Good morning. We're taught to follow the rules, trust the process and believe the promise. Today's stories are about what happens when all three let you down.
On The Money Today:
The Pope called his bank and got hung up on. You'd need the patience of a saint to deal with banks these days
He built his dream backyard with $1 million and a city permit in hand. It still landed him in jail
The values Ben & Jerry's was built on didn't survive the company that bought them. Will you still buy?
Let's get into it.
Pope Leo XIV had all the right answers when he called his Chicago bank to update his phone number. He passed the security questions. He explained who he was. The rep hung up on him anyway. If the leader of the Catholic Church can't get a simple account change done over the phone, it says something about where things stand — and new data shows you're not imagining the frustration. Staying with your bank these days takes the patience of a saint. One in five customers is already quietly shifting their money to another bank because of it.
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Michael Martin did everything right. He hired an expert, got city approval and spent $1 million building a guest house, pool and pickleball court on his own property. Four years later he was arrested, spent three weeks in jail with no bond and lost 12 pounds behind bars. The reason has nothing to do with what he built — and everything to do with something most homeowners never think to check before they break ground.
When Ben Cohen and Jerry Greenfield sold their company in 2000 for $326 million, they made Unilever promise one thing: that the brand's social mission would be protected forever. For 25 years, it held. Then Magnum took over and systematically dismantled the independent board put in place to guard it. Now Cohen is fighting back, threatening a boycott and demanding the brand be sold to values-aligned investors. More than 130,000 people have already signed a petition backing him. It raises a question worth asking: what do you do when the brand you've loved suddenly chooses profit over values?
ALSO MAKING THE ROUNDS TODAY
STOCKS: The man who called the 2008 crash is now betting against one of Wall Street's most hyped AI stocks, and a major bank just backed his thesis
NEWS: A Utah widow's garage stood for 50 years without issue. Then a power company gave her 4 weeks to move it or lose electricity
STOCKS: GameStop's CEO went on CNBC to explain his $55 billion eBay bid. His answers sent the stock tumbling
INVESTING: The world's biggest Bitcoin bull spent years telling everyone never to sell. Now he's changing his tune
HAVE YOUR SAY
Now that you know what happened to Ben & Jerry's values under Magnum, will you still buy it?
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every one.
See you soon with another quick roundup of the financial news that matters.
