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Power Sheet – June 16, 2016

When President Obama tore into Donald Trump on Tuesday, many Washington hands noted that he did so with Marine General Joseph Dunford, chairman of the Joint Chiefs of Staff, standing next to him. That’s because the session had begun as a briefing on Islamic State, but Obama veered into condemnation of Trump’s statements on immigration and terrorism in the wake of the Orlando shooting. That was a mistake; no president should make a political speech standing beside a top military officer, who seemingly lends support to the commander-in-chief’s remarks. The scene raised a larger issue, illuminated by an excellent article on the website of our sister magazine Time: What does the military think of Trump? And for that matter, of Hillary Clinton?

Officers refuse to say, of course. A spokesman for Dunford said only that he “remains apolitical.” But retired officers needn’t hold back. “Mr. Trump is a potential disaster as commander-in-chief—uninformed, volatile, poor judgment,” retired four-star Army general Barry McCaffrey told Time. “Hard to believe this is the candidate of a major political party.” Retired Air Force chief of staff Merrill McPeak said, “Trump is unexpectedly increasing my enthusiasm for Hillary. What he is saying is not based on facts: it’s based on immaturity, bad judgment, and ignorance, and I think it’s going to be hard for people in uniform who are thoughtful about this to vote for him.”

As McPeak implies, many in the military are no fans of Clinton either, because they’re no fans of Obama, and they doubt she’d bring significant change. “There’s a lot of unhappiness about the plight of the military, the funding and the way wars are being prosecuted,” retired Marine general Anthony Zinni told Time.

Polling shows consistently that the U.S. military is the country’s most trusted and respected institution. Asking what it thinks of the candidates is a useful exercise, even if those currently serving won’t say. So I looked into a book I’ve often found helpful on the subject of leadership called Leading Marines, published by the Marines and publicly available. A passage worth pondering:

“We share the core values of honor, courage, and commitment…. It takes time for Marines to internalize these values and it is a leader’s responsibility to live them, demonstrate them, and instill them…. Another element that defines Marines is selflessness: a spirit that subordinates self-interest to that of the Country, Corps, and fellow Marines.”

Leading Marines quotes a letter from Major General John A. Lejeune, commandant from 1920 to 1929; the book notes that all the male nouns and pronouns from that era should be read as referring to men and women in the modern Marines:

“You should never forget the power of example. The young men serving as enlisted men take their cue from you. If you conduct yourselves at all times as officers and gentlemen should conduct themselves, the moral tone of the whole Corps will be raised, its reputation, which is most precious to all of us, will be enhanced, and the esteem and affection in which the Corps is held by the American people will be increased. . . .Let each one of us resolve to show in himself a good example of virtue, honor, patriotism, and subordination and to do all in his power, not only to maintain, but to increase the prestige, the efficiency, and the esprit of the grand old Corps to which we belong.”

Those quotations capture qualities that many of us would love to see in the country’s next leader. How today’s candidates measure up, I leave to you.

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What We’re Reading Today

Shanghai Disney opens today

The opening caps a nearly 20-year effort to bring a park to mainland China. For CEO Bob Iger, it’s a huge opportunity to increase Disney’s presence in it’s largest potential growth market. But to make it happen, Disney made a number of concessions, including owning only 43% of the $5.5-billion resort. The company’s record with parks outside the U.S. isn’t great.  Fortune

Redstone to Viacom chairman: “I do not trust you”
In a letter to Viacom’s directors, controlling shareholder Sumner Redstone says he lacks confidence in their ability to run the company. At issue is Viacom chairman and former Redstone confidant Philippe Dauman‘s decision to sell part of the company’s Paramount movie studio. The letter indicates that Redstone could fire the board soon. But some directors believe Redstone’s daughter Shari is actually making the decisions and said they would fight any attempt to oust them.  Los Angeles Times

Senate Democrats lead a nearly 15-hour filibuster…

…seeking stricter gun-control laws. Connecticut Senator Chris Murphy asked the Senate to act on gun control in light of the Orlando nightclub shooting. The standoff ended when the Senate agreed to vote on whether to ban gun sales to suspected terrorists and to install universal background checks.  USA Today

VW tries to shift focus to all-electrics
CEO Matthias Müller plans to invest billions of dollars in all-electric cars in hopes they’ll deliver 20% to 25% of revenues by 2025. He was outlining a larger strategy that includes investing in self-driving cars and digital technology. Volkswagen is struggling to move past the emissions scandal that has embroiled the company; on Wednesday a judge extended the deadline for VW to reach a deal with U.S. regulators to June 28.  BBC

Building a Better Leader

Work less to get ahead
Yes, you can do it, but to pull it off you must learn to say ‘No.’ Fast Company

Morgan Stanley’s global CMO started as an intern
Mandell Crawley
 rose to top management through hard work, intelligence, and help from bosses who supported him. Fortune

Jack Welch’s first job
He said working as a caddie was the best learning experience he ever had because he witnessed all parts of human behavior. WSJ

Worth Considering

House panel votes to censure IRS commissioner
The resolution is based on accusations that John Koskinen allowed the destruction of tapes that may have included 24,000 emails related to targeting of conservative groups by an IRS official; a two-year Justice Department investigation resulted in no charges. The panel voted along party lines. The measure now goes to the full House for a vote. CNN

DNC’s leaked game plan against Trump
An almost 200-page document posted online is reportedly the hacked strategy that Democrats hope to use against Donald Trump in the general election. It includes a seven-point plan of attack. Among the themes: He’s only in it for himself, and he’s a bad businessman. Fortune

Hedge fund managers charged with insider trading
Prosecutors say three current and former employees of the multibillion-dollar Visium hedge fund, which focuses on healthcare, received inside information from a former Food and Drug Administration official, leading to $32 million of gains. The indictment includes a top portfolio manager, Sanjay Valvani NYT

Up or Out

CardConnect has hired Abe Marciano as CIO.  WSJ

Fortune Reads and Videos

Macy’s revamps stores
The new store prototype includes areas for beauty demonstrations and more space for displays. It’s an effort to combat Amazon and discounters. Fortune

Google’s balloon project hits a snag
The effort to use giant balloons to provide wider Internet access has been caught on a patent suit. Fortune

Home Depot sues Visa and Mastercard
The home improvement chain says credit card security isn’t good enough, leaving customers and the company vulnerable to hackers.  Fortune

Amazon to open its third bookstore
This one will be in Portland, Oregon. Fortune

Quote of the Day

“I am being sued by my fellow board members and my wishes are being ignored…[I’m] determined to act in the best interests of the company and all of its shareholders…I do not trust you or the current board to do the same…I no longer trust Philippe [Dauman] or those who support him.” — A letter from Sumner Redstone to Viacom’s board.  NYT

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Produced by Ryan Derousseau
@ryanderous
powersheet@newsletters.fortune.com