Archive for the ‘Media Control’ Category

‘Airpocalypse’ hits Siberian city as heatwave sparks forest fires – The Guardian

A heatwave in one of the worlds coldest regions has sparked forest fires and threatened the Siberian city of Yakutsk with an airpocalypse of thick toxic smoke, atmospheric monitoring services have reported.

High levels of particulate matter and possibly also chemicals including ozone, benzene and hydrogen cyanide are thought likely to make this one of the worlds worst ever air pollution events.

Local authorities have warned the 320,000 residents to stay indoors to avoid choking fumes from the blazes, which are on course to break last years record.

Satellite analysts say regional levels of PM2.5 small particles that can enter the bloodstream and damage human organs have surged beyond 1,000 micrograms a cubic metre in recent days, which is more than 40 times the recommended safe guideline of the World Health Organization.

On Tuesday, live air quality monitors for Yakutsk measured PM 2.5 levels of 395 micrograms. This fell into the extreme category of airpocalypse, which is defined as immediate and heavy effects on everybody. Russian social media accounts have shown images of readings that are more than 17 times worse than the average in even the most polluted cities of India and China.

Scientists see human-caused climate disruption as an important factor. Yakutsk, the capital of Russias north-east Sakha Republic also known as Yakutia is the coldest winter city on the planet, but due to global heating, summer temperatures here have been rising at least 2.5 times faster than the world average.

Last year, during an unusually prolonged heatwave in the wider Siberian region temperatures remained more than 5C above average from January to June, causing permafrost to melt, buildings to collapse, and sparking an unusually early and intense start to the forest fires season. Scientists said this was made 600 times more likely by exhaust fumes, industrial emissions, deforestation and other human activities.

The record-breaking trend resumed this spring, earlier than usual and slightly further south than last year, near more populated areas such as Yakutsk. Much of the surrounding area is dense taiga forest, which ignites more easily when hot and dry.

The Siberian Times reported the first fire in the beginning of May outside Oymyakon in north-east Yakutia, which is known as the pole of cold for its record low temperatures. As the blazes widened, more than 2,000 firefighters were deployed across the region and drafted in from outside.

Military planes have been used to douse forests with water and seed clouds with silver iodide and liquid nitrogen to induce rainfall. Some desperate communities have reportedly even drafted children into the fight to hold back the flames. Overall, this has been described as the biggest fire-fighting operation in the region since the end of the Soviet Union.

Despite these efforts, dozens of fires rage out of control. Horrifying video from the region shows dense black smoke and red flames alongside the Kolyma highway, which was known as the Road of Bones during the Soviet era. This trunk road has since been closed. Tourists on a boat on the Lena River have posted phone clips of their cruise past burning hiillsides.

Last week Sakhas emergencies ministry said more than 250 fires were burning across 5,720 sq km an area about twice the size of Luxembourg. Satellite images from the US space agency Nasa have shown vast plumes rising into the atmosphere.

Based on satellite observations, the European Unions Copernicus Atmosphere Monitoring Service reported that forest fires in the Sakha Republic have released 65 megatonnes of carbon since 1 June, which is well above the average for 2003-2020. This is already the second highest total ever and it could beat last years record if the current trend continues until the usual end of the fire season in late August.

The forest smoke contains more toxins than even the most polluted urban centres. Mark Parrington, a senior scientist at Copernicus, said analysis of atmospheric aerosols from Sakhas fires suggested surface levels of PM2.5 levels above 1,000 micrograms a cubic metre of air, in addition to other potential constituents such as ozone, ammonia, benzene, hydrogen cyanide and organic aerosols. By comparison, the annual average in famously smoggy cities like Beijing, Hotan, New Delhi and Ghaziabad is between 100 and 110.

Parrington said climate change was helping to create the conditions for more fires in northern boreal forests in Siberia, Canada, and northern Europe all of which are heating faster than the global average. This is in keeping with a broader global trend of fires moving from grasslands to fuel-rich forests, which emit more carbon.

Alexey Yaroshenko, head of the forest department in Greenpeace Russia, said poor forest management, weak regulation and budget cuts had compounded the fire risks. For many years, propaganda has made people think that the climate crisis is a fiction, and if not fiction, that it will only benefit Russia, since it will become warmer and more comfortable. Now the situation is starting to change, he wrote in an email.

Little by little, people are beginning to understand that the climate is really changing, and the consequences are really catastrophic. But the majority of society and the majority of politicians are still very far from understanding the real scale of the problem.

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'Airpocalypse' hits Siberian city as heatwave sparks forest fires - The Guardian

50-year war on drugs imprisoned millions of Black Americans – Associated Press

Landscaping was hardly his lifelong dream.

As a teenager, Alton Lucas believed basketball or music would pluck him out of North Carolina and take him around the world. In the late 1980s, he was the right-hand man to his musical best friend, Youtha Anthony Fowler, who many hip hop and R&B heads know as DJ Nabs.

But rather than jet-setting with Fowler, Lucas discovered drugs and the drug trade at arguably the worst time in U.S. history at the height of the so-called war on drugs. Addicted to crack cocaine and convicted of trafficking the drug, he faced 58 years imprisonment at a time when drug abuse and violence plaguing major cities and working class Black communities were not seen as the public health issue that opioids are today.

By chance, Lucas received a rare bit of mercy. He got the kind of help that many Black and Latino Americans struggling through the crack epidemic did not: treatment, early release and what many would consider a fresh start.

I started the landscaping company, to be honest with you, because nobody would hire me because I have a felony, said Lucas. His Sunflower Landscaping got a boost in 2019 with the help of Inmates to Entrepreneurs, a national nonprofit assisting people with criminal backgrounds by providing practical entrepreneurship education.

Lucas was caught up in a system that limits him and a virtually unknowable number of people with criminal drug records, with little thought given to their ability to rehabilitate. In addition to employment, those with criminal records can be limited in their access to business and educational loans, housing, child custody rights, voting rights and gun rights.

Its a system that was born when Lucas was barely out of diapers.

Fifty years ago this summer, President Richard Nixon declared a war on drugs. Today, with the U.S. mired in a deadly opioid epidemic that did not abate during the coronavirus pandemics worst days, it is questionable whether anyone won the war.

Yet the loser is clear: Black and Latino Americans, their families and their communities. A key weapon of the war was the imposition of mandatory minimums in prison sentencing. Decades later those harsh penalties at the federal level and the accompanying changes at the state level led to an increase in the prison industrial complex that saw millions of people, primarily of color, locked up and shut out of the American dream.

An Associated Press review of federal and state incarceration data showed that, between 1975 and 2019, the U.S. prison population jumped from 240,593 to 1.43 million Americans. Among them, about 1 in 5 people were incarcerated with a drug offense listed as their most serious crime.

The racial disparities reveal the uneven toll of the war on drugs. Following the passage of stiffer penalties for crack cocaine and other drugs, the Black incarceration rate in America exploded from about 600 per 100,000 people in 1970 to 1,808 in 2000. In the same timespan, the rate for the Latino population grew from 208 per 100,000 people to 615, while the white incarceration rate grew from 103 per 100,000 people to 242.

Gilberto Gonzalez, a retired special agent for the Drug Enforcement Administration who worked for more than 20 years taking down drug dealers and traffickers in the U.S., Mexico and in South America, said hell never forget being cheered on by residents in a predominantly Hispanic neighborhood near Los Angeles as he led away drug traffickers in handcuffs.

That gave me a sense of the reality of the people that live in these neighborhoods, that are powerless because theyre afraid that the drug dealers that control the street, that control the neighborhood are going to do them and their children harm, said Gonzalez, 64, who detailed his field experiences in the recently released memoir Narco Legenda.

We realized then that, along with dismantling (drug trafficking) organizations, there was also a real need to clean up communities, to go to where the crime was and help people that are helpless, he said.

Still, the law enforcement approach has led to many long-lasting consequences for people who have since reformed. Lucas still wonders what would happen for him and his family if he no longer carried the weight of a drug-related conviction on his record.

Even with his sunny disposition and close to 30 years of sober living, Lucas, at age 54, cannot pass most criminal background checks. His wife, whom hed met two decades ago at a fatherhood counseling conference, said his past had barred him from doing something as innocuous as chaperoning their children on school field trips.

Its almost like a life sentence, he said.

___

Although Nixon declared the war on drugs on June 17, 1971, the U.S. already had lots of practice imposing drug prohibitions that had racially skewed impacts. The arrival of Chinese migrants in the 1800s saw the rise of criminalizing opium that migrants brought with them. Cannabis went from being called reefer to marijuana, as a way to associate the plant with Mexican migrants arriving in the U.S. in the 1930s.

By the time Nixon sought reelection amid the anti-Vietnam war and Black power movements, criminalizing heroin was a way to target activists and hippies. One of Nixons domestic policy aides, John Ehrlichman, admitted as much about the war on drugs in a 22-year-old interview published by Harpers Magazine in 2016.

Experts say Nixons successors, Ronald Reagan, George H.W. Bush and Bill Clinton, leveraged drug war policies in the following decades to their own political advantage, cementing the drug wars legacy. The explosion of the U.S. incarceration rate, the expansion of public and private prison systems and the militarization of local police forces are all outgrowths of the drug war.

Federal policies, such as mandatory minimum sentencing for drug offenses, were mirrored in state legislatures. Lawmakers also adopted felony disenfranchisement, while also imposing employment and other social barriers for people caught in drug sweeps.

The domestic anti-drug policies were widely accepted, mostly because the use of illicit drugs, including crack cocaine in the late 1980s, was accompanied by an alarming spike in homicides and other violent crimes nationwide. Those policies had the backing of Black clergy and the Congressional Black Caucus, the group of African-American lawmakers whose constituents demanded solutions and resources to stem the violent crack scourge.

I think people often flatten this conversation, said Kassandra Frederique, executive director of the Drug Policy Alliance, a New York-based nonprofit organization pushing decriminalization and safe drug use policies.

If youre a Black leader 30 years ago, youre grabbing for the first (solution) in front of you, said Fredrique, who is Black. A lot of folks in our community said, OK, get these drug dealers out of our communities, get this crack out of our neighborhood. But also give us treatment so we can help folks.

The heavy hand of law enforcement came without addiction prevention resources, she said.

Use of crack rose sharply in 1985, and peaked in 1989, before quickly declining in the early 1990s, according to a Harvard study.

Drug sales and use were concentrated in cities, particularly those with large Black and Latino populations, although there were spikes in use among white populations, too. Between 1984 and 1989, crack was associated with a doubling of homicide victimizations of Black males aged 14 to 17. The increases tapered off among Black men in older age groups. By the year 2000, the correlation between crack cocaine and violence faded amid waning profits from street sales.

Roland Fryer, an author of the Harvard study and a professor of economics, said the effects of the crack epidemic on a generation of Black families and Black children still havent been thoroughly documented. A lack of accountability for the war on drugs bred mistrust of government and law enforcement in the community, he said.

People ask why Black people dont trust (public) institutions, said Fryer, who is Black. Its because we have watched how weve treated opioids its a public health concern. But crack (cocaine) was, lock them up and throw away the key, what we need is tougher sentencing.

Another major player in creating hysteria around drug use during the crack: the media. On June 17, 1986, 15 years to the day after Nixon declared the drug war, NBA draftee Len Bias died of a cocaine-induced heart attack on the University of Maryland campus.

Coverage was frenzied and coupled with racist depictions of crack addiction in mostly Black and Latino communities. Within weeks of Biass death, the U.S. House of Representatives drafted the Anti-Abuse Act of 1986.

The law, passed and signed by Reagan that October, imposed a mandatory minimum federal prison sentence of 20 years, and a maximum life imprisonment, for violation of drug laws. The law also made possession and sale of crack rocks harsher than that of powder cocaine.

The death of Len Bias could have been one of the off-ramps in Lucass spiral into crack addiction and dealing. By then, he could make $10,000 in four to five hours dealing the drug.

One of the things that I thought would help me, that I thought would be my rehab, was when Len Bias died, Lucas said. I thought, if they showed me evidence (he) died from an overdose of smoking crack cocaine, as much as I loved Len Bias, that I would give it up.

I did not quit, he said.

He was first introduced to crack cocaine in 1986, but kept his drug use largely hidden from his friends and family.

What I didnt know at the time was that this was a different type of chemical entering my brain and it was going to change me forever, Lucas said. Here I am on the verge of being the right-hand man to DJ Nabs, to literally travel the world. Thats how bad the drug did me.

By 1988, Fowlers music career had outgrown Durham. He and Lucas moved to Atlanta and, a few years later, Fowler signed a deal to become the official touring DJ for the hip hop group Kris Kross under famed music producer Jermaine Dupris So So Def record label. Fowler and the group went on to open for pop music icon Michael Jackson on the European leg of the Dangerous tour.

Lucas, who began trafficking crack cocaine between Georgia and North Carolina, never joined his best friend on the road. Instead, he slipped further into his addiction and returned to Durham, where he took a short-lived job as a preschool instructor.

When he lacked the money to procure drugs to sell or to use, Lucas resorted to robbing businesses for quick cash. He claims that he was never armed when he robbed soft targets, like fast food restaurants and convenience stores.

Lucas spent four and a half years in state prison for larceny after robbing nine businesses to feed his addiction. Because his crimes were considered nonviolent, Lucas learned in prison that he was eligible for an addiction treatment program that would let him out early. But if he violated the terms of his release or failed to complete the treatment, Lucas would serve 12 years in prison on separate drug trafficking charges under a deal with the court.

He accepted the deal.

After his release from prison and his graduation from the treatment program, Fowler paid out of his pocket to have his friends fines and fees cleared. Thats how Lucas regained his voting rights.

On a recent Saturday, the two best friends met up to talk in depth about what had largely been a secret that Lucas intentionally kept from Fowler. The DJ learned of his friends addiction after seeing a Durham newspaper clipping that detailed the string of robberies.

Sitting in Fowlers home, Lucas told his friend that he doesnt regret not being on the road or missing out on the fringe benefits from touring.

All I needed was to be around you, Lucas said.

Right, Fowler replied, choking up and wiping tears from his eyes.

Lucas continued: You know, when I was around you, when there was a party or whatnot, my job, just out of instinct, was to watch your back.

In a separate interview, Fowler, who is two years younger than Lucas, said, I just wanted my brother on the road with me. To help protect me. To help me be strong. And I had to do it by my damn self. And I didnt like that. Thats what it was.

___

Not everyone was as lucky as Lucas. Often, a drug offense conviction in combination with a violent gun offense carried much steeper penalties. At the heights of the war on drugs, federal law allowed violent drug offenders to be prosecuted in gang conspiracy cases, which often pinned murders on groups of defendants, sometimes irrespective of who pulled the trigger.

These cases resulted in sentences of life imprisonment without the possibility of parole, a punishment disproportionately doled out to Black and Latino gang defendants.

Thats the case for Bill Underwood, who was a successful R&B and hip hop music promoter in New York City in the late 70s through the 80s, before his 33-year incarceration. A judge granted him compassionate release from federal custody in January, noting his lauded reputation as a mentor to young men in prison and his high-risk exposure to COVID-19 at age 67.

As the AP reported in 1990, Underwood was found guilty and sentenced to life without parole for racketeering, racketeering conspiracy and narcotics conspiracy, as part of a prosecution that accused his gang of committing six murders and of controlling street-level drug distribution.

I actually short-changed myself, and my family and my people, by doing what I did, said Underwood, who acknowledges playing a large part in the multimillion-dollar heroin trade, as a leader of a violent Harlem gang from the 1970s through the 1980s.

Underwood, who now is a senior fellow with The Sentencing Project, a nonprofit pushing for an end to life imprisonment, testified to Congress in June that his punishment was excessive.

As human beings, we are capable of painful yet transformative self reflection, maturity, and growth, and to deny a person this opportunity is to deny them their humanity, he said in the testimony.

Sympathy for people like Underwood can be hard to come by. Brett Roman Williams, a Philadelphia-based independent filmmaker and anti-gun violence advocate, grew up watching his older brother, Derrick, serve time in prison for a serious drug offense. But in 2016, his brother was only a month out on parole when he was killed by gunfire in Philadelphia.

The laws are in place for people to obey, whether you like it or not, Williams said. We do need reform, we do need opportunities and equity within our system of economics. But we all have choices.

Rep. Cori Bush of St. Louis, following similar action by several members of Congress before her, last month introduced legislation to decriminalize all drugs and invest in substance abuse treatment.

Growing up in St. Louis, the War on Drugs disappeared Black people, not drug use, Bush, who is Black, wrote in a statement sent to the AP. Over the course of 2 years, I lost 40 to 50 friends to incarceration or death because of the War on Drugs. We became so accustomed to loss and trauma that it was our normal.

___

The deleterious impacts of the drug war have, for years, drawn calls for reform and abolition from mostly left-leaning elected officials and social justice advocates. Many of them say that in order to begin to unwind or undo the war on drugs, all narcotics must be decriminalized or legalized, with science-based regulation.

Drug abuse prevention advocates, however, claim that broad drug legalization poses more risks to Americans than it would any benefits.

Provisional data released in December from the Centers for Disease Control and Prevention show overdose deaths from illicit drug use continued to rise amid the global COVID-19 pandemic. And according to the latest Drug Enforcement Administration narcotics threat assessment released in March, the availability of drugs such as fentanyl, heroin and cocaine remained high or plateaued last year. Domestic and transnational drug trade organizations generate tens of billions of dollars in illicit proceeds from sales annually in the U.S., the DEA said.

Many people think drug prevention is just say no, like Nancy Reagan did in the 80s and we know that did not work, said Becky Vance, CEO of the Texas-based agency Drug Prevention Resources, which has advocated for evidenced-based anti-drug and alcohol abuse education for more than 85 years.

As a person in long-term recovery, I know firsthand the harms of addiction, said Vance, who opposes blanket recreational legalization of illicit drugs. I believe there has to be another way, without legalizing drugs, to reform the criminal justice system and get rid of the inequities.

Frederique, of the Drug Policy Alliance, said reckoning with the war on drugs must start with reparations for the generations needlessly swept up and destabilized by racially biased policing.

This was an intentional policy choice, Frederique said. We dont want to end the war on drugs, and then in 50 years be working on something else that does the same thing. That is the cycle that were in.

It has always been about control, Frederique added.

As much as the legacy of the war on drugs is a tragedy, it is also a story about the resilience of people disproportionately targeted by drug policies, said Donovan Ramsey, a journalist and author of the forthcoming book, When Crack Was King.

Even with all of that, its still important to recognize and to celebrate that we (Black people) survived the crack epidemic and we survived it with very little help from the federal government and local governments, Ramsey told the AP.

Fowler thinks the war on drugs didnt ruin Lucas life. I think he went through it at the right time, truth be told, because he was young enough. Lukes got more good behind him than bad, the DJ said.

Lucas sees beauty in making things better, including in his business. But he still dreams of the day when his past isnt held against him.

It was the beautification of doing the landscaping that kind of attracted me, because it was like the affirmation that my soul needed, he said.

I liked to do something and look back at it and say, Wow, that looks good. Its not just going to wash away in a couple of days. It takes nourishment and upkeep.

___

Morrison reported from New York. AP writers Allen G. Breed in Durham, North Carolina, and Angeliki Kastanis in Los Angeles contributed.

___

Morrison writes about race and justice for the APs Race and Ethnicity team. Follow him on Twitter: https://www.twitter.com/aaronlmorrison.

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50-year war on drugs imprisoned millions of Black Americans - Associated Press

Saka, Rashford and Sancho racially abused on social media after England Euro 2020 defeat – The Athletic

What has the FA said?

A statement said: The FA strongly condemns all forms of discrimination and is appalled by the online racism that has been aimed at some of our England players on social media.

We could not be clearer that anyone behind such disgusting behaviour is not welcome in following the team. We will do all we can to support the players affected while urging the toughest punishments possible for anyone responsible.

We will continue to do everything we can to stamp discrimination out of the game, but we implore government to act quickly and bring in the appropriate legislation so this abuse has real life consequences.

Social media companies need to step up and take accountability and action to ban abusers from their platforms, gather evidence that can lead to prosecution and support making their platforms free from this type of abhorrent abuse.

A Facebook Company Spokesperson, speaking on behalf of Instagram said: No one should have to experience racist abuse anywhere, and we dont want it on Instagram. We quickly removed comments and accounts directing abuse at Englands footballers last night and well continue to take action against those that break our rules.

In addition to our work to remove this content, we encourage all players to turn on Hidden Words, a tool which means no one has to see abuse in their comments or DMs. No one thing will fix this challenge overnight, but were committed to keeping our community safe from abuse.

Tony Burnett, CEO of Kick It Out, the organisation built to tackle discrimination in football has said: The racist abuse however aimed at some of the England players on social media last night, is appalling and completely unacceptable.

"We will continue to work with our partners in football to drive discrimination out of the game, but we call on those with the power to act now. The social media companies need to do more to stamp out abuse on their platforms, and the government also need to step up and keep its promise to regulate. The Online Safety Bill could be a game changer and we aim to help make that happen.

The Metropolitan Police tweeted: We are aware of a number of offensive and racist social media comments being directed towards footballers following the #Euro2020 final.

This abuse is totally unacceptable, it will not be tolerated and it will be investigated.

No 10 also condemned the abuse.

Johnson said: This England team deserve to be lauded as heroes, not racially abused on social media. Those responsible for this appalling abuse should be ashamed of themselves.

Arsenal meanwhile said in a statement: Bukayo has been with us since he was seven and the whole club couldnt have been prouder to see him represent England throughout the tournament. You could feel it right across the club.

Our message to Bukayo is: hold your head high, we are so very proud of you and we cannot wait to welcome you back home to Arsenal soon.

Rashford, Saka and Sancho have had a number of comments on their past Instagram posts after their penalty misses on Sunday night.

They have been targeted with monkey emojis and other racially abusive comments since the end of the game.

It was a familiar story for England as they lost on penalties to Italy having come within a whisker of winning their first major trophy in 55 years.

Jordan Pickford saved twice from the spot but ultimately misses from Marcus Rashford, Jadon Sancho and Bukayo Saka meant Italy emerged victorious.

England got the dream start when Luke Shaw gave the hosts the lead after just two minutes, smashing home Trippiers cross brilliantly from close range. Gareth Southgates side looked a far cry from previous England teams and treated the home fans to a glorious first half in which they were largely in control.

It was a different story after the break as Roberto Mancinis team began to exert control and, after Italy tested Pickford twice in quick succession, Leonardo Bonucci was on hand to force the ball home from close range after the England keeper turned Marco Verrattis effort onto the post.

England improved as the second half wore on having looked at one point as though they were in danger of getting blown away by a resurgent Italy.

Extra time was a cagey affair with few chances at either end before the dreaded sight of a penalty shootout to end the tournament. Pickford did admirably but it was his opposite number, Gianluigi Donnarumma, who emerged as the hero.

(Photo: Robbie Jay Barratt - AMA/Getty Images)

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Saka, Rashford and Sancho racially abused on social media after England Euro 2020 defeat - The Athletic

8 Lies That Have Fueled the AMC Entertainment Pump-and-Dump Scheme – Motley Fool

There's arguably been no hotter stock on the planet in 2021 than movie theater chain AMC Entertainment (NYSE:AMC). It's gone from teetering on the brink of bankruptcy in early January to being valued at $23 billion, as of business close on July 7.

At the heart of this rally are AMC's passionate army of retail investors, collectively known as "apes" -- an homage to Rise of the Planet of the Apes, where leader Caesar infers that apes are stronger together. This might sound like a feel-good story whereby retail is finally exacting its revenge on Wall Street, but the reality is that AMC has become a battleground pump-and-dump scheme driven higher almost entirely by the misinformation and lies spread by its retail investors.

While I've previously covered some aspects of the misinformation campaign used as the foundation for the rally in AMC's stock, below are the eight most pervasive lies that have fueled this pump-and-dump scheme.

Image source: Getty Images.

The whopper of all lies exchanged on message boards and via YouTube is the idea that hedge fund short-selling is somehow responsible for bankrupting businesses.

The reality is that the operating performance of a company determines whether or not it thrives or goes under. There are plenty of companies whose share prices are under $1 that aren't bankrupt, and there are companies with share prices north of $1 that ultimately file for bankruptcy protection. Investors who choose to buy or short-sell stock are simply betting on an outcome. They don't control or influence how well or poorly the underlying business performs.

Put another way, if I buy $1 billion worth of Applestock tomorrow, I might help lift its share price, but I've not improved its sales or profit potential one iota. Likewise, if I short-sell Apple's stock tomorrow, I haven't hurt its sales potential or profitability at all. Why would this hypothetical scenario be any different with AMC? Hint: It's not.

Image source: Getty Images.

Another dose of misinformation from AMC's apes is that short sellers of the stock have to cover. Specifically, apes are implying that there's some level of urgency here and that the disorder from excessive covering will lead to the "mother of all short squeezes."

The truth is that short-sellers "have to cover" as much as apes "have" to sell their position. In other words, short-sellers can cover their position at their leisure.

What's more, hedge fund assets under management jumped to $4.07 trillion in June 2021, according to BarclayHedge. For short-covering to be disorderly, a massive wave of margin calls would need to come into play. Since the vast majority of hedge funds are diversified, and they have well over $4 trillion in assets in their sails, the chance of a margin call wave forcing short covering is virtually nonexistent.

Image source: Getty Images.

Just as they teach every salesperson, creating a sense of urgency with customers (i.e., potential new investors) is important. Apes are constantly hyping the idea that a short squeeze is imminent, or at worst right around the corner. Unfortunately, it's been five months since this ongoing claim began making its rounds, and there's nothing these retail folks can say to substantiate it.

Aside from an institutional investor/hedge fund margin call wave being highly unlikely, history has also showed that short squeeze candidates have a poor track record of success. Earlier this year, I looked at the trailing three-month returns of 114 stocks with short interest above 20% and a market cap of at least $300 million. Only 9 of 114 stocks had gained 10% or more, while 94 of 114 had a negative three-month return.

Apes need fresh capital to keep this pump-and-dump scheme going, but the data clearly shows that short squeezes rarely pay off.

Image source: Getty Images.

AMC's retail investors are also quick to dismiss anything having to do with concrete fundamental data. Whether it's the company's operating performance, industry ticket-sale trends, or AMC's balance sheet, they'll proudly proclaim it as FUD (fear, uncertainty, and doubt) and remind you this isn't a fundamental play. They do this because AMC's operating performance and balance sheet are nothing short of a horror movie, and they damage the misinformation campaign being put forward on social media and YouTube.

I'll let you in on an investing secret that tenured investors know: Fundamentals always matter. Purposefully telling new investors to ignore fundamentals is like telling a used car buyer not to inspect the engine and just trust that everything is OK.

For instance, social media was buzzing about Washington Prime Group's short squeeze potential over the weekend of June 12 and 13. The company filed for bankruptcy protection late Sunday night (June 13), halving investors' stakes the following morning. The engine (fundamentals) drives the car; not the other way around.

Image source: Getty Images.

AMC's apes need to create the impression that anything negative said about their company's stock on television, radio, the internet, or print can't possibly be true, and telling the lie that hedge funds control the mainstream media (MSM) is the easiest way to accomplish that task. Again, this pump-and-dump scam needs fresh capital to keep moving higher, therefore presenting the media as evil is an easy way to try to rally new investors to the retail cause.

But, as is all-too-common with the ape agenda, it's devoid of fact.

It just so happens that Harvard University provided a painstakingly thorough look at MSM ownership for 176 of the most influential media companies/outlets in May 2021. The findings? Only five of the 176 outlets are controlled or majority-controlled by private hedge funds. Apes simply hate hearing bad things said about AMC and will go to any lengths necessary to obfuscate those facts, including lying about MSM.

Image source: Getty Images.

To build on the previous point, AMC's impassioned retail investors will also claim inherent ownership biases in the anchors, guests, authors, and so on, who rail against their stock. This is necessary to help recruit fresh capital to their cause by trying to create an "us vs. them" mentality.

To offer an example, I've personally been told on social media many dozens of times that I'm "obviously short" or "clearly losing a lot of money" because of the journalistic position I've taken on AMC. While I can't speak for any other company, I can proudly claim that my stock holdings are public information, and they're updated daily if I make a move. To boot, article disclosures state any positions I, and my company, have for any stock mentioned. This includes short positions, as well as any options ownership. The icing on the cake is that I also publicly announce my trading activity on Twitter.

Despite this transparent information, apes constantly and falsely insinuate a financial interest when none exists.

Image source: Getty Images.

This is one I find particularly amusing, because apes are more than willing to welcome institutional investors with open arms if they happen to own shares of AMC.

Retail investors regularly use BlackRock's and Vanguard's ownership of AMC stock as a reason to promote optimism. However, this tells only a fraction of the real story. BlackRock and Vanguard are two of the largest institutional investment firms in the country, based on assets under management. As of their mid-May 13F filings, which detailed their holdings for the first quarter, BlackRock had close to 5,000 positions, with Vanguard chiming in with more than 4,000 positions. During Q1, BlackRock and Vanguard added to more than 3,900 and 3,200 of these stakes, respectively.

Put another way, BlackRock and Vanguard have so many product offerings that they have a stake in virtually every stock listed in an index. Saying that BlackRock and Vanguard buying AMC is bullish is akin to saying you bought shares of Fordstock because you like red paint.

As a percentage of shares outstanding, hedge fund and overall institutional ownership in AMC fell during the first quarter from the sequential fourth quarter. That's a fact!

Image source: Getty Images.

The eighth and final mammoth lie that AMC's retail investors rely on to coerce community compliance and bring in fresh capital is the idea that apes saved AMC. These folks genuinely believe that by purchasing shares of AMC they've somehow saved the company from going bankrupt.

As I discussed with the first lie on this list, buying and selling stock has absolutely no influence on how well or poorly a company performs from an operating standpoint. Even if apes were to buy every share in existence, AMC could still go bankrupt if its operating performance doesn't improve. And based on its 2027 bonds trading well below par, bondholders aren't convinced that things will improve enough to save the company.

What really saves companies from bankruptcy is their operating performance and the actions of management. In AMC's case, selling hundreds of millions of shares of stock an issuing high-interest debt last year and in early January gave it the financial lifeline needed to survive the worst of the pandemic. That's not apes saving AMC; that's the company's actions extending a lifeline.

If anything, apes are purposely harming AMC by tying the hands of CEO Adam Aron and shooting down any additional opportunities for the company to raise capital and shore up its balance sheet.

If this list of lies shows anything, it's the lengths apes will go to manipulate AMC's share price. However, history is very clear that all pump-and-dump schemes end in disaster. That's not FUD. It's a practical guarantee.

Caveat emptor.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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8 Lies That Have Fueled the AMC Entertainment Pump-and-Dump Scheme - Motley Fool

Tencent just got a bit of good news from Chinese regulators on its Sogou deal | NewsChannel 3-12 – KEYT

By Michelle Toh, CNN Business

Chinese regulators have cleared the way for Tencent to take complete control of Sogou, a major search engine that could help the tech firm take on market leader Baidu.

The approval is a welcome blessing from Chinese regulators who have been cracking down hard recently on internet giants, shaking the ambitions of some of the countrys most powerful companies.

Chinas State Administration for Market Regulation (SAMR) said Tuesday that it had unconditionally approved the buyout, which will take New York-listed Sogou private. The $3.5 billion deal gives Tencent full control of the search firm. It is the companys majority shareholder, currently holding about 39%.

This merger is powerful, said Edith Yeung, a general partner at Silicon Valley venture capital firm Race Capital and author of the China Internet Report.

Yeung predicted that with Sogou entirely under its wing, Tencent could eventually become the biggest search engine in mainland China if and only if they know how to leverage Tencents huge [trove] of data, she added. Right now, Sogou is one of the countrys biggest search engines, behind longtime industry leader Baidu.

Investors responded swiftly to the news. Shares of Tencent shot up 3.9% in Hong Kong on Tuesday, while Sogou jumped 2.5% in premarket trading in New York. The news helped other tech stocks shine, too. Hong Kongs Hang Seng Tech Index rose 1.9% Tuesday.

The Tencent announcement is some very welcome news in the China tech sector in the context of the recent clampdown, and has lifted sentiment across the whole space today, said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA.

The all-clear from regulators is notable at a time when China has been cracking down on Big Tech, sending a chill through markets.

Just days ago, Tencent itself was handed a setback as regulators scuttled its plan to merge two of Chinas top video game streaming websites, Douyu and Huya. Tencent is the largest shareholder in each.

Tencent shares slid Monday on that news. The company has lost almost $261 billion in market value since its most recent peak in January.

In a statement Saturday, the SAMR cited concerns that the video game merger would give Tencent too much control over the marketplace. Both players are publicly traded in New York, and have a combined market capitalization of $5.1 billion.

Chinese regulators have for months been cracking down on what they see as anti-competitive behavior within its borders, but over the past few weeks, the focus appears to have intensified on companies whose shares trade overseas.

Over the weekend, the Cyberspace Administration of China the countrys powerful internet watchdog also proposed that any company with data on more than one million Chinese users must seek the agencys approval before listing its shares overseas. It proposed that companies must submit IPO materials to the agency for review ahead of listing.

Yeung noted the new measures, saying that it was too early to tell how Tencents latest win could affect sentiment in the sector more broadly.

[Its] very tough to say, she said. I would take the wait-and-see attitude.

Meanwhile, Halley predicted that Chinese tech stocks could continue to face pressure in the near term.

I believe it is but a temporary reprieve, he said of Tencents approval. I believe that [Chinese] political risk will continue to act as a discounting price factor on mainland technology stocks going forward.

CNNs Beijing bureau and Laura He contributed to this report.

The-CNN-Wire & 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

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Tencent just got a bit of good news from Chinese regulators on its Sogou deal | NewsChannel 3-12 - KEYT