AI transcript
0:00:02 It’s the Spring Big Red Sale at Canadian Tire.
0:00:03 Save up to 50%.
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0:00:06 I’m shouting it from the rooftop.
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0:00:12 The Spring Big Red Sale is on from April 24th to May 1st.
0:00:12 Conditions apply.
0:00:13 Details online.
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0:00:33 Name’s Conrad Harrigan.
0:00:34 Family man.
0:00:36 And if you cross my family,
0:00:38 well, you’d better pray.
0:00:40 From the underworld of Guy Ritchie.
0:00:42 We shake the right hands.
0:00:43 Break the wrong ones.
0:00:46 Comes the next great crime series.
0:00:48 And when someone forgets their place,
0:00:49 I’ve got a man for that.
0:00:50 Roll themselves.
0:00:53 Starring Tom Hardy, Pierce Brosnan, and Helen Mirren.
0:00:56 We’ve got everyone where we want them.
0:00:57 Mobland.
0:00:57 New series.
0:00:59 Now streaming on Paramount+.
0:01:02 I’m Scott Galloway,
0:01:04 and this is No Mercy, No Malice.
0:01:06 What is corporate America’s response
0:01:08 to Donald Trump’s policies been?
0:01:10 Cowardice.
0:01:13 Breaking the silence.
0:01:14 As read by George Hahn.
0:01:28 At different points,
0:01:31 I’ve worked with 30 Fortune 100 CEOs.
0:01:34 I believe 90% of them wake up in the morning,
0:01:35 look in the mirror,
0:01:35 and think,
0:01:37 hello, Mr. President.
0:01:39 These are talented,
0:01:40 confident,
0:01:41 tall people.
0:01:43 We’re a highly luxest nation.
0:01:48 who surround themselves with supporters who are damn impressed with their genius.
0:01:55 But the key attribute of leadership is doing the right thing when it’s hard.
0:01:56 really hard.
0:02:04 It’s difficult for CEOs to speak out as the president demonstrates a willingness to declare war on everyone all at once.
0:02:09 Best just to keep calm, i.e. quiet, and carry on.
0:02:13 There’s a powerful quote attributed to a German theologian.
0:02:14 Quote,
0:02:18 silence in the face of evil is itself evil.
0:02:21 Not to speak is to speak.
0:02:24 Not to act is to act.
0:02:26 Unquote.
0:02:28 In this case,
0:02:33 business leaders are saying their fear and idolatry of the dollar trumps all.
0:02:37 Their silence is cowardice.
0:02:39 Similar to a mob boss,
0:02:43 the president has created an incentive system to keep everyone in line.
0:02:46 Donating $1 million to his inauguration fund,
0:02:48 nodding politely,
0:02:53 publishing a bullshit press release about a massive investment in domestic manufacturing,
0:02:56 and staying quiet is the way to go.
0:02:59 If you know what’s best for you and your economic interests.
0:03:04 I’ve heard firsthand that CEOs at the biggest companies agree,
0:03:05 in private,
0:03:08 that Trump’s policies are dangerous and stupid.
0:03:10 In public,
0:03:10 they cower.
0:03:13 They keep their heads down and their knees bent,
0:03:16 fearing retribution or hoping to profit.
0:03:21 The fastest-growing and possibly most dangerous class in America
0:03:25 is what I’d label the transnational oligarchs.
0:03:27 Togarchs.
0:03:32 The Togarch has no use for the government once Uncle Sam’s check has been cashed.
0:03:34 The charging stations are built,
0:03:38 and the government-sponsored technology is already stitched into their offering.
0:03:44 The rule of law, regulation, tax system, and public infrastructure
0:03:46 that paved the way for their billions
0:03:49 is now a liability for their genius,
0:03:52 an obstacle to paying no taxes
0:03:56 or worrying about the damage their products levy on others.
0:04:00 They have little vested interest in the things the government does
0:04:02 or why it requires their tax dollars.
0:04:03 Their wealth,
0:04:06 comparable to that of a nation-state,
0:04:08 yields its own sub-infrastructure.
0:04:09 Private schools,
0:04:10 health care,
0:04:11 security,
0:04:12 and rights.
0:04:14 Overturning Roe v. Wade
0:04:15 or rounding people up
0:04:17 poses no threat to them.
0:04:18 If shit gets real
0:04:20 and someone in their life becomes pregnant
0:04:21 or people show up with pitchforks,
0:04:22 no bother.
0:04:26 The Togarch will always have access to Mifepristone
0:04:29 or residency in Dubai, London, or Milan.
0:04:40 The Togarch class is growing and slowly co-opting Fortune 500 CEOs to join their ranks.
0:04:44 These corporate titans are not only doing the wrong thing,
0:04:47 but bypassing an economic opportunity.
0:04:53 The first CEO who forcefully and publicly resists Trump
0:04:55 could reap significant benefits,
0:04:58 both reputationally and commercially.
0:05:02 Leadership springs from unexpected places,
0:05:05 but from a pure brand perspective,
0:05:07 the biggest commercial opportunity rests
0:05:11 with the CEO of an iconic American brand,
0:05:14 like Apple, Nike, P&G, Walmart.
0:05:16 You can make a case for Walmart,
0:05:20 which gets about 60% of its imports from China,
0:05:22 down from 80% pre-COVID.
0:05:26 But Nike is even better positioned to push back.
0:05:29 Tariffs are threatening to hobble Nike’s effort
0:05:31 to revitalize its brand
0:05:33 and reverse a decline in sales,
0:05:35 with the company making a large share of its footwear
0:05:37 in China and Vietnam.
0:05:40 Nike, famous for innovation,
0:05:42 high-profile endorsements,
0:05:45 and breaking barriers is suddenly uncool.
0:05:49 Its market value has tumbled more than 60%
0:05:50 from a 2021 high.
0:05:53 Nike is especially well-positioned,
0:05:55 as it has less to lose.
0:05:58 This is not a time for the swoosh
0:06:00 to be timid and stay the course.
0:06:03 Being bold is in Nike’s DNA.
0:06:05 Exhibit A.
0:06:06 Colin Kaepernick,
0:06:09 the former San Francisco 49er
0:06:12 who refused to stand during the national anthem
0:06:15 to raise awareness about police brutality
0:06:16 against black Americans
0:06:19 and racial injustice more broadly.
0:06:22 Conscious of the potential brand damage,
0:06:25 Nike reportedly almost dropped him.
0:06:26 Instead,
0:06:28 the company in 2018
0:06:31 chose the outcast quarterback
0:06:32 as its spokesperson
0:06:34 for the 30th anniversary
0:06:36 of the Just Do It campaign,
0:06:39 thrusting it into the national spotlight,
0:06:40 sparking an outcry,
0:06:42 and driving some sports fans
0:06:45 to set fire to their sneakers in protest.
0:06:48 It was a disaster
0:06:50 for Nike’s critics.
0:06:52 The company’s sales
0:06:54 surged by more than 30%.
0:07:01 Nike did the math.
0:07:03 They knew they’d piss off
0:07:04 right-wing conservatives,
0:07:05 but they also knew
0:07:06 they didn’t matter.
0:07:08 Non-whites made up
0:07:09 a greater share
0:07:11 of Nike’s customer base
0:07:12 than of the population at large.
0:07:14 Most of the company’s consumers
0:07:16 were younger than 35
0:07:18 and lived outside the U.S.
0:07:20 Few of these people
0:07:20 thought America
0:07:22 had race relations right.
0:07:24 Nike shrewdly concluded,
0:07:26 that gains to its brand
0:07:28 would dwarf any downside.
0:07:30 The people who burned Nike’s
0:07:31 likely had to go out
0:07:33 and buy their first pair.
0:07:34 Nike’s CEO
0:07:36 shouldn’t bring a knife
0:07:37 to a gunfight.
0:07:38 He should weaponize
0:07:40 one of the great creative teams
0:07:41 in consumer history
0:07:42 and fire up
0:07:43 the company’s
0:07:44 storytelling machine.
0:07:46 Outstanding marketers
0:07:47 supported by
0:07:48 world-class creative firms,
0:07:50 including Whedon and Kennedy.
0:07:53 What could be more effective
0:07:54 than a message
0:07:54 than a message
0:07:55 of resistance,
0:07:57 showcasing American values
0:07:59 through the lens of sport,
0:08:00 the role of immigrants,
0:08:01 teammates,
0:08:02 fair play,
0:08:03 and international competition.
0:08:05 The first large
0:08:06 American company
0:08:07 to go out on a limb
0:08:09 and do this successfully
0:08:10 will attract
0:08:11 huge amounts
0:08:12 of goodwill
0:08:13 from consumers,
0:08:14 manufacturers,
0:08:15 and partners
0:08:16 at home and abroad.
0:08:18 This is Nike,
0:08:19 Walmart,
0:08:20 or Apple’s prize
0:08:21 to lose.
0:08:23 But it could be captured
0:08:24 by other leaders,
0:08:24 including such
0:08:26 in Adela at Microsoft
0:08:27 or Mark Benioff
0:08:27 at Salesforce.
0:08:29 Their iconic brands
0:08:30 are built
0:08:31 on American values.
0:08:33 They shouldn’t wait.
0:08:34 The advantage
0:08:35 will erode sharply
0:08:36 for the second
0:08:37 and third CEOs
0:08:38 who follow.
0:08:39 The risk
0:08:41 has been overstated.
0:08:42 The Trump army
0:08:43 is divided
0:08:44 and it’s got
0:08:45 more bark than bite
0:08:46 snapping at every dog
0:08:47 in the park.
0:08:49 Does anybody
0:08:49 take him
0:08:50 or his threats
0:08:51 seriously anymore?
0:08:54 Given the rising
0:08:55 stress levels
0:08:56 in corner offices
0:08:57 across America,
0:08:58 we may be nearing
0:08:59 a turning point.
0:09:01 Citadel CEO
0:09:02 Ken Griffin
0:09:04 noted on April 23rd
0:09:05 that no brand
0:09:06 in the world
0:09:07 could compare
0:09:08 with U.S. Treasuries
0:09:10 given the strength
0:09:10 of the dollar
0:09:11 and the nation’s
0:09:12 creditworthiness
0:09:13 but that Trump’s
0:09:14 tactics
0:09:15 had eroded
0:09:16 America’s reputation
0:09:18 a point I’ve been
0:09:18 making for weeks.
0:09:21 And Jamie Dimon
0:09:22 one of Wall Street’s
0:09:24 most influential figures
0:09:25 has raised concerns
0:09:26 about tariffs
0:09:27 warning about
0:09:28 long-term damage
0:09:29 to America’s credibility
0:09:31 but dancing
0:09:32 around the issue
0:09:33 and feebly highlighting
0:09:34 the considerable
0:09:34 turbulence
0:09:36 facing the economy
0:09:37 Dimon looks like
0:09:38 he’s auditioning
0:09:39 to become the next
0:09:40 Treasury Secretary
0:09:41 rather than
0:09:42 filling the leadership
0:09:42 vacuum.
0:09:44 For now,
0:09:45 the most meaningful
0:09:46 conversations are
0:09:47 happening behind
0:09:48 closed doors.
0:09:50 On the public stage,
0:09:51 CEOs are shrinking
0:09:52 from the fight.
0:09:54 Disney’s settlement
0:09:55 in December
0:09:56 in Trump’s
0:09:56 defamation case
0:09:58 against ABC News
0:09:59 approved by CEO
0:10:00 Bob Iger
0:10:01 had a chilling
0:10:02 effect.
0:10:04 The company
0:10:05 agreed to donate
0:10:07 $15 million
0:10:08 to Trump’s future
0:10:09 presidential foundation
0:10:10 and museum
0:10:11 and an additional
0:10:12 $1 million
0:10:14 for his legal fees
0:10:15 instead of fighting
0:10:15 a case
0:10:17 they would have won.
0:10:19 They were afraid
0:10:20 of Trump
0:10:21 not the law.
0:10:25 Goldman Sachs CEO
0:10:26 David Solomon
0:10:26 meanwhile
0:10:27 referred to
0:10:29 landscape changes
0:10:30 and quote
0:10:31 uncertainty
0:10:32 about how
0:10:33 certain things
0:10:34 that are close
0:10:34 will proceed
0:10:35 forward
0:10:36 unquote
0:10:37 among other
0:10:38 euphemisms
0:10:39 in discussing
0:10:39 the bank’s
0:10:40 financial results
0:10:41 and outlook
0:10:42 earlier this month
0:10:43 as the New York
0:10:44 Times reported.
0:10:45 Executives steered
0:10:46 clear of mentioning
0:10:47 Trump directly
0:10:49 or using the word
0:10:49 tariff.
0:10:51 This marks
0:10:51 the end
0:10:52 of an era
0:10:53 that never was
0:10:54 the era
0:10:55 of stakeholder
0:10:56 capitalism
0:10:58 the notion
0:10:58 that businesses
0:10:59 have a responsibility
0:11:00 that extends
0:11:01 beyond their
0:11:02 shareholders
0:11:03 to society
0:11:04 at large.
0:11:06 I’ve served
0:11:07 on seven public
0:11:08 and dozens
0:11:08 of private
0:11:09 company boards.
0:11:11 Spoiler alert
0:11:12 this is
0:11:13 and always
0:11:14 was
0:11:14 bullshit.
0:11:16 The CEO
0:11:17 and board
0:11:17 has only
0:11:18 one group
0:11:18 of stakeholders
0:11:19 in mind
0:11:21 shareholders.
0:11:22 If Nike
0:11:23 or any other
0:11:23 corporation
0:11:24 needs inspiration
0:11:25 they should
0:11:26 look at
0:11:26 Harvard
0:11:27 which ought
0:11:28 to win
0:11:28 the award
0:11:29 for best
0:11:30 brand decision
0:11:31 of the year
0:11:31 after becoming
0:11:32 the first
0:11:33 American university
0:11:34 to officially
0:11:35 resist
0:11:35 Trump’s
0:11:36 vow
0:11:37 to reclaim
0:11:38 elite schools.
0:11:39 Harvard
0:11:40 sued
0:11:40 the Trump
0:11:41 administration
0:11:42 earlier this week
0:11:43 fighting back
0:11:44 against its
0:11:44 threats
0:11:45 to cut
0:11:45 billions
0:11:46 of dollars
0:11:46 in research
0:11:47 funding
0:11:48 after the
0:11:48 institution
0:11:49 said it
0:11:49 would
0:11:50 defy
0:11:51 the
0:11:51 White
0:11:51 House’s
0:11:52 demands
0:11:52 to
0:11:52 limit
0:11:53 activism
0:11:54 on campus.
0:11:56 Alan Garber
0:11:57 its president
0:11:58 wrote in a
0:11:58 public letter
0:11:59 that quote
0:12:00 no government
0:12:02 regardless of
0:12:02 which party
0:12:03 is in power
0:12:04 should dictate
0:12:05 what private
0:12:06 universities
0:12:07 can teach
0:12:08 whom they can
0:12:09 admit and hire
0:12:10 and which
0:12:11 areas of study
0:12:12 and inquiry
0:12:12 they can
0:12:13 pursue
0:12:15 unquote
0:12:17 the only
0:12:17 testicles
0:12:18 in sight
0:12:18 in the
0:12:19 government
0:12:19 appear to
0:12:20 be possessed
0:12:20 by women
0:12:21 you know
0:12:21 what I
0:12:22 mean
0:12:23 Senator
0:12:23 Lisa
0:12:24 Murkowski
0:12:25 the Alaska
0:12:26 Republican
0:12:26 who hasn’t
0:12:27 been shy
0:12:27 about challenging
0:12:28 Trump
0:12:29 showed how
0:12:29 it’s done
0:12:30 last week
0:12:30 at an event
0:12:31 in Anchorage
0:12:32 she said
0:12:33 quote
0:12:34 we are all
0:12:34 afraid
0:12:36 I’m oftentimes
0:12:37 very anxious
0:12:38 myself
0:12:38 about using
0:12:39 my voice
0:12:40 because
0:12:41 retaliation
0:12:41 is real
0:12:42 and that’s
0:12:43 not right
0:12:44 unquote
0:12:45 but she
0:12:45 added
0:12:46 quote
0:12:46 that’s what
0:12:47 you’ve
0:12:47 asked me
0:12:47 to do
0:12:48 I’m going
0:12:49 to use
0:12:49 my voice
0:12:50 to the
0:12:50 best
0:12:50 of my
0:12:51 ability
0:12:52 unquote
0:12:54 Janet
0:12:55 Mills
0:12:55 the governor
0:12:56 of Maine
0:12:57 who has
0:12:58 consistently
0:12:58 classed
0:12:59 with Trump
0:13:00 over a
0:13:00 state
0:13:01 anti-discrimination
0:13:02 law that
0:13:02 allows
0:13:03 transgender
0:13:03 athletes
0:13:04 to participate
0:13:05 in girls
0:13:05 and women’s
0:13:06 sports
0:13:07 has also
0:13:07 refused
0:13:08 to give
0:13:08 in
0:13:09 when
0:13:09 Trump
0:13:09 threatened
0:13:10 to pull
0:13:10 funding
0:13:11 from her
0:13:11 state
0:13:11 earlier
0:13:12 this
0:13:12 year
0:13:13 Mills
0:13:13 responded
0:13:14 quote
0:13:15 see you
0:13:16 in court
0:13:17 unquote
0:13:19 the markets
0:13:20 are in
0:13:20 turmoil
0:13:21 and we’ve
0:13:22 turned on
0:13:23 our allies
0:13:23 for no
0:13:24 discernible
0:13:24 benefit
0:13:26 but thank
0:13:26 God
0:13:27 a 14
0:13:27 year old
0:13:27 transgender
0:13:28 girl
0:13:28 isn’t
0:13:28 playing
0:13:29 volleyball
0:13:29 in
0:13:29 rural
0:13:30 America
0:13:32 when
0:13:32 did
0:13:32 America
0:13:33 get
0:13:33 this
0:13:33 fucking
0:13:34 stupid
0:13:34 and
0:13:34 cruel
0:13:38 the
0:13:38 pursuit
0:13:39 of
0:13:39 money
0:13:40 at the
0:13:40 expense
0:13:40 of
0:13:41 freedom
0:13:41 is a
0:13:41 common
0:13:42 thread
0:13:43 that runs
0:13:43 through some
0:13:43 of the
0:13:44 darkest
0:13:44 periods
0:13:45 in history
0:13:46 the first
0:13:46 year of
0:13:47 Adolf Hitler’s
0:13:48 reign was a
0:13:48 crucial period
0:13:49 in which
0:13:50 German
0:13:50 businesses
0:13:51 could have
0:13:52 resisted
0:13:52 his regime
0:13:53 instead
0:13:55 as scholars
0:13:55 have documented
0:13:56 some
0:13:57 provided
0:13:57 key
0:13:58 financial
0:13:58 support
0:13:58 for the
0:13:59 Nazi
0:13:59 party
0:14:00 others
0:14:01 became
0:14:01 complicit
0:14:01 in
0:14:02 Hitler’s
0:14:02 crimes
0:14:03 driven
0:14:04 by fear
0:14:05 greed
0:14:05 or
0:14:06 anti-semitism
0:14:08 few
0:14:08 leaders
0:14:08 took
0:14:09 Hitler
0:14:09 seriously
0:14:10 and those
0:14:10 who worried
0:14:11 about
0:14:12 anti-semitism
0:14:12 believed
0:14:13 it wouldn’t
0:14:13 affect
0:14:15 the kind
0:14:15 of people
0:14:16 I know
0:14:17 as
0:14:17 Northwestern
0:14:18 professor
0:14:18 Peter Hayes
0:14:19 told Fast
0:14:19 Company
0:14:20 last month
0:14:21 Hayes
0:14:22 is skeptical
0:14:23 American
0:14:23 businesses
0:14:24 will behave
0:14:25 any differently
0:14:25 today
0:14:26 in response
0:14:27 to Trump
0:14:28 based on
0:14:28 the lack
0:14:29 of courage
0:14:29 we’ve seen
0:14:30 so far
0:14:30 from corporate
0:14:31 America
0:14:32 it’s difficult
0:14:33 to rebut
0:14:34 that point
0:14:36 leadership
0:14:37 is doing
0:14:37 the right
0:14:37 thing
0:14:38 even when
0:14:39 it’s hard
0:14:41 not becoming
0:14:41 another brick
0:14:42 in the fascist
0:14:43 wall
0:14:44 standing up
0:14:44 to the
0:14:45 administration’s
0:14:46 policies
0:14:46 may be
0:14:47 painful
0:14:47 in the
0:14:48 short term
0:14:48 drawing
0:14:49 rage
0:14:49 from the
0:14:50 president
0:14:51 and his
0:14:51 team of
0:14:52 clowns
0:14:52 and enablers
0:14:53 but it
0:14:53 presents
0:14:54 an enormous
0:14:55 opportunity
0:14:55 over the
0:14:56 longer
0:14:56 term
0:14:56 for
0:14:57 Nike
0:14:58 Walmart
0:14:59 Microsoft
0:15:00 Apple
0:15:01 or some
0:15:02 other
0:15:02 household
0:15:03 American
0:15:03 brand
0:15:04 it’s
0:15:05 never
0:15:05 the wrong
0:15:06 time
0:15:06 to do
0:15:07 the right
0:15:07 thing
0:15:09 when do
0:15:10 we stop
0:15:10 being so
0:15:11 stupid
0:15:11 and afraid
0:15:13 when
0:15:14 do we
0:15:14 show some
0:15:15 courage
0:15:15 even if
0:15:16 it involves
0:15:16 risks
0:15:17 to shareholder
0:15:18 value
0:15:19 when do
0:15:20 we nod
0:15:20 to the
0:15:20 sacrifice
0:15:21 others
0:15:22 before us
0:15:22 have made
0:15:24 when
0:15:25 do the
0:15:25 Americans
0:15:26 show up
0:15:30 life
0:15:31 is so
0:15:31 rich
0:15:31 you
0:15:31 you
0:00:03 Save up to 50%.
0:00:04 What are you doing?
0:00:05 These are the biggest deals of the season.
0:00:06 I’m shouting it from the rooftop.
0:00:07 You have a radio ad.
0:00:08 You don’t need to be up there.
0:00:12 The Spring Big Red Sale is on from April 24th to May 1st.
0:00:12 Conditions apply.
0:00:13 Details online.
0:00:17 Tired of staring at that crack in your windshield?
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0:00:21 Our experts will replace your windshield,
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0:00:32 Now streaming on Paramount+.
0:00:33 Name’s Conrad Harrigan.
0:00:34 Family man.
0:00:36 And if you cross my family,
0:00:38 well, you’d better pray.
0:00:40 From the underworld of Guy Ritchie.
0:00:42 We shake the right hands.
0:00:43 Break the wrong ones.
0:00:46 Comes the next great crime series.
0:00:48 And when someone forgets their place,
0:00:49 I’ve got a man for that.
0:00:50 Roll themselves.
0:00:53 Starring Tom Hardy, Pierce Brosnan, and Helen Mirren.
0:00:56 We’ve got everyone where we want them.
0:00:57 Mobland.
0:00:57 New series.
0:00:59 Now streaming on Paramount+.
0:01:02 I’m Scott Galloway,
0:01:04 and this is No Mercy, No Malice.
0:01:06 What is corporate America’s response
0:01:08 to Donald Trump’s policies been?
0:01:10 Cowardice.
0:01:13 Breaking the silence.
0:01:14 As read by George Hahn.
0:01:28 At different points,
0:01:31 I’ve worked with 30 Fortune 100 CEOs.
0:01:34 I believe 90% of them wake up in the morning,
0:01:35 look in the mirror,
0:01:35 and think,
0:01:37 hello, Mr. President.
0:01:39 These are talented,
0:01:40 confident,
0:01:41 tall people.
0:01:43 We’re a highly luxest nation.
0:01:48 who surround themselves with supporters who are damn impressed with their genius.
0:01:55 But the key attribute of leadership is doing the right thing when it’s hard.
0:01:56 really hard.
0:02:04 It’s difficult for CEOs to speak out as the president demonstrates a willingness to declare war on everyone all at once.
0:02:09 Best just to keep calm, i.e. quiet, and carry on.
0:02:13 There’s a powerful quote attributed to a German theologian.
0:02:14 Quote,
0:02:18 silence in the face of evil is itself evil.
0:02:21 Not to speak is to speak.
0:02:24 Not to act is to act.
0:02:26 Unquote.
0:02:28 In this case,
0:02:33 business leaders are saying their fear and idolatry of the dollar trumps all.
0:02:37 Their silence is cowardice.
0:02:39 Similar to a mob boss,
0:02:43 the president has created an incentive system to keep everyone in line.
0:02:46 Donating $1 million to his inauguration fund,
0:02:48 nodding politely,
0:02:53 publishing a bullshit press release about a massive investment in domestic manufacturing,
0:02:56 and staying quiet is the way to go.
0:02:59 If you know what’s best for you and your economic interests.
0:03:04 I’ve heard firsthand that CEOs at the biggest companies agree,
0:03:05 in private,
0:03:08 that Trump’s policies are dangerous and stupid.
0:03:10 In public,
0:03:10 they cower.
0:03:13 They keep their heads down and their knees bent,
0:03:16 fearing retribution or hoping to profit.
0:03:21 The fastest-growing and possibly most dangerous class in America
0:03:25 is what I’d label the transnational oligarchs.
0:03:27 Togarchs.
0:03:32 The Togarch has no use for the government once Uncle Sam’s check has been cashed.
0:03:34 The charging stations are built,
0:03:38 and the government-sponsored technology is already stitched into their offering.
0:03:44 The rule of law, regulation, tax system, and public infrastructure
0:03:46 that paved the way for their billions
0:03:49 is now a liability for their genius,
0:03:52 an obstacle to paying no taxes
0:03:56 or worrying about the damage their products levy on others.
0:04:00 They have little vested interest in the things the government does
0:04:02 or why it requires their tax dollars.
0:04:03 Their wealth,
0:04:06 comparable to that of a nation-state,
0:04:08 yields its own sub-infrastructure.
0:04:09 Private schools,
0:04:10 health care,
0:04:11 security,
0:04:12 and rights.
0:04:14 Overturning Roe v. Wade
0:04:15 or rounding people up
0:04:17 poses no threat to them.
0:04:18 If shit gets real
0:04:20 and someone in their life becomes pregnant
0:04:21 or people show up with pitchforks,
0:04:22 no bother.
0:04:26 The Togarch will always have access to Mifepristone
0:04:29 or residency in Dubai, London, or Milan.
0:04:40 The Togarch class is growing and slowly co-opting Fortune 500 CEOs to join their ranks.
0:04:44 These corporate titans are not only doing the wrong thing,
0:04:47 but bypassing an economic opportunity.
0:04:53 The first CEO who forcefully and publicly resists Trump
0:04:55 could reap significant benefits,
0:04:58 both reputationally and commercially.
0:05:02 Leadership springs from unexpected places,
0:05:05 but from a pure brand perspective,
0:05:07 the biggest commercial opportunity rests
0:05:11 with the CEO of an iconic American brand,
0:05:14 like Apple, Nike, P&G, Walmart.
0:05:16 You can make a case for Walmart,
0:05:20 which gets about 60% of its imports from China,
0:05:22 down from 80% pre-COVID.
0:05:26 But Nike is even better positioned to push back.
0:05:29 Tariffs are threatening to hobble Nike’s effort
0:05:31 to revitalize its brand
0:05:33 and reverse a decline in sales,
0:05:35 with the company making a large share of its footwear
0:05:37 in China and Vietnam.
0:05:40 Nike, famous for innovation,
0:05:42 high-profile endorsements,
0:05:45 and breaking barriers is suddenly uncool.
0:05:49 Its market value has tumbled more than 60%
0:05:50 from a 2021 high.
0:05:53 Nike is especially well-positioned,
0:05:55 as it has less to lose.
0:05:58 This is not a time for the swoosh
0:06:00 to be timid and stay the course.
0:06:03 Being bold is in Nike’s DNA.
0:06:05 Exhibit A.
0:06:06 Colin Kaepernick,
0:06:09 the former San Francisco 49er
0:06:12 who refused to stand during the national anthem
0:06:15 to raise awareness about police brutality
0:06:16 against black Americans
0:06:19 and racial injustice more broadly.
0:06:22 Conscious of the potential brand damage,
0:06:25 Nike reportedly almost dropped him.
0:06:26 Instead,
0:06:28 the company in 2018
0:06:31 chose the outcast quarterback
0:06:32 as its spokesperson
0:06:34 for the 30th anniversary
0:06:36 of the Just Do It campaign,
0:06:39 thrusting it into the national spotlight,
0:06:40 sparking an outcry,
0:06:42 and driving some sports fans
0:06:45 to set fire to their sneakers in protest.
0:06:48 It was a disaster
0:06:50 for Nike’s critics.
0:06:52 The company’s sales
0:06:54 surged by more than 30%.
0:07:01 Nike did the math.
0:07:03 They knew they’d piss off
0:07:04 right-wing conservatives,
0:07:05 but they also knew
0:07:06 they didn’t matter.
0:07:08 Non-whites made up
0:07:09 a greater share
0:07:11 of Nike’s customer base
0:07:12 than of the population at large.
0:07:14 Most of the company’s consumers
0:07:16 were younger than 35
0:07:18 and lived outside the U.S.
0:07:20 Few of these people
0:07:20 thought America
0:07:22 had race relations right.
0:07:24 Nike shrewdly concluded,
0:07:26 that gains to its brand
0:07:28 would dwarf any downside.
0:07:30 The people who burned Nike’s
0:07:31 likely had to go out
0:07:33 and buy their first pair.
0:07:34 Nike’s CEO
0:07:36 shouldn’t bring a knife
0:07:37 to a gunfight.
0:07:38 He should weaponize
0:07:40 one of the great creative teams
0:07:41 in consumer history
0:07:42 and fire up
0:07:43 the company’s
0:07:44 storytelling machine.
0:07:46 Outstanding marketers
0:07:47 supported by
0:07:48 world-class creative firms,
0:07:50 including Whedon and Kennedy.
0:07:53 What could be more effective
0:07:54 than a message
0:07:54 than a message
0:07:55 of resistance,
0:07:57 showcasing American values
0:07:59 through the lens of sport,
0:08:00 the role of immigrants,
0:08:01 teammates,
0:08:02 fair play,
0:08:03 and international competition.
0:08:05 The first large
0:08:06 American company
0:08:07 to go out on a limb
0:08:09 and do this successfully
0:08:10 will attract
0:08:11 huge amounts
0:08:12 of goodwill
0:08:13 from consumers,
0:08:14 manufacturers,
0:08:15 and partners
0:08:16 at home and abroad.
0:08:18 This is Nike,
0:08:19 Walmart,
0:08:20 or Apple’s prize
0:08:21 to lose.
0:08:23 But it could be captured
0:08:24 by other leaders,
0:08:24 including such
0:08:26 in Adela at Microsoft
0:08:27 or Mark Benioff
0:08:27 at Salesforce.
0:08:29 Their iconic brands
0:08:30 are built
0:08:31 on American values.
0:08:33 They shouldn’t wait.
0:08:34 The advantage
0:08:35 will erode sharply
0:08:36 for the second
0:08:37 and third CEOs
0:08:38 who follow.
0:08:39 The risk
0:08:41 has been overstated.
0:08:42 The Trump army
0:08:43 is divided
0:08:44 and it’s got
0:08:45 more bark than bite
0:08:46 snapping at every dog
0:08:47 in the park.
0:08:49 Does anybody
0:08:49 take him
0:08:50 or his threats
0:08:51 seriously anymore?
0:08:54 Given the rising
0:08:55 stress levels
0:08:56 in corner offices
0:08:57 across America,
0:08:58 we may be nearing
0:08:59 a turning point.
0:09:01 Citadel CEO
0:09:02 Ken Griffin
0:09:04 noted on April 23rd
0:09:05 that no brand
0:09:06 in the world
0:09:07 could compare
0:09:08 with U.S. Treasuries
0:09:10 given the strength
0:09:10 of the dollar
0:09:11 and the nation’s
0:09:12 creditworthiness
0:09:13 but that Trump’s
0:09:14 tactics
0:09:15 had eroded
0:09:16 America’s reputation
0:09:18 a point I’ve been
0:09:18 making for weeks.
0:09:21 And Jamie Dimon
0:09:22 one of Wall Street’s
0:09:24 most influential figures
0:09:25 has raised concerns
0:09:26 about tariffs
0:09:27 warning about
0:09:28 long-term damage
0:09:29 to America’s credibility
0:09:31 but dancing
0:09:32 around the issue
0:09:33 and feebly highlighting
0:09:34 the considerable
0:09:34 turbulence
0:09:36 facing the economy
0:09:37 Dimon looks like
0:09:38 he’s auditioning
0:09:39 to become the next
0:09:40 Treasury Secretary
0:09:41 rather than
0:09:42 filling the leadership
0:09:42 vacuum.
0:09:44 For now,
0:09:45 the most meaningful
0:09:46 conversations are
0:09:47 happening behind
0:09:48 closed doors.
0:09:50 On the public stage,
0:09:51 CEOs are shrinking
0:09:52 from the fight.
0:09:54 Disney’s settlement
0:09:55 in December
0:09:56 in Trump’s
0:09:56 defamation case
0:09:58 against ABC News
0:09:59 approved by CEO
0:10:00 Bob Iger
0:10:01 had a chilling
0:10:02 effect.
0:10:04 The company
0:10:05 agreed to donate
0:10:07 $15 million
0:10:08 to Trump’s future
0:10:09 presidential foundation
0:10:10 and museum
0:10:11 and an additional
0:10:12 $1 million
0:10:14 for his legal fees
0:10:15 instead of fighting
0:10:15 a case
0:10:17 they would have won.
0:10:19 They were afraid
0:10:20 of Trump
0:10:21 not the law.
0:10:25 Goldman Sachs CEO
0:10:26 David Solomon
0:10:26 meanwhile
0:10:27 referred to
0:10:29 landscape changes
0:10:30 and quote
0:10:31 uncertainty
0:10:32 about how
0:10:33 certain things
0:10:34 that are close
0:10:34 will proceed
0:10:35 forward
0:10:36 unquote
0:10:37 among other
0:10:38 euphemisms
0:10:39 in discussing
0:10:39 the bank’s
0:10:40 financial results
0:10:41 and outlook
0:10:42 earlier this month
0:10:43 as the New York
0:10:44 Times reported.
0:10:45 Executives steered
0:10:46 clear of mentioning
0:10:47 Trump directly
0:10:49 or using the word
0:10:49 tariff.
0:10:51 This marks
0:10:51 the end
0:10:52 of an era
0:10:53 that never was
0:10:54 the era
0:10:55 of stakeholder
0:10:56 capitalism
0:10:58 the notion
0:10:58 that businesses
0:10:59 have a responsibility
0:11:00 that extends
0:11:01 beyond their
0:11:02 shareholders
0:11:03 to society
0:11:04 at large.
0:11:06 I’ve served
0:11:07 on seven public
0:11:08 and dozens
0:11:08 of private
0:11:09 company boards.
0:11:11 Spoiler alert
0:11:12 this is
0:11:13 and always
0:11:14 was
0:11:14 bullshit.
0:11:16 The CEO
0:11:17 and board
0:11:17 has only
0:11:18 one group
0:11:18 of stakeholders
0:11:19 in mind
0:11:21 shareholders.
0:11:22 If Nike
0:11:23 or any other
0:11:23 corporation
0:11:24 needs inspiration
0:11:25 they should
0:11:26 look at
0:11:26 Harvard
0:11:27 which ought
0:11:28 to win
0:11:28 the award
0:11:29 for best
0:11:30 brand decision
0:11:31 of the year
0:11:31 after becoming
0:11:32 the first
0:11:33 American university
0:11:34 to officially
0:11:35 resist
0:11:35 Trump’s
0:11:36 vow
0:11:37 to reclaim
0:11:38 elite schools.
0:11:39 Harvard
0:11:40 sued
0:11:40 the Trump
0:11:41 administration
0:11:42 earlier this week
0:11:43 fighting back
0:11:44 against its
0:11:44 threats
0:11:45 to cut
0:11:45 billions
0:11:46 of dollars
0:11:46 in research
0:11:47 funding
0:11:48 after the
0:11:48 institution
0:11:49 said it
0:11:49 would
0:11:50 defy
0:11:51 the
0:11:51 White
0:11:51 House’s
0:11:52 demands
0:11:52 to
0:11:52 limit
0:11:53 activism
0:11:54 on campus.
0:11:56 Alan Garber
0:11:57 its president
0:11:58 wrote in a
0:11:58 public letter
0:11:59 that quote
0:12:00 no government
0:12:02 regardless of
0:12:02 which party
0:12:03 is in power
0:12:04 should dictate
0:12:05 what private
0:12:06 universities
0:12:07 can teach
0:12:08 whom they can
0:12:09 admit and hire
0:12:10 and which
0:12:11 areas of study
0:12:12 and inquiry
0:12:12 they can
0:12:13 pursue
0:12:15 unquote
0:12:17 the only
0:12:17 testicles
0:12:18 in sight
0:12:18 in the
0:12:19 government
0:12:19 appear to
0:12:20 be possessed
0:12:20 by women
0:12:21 you know
0:12:21 what I
0:12:22 mean
0:12:23 Senator
0:12:23 Lisa
0:12:24 Murkowski
0:12:25 the Alaska
0:12:26 Republican
0:12:26 who hasn’t
0:12:27 been shy
0:12:27 about challenging
0:12:28 Trump
0:12:29 showed how
0:12:29 it’s done
0:12:30 last week
0:12:30 at an event
0:12:31 in Anchorage
0:12:32 she said
0:12:33 quote
0:12:34 we are all
0:12:34 afraid
0:12:36 I’m oftentimes
0:12:37 very anxious
0:12:38 myself
0:12:38 about using
0:12:39 my voice
0:12:40 because
0:12:41 retaliation
0:12:41 is real
0:12:42 and that’s
0:12:43 not right
0:12:44 unquote
0:12:45 but she
0:12:45 added
0:12:46 quote
0:12:46 that’s what
0:12:47 you’ve
0:12:47 asked me
0:12:47 to do
0:12:48 I’m going
0:12:49 to use
0:12:49 my voice
0:12:50 to the
0:12:50 best
0:12:50 of my
0:12:51 ability
0:12:52 unquote
0:12:54 Janet
0:12:55 Mills
0:12:55 the governor
0:12:56 of Maine
0:12:57 who has
0:12:58 consistently
0:12:58 classed
0:12:59 with Trump
0:13:00 over a
0:13:00 state
0:13:01 anti-discrimination
0:13:02 law that
0:13:02 allows
0:13:03 transgender
0:13:03 athletes
0:13:04 to participate
0:13:05 in girls
0:13:05 and women’s
0:13:06 sports
0:13:07 has also
0:13:07 refused
0:13:08 to give
0:13:08 in
0:13:09 when
0:13:09 Trump
0:13:09 threatened
0:13:10 to pull
0:13:10 funding
0:13:11 from her
0:13:11 state
0:13:11 earlier
0:13:12 this
0:13:12 year
0:13:13 Mills
0:13:13 responded
0:13:14 quote
0:13:15 see you
0:13:16 in court
0:13:17 unquote
0:13:19 the markets
0:13:20 are in
0:13:20 turmoil
0:13:21 and we’ve
0:13:22 turned on
0:13:23 our allies
0:13:23 for no
0:13:24 discernible
0:13:24 benefit
0:13:26 but thank
0:13:26 God
0:13:27 a 14
0:13:27 year old
0:13:27 transgender
0:13:28 girl
0:13:28 isn’t
0:13:28 playing
0:13:29 volleyball
0:13:29 in
0:13:29 rural
0:13:30 America
0:13:32 when
0:13:32 did
0:13:32 America
0:13:33 get
0:13:33 this
0:13:33 fucking
0:13:34 stupid
0:13:34 and
0:13:34 cruel
0:13:38 the
0:13:38 pursuit
0:13:39 of
0:13:39 money
0:13:40 at the
0:13:40 expense
0:13:40 of
0:13:41 freedom
0:13:41 is a
0:13:41 common
0:13:42 thread
0:13:43 that runs
0:13:43 through some
0:13:43 of the
0:13:44 darkest
0:13:44 periods
0:13:45 in history
0:13:46 the first
0:13:46 year of
0:13:47 Adolf Hitler’s
0:13:48 reign was a
0:13:48 crucial period
0:13:49 in which
0:13:50 German
0:13:50 businesses
0:13:51 could have
0:13:52 resisted
0:13:52 his regime
0:13:53 instead
0:13:55 as scholars
0:13:55 have documented
0:13:56 some
0:13:57 provided
0:13:57 key
0:13:58 financial
0:13:58 support
0:13:58 for the
0:13:59 Nazi
0:13:59 party
0:14:00 others
0:14:01 became
0:14:01 complicit
0:14:01 in
0:14:02 Hitler’s
0:14:02 crimes
0:14:03 driven
0:14:04 by fear
0:14:05 greed
0:14:05 or
0:14:06 anti-semitism
0:14:08 few
0:14:08 leaders
0:14:08 took
0:14:09 Hitler
0:14:09 seriously
0:14:10 and those
0:14:10 who worried
0:14:11 about
0:14:12 anti-semitism
0:14:12 believed
0:14:13 it wouldn’t
0:14:13 affect
0:14:15 the kind
0:14:15 of people
0:14:16 I know
0:14:17 as
0:14:17 Northwestern
0:14:18 professor
0:14:18 Peter Hayes
0:14:19 told Fast
0:14:19 Company
0:14:20 last month
0:14:21 Hayes
0:14:22 is skeptical
0:14:23 American
0:14:23 businesses
0:14:24 will behave
0:14:25 any differently
0:14:25 today
0:14:26 in response
0:14:27 to Trump
0:14:28 based on
0:14:28 the lack
0:14:29 of courage
0:14:29 we’ve seen
0:14:30 so far
0:14:30 from corporate
0:14:31 America
0:14:32 it’s difficult
0:14:33 to rebut
0:14:34 that point
0:14:36 leadership
0:14:37 is doing
0:14:37 the right
0:14:37 thing
0:14:38 even when
0:14:39 it’s hard
0:14:41 not becoming
0:14:41 another brick
0:14:42 in the fascist
0:14:43 wall
0:14:44 standing up
0:14:44 to the
0:14:45 administration’s
0:14:46 policies
0:14:46 may be
0:14:47 painful
0:14:47 in the
0:14:48 short term
0:14:48 drawing
0:14:49 rage
0:14:49 from the
0:14:50 president
0:14:51 and his
0:14:51 team of
0:14:52 clowns
0:14:52 and enablers
0:14:53 but it
0:14:53 presents
0:14:54 an enormous
0:14:55 opportunity
0:14:55 over the
0:14:56 longer
0:14:56 term
0:14:56 for
0:14:57 Nike
0:14:58 Walmart
0:14:59 Microsoft
0:15:00 Apple
0:15:01 or some
0:15:02 other
0:15:02 household
0:15:03 American
0:15:03 brand
0:15:04 it’s
0:15:05 never
0:15:05 the wrong
0:15:06 time
0:15:06 to do
0:15:07 the right
0:15:07 thing
0:15:09 when do
0:15:10 we stop
0:15:10 being so
0:15:11 stupid
0:15:11 and afraid
0:15:13 when
0:15:14 do we
0:15:14 show some
0:15:15 courage
0:15:15 even if
0:15:16 it involves
0:15:16 risks
0:15:17 to shareholder
0:15:18 value
0:15:19 when do
0:15:20 we nod
0:15:20 to the
0:15:20 sacrifice
0:15:21 others
0:15:22 before us
0:15:22 have made
0:15:24 when
0:15:25 do the
0:15:25 Americans
0:15:26 show up
0:15:30 life
0:15:31 is so
0:15:31 rich
0:15:31 you
0:15:31 you
As read by George Hahn.
Breaking the Silence
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