Blame Game: Buffett’s genetic skill, United Health’s shareholder pushback, JPM Dimon’s flip floppery

Live from a pile of DEI-stained bow ties, it’s an all-new Terrific Tuesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's emergency meeting of ESG cheerleaders who are forbidden from chanting ‘E-S-G’ at carbon-free volleyball games called February 25th 2025: the Who Do You Blame? Game!

Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.

DAMION1

Who Do You Blame? Game

1. Idaho construction CEO resigns after apparent 'Nazi salute' at company event

1. Former CEO Tom Hill, the Nazi saluter

2. The bro only NEO culture:

1. (Tom Hill, co-owner and former CEO)

2. Neil Nelson: President and (new) CEO and co-owner

3. Kevin Smith: CFO

4. G Lee Schrack: VP of Business Development

5. Michael Kimmel: Chief Legal Officer and EVP of Risk Management

6. Ben Belt: VP of Operations at ESI

3. The fact that they did not have a Chief Peoples Officer until yesterday: Dallis Fontenot promoted to “newly created role”. Get a woman to clean this shit up

1. Nelson: “With Dallis’ leadership and the formation of a dedicated Corporate Responsibility Task Force, I am confident we will emerge a more compassionate company.”

4. Ditto Corporate Responsibility Task Force: “with a particular focus on fostering respect across all levels of our organization”

5. The fact that nobody knows if this company is called ESI Construction or Engineered Structures, Inc. (ESI)

6. Tromp vs. Trump

1. “Boise State University President Dr. Marlene Tromp [PhD in English] signed on to a statement saying the University “unequivocally condemn and will not tolerate any form of anti-semitism, racism, harassment or discrimination.” ESI is the largest donor to the forthcoming ESI Construction Management Building on the campus.”

7. Elon Musk:

1. In his initial statement, Hill called the action his “attempt at humor and parody” and claimed he was mimicking President Donald Trump and SpaceX CEO Elon Musk’s “signature dancing.”

2. And based on these headlines: ‘The gesture speaks for itself’: Germans respond to Musk’s apparent Nazi salute and Elon Musk Hypes Up Germany’s Neo-Nazi AfD Party Ahead of February Election

1. Unilever CEO Hein Schumacher step downs, CFO Fernando Fernandez to take over: Unilever's board unified in decision to oust CEO Schumacher

1. Former CEO Hein Schumacher and his board low 0.336 average; next lowest is .456 and average is .498

1. Former CEO Hein Schumacher and his board low 0.305 TSR average

2. The fact that there were three Unilever directors with more influence than former CEO Hein Schumacher (15%):

1. Ian Keith Meakins (18%): Unilever chair

2. Andrea Jung (20%):

1. Feels powerless on the Wayfair board behind two co-founders and co-chairs, one of whom is also the CEO

2. Feels powerless on the Apple board behind CEO Tim Cook, and board all-stars Alex Gorsky and Chair Art Levinson

3.  Nelson Peltz (18%): the chronic agitator

3. Elon Musk: based on this headline: Unilever promotes its ‘maverick’ CFO to top spot in surprise move

1. The Argentine economist has been with Unilever since 1988 and became CFO last year. Investors “like his direct approach, but some may also see his style as somewhat maverick,” 

2. “decisive and results-oriented approach and his ability to drive change at speed.”

1. CEO Devin Nunes Made $47 Million While Truth Social Parent Company Reported $401 Million In Losses In 2024

1. CEO Devin Nunes: because nobody like Devin Nunes

2. Any board with nepobabies, especially king nepobaby Donald J. Trump, Jr., who attended only 2 of 5 board meetings

3. Controlled Companies in general, especially controlled companies controlled by nepobabies, especially king nepobaby Donald J. Trump, Jr., who controls 52% of vote

4. The Compensation Committee (the 3 NEOs made a total of $81M in 2024)

1. Committee chair Robert Lighthizer: a lawyer who worked as United States Trade Representative during Trump 1.0 Chairman of the Center for American Trade in the America First Policy Institute, where nepowife Linda McMahon (Trump 1.0 and 2.0) is currently chair and fellow Trump Media director David Bernhardt serves as Chair, Center for American Freedom (Trump 1.0)

2. The aforementioned nepowife Linda McMahon: Wrestling person, served in both Trump 1.0 and 2.0

3. Criminal prosecutor from the South (I’m already scared): W. Kyle Green. His expertise in this matter is… I’m not sure how to adequately finish this sentence.

5. Trump Media’s very masculine proxy statement: the only woman is Linda McMahon. Say no more. And the only mention of diversity or women or gender is this part of the equity incentive plan: “Masculine pronouns and other words of masculine gender shall refer to both men and women.”

6. Big Daddy Trump

7. Elon Musk: for being a role model to Devin Nunes on how to get rich without really accomplishing anything: ​​Author of Upcoming Elon Musk Biography Says ‘There Is No Evidence’ Billionaire Has Any ‘Intellectual Achievements’

1. Berkshire Hathaway removes diversity and inclusion from annual report: 

1. America’s Cuddly Genius Gambler Warren Buffett: after all he controls 67% of the board and sired two board members (Howard and Susan)

2. Warren Buffett’s genetics: Warren Buffett never considers where execs graduated from and says a ‘large portion’ of business talent is innate

1. This means nepobabyism is fine and since nepotism is the (white) enemy of DEI then Howard and Susan are fine

2. It also means that non-networked people (re: nearly all women and people of color) shouldn’t even try because going to a great university is not enough; if Warren doesn’t smell your “winner non-muggle blood” then just stay home

3. According to our previous rule with Trump Media, any board with nepobabies: looking at you Howard and Susan

4. Elon Musk: Elon Musk And More Right-Wing Critics Blame Diversity, Equity And Inclusion For LA Wildfires: “In 2024, Berkshire Hathaway was the largest insurance company in the United States, with almost $811 billion in assets”

1. DOGE will use AI to assess the responses of federal workers who were told to justify their jobs via email

1. Elon Musk

MATT1

1. UnitedHealth Group resists shareholder proposal on delayed and denied care - ICCR proposed a report on the public health and macroeconomic risks of delaying care by having to ask insurers if they’ll pay for it… the company is pushing to exclude it on the grounds that it’s “too vague”

1. ICCR, Interfaith Center on Corporate Responsibility, whose name sounds both woke and anti-woke, whose board is almost all people of color and women, and whose members include almost every organization with a nun in it, for asking a vague question

2. UHG, who can’t seem to understand the proposal and says in it’s response a version of: “what’s a public health risk???  Is it a risk to the individual person??  Or maybe it’s a risk to their family and friends?  Or could it be a risk to your boss?  And what’s ‘macroeconomic’ mean?  Do you mean regional risks?  Or national?  Or international risks?  Also, what’s a patient outcome?  You mean the outcome of the individual?  How often they are readmitted?  And compared to what?  No insurance?  Maybe dead people?  This is too vague”

1. The directors that couldn’t understand include 9 of 10 directors who our data suggests have core industry knowledge, including 3 directors who got advanced degrees… and Stephen Hemsley, who’s been on the board for 25 years… couldn’t figure out those words?

3. Luigi Mangione, whose horrifying murder of Brian Thompson probably woke everyone up and got enough attention that the shareholder proposal was filed at all?

2. JPMorgan official defends bank’s DEI programs, says hiring is 'merit based'

1. Jamie Dimon, who’s full throated red blooded capitalist “bring it on” challenge lead Robbie Starbuck and President Musk’s acolytes to “bring it on” so much that Dimon backtracked into “I was never a firm believe in bias training anyway” territory

2. Merit, because if the data on merit we have at Free Float didn’t show that 47% of black directors had more core industry knowledge, better degrees, larger board networks, and equal performance compared to 45% of white male directors, we wouldn’t have ANY black people on the board and wouldn’t have to talk about DEI crap

3. Mellody Hobson, who is on the board of JPM and is a black woman along with Alicia Davis (the only two people of color with a total of… 0.6% influence), but she was also on the board and chair of Starbucks through their pre-Brian Niccol wokiest where they did things like say “happy holidays” and used red cups instead of cups with Jesus on them 

3. Former DOGE cochair Vivek Ramaswamy is joining Ohio’s governor race

1. Business Pants, for launching Ramaswamy via our show into the presidential race, only to have him flame out because no one liked him - but he did admit the critical race theory was a necessary thing on our show

2. Ohio AG Yost, also in the race, because he wisely showed he’s a man of integrity by suing Boeing for safety issues after voting for every board member every year there were safety issues

3. Musk, who fired Vivek from DOGE before it started in his first efficiency move - why have two co-leaders when you can have one.

4. Warren Buffett’s Letter Confirms ‘It Won’t Be Long’ Before Greg Abel Replaces Him as CEO

1. Howard and Susan Buffett: If business is innate, and Greg Abel is taking the seat at the head of the Folksy Table, they must suck at business right?

2. The Nominating Committee: Stephen B. Burke, Kenneth I. Chenault, Charlotte Guyman and Thomas S. Murphy, Jr., with an aggregate 11% influence, picked Greg Abel, because their job is to oversee CEO succession planning… right?

3. The Grim Reaper