Subject: Re: 13F : More Chevron
Sorry Jim, your comments are irresistible, or at least I am not resisting them.

You're entirely welcome to disagree, but it's not me you're disagreeing with, it's the Delaware Chancery's interpretation of the law. They are generally considered to be the best corporate jurisprudence people in the world, for good reason.

I forget, how long did Buffett say it takes to destroy your good reputation?

My prediction is that either that Judge is done or Delaware is done as a haven for corporations. Maybe I'm wrong but I hope I remember to check in 2 years or so to see.

The deal was written by the beneficiary, and his approval was the only one sought prior to its signature--see the comp committee quote.

Suppose you are trying to hire me because my work will be worth anywhere form $50 billion to $550 billion to you. I come in and I say "Here are my terms, I want options grants that have a current value from $280 million up to $2.8 billion as long as I deliver to you market cap valuation of from $55 billion up to $550 billion." If you accept those terms from me, is it because you are not independent? Or maybe it is because you are independent? How else do you negotiate the services of someone you need, other than by paying careful attention to what they say they need? Why did it take 6 months with multiple edits and changes for Musk to decide what he and his pet board were going to pretend to negotiate for him? Why did he give TSLA holders $550 billion in value and keep only $55 for himself?

Then the relevant facts weren't given to the shareholders before they were asked to vote on it. Smells like three day old fish, but then, one could hardly call any of that out of character.

What do YOU think the definition of independent director is? Someone you don't vacation with? Someone who is not your friend? Gates is on Buffett's board, as are or have been other friends of Buffett's over the years. And I'm sort of under the impression that all of Berk's board memebers have benefited immensely financially from the BRK holdings. Are you good with Delaware Chancery taking away Buffett's $100,000 a year salary? Would you sing their praises for that?

The only surprising thing is that he got called on it. Normally all the US courts and regulators give him the "rich guy", "famous guy", and/or "genius guy" get-out-of-jail-free card whenever he breaks the law.

Are you thinking of when the court gave him a pass on his brash offer to take Twitter private?

Or when the SEC decided not to go into court against him as long as he paid them $20 million and didn't admit guilt?

Or when Senator Elizabeth Warren made a special deal with Musk to give him back the $15 billion he paid in US Income Taxes, more than anybody ever had paid in one year, just so she wouldn't be caught up in looking stupid by citing Musk by name as a billionaire that pays no taxes?

Or perhaps it is when the Media repeatedly puts out headlines about millions of Teslas being recalled when the "recall" requires an over-the-air software update that changes the size of the writing on some of the icons on Tesla's touch screen?

Yup, Musk definitely gets all the breaks. Too bad none of his cars work and none of his investors have avoided financial ruin, and even the US Internal Revenue Service can't catch a $15 billion break. (By the way, that was sarcasm, Musk didn't get the $15 billion back from the US IRS.)

R: