Podcast Summary: The Glenn Beck Program – "Best of the Program | Guest: Anson Frericks | 2/20/25"

Introduction

On February 20, 2025, The Glenn Beck Program featured a compelling discussion with Anson Fredericks, author of "Last Call for Bud Light: The Fallen Future of America's Favorite Beer." Hosted by Glenn Beck and aired on Blaze Podcast Network, this episode delved deep into the ramifications of Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) policies on American businesses, using Anheuser-Busch's controversial partnership with Dylan Mulvaney as a case study.

ESG and DEI in Modern Corporations

Anson Fredericks opens the conversation by pinpointing the collapse of Bud Light as a pivotal moment that exemplifies the adverse effects of ESG and DEI initiatives when misaligned with consumer values.

[19:30] Glenn Beck: "Your book is fascinating. It is a great, great business book to kind of just get into how a great brand is built and then how it is dismantled and it went horribly, horribly wrong."

Fredericks elaborates on how the incorporation of ESG and DEI policies, often driven by major shareholders like BlackRock, shifted corporate focus from consumer satisfaction to broader political and social agendas.

[22:28] Anson Fredericks: "I don't think many of these people believed in these programs, but unfortunately, they were foisted on them by the BlackRock, State Streets, Vanguard, who are the single largest shareholders in most of these companies."

He criticizes the partnership with organizations like McKinsey, which promoted DEI through costly consulting services, and the Human Rights Campaign's role in pressuring companies to adopt specific social policies.

The Anheuser-Busch and Bud Light Controversy

The conversation zeroes in on Anheuser-Busch’s partnership with transgender influencer Dylan Mulvaney, highlighting it as a strategic misstep that alienated its core customer base.

[19:47] Anson Fredericks: "When Bud Light, which was the working man's everyday, everyday citizen beer, when all of a sudden they're promoting Dylan Mulvaney and everything that comes along with Dylan Mulvaney, that's when I think people actually, like, really said, enough's enough."

Fredericks attributes the severe backlash to the company's failure to align its marketing strategies with its traditional American consumer base. He contrasts Anheuser-Busch’s lack of accountability with Coca-Cola’s corrective measures following unsuccessful campaigns.

[30:15] Anson Fredericks: "The company's response to it is the reason. Glenn, like sales are still down 40%. The stock has still lost $40 billion of value and has not recovered before this because the company never took responsibility and accountability and has not made any changes."

Glenn Beck echoes these sentiments, emphasizing the long-term damage caused by ignoring customer loyalty in favor of controversial marketing tactics.

Corporate Governance: Shareholder vs. Stakeholder Capitalism

A significant portion of the discussion revolves around the shift from Milton Friedman’s shareholder-oriented model to Klaus Schwab's stakeholder capitalism, which advocates for corporate responsibilities beyond mere profit generation.

[21:11] Anson Fredericks: "Milton Friedman's view of the world that said you have to put the shareholders first and you have to do what's right for the shareholders, which is creating great products, services that actually creates more sustainable businesses."

Fredericks argues that adopting stakeholder capitalism without genuine commitment leads to fractured customer bases and diminished shareholder value, as seen in the Anheuser-Busch case.

Impact of Acquisition and Relocation

The acquisition of Anheuser-Busch by InBev and the subsequent relocation of its headquarters from St. Louis to New York City are highlighted as critical missteps that severed the company’s connection with its American roots.

[25:17] Glenn Beck: "The end of ESG, at least not at least the end of it being the knee-jerk reaction of like, no, of course we have to, you know, have transgender people in every commercial."

Fredericks describes how the geographical and cultural shift to New York introduced corporate values misaligned with the Midwest consumer base, exacerbating the disconnect.

[26:31] Anson Fredericks: "Over five years and they really dismantled a lot of what Anheuser Busch was even including in the year 2015, they moved the corporate headquarters from St. Louis, Missouri to New York City."

Differentiation Among Corporations

The episode also touches on the emerging divide among corporations regarding ESG and DEI policies. While some companies like Meta and Walmart have scaled back these initiatives, others in progressive hubs like Seattle continue to advance them, potentially putting them at a competitive disadvantage.

[24:16] Anson Fredericks: "You have seen companies like Meta and Walmart and Tractor Supply Company and a bunch of other people that have pulled back their programs. But then you have companies that are more in progressive cities. Costco has doubled down and Costco is based out of Seattle. They're doubling down on their DEI programs."

Fredericks predicts that firms adhering strictly to ESG and DEI without considering their customer demographics will continue to falter compared to those prioritizing traditional business values.

Accountability and Path to Redemption

A critical analysis is provided on Anheuser-Busch's failure to take responsibility for its marketing missteps, unlike Coca-Cola, whose admissions led to quicker recovery.

[30:29] Anson Fredericks: "The problem here is, like, yes, the marketing partnership is wrong, but even more importantly, the company's response to it is the reason. Glenn, like sales are still down 40%. The stock has still lost $40 billion of value and has not recovered before this because the company never took accountability and responsibility and has not made any changes."

Fredericks emphasizes that without public apologies and strategic realignments, regaining consumer trust remains unlikely.

Conclusion and Future Implications

The episode concludes with a consensus that the misapplication of ESG and DEI policies, combined with strategic missteps like those of Anheuser-Busch, serve as cautionary tales for American businesses. Fredericks advocates for a return to shareholder-focused strategies and genuine customer engagement to rebuild brand integrity and financial stability.

[31:57] Anson Fredericks: "Until they do that, I don't think a lot of these customers are coming back, no matter what marketing you give folks."

Glenn Beck reinforces the importance of aligning business practices with core American values to ensure long-term success and customer loyalty.

Notable Quotes

• Glenn Beck at [19:30]: "Your book is fascinating. It is a great, great business book to kind of just get into how a great brand is built and then how it is dismantled and it went horribly, horribly wrong."

• Anson Fredericks at [22:28]: "I don't think many of these people believed in these programs, but unfortunately, they were foisted on them by the BlackRock, State Streets, Vanguard, who are the single largest shareholders in most of these companies."

• Anson Fredericks at [30:15]: "The company's response to it is the reason. Glenn, like sales are still down 40%. The stock has still lost $40 billion of value and has not recovered before this because the company never took responsibility and accountability and has not made any changes."

Final Thoughts

This episode of The Glenn Beck Program serves as a critical examination of modern corporate governance trends and their tangible impacts on American businesses. Through Anson Fredericks' insights, listeners gain a nuanced understanding of the delicate balance between progressive policies and maintaining a loyal consumer base. The discussions underscore the necessity for businesses to prioritize genuine consumer engagement and accountability over forced political alliances to ensure sustained success.