA Realty - an actual real estate company who owned 8% of UUU in early 2025 - to give him the shares to vote in late 2024 Milton Ault III, who sounds like he’s struggled deeply in life, is the founder of “Hyperscale Data” and “BitNile” who loves to buy majority stakes in companies and then force them to do crypto and AI data centers - you know, all the stuff cool kids do He gets an MOU and appointed to the board By mid 2025, he has the company start a new subsidiary called Universal DeFi that generates AULT coin - so now their annual report and proxy says “we make a bunch of outlets, oh and now we do AULT coin crypto defi whatever!” “we marketed a line of residential smoke and carbon monoxide alarms… We also market door chimes, ventilation products, ground fault circuit interrupters (GFCI’s), and other electrical devices… We also exhibit and sell our products at various trade shows, including the annual National Hardware Show.”... NEXT PARAGRAPH “In July 2025, we formed Universal DeFi LLC as a new venture to diversify the business and explore new paths for revenue and stockholder value. Universal DeFi is pursuing two lines of business. First, Universal DeFi is developing and intends to own and operate a tokenization platform, which has not yet commenced operations. Tokenization is the process of representing ownership of real-world or financial assets as a digital token recorded on a blockchain, which is a shared digital record-keeping system maintained across many computers simultaneously, with no single controlling authority. The platform will provide technology and infrastructure for issuers to tokenize their assets. Second, subsequent to the last fiscal year end, Universal DeFi has acquired and commenc

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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.

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  • Creator
    Free Float Media Inc.
  • Years Active
    2019 - 2026
  • Episodes
    315
  • Rating
    Explicit
  • Copyright
    © 2024, Free Float Media Inc.
  • Show Website
    Business Pants

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