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Speaker 1: Meyer proposes a major shakeup for the retail sector in Australia.

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Speaker 1: The federal government's new energies are doesn't like nuclear and

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Speaker 1: it's back to the future for many employers trying to

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Speaker 1: get employees back into the office, they're offering staff their

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Speaker 1: own desk. Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It is Tuesday,

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Speaker 1: the twenty fifth of June twenty twenty four. Are Michael

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Speaker 1: Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Sewan.

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Speaker 1: The main story this morning, the Australian retail landscape is

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Speaker 1: set for the biggest shakeup in years after Mayer said

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Speaker 1: at once to buy a whole bunch of brands owned

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Speaker 1: by Premier Investments, including the Just Jeans, JJ's, Portman, Jackie

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Speaker 1: and Dotty brands.

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Speaker 2: That's right, Michael. If a deal is done between the

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Speaker 2: two groups, each of which has Solomon lou as a

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Speaker 2: major and vocal shareholder, then Meyra and Premier shareholders will

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Speaker 2: both end up with about fifty percent of the new company.

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Speaker 2: Out of the deal, Maya would buy the apparel brands

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Speaker 2: from Premier. That's all those brands we were talking about

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Speaker 2: Just Jeans, JJ's, Portman's, Jackie and Dottie, and Premier shareholders

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Speaker 2: would get shares in Meyer. The deal doesn't include Smiggle

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Speaker 2: and Peter Alexander, both which are slated to be spun

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Speaker 2: out of Premier later this year. Premier's apparel division has

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Speaker 2: a retail network of seven hundred and seventeen stores across

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Speaker 2: Australia and New Zealand. Solomon Lou would end up with

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Speaker 2: up to thirty percent of the shares in Meyer. He's

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Speaker 2: already said he'd be interested in a seat on the board,

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Speaker 2: thereby giving the deal tacit approval. Lou is a notoriously

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Speaker 2: ferocious negotiator, so I wouldn't quite say the deal's over

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Speaker 2: the line, but it's certainly off to a promising start.

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Speaker 2: Meyer argues a deal would enhance scale, revenue and growth opportunities,

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Speaker 2: and boost cost savings across supply chains, brand management and property.

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Speaker 2: It's also a loyalty program play that should help boost

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Speaker 2: myers flagging e commerce offering. Of course, Meyer's new CEO,

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Speaker 2: Olivia Worth, used to run contences with loyalty program. Yesterday,

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Speaker 2: Meyers share price raise twenty percent, Premiers was up six

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Speaker 2: point six percent.

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Speaker 1: Yeah, it was a massive day yesterday, wasn't it. Because

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Speaker 1: while the share prices of Meyer and Premier jumped, the

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Speaker 1: news well it really wasn't quite so good for listed

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Speaker 1: luxury goods retailer set Hire. Its share price tumbled fifty

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Speaker 1: percent yesterday after it said earnings for the full year

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Speaker 1: to the end of June we're tracking twenty percent below

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Speaker 1: analyst forecasts.

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Speaker 2: That is not a good day. Seti blamed a challenging

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Speaker 2: environment in luxury e commerce for its poor profitability. It

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Speaker 2: follows other retailers last week announcing profit forecast downgrades as well.

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Speaker 2: Mosaic brandse was one, KMD was another. Retailers are struggling

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Speaker 2: to find more customers given the cost of living crisis.

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Speaker 1: Said i.

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Speaker 2: Share price was as high as four dollars eighty six

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Speaker 2: in late February, four months ago. Yesterday it closed at

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Speaker 2: less than a quarter of that, at a dollar twelve.

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Speaker 2: There was also mixed new years from Metcash. It has

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Speaker 2: two divisions. The first is its business arm including minter ten,

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Speaker 2: home hardware and Total Tools. The group yesterday said those

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Speaker 2: businesses would make less profit this financial year, So you

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Speaker 2: can add that to the list of the company's downgrading. However,

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Speaker 2: the second part of met cash is its wholesale business,

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Speaker 2: where it supplies one thy two hundred and eighty IgA supermarkets.

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Speaker 2: That part of the business is proving much more resilient

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Speaker 2: because it's benefiting from households spending less at restaurants more

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Speaker 2: in supermarkets, So that part of the business is doing

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Speaker 2: all right bottom line. To all this plenty going on

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Speaker 2: in the retail sector, particularly Satires share price down fifty percent.

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Speaker 1: Yeah, all right, well we've covered retailers, Sean, what about

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Speaker 1: the rest of the market. What happened yesterday?

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Speaker 2: The S and PAX two hundred and four nearly one

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Speaker 2: percent yesterday to seven seven hundred and thirty four points,

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Speaker 2: led lower by energy and healthcare stocks. Of the eleventh

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Speaker 2: sub indices on the ASEX two hundred and only one

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Speaker 2: ended the day in the black. That was the industrials.

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Speaker 2: Among the top ten stocks, nine went backwards, Wheres Farmers

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Speaker 2: and Forest UW Group led the way lower. Only McQuire

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Speaker 2: Group closed the day higher at least to the top ten.

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Speaker 2: Other large caps to drop sharply included QB, Suncorb, Woodside, Santos, Rio, Telstra,

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Speaker 2: and there's plenty of them. James Hardy was one of

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Speaker 2: the better performers Brambles and Transurban dok too.

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Speaker 1: And what about international markets.

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Speaker 2: In all prices that have had a rough few days

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Speaker 2: as traders turn increasingly pessimistic about a revival in China's

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Speaker 2: property markets. Futures contracts were trading two and a half

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Speaker 2: percent lower yesterday. Not a lot going on in gold

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Speaker 2: or oil markets. In terms of currency markets, the Aussie

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Speaker 2: dollar is a twelve month high against the euro thanks

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Speaker 2: to turmoil in France, where elections are due to be

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Speaker 2: held in coming weeks. One Osi dollar is buying sixty

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Speaker 2: two euros at the moment. The local unit is also

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Speaker 2: doing well against a very week yen. That's why so

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Speaker 2: many Aussies are heading to Japan for holidays this year.

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Speaker 2: One Ozi dollar is buying one hundred and seven Japanese

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Speaker 2: yen against the US solo thato, the local currency is

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Speaker 2: still will blow the long run average. The long run

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Speaker 2: average is kind of seventy seventy two cents. One Asi

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Speaker 2: dollar is buying zero point sixty two euros at the moment.

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Speaker 1: All right, Sean, We've got plenty to get through. I

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Speaker 1: need to mention very quickly though, the Fear and Greed Newsletter.

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Speaker 1: It is coming out in just over twenty four hours time.

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Speaker 1: It comes out every Wednesday morning mid morning. Head along

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Speaker 1: to Fearangreed dot com dot au put your email address in.

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Speaker 1: This thing has taken off in the last few weeks, apparently, Sean,

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Speaker 1: your opinions, your views on things are really in hot demand.

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Speaker 2: Is that right? My family you mean friends? Yeah?

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Speaker 1: Yeah, huge number of clicks from the ailer household. Yeah.

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Speaker 1: That's the thing though, isn't it that on this show

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Speaker 1: you really focus on the facts. So it's just about

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Speaker 1: kind of getting the information across and sharing these stories

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Speaker 1: without your opinion. The newsletter, though, is your opportunity to

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Speaker 1: tell us what you really think. And I think there

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Speaker 1: are a significant number of people and not just people

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Speaker 1: that share your surname, interested in what you have to say.

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Speaker 2: You compliment the me there, Michael. It's very generous for

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Speaker 2: you to say that. It's good fun. I love the newsletter.

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Speaker 2: Is I do actually just get to say what I think?

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Speaker 1: Yeah, Alma unleashed head along to Fearangreed dot com dot

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Speaker 1: you pop your email addressing and you too will get

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Speaker 1: hold of that mid morning on Wednesday. It is look

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Speaker 1: I'm gonna say it's gonna be an absolute cracker. I

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Speaker 1: have no idea what you're going to be saying this week,

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Speaker 1: but so far it's been.

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Speaker 2: It'll probably be late morning because we might as well

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Speaker 2: wait for the Consumer Price Index figures out on Wednesday.

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Speaker 2: They're big ones, so that's about eleven forty eleven forty five.

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Speaker 1: Great, perfect, sounds good to me. I will be signing.

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Speaker 1: I've already signed up. Who am I kidding? From all

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Speaker 1: four of my email addresses. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Sean

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Speaker 1: former New South Wales Liberal Treasurer Matt Kean has been

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Speaker 1: appointed Chair of the Clean Energy Authority by the Federal

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Speaker 1: Labor government, and one of his first comments was that

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Speaker 1: nuclear is not viable.

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Speaker 2: The Climate Change Authority is an independent statutory body that

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Speaker 2: provides advice to government and cheap and clean power. It

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Speaker 2: also advises a government on emission targets, so whoever runs

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Speaker 2: it is pretty important, particularly in the whole renewables debate.

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Speaker 2: Mister Kean got the job yesterday. He said he wouldn't

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Speaker 2: be drawn on the federal oppositions at nuclear plans, but

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Speaker 2: then went on to add that when he was in

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Speaker 2: government in New South Wales, the state looked at the

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Speaker 2: nuclear option but determined it would take too long and

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Speaker 2: be far too expensive it risked bankrupting the state. Meanwhile,

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Speaker 2: polling is showing significant support for nuclear power, though voters

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Speaker 2: are divided down party lines. A Resolve poll conducted for

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Speaker 2: the Sydney Morning Herald in the Age shows forty one

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Speaker 2: percent of respondents support nuclear power, thirty seven percent oppose

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Speaker 2: the idea, and twenty two percent are undecided. A Low

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Speaker 2: Institute poll shows that fifty one percent of voters somewhat

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Speaker 2: will strongly support nuclear power or thirty seven percent was

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Speaker 2: somewhat or strongly against.

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Speaker 1: It and on the same topics you're on. The debate

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Speaker 1: about the uncosted opposition proposal to build seven nuclear power

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Speaker 1: plants got a good run in Parliament yesterday.

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Speaker 2: Sure did parliaments back in session. The government labeled Opposition

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Speaker 2: leader Peter Dunn's nuclear plan as economic insanity and a

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Speaker 2: fantasy that will never happen. Question Time was interrupted by

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Speaker 2: pro Palestine protesters who shouted free Palestine and other slogans

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Speaker 2: over Opposition Energy spokesperson Ted O'Brien and the Prime Minister

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Speaker 2: Anthony Albernezi security forced the activists out of the public gallery.

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Speaker 2: Piece of legislation introduced into Parliament yesterday which was pretty interesting,

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Speaker 2: involved the paypacket of incoming Governor General Sam Moston. It

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Speaker 2: proposes a forty three percent pay rise for the job

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Speaker 2: as compared to her predecessor, David Hurley. Means Miss Mostyn

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Speaker 2: would be paid seven hundred and nine thousand dollars a year.

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Speaker 1: Now, this is one we've been talking about for a while.

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Speaker 1: Sewn big update yesterday, cash will continue to be delivered

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Speaker 1: across the country after delivery group Armagar did a deal

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Speaker 1: with the big banks and retailers to keep delivering for

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Speaker 1: at least another year.

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Speaker 2: After many months of negotiations. The deal will provide extra

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Speaker 2: funding of up fifty million dollars to armor Guard to

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Speaker 2: keep the cash flowing. The background to this, because people

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Speaker 2: don't use anywhere near as much cash, it's become uneconomical

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Speaker 2: for the monopoly transporter of cash, Armor Guard, to keep

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Speaker 2: delivering to outlets. The Reserve Bank's been involved in this one,

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Speaker 2: as well as a big cash users like the banks, retailers, Bunnings,

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Speaker 2: the post Office. Under the deal, the users of cash

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Speaker 2: will provide the funds to keep the business running. There

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Speaker 2: were some heavy hitters involved in negotiations at Former Union

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Speaker 2: boss and lind Fox director Bill Kelti was there. Linn

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Speaker 2: Fox Executive chair Peter Fox, Armurguard CEO Mick Cronin, NAB

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Speaker 2: boss and ABA chair Andrew Irvine and Australian Banks Association.

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Speaker 2: That's the ABA CEO and a BlimE. That's quite a

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Speaker 2: bunch of heavy hitters there. The fifty million dollars will

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Speaker 2: be paid in installments subject to Armorguard hitting defined performance hurdles.

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Speaker 1: Sean Simms as good a time as any to mention

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Speaker 1: today's interview which is coming up after the show. You're

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Speaker 1: speaking with David Berry, the chief executive of the compensation

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Speaker 1: Scheme of Last Resort.

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Speaker 2: Yes, so this is all about a scheme set up

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Speaker 2: by the government to ensure that people who received it

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Speaker 2: might be poor advice about a mortgage that they were

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Speaker 2: taking out, poor financial advice. If the advisor did the

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Speaker 2: wrong thing by them, then there would be some sort

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Speaker 2: of scheme of last resort so they could get at

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Speaker 2: least some of their money back. It's just been introduced.

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Speaker 2: It's controversial because not everyone in the industry is a

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Speaker 2: fan of it, though pretty much everyone agrees that people

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Speaker 2: who have been done over certainly need some way to

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Speaker 2: be compensated. So it's a fascinating delivery about it. They've

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Speaker 2: had their first four payments. We actually have some audio

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Speaker 2: of the discussion that a member of the team at

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Speaker 2: the compensation scheme of Last Resort has with a woman

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Speaker 2: who is receiving some compensation. Very very emotional, that's what

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Speaker 2: I would say.

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Speaker 1: Yeah, it is worth listening just for that audio because

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Speaker 1: this call to this claimant and she's being told that

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Speaker 1: she will be compensated kind of more than fifty thousand dollars.

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Speaker 1: You can hear the emotion in her voice, and just

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Speaker 1: the importance of having a scheme like this is illustrated

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Speaker 1: perfectly through that call. And we're fortunate to be supplied

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Speaker 1: with that audio and able to share it as part

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Speaker 1: of this interview. So definitely stick around for that. It

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Speaker 1: is coming up after the show. Well worth a listen today, Sean.

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Speaker 1: It is a must listen now on with the News.

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Speaker 1: Federal Treasurer Jim Chalmers has agreed to a mandatory food

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Speaker 1: and Grocery Code of Conduct, which could include multi billion

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Speaker 1: dollar fines.

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Speaker 2: Legislation will be introduced as soon as possible, doctor Chalmers said,

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Speaker 2: and it follows a review led by former Labor Cabinet

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Speaker 2: minister Craig Emerson. The Treasurer said he had accepted all

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Speaker 2: eleven of mister Emerson's recommendations as part of its crackdown

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Speaker 2: on anti competitive behavior in the food and grocery sector.

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Speaker 2: For the most serious violations of the code, supermarkets could

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Speaker 2: be fined ten percent of annual turnover. About that worth

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Speaker 2: would face maximum penalties of five billion dollars. Colls three

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Speaker 2: point eight billion dollars. LD could be fined one point

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Speaker 2: one billion dollars in met Cash, which of course owns

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Speaker 2: the IJ brand, could face up to eight hundred million

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Speaker 2: dollar penalties. We need to see the details. We're not

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Speaker 2: saying that's going to happen, but theoretically massive fines are

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Speaker 2: for the supermarkets.

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Speaker 1: Yeah, so these this Code of Conduct has a byte to.

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Speaker 2: It, definitely has a bte to it. Yes, that's a

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Speaker 2: good way putting it.

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Speaker 1: Now, that's a big number shown. An exodus of high rollers,

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Speaker 1: cost of living pressures and higher remediation costs will hit

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Speaker 1: Star Entertainment's full year earning. This is another blow for them.

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Speaker 2: Ah, it's not having much of a time this company.

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Speaker 2: It comes, of course, as the gaming group is waiting

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Speaker 2: to hear if it can keep its Sydney casino license well.

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Speaker 2: Its main gaming rooms are attracting customers. Premium gaming rooms

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Speaker 2: have declined, particularly in Brisbane and the Gold Coast. The

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Speaker 2: news Stars share price down five percent yesterday. Stars also

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Speaker 2: confirmed that former chairman David Foster has officially left the

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Speaker 2: board of the GRIP and his position as interim chief executive.

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Speaker 2: Star said it expects to announce a new CEO in

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Speaker 2: the near term. The group is trying to sell non

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Speaker 2: core assets, particularly assets it owns in Brisbane now. Adam

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Speaker 2: Bell sc is due to deliver his latest report into

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Speaker 2: Star by the end of next month. In its closing submission,

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Speaker 2: Star actually conceded it isn't suitable to operate a casino

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Speaker 2: in its own right, but believes it can run one,

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Speaker 2: subject to conditions. It's also facing a multimillion dollar penalty

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Speaker 2: from the Financial Crimes Watchdog for historical breaches of counter

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Speaker 2: terrorism and anti money laundering laws. Plenty going on at

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Speaker 2: that company.

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Speaker 1: Michael here and shares in ResMed Fell more than thirteen

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Speaker 1: percent yesterday after results over the weekend for a weight

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Speaker 1: loss drug showed benefits for people with obstructive sleep appnear.

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Speaker 2: This is a fascinating story and it's going on throughout

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Speaker 2: the medical industry globally at the moment now. So Resme's

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Speaker 2: asleep at company like many other pharmaceutical groups, it's being

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Speaker 2: hit by the success of the weight loss drugs on

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Speaker 2: the market at the moment, even though they're not specifically

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Speaker 2: developed for many ailments like sleep apnea. In eli lillies

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Speaker 2: to zeppetide, diabetes and weight loss treatment trials, more than

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Speaker 2: fifty percent of participants with moderate to severe sleep apnea

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Speaker 2: met criteria for disease resolution. I'm saying resolution here, not alleviation,

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Speaker 2: basically because obesity can be an underlying cause of sleep apnea.

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Speaker 2: The advent of weight loss drugs known as golp ones

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Speaker 2: has triggered widespread concerns that an effective obesity treatment could

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Speaker 2: shrink the number of patients needing Resme's see pap treatment

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Speaker 2: for sleep apnea. There's plenty of other companies out there

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Speaker 2: globally who are having this challenge as well. Now it's

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Speaker 2: hard to argue against anything that reduces obesity and therefore

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Speaker 2: reduces illnesses, but certainly some shareholders are feeling the pain

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Speaker 2: from that. In this case, it's Threadsmid shareholders.

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Speaker 1: Bizarre, there's a downside to getting healthy?

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Speaker 2: Yeah, yeah, yeah, it's just fascinating, and they've just taken

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Speaker 2: it over so Eli, Lillian, No, they knows this. In

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Speaker 2: the Norwegian company, they have these weight loss drugs which

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Speaker 2: are literally revolutionizing healthcare at the moment.

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Speaker 1: It's an extraordinary time actually to be watching this and

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Speaker 1: to see these effects on companies and businesses that you

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Speaker 1: wouldn't expect to be affected because they are like that

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Speaker 1: secondary effect, and suddenly you're just watching this going and go.

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Speaker 1: We are seeing this happening right now. It's remarkable.

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Speaker 2: Yeah. I mean, we had that great story a few

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Speaker 2: months ago about Walmart, the US department store, a giant,

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Speaker 2: actually being able to record because they have a pharmacy

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Speaker 2: or people on the weight loss drug buying fewer snacks,

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Speaker 2: for example, and that actually caused people to not be

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Speaker 2: so keen on Walmart because this obesity drug is stoping

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Speaker 2: people from buying junk food, which of course Walmart sells

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Speaker 2: plenty of. It is totally fascinating.

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Speaker 1: It sure is now one last one before we get

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Speaker 1: to international news. This one is again worrying Sean. There

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Speaker 1: is a ninth farm reporting an outbreak of avian flu

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Speaker 1: in Victoria and New South Wales, meaning the current spread

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Speaker 1: is now the largest ever instance of bird flu in Australia.

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Speaker 2: The latest outbreak is within the restricted biosecurity zone. One

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Speaker 2: and a half columnis from the original infection on a

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Speaker 2: New South Wales farm in Hawkesbury, which is northwest of Sydney.

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Speaker 2: The Australia New South Wales is different from the strains

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Speaker 2: in Victoria. Scientists suspect the New South Wales strain was

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Speaker 2: just the result of a wild bird. Scientists say the

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Speaker 2: rash of avian flu outbreak has been caused by wild

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Speaker 2: birds traveling further south on East Asia flight paths, which

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Speaker 2: itself is quite fascinating I think until this year is

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Speaker 2: multiple infection outbreaks. Australia had only seen seven bird flu

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Speaker 2: outbreaks in over fifty years, according to AAP New South

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Speaker 2: Wales Agriculture Minister Sue Moriarty. So testing had shown the

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Speaker 2: New South Wales cases were not the strain that's been

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Speaker 2: causing such global concern.

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Speaker 1: Okay, turning to International News Now, and China and the

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Speaker 1: European Union have agreed to talks on the block's plan

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Speaker 1: to impose tariffs on electric vehicles imported from the Asian nation.

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Speaker 2: In a joint statement, the two sides agreed to begin talks,

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Speaker 2: though there was little other detail. Earlier this month, the

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Speaker 2: EU said it would impose levies as high as forty

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Speaker 2: eight percent on evs shipped from China as of next month,

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Speaker 2: fueling trade tensions with Beijing. Now, according to Bloomberg, the

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Speaker 2: Block has opened a slew of investigations into China, citing

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Speaker 2: unfair trade practices such as massive state subsidies, prompting Beijing

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Speaker 2: to retaliate with an escalating campaign of threats targeting European goods.

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Speaker 1: Finally, Sean mentioned this one at the top of the show.

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Speaker 1: To get workers back to the office, bosses have dangled

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Speaker 1: fancy coffee and yoga classes and DJ parties, which I'm

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Speaker 1: sure Sean would be enough to lu you back in.

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Speaker 1: You love it the DJ, love the DJ. But that

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Speaker 1: still hasn't been enough. So some firms are giving employees

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Speaker 1: a more traditional perk. They're getting their own desk.

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Speaker 2: Sean, yes, hot desking where workers get a desk when

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Speaker 2: they show up instead of having a permanent one. Isn't

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Speaker 2: really new, but it took off during the pandemic. Basically,

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Speaker 2: it's a way for companies to save money amid a

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Speaker 2: new era of hybrid work. It was pretty popular even

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Speaker 2: before the pandemic, as companies were trying to cut costs.

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Speaker 2: Now some firms have realized that maybe they've gone too far.

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Speaker 2: There are plenty of gripes out there about hot desking

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Speaker 2: hygiene concerns. For example, Hm, that'd be yours.

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Speaker 1: That's a big one for me, because you know, you'd

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Speaker 1: walk in and you use a hot desk and the

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Speaker 1: entire day you would feel unclean.

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Speaker 2: I didn't, but you would.

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Speaker 1: Yes, I sanitized my head. This is in the day

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Speaker 1: before sanitizer was cool. I was sanitizing my hands half

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Speaker 1: a dozen times, kind of every hour.

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Speaker 2: Yeah, and they're also soulless, like there's no you can't

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Speaker 2: put your family photos up or have your little plant

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Speaker 2: or anything like that.

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Speaker 1: Yeah, you can't hoard staplers in your draw.

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Speaker 2: So very impersonal. Yeah. Yeah, he had no point stealing

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Speaker 2: anything because well, what are you gonna do with it?

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Speaker 2: And all that has actually given employees more reasons to

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Speaker 2: stay at home too, so that prompted a bunch of

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Speaker 2: big organization sales force as a real standout one to

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Speaker 2: see if dedicated desks could actually entice more in office time.

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Speaker 2: According to a report on Bloomberg, employers don't want to

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Speaker 2: give employees any excuse not to come in, so plenty

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Speaker 2: of them are now giving people their own desk, now

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Speaker 2: at a time when seventy seven percent of employees are

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Speaker 2: disgruntled for one reason or another. According to research from Gallop,

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Speaker 2: things like desks really matter, particularly when you can put

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Speaker 2: those family fatos on the desks, or you can have

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Speaker 2: but I mean the ergonomic chairs. Another one. When you

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Speaker 2: don't have your own desk, you get some chair and

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Speaker 2: it's dodgy and you can't get the right settings. So

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Speaker 2: the idea is that if you have your own desk,

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Speaker 2: you have your own chair as well have plants. I

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Speaker 2: think it's a great idea. I'm all for it.

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Speaker 1: I am absolutely for it. I would go back to

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Speaker 1: the office for this. Sean. I like my personal space.

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Speaker 1: I like things to be as I set them up.

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Speaker 1: I don't like things being touched by other people. I

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Speaker 1: like my spot to be exactly how I left it

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Speaker 1: without the thought that other people's dirty hands might have

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Speaker 1: been on any of those things.

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Speaker 2: I want my six week old coffee cup to be

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Speaker 2: exactly where I left it. Yes, I'm with you.

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Speaker 1: See you can see why I am such a delight

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Speaker 1: to work with.

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Speaker 2: Yeah, no, I know you're a delight to work with.

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Speaker 2: My four years of it. What a treat.

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Speaker 1: I was so nice to you earlier in the show,

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Speaker 1: and I'm going to take this as a genuine compliment.

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Speaker 1: So thank you, Sean.

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Speaker 2: Absolutely, you're welcome.

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Speaker 1: Yeah, I'm sure I was intended as one. Up next

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Speaker 1: is the Fear and Greed Daily interview with David Berry,

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Speaker 1: chief executive of the Compensation Scheme of Last Resort. This

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Speaker 1: is a great interview.

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Speaker 2: Yeah, all about a new scheme introduced by the government

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Speaker 2: to help people get reparation when they've been sort of

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Speaker 2: done over by people within the financial services industry. So

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Speaker 2: it might be a mortgage broke or a financial advisor.

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Speaker 2: It's only just gotten started. It's very controversial because some

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Speaker 2: part of the industry don't think it's necessary. Others say

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Speaker 2: we're kind of making up for sins of the past.

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Speaker 2: But anyway, it is up and running and what's great

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Speaker 2: about this interview. We have audio of one of the

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Speaker 2: team from the compensation scheme of Last Resort ringing a

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Speaker 2: woman and saying, hey, yes, we are going to give

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Speaker 2: you tens of thousands of dollars in this case because

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Speaker 2: we think that you were the financial advisor in this

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Speaker 2: instance did the wrong thing by you. And her reaction

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Speaker 2: and then the reaction of the woman making the phone call,

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Speaker 2: she's emotional as well. It's fantastic.

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Speaker 1: Yeah, it really is. Stick around for that and is

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Speaker 1: coming up next to in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com todau,

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00:21:49,480 --> 00:21:51,199
Speaker 1: which is where you sign up for that Fear and

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Speaker 1: Greed weekly newsletter out tomorrow morning. So do it today

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00:21:54,200 --> 00:21:57,040
Speaker 1: before you forget. Thank you, Sean, Thank you Michael. It

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Speaker 1: is Tuesday, the twenty fifth of June twenty twenty four.

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Speaker 1: Make sureollowing the podcast. Join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was

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Speaker 1: Fear and Greed. Have a great day.