FRIDAY WRAP: Bans of TikTok and non-competes, ADM’s audit committee, Oklahoma’s anti-ESG rollback, and space junk

Introduction

IT’S FRIDAYYYYY!!! And we are LIVE, and ALIVE AND ITCHY. This is Ari the Data Queen, joined by AnalystHole Matt Moscardi, Jessie the Money Whisperer, and Hazelnut Rallis. On today’s weekly wrap up: UAW’s latest surprising win, lots of bans, and lots of stats, and POLLEN!

Story of the Week (DR):

1. US bans worker 'noncompete' agreements as business groups vow to sue

2. UAW’s stunning victory at a Tennessee VW factory could spell union wins at other southern plants (73%)

3. US bans TikTok owner ByteDance, will prohibit app in US unless it is sold: MM AB

1. TikTok will not be sold, Chinese parent tells US

4. Concern grows as bird flu spreads further in US cows: 32 herds in 8 states: Fragments of bird flu virus genome found in pasteurized milk, FDA says

Goodliest of the Week (AB):

1. U.S. bans noncompete agreements for nearly all jobs DR MM

1. “30 million people, or one in five American workers are bound by noncompetes.”

2. “could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely”

3. It will take effect later this year, except for existing noncompetes that companies have with senior executives “on the grounds that these agreements are more likely to have been negotiated”

2. Millions more salaried workers will be eligible for overtime pay under final Biden administration rule

1. the rule is expected to result in an income transfer of about $1.5 billion from employers to workers

2. “Millions of salaried workers will soon qualify for overtime pay under a final rule released by the US Department of Labor on Tuesday”.

3. The new rule raises the salary threshold to $58,656

3. TikTok ban measure signed by Biden

1. Idc that this will never happen to Meta/FB/Instagram/Snapchat… this is a WIN

Assholiest of the Week (MM):

1. Stats first

1. Japan is the only country in the G7 that does not legally recognize same-sex unions nationally in any form

2. An estimate 0.02% of Japan’s population is black, so low they don’t bother in the census

3. Japan ranks 115th out of 146 on the Gender Gap Index by World Economic Forum

4. Headline: Elon Musk Likes Games Originating From This Country Because They Haven't Been Corrupted By 'Woke DEI Lies'

1. Yes, Japan

2. Musk up for another asshole of the week.  WHERE IS THE FUCKING BOARD… 

2. Stats first AB DR

1. Oklahoma has state debt totalling 7.9bn in 2023, up from 6.1bn in 2022 (that’s a near 30% increase if you’re counting)

2. In 17 months the OK government spent $185 million in additional expenses - or approximately 10% of the debt increase

3. On average, they pay 59 bps more than other states

4. Headline: Republicans Weigh Rolling Back Anti-ESG Law They Passed

1. That’s right - the ESG “blacklist” to stop woke capitalists from making you money cost OK nearly $200 million BY ITSELF

2. Oklahoma republicans up for asshole of the week

3. Stats first

1. ADM announced a two month delay in releasing a 10K for 2023 given accounting issues and a DOJ investigation

2. They restated SIX YEARS of intragroup segment transactions

3. They got the rare “adverse opinion” from an auditor this year and put their CFO on leave

4. Headline: Archer-Daniels-Midland's CFO to Step Down Amid Accounting Concerns - CEOWORLD magazine

1. Who is the asshole you’re wondering?  Quote: “As part of his resignation agreement, Luthar will receive a cash performance incentive award for 2023 and shares tied to company performance. He will continue to support ADM in a non-executive capacity until his departure date, aiding in the transition as the company seeks a new CFO.”

2. Audit committee includes:

1. Chair Mike Burke, accounting degree, ex CEO of AECOM, ex KPMG

2. Patrick Moore (9% influence) with 21 years of board tenure who was flagged because he sat on the board of Smurfit-Stone Container Corporation which filed for bankruptcy in 2009 who also sits on American Air Liquide Holdings which buys ADM products (related party transaction)

3. Those are the only two financial “experts” on audit - others are Ted Colbert (ex Boeing), Suzan Harrison (Colgate, marketing background), Deb Sandler (marketing, food/well being), Ellen de Brabander (PhD, bio chem, animal medicine)

3. Moore is the longest tenured along with Kelvin Westbrook (also 21 years) who sits on 4 boards

4. Our data shows that 82% of board influence is insiders - virtually every board member has a related party transaction with ADM every year

5. Huge earnings vs. TSR performance for the directors - excellent salespeople, no earnings

Headline-iest (ALL):

1. Ari:

1. NASA says it expected space station garbage to burn up. The debris smashed into a Florida home instead

2. DR: (Dumb CEO edition)

1. Billionaire Ken Griffin's firm calls Trump Media's CEO a 'loser' after criticism of short-selling

2. Australia PM calls Elon Musk an 'arrogant billionaire'

3. Spotify CEO Daniel Ek surprised at negative impact of laying off 1,500 Spotify employees AB DR

3. MM:

1. Coscto's quirky culture means the finance chief won't get his own parking spot MM

1. Richard Galanti cleared summary comp of $6.76m, which included flying on the corporate jet when necessary at a “free” executive membership card to Costco

2. Nestlé baby foods loaded with unhealthy sugars—but only in poorer countries

Exhausting-est of the Week (JS):

Who Won the Week?

1. DR: Coca-Cola, for being the latest target of the anti-woke

2. AB: Workers

3. MM: Mark Zuckerberg, who will soon own ALL of social media

4. JS: 

Predictions

1. DR: ISS will support Norfolk Southern slate: “Alan Shaw probably is a man capable of potentially guiding Norfolk into perhaps the right direction which might be southern or just as likely could be northern.”

2. AB: InsuranceAI will start selling policies specifically for space garbage, it will be in the next superbowl commercial

3. MM: Mark Zuckerberg buys TikTok

1. Sub prediction - Oklahoma bans Coca-Cola

4. JS: