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  • JPMorgan week, ESG ratings are back, AI doublespeak

    JPMorgan week, ESG ratings are back, AI doublespeak
    2026/06/26
    Story of the Week (DR):JP Morgan’s news weekThe Lurid Lawsuit, Salami Scandal and Trash-Can Thief Vexing JPMorgan’s PR Department AND Meme of 'JPMorgan's HR Department in 2026' Has People in Stitches Amid Sex Scandal and Knicks Bin IncidentShe Stole a Knicks Trash Can Off the Street and Lost Her Job at JPMorganThe Trash Bin That Cost Her Career: Who Is Angie Báez? JPMorgan DEI Executive Fired After Viral Knicks Parade VideoThe Trash-Can Thief: Angie Báez, an Executive Director of Community and Industry Engagement at the bank, was captured on a viral video during the New York Knicks championship parade emptying a public trash bin onto a Manhattan sidewalk so she could steal the limited-edition, blue-and-orange Knicks-themed container.The Resolution: JPMorgan quickly terminated her employment after the video went viral. Báez eventually returned the trash bin and was issued $175 in sanitation fines.But what kinds of thing DON’T get you fired and get you fined?In 2023, JPMorgan Chase agreed to a $290 million (1,657,143x) settlement to resolve a class-action lawsuit from survivors of Jeffrey Epstein. The bank was accused of actively ignoring glaring red flags and helping bankroll Epstein’s sex-trafficking operation for 15 years.Internal documents and later congressional probes revealed that the bank processed roughly 4,700 suspicious transactions totaling $1.1 billion for Epstein. They failed to file a single Suspicious Activity Report (SAR) until after his death.Who Kept Their Job? Mary Erdoes: The Head of Asset & Wealth Management was fully aware of Epstein’s status as a high-risk sex offender, reviewed his account, and was directly implicated in internal communications regarding his status. She faced zero professional demotions and remains one of the top candidates to eventually succeed Jamie Dimon as CEO.In 2020, JPMorgan Chase entered a deferred prosecution agreement and agreed to pay a record $920 million (5,257,143x) to settle federal charges of market manipulation.For nearly a decade, traders on JPMorgan’s precious metals and U.S. Treasuries desks engaged in "spoofing"—placing tens of thousands of fake, deceptive orders to artificially move market prices and maximize their own profits. The FBI stated that traders "openly disregarded U.S. laws."While a couple of mid-to-high-level traders (like Michael Nowak and Gregg Smith) were later criminally convicted and sentenced to prison, the executive leadership team responsible for supervising them and implementing compliance programs suffered no casualties. Top management stayed perfectly secure, chalking the multi-million dollar fraud up as the work of a few "bad apples."The Salami Scandal: Veteran wealth manager Brent Bodner was fired by JPMorgan in 2024 after he expensed a $642.50 deli platter (containing wings, sandwiches, and salads) for a Super Bowl gathering at his Beverly Hills home. The bank accused him of intentionally misclassifying a personal party as a pre-approved business meeting.Bodner counter-sued, jokingly dubbing the controversy the "salami incident." He argued that the event was a legitimate client-acquisition dinner that only two prospects ended up attending, and that the minor coding error was used as a pretext to push him out.The Resolution: A FINRA arbitration panel sided heavily with Bodner, ruling that JPMorgan acted preemptively out of paranoia that brokers were leaving for rivals. The panel ordered JPMorgan to pay Bodner $4.25 million in damages.The Lurid Lawsuit: Chirayu Rana, a former vice president on JPMorgan's leveraged finance team, leveled highly salacious allegations against his female supervisor, Executive Director Lorna Hajdini. Rana’s lawsuit alleges he was subjected to a campaign of racial discrimination, severe harassment, and forced sexual relations under the threat of having his career sabotaged.The Resolution: Rana rejected a $1M settlement offer, countering with a demand for up to $22 million before escalating the fight to court. Both Hajdini and JPMorgan strongly deny the allegations as entirely fabricated, and the legal battle is moving toward a highly publicized trial.JPMorgan Chase promotes Petno, Rohrbaugh to copresidents, setting up two more successors for DimonThe Wait to Replace Jamie Dimon Keeps Getting Longer: Another potential successor, Marianne Lake, is leaving JPMorgan, as the longstanding chief executive enters his third decade atop the bank.How JPMorgan went from 3 female CEO contenders to an all-male succession raceJPMorgan named Doug Petno and Troy Rohrbaugh, current co-heads of the bank's commercial and investment bank, as co-presidents, setting them up as the frontrunners to succeed longtime CEO Jamie Dimon. Their promotions, the bank said in a press release, "are part of the Board's ongoing succession planning process."Petno and Rohrbaugh were among a handful of powerhouse candidates poised to succeed Dimon, including Jennifer Piepszak, chief operating officer, Marianne ...
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    1 時間 2 分
  • NUGS: Zuck’s vending machine offer, Bezos hates everyone, Thiel does ESG ratings

    NUGS: Zuck’s vending machine offer, Bezos hates everyone, Thiel does ESG ratings
    2026/06/23
    DR1Our Tech OverlordsIn our 'Elon Musk's alibi to police was, "It couldn’t be my fault; I haven’t been at Tesla since they passed my pay package."' headline of the week. Tesla Under Fire After Car Smashes Into Texas Home and Kills 76-Year-Old Grandmother*************** In our 'Hello, my name is Jeff, I have a younger brother and sister, my favorite food is Betty Crocker pancakes, and I am a Coupon-ism major at Columbia University' headline of the week. Jeff Bezos Called Washington Post His Worst Investment and Staff He Laid Off ‘Terrible’ People*************** LivingSocial (Written Down 2016): In 2010, Amazon poured $175 million into this daily-deals competitor to Groupon. The daily-deals craze fizzled out quickly, and six years later, LivingSocial was acquired by Groupon for effectively $0In our 'Just tell them it will make their Netflix better' headline of the week. Head of Microsoft Rages at His Fellow CEOs for Admitting What They’re Actually Doing to Society With AI*************** “You can’t say, hey, all white-collar jobs are gone and this could even be a weapon and we will use all the power to build data centers,” Nadella explained(Microsoft’s own AI CEO Mustafa Suleyma, it’s worth noting, very recently claimed that AI was on the verge of performing most “professional tasks.”)Nadella is now pushing an approach that factors in the common worker, criticizing those who get excited to announce AI-driven layoffs. “No, how about we think about reorganizing the jobs?”In our 'Mark has super-duper pinky-promised to stop using his $150,000 Patek Philippe watch to time exactly how long it takes a developer to cry' headline of the week. Meta CTO Admits Mark Zuckerberg Has Completely Crushed Employee Spirits*************** In our 'Hey Ma, every time I click on this ad it wipes my butt, buys a dozen frozen turkey burgers, and breaks up with my girlfriend, tell Dad!' headline of the week. These new Amazon ads don’t just recommend products—they can make your purchases for you***************MM1In our 'What if I replace the Oreo knockoff brand Kroger Chocolate Lovers Kid-O's with Hydrox in the vending machines? Will you like working here again?' headline of the week. Meta Floats Bigger Snack Budget After AI Shakeup Tanks Employee MoraleIn our 'What if I make it LOOK LIKE your job isn't harming children, so you can tell your Mom at Thanksgiving, "no, we don't hurt children, that's ridiculous!"? Will you like working here again?' headline of the week. Meta lobbies Congress for immunity from lawsuits alleging online harm to childrenIn our 'OK, what if I replace the HYDROX with ACTUAL OREOS in the vending machines? Not even Elon Musk would do that - would you like working here again?' headline of the week. X tells 'neglected' Meta employees that it is hiring and will 'exceed any snack budget offer'In our 'I should have gotten the worst possible grade for GOVERNANCE, not ENVIRONMENT... don't you people read?' headline of the week. Musk Furious After SpaceX Stock Get Worst Possible Environmental GradeIn our 'Free Float data already created influence metrics, says, "make your own ESG data, jerk"' headline of the week. Inside Peter Thiel's Invite-Only Dialog Network: Secret A-B-C Grading System for Billionaires and PoliticiansGrades are assigned based on factors including fame, wealth, influence and political fit: C ratings go to the most prominent figures, A to those who are established but less high-profile, and B to most othersDR2The StupidIn our 'Target screams, you're supposed to fake fire your CEO and make him Executive Chair and promote the COO in times of internal crisis!' headline of the week. Lucid Motors Fires 18% of Workforce and Axes COO Marc Winterhoff as EV Market Slowdown Hits Hard*************** In our 'Target screams, yes exactly!' headline of the week. Domino's names COO Joe Jordan as new CEO amid slowing sales***************Outgoing CEO Russell Weiner will transition to executive chairmanIn our 'Group of experts suggest painting the pool blue to get rid of the problem' headline of the week. ‘ESG Hasn’t Gone Away’: Group Urges Trump, SEC to Rein In ‘Big Three’ Asset Managers’ Voting Power Long Term*************** Bull Moose Institute: 8 men, 0 women: ran by Aiden Buzzetti, President | 1776 Project Foundation & Bull Moose ProjectIn our 'Soccer 1, Child Care 0' headline of the week. After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup*************** In our 'Board members include Kimbal Musk, O.J. Simpson, Dana White, Rebekah Neumann, Elizabeth Holmes, Richard Sackler, John R. Tyson, and John T. Walton' headline of the week. Trump Forms UFO Board to Investigate 'Mothership' Orb Threat Over Sensitive National Security SiteJohn T. Walton (1992-2005), the billionaire son of Walmart founder Sam Walton, died in 2005, when the home-built experimental ultralight ...
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    35 分
  • Conservative media dictatorships, manbaby secret clubs, and Zuck has a Casio

    Conservative media dictatorships, manbaby secret clubs, and Zuck has a Casio
    2026/06/19
    Story of the Week (DR):Big Media Dictatorship Craziness MMJustice Department Decision to Allow Paramount Deal Surprised Staff Investigators and US approval of Paramount/Warner Bros. deal surprised DOJ lawyers and The UFC’s Despicable Night at the White House Senior Justice Department officials suddenly closed an eight-month antitrust investigation and approved Paramount’s $111 billion acquisition of Warner Bros. Discovery, shocking career staff attorneys who were preparing to recommend a lawsuit to block it.DOJ investigators worried the combined company's massive debt would prevent it from honoring its promise to release 30 movies annually. However, senior leadership dismissed the debt concerns, arguing the merger would beneficially create a stronger rival to streaming giants like Netflix.The unexpected approval has drawn intense criticism from lawmakers, notably Senator Elizabeth Warren (D-Mass.), who suggested the green light from the administration was politically motivated and stated the decision "reeks of corruption."The deal also faces regulatory hurdles at the FCC; despite Chairman Brendan Carr's support, the merger requires a special FCC waiver due to significant equity stakes held by sovereign wealth funds in Saudi Arabia, the United Arab Emirates, and Qatar.While the federal government has stepped aside, the mega-merger still faces strict, ongoing antitrust scrutiny from the European Union and potential lawsuits from several state Attorneys General (including California) who insist the merger is not a done deal.Comcast Class A Shareholders Reject $107M Co-CEO Pay as Stock Slid 20%Brian Roberts 34% of vote42% no on pay with Roberts: 80% no without David Zaslav 2025 Pay Rejected By WBD Shareholders In Non-Binding Vote84% no for his $165MNo major shareholder: On the verge of being acquired by the EllisonsFox Corp to acquire Roku in $22B dealFox increased CEO/Chair Lachlan K. Murdoch's target annual bonus to $9M (up from $6M) and target annual equity award to $20M (up from $11M)If the maximum stays: annual from $12M to $18M and equity from $22M to $40MSo a possible increase of $24M“Mr. Murdoch recused himself from all discussions and votes regarding his employment term extension and compensation adjustments”Lachlan = 36% of voteThe government and AIAnthropic and TrumpTrump Blocks Foreigners From Using Anthropic’s Latest AI TechUnder orders from the US government citing national security concerns, AI company Anthropic suspended foreign nationals (including its own employees) from using its most advanced tech and disabled access to its newest Claude models, Fable 5 and Mythos 5.The directive follows a feud starting in February, when the Trump administration barred federal agencies from using Anthropic products after the company refused to grant the military unrestricted access to its AI for mass surveillance and fully autonomous weapons.Anthropic’s IPO pitch has a new problem: the government can shut it downComing just over a week after Anthropic confidentially filed its IPO paperwork, the government-mandated shutdown highlights severe regulatory and geopolitical vulnerabilities that threaten the company's massive valuation and commercial stability.Trump’s Anthropic restrictions may be illegal Bernie and AIBernie Sanders AI sovereign wealth fund bill 2026Sen. Bernie Sanders introduced legislation Thursday that would give the American public a direct 50% ownership stake in the country's largest artificial intelligence companies through a one-time tax on their stockBernie Sanders unveils $7 trillion plan to give Americans control of AI industrySenator Bernie Sanders has introduced a sweeping $7 trillion legislative package aimed at breaking up private tech monopolies and transitioning the development of advanced artificial intelligence into a publicly owned, democratically overseen federal trust.AI dividend: Bernie Sanders pitches $1,000 annual payout from public ownership of AIJim Cramer says SpaceX investors aren't buying earnings — they're buying Elon MuskThe primary critique of ESG investing is about introducing non-pecuniary goals (e.g., lowering carbon emissions, promoting specific boardroom demographics, or boycotting certain industries) into the decision-making process.The Fiduciary Violation: If a fund manager chooses a lower-performing, ESG-compliant investment over a higher-performing, non-ESG investment (like oil, defense, or tobacco), they have violated their Duty of Loyalty by prioritizing social engineering over the client's walletDrunk Crew Causes 30% Pay Cut For A Major Airline CEOAn internal investigation found that two flight attendants had consumed alcohol during their layover period beyond permitted company limits, which set specific restrictions on pre-duty alcohol intake. The airline determined that the consumption occurred the day before departure and represented a breach of internal policy, escalating the matter from a single failed test to a wider compliance...
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    56 分
  • SpaceX fetish IPO, Trump’s Chinese phone, beef vs. Ebola, AI religious exemption

    SpaceX fetish IPO, Trump’s Chinese phone, beef vs. Ebola, AI religious exemption
    2026/06/12
    Story of the Week (DR):SuperBroIpoDystopia: Some key facts: MMa record-breaking $135 per share with$1.8T valuationTo make that math make sense, analysts estimate the company needs to grow its sales by 50% every single year for the next decadeSpaceX lost $4.9B last yearWall Street is Being Treated Like Order-Takers: Musk pre-set the IPO price strictly at $135 and dictating exactly which investors got allocations. This forced major investment banks like Goldman Sachs and Morgan Stanley to act as glorified order-takers without even knowing their exact compensation beforehandSaudi Aramco $1.7T; Alibaba: $237B; Facebook $118BNasdaq aggressively pushed through "fast-entry" rule changes specifically to allow mega-caps like SpaceX to bypass the traditional year of seasoning and enter the Nasdaq-100 in just 15 trading days. This forces passive index funds to buy in blindly to avoid tracking errorsMeme stocker bros: $100B in share orders30% of $75B offering is earmarked for individual retail investors. This effectively shifts late-stage, hyper-inflated valuation risk away from institutions and onto the public.BlackRock $5BInstitutional investors admitted that when they bought into SpaceX privately, they were given high-level revenue figures but were denied a copy of the actual balance sheet—an unprecedented lack of transparency for a company raising tens of billionsUniversity of Washington more than 10% of its $17B in assetsUNC about 10%SpaceX will make $75B in proceedsSaudi Aramco $26B; Alibaba $22BElon Musk’s Absolute Voting Tyranny (80% of voting power)personal net worth has officially skyrocketed past $1.1TSpaceX’s foundational scale was built on the back of the American public, securing over $20 billion in U.S. federal government contracts to fund its rocket developmentAntonio Gracias: personally lent Musk $1M to keep him afloat; his PE firm Valor gave $76MThat $1M lifeline and early institutional backing from 2008 have compounded into what analysts are calling the most lucrative return on a personal favor in business history.The Second-Largest Shareholder: Through various Valor entities, Gracias controls roughly 7.3% of SpaceX’s Class A stock (more than 500 million shares)Gracias’s stake is officially worth anywhere from $91B to over $140BThis single corporate listing instantly catapults Gracias into the ranks of the world's 50 richest people.The big party: combined valuation of $3.6TAnthropic ($965B) filed confidentially on June 1OpenAI ($1T) filed confidentially on June 8"We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs, and this gives us the option to go public sooner if that ends up being best."What does it all amount to? 4 horrible objectives:Funding a Sci-Fi Passion Project with Public CashBecoming the Pentagon's Irreplaceable War MachineForget the folksy narrative that Starlink is just for connecting rural schools or isolated communities: SpaceX is systematically turning itself into the ultimate military contractorProject Starshield: Those satellites are the foundation for a highly classified, militarized version of the network designed for government surveillance, secure communications, and real-time battlefield tracking.Too Big to Regulate: By launching the vast majority of the world's payloads and controlling the dominant orbital communications network, SpaceX is making the U.S. military entirely dependent on its hardware. The ultimate point is to become so deeply embedded in national defense that the government can never afford to regulate, penalize, or dismantle Musk's empireAn Orbital Real Estate Land GrabBuilding a Borderless, Lawless EmpireSpaceX is attempting to build a tech infrastructure that exists entirely outside the jurisdiction of EarthUltimately, SpaceX isn't trying to save humanity from a dying Earth; it's trying to ensure that whoever controls Earth's future has to pay rent to Elon MuskIran threatens Elon Musk’s companies in Middle East: Iranian state mediaAll of Elon Musk’s companies in the Middle East are military targets for Iran as it retaliates against the U.S., Iranian state media outlet Fars reported.The targets include a regional Starlink ground station, according to Fars.Sen. Warren calls on SEC to delay SpaceX IPO, flagging concerns about valuation and governanceThe letter to the heads of the Nasdaq, S&P Dow Jones Indices, FTSE Russell and Morningstar Indexes sent on Thursday asked the companies whether they had made or considered rule changes based on lobbying from Elon Musk, other SpaceX officials or officials from OpenAI or Anthropic, and asked for any communications between the companies and the indexesLSEG, which owns the FTSE Russell, and Nasdaq declined to comment. Morningstar did not respond to a request from CNBC for comment.S&P Dow Jones Indices didn’t comment on the letter, but the company noted it had decided not to...
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    1 時間 5 分
  • BLAME: Carnival data breach, Danone methane reduction, GM loses a director

    BLAME: Carnival data breach, Danone methane reduction, GM loses a director
    2026/06/02
    DAMIONCarnival Corporation's data breach exposed personal data of nearly 6 million customers: An April social engineering attack on an employee account compromised names, dates of birth, and government-issued ID numbers. WHO DO YOU BLAMESkills: Technology & Cybersecurity: Experience with information technology and cybersecurity matters is increasingly important to mitigate the risks our business faces, promote innovation and maintain a competitive edge in a rapidly evolving technological ageLeast represented 5/11CEO Josh WeinsteinNO: at Carnival since 2002, started as General CounselSir Johathon BandNO: First Sea Lord and Chief of Naval Staff, the most senior officer position in the British Navy (2006 to 2009, when he retired); Admiral and Commander-in-Chief Fleet (2002 to 2006); Served as a naval officer in increasing positions of authority (1967 to 2002)Jason CahillyNO: CEO Dragon Group LLC, provides capital and business management consulting and advisory services worldwide; The NBA: CFO & Chief Strategic Officer; Goldman Sachs: Partner; Global Co-Head of Media and Telecommunications; Head of Principal Investing for Technology, Media & TelecommunicationsNelda ConnorsNO: CEO/Chair Pine Grove Holdings, a privately held investment company; CEO Atkore International, manufacturer of electrical, safety and infrastructure solutions; VP Eaton Corporation, electrical and automotive supplierLaura WeilNO: Founder Village Lane Advisory LLC, specializes in providing executive and strategic consulting services to retailers COO New York & Company, women’s apparel and accessories retailer; CEO Ashley Stewart, women’s apparel retailer; CEO Urban Brands, apparel retailer; COO AnnTaylor Stores, women’s apparel retailer; CFO American Eagle Outfitters, apparel retailerAudit Committee: Oversee management’s risk assessment processes to identify principal and emerging risks, including financial, IT, cybersecurity and non-HESS operational risksLaura Weil*: NOJason Cahilly: NOJeffrey Gearhart: NOWalmart Corporate Secretary and lawyerStuart Subotnick: NOCEO at Metromedia Company, wireless/communications, until 2010; Carnival director since 1987 Health, Environmental, Safety and Security Committee: Oversee management’s processes to identify principal and emerging health, environmental, safety, security and sustainability-related risks, including those related to ship operations and cybersecurity, RAAS health, environmental, safety, security audits, IAG and external investigations into significant ship incidents, and health, environmental, safety, security-related hotline complaints, and assess the steps management has taken to minimize such risks.Sir Johathon Band*: NONelda Connors: NOHelen Deeble: NOFormer CEO P&O Ferries Division Holdings, shipping and logistics businessKatie Lahey: NOExecutive Chair Korn Ferry Australasia, leadership and talent firmMicky Arison (75%): Exec Chair and former CEO and 7% stockholderThe CEO Pay Ratio1,063:124 retail CEOs made as much in a day as their typical employee earned in a year — and a big one didn't. WHO DO YOU BLAMEThe separation of CEO and Chair: Hamilton E. James Chair/Ron Vachris MMNot uniqueOnly 50% of the board is men. WTF?uniqueOne share = one voteNot uniqueState of HQ = WashingtonAlso StarbucksState of Inc = WashingtonAlso StarbucksPledge of allegiance to stakeholdersCostco generally has: Higher wages; Better benefits; Lower turnover; Higher sales per employee.Industry-leading employee compensation AND Self-imposed low-margin pricing philosophyWalmart only low-margin pricingOther comps:Todd Vasos of Dollar General, Shane O'Kelly of AutoZone, Gerald Morgan of Texas Roadhouse, Jack Sinclair of Sprouts Farmers Market, William Stengel of Genuine Parts Company, Michael Creedon of Dollar Tree, Ronald Sargent of Kroger, Lauren Hobart of Dick's Sporting Goods, Joshua Kobza of Restaurant Brands Inc., Kecia Steelman of Ulta Beauty, Scott Boatwright of Chipotle, Ted Decker of Home Depot, Bob Eddy of BJ's Wholesale Club, Corie Barry of Best Buy, James Conroy of Ross Stores, Chris Turner and David Gibbs of Yum Brands, Chris Kempczinski of McDonald's, Marvin Ellison of Lowe's, Brian Cornell of Target, Ernie Herrman of TJX Companies, Doug McMillon of Walmart, Brian Niccol of Starbucks, Hal Lawton of Tractor Supply Co, Laura Alber of Williams-SonomaFigma Gets an Activist Investor. Exhibit A on Why Companies Don’t Want to Go Public. Figma’s first year as a public company hasn’t gone well. Findell Capital Management said it needs to take steps to shed its unwarranted reputation as an artificial-intelligence “loser.” WHO DO YOU BLAME?Figma founder and CEO Dylan Field: Owns 10% of shares but 72% of voting power: Class B shares worth 15 votes per shareDylan owns 158 Class A Shares (or 0.00003556% of 444,278,887)And Chair$5B net worth$865M total summary compensation in 2025; $91M in 2024Nominating Agreement:Figma must nominate Dylan Field to be a director and include him in the ...
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    44 分
  • BP’s bully pulpit, index funds hate your rights, Dell buys a contract, and baby name lies

    BP’s bully pulpit, index funds hate your rights, Dell buys a contract, and baby name lies
    2026/05/29
    Story of the Week (DR):BP ousts chair over ‘serious’ governance, oversight concerns MMThe board said the decision was unanimous. In a statement, Amanda Blanc, BP's senior independent director, described the board as having been caught off guard by what it found: "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."The oil giant’s board removed Albert Manifold from his roles as chair and director this week, effective immediately. He faced a contingent of investor opposition at BP’s recent annual meeting.Internal leaks and a whistleblower report point to a pattern of "aggressive," "verbally abusive," and "bullying" behavior toward multiple colleagues, alongside accusations of withholding info from the board and leaking privileged data.Ousted BP Chair Hits Back at ‘Lies’ About His ConductThe boardroom turmoil at BP deepened after its ousted chair, Albert Manifold, claimed allegations about his conduct were “lies”.In a new and lengthy statement, Manifold disputed reports about his conduct, saying: “At no point in my tenure as chairman of BP has anyone raised with me any issue about my conduct or my relationship with my colleagues.”He also described media reports that he wanted to exert control of the FTSE 100 company like an executive chair as “nonsense”. Manifold said he had “many other commitments” and had only spent 13 days in BP’s London office so far this year.“What I do not accept is that lies can be told about me, nor that anyone should be allowed to hide behind anonymity when commenting on my time at BP.”Manifold conceded he may have “pushed hard and challenged people directly” amid his “determination to drive change on costs, performance, the balance sheet and shareholder communications”.However, he disputed reports from the company about his behaviour, adding: “There is a considerable distance between driving an organisation with urgency and the characterisation of my conduct that is now being put about.”He said such “accusations” had not been previously made about his behaviour during his 40-year career. He added that he “called out … unnecessary or excessive expenditure” but felt not everyone shared his priorities.Manifold said he turned down many of the benefits traditionally enjoyed by top executives, which he called a “culture of entitlement”, including chauffeur-driven cars, being flown by private jet or taking advantage of corporate hospitality: “I had no interest in having a dedicated chauffeur-driven limousine at my beck and call on the occasions that I was in London. I, like most people, walked, took taxis, trains, etc. I had no interest in taking private aviation nor in availing myself of corporate tickets for sports events. I made my own coffee, bought my lunch in the local cafe. I sat in a small office, eschewing the grand corner-office privilege of previous chairmen.”Ian Tyler has been named interim chair, BP said, with the board set to begin a formal process to identify a permanent successor: "The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it."This marks BP's fourth abrupt top-tier departure in three years, following the rapid exits of previous chair Helge Lund and chief executives Bernard Looney and Murray Auchincloss.BoardIan Tyler Interim Chair 2025Meg O'Neill CEO 2026Kate Thomson CFO 2024 (Interim in 2023)Dame Amanda Blanc Senior Independent Director 2022Dave Hager 2025Tushar Morzaria 2020Hina Nagarajan 2023Satish Pai 2023Dr. Johannes Teyssen 2021Manifold took up the chairmanship just last October. At last month's annual general meeting, just 81.8% of shareholders backed his electionAmong the most consequential decisions of Manifold's short tenure: pushing out former CEO Murray Auchincloss and overseeing the selection of Meg O'Neill to succeed him — a hire that marked the first time BP had recruited an external CEO and the first time a woman had led one of the oil industry's largest players.Dell wins a $9.7 billion Pentagon software deal after donating to Trump accountsDell stock skyrockets 32%, heads for best day ever as AI server revenue soarsMichael Dell added $35.8 billion to his personal fortune in a single day.Michael Dell pledged $6.25 billion to Trump AccountsThis greatly helps with $100M Dell ($4M personally for Michael) had to pay in 2010 for its Intel Cookie jar Scandal: Dell was telling investors that its high profits were due to amazing management and great computer sales. In reality, a massive chunk of their profits came from secret exclusivity payments from Intel so that Intel could shut out their competitor AMD.SpaceX’s Unconventional Corporate Arrangements Favor Elon MuskDanish pension fund rejects SpaceX IPO over valuation and governance concernsStandard Chartered CEO apologises for ‘lower-value ...
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    1 時間 1 分
  • Bezos spouts, CEOs hate employees, SpaceX IPO gaslights

    Bezos spouts, CEOs hate employees, SpaceX IPO gaslights
    2026/05/26
    ESG StuffBP removes chairman Albert Manifold over governance issues 9The board said the decision was unanimous. In a statement, Amanda Blanc, BP's senior independent director, described the board as having been caught off guard by what it found: "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."The company did not elaborate on the specific nature of the concerns.Ian Tyler has been named interim chair, BP said, with the board set to begin a formal process to identify a permanent successor: "The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it."Manifold took up the chairmanship just last October. At last month's annual general meeting, just 81.8% of shareholders backed his electionAmong the most consequential decisions of Manifold's short tenure: pushing out former CEO Murray Auchincloss and overseeing the selection of Meg O'Neill to succeed him — a hire that marked the first time BP had recruited an external CEO and the first time a woman had led one of the oil industry's largest players.Tulsi Gabbard Exit Marks Fourth Woman to Leave Trump Cabinet 0Apology TourBank boss sorry after describing workers as 'lower value human capital' 7Standard Chartered CEO Bill Winters triggered a massive PR firestorm by describing the bank’s plan to replace back-office staff with automation as replacing "lower-value human capital" with financial investmentStandard Chartered is cutting roughly 7,800 jobs—representing about 15% of its global back-office corporate support roles—over the next four years to make room for AIAfter internal anger and blistering public criticism, Winters posted a formal apology for his "choice of words." However, he initially fueled the fire by attaching the full interview transcript to justify his broader context, drawing further criticism for being defensiveIn his first attempt to quiet the storm, Winters leaned heavily into the corporate strategy rather than apologizing for the specific phrasing: "I said that lower-value roles are more vulnerable to automation, and that we have a responsibility to help colleagues move into higher-value roles. That is what a responsible employer should do. We will continue to speak honestly about the impact of technological change, and we will continue to act responsibly in helping our people to adapt and succeed."After a barrage of negative comments on his first post, Winters returned to LinkedIn later that day to offer an explicit apology for his phrasing: "I have received a lot of support for the messages in my previous post but still get questions about my choice of words, which I know has caused upset to some colleagues. For that I am sorry.""I think the transcript makes it clear that I value our colleagues – all of them – most highly and that we are totally committed to helping them to cope with the accelerating pace of change in our industry."JPMorgan's Jamie Dimon says bank chief's viral AI comment was 'inartful' Dimon downplayed the viral backlash against Standard Chartered CEO Bill Winters—who drew fire for saying his bank would replace "lower-value human capital" with technology—calling it an "inartful" slip-of-the-tongue from a friend.Neopbabies and Dropout babiesJames Murdoch to acquire New York Magazine and Vox Media Podcast Network -1Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 6Bolt CEO Ryan Breslow justified firing his entire Human Resources department by claiming they actively manufactured internal frictionThe aggressive purge follows a brutal 97% collapse in Bolt’s valuation—crashing from an $11 billion peak in 2022 down to $300 millionTraditional HR has been entirely swapped for a skeletal "people operations" team, shifting the focus away from employee complaints and internal processes toward basic compliance training and empowering managers to make split-second decisionsAlongside gutting HR, Breslow rolled back employee-friendly benefits like four-day workweeks and unlimited PTO, claiming a culture of complacency had taken over and that 99% of his legacy workforce was simply unwilling to work hardRyan dropped out of Stanford in 2014 to launch BoltThe Middle School Boy Man Babies Rule the WorldMan Drives Cybertruck Into Lake to Test Elon Musk’s “Boat” Claims, and It Went About as Well as You’d Guess -10"The passengers abandoned the vehicle and the driver was arrested."Tesla CEO Elon Musk:randomly tweeted that the vehicle would function as a rudimentary flotation device.“It will even float for a while.”“[The vehicle would be able to] traverse at least 100m [330 feet] of water as a boat.”“Cybertruck will be waterproof enough to serve briefly as a boat, so it can cross rivers, lakes and even seas that aren’t too choppy....
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  • GOOD GAME: Booing AI, Musk loses, BYD and public transit win, empty Waymos

    GOOD GAME: Booing AI, Musk loses, BYD and public transit win, empty Waymos
    2026/05/19
    The Good GameFormer Google CEO Eric Schmidt booed by graduates at mention of AI And yet: College students are booing commencement speakers celebrating AI, but the wave of hate hasn’t stopped them from using it to cheat on their examsElon Musk loses court battle against Sam Altman and OpenAI after 3-week trialA federal jury in Oakland, California, on Monday said Elon Musk waited too long to sue OpenAI and its CEO Sam Altman over claims they allegedly violated an agreement to run their artificial intelligence venture strictly as a charitable nonprofit.The advisory jury’s verdict, which came after less than two hours of deliberations, was immediately adopted by District Court Judge Yvonne Gonzalez Rogers.In a post on his social network X, Musk called the decision a “calendar technicality … There is no question to anyone following the case in detail that Altman & Brockman did in fact enrich themselves by stealing a charity. The only question is WHEN they did it!”And yet: Jury Throws Out Musk's OpenAI Lawsuit in Under Two Hours, Clearing Path for Sam Altman's IPOPope Leo launches an AI commission days before he releases a papal letter alongside Anthropic cofounder Christopher OlahThe Vatican is treating AI as a core moral issue, not a side topic.Pope Leo is moving fast: a new AI commission lands just before his first major AI-focused encyclical.The message is clearly human-centered: dignity, justice, labor, and protection of people come first.Bringing in Anthropic cofounder Christopher Olah signals the Church wants direct dialogue with top AI builders, not just criticism from the sidelines.This looks like an attempt to shape AI norms early, before the technology’s social impact hardens into policy and cultureThe AI economy is rewriting the American Dream — and blue-collar workers are poised to winThe rapid spread of AI across corporate America is creating a crisis for young adults with college degrees who are finding a slowdown in hiring for entry-level positions in AI-exposed industries.And yet: Don’t hold your breath for the great AI job reshuffle, says Goldman Sachs—there’s little evidence of ‘too many coders and not enough plumbers’And yet: Despite degrees being slammed as ‘useless’ by Gen Z, data shows graduates have had the lowest unemployment rate of anyone for the last 20 yearsDSE, IFC host 'women on boards' session to strengthen female corporate leadershipDhaka Stock Exchange (DSE) PLC and International Finance Corporation (IFC) jointly organized an on-boarding session titled "Women on Boards (WOB)" aimed at enhancing women's participation in corporate leadership and decision-making processes.Starbucks Korea sacks CEO over controversial 'Tank Day' promotionStarbucks Korea thought it would be a brilliant idea to promote their new "Tank" line of coffee tumblers by declaring a special marketing event called "Tank Day." The catastrophic oversight? They launched it on May 18—the highly sensitive national anniversary of the 1980 Gwangju Democratic Uprising. For South Koreans, the word "tank" on this specific day immediately evokes the horrific memory of the military dictatorship deploying actual armored tanks to brutally crush and massacre pro-democracy protestersThe promotion featured the tagline: "put it on the table with a sound of 'Tak!'" (or "thwack on the desk"). In South Korea, "Tak!" is chillingly famous. In 1987, when the military regime tried to cover up the torture-induced death of student activist Park Jong-chul, police absurdly claimed the student just suddenly collapsed and died because an investigator struck a desk, making a "tak" soundSon Jung-hyun (Sohn Jeong-hyun), the CEO of Starbucks Korea, was summarily fired within hours of the campaign going livethe retail conglomerate that operates Starbucks Korea (Shinsegae Group) also fired the unnamed executive who planned and oversaw the campaign, while launching disciplinary proceedings against every other employee who let this pass the review stage.Shinsegae Group Chairman Chung Yong-jin was reportedly "furious" and ordered the immediate sacking of the CEO to "make an example."South Korean President Lee Jae Myung them as "low-class peddlers" engaging in "inhumane, bottom-feeding behavior" that mocked a blood-stained struggle for basic human rightsStarbucks US headquarters reportedly apologized as well, saying it deeply regretted the “unacceptable” marketing incidentBYD surges, Toyota falters as oil crisis boosts EVs in Australia AND Gas prices are rising. So is public transit ridershipAnd yet: EPA Claims ‘Overwhelming Rejection’ of EVs as It Moves to Loosen Air Pollution RulesSPEED ROUNDFree gas from Cracker Barrel this summer: Here’s how you can get it Sports Illustrated Just Deleted Every Article by One of Its Writers After Accusation of AI PlagiarismMayor Zohran Mamdani says first of NYC's five government-run grocery stores will open in the Bronx next yearAI CEOs Baffled by Hatred of Their ...
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