Travis Kalanick’s Not-So-Fond Farewell; It’s Bottoms Up for George Clooney; Glassdoor Drops Another List and You Better Hope Your Boss is on it

Goodbye and farewell…

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Looks like Travis Kalanick’s “leave of absence” is now a permanent one as he finally took the hint from investors and officially resigned as Uber’s CEO. But not before the aforementioned investors placed a lot of pressure on the embattled CEO to step down. And who can blame the investors. Scandal after ugly scandal emerged from the $68 billion, privately held company and it seemed as if Kalanick wasn’t up to snuff when it came to dealing with them.  In an email to employees, Kalanick talked about his love for Uber and decided to step down “so that Uber can go back to building rather than be distracted with another fight.” How very gallant of him. While Kalanick still remains on the board of Uber, the business is now being run by fourteen people who once upon a time reported to him. Talk about irony.

Aye tequila!

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Some guys have all the luck and George Clooney is one of them. If you think he’s just an actor with a pretty face then you are so very wrong. Turns out the Hollywood hunk also has his own tequila brand –  along with two other partners – called Casamigos, which was just bought for $1 billion by liquor company giant Diageo. The name Diageo might not ring a bell for you, but the name Smirnoff should, and that is just one of the many notable brands that belongs to the Diageo family. Curious who George’s other partners are? Mr. Cindy Crawford, aka Rande Gerber and Mike Meldman. Annoyingly enough, Clooney and Gerber were just trying to come up with their very own “house” tequila for the properties they own in Cabo San Lucas.  But a very lucrative opportunity knocked that had them expanding the brand beyond Cabo, and just last year 120,000 cases of the stuff was shipped out. This year the company expects that number to climb to 170,000. And with a price tag between $45 to $55 a bottle, Clooney and company get to live large without having to rely on other their other talents, including acting and such. As for Diageo, you can bet that this acquisition had less to do with Clooney’s movie star charm and more to do with the fact that tequila volume in the U.S. more than doubled from 2002 to 2015.

There’s a list for that too…

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Glassdoor has regaled us with yet another list. This time it’s to let us know who the top CEO’s in the world are, according to employees And you can bet Travis Kalanick did not make the cut. The Clorox Company’s Benno Dorer takes the top spot. What? Were you expecting a tech CEO? Well too bad because Dorer earned a 99% approval rating from his employees.  Another name from the list you might recognize is Elon Musk who takes the eighth spot. Interestingly enough, his 98% employee approval rating came not from Tesla, but his other company, SpaceX. Wonder what that’s about. Facebook’s Mark Zuckerberg makes it onto the list at number ten, also with a 98% approval rating. But sadly that’s a sharp drop from his number four spot in 2016. Google’s Sundar Pichai grabs the 17th spot while LinkedIn’s Jeff Weiner comes in at number 35. The biggest bummer on the list just might be Apple’s Tim Cook. Last year he held the number eight spot, but this year he drops to spot number 53. In all fairness, however, he still scored a 93% approval rating.

 

UnFriendly Skies Take a Well-Deserved Beating; FY-Infosys – Americans Getting on Payrolls; Paid Internships vs. Actual Job

Turbulent…

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The day of reckoning has finally come for airlines and their awful and questionably lawful treatment of its passengers. If you recall, the impetus for this day stemmed from a recent United Airlines flight, where a passenger, David Dao, was forcibly dragged off a plane and left with a litany of injuries including a concussion and broken teeth. So over at the House Transportation and Infrastructure Committee there was a hearing where airline execs insisted that they’ve been working to improve the situations that have been responsible for all the recent bad press. United CEO Oscar Munoz apologized again at the hearing for the recent tussle that cost his airline a presumably hefty settlement.  Of course plenty of blame has been pointed at unruly passengers. But then again who can blame them? Flights have gotten more crowded, equipment and tech failures have been resulting in delays on a fairly regular basis and obnoxious fees keep cropping up like a bad fungus. And don’t even get me started on the practice of over-booking flights. Apparently, a few airlines are rethinking their policies on that issue.  In the meantime, lawmakers are warning they’ll slap on major legislation if things don’t improve and they promise it wont be pretty.

Trump’d…

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A company based in India, with 200,000 employees worldwide, is now on the line to hire 10,000 workers in the U.S. Enter Infosys, one of a number of companies who engage in outsourcing – a four letter word according to the President – because the practice takes jobs away from Americans. Now, the company announced plans to open four new centers in the United States in the next two years. In the past, Infosys and other similar companies have relied on work visas for its employees. But now President Trump has ordered a major review and overhaul of that program. That’s expected to lead to some very unpleasant changes for companies who are used to employing foreigners in the United States, instead of tapping into the talent pool already present in the country. As for Infosys’s CEO, Vishal Sikka, who happens to be based in Palo Alto (oh, the irony), he explained that “…bringing in local talent and mixing that with the best of global talent in the times we are living in and the times we’re entering is the right thing to do. It is independent of the regulations and the visas.” Of course it is.

How do you like your coffee?

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If you’re not having the easiest time finding a job, maybe getting a position as an intern might be the better way to go. And leave it to Glassdoor to unearth the 25 highest paying internships in the United States. You see, the median annual salary in the U.S. for a full time worker is $51,350 – or about $4,300 a month. An internship gig at Facebook – provided you can even get one  – is worth $8,000 a month. Plus, as a Facebook intern, you get room and board, free food, transportation…Does it get any better than that? Just good luck. You’ll need it. Actually, you’ll really need computer science skills. But that’s besides the point. Microsoft comes in second with a paycheck that is about a thousand dollars less a month than what you’d get at Facebook. But former interns can’t stop raving about the projects they got to work on. Rounding out the third spot is ExxonMobil. While it’s not tech-related, it is a company that is highly focused on professional development of its interns. And who couldn’t use some of that? Amazon and Apple take spots fifth and sixth, respectively, and they’ll both keep you in style for about $6,400 a month. While the tech companies seem to dominate much of the list, there are still plenty of opportunities to map out a career in banking. If you’re sure that’s your thing.

It’s Equal Pay Day! Just Not For Everyone; JP Morgan Chase Chief Urges…Confidence; Wells Fargo Whistleblower Gets Last Laugh. Sort of.

100% Wrong!

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It might be 2017, but in a lot of ways it may as well be 1917. For some inexplicable reason a pay gap still exists between men, women and people of color. So weird, right? Hard to believe, but on average women still make 80 cents for every dollar a man gets. That’s assuming we’re taking about white, straight women. It all goes precipitously downhill from there. It’s a good thing women have an advocate in the form of Facebook COO Sheryl Sandberg.  Her nonprofit LeanIn.org has just whipped out its latest campaign, with a little help from Funny or Die, called #20percentcounts.  Because it absolutely does. One of the more startling facts of data from the Institute for Women’s Policy Research shows how closing that offensive 20% pay gap would actually lift over three million working women out of poverty. Out. Of. Poverty. In honor of Equal Pay Day, look for 20% discounts from several businesses to draw attention to this issue. For the full list, stop on by at LeanIn.Org.

Sauce-d…

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Well, if Jamie Dimon is saying it then it must be so. The JP Morgan Chase & Co. CEO just regaled us with his annual letter and started by saying just how friggin’ awesome the United States is and how it is “stronger than ever before.” But. It’s a big but. More like a BUT. He then goes on to discuss how “…something is wrong” with our country. He does, after all, sit on the President’s business forum, so I guess he would notice a few things that are…amiss.  For instance, he’s not digging the labor market, or rather there aren’t enough laborers in it. Of course, inner-city schools made a brief appearance in the letter, along with destructive anti-trade policies, infrastructure spending, corporate taxation, and those ever-pesky excessive regulatory rules. Dimon really took a lot of issue with all those banking regulations that are apparently marring the business landscape of the country. In all fairness, he would know a thing or two about that. Dimon feels the public should start showing a little more (un)conditional love towards our great big, fiscally-motivated financial institutions. The takeaway, according to Dimon’s letter? “Confidence is the ‘secret sauce’ that, without spending any money, helps the economy grow.” Got that? Confidence = Secret sauce=economic growth .Who knew?

Awkward…

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In all the talk about Wells Fargo’s illegal activities and all-around bad behavior, it seems a very important figure got lost – that being the very brave whistleblower who called out the bank over its fraudulent account opening activities. Said whistle-blower lost his job in 2010 after calling to complain to the bank’s very own ethics hotline, in addition to his supervisors,  about his suspicions that Wells Fargo was engaging in some problematic business practices. Now, not only was the bank ordered to hire him back, but it also has to pay him…wait for it…$5.4 million. Of course, that number pales in comparison to the $185 million worth of settlements that Wells Fargo has had to cough up already. But still, it’s gotta hurt for Wells Fargo. Well, cry me a river. Because after all, that $5.4 million is meant to cover back pay, damages, compensation and, of course, legal fees. This payout also has the dubious distinction of being the largest award ever ordered by OSHA. Naturally, Wells Fargo is not happy with the ruling and plans to fight it. As for the employee’s plans to return to Wells Fargo, well, that remains to be seen.

 

CEO Leaving Ralph Lauren Over “Difference of Opinion”; Apple Gets De-Throned; “Fake News” Scandal Leaves Facebook Unscathed

Ride the pony…

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Shares of Ralph Lauren fell today, over 11% at one point, all because CEO Stefan Larsson announced he is stepping down after a little over a year on the job. It seems Larsson and the big kahuna himself, Ralph Lauren, just didn’t see eye to eye on how the company should evolve to attract more shoppers, and younger ones, to boot. Which roughly translates to: the two guys just didn’t get along.  Larsson, who used to be the global president of Old Navy,  will step down in three months while the company searches for a new CEO. In the meantime, Ralph Lauren will stay put, in his role as Executive Chairman and Chief Creative Officer while Chief Financial Officer Jane Nielsen will serve as interim CEO. The other thing staying put is a plan – that was already in the works – to enhance the Ralph Lauren brand.  Shares of Ralph Lauren had fallen 22% in the last twelve months and it has had to close several stores and eliminate several jobs. But apparently, and ironically, it’s all part of its growth plan. The news came down during the company’s quarterly report call, where the lifestyle brand reported earnings of $1.86 per share, with revenue down 12% to $1.71 billion. At least that last bit was forecasted. And it was welcome news since analysts expected the company to only pull down $1.64 per share. As for Larsson, he’ll be walking away with a nifty $10 million in severance, not to mention health benefits, for the next two years.

Taking a bite out of the apple…

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Move over Apple. There’s a new sheriff in town. Well, maybe “sheriff” isn’t quite the right word. But the tech giant has been dethroned, this year anyway, as the world’s most valuable brand, and now ranks as the second most valuable brand. Which is ironic, since yesterday it released its earnings report and brutally beat expectations adding  $3.36 per share on a record setting $78.4 billion in revenue. Analysts predicted earnings of $3.22 per share on $77.3 billon in revenues. But I digress. The company to earn the dubious distinction of being the world’s most valuable company for 2016, as determined by Brand Finance, is none other than Google. No great shock here. Brand Finance takes it upon itself to conduct this yearly study, identifying and ranking the 500 most valuable brands in the world. Google, by the way used to sit in the top spot. But it’s been years. Like five of them, to be precise, since it sat atop this illustrious throne. Apple’s brand value tanked 27% from last year’s $146 billion to this year’s $107 billion. As for Google, its brand is currently valued at $109.5 billion. Part of the problem, for Apple anyway, is that the Apple watch failed to become as fabulous as Apple thought it should be.  Then there’s the fact that the tech giant seems to have no new products on the horizon – that we know of – while battling all the  smart-phone competition. According to Brand Finance, “Apple has failed to maintain its technological advantage and has repeatedly disillusioned its advocates with tweaks when material changes were expected…” That’s gotta hurt. And in case you were wondering, because I know you were, Amazon ranks third with a brand value of $106.4 billion, AT&T comes in fourth at $82 billion, while Microsoft rounds out the fifth spot with a brand value of $76.3 billion. And no, I didn’t forget Walmart or Facebook. They rank eighth and ninth respectively.

That’s just beautiful…

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Speaking of Facebook, the social media giant just released its latest quarterly earnings and well, it would be really swell if all companies could have earnings as good as that. And with over one billion users, it’s no wonder the company posted better than expected earnings, to the tune of $2.57 billon with revenues of $8.8 billion and $1.24 added per share. Estimates had Facebook pulling down $1.11 per share and $8.5 billion in revenues while last year at this time Facebook raked in $5.84 billion. If you do the math, that’s a 51% increase over last year. In fact, this quarter marked Facebook’s sixth straight quarter in which it beat forecasts in both profit and revenue. A lot of that success can be attributed to Facebook’s mobile and live video. Its ever lucrative ad revenues also don’t seem to ever disappoint. Facebook is now planning on a hiring spree, especially because it’s looking to create even more community and groups. Its monthly active users are up 17% to 1.86 billion and mobile users were up 21% from last year to 1.74 billion. As for Facebook being enmeshed in the “fake news” controversy, well as you can see, the scandal failed to make a dent at the company. Well, fiscally anyway.

 

Oil-vey! Trump’s Secretary of State Pick Putin Us On; Trump vs. Silicon Valley; Rate Hike Sends Joy Throughout Wall Street

Energized…

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Trump’s latest pick, this time for Secretary of State, has naturally already ruffled more than a few political feathers. Enter Exxon Mobil Corp. CEO Rex Tillerson, a man who happens to be very very cushy with Russia and its fearless leader, Vladimir Putin. If you recall, Russia is very brazenly messing with Ukraine, to the point where the U.S. felt compelled to impose sanctions. Now, the CIA said the country also launched cyber attacks against the U.S. in an effort to influence the election results. But that very same country awarded Tillerson the Friendship Medal in 2013.  Tillerson, who has never held a public office, has been at Exxon, the world’s largest energy firm, for 40 years and during that time spent many many hours cultivating relationships and establishing major business deals with countless foreign countries and companies. But he’ll still need to be confirmed by the Senate. However, considering that former Secretaries of State Condoleeza Rice and James Baker are big fans, not to mention Defense Secretary Robert Gates, he shouldn’t have too much of an uphill battle. By the way, Condoleeza Rice also happens to be a consultant at Exxon Mobil, and Robert Gates was a consultant at one point too. Rumor has it that they all plan to vouch for the CEO.  Lindsay Graham and John McCain, however, are just not that into him, presumably because of his chummy relationship with Putin, of whom they are not particularly fond. Also not in Tillerson’s favor is the fact that Exxon currently has billions of dollars in deals with Russia, not to mention one valued at $500 billion that involves exploring and pumping for oil in Siberia. Those deals can only go forward if the U.S. decides to lift its sanctions against Russia and, fyi,  Tillerson was never much of a fan of the sanctions. And just so you know, according to a filing from a year ago, Tillerson owns $218 million in Exxon stock along with a $70 million pension plan. Shares of Exxon Mobil went up 2.2% on the news of Tillerson’s nomination.

 

Speaking of Trump…

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Tomorrow is a big day at Trump Towers as some of Silicon Valley’s top execs head over to the President-elect’s digs for a little quality time with Donald Trump. Expected to attend the power meeting are: Apple’s Tim Cook, Facebook’s Sheryl Sandberg, Microsoft’s Satya Nadella, Amazon’s Jeff Bezos, Tesla’s Elon Musk and Google’s Sergey Brin and Eric Schmidt…to name but a few. While the agenda’s not public, there are some predictions about what might be discussed tomorrow. There’s the not-so-minor issue of antitrust enforcement and those pesky government demands for user data. But much higher on that list is Trump’s immigration policies and how they have the potential to put a very major damper on the inner workings at many of these Silicon Valley companies. The fact that these companies bring in a lot of employees on special visas, not to mention that they also send plenty of jobs overseas, doesn’t exactly jibe well with Trump’s vision of “Making America Great Again.”  To be fair, Apple did say it has 80,000 employees in the United States and is also responsible for creating another 2 million jobs from all the business opportunities Apple creates. However, Trump did say, in his very eloquent way, that he wants to “get Apple to build their damn computers and things” right here.  Donald Trump is all for establishing major tax reforms and is acutely aware that all these tech companies have a lot of cash offshore. Major reform will help bring that cash back to the States. So its in everyone’s best interests to work together towards that goal, whether they supported Trump’s presidential aspirations or not. And for the record, they did not.

Stocks, and bonds and hikes…Oh my!

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Stocks all over the world rejoiced today by going up while the Dow Jones Industrial Average came thisclose to hitting the 20,000 mark following its 9% surge since Election Day. Actually, the index came within 50 points of the 20,000 mark which sent Wall Street into fits of fiscal joy. The S&P got in on the action by going up .8% to its very own all-time high. The reason for all this excitement is because the Federal Reserve is expected to officially and finally finally announce a rate hike tomorrow, marking the second time in ten years that we get to witness and take part in that elusive increase. Rate hikes are welcome since they signal that the economy is strong and steady in all the right ways. Low interest rates have this nifty little effect on stocks that makes them cost higher. Problem is low interest rates are just no good  for the savers among us who like high interest rates because of the income they get from bonds and bank accounts.  Even though borrowing costs are about to get that much higher, investors are still positively giddy at the prospect that the President-elect intends to usher in an era of potentially lower corporate tax rates, less regulation and lots more infrastructure spending.

 

Smackdown: Google, Facebook vs. Fake News; Controversy Over New Balance Seems Unbalanced; Ford Revs Up Tariff Debate with Trump

Just faking it…

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As the Trump controversies keep on pouring in, Google and Facebook have now decided to crusade against fake news, as widely shared, yet wholly fabricated stories about the candidates may (or may not) have adversely influenced the presidential election. Part of the problem began when Google realized that the top results for search phrases such as “final election results” and “who won the popular vote” were directing users to a fake news site. By Monday, Google started pulling AdSense from several sites that “misrepresent, misstate or conceal information” and were profiting off such bogus political news stories. As for Facebook, it plans to put the kibosh on ad money from fake sites, but it’s not entirely clear how it will achieve this objective and identify these sites. However, it seems to be a prudent move considering that, according to a Pew study, 44% of Americans get their news from the social network giant. No matter how you slice it, the internet and social media figured prominently last Tuesday and now everyone’s looking to find out what went wrong – or right.

Unbalanced…

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Privately-held company New Balance has inadvertently, and presumably unwillingly, become the unofficial “official shoes of white people.” Unlike its much more enormous rival, Nike, the 110 year old Boston-based New Balance has always been committed to manufacturing its products in the U.S. across 14 factories where it employs over 1,400 people of various races, ethnicities, genders, religions etc. Hence, the company never cared much for the Trans-Pacific Partnership Trade Agreement that gives companies – like Nike – a very humongous edge because they can manufacture a greater quantity of goods abroad, for a lot lot less money than doing it here. The TPP basically jeopardizes companies who choose to domestically produce goods by making for a very un-level playing field. Because Trump is a huge fan of domestic manufacturing and job creation, his election was welcome news for New Balance. And when New Balance said as much, social media either skewered the company and called for boycotts and mass destruction of the sneakers or had white supremacists proclaiming it as their footwear of choice.  Incidentally, New Balance supported the trade policies of Hillary Clinton and Bernie Sanders too.  A fact that both Trump haters and white supremacists seemed to have overlooked.

Have you manufactured a Ford lately?

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

After congratulating Donald Trump on his election last week, Ford Motors CEO Mark Fields shared some thoughts about Trump’s proposed 35% tariffs on imports – he thinks they’re a bad idea. After reporting a 12% decline in car sales for October earlier this month, Fields said in a speech given at the L.A. Auto show, that those tariffs will have a very big bad impact on the U.S economy and trusts (or hopes) that Trump will do what’s in the best interests of the United States. However, Trump, early on in his campaign spoke about how he didn’t appreciate the fact that Fields moved Ford’s small car production to Mexico, where wages are a whopping 80% less than what they are in the U.S. If you recall, Trump thinks NAFTA is “the single worst trade deal ever approved in this country” and he’s licking his chops to put the kibosh on it. Although, to counter that last tidbit, Fields did say that Ford added 25,000 jobs since 2011. In the meantime, experts have said that Trump’s tariffs, which are on this side of punitive, in fact, violate the rules of the World Trade Organization. So it’s anybody’s guess how far those tariffs will actually go.

Russia Says Nyet to LinkedIn; No Regrets for Macy’s on Ditching President-Elect’s Line; Trump Making Plans

Linked Out…

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It’s Game on between LinkedIn and Russia as the social network gets banned by the Russian government. Back in 2015 Russia passed a new law requiring foreign websites to store personal data of Russian users on Russian servers. While LinkedIn counts six million registered users in the country, the social media giant said no thank you to the new law and now finds itself listed in a very unflattering registry of websites that are banned in the country. Russia’s leaders would like to put an end to its dependance on foreign tech and is even in the process of developing replacements for such services like WhatsApp. In case it wasn’t obvious, Russia has been stepping up its control over internet usage in the last few years. In the meantime Google, eBay and Uber have been looking for ways to comply with the new law lest their fate ends up similar to that of LinkedIn. However, all eyes are on Facebook to see if and how the social media giant intends to deal with this lofty piece of legislation .

Trump’d Up…

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Today, Macy’s CEO Terry Lundgren said that he stands by his decision to boot Donald Trump’s clothing line from his stores back in the summer of 2015. Trump had tried to retaliate by getting people to boycott the department store. But after all, Trump did say that many Mexican immigrants were rapists and murderers and well, that’s just not cool. So needless to say, his calls to boycott weren’t all that successful. Well, maybe a little as Macy’s has been struggling to post some solid quarterly gains. In any case, the retailer has been trying to court more Hispanic shoppers and getting rid of a line of clothing from a man who has been nothing short of hostile and racist seems like a prudent move. To be fair, Lundgren says he would have had to get rid of Trump’s clothing line once he entered politics anyway, even if he hadn’t made his odious comments. Macy’s doesn’t do politics and Lundgren added that even if Hillary Clinton had her clothing own line – of pantsuits, presumably – that would have to go as well once she announced her political aspirations. Incidentally, Ivanka’s clothing line at Macy’s is alive and well, which seems only right considering she has yet to offend entire races of people. Also incidentally, Ivanka’s line is manufactured in China and the Donald just hates it when American businesses outsource manufacturing there. In fact, as part of his economic plans, he wants to impose harsh tariffs on imports in an effort to curb, or perhaps even obliterate the practice. Good luck with that one, Ivanka.

More Trump’d Up…

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In other Trump news, rumor has it that the President-Elect wants to install JP Morgan CEO Jamie Dimon as Treasury Secretary. FYI, Dimon is a life-long Democrat and Obama supporter, although the arrival of the Dodd-Frank laws made him a less enthusiastic one. What’s so very peculiar about Trump’s choice is that he once criticized Dimon for his decision to settle civil suits against the bank. Donald is not one to settle court cases. At least that’s what he said. In the meantime, there’s no word from Jamie Dimon about whether he plans to accept. However, other rumors are swirling that he won’t as he was rooting for Hillary Clinton to win the election. And you know who probably wont be asked to join Trump’s government? Amazon CEO Jeff Bezos. As the owner of the Washington Post, Jeff Bezos didn’t care for Trump’s opinions on the mainstream media bias and said Trump was “eroding our democracy.” Incidentally, Amazon’s stock went down today over 4%. Experts say it’s because all tech stocks, including Apple, Google and Microsoft took a beating today since Trump’s economic plans don’t do much for that sector. But the experts with a better sense of humor – and serious undertones – think the drop is because it’s payback time for Bezos and company, who for the most part don’t care for the President-Elect and were pretty vocal about it during campaign season. The tech sector employs a large population of foreign engineers and, well you know how Trump feels about that. Experts also think that companies like Amazon can expect payback in the form of higher taxes and anti-trust litigation. At least Bezos had the good sense to tweet: “I for one give him my most open mind and wish him great success in his service to the country.” Maybe Bezos will get a pass this time. Wink wink, nod nod.