Jack Dorsey Calls

His “fund” is totally different from Zuckerberg’s. He did not do it for tax advantages. Jack said there were no tax advantages. And he draws no salary from either Twitter or Square anyway.

You see the way most billionaires do it is they give the money to a foundation they control, getting a huge tax advantage, and then dole out the money as they see fit, as opposed to giving it directly to third party charities.

So, Jack put a billion dollars worth of Square stock into an LLC. And since it’s stock, if the value of Square goes up, so does the stock in the LLC. The value of the stock Jack originally gave has already increased to $1.2 billion.

Jack wanted to give $2 billion worth of stock, but that would have affected his “power” at Square.

Now the LLC, run by two people, gives money to a donor-advised, 501(c)(3), fund at Fidelity.

If the LLC were to give money to a non-501(c)(3), there would be taxes on that exchange, but if the money is given to a 501(c)(3), there is not.

Furthermore, the press got it wrong, it wasn’t a billion dollars worth of stock just to assist in the fight of the Covid-19 pandemic. If the pandemic continues, maybe the entire billion will be used for that, but if not, Jack’s primary interests are health, education and universal basic income, that’s where the money will be distributed.

And diving deeper into the details, all of the stock can’t be sold at one time, because that would affect the value of all Square stock.

So, some decisions have already been made, where the money is to go. I’ll let Jack announce it, but he’s speaking to issues in the penumbra of Covid-19, like domestic abuse and prisons and areas that are severely underfunded right now.

Jack assures me there are no personal tax advantages to any “gift.”

He also told me it took two and a half weeks to set up the structure.

And Jack also said starting and running a company has huge Wall Street consequences. He said if he started another company he would do it open source, for the good of the people as opposed to being focused primarily on money.

So, to clarify, I was wrong to lump Jack Dorsey’s charitable efforts in with those of Mark Zuckerberg and the other billionaires mentioned in the Hasan Minhaj episode.

But let me be clear, Jack did not call me to get me to make a correction, anything but, I’m doing it because I want you to trust ME. I can get it wrong, I can make mistakes.

Jack said unlike other people giving money away, he was focused on transparency.

He has chronicled the entire process on Twitter and you can read it here:

Jack Dorsey – twitter

Also, he plans to continue being transparent, making public all the donations.

Jack does not want to start a foundation, he just wants to get the money where it is needed.

And the world is broken into two kinds of people, those on Twitter and those who are not. Twitter got a bad name because it was seen as a social network, just like Facebook, Instagram or Snap, but the truth is it’s an information network. Sure, there are those fighting for attention on Twitter, those starting petty wars, but they’re very easily ignored, Twitter is democratic, if you’ve got very few followers, you’re voice has little reach.

Twitter is where you go for breaking news, where you go to take the temperature of the nation/world. What you read in the papers, what you see on TV, has already been filtered. And one thing we’ve learned is filtration leads to bias. If you’re interested in what’s happening in any field, you should be on Twitter.

I’m a user. I check in constantly. It eats up time, but no one would say it’s a waste, Twitter is anything but mindless activity, it’s where information flows, where ideas are discussed, where movers and shakers are influenced.

And I felt that way when Jack was on “hiatus” and I still feel that way now that he’s been back.

Once again, the press is frequently bad. We keep hearing the people on Twitter are not representative of the nation. This take is wrong. Because the nation gets its ideas and is influenced by what is said on Twitter. Just like the anti-screen press is now going all mea culpa, they’ve got it wrong on Twitter. I don’t do Facebook, I don’t do Instagram, I don’t do Snap… Oh, I’ve got accounts to check in, but I spend little time at these sites. But I spend a lot of time on Twitter, the information is extremely helpful, it makes me think.

P.S. The Twitter app is much easier to use for newbies, it’s been upgraded. However, the learning curve is still steeper than it should be. I told Jack there should be a page that explains the basics, that new users, or returning users, can employ to get up to speed.

Ken West-This Week’s Podcast

Ken West is a fascinating guy. Most concert promoters are business people, but Ken is an artist. Ken co-created the legendary Australian festival Big Day Out, but first he went to art school. Listen to Ken tell stories about Nick Cave and Christo and his other influences. He’s a raconteur as well as an entrepreneur. This podcast was recorded live at Australian Music Week.

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Unorthodox

Unorthodox | Official Trailer | Netflix

I usually don’t work on Pesach, but everything’s a little off-kilter these days.

Actually, we had a seder on Zoom. I must admit I took control, otherwise it seemed like we’d never get started, what with everybody’s technical issues. There are those who Zoom every day, and those who’ve never Zoomed. And telling newbies to move their mouse or finger to the upper right-hand corner to change to Gallery View…that seems to be the hardest part of using the software, and getting people to turn on audio and video to begin with. And despite all the hoopla, Zoom is a flawed service, not because of people bombing in, not because of its lax security, but because there’s a delay and you can’t have a conversation and people talk over each other. I’d say someone could leapfrog Zoom, but we are living in a different era. Used to be there was new software on a regular basis, evolution, with one company superseding another. But the game of internet musical chairs ended, and you’re happy if you can play at all, and if you’re not promising instant returns, no one’s interested.

Which brings me back to Jack Dorsey and his “donation” to coronavirus.

Actually, the headline is not accurate. Just like that insane story in the L.A. “Times” about Quibi having more downloads than Netflix and Disney+. That was YESTERDAY! And Quibi was new and the other platforms old, in the app stores forever. Speaks to the LAT’s credibility. Which reminds me of the “Hollywood Reporter” story, where the editorial director resigned because the owners wanted preferential treatment for themselves and other industry players. You could never believe everything you read, but now it’s worse than ever, with Trump having people doubting the truth. It seems like our entire country is in a moral quandary, we’re all out for ourselves, we’re all out for money, and the values of the nation if not quite reprehensible are certainly questionable. Interestingly, it’s those on the lower end of the economic spectrum who give proportionately more to charity, who support others. And speaking of Quibi, the question has shifted completely, it’s not whether people will pay for it, but whether the programming is any good. The reviews have been mediocre in a world where we only have time for great, and one criticism is that there’s no innovation, it’s just like cut up TV, but what did you expect from Jeffrey Katzenberg? This is what’s wrong with Hollywood, superseded in wealth and influence by the techies, they all want to be techies, when their skills lie elsewhere. And you’ve got to blow up the system to create something new and desirable, so people are more interested in the free TikTok than they are in Quibi. Also, today’s world is all about creating yourself as opposed to watching passively.

Anyway, Jack Dorsey put some Square stock in an LLC, which he controls. Watch the Hasan Minhaj episode on Zuckerberg doing the same thing to see the flaws.

Why Billionaires Won’t Save Us | Patriot Act with Hasan Minhaj

So, the funny thing is I’m busier than ever. With no interruptions, no downtime driving in my car, never mind appointments.

But I do try to make time for Netflix series and books.

And last night we watched “Unorthodox.”

There was a review in the “New York Times” a week or two ago, it was intriguing, but I wasn’t sure if Felice would be interested, but after finishing the last season of “Money Heist,” I pulled it up.

Wow!

I thought it was a documentary. It’s not. I knew it was based on a book, but a re-creation wasn’t that appealing until I saw Shira Haas.

Shira Haas plays Esty, who leaves her Hasidic life.

These communities are getting more press, more than just Jews are aware of them now. They move into towns and take control and the old residents are pissed about it. I just read a book about it. And there are issues of education and health and finances and…

Jews know all about this. Does everybody else?

Also, many Jews say that these Hasidim are giving Judaism a bad name. But that’s not how the Hasidim see it, they believe they’re replacing the six million lost, actually Esty references this in the show.

I know someone whose son joined one of these communities, which many might call a cult. It was an arranged marriage, the girl was very young, twenty. And she was uneducated. That’s another feature of these communities, the men study the Talmud and the women have babies and run the house. Many babies, many many babies.

So, Esty leaves the Hasidim behind.

Simple concept, but Shira Haas shows the fear and the amazement on her face. She doesn’t know how to use a computer. Most men can’t have smartphones.

Now the truth is cults are appealing. You’re not alone, there’s always someone to look after you, care about you. However, many are run by a charismatic leader who is devious. Can we call religious leaders devious? I’ll leave that up to you.

So, in this series you’re exposed to the community, and you learn about the struggle. To be a member and not be a member.

Now when you finish the four episodes, be sure to hang in there for the documentary, about the “making of.” The actors, the shooting in Berlin, there are so many issues concerning life today, appealing even if you are not Jewish.

Now after watching the first episode two nights ago, I wanted to run to my computer and tell you about it. But then I had qualms, I was afraid the rest might not be quite as good.

I should have written two nights ago.

I was shocked. It’s nearly impossible to get your mind off the coronavirus and its penumbra. Even when you watch TV it’s still there in the back of your mind. But when you watch “Unorthodox,” you’re immediately thrust into a different world, where much of what concerns you does not matter. You are immediately drawn in, like a great movie.

And the truth is “Unorthodox” is a movie, just twice as long. Watch the cinematographer in the “making of,” and the set designer and the costumer. They’re quality people taking their jobs very seriously. And since the show is on TV many people will see it, as opposed to being a film playing in festivals and maybe getting theatrical distribution that usually fails, especially now, when the theatres are closed.

If you’re looking for escapism, “Unorthodox” is the way to go. And it’ll have you questioning your own values, and isn’t that what art is all about?

P.S. Right now on Rotten Tomatoes “Unorthodox” has a 92 from the critics and a 91 from the audience.

John Prine

How the hell can a person go to work in the morning
And come home in the evening and have nothing to say

They couldn’t figure out how to make Bonnie Raitt a success. She had a cult audience, and Warner Brothers believed in her, but she never cut that one track that crossed over, that became a pop staple.

So they had her work with Jerry Ragavoy.

Ragavoy had written songs for Janis Joplin, but he was not seen as a rocker and he was past his prime, but when you’re floundering your choices are diminished and Warner Brothers probably felt Jerry could bring out the blues mama in Raitt.

But that’s not what happened.

“Streetlights” is a curio in Raitt’s career. It’s soft, it lacks edge, it doesn’t evidence the essence of Bonnie Raitt, the raw element that touches your heart. It’s closer to Ragavoy’s work with Dionne Warwick than it is with the rest of Raitt’s catalog.

But I bought it anyway. That’s what you did when you were a fan. And I committed it to cassette, and driving cross-country with it in the Blaupunkt, I know it by heart.

Now the truth is, “Streetlights” opens with the definitive take of Joni Mitchell’s “That Song About the Midway.” It supersedes at that time the unknown original from “Clouds,” even though Mitchell had broken through earlier in the year with “Court & Spark,” most people did not go that far back with the Canadian songstress.

But “That Song About the Midway” is still not a public standard.

After that came “Rainy Day Man.” A cover of James Taylor’s classic from his initial Apple album. But Raitt’s take was superfluous, it did not add anything to the original.

But then came “Angel From Montgomery.”

Despite all the hosannas about FM radio in the late sixties and early seventies, we learned about records from magazines. Most notably “Rolling Stone,” but there were others, like “Fusion” and “Crawdaddy” and… If you were a fan, and there were many of us, you hoovered up this information, you lived for music, it was the most important element of your life, and you were always looking for satiation, that next hit.

And supposedly it was going to be John Prine. He was all over the magazines, he was nowhere on the radio.

And without a radio hit, Prine remained a cult item. Actually, he remained a cult item for his entire career. But it’s funny, cult can supersede major success if you hang in there and do it right.

The first album contained “Sam Stone,” which was what Prine was famous for at that point, if you considered him to be famous at all.

But the track that was most well-known from the debut was Bette Midler’s cover of “Hello in There” from her 1972 debut “The Divine Miss M.” The hit was “Boogie Woogie Bugle Boy,” but this album sold and sold and people knew it front to back, which means they were also familiar with Buzzy Linhart and Moogy Klingman’s song “Friends”…both of them are gone now.

But after the debut, Prine’s notoriety, his “fame,” the attention he got, seemed to go in the wrong direction, you knew who he was, but most people did not. He had fans who purchased his records, but only fans purchased his records and went to see him live.

Eventually Prine switched labels from Atlantic to Asylum, he worked with his old cohort Steve Goodman, but “Bruised Orange” did not live up to its commercial expectations. It was everywhere in print, I purchased it, but after its initial launch, that’s the last you heard of it.

Eventually, after three LPs with the definitive singer-songwriter label, Prine took off on his own, with his Oh Boy Records, partnering with his manager the also deceased Al Bunetta and their buddy Dan Einstein.

It worked.

It shouldn’t have. This was long before the indie label craze of the nineties, this was long before the internet, this was when an indie label was death, because even if you had success you could not get paid.

Meanwhile, as the eighties plowed on, Bonnie Raitt was nowhere. she got dropped from Warner Brothers, she was drinking and overweight, she seemed to be emulating her blues heroes.

Al Bunetta called me up in those years, prior to ’89, he subscribed to my newsletter, he was friendly, convivial, outgoing, he had all the qualities of a great salesman, which was why he was successful. And in one long conversation, Al told me that he’d told Bonnie to come to Oh Boy, that’s where she belonged, where she could be herself and do what she wanted.

She didn’t.

And then David Berman and Joe Smith hopped from the Warner organization to Capitol and signed Bonnie Raitt and paired her with Don Was and the rest is history. Well, not at first, but then “Nick of Time” won all those Grammys and after all those years, Bonnie Raitt was a household name.

Strangely, just like the title track of the album, which was about turning forty, Raitt’s audience was not the youngsters of the hit parade, but the boomers, the ones who’d been with her previously and newbies who knew her name but not her music.

And Bonnie Raitt was on a roll. “Luck of the Draw” was even better than “Nick of Time.” Raitt was always in the news, always on the road, and suddenly…

Everybody knew “Angel From Montgomery.”

It was never a single, never a radio hit. The original recorded version from “Streetlights” was superseded by her live performances, if the song got any airplay, it ended up being the live take from her 1995 double album “Road Tested.”

But the great thing about famous songs is they carry their writers along.

The fans of yesteryear followed music like sports, they memorized the credits, they knew all the players and…

They knew John Prine had written “Angel From Montgomery.”

And as a result of this, suddenly the winds were at John Prine’s back, he was a known quantity, his impact increased, his career rose, and it was all because of this one song.

Of course Prine had songs covered by other famous artists, some of them you could even call hits, but I’m not sure fans of David Allan Coe really cared who’d written his numbers.

And it wasn’t only Bonnie Raitt. Over the years other people had covered “Angel From Montgomery,” and Raitt’s success lifted all boats, suddenly “Angel From Montgomery” was part of the American fabric.

And this is strange. This is akin to Woody Guthrie’s “This Land Is Your Land,” a song everybody knows that was not featured on the hit parade, but contains the essence of America more than the tracks that are.

Now “Angel From Montgomery” reaches you on the very first listen. For me it was those lines above. I come from a family that talks over one another, they have so much to say. To encounter someone who doesn’t, especially one who has been beaten down by life… But somewhere, deep down inside, what was keeping her going, was hope.

If dreams were thunder, and lightning were desire
This old house would have burnt down a long time ago

That kernel, that inner mounting flame, if it goes out, you die.

But you wake up one day and you discover this is your life, that you’re trapped, that your dreams didn’t come true, and you’re not only frustrated, you’re angry.

Just give me one thing that I can hold on to
To believe in this living is just a hard way to go

Deaths of despair. The U.S. no longer has the longest life expectancy. The less advantaged get worse health care, are disproportionately hooked on drugs and can’t make it on the minimum wage jobs available to them.

But they’re ignored.

Oh, you can read a story about them in the newspaper, you hear about the opioid problem, but they get little help, because they don’t count, not in the eyes of politicians nor business. Therefore, we can’t get a raise of the minimum wage but we do have billionaires.

And if you turn on the radio, everyone’s dancing, everyone’s happy, everyone’s a winner, so if you feel like a loser you stay home and lick your wounds, or bury your feelings to try and compete. Today music is a way to get rich, to expand your personal brand so you can sell perfume and do privates and become part of the glitterati.

As for songs…

Most of today’s don’t even have any melody, they’re based on beats. And pop numbers are cotton candy, they could be written by school kids, they’ve got no depth, despite the industry hyping them.

And then there’s someone like John Prine. Who was always about the songs, who never wavered, who grew by being small, by nailing the experience of the average person, struggling to get by, at least emotionally, if not monetarily.

And isn’t it funny how Prine’s music survives.

Will it be heard forty or fifty years from now?

I don’t know, but the odds are greater than those of the songs on the hit parade.

So, in America, the government is supposed to support life, liberty and the pursuit of happiness. That’s its job, to work for the people, free them and give them opportunity.

But now you’re free to be broke. And your hope is limited to the lottery. You can look through the window, but the odds of getting inside are infinitesimal.

But the media tells you the opposite. There are books convincing you that you can make it, you can be a winner. They say the problem is you, not the system.

And then there’s someone like John Prine, telling your story. That’s what you resonate with, you’re looking for understanding, someone who gets you.

So John Prine’s death is getting more ink than those of others much more famous who’ve died of Covid-19. And it’s because of the work. Prine never sold out, he was the genuine article.

And he might not have been in the mainstream, but he was always in the landscape. He even survived cancer. He seemed unkillable.

And now he’s gone.

It’s like a John Prine song. He was just going about his business, living, just like you and me, and he was blind-sided. No one could protect him. He succumbed.

And if John Prine can succumb, we can too.

We don’t feel protected. We’re not sure our lives matter.

So we turn to music to get us through.

And what resonates now…

Is the work of John Prine.