What up what up what up!?! And a cold GOOD MORNING! to you all. Cold and clear-ish anyway!
Today’s bit o trivia: SS Edmund Fitzgerald. So, this morning at about 4am, this song by Gordon Lightfoot came into my head. No reason other than it just did. The Great Lakes are just that “GREAT.” These things are actually huge and subject to massive storms. Lots and lots of commerce gets transported on these lakes. Well, back in 1975 the Edmund Fitzgerald set out with her hulls full of iron ore being followed by the Arthur Anderson. A massive storm hit with hurricane force winds and sank the ship. 29 men aboard allegedly perished. I say allegedly because they, and the captain Ernest McSorley, were NEVER FOUND! Odd that the Edmund Fitzgerald built by an insurance company was followed by a ship with the name of a future consulting firm that sank. Crazy!
Think About it Thursday Ed-vise today
I listened to a podcast the other day. Much like I always do. I love these things! The one I listened to was The Knowledge Project. The host, Shane Parrish sat down (virtually) with Roger Martin from the Rotman School of Management in Canadia (Toronto specifically). Mr. Martin brought up a great Think About It that I want to extrapolate on and it has to do with putting our trust in certain people.
Bond rating agencies were part of the problem in the 2008 housing crash. People rated these bonds which caused these to stay artificially inflated. The people rating these bonds were considered professionals. Why? They didn’t make a bunch of money trading bonds. If they were so good at understanding bonds, so much so that they would be considered “professionals” wouldn’t they be much more wealthy via bond trading?
You know who’s good at bond rating? Bond traders.
Boards of Directors are supposed to be set up to prevent CEOs from doing bad things with a corporation. But they don’t. For example, Tesla has lots of incidents where employees have been injured on the job. Further, the company has yet to turn a profit. Do you think the board will remove Elon Musk? Same with Amazon (though it is hugely profitable). Do you think the board will remove Bezos? The board wants profit.
Last, government agencies. Made up of political appointments. Remember, the political parties are not in it for “We the People.” They are in it for “They the Party.” So, do you think these agencies have your interest at heart or do they represent the money that can come in for the party? Read up on how aspartame ended up approved by the FDA and tell me they’re not biased.
The old saying still holds of “never trust anyone in DC over the age of 35.” I’m just saying.
That’s it for today. Take care of yourselves. Check in on each other and remember even though we will mistakenly push a door that says “pull”, we are still the top of the food chain! Take that you lions and tigers and bears!