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Speaker 1: Hey, guys, thanks for listening to Breaking Points with Crystal

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Speaker 1: the show notes. Enjoy the show, guys. There's some new

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Speaker 1: reporting out on a woman who is now a top

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Speaker 1: contender for a potential Supreme Court nomination. This is Michelle Child.

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Speaker 1: She is the choice of Jim Clyburn, who we know

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Speaker 1: has a lot of sway with this administration. There's sort

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Speaker 1: of an unholy alliance of Jim Clyburn and Lindsey Graham

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Speaker 1: who are pushing Michelle Child's We previously brought to you

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Speaker 1: how her early career was spent working for this union

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Speaker 1: busting law firm, where she also was on the management

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Speaker 1: side of a lot of civil rights in discrimination cases.

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Speaker 1: Now we're getting new reports about her time as a judge.

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Speaker 1: Let's go ahead and put this tear sheet up on

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Speaker 1: the screen. This is from the American Prospect. Apparently shortly

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Speaker 1: before she was nominated by Barack Obama to head to

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Speaker 1: the US District Court, she sentenced a man to twelve

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Speaker 1: years in prison for selling eight ounces of weed. Twelve

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Speaker 1: years in prison for eight ounces of weed. The man's

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Speaker 1: name is Willie Goodwin. After hearing the prosecution's argument, she

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Speaker 1: sentenced him to twelve years because it was a non

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Speaker 1: rollable third strike offense. That meant that mister Goodwin was

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Speaker 1: compelled to serve a minimum of eighty five percent of

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Speaker 1: that sentence locked up with violent offenders ten plus years

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Speaker 1: of hard time regardless of good behavior. The quote from

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Speaker 1: mister Goodwin, he said, I had more time than people

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Speaker 1: in there who killed somebody. It was crazy, for bull crap.

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Speaker 1: They had me sleeping next to murderers on a weed

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Speaker 1: charge and they were going home before me for what

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Speaker 1: I had, Man, it was crazy. I lost my family.

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Speaker 1: I had a daughter and couldn't take care of her.

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Speaker 1: And by the way, highly significant that this decision came

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Speaker 1: just before she's nominated to federal District Court by Barack Obama.

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Speaker 1: Politics of criminal justice reform were way different back then.

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Speaker 1: That was still in the still when it was seen

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Speaker 1: as like being tough on crime was the way to

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Speaker 1: get ahead. So she throws the book at this man

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Speaker 1: and he says, you know, mister Goodwin says, Child's was

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Speaker 1: shooting for that seat, trying to make an example out

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Speaker 1: of me. Didn't care what kind of lives she destroyed.

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Speaker 1: So this is now a top contender put up to

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Speaker 1: potentially be on the Supreme Court. There was a giant

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Speaker 1: puff piece about her in the New York Times. Seems

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Speaker 1: to me that the cases really building in her favor,

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Speaker 1: especially with the potential bipartisan support, And it's just a

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Speaker 1: perfect example of how damaging hollow identity politics ultimately are.

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Speaker 1: Where you know, she checks the boxes of being a

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Speaker 1: black woman. And so all of this record, which is

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Speaker 1: completely at odds with what the Biden administration claims to

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Speaker 1: stand for, is just completely disregarding. Yeah, and as you

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Speaker 1: point to, she's still very likely to get the tap right,

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Speaker 1: like she's getting all the hagiographic profiles. Clyburn is pushing

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Speaker 1: her because she's from South Carolina, she critically has if

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Speaker 1: you have the Lindsay Graham support, that would put you

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Speaker 1: at a fifty one, and then Kamala Harris wouldn't even

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Speaker 1: have to vote in order for the tie break. So

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Speaker 1: there's a lot of support behind this. And I mean

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Speaker 1: the egregious part on those union cases, it was so

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Speaker 1: recent that she was repping you know, the management in

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Speaker 1: a lot of these things, contrary to a lot of

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Speaker 1: her social justice talk and a lot of talk from

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Speaker 1: Clive Burne and all those people as well as addition

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Speaker 1: to her very clear. What I think this shows me,

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Speaker 1: especially given that she was up for a promotion right

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Speaker 1: after this, is that she's willing to go along with

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Speaker 1: the tithes in rule whichever that way, and at that

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Speaker 1: time this was where it was, and specifically on the

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Speaker 1: union side. Then then she's trying to make more money.

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Speaker 1: So do you have an outright corporatist. I mean, look,

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Speaker 1: it's not like Stephen Bryer was a godsend, you know,

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Speaker 1: on labor or whatever, so it would simply be continuing

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Speaker 1: that legacy as well as RBG and many of the

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Speaker 1: right wingers on the Court as well. But it just

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Speaker 1: does show you how hollow this is all is and

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Speaker 1: nobody outside of the Prospect, nobody is doing any serious

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Speaker 1: journalism on this. Yeah, compare that to the right wing.

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Speaker 1: By the way, I'm fine, you know, you want to

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Speaker 1: scrutinize the hell out of people's records or they get

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Speaker 1: on the Supreme Court, I'm one hundred percent for it.

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Speaker 1: But I don't see any of this whenever it comes

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Speaker 1: to Michelle Child. Yeah, kudos to Alexander Sammon who wrote

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Speaker 1: up this piece and you know did a great job

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Speaker 1: interviewing Willie Roy Goodwin and getting those quotes as well.

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Speaker 1: But you know, this is why woke corporatism is such

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Speaker 1: an incredible threat, right because you know it's going to

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Speaker 1: be very hard. There was a quote from Politico about

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Speaker 1: Shared Brown, who you know is typically a consistent ally

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Speaker 1: of labor and of the Union, movement, and even he

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Speaker 1: was saying he would go along with this because you have,

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Speaker 1: on the one hand, you know, if you resist voting

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Speaker 1: for the black woman to the historical lives in the media,

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Speaker 1: you know the way you're going to be attacked. You

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Speaker 1: know the way they're going to come after you and

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Speaker 1: say that you're racist, and you're evil, and your sexist

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Speaker 1: and all of these things. So you have that against you.

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Speaker 1: I think the progressive quote unquote groups that were interviewed

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Speaker 1: said basically like, well, we don't want to cause a

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Speaker 1: problem for Joe Biden on this. A problem for Joe Biden,

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Speaker 1: What about the problem for all the people who will

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Speaker 1: be subject, you know, to the whims of whatever the

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Speaker 1: Supreme Court decides ultimately. I mean that just again is

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Speaker 1: completely bananas to me. But with this corporatism, people get

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Speaker 1: to have the illusion of progress, oh or the illusion

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Speaker 1: of you know, moving forward, and the arc of the

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Speaker 1: mark of the moral universe is long, but it bends

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Speaker 1: toward justice. And meanwhile, you're just putting in someone who

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Speaker 1: has the same terrible views as a lot of the

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Speaker 1: people that are already sitting on the court. So it

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Speaker 1: doesn't it only is the politics of like personal fulfillment

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Speaker 1: and individual achievement versus something that would actually benefit the

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Speaker 1: entire population. So great reporting on this sentenced demand to

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Speaker 1: twelve years for selling eight ounces of weed, and this

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Speaker 1: is now a top contender for Biden's pick for Supreme Court.

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Speaker 1: We will stay on it all right, guys, Thanks so

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Speaker 1: much for watching. A while more for you later. A

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Speaker 1: massive rat infestation of thousands of rats has closed an

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Speaker 1: Arkansas distribution center for Family Dollar. Has triggered the recall

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Speaker 1: of a whole range of products that were being sold

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Speaker 1: in that store, basically everything that was subject to FDA regulation.

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Speaker 1: We're talking medicine, pet food, and cosmetics, and has also

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Speaker 1: forced the closure temporary closure of more than four hundred

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Speaker 1: Family Dollar stores in six different states. Let's go ahead

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Speaker 1: and throw this tear sheet up on the screen. The

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Speaker 1: details here are as disgusting as they could possibly be.

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Speaker 1: This article says inspectors from the FDA wrapped up their

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Speaker 1: investigation on February eleventh after finding quote, live rodents, dead

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Speaker 1: rodents in various states of decay, rodent feces, and urine

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Speaker 1: evidence of gnawing, nesting, and rodent odors throughout the facility,

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Speaker 1: not to mention dead birds and bird droppings. More than

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Speaker 1: eleven hundred dead rodents were found after the center was fumigated.

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Speaker 1: And as if that's not all bad enough, the FDA

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Speaker 1: said that they looked at the company's internal records and

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Speaker 1: showed a history of infestation, with more than twenty three

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Speaker 1: hundred rodents collected there in just the last six months.

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Speaker 1: So disgusting. Thousands of stores alive and dead at this

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Speaker 1: distribution center, serving four hundred plus stores, nesting gnawing rodent

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Speaker 1: odors around the facility for growth. Well, the thing is

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Speaker 1: is that family Dollar, people should remember, is actually used

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Speaker 1: by a lot of people to buy groceries in rural areas.

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Speaker 1: And the reason why is that a lot of rural

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Speaker 1: areas can't support a full grocery store. So then what

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Speaker 1: happens is that the family dollar is the only place

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Speaker 1: to buy any groceries, and then you end up buying

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Speaker 1: things which are a overpriced relative to what they would

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Speaker 1: cost at a wholesale or at a grocery store. But

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Speaker 1: second is that this is the main purveyor of food,

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Speaker 1: so this is actually a big problem for obviously from

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Speaker 1: a health perspective, I think one thing that a lot

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Speaker 1: of people don't realize is how disgusting so much of

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Speaker 1: I'm not saying Family Dollar it necessarily, but a lot

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Speaker 1: of the food service industry is like the amount of

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Speaker 1: erodents and cockroaches and things that are involved would make

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Speaker 1: your stomach turn. I didn't even know about a lot

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Speaker 1: of this until I read Anthony Bourdain's book, like, oh

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Speaker 1: my god, like what are you people doing? You know

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Speaker 1: what it made me think about is, first of all,

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Speaker 1: it made me think about Family Dollar treats as workers terribly.

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Speaker 1: I mean, we have we companies. All the dollar stores

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Speaker 1: are just completely exploitative, both of their workforce but also

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Speaker 1: of their customers. They're the type of places that do

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Speaker 1: really well when the economy turn you know, is doing poorly.

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Speaker 1: So they've thrived during the pandemic. Just as you say,

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Speaker 1: low quality products, high cost, but you can get you know,

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Speaker 1: smaller quantities. So if you have just a little bit

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Speaker 1: of money to spend, and sometimes this is the only

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Speaker 1: thing accessible in your area, I forget the numbers about

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Speaker 1: It's like more dollar stores in there are McDonald's star,

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Speaker 1: but all of these stores combined, so they're pervasive throughout

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Speaker 1: rural American. Tell you where I live, there's one. But

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Speaker 1: the other thing that I thought of is, do you

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Speaker 1: remember when we covered that story about the shrimp tails

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Speaker 1: in the cinnamon toast? Oh? Yeah, that's right. I did

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Speaker 1: go different. I actually don't know whether it turned out

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Speaker 1: to be real or fake. But one of the things

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Speaker 1: that people theorized about what happened because okay, for you

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Speaker 1: guys that don't remember the story, man opens the box

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Speaker 1: of cereal and there were like cinnamon toasted shrimp tails

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Speaker 1: and pieces of string, and some of the cinnamon toast

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Speaker 1: crunch squares had what looked like rat feces on it.

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Speaker 1: And so what people were theorizing if this turned out

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Speaker 1: to be correct, because there were weird details about it too,

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Speaker 1: that was like, can we really believe that this is

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Speaker 1: actually happening. But what people theorized is that a rat

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Speaker 1: could have nested in some of the ingredients, and this

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Speaker 1: was like some of the things that they pulled into

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Speaker 1: their nests. So, yeah, it's really gross. Bottom line, don't

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Speaker 1: shop a family dollar. Because they parently were well aware

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Speaker 1: of this infestation. They had removed twenty three hundred rodents

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Speaker 1: in six months, but they're still like, now we're good

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Speaker 1: until the FDA came in and forced them to shut down.

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Speaker 1: So thank you FDA for making it, yes for finally

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Speaker 1: doing so. Indeed, all right, guys, and thank you for watching.

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Speaker 1: Well more for you later. Well, the Olympics have wrapped,

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Speaker 1: and apparently so has the future of any future Olympics

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Speaker 1: on television. Go ahead and put this up there on

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Speaker 1: the screen. NBC ratings for the Winter Olympics are seen

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Speaker 1: as a quote disaster for the network. This is from

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Speaker 1: the Associated Press and ad Week over there, saying that

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Speaker 1: the seven point seventy five billion dollar deal that the

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Speaker 1: US media rights for the NBC paid for through twenty

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Speaker 1: thirty two have been a catastrophic failure for the company. Now, specifically,

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Speaker 1: there were only eleven point four million viewers per night

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Speaker 1: on average. That is a nine million drop from the

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Speaker 1: Pyeongchang Games of two tho and eighteen, so almost a

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Speaker 1: forty percent drop, complete fall off of a cliff. It

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Speaker 1: has to do with a variety of things that they

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Speaker 1: actually point to. So some analysts say, well, part of

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Speaker 1: it is geopolitics with China. I certainly think that's some

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Speaker 1: of it, but I think a lot of it is

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Speaker 1: just apathy to the idea of the world. There were

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Speaker 1: no real stars there as well. It just seemed like

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Speaker 1: one of those outmoded type things where, yes, the Olympics

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Speaker 1: can occasionally capture kind of the spirit and all that,

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Speaker 1: but right now it's just complete done. Yeah, And I think,

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Speaker 1: you know, I mean, for one thing, the Summer Olympics

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Speaker 1: are always like, we have more American stars there and

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Speaker 1: we get sort of more invested in it as a country.

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Speaker 1: Then you have the time zone issues, where you know,

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Speaker 1: a lot of the main events are happening effectively like overnight.

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Speaker 1: Every time I turned it on to see what was

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Speaker 1: going going on, it was always curling, which is like

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Speaker 1: literally the most boring thing on earth to ever watch.

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Speaker 1: But I thought Huffin Post had wrote it right up here.

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Speaker 1: They said these Olympics were a disaster for the network,

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Speaker 1: a buzz free, hermetically sealed event in an authoritarian country,

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Speaker 1: a half day's time zone away, where the enduring images

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Speaker 1: will be the emotional meltdown of Russian teenagers after a

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Speaker 1: drug tainted figure skating competition and a bereft Mikayla Schiffern

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Speaker 1: sitting on a ski slope wondering what went wrong. That

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Speaker 1: was very sad, so oh, absolutely, and what happened. I

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Speaker 1: finally actually watched last night the Russian figure skater who

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Speaker 1: was at the center of the controversy, and she did

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Speaker 1: her I guess it was the free skate program where

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Speaker 1: she had a bunch of falls and she's like devastated

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Speaker 1: and she's getting screamed at. It was just horrific. It

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Speaker 1: was painful to watch. So you had the time zone

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Speaker 1: issues and then you have an Olympic Games that just

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Speaker 1: didn't make for good television. At the same time that

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Speaker 1: I think when the games are most sort of popular

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Speaker 1: is and we're feeling the American patriotic spirit right now,

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Speaker 1: you look at like what seventy eighty percent of the

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Speaker 1: country is saying the country's on the wrong track. There's

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Speaker 1: this overarching sense of sort of like national decline and decay,

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Speaker 1: and so it's hard to get super raw ra goo

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Speaker 1: Team USA when that's the mood of the public. No,

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Speaker 1: it's an excellent point too. It's like whenever you don't

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Speaker 1: have a lot of national pride, then you're not having

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Speaker 1: a lot of pride in the Olympics, and that's you know,

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Speaker 1: that's ultimately what we see here. So you have a

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Speaker 1: combination of factors. I mean, personally, I think it's a

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Speaker 1: bit funny. I mean, I don't think we can emphasize

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Speaker 1: enough to people how much the games meant to these networks.

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Speaker 1: It was all in It was a spectacle unlike the

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Speaker 1: world had ever seen, and not even that long ago,

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Speaker 1: think about Rio, that was a huge thing. I mean,

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Speaker 1: all the people who are down there, and then in

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Speaker 1: the blink of an eye, the world is changing dramatically

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Speaker 1: whenever it comes to media. So a huge catastrophic failure

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Speaker 1: for NBC. Well catastrophic. The other reason that this is

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Speaker 1: significant is because as people have been cutting cords and

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Speaker 1: moving towards streaming versus you know, traditional television, one of

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Speaker 1: the big bets that networks are placing is on live

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Speaker 1: sporting events. So NBC paid seven point seventy five billion

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Speaker 1: dollars for the rights to the Olympics through twenty thirty two,

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Speaker 1: and some analysts are saying, well, it's still a good

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Speaker 1: bet overall, because one of the only things that still

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Speaker 1: gets people to consistently tune into regular live TV is

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Speaker 1: live sporting events. I'm just not sure that that holds

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Speaker 1: as much for Olympics, though. It's one thing watching the

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Speaker 1: super Bowl where you want to know, you want to

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Speaker 1: know live, you want to be engaged in like the

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Speaker 1: buzz and the online conversation that's happening in real time

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Speaker 1: alongside that event. It's another thing for the Olympics where

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Speaker 1: like you know, you can go back after the fact

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Speaker 1: and if something extraordinary happens, you can watch it later,

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Speaker 1: or something you know, dramatic happens, you can watch it later.

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Speaker 1: There isn't the same level of sort of real time

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Speaker 1: public conversation around events as they're happening right then. So

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Speaker 1: even as they placed this big bet on you know,

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Speaker 1: live sports as a way to hold on to their audience,

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Speaker 1: it doesn't seem to be really panning out. Yep. So

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Speaker 1: ry NBC and Peacock apparently also was a big failure

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Speaker 1: during the games. Hate to see it. Sad for all

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Speaker 1: of them. All right, guys, thanks for watching, Well, more

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Speaker 1: for you later. Very exciting partnership to announce here with

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Speaker 1: James Lee of fifty one forty nine. He's somebody that

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Speaker 1: Crystal and I have followed on YouTube for a long

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Speaker 1: time and he's going to be doing some videos for

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Speaker 1: us here. James, it is great to see you and

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Speaker 1: introduce you to the audience. Thanks for joining us. Man, hey,

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Speaker 1: thank you, thank you for having for having me absolutely

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Speaker 1: Why don't you just tell us a little bit about yourself.

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Speaker 1: You and I talked a little bit about this previously

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Speaker 1: before you decided to come on. Who are you? Why

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Speaker 1: are you decided to make all these awesome videos on YouTube? No,

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Speaker 1: that's a great question, Sagar. I think, well, I see

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Speaker 1: myself kind of as a I would say, a citizen journalist.

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Speaker 1: My background is in business. I still have a day job,

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Speaker 1: but I think it's really important that we all play

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Speaker 1: a role, an active role in understanding the actors and

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Speaker 1: levers that move our society to the hold them accountable.

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Speaker 1: So that's why I started to start a YouTube channel

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Speaker 1: where I talk about different topics relating to business, politics, society.

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Speaker 1: I try to break down different issues to find out,

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Speaker 1: you know, what's important, the context, the motive, the and

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Speaker 1: segrastructures that are happening in our society, you know, because

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Speaker 1: I think there's a lot of what I would say

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Speaker 1: manufactured outrage that happens in the legacy press that works

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Speaker 1: for dividus. So just trying to add a voice in

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Speaker 1: the opposite direction, so you know, I think that, you know,

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Speaker 1: kind of maybe a lot of what you guys are

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Speaker 1: all about. Yeah, it totally aligns with what we're all about,

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Speaker 1: especially that idea of the citizen journalists, because of course,

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Speaker 1: core to our beliefs here is like the leads have

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Speaker 1: gotten a lot of things wrong, and yet they want

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Speaker 1: to keep all the power themselves. They want to tell

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Speaker 1: the population like, you can't possibly understand what's going on

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Speaker 1: out there, just let us handle it, whether it's the

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Speaker 1: National Security State, whether it's the FED, whether it's any

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Speaker 1: of the people who hold power here in this town.

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Speaker 1: And what you're doing is a sort of direct response

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Speaker 1: to that to say, no, we can delve into these issues,

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Speaker 1: we can understand what's going on, and there's huge stakes

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Speaker 1: for all of us involved, and it's our responsibility to

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Speaker 1: be engaged. So it's very much in line with what

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Speaker 1: we're doing here. Full disclosure. The way that we found

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Speaker 1: you was that you made a really lovely video about

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Speaker 1: us at a rating point, and we're like, this is

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Speaker 1: what you're saying, what ego feels amazing right now, and

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Speaker 1: then we watch the rest of your content and we're like, oh,

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Speaker 1: guy is really great, and I think it's also fair

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Speaker 1: to say. I mean, this isn't your main job, but

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Speaker 1: you know, you're the type of creator that if you

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Speaker 1: had started at a different time in YouTube's history, when

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Speaker 1: it was more of a free and open marketplace, you

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Speaker 1: would have, you know, grown phenomenally because the content you

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Speaker 1: create is so high quality, it's so well researched, it's

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Speaker 1: well edited, it's well produced, it's well put together. You

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Speaker 1: do great job presenting the information. And yet YouTube is

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Speaker 1: no longer a free and open marketplace. So we're hoping

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Speaker 1: that you know, for you that it helps give a

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Speaker 1: boost to your channel and what you're doing there because

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Speaker 1: more people need ey've also on you know, you've got

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Speaker 1: contents of content here is web free. A giant lie

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Speaker 1: is the media tricking you into hating Joe Rogan Starbucks.

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Speaker 1: The fight is just beginning, so really great and important content.

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Speaker 1: Hopefully we can give a lift to you, and I

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Speaker 1: know our audience is gonna love what you have in

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Speaker 1: store for us. So with that being said, you have

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Speaker 1: put together your first offering for our audience. Just talk

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Speaker 1: to us about your inspiration and what they're about to see. Yeah, well,

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Speaker 1: thanks for all those really kind, really kind words, but yeah,

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Speaker 1: so today's peace, you know, I think to set it

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Speaker 1: up a little bit. You know, you all see corporations

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Speaker 1: and how you know, I think a lot of the

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Speaker 1: behavior that they've been kind of I would say, sorry,

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Speaker 1: it's okay, just come out of the top. Yeah, restart

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Speaker 1: your answer. Okay, restart the ns Okay, sorry, yeah, I

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Speaker 1: knew that was gonna happen at some point. Okay, it's

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Speaker 1: all right, yeah, all right, Well, thank you so much

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Speaker 1: for for all the kind words there. So today's piece

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Speaker 1: that I have for you guys is about, you know,

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Speaker 1: to set it up a little bit of the context

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Speaker 1: as that would deem corporations a lot of their behaviors

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Speaker 1: being evil, greedy, wou'd say, maybe anti humanity, and I

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Speaker 1: just wanted to delve into more of why that's happening.

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Speaker 1: And something that you know, I wanted to look into

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Speaker 1: was the NBA program, which a lot of Fortune five

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Speaker 1: hundred s and P five hundred CEOs have, and I

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Speaker 1: think that deserves a closer examination. What are they being taught?

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Speaker 1: I myself went through that program, So I wanted to

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Speaker 1: share with you guys a little bit of the behind

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Speaker 1: the scenes of maybe why corporations are potentially becoming more

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Speaker 1: evil based on the education that these executives are receiving.

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Speaker 1: I love it is yep, James, very excited to have

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Speaker 1: you on board. Can't wait to watch this video. Are

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Speaker 1: is the NBA program training our corporate elites to be sociopaths? Yes,

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Speaker 1: let's take a look. My name is James Lee. Welcome

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Speaker 1: to fifty one forty nine, and today I want to

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Speaker 1: talk about the MBA program and why it's contributing to

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Speaker 1: corporations becoming more evil. We've all seen or read the

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Speaker 1: recent headlines business is booming, corporate profits are at an

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Speaker 1: all time high, but at the very same time, workers

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Speaker 1: who make those businesses run are being left behind, some

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Speaker 1: even homeless, on food stamps or working multiple jobs. Also,

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Speaker 1: recent upticks in high profile worker unionization efforts have corporations

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Speaker 1: like Amazon scrambling to pay big bucks for quote union avoidance.

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Speaker 1: A recent analysis estimated that private sector employers spend nearly

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Speaker 1: three hundred and forty million dollars per year hiring union

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Speaker 1: avoidance advisors to help them prevent employees from organizing in

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Speaker 1: the workplace. Krickt stuff to say the least, but interestingly,

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Speaker 1: it hasn't always been this way. In nineteen fifty one,

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Speaker 1: General Motors hired McKinsey consultant arch Pad to conduct a

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Speaker 1: study of executive compensation. The results appeared in Harvard Business View,

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Speaker 1: with the particular finding that from nineteen thirty nine to

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Speaker 1: nineteen fifty the pay of hourly workers had more than doubled,

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Speaker 1: while that of top management had only risen thirty five percent.

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Speaker 1: There are, of course, many reasons for this shift. We've

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Speaker 1: seen massive consolidation in most major industries since the regulation

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Speaker 1: began in the nineteen seventies, which has concentrated power in

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Speaker 1: the hands of just a few mega corporations. Also, our

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Speaker 1: lawmakers are in the pockets of big business special interests,

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Speaker 1: as corporations and other wealthy donors can influence public policy

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Speaker 1: by contributing more or less unlimited sums into political campaigns

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Speaker 1: via things like super PACs and other dark money organizations

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Speaker 1: with even less transparency. We've also seen the working class

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Speaker 1: gutted by a bipartisan neoliberal consensus towards globalization and union busting,

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Speaker 1: which subsequently has brought union membership to all time lows

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Speaker 1: and has also crippled domestic production. In the end, if

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Speaker 1: we break it down, corporations are just people, people making

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Speaker 1: choices and decisions, and those choices and decisions that they

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Speaker 1: make could end up shaping the economy and are heavily

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Speaker 1: influenced by factors such as education, training, and incentives. And

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Speaker 1: that's what I want to focus on here today. According

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Speaker 1: to Fortune magazine, about forty percent of S and P

430
00:23:21,640 --> 00:23:24,040
Speaker 1: five hundred CEOs have an MBA in any given year.

431
00:23:24,480 --> 00:23:27,360
Speaker 1: Just a bit of background, The MBA is what's known

432
00:23:27,440 --> 00:23:30,360
Speaker 1: as a Master's in Business Administration and is the most

433
00:23:30,440 --> 00:23:33,240
Speaker 1: common and prestigious advanced degree for those looking to get

434
00:23:33,240 --> 00:23:37,840
Speaker 1: ahead in corporate America. Many elite universities have one of

435
00:23:37,840 --> 00:23:40,800
Speaker 1: these programs, with tuition's costing students tens of thousands of

436
00:23:40,840 --> 00:23:44,560
Speaker 1: dollars annually, with the hope that this investment will pay

437
00:23:44,600 --> 00:23:47,680
Speaker 1: off in the form of a wide professional network and

438
00:23:47,920 --> 00:23:51,080
Speaker 1: a good paying job. The NBA is basically a prerequisite

439
00:23:51,080 --> 00:23:53,359
Speaker 1: to c suite offices at this point, as it is

440
00:23:53,400 --> 00:23:56,359
Speaker 1: by far the degree with the most representation among top

441
00:23:56,359 --> 00:24:00,760
Speaker 1: business executives. And I'm one of these people. Corporate executive,

442
00:24:00,800 --> 00:24:04,120
Speaker 1: of course, but I am a graduate of New York

443
00:24:04,240 --> 00:24:08,800
Speaker 1: university Stern School of Business NBA program. So what are

444
00:24:08,840 --> 00:24:12,320
Speaker 1: people like me the quote future business leaders of America

445
00:24:12,800 --> 00:24:16,120
Speaker 1: who could end up shaping the economy as well as

446
00:24:16,119 --> 00:24:19,080
Speaker 1: the fortunes of millions of Americans. What are we being

447
00:24:19,080 --> 00:24:22,000
Speaker 1: taught well to start? Everything that is taught in any

448
00:24:22,080 --> 00:24:24,920
Speaker 1: top tier NBA program today is more or less filtered

449
00:24:24,920 --> 00:24:27,360
Speaker 1: through the lens of an Ethost has summed it quite

450
00:24:27,400 --> 00:24:31,920
Speaker 1: well by this nineteen seventy headline of this New York

451
00:24:31,960 --> 00:24:35,639
Speaker 1: Times magazine article written by the famed American libertarian economists

452
00:24:35,680 --> 00:24:39,800
Speaker 1: and statistician Milton Friedman, and that headline is entitled, the

453
00:24:39,840 --> 00:24:44,240
Speaker 1: social responsibility of business is to increase its profits. It's

454
00:24:44,280 --> 00:24:48,640
Speaker 1: every keen aspiring business executive's guiding light. Of course, yes,

455
00:24:48,840 --> 00:24:52,960
Speaker 1: our curriculum does consist of core courses like finance, accounting, marketing,

456
00:24:53,000 --> 00:24:56,480
Speaker 1: and business strategy, along with other elective courses that focus

457
00:24:56,480 --> 00:25:01,159
Speaker 1: on different industries like entertainment, media, fin tech, private equity,

458
00:25:01,160 --> 00:25:05,520
Speaker 1: and many others. But every subject, every case study seems

459
00:25:05,640 --> 00:25:09,280
Speaker 1: to always boil down to this fundamental principle, this idea

460
00:25:09,359 --> 00:25:13,480
Speaker 1: that management soul duty is to maximize shareholder value with

461
00:25:13,720 --> 00:25:20,639
Speaker 1: zero or at the very least minimal regard for workers, communities, country, environment,

462
00:25:20,800 --> 00:25:23,000
Speaker 1: or anything else. For that matter. But once again, it

463
00:25:23,000 --> 00:25:25,919
Speaker 1: wasn't always this way, as history can show us. Harvard

464
00:25:25,920 --> 00:25:28,520
Speaker 1: Business School, the first graduate business program, was founded in

465
00:25:28,600 --> 00:25:31,240
Speaker 1: nineteen oh eight with the mission to treat business as

466
00:25:31,240 --> 00:25:34,960
Speaker 1: a science, create a management profession on part or superior

467
00:25:35,000 --> 00:25:37,800
Speaker 1: to medicine and law, and handle business problems in a

468
00:25:37,840 --> 00:25:42,760
Speaker 1: socially constructive way. The first dean of HBS, Wallace B. Donham,

469
00:25:42,800 --> 00:25:46,040
Speaker 1: define it as quote the development, strengthening, and multiplication of

470
00:25:46,200 --> 00:25:49,960
Speaker 1: socially minded businessmen as the central problem of business. Kind

471
00:25:49,960 --> 00:25:52,159
Speaker 1: of a far cry from where we are today, and

472
00:25:52,200 --> 00:25:55,639
Speaker 1: the quote business leaders being turned out by elite NBA programs.

473
00:25:56,160 --> 00:26:00,360
Speaker 1: So how exactly did advanced business education go off the rail?

474
00:26:00,440 --> 00:26:02,879
Speaker 1: So to speak? While looking at this graft depicting the

475
00:26:02,960 --> 00:26:06,320
Speaker 1: Dow jo Ines Industrial average through the decades, US businesses

476
00:26:06,359 --> 00:26:09,560
Speaker 1: suffered through a long period of economic stagnation during the

477
00:26:09,640 --> 00:26:13,240
Speaker 1: nineteen seventies and early eighties, and this brought about sort

478
00:26:13,240 --> 00:26:17,760
Speaker 1: of a thorough critique of American management, including American business education,

479
00:26:18,800 --> 00:26:21,960
Speaker 1: a very kind of dramatic shift in narrative. I want

480
00:26:21,960 --> 00:26:23,520
Speaker 1: to read to you a little bit from an article

481
00:26:23,720 --> 00:26:28,359
Speaker 1: entitled how Neoclassical economics Corrupted Business Schools, Corporations and the

482
00:26:28,440 --> 00:26:32,960
Speaker 1: Economy by Herbert Gintis and Raquesh Kurna, two prominent business scholars.

483
00:26:33,240 --> 00:26:35,760
Speaker 1: Quote Using the poor corporate performance of the nineteen seventies

484
00:26:35,760 --> 00:26:39,679
Speaker 1: as their backdrop, these takeover artists successfully recast the image

485
00:26:39,680 --> 00:26:43,240
Speaker 1: of corporate managers and executives not as wise corporate statesmen

486
00:26:43,280 --> 00:26:46,560
Speaker 1: trying to adjudicate the competing concerns of a variety of

487
00:26:46,640 --> 00:26:51,680
Speaker 1: corporate constituents, but rather as a self dealing, unaccountable elite

488
00:26:51,840 --> 00:26:56,080
Speaker 1: whose primary interest was taking advantage of weak shareholders to

489
00:26:56,119 --> 00:27:00,959
Speaker 1: promote a leisurely lifestyle and exaggerated material gain. I think

490
00:27:00,960 --> 00:27:03,200
Speaker 1: it's a little bit funny this image of a weak

491
00:27:03,280 --> 00:27:07,479
Speaker 1: and impotent shareholder class. It does kind of show you

492
00:27:07,560 --> 00:27:11,040
Speaker 1: how powerful a narrative can be if effectively sold to

493
00:27:11,080 --> 00:27:15,080
Speaker 1: the public, particularly by elites who would happen to benefit

494
00:27:15,119 --> 00:27:19,320
Speaker 1: greatly from the implementation of such an ideology. Oh Gally,

495
00:27:19,320 --> 00:27:21,679
Speaker 1: the abuses of shareholders take for managers and workers. What

496
00:27:21,880 --> 00:27:27,160
Speaker 1: a travesty. Back to Gentis and Corona well, the revisionism

497
00:27:27,440 --> 00:27:30,600
Speaker 1: surrounding materialism that took place during the nineteen eighties had

498
00:27:30,640 --> 00:27:34,880
Speaker 1: a profound impact on business education. It represented an institutional

499
00:27:34,920 --> 00:27:38,440
Speaker 1: shift away from the basic managerialism framework that had defined

500
00:27:38,440 --> 00:27:43,639
Speaker 1: and informed business education and animated the managerial professionalization project

501
00:27:43,640 --> 00:27:47,080
Speaker 1: from its start, eventually replacing it with a new conception

502
00:27:47,240 --> 00:27:51,000
Speaker 1: that is never fully specified, but whose broad outlines can

503
00:27:51,040 --> 00:27:54,400
Speaker 1: be understood as a conception of management as an agent

504
00:27:54,520 --> 00:27:58,280
Speaker 1: of shareholders, the corporation as a nexus of individual contracts,

505
00:27:58,760 --> 00:28:02,400
Speaker 1: and the primary purpose of the corporation being to maximize

506
00:28:02,400 --> 00:28:05,120
Speaker 1: shareholder value. All right, you might be thinking, what's wrong

507
00:28:05,160 --> 00:28:07,840
Speaker 1: with that? You know, we are running a business after all,

508
00:28:08,440 --> 00:28:14,280
Speaker 1: and don't necessarily disagree. It is important that a business

509
00:28:14,359 --> 00:28:17,280
Speaker 1: make money so that it can pay its employees, make

510
00:28:17,400 --> 00:28:21,640
Speaker 1: good products, invest in new things new products, give back

511
00:28:21,680 --> 00:28:25,000
Speaker 1: to the community, and make sure that shareholders are happy

512
00:28:25,080 --> 00:28:26,880
Speaker 1: so they're going to invest more money in the future.

513
00:28:27,280 --> 00:28:30,639
Speaker 1: But if we're talking about a holistic, socially responsible business

514
00:28:30,760 --> 00:28:35,480
Speaker 1: education that teaches future leaders to consider other goals besides

515
00:28:35,600 --> 00:28:39,400
Speaker 1: profit maximization, this is not it whatsoever. Now, the next

516
00:28:39,400 --> 00:28:42,040
Speaker 1: thing I'll share with you is purely anecdotal. But my

517
00:28:42,120 --> 00:28:44,880
Speaker 1: business strategy professor at NYU and a lecture I remember

518
00:28:45,080 --> 00:28:48,880
Speaker 1: really well, brought up this example of shakeshack and how

519
00:28:48,960 --> 00:28:52,280
Speaker 1: the tables in their new restaurants were sourced from recycled would,

520
00:28:53,000 --> 00:28:55,320
Speaker 1: and she talked about how stupid the whole thing was

521
00:28:55,360 --> 00:28:58,360
Speaker 1: because she felt that furnishing their restaurants with recycled would

522
00:28:58,800 --> 00:29:02,080
Speaker 1: would not help them so more burgers and fries, and

523
00:29:02,200 --> 00:29:05,880
Speaker 1: that with each new store they were opening, they were

524
00:29:06,480 --> 00:29:09,240
Speaker 1: lowering their return on investor capital of financial metric that

525
00:29:09,320 --> 00:29:12,520
Speaker 1: Wall Street investors happened to hear a lot about I

526
00:29:12,560 --> 00:29:15,440
Speaker 1: say wrong in that regard, and buying recycle tables probably

527
00:29:15,640 --> 00:29:19,360
Speaker 1: won't help Shakeshack sell more burgers and fries, and will

528
00:29:19,440 --> 00:29:23,480
Speaker 1: most certainly be more expensive than a normal non recycle table,

529
00:29:24,200 --> 00:29:29,440
Speaker 1: but it is most certainly better for the environment, and

530
00:29:29,560 --> 00:29:32,760
Speaker 1: especially considering Shakeshack has opened hundreds of new locations and

531
00:29:32,800 --> 00:29:35,160
Speaker 1: stores in just the past few years, it seemed to

532
00:29:35,200 --> 00:29:37,560
Speaker 1: be doing just fine, as is in another course at

533
00:29:37,640 --> 00:29:41,120
Speaker 1: NYU called Managing Growing Companies, a course that quote seeks

534
00:29:41,200 --> 00:29:43,600
Speaker 1: to provide an understanding of the knowledge and skills that

535
00:29:43,600 --> 00:29:46,200
Speaker 1: are required to manage and grow small to midside firms.

536
00:29:46,920 --> 00:29:50,040
Speaker 1: We actually had an entire lecture dedicated to union busting.

537
00:29:50,160 --> 00:29:54,040
Speaker 1: Various tactics management can and should take to end a

538
00:29:54,120 --> 00:29:58,440
Speaker 1: labor strike. A particular example I remember specifically is something

539
00:29:58,480 --> 00:30:01,400
Speaker 1: to the effect of train anier white collar workers to

540
00:30:01,480 --> 00:30:05,520
Speaker 1: perform blue collar tasks. And folks, we just saw how

541
00:30:05,560 --> 00:30:09,480
Speaker 1: this strategy was just used by John Deere in real

542
00:30:09,520 --> 00:30:12,480
Speaker 1: time when workers were striking for better wages. The white

543
00:30:12,480 --> 00:30:15,720
Speaker 1: collar workers ended up being a total disaster. A few

544
00:30:15,720 --> 00:30:18,200
Speaker 1: of them were even sent to the hospital. So right there,

545
00:30:18,280 --> 00:30:21,640
Speaker 1: even in an academic setting, a wedge is already being

546
00:30:21,720 --> 00:30:25,840
Speaker 1: driven between management and labor, creating this kind of us

547
00:30:25,960 --> 00:30:29,320
Speaker 1: versus them mentality at a very early stage in the

548
00:30:29,320 --> 00:30:33,200
Speaker 1: careers of people who aspire to be business managers and executives.

549
00:30:33,840 --> 00:30:37,000
Speaker 1: And this has real world life and death implications for

550
00:30:37,240 --> 00:30:41,360
Speaker 1: management and workers, but also for consumers. I'll give you

551
00:30:41,360 --> 00:30:44,800
Speaker 1: an example, referencing an article from The Atlantic entitled that

552
00:30:44,880 --> 00:30:48,440
Speaker 1: the long Forgotten flight that sent Boeing off course, a

553
00:30:48,480 --> 00:30:52,640
Speaker 1: company once driven by engineers became driven by finance. Essentially

554
00:30:52,680 --> 00:30:57,080
Speaker 1: two decades ago, Boeing made a deliberate attempt to isolate

555
00:30:57,120 --> 00:31:00,640
Speaker 1: the company's engineers from its executive team by moving the

556
00:31:00,640 --> 00:31:05,160
Speaker 1: company's headquarters to Chicago, which is over seventeen hundred miles

557
00:31:05,160 --> 00:31:09,600
Speaker 1: away from its primary manufacturing facility in Washington. And just

558
00:31:09,640 --> 00:31:11,440
Speaker 1: like what we're training to do in business school, which

559
00:31:11,480 --> 00:31:15,680
Speaker 1: is to pour over Excel spreadsheets and make fancy power points.

560
00:31:16,360 --> 00:31:20,840
Speaker 1: Over the years, Boeing executives started making engineering decisions by

561
00:31:20,920 --> 00:31:25,120
Speaker 1: way of financial spreadsheets in a vacuum completely separate from

562
00:31:25,160 --> 00:31:28,320
Speaker 1: the company's manufacturing operations. In the case of their seven

563
00:31:28,320 --> 00:31:31,720
Speaker 1: to eighty seven plane, Boeing didn't outsource just the manufacturing

564
00:31:31,720 --> 00:31:35,080
Speaker 1: of the parts. It turned over the design, the engineering,

565
00:31:35,200 --> 00:31:37,680
Speaker 1: and the manufacturer of entire sections of the plane to

566
00:31:37,720 --> 00:31:42,680
Speaker 1: some fifty strategic partners. Boeing itself ended up building less

567
00:31:42,680 --> 00:31:46,240
Speaker 1: than forty percent of the plane. The strategy was trumpeted

568
00:31:46,280 --> 00:31:51,080
Speaker 1: as a reinvention of manufacturing, but while the finance guys

569
00:31:51,120 --> 00:31:53,160
Speaker 1: loved it since it meant that Boeing had to put

570
00:31:53,240 --> 00:31:56,200
Speaker 1: up less money, it was a huge headache for engineers.

571
00:31:56,400 --> 00:31:58,720
Speaker 1: As a result, to this day, the plane has continued

572
00:31:58,720 --> 00:32:01,600
Speaker 1: to suffer from numerous safe d and manufacturing quality issues,

573
00:32:02,160 --> 00:32:04,240
Speaker 1: all in an effort to make an extra buck with

574
00:32:04,880 --> 00:32:07,600
Speaker 1: kind of very little consideration for anything else. The most

575
00:32:07,640 --> 00:32:10,760
Speaker 1: famous example, and one with the most dire of consequences,

576
00:32:10,800 --> 00:32:14,200
Speaker 1: is probably the seven thirty seven Max plane, with hundreds

577
00:32:14,280 --> 00:32:17,280
Speaker 1: of deaths resulting from a safety system being vetoed, according

578
00:32:17,280 --> 00:32:20,680
Speaker 1: to a Boeing engineer. This is New York Times reporting quote.

579
00:32:20,680 --> 00:32:23,880
Speaker 1: A senior Boeing engineer filed an internal ethics complaint this year,

580
00:32:23,960 --> 00:32:26,200
Speaker 1: saying that during the development of the seven thirty seven

581
00:32:26,240 --> 00:32:29,400
Speaker 1: max Jet, the company had rejected a safety system to

582
00:32:29,440 --> 00:32:33,959
Speaker 1: minimize costs equipment he felt could have reduced risks that

583
00:32:34,000 --> 00:32:37,200
Speaker 1: contributed to two fatal crashes. So, right, there are real

584
00:32:37,240 --> 00:32:41,880
Speaker 1: world societal life and death implications resulting from the type

585
00:32:41,880 --> 00:32:46,760
Speaker 1: of business training and the in my opinion, unhealthy shareholder

586
00:32:46,800 --> 00:32:50,200
Speaker 1: maximizing ethos that is so pervasive in the curriculum of

587
00:32:50,240 --> 00:32:55,640
Speaker 1: top tier MBA programs and thus also permeating offices in

588
00:32:55,680 --> 00:33:01,160
Speaker 1: boardrooms of America's top companies. And unfortunately, you know, there

589
00:33:01,240 --> 00:33:03,960
Speaker 1: is little to no penalty for this type of behavior. Right,

590
00:33:04,040 --> 00:33:07,280
Speaker 1: Let's remember that the US government routinely gives companies like

591
00:33:07,320 --> 00:33:10,840
Speaker 1: Boeing billion dollar government contracts as part of our defense budget,

592
00:33:10,960 --> 00:33:14,960
Speaker 1: no matter how unsafe or unethical their practices might be.

593
00:33:15,480 --> 00:33:18,440
Speaker 1: Duff MacDonell, who wrote the book The Golden Passport Harvard

594
00:33:18,440 --> 00:33:21,640
Speaker 1: Business School, The Limits of Capitalism and the Moral Failure

595
00:33:21,720 --> 00:33:24,440
Speaker 1: of the NBA Elite, asserts that quote the school is

596
00:33:24,440 --> 00:33:27,360
Speaker 1: a force for good in a sense that HBS grads

597
00:33:27,400 --> 00:33:30,840
Speaker 1: are good at what they do, but they really do good.

598
00:33:31,320 --> 00:33:34,200
Speaker 1: Rather than producing business and physicians who vow to do

599
00:33:34,280 --> 00:33:37,120
Speaker 1: no harm. Harvard Business School has become the West point

600
00:33:37,120 --> 00:33:41,800
Speaker 1: of capitalism, producing business mercenaries driven by self interest, beholden

601
00:33:41,880 --> 00:33:46,239
Speaker 1: to no one, believing in nothing. That's pretty scathing, And

602
00:33:46,320 --> 00:33:49,760
Speaker 1: to be fair, NBA programs have responded to this type

603
00:33:49,760 --> 00:33:53,000
Speaker 1: of widespread criticism by adding a sort of business ethics

604
00:33:53,000 --> 00:33:56,640
Speaker 1: course to the curriculum. I myself took one at NYU,

605
00:33:56,800 --> 00:33:59,200
Speaker 1: actually with Professor Jonathan Hite. Some of you probably have

606
00:33:59,200 --> 00:34:01,920
Speaker 1: heard of him. He's a fairly well known social psychologist

607
00:34:01,960 --> 00:34:05,960
Speaker 1: whose worst includes the coddling of the American mind and

608
00:34:06,040 --> 00:34:08,920
Speaker 1: also the righteous mind, why good people are divided by

609
00:34:08,920 --> 00:34:12,400
Speaker 1: politics and religion. And his course, you know, quite honestly,

610
00:34:12,480 --> 00:34:17,040
Speaker 1: was super cool, very interesting discussions, but it was also

611
00:34:17,120 --> 00:34:20,239
Speaker 1: extremely brief, lasting you know, just a few sessions over

612
00:34:20,280 --> 00:34:24,480
Speaker 1: the course of two weekends, which does kind of show

613
00:34:24,640 --> 00:34:27,879
Speaker 1: the priorities of the curriculum, right it. Like I said,

614
00:34:27,880 --> 00:34:30,960
Speaker 1: I found the discussion to be really interesting, but unfortunately

615
00:34:31,600 --> 00:34:35,200
Speaker 1: the course designed itself felt more like I mean, compliance,

616
00:34:35,560 --> 00:34:38,200
Speaker 1: maybe even call it theater more than anything else. But

617
00:34:38,360 --> 00:34:39,960
Speaker 1: just to give the other side. You know, if you're

618
00:34:40,000 --> 00:34:42,680
Speaker 1: watching this and you recently got your MBA, you might

619
00:34:42,760 --> 00:34:46,680
Speaker 1: totally disagree with everything I'm saying. You know, like now,

620
00:34:46,760 --> 00:34:51,360
Speaker 1: my education was holistic. We learned about ideas like stakeholder capitalism,

621
00:34:51,360 --> 00:34:54,440
Speaker 1: which is something that's currently being promulgated by the Business Roundtable,

622
00:34:55,000 --> 00:34:58,759
Speaker 1: And to that I say, yes, we definitely did talk

623
00:34:58,800 --> 00:35:02,120
Speaker 1: about those types of things things specifically at NYU there

624
00:35:02,239 --> 00:35:04,359
Speaker 1: was this phrase I was thrown around a lot that

625
00:35:04,400 --> 00:35:08,560
Speaker 1: we are in the business of doing good, So I

626
00:35:08,560 --> 00:35:11,600
Speaker 1: think the intent might be there, but unfortunately the incentive

627
00:35:11,640 --> 00:35:16,160
Speaker 1: structure can't possibly support this in practice. And YU, for example,

628
00:35:16,200 --> 00:35:18,880
Speaker 1: talks a big game when marketing at MBA programs with

629
00:35:19,040 --> 00:35:25,200
Speaker 1: inspirational slogans like change, innovation an MBA without boundaries. But

630
00:35:25,239 --> 00:35:27,080
Speaker 1: if you take a look at the program's most recent

631
00:35:27,120 --> 00:35:30,680
Speaker 1: employment report, more than two thirds of the graduating class

632
00:35:30,719 --> 00:35:35,279
Speaker 1: are recruited into traditional industries like consulting and financial services.

633
00:35:36,000 --> 00:35:38,160
Speaker 1: You know, definitely, you know, this is once again my opinion,

634
00:35:38,200 --> 00:35:40,960
Speaker 1: but not at the top of my list of professions

635
00:35:41,000 --> 00:35:44,120
Speaker 1: in the business of doing good or changing the world.

636
00:35:44,520 --> 00:35:47,040
Speaker 1: This is just my personal experience. But I went in,

637
00:35:47,360 --> 00:35:50,680
Speaker 1: I think, with an open mind, quite an idealistic goal

638
00:35:50,760 --> 00:35:53,400
Speaker 1: that I could work in maybe news media, with the

639
00:35:53,400 --> 00:35:56,520
Speaker 1: goal of changing public discourse for the better. But within

640
00:35:56,640 --> 00:35:59,160
Speaker 1: two weeks I was told pretty much, you know, you

641
00:35:59,160 --> 00:36:02,000
Speaker 1: can either work and can resulting banking or for Amazon,

642
00:36:02,040 --> 00:36:05,080
Speaker 1: and that is it. There are, of course, exceptional people

643
00:36:05,080 --> 00:36:07,960
Speaker 1: who are able to carve their own path, but I

644
00:36:08,000 --> 00:36:12,080
Speaker 1: was not one of them, maybe until now. And like

645
00:36:12,120 --> 00:36:15,879
Speaker 1: anything else, the recruiting funnel is designed to respond to incentives.

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00:36:16,480 --> 00:36:20,399
Speaker 1: For example, placement success contributes thirty five percent to EAT

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00:36:20,480 --> 00:36:23,280
Speaker 1: school's overall rank in the US News and World Report

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00:36:23,400 --> 00:36:26,200
Speaker 1: ranking methodology, which is kind of seen as the gold

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00:36:26,239 --> 00:36:29,319
Speaker 1: standard for NBA rankings. So of course the schools administrators

650
00:36:29,360 --> 00:36:32,239
Speaker 1: are going to push you towards jobs that uphold the

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00:36:33,400 --> 00:36:36,880
Speaker 1: nothing is going to fundamentally change ethos that seem to

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Speaker 1: pervade our modern day business and political culture. And just

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00:36:40,360 --> 00:36:42,960
Speaker 1: to be fair to the students, if you strap them

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00:36:43,040 --> 00:36:47,000
Speaker 1: with hundreds of thousand dollars of debt, they're not going

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Speaker 1: to be able to take the kinds of risks that

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00:36:49,840 --> 00:36:52,319
Speaker 1: are being advertised by top tier NBA programs. With this

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00:36:52,400 --> 00:36:55,399
Speaker 1: idea of change in entrepreneurship. So I guess what I'm

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00:36:55,400 --> 00:37:00,400
Speaker 1: pointing out is that there is this huge disconnect between

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Speaker 1: what is being marketed and what actually transpires in reality,

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00:37:04,080 --> 00:37:08,760
Speaker 1: because you know, the incentra structures are so poorly designed

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00:37:08,800 --> 00:37:13,960
Speaker 1: that anything other than propping up the currently unhealthy and

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00:37:14,040 --> 00:37:18,840
Speaker 1: unsustainable status quoe can't possibly exist even in an academic setting.

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00:37:18,880 --> 00:37:22,560
Speaker 1: Let them loan real world business situations that will impact

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Speaker 1: the lives of millions of people. This is a little

665
00:37:25,560 --> 00:37:27,319
Speaker 1: bit of a joke, but it's really not. But it's like,

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Speaker 1: business schools are training students to think of everything in

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00:37:30,920 --> 00:37:34,080
Speaker 1: terms of return on capital, and if you can maximize

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00:37:34,120 --> 00:37:37,680
Speaker 1: returns without screwing over people, ignoring morals, and destroying the environment,

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Speaker 1: you should. But if you can't, it's also okay to

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00:37:43,440 --> 00:37:47,200
Speaker 1: screw over people, ignore morals, and destroy the environment for

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00:37:47,200 --> 00:37:51,239
Speaker 1: the sake of even the slightest increase in profits. So,

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00:37:51,360 --> 00:37:54,319
Speaker 1: in a world where CEOs and executives make millions even

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00:37:54,360 --> 00:37:58,840
Speaker 1: as their companies file for bankruptcy, I maybe naively think

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00:37:58,920 --> 00:38:02,080
Speaker 1: that it might behoove us to think about whether the

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Speaker 1: system and the values we teach today will help create

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Speaker 1: a world we want to live in tomorrow. Today's NBA

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00:38:09,760 --> 00:38:13,040
Speaker 1: programs work a lot like factories, churning out middle to

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Speaker 1: upper management professionals and managers who are becoming increasingly more

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00:38:19,200 --> 00:38:22,640
Speaker 1: diverse in the way they look, but unfortunately not in

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00:38:22,680 --> 00:38:25,440
Speaker 1: the way they think. I think it's kind of ironic

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00:38:25,520 --> 00:38:29,520
Speaker 1: that business schools often talk a lot about the importance

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Speaker 1: of relationships things like innovation, social responsibility, but at the

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00:38:33,600 --> 00:38:38,560
Speaker 1: same time are still very intolerant of ideas that deviate

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00:38:38,600 --> 00:38:42,720
Speaker 1: from traditional business orthodoxy and pretty much train their students

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00:38:42,719 --> 00:38:47,480
Speaker 1: to function like Excel spreadsheets, more numbers and screens, and

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00:38:47,600 --> 00:38:51,359
Speaker 1: less humanity and empathy. And that, my friend, is how

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Speaker 1: the NBA has contributed to corporations becoming more evil. If

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Speaker 1: you like the segment and would like to see more

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00:38:57,760 --> 00:39:01,120
Speaker 1: of me and other collaborations like this, please let Crystal

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00:39:01,120 --> 00:39:04,280
Speaker 1: and Sager know, and of course subscribe to Breaking Points

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00:39:04,600 --> 00:39:07,040
Speaker 1: if you're inclined. Also check out my channel fifty one

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Speaker 1: forty nine with James Lee, where I release weekly videos

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Speaker 1: about business, politics and society. Thank you so much for

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Speaker 1: your time today,