Why Gambling Should Be Legalized - Reasons to Allow Gambling
If Alaska legalizes gambling, why not go all in
Gambling in Nevada legalized 87 years ago - KTNV Las Vegas
Las Vegas - History, The Mafia & Casinos - HISTORY
Why is gambling legal in Las Vegas? - Quora
What Is the History of Legal Sports - Las Vegas Advisor
States Race To Legalize Online Gambling | HuffPost
Nevada legalizes online gambling - CBS News
The History of Gaming in Nevada
when did las vegas legalize gambling
when did las vegas legalize gambling - win
WHY CANNABIS MARKET FOR 2021
The cannabis market right now is so similar to the start of the green energy market.. its nowhere near done being bullish. Save for some small dips, there will very likely be a huge bullish trend for 2021. EVEN NASDAQ AGREES. I’ve posted my positions a few times, and I’ll continue to do so. But this is my reasoning for investing in cannabis stocks in general for 2021.
I've been a bull on cannabis since the democrats had a strong pro-cannabis platform. But what made me go balls deep into the market was that the UN changed its classification of cannabis. Countries follow the UN closely for guidance on their own classification of controlled substances. Congress has repeatedly cited the UN’s classification as one of the reasons for not changing it. Several countries immediately changed their stance on cannabis in response to this, including Israel, which In November 2020, announced that it was moving forward with a plan to legalize recreational cannabis nationally. “The country is aiming to implement recreational legalization within nine months, and even if there are delays, that means mid-to-late 2021.” (This is my reason for investing in Canadian cannabis companies, because they are already poised to expand internationally since its legal there nationwide)
THE SENATE IS NOW BLUE! The Georgia runoffs were won by Democrats, and they can now swing the vote left with VP Harris. She promised it as part of her platform, so we know it will be prioritized. CHUCK SHUMER SPONSORED THE MORE ACT. HE WILL BE SENATE MAJORITY LEADER. IT WILL 100% BE PRIORITIZED BETWEEN HIM AND VP HARRIS.
EVERYONE predicted beforehand that the republicans would win Georgia... everyone talked down decriminalization passing the house because of they believed it would NEVER pass the republican majority senate. But the left spent more than any senate race in history to encourage voters to go out and vote. Only once the race started did it become clear that the left had a chance. Then some gains from the surprise that they won. However the gains from 1/5 onwards definitely hasn’t been priced in for all the future legislation, because some of it will be completely new legislation that wasn’t possible to consider before without a blue senate. THIS HASN'T BEEN PRICED INTO THE MARKET YET.
The government is broke post-COVID. There is a terrible image of the police. They don’t want to waste more resources on cannabis related crimes that would be fixed under decriminalization. And the tax revenue from decriminalization would be significant. Decriminalization (THE MORE ACT) opens up the borders to interstate-commerce and international import/export. This would all trickle down into Uncle Sam’s empty pockets.
New York Governor Cuomo announced on Jan 6 his plan to legalize marijuana for adult use (right after New Jersey vote, as I anticipated in my last post) as part of his State of the State agenda. The next step is a ripple out on the North East. NY didn’t want to miss out on tax revenue, neither will any of the other states in the northeast within driving distance of NJ and NY. This is Cuomo’s third attempt in three years to legalize adult-use cannabis in the state; last year, Cuomo included a legalization proposal in his state budget, but the plan was ultimately cut in the wake of the COVID-19 pandemic.
Other ongoing state legislature:
Rhode Island: Regulators have received 45 applications for six new medical cannabis dispensary licenses in the state. If all applicants meet the requirements for a license, six will randomly be selected in a lottery to operate retail locations in different regions across the state. Read more
Missouri: Rep. Shamed Dogan has filed legislation that would place an adult-use cannabis legalization measure on the state’s 2022 ballot. Meanwhile, Missourians for a New Approach has announced plans for a separate 2022 ballot initiative after an unsuccessful signature campaign to get the issue before voters in 2020. Read more
Alabama: Sen. Tim Melson plans to reintroduce a medical cannabis legalization bill this year. Medical cannabis legislation passed the Alabama Senate during the 2020 session, but failed to clear the House. Read more
Illinois: Illinois lawmakers have proposed the creation of 75 new cannabis retail licenses to give disadvantaged and minority applicants a second chance at licensing following the controversial licensing lottery to issue an initial 75 dispensary licenses. A work group made up of lawmakers and members of Gov. J.B. Pritzker’s administration met this week to finalize details of the bill, which will be introduced in a lame-duck session that starts Jan. 8, before new lawmakers are sworn in Jan. 13. Read more
Minnesota: House Majority Leader Ryan Winkler is again renewing his push to legalize adult-use cannabis in the state, announcing plans to reintroduce a legalization bill this year. Winkler told WCCO that he sees “Senate leadership as being the number one obstacle,” but said that if lawmakers agreed to place an adult-use legalization initiative on Minnesota’s 2022 ballot, “it would pass overwhelmingly.” Read more
Virginia: Del. Steve Heretick has reintroduced a bill to legalize adult-use cannabis. Heretick has proposed legislation related to decriminalization and legalization in the past, and this year’s bill would legalize the cultivation, sale and consumption of cannabis in the state. Read more
Connecticut: Gov. Ned Lamont renewed his push for adult-use legalization during his State of the State address Jan. 6, announcing that it is a priority for the new legislative session. Connecticut’s 2021 legislative session opened Jan. 6, and Lamont, a Democrat, kicks off the session with increased majorities in the House and Senate, which could increase his chances of passing an adult-use legalization bill. Read more
Now that you understand why I’m going green, here’s my reasoning for my positions. TLRY (Tilray)
largest cannabis company in the world by revenue post merger. Will run out of Seattle and New York City. New York Legalization on top of senate turning blue is a big catalyst for TLRY.
Merger hasn’t completed yet, and the merger happened before the senate went blue.. that was the gamble APHA was making, and they won. The sky is the limit now. When they merge, they will reduce expenses and be much more likely to post profitable quarters. (This is why mergers have so much hype; the sum is > than their parts because they can reduce operating expenses while maintaining revenue from the two companies)
Tilray CEO Brendan Kennedy: “I think medical cannabis will be legal at the federal level, which means medical cannabis can cross state lines and be imported into the U.S., like we export cannabis from Canada and Portugal to about 15 countries now,” Kennedy said. “Anyone who thinks there’s a state-specific medical market is wrong.” As for the recreational market, Kennedy says the state-specific markets, with interstate trade banned, “are not going to last long.” Kennedy believes that cannabis will be distributed like alcohol and tobacco within two years’ time. That would require significant overhaul of US federal drug laws—and would significantly disrupt all US cannabis companies’ existing business models. Brendan Kennedy, the cannabis billionaire will step down as Tilray's chairman and CEO. Irwin D. Simon, Aphria's current chairman and CEO will take Kennedy's place.
[On December 18, 2020, just three days after the U.S. Senate adopted the Cannabidiol and Marihuana Research Expansion Act (CMREA or the Act) (more on this below), the U.S. Drug Enforcement Administration (DEA or the Administration) published in the Federal Register a final rule, “Controls To Enhance the Cultivation of Marihuana for Research in the United States” (Rule), which finally paves the way for DEA to issue additional licenses to grow “marihuana” (i.e., cannabis) for research purposes.](https://www.jdsupra.com/legalnews/on-heels-of-senate-s-adoption-of-36129/)
GNLN (Greenlane Holdings)
One of the largest global sellers of premium cannabis accessories. Pax/JUUL/Volcano products. I’ve had Pax products, and although I prefer Arizer because of the affordability, I can’t deny Pax has quality products and is like the “iPhone” of vaporizers. I like their products, I like their branding. There’s lots of hype and loyalty, especially with their Volcano desktop vaporizer.
Strong US brands.
The main reason they did poorly was bad timing. They IPO’d during the year that JUULs started being banned. They’re actually at all those levels again. Theres a ton of upside potential.
Market cap is ridiculously low for some really renown brands all because of the JUUL flavor pod ban. Everyone knows Pax, Volcano, and JUUL. But no one knows Greenlane because of the bad timing of their IPO and the subsequent JUUL flavor ban. It’s crazy. They’ve already broke all time high for the year. But I’m holding until they break 1B market cap.
Overall i think too many people count it out just because of their IPO and subsequent decline in JUUL sales from the JUUL flavored pods ban. They definitely have the potential because of their strong branding and quality products. I’m betting on them having more high quality products in the future with equally loyal customers.
SNDL (Sundial Growers)
SNDL must close above $1 per share for 10 consecutive sessions by June 26, 2021 or it will bedelisted from NASDAQ. People see this as a fear factor, I see this as “they will do anything necessary to reach $1 for a week so they won’t be delisted”.. IMHO reverse splitter probably isn’t on the table since they could have done that in 2020, but instead applied for a 6 month extension after announcing “alternative strategic investments”. We can already see this by their predatory loan SPAC spinoff.
Rumors of a merger with CGC; SNDL also purchased a SPAC recently and entered an agreement with Zenabis, immediately claiming they defaulted. Turning that SPAC into predatory loan/debt repurchasing company. Imo if they want to complete a merger, it would be easy to sell ownership through that SPAC to the buyer.
THEY RECENTLY WENTDEBT FREE by selling off unprofitable assets in the business. This means we are much more likely to see earnings in future quarters, and they are much more attractive for mergers.
Because they are indoor growers, they are more likely to be bought up by a company in the consolidating Canadian cannabis market than fail all together. The amount of space licensed to grow cannabis in Canada is now heavily skewed toward outdoor cultivation instead of indoor for the first time, according to new data from Health Canada. A growing population of licenses for outdoor growers means that there aren’t as many indoor licenses being given out... If a company ANYWHERE IN THE WORLD wants to quickly expand into indoor growing OR into the west, they would have to purchase an existing company that has the license to quickly do so. This is WAY faster, and a guaranteed way to obtain a license rather than applying for one and waiting x amount of months and be rejected for some requirement that wasn’t met.
From my own experience, outdoor cannabis is subpar quality to indoor grown cannabis. So a growing market for outdoor cannabis doesn’t necessarily mean its better... it is likely just cheaper. I would imagine a high quality “craft cannabis” company would want to purchase SNDL, or an existing outdoor growing company that wants to quickly expand to indoor grown cannabis. With this being a Canadian company, there’s a chance a company in another country like Israel would be interested in purchasing it in the near future.
PLNHF (Planet 13 Holdings)
Biggest tourist trap in Las Vegas if you’re a stoner, casual smoker, or just wanting to try it. From my own experience, I think they will continue to be successful. If I went around the US trying other brands I’d probably be more confident in putting 5-10% of my portfolio into those picks or choosing to not include them lol. Like for example, I used to have Curaleaf. But there's tons of bad feedback on Curaleaf, a friend has tried it said the nug is really subpar quality and if I tried their nug I’d probably confirm that I wouldn’t want to invest in them. With PLNHF, i’ve seen the ambience and tried the product myself. It’s definitely a lot of hype price wise, but still quality. This is my own bias showing, but I still think they’ve got solid fundamentals and excellent location/strong US branding.
I’m well aware of other good stocks like GTBIF, CRLBF, SSPK, TCNNF, GRWG.. but these stocks haven’t been swinging as hard in response to pro-cannabis news. E.g. TLRY, SNDL, GNLN swung more than 20% some days from pro-cannabis news...I will likely reduce my current positions shortly after inauguration, after some news about the timeline for cannabis legislation, and diversify my positions more between these other good picks. 2021 is the year of cannabis boys
Playboy going public: Porn, Gambling, and Cannabis
NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY. https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1. https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%) NEW INFO 2 Here is the full webinar. https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866 NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx Playboy going public: Porn, Gambling, and Cannabis !!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should. In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase. Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below: https://www.playboy.com/ https://www.playboytv.com/ https://www.playboyplus.com/ https://www.iplayboy.com/ Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success. “Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.” https://www.scientificgames.com/ https://www.microgaming.co.uk/ “This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.” https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/ As per their SEC filing: “Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1 They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon. https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again: https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea “Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.” “According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently: https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress. Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait. https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/ Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video: https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05 Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing: “For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.” “In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.” “In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.” “In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.” They are profitable across all three of their current business segments. “Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders). https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world. "Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.” Also in the SEC filing, the Time Frame: “As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn. The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :( He should be fine with the 16 million PLBY shares he's going to have though :) Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw. I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets. https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003 Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this: “Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy. “Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative. https://www.secform4.com/insider-trading/1832415.htm https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html Y’all like that China money? “Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.” Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose. I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future. https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing. https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing “Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.” “Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.” Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong. Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will. Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way. Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains. TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here: WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf Or here: https://www.mcacquisition.com/investor-relations/default.aspx Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.” STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon. Position: 5000 shares. I will buy short, medium, and long-dated calls once available.
In this 1983 interview, screenwriter Richard Maibaum makes surprisingly candid comments, criticizing several films and even Roger Moore
In this interview to Starlog magazine in 1983, Richard Maibaum, screenwriter for several films in the franchise, makes some very... sincere comments. I made a compilation of the best ones, and remember, this was in the year of the competition between Octopussy and Never Say Never Again:
About "Never Say Never Again": "We know that for the last four or five pictures, the overseas audiences have preferred Roger to Sean, if grosses are any indication. But Sean may have an edge in the U.S. because he's less English. It will all depend on which picture is actually the better picture. Never Say Never Again has a good writer [Lorenzo Semple, Jr.], a good director [Irvin Kershner] , and a good star. It should be a good film." (...) "If they deviate too much beyond the limits of a remake, there will certainly be legal action."
About Moore in "Octopussy": "Roger Moore looks better in this film, somehow, than he's looked in any of the others. My only objection is that he fools around with the lines. He fancies himself a great wit."
About "From Russia With Love": "I think it was the most successful artistically."
About Felix Leiter after Jack Lord: "I've never liked another Leiter, and as time went on, they hired older and fatter men to play the part in order to make James Bond look younger and more handsome."
About a black Felix Leiter, as portrayed by Bernie Casey in Never Say Never Again: "certainly an interesting idea."
About the villain Largo in "Thunderball": "Largo was a disappointment, partly because it was played by an actor who I thought was miscast. I had to invent other people to augment his villainy."
About George Lazenby and "On Her Majesty's Secret Service": "We had this plastic surgeon idea. Bond had to have plastic surgery because he was being recognized by all his country's enemies. But, we thought that was awful and threw it out. Finally, I came up with that line, when the girl leaves him flat after he rescues her. Bond said, 'This never happened to the other fellow.'" (...) "Because it was funny, the audience like it. It said, 'Look, you know it's not the same James Bond, so we're not going to kid you or do anything corny to excuse it. You'll just have to accept that this just isn't the same fellow.' " (...) "OHMSS is the picture where Bond is more of a human being than in any of the others. And despite the fact that Lazenby was not ideal for the part, I thought it was a marvelous script."
About the twin brother of Goldfinger in "Diamonds Are Forever" and the final version of the movie: "This fellow is supposed to say to Bond at one point, 'Oh, my brother Auric — mother always said he was a bit retarded.' We were going to cast Gert Frobe again, but it didn't work out," he muses. In a watery climax, Las Vegas gambling magnates hoodwinked by Goldfinger chase the villain across Lake Mead as he attempts to make his escape. They pursue Goldfinger in everything from Chinese junks to Roman Galleys— exotic ships that prominent Las Vegas hotels keep on the lake. "What I had was this fleet of boats in pursuit of Goldfinger," Maibaum recalls, "because he gave the city such a bad name. They wanted to do something patriotic to catch this terrible villain. I thought I had one of the best lines in the entire series when Bond, in the lead boat, broadcasts to the fleet, 'Las Vegas expects every man to do his duty,' a take-off on what Admiral Horatio Nelson said at Tra- falgar. Just for the sake of the line, I was heartbroken when they rejected it." Broccoli called in Tom Mankiewicz to rewrite Maibaum's screenplay and, in the process, Goldfinger's brother was scratched, and Ernst Stavros Blofeld, the mastermind behind SPECTRE, returned. And, Maibaum says, his "smash ending" became "an interminable thing on an oil rig."
About "Live and Let Die" (that he didn't wrote): "I would have liked a crack at Live and Let Die. I didn't particularly like what they did to it. It was about nothing, a lousy cooking-some-dope-some- where-in-the-jungle movie. That's not Bond at all. To process drugs in the middle of a jungle is not a Bond caper."
About Roger Moore: "Bond should be played like someone, like Sean, who is convincingly physical. One of my reservations about Roger is that he is not physical; he is not the physical superman Sean made you believe Bond was. "In a strange way," Maibaum continues, "some people like Roger better than Sean. I certainly don't. I think Roger does very well. He's suave, witty, and so forth, but as far as I'm concerned, he has a dimension of disbelief. He does what I consider un- forgivable: he spoofs himself and he spoofs the part. When you start doing that, the au- dience stops laughing. Just play the part. "The most important thing in the Bond pictures is a pretense of seriousness. If your leading man doesn't really appear to believe in what he is doing a either an actor or a character, that will count against the perfor-mance's effectiveness." Maibaum shrugs his shoulders and sighs, "Of course, I may not be right because Moonraker, my least favorite Bond, was very successful." Moore ' 'makes everything so arch and is so coy about everything," Maibaum contends. "We knew Roger was not a rough, tough guy like Sean. So, we deliberately gave him things to do that would make him tougher. But you see, he hasn't got it. You believed Sean could be pure steel if he wanted to be."
About "The Spy Who Loved Me": His original screenplay opened with a group of terrorists, comprised of everyone from the Red Brigade to the Weathermen, breaking into an ultra-modern SPECTRE lair. "They level the place, kick Blofeld out, and take over," explains Maibaum. "They're a bunch of young idealists. In the end, Bond comes in and asks, 'All right, you're going to blow up the world. What do you want? ' They reply 'We don't want anything. We just want to start over — the world is lousy. We want to wipe it away and begin again. So, there's no way we can be bribed.' "I never had Stromberg — or whomever the hell it was in that movie — or that interminable thing which went on in the tanker." Maibaum's draft was rewritten by Christo- pher Wood, who would later pen Moonraker, and polished by Tom Mankiewicz. "Rightly or wrongly, Cubby thought.it was too political," he recalls. "So many young people in the world support those people that we would have scrambled sympathies in the picture. Cubby is a very astute man. He knows ..." Jaws, the steel-toothed mercenary, also lurked in Maibaum's draft, though he feels the producers later "made a schlemeil out of him in Moonraker." In Maibaum's original script for Spy, Jaws met his death in a furnace.
About "For Your Eyes Only", trying to return to the realism and the main couple: "'We tried to return to the earlier films with For Your Eyes Only, but we didn't have Sean to make it real," Maibaum says. "And I was very disappointed with the way the love story was handled. The whole idea was that the great lover James Bond can't get to first base with this woman because she's so obssessed with avenging her parents' death. Nothing was ever done with it. It was as if the director [John Glen] didn't feel there was a love story there at all." One critic wrote that in the movie, Moore "was an occasional stand-in for the stuntman." "It's true," Maibaum says. "I don't think it's good, I think it's five times better when they have the stunts and a real James Bond, too. And there's no reason why we can't do it. [SPOCK: wonder] "I think we blew an opportunity in For Your Eyes Only to go back to the From Russia With Love/On Her Majesty's Secret Service Bonds."
About Roger Moore AGAIN: Maibaum, to put it mildly, was not happy with the film's one-liners. ' 'My lines are 'Red wine with fish. That should have told me something' and 'She had her kicks' [both from From Russia with Love]. Those are my lines, the ones I claim and enjoy writing. Some of the stuff I think is awful, like, 'Something big is coming between us.' Roger insists on making some script changes. He's very proud of them and tells everybody. And some of his 'improvements' are just awful. "Sean would come up with pretty witty lines at times," Maibaum recalls. "Sean is a witty man. And so is Roger. But God, the lines, please ".
The next Detroit: The catastrophic collapse of Atlantic City
With the closure of almost half of Atlantic City's casinos, Newark set to vote on gambling and casinos or racinos in almost every state, it seems as if the reasons for the very existence of Atlantic City are in serious jeopardy. Israel Joffe Atlantic City, once a major vacation spot during the roaring 20s and 1930s, as seen on HBOs Boardwalk Empire, collapsed when cheap air fare became the norm and people had no reason to head to the many beach town resorts on the East Coast. Within a few decades, the city, known for being an ‘oasis of sin’ during the prohibition era, fell into serious decline and dilapidation. New Jersey officials felt the only way to bring Atlantic City back from the brink of disaster would be to legalize gambling. Atlantic City’s first casino, Resorts, first opened its doors in 1978. People stood shoulder to shoulder, packed into the hotel as gambling officially made its way to the East Coast. Folks in the East Coast didn't have to make a special trip all the way to Vegas in order to enjoy some craps, slots, roulette and more. As time wore on, Atlantic City became the premier gambling spots in the country. While detractors felt that the area still remained poor and dilapidated, officials were quick to point out that the casinos didn't bring the mass gentrification to Atlantic City as much as they hoped but the billions of dollars in revenue and thousands of jobs for the surrounding communities was well worth it. Atlantic City developed a reputation as more of a short-stay ‘day-cation’ type of place, yet managed to stand firm against the 'adult playground' and 'entertainment capital of the world' Las Vegas. Through-out the 1980s, Atlantic City would become an integral part of American pop culture as a place for east coast residents to gamble, watch boxing, wrestling, concerts and other sporting events. However in the late 1980s, a landmark ruling considered Native-American reservations to be sovereign entities not bound by state law. It was the first potential threat to the iron grip Atlantic City and Vegas had on the gambling and entertainment industry. Huge 'mega casinos' were built on reservations that rivaled Atlantic City and Vegas. In turn, Vegas built even more impressive casinos. Atlantic City, in an attempt to make the city more appealing to the ‘big whale’ millionaire and billionaire gamblers, and in effort to move away from its ‘seedy’ reputation, built the luxurious Borgata casino in 2003. Harrah’s created a billion dollar extension and other casinos in the area went through serious renovations and re-branded themselves. It seemed as if the bite that the Native American casinos took out of AC and Vegas’ profits was negligible and that the dominance of those two cities in the world of gambling would remain unchallenged. Then Macau, formally a colony of Portugal, was handed back to the Chinese in 1999. The gambling industry there had been operated under a government-issued monopoly license by Stanley Ho's Sociedade de Turismo e Diversões de Macau. The monopoly was ended in 2002 and several casino owners from Las Vegas attempted to enter the market. Under the one country, two systems policy, the territory remained virtually unchanged aside from mega casinos popping up everywhere. All the rich ‘whales’ from the far east had no reason anymore to go to the United States to spend their money. Then came the biggest threat. As revenue from dog and horse racing tracks around the United States dried up, government officials needed a way to bring back jobs and revitalize the surrounding communities. Slot machines in race tracks started in Iowa in 1994 but took off in 2004 when Pennsylvania introduced ‘Racinos’ in an effort to reduce property taxes for the state and to help depressed areas bounce back. As of 2013, racinos were legal in ten states: Delaware, Louisiana, Maine, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, and West Virginia with more expected in 2015. Tracks like Delaware Park and West Virginia's Mountaineer Park, once considered places where local degenerates bet on broken-down nags in claiming races, are now among the wealthiest tracks around, with the best races. The famous Aqueduct race track in Queens, NY, once facing an uncertain future, now possesses the most profitable casino in the United States. From June 2012 to June 2013, Aqueduct matched a quarter of Atlantic City's total gaming revenue from its dozen casinos: $729.2 million compared with A.C.'s $2.9 billion. It has taken an estimated 15 percent hit on New Jersey casino revenue and climbing. And it isn't just Aqueduct that's taking business away from them. Atlantic City's closest major city, Philadelphia, only 35-40 minutes away, and one of the largest cities in America, now has a casino that has contributed heavily to the decline in gamers visiting the area. New Jersey is the third state in the U.S. to have authorized internet gambling. However, these online casinos are owned and controlled by Atlantic City casinos in an effort to boost profits in the face of fierce competition. California, Hawaii, Illinois, Iowa, Massachusetts, Mississippi, Pennsylvania and Texas are hoping to join Delaware, Nevada, New Jersey and the U.S. Virgin Islands in offering online gambling to their residents. With this in mind, it seems the very niche that Atlantic City once offered as a gambling and entertainment hub for east coast residents is heading toward the dustbin of history. Time will tell if this city will end up like Detroit. However, the fact that they are losing their biggest industry to major competition, much like Detroit did, with depressed housing, casinos bankrupting/closing and businesses fleeing , it all makes Atlantic City’s fate seem eerily similar.
Lost in the Sauce: Fox News launders unverified Russian intel on Trump's behalf
Welcome to Lost in the Sauce, keeping you caught up on political and legal news that often gets buried in distractions and theater… or a global health crisis. Housekeeping:
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Trump’s Russian laundromat
The Trump administration has been using conservative outlets like Fox News to launder unverified Russian intelligence intended to denigrate Democratic officials and candidates. In the latest instance last week, DNI John Ratcliffe declassified handwritten notes from 2016 by then-CIA Director John Brennan stating that he had briefed President Obama on Russian activities, including a reference to Hillary Clinton’s campaign attempting to “vilify Donald Trump.” Fox News was the first to publish the notes. Brennan accused Ratcliffe of selectively declassifying documents in order to "advance the political interests" of Trump ahead of the election:
"These were my notes from the 2016 period when I briefed President Obama and the rest of the national security council team about what the Russians were up to and I was giving examples of the type of access that the US intelligence community had to Russian information and what the Russians were talking about and alleging," he added.
Ratcliffe has approved the release of even more information meant to assist Trump, including “a large binder full of documents” he gave to the Justice Department. "At my direction, the Office of the Director of National Intelligence has provided almost 1,000 pages of materials to the Department of Justice in response to Mr. Durham's document request,” Ratcliffe confirmed. There is nothing illegal about the actions allegedly taken by the Clinton campaign, as detailed in the released documents. As Lawfare explains, the declassified memo originated from the CIA’s Counterintelligence Mission Center:
Importantly, it is not a crimes report. Rather, as the name suggests, the purpose of a CIOL is to pass operational leads to the FBI for counterintelligence purposes. In this case, the CIA had information indicating that a hostile foreign intelligence service may have spied on a U.S. presidential campaign. Even if the intelligence was questionable, it still presented a significant counterintelligence risk—which is why, as Ratcliffe’s letter says, it was reported to the FBI...
Meanwhile, Trump tweeted that he has authorized the release of every document related to the “Russian Hoax” and the “Hillary Clinton Email Scandal.Tweet. He then added:
All Russia Hoax Scandal information was Declassified by me long ago. Unfortunately for our Country, people have acted very slowly, especially since it is perhaps the biggest political crime in the history of our Country. Act!!!
In an interview on Fox News a couple of days later, Trump expressed displeasure that Secretary of State Mike Pompeo had not yet released the emails deleted from Clinton's private server: "She said she had 33,000 e-mails...They're in the State Department, but Mike Pompeo has been unable to get them out, which is very sad actually. I'm -- I'm not happy about him for that, that reason. He was unable to get -- I don't know why. You're running the State Department and you get them out.” (clip)
The very next day, Pompeo appeared on Fox News to assert: "We've got the emails, we're getting them out." Asked if they would be released before the election, he said, "I certainly think there'll be more to see before the election." (clip)
Buzzfeed News took Trump’s tweets to a judge to gain the release of the entire unredacted Mueller report before Election Day. US District Judge Reggie Walton directed the Justice Department to “confer with the White House” and report back to the court the “official position regarding the declassification and release to the public of information related to the Russia investigation.”
Durham probe
For the second straight week, the media is reporting the Durham investigation will not produce a report prior to the election. Last week, AG Bill Barr reportedly told top Republicans that they should not expect any further indictments or a comprehensive report before Nov. 3. Trump publicly attacked Barr for what he sees as the slow progress of the Durham probe. “I think it’s a terrible thing. And I’ll say it to [Barr’s] face...See, this is what I mean with the Republicans. They don’t play the tough game,” Trump told Rush Limbaugh on Friday.
Earlier in the week, Trump sent an all-caps tweet calling for the arrests of his political rivals: “DO SOMETHING ABOUT THIS, THE BIGGEST OF ALL POLITICAL SCANDALS (IN HISTORY)!!! BIDEN, OBAMA AND CROOKED HILLARY LED THIS TREASONOUS PLOT!!! BIDEN SHOULDN’T BE ALLOWED TO RUN - GOT CAUGHT!!!” Trump tweeted.
Court cases
A three-judge Appellate Court panel ruled that Manhattan D.A. Vance can enforce a subpoena seeking President Trump’s personal and corporate tax returns. The panel was made up of two Clinton-appointees and an Obama-appointee. Trump’s attorneys are expected to appeal to the Supreme Court.
They concluded that the president did not show that Mr. Vance had been driven by politics. “None of the president’s allegations, taken together or separately, are sufficient to raise a plausible inference that the subpoena was issued out of malice or an intent to harass,” they wrote.
Prominent Trump and GOP fundraiser Elliott Broidy was charged with conspiring to violate the Foreign Agents Registration Act. Prosecutors say Broidy accepted $6 million from a foreign client to lobby administration officials to end a federal investigation related to the looting of the 1Malaysia Development Berhad fund, known as 1MDB. The court filing also accuses Mr. Broidy of seeking the extradition of a Chinese citizen from the United States.
Note that Barr received a waiver to participate in the investigation of 1MDB despite his former law firm’s involvement in the case. Steve Bannon was arrested earlier this year on a yacht belonging to one of the individuals tied up in the case, as well.
Trump appeals order to continue Census count to the Supreme Court. A three-judge panel of the 9th Circuit upheld a lower court order allowing the 2020 count to continue through October. The administration has asked SCOTUS to put an immediate hold on the injunction while it appeals. The Supreme Court punted a decision on access to abortion, keeping open the option of revisiting the case at a later date. The Trump administration asked the high court to require women seeking the drugs for medication abortions to visit a doctor’s office or clinic. The order was unsigned but Justices Alito and Thomas declared their approval of the administration’s request in a separate filing.
“While COVID-19 has provided the ground for restrictions on First Amendment rights, the District Court saw the pandemic as a ground for expanding the abortion right recognized in Roe v. Wade,” wrote Alito and Thomas.
Other court cases to note:
Lawyers for E. Jean Carroll asked a judge to block the DOJ from intervening to represent Trump in her defamation lawsuit against the president. Her lawyers say the law in question, the Federal Tort Claims Act, does not apply to Trump — or to any other president. They also said that Trump, in any case, was not acting in his official role when he denied Carroll’s claims. Oral arguments in the case are scheduled for Oct. 21.
The DOJ admitted to “inadvertently” producing altered versions of notes from former FBI officials McCabe and Strzok that were turned over to Michael Flynn’s defense team and filed to the court as potentially exculpatory evidence. As Marcy Wheeler explains, this explanation doesn’t match all the evidence.
Court-appointed adviser John Gleeson, a retired judge, urged District Judge Emmet Sullivan to take the president’s comments about the case into account when making a decision about whether or not to grant the Flynn-DOJ joint effort to permanently end the prosecution. Gleeson notes that Trump’s tweets provide evidence of political pressure to drop the case against Flynn: Trump successfully pressured the DOJ to “create a new set of rules that only apply to Michael Flynn and will never apply to anyone else.”
A federal judge in California has ordered that Twitter reveal the identity of an anonymous user who allegedly fabricated an FBI document to spread a conspiracy theory about the killing of Seth Rich, the Democratic National Committee staffer who died in 2016.
Administration
Voice of America: Five suspended officials at the U.S. Agency for Global Media (USAGM) are suing the agency, its new CEO and several of his most senior aides, alleging they are breaking the law — routinely — in pursuing a pro-Trump agenda for the Voice of America news service.
David Kligerman, who has been suspended from his position as general counsel of the agency by Pack, told NPR that the case was necessary to get the courts to enforce the firewall. (He is not a party to the case, though he is cited in it as a whistleblower harmed by Pack's actions.) Kligerman and the five plaintiffs jointly filed a whistleblower complaint late last month, alleging Pack sought to oust them under a pretext of "security concerns" because they challenged his intrusion into journalistic decision-making.
Reminder: CEO Michael Pack, an ally of Steve Bannon, started his tenure by firing the heads of four organizations under USAGM. He then refused to renew the U.S. visas of more than 70 foreign journalists who work for VOA, vaguely accusing some of them of being spies. Pack tried to fire the board of the Open Technology Fund, an organization that supports Internet freedom initiatives, but a court blocked the terminations. Nevertheless, Pack succeeded in cutting off a large portion of its funding, forcing the non-profit to suspend over 80% of its projects. Finally, Pack ordered two political operatives he installed as his aides to investigate Steve Herman, the VOA White House bureau chief who reported on Pence’s disregard for masks, for anti-Trump bias.
Bureau of Land Management: William Perry Pendley, head of the Bureau of Land Management (BLM), is refusing to leave his position after a judge ruled he is illegally serving as chief. “I have the support of the president,” he told the Wyoming Powell Tribune. “I have the support of the secretary of the interior and my job is to get out and get things done to accomplish what the president wants to do.” CIA appointment: Bert Mizusawa, a retired major general who served as an advisor to Trump’s 2016 campaign, was quietly installed in a senior advisory role at the CIA earlier this year. The move is spurring discussion among some former agency officials, who say the arrangement is highly unusual.
“An outsider with no internal sponsorship?” said one of the former officials. “That never happens.” ...Trump allies outside the administration have signaled frustration with Haspel in recent weeks, accusing the CIA chief of blocking the declassification of documents relevant to the investigation into his 2016 campaign’s ties to Russia that they view as exculpatory.
Trump has appointed Justin Peterson to the Financial Oversight and Management Board for Puerto Rico, sparking conflict of interest allegations. Peterson previously represented hedge fund bondholders pushing the board to pay them billions of dollars. Rep. Nydia Valazquez (D-NY): “As a member of the Board, Peterson would have a critical say in how to restructure the Island’s debt, but his coziness with bondholders is a serious red flag and a clear conflict of interest.” A hate group employee is now leading diversity & inclusion efforts in the Department of Education. Weeks ago, Sarah Parshall Perry was defending J.K. Rowling on the Family Research Council podcasts. Now, Betsy Devos has bought Perry aboard to oversee inclusivity within the DOE.
Trump money
NYT revealed that Trump “engineered a sudden windfall” in 2016, moving over $21 million from a Vegas hotel Trump owns with billionaire Phil Ruffin, through other Trump companies, to his campaign.
“If Trump took out a bank loan in the LLC’s name for the purpose of financing his election, then the Trump campaign violated its legal reporting requirements by failing to disclose the loan, and failing to disclose that Trump’s Vegas property was used as collateral.” The Times also reported that the LLC in question–Trump Las Vegas Sales and Marketing–claimed a deduction on the payment made to Trump in 2016. If the $30 million loan was, in fact, used to finance the president’s then-money-starved campaign, the potential criminality would be amplified.
In an apparent quid pro quo, Ruffin asked Trump for a favor after his inauguration: revive the high speed train project to bring gamblers from California to the Vegas strip. The Obama administration considered but turned down a $5.5 billion loan for the train. This past March, the Trump administration approved the project.
Among the train’s chief beneficiaries will be Mr. Ruffin and the other grandees of gambling who became a vital font of political money for Mr. Trump when he needed it most. And, of course, Donald Trump himself.
Another NYT report showed that Trump “reinvented” the swamp after he took office, setting up an extensive quid pro quo network with private businesses and special interests. Over 200 companies, special-interest groups, and foreign governments patronized Trump’s properties while reaping benefits from him and his administration.
Just 60 customers with interests at stake before the administration brought the Trump Organization nearly $12 million during the first two years of Mr. Trump’s presidency, The Times found. Almost all saw their interests advanced, in some fashion, by the president or his government. ...During Mr. Trump’s campaign and the months leading up to his inauguration, the in-house magazine at his Mar-a-Lago club in Florida announced nearly 100 new members, a number of whom had significant business interests in Washington. The tax records show that in 2016 alone, the club’s initiation fees delivered close to $6 million in revenue. ...More than 70 advocacy groups, businesses and foreign governments threw events at the properties that had previously been held elsewhere, or created new events that drove dollars into Mr. Trump’s business. Donors also paid for the privilege of giving money to his campaign and super PAC. Mr. Trump attended 34 fund-raisers held at his hotels and resorts, events that brought them another $3 million in revenue. Sometimes, he lined up his donors to ask what they needed from the government.
Trump claimed a $21 million tax break for leaving the woodland surrounding his New York mansion undeveloped, a figure inflated by what appears to be a fraudulent appraisal. The value of the 212-acre estate was based on the premise that Trump could build and sell 24 manions on the land. However, building anything on that property was impossible, due largely to objections by neighbors. Trump was paid by the government not to build mansions that he never could have built, in other words.
In addition to the conservation easement tax break, Trump in 2014 also classified Seven Springs as an investment property, rather than a personal residence, and wrote off $2.2 million in property taxes as a business expense, the New York Times recently reported. Trump’s family members have described the home as a family retreat in the past, and the Trump Organization’s website still characterizes Seven Springs that way. “Today, Seven Springs is used as a retreat for the Trump family,” the website says.
Trump’s adult children have brough at least $238,000 of taxpayer money into the Trump Organization by traveling to their family properties with Secret Service. “The president’s company billed the U.S. government hundreds, or thousands, of dollars for rooms agents used on each trip, as the agency sometimes booked multiple rooms or a multiroom rental cottage on the property,” WaPo reports.
The records also show about $29,000 in federal payments to Trump properties that related to travel by Donald Trump Jr. Trump Jr. stayed repeatedly at the Trump hotel in Washington — just blocks from his father’s residence at the White House... In the records obtained by The Post, travel by Ivanka Trump and her family accounted for more than $42,000 in federal payments to Trump properties. Much of that total came this spring, after Ivanka Trump had urged other Americans not to travel.
US taxpayers picked up the tab for billionaire US ambassador's stay at Donald Trump’s Scottish resort. The billionaire US ambassador to the UK, Woody Johnson, ran up a bill to US taxpayers totalling more than £1,000 in a single day while staying at Donald Trump’s flagship Scottish hotel and golf resort.
American Oversight, a non-partisan, non-profit ethics watchdog: “That Donald Trump uses his office and American tax dollars to prop up his failing businesses is widely known and shameful. That the US ambassador to the UK would use taxpayer money to play golf is simply embarrassing.”
Immigration
Border wall: The Ninth Circuit on Friday ruled that President Donald Trump’s allocation of military funds for construction of his border wall was illegal. In a 2-1 ruling, the three-judge panel lifted a stay on a lower court order, thus putting an immediate stop to all border wall construction. The one dissenting judge was Daniel Collins, a Trump appointee. Family separation 1.0: Former AG Jeff Sessions and Deputy AG Rod Rosenstein led the push to prosecute all undocumented immigrants even if it meant separating children from their parents.
[Rosenstein told] the five prosecutors that it did not matter how young the children were. He said that government lawyers should not have refused to prosecute two cases simply because the children were barely more than infants.
Family separation 2.0: Customs and Border Protection touted agents’ “rescue” of a Honduran woman who just gave birth. What border officials didn’t mention was that, hours after their purported rescue, they separated the Honduran immigrant from her newborn and detained her pending possible removal.
“They told her she was going to be sent back to Mexico without her baby,” said Amy Maldonado, who is legally representing the mother.
Detention: Inside the US Marshals’ Secretive, Deadly Detention Empire: Due in large part to Trump’s aggressive immigration policies, the Marshals population is approaching historic highs. About two-thirds of all prosecutions between October 2018 and April 2019 were related to immigration crimes. Deportation: ICE officials have started to implement a policy that allows officers to arrest and rapidly deport undocumented immigrants who have been in the US for less than two years - all without a hearing in front of a judge.
Further reading
Eric Trump has canceled a Michigan based campaign event scheduled to take place Tuesday at Huron Valley Guns in New Hudson after one of its former employees was linked to the domestic terror plot against the state's governor. The Justice Department has suspended all diversity and inclusion training in every division, including for immigration judges that regularly hear cases of persecution based on religion, LGBT status, and gender. Wisconsin Judge Upholds Statewide Mask Mandate Michigan High Court Strikes Down Governor’s Covid Emergency Orders A U.S. government watchdog agency is faulting the Trump administration’s handling of a COVID-19 relief effort that awarded energy companies breaks on payments for oil and gas extracted from public lands in Western states in more than 500 cases2 The California Secretary of State and Department of Justice have sent a cease and desist order to the California Republican Party to remove unofficial ballot drop boxes placed in at least three counties. In a ruling issued late Monday night, a federal appeals court upheld Gov. Greg Abbott’s order that limited counties to one mail-in ballot drop-off location. All three judges on the 5th Circuit panel were appointed by Trump.
Stories of what happened to the Covenant Contingent that tried to enter earth in the year 2020
In the year 2020, when humans gave themselves a virus named after a beer company and were having race wars and WW3s, the Covenant actually made an effort to try and research and do shit on Earth, and learn about humans. They all died but were never seen in public eye. Here is a list of all the incidents. Covenant Team 1 - Covenant Team 1 landed near a furry convention, and no one knew they were aliens. While they were in the convention, they got raped by furries and died. Covenant Team 2 - Team 2 landed in Florida, and were eaten on a barbecue in Miami. The Sangheilli were served as, "Dinosaur crocodile" alongside stuffed crocodile meat, Unggoy served as appetizers, and Kig-Yar served as turkey. Covenant Team 3 - Team 3 was filled with brutes, and they landed in the Cincinnati Zoo. They were shot immediately, being mistaken for gorillas. Covenant Team 4 - They landed in Brazil. No one knows what happened to them. No one knows what happens in Brazil Covenant Team 5 - Landed in California, died of regret, cringe, embarrassment, and more. Covenant Team 6 - Landed in China, were immediately sent to internment camps but the CCP has denied all allegations. Covenant Team 7 - Landed near Area 51, at first the Air Force did find them, but since weed is legal in Nevada they were all high and decided to take them to Las Vegas and the casinos, the Covenant gambled all their credits and are now rich, but whatever happens in Vegas, stays in Vegas. So the Covenant Team still can't get out. Covenant Team 8 - Landed in India Covenant Team 9 - Landed in South Korea and got addicted to KPOP, died because they realized that however much they stan their favorite bans, the KPOP bands don't give a shit about them Covenant Team 10 - Landed in Britian, died immediately Covenant Team 11 - Landed in Tom Cruise's home Covenant Team 12 - Landed in Japan and got addicted to 2D waifus, died realizing 2D waifus aren't real, and their body pillows won't come to life. Covenant Team 13 - Landed at some kid's birthday party, got killed because the kids thought they were pinatas. Covenant Team 14 - Landed in France and became baguettes.
Lost in the Sauce: DHS hides intelligence that reveals Trump using Russia's playbook, again
Welcome to Lost in the Sauce, keeping you caught up on political and legal news that often gets buried in distractions and theater… or a global health crisis. Housekeeping:
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Trump’s playbook is Russia’s playbook
The Department of Homeland Security (DHS) in July withheld an intelligence bulletin warning of a Russian plot to spread misinformation regarding Joe Biden's mental health. The bulletin, titled “Russia Likely to Denigrate Health of U.S. Candidates to Influence 2020 Election,” was blocked by the office of acting DHS Secretary Chad Wolf on July 9.
The bulletin states that analysts had “high confidence” in their conclusion. However, a DHS spokesperson tried to defend the “delay” in issuing the document by saying it did not meet the agency’s standards. This is curious because just a week later, on July 16, DHS circulated a bulletin on anarchists in Portland that officers admitted they had “low confidence” in. Why was the Russia memo held back but the Portland one released?
Trump has been pushing the same line of attack against Biden for months - yet another instance of Russia and Trump operating from the same playbook. For instance, in March Trump said there was “something going on” with Biden; in June Trump ran selectively edited ads asserting that Biden is “unfit to serve as Commander in Chief”; last month Trump ran a digital ad portraying Biden as perpetually confused and mentally unstable. Most recently, Trump said questions about his own health are only in the news because “they want to try and get me to be on Biden's physical level."
DHS is just the latest agency in the Trump administration to erode election security, following actions by the Justice Department and the Office of the Director of National Intelligence (ODNI) last month. DNI John Ratcliffe announced he was ending in-person congressional briefings on election security ahead of November and AG Bill Barr removed a leading career official at the Justice Department’s national security division, replacing him with an inexperienced political appointee. The ODNI’s decision to halt congressional election briefs may have been influenced by top White House officials. National Security Adviser Robert O’Brien and Chief of Staff Mark Meadows, among others, have repeatedly discussed in meetings with staff and with Trump “how to restrict and control the flow of information on such sensitive topics to Capitol Hill.”
One White House official told The Daily Beast that Meadows has for months been wary of the type of briefings on Capitol Hill that Democratic sources can potentially use to try to make Trump look bad through surreptitious leaks to media outlets.
Meanwhile, interim Chair of the Senate Intelligence Committee Marco Rubio (R-FL) said last week that his committee will be granted an exception to the ODNI’s new policy and continue to receive in-person briefings from top U.S. intelligence officials about election-security issues. This essentially means that only Democrat-led committees have been cut out of the process ensuring election security. House Democrats wrote to Ratcliffe insinuating if his office does not provide the previously scheduled briefings this month they will issue subpoenas and/or defund the ODNI in the appropriations bill due by the end of the month. Read the letter here. In addition to attacks on Biden’s health, DHS has determined that Russia is seeking to “amplify” concerns over the integrity of U.S. elections by promoting allegations that mail-in voting will lead to widespread fraud. Intelligence analysts say this strategy has been underway since at least March, coinciding with Trump’s own assaults on mail-in voting.
For instance, in March Trump said if he agreed to funding vote-by-mail expansions in the first coronavirus stimulus bill, the U.S. would see “levels of voting that, if you ever agreed to it, you’d never have a Republican elected in this country again” (clip). Fact check: Neither party has historically benefited. On April 7, at the White House press briefing, Trump claimed: "Mail ballots are a very dangerous thing for this country, because they're cheaters… They're fraudulent in many cases" (clip). Fact check: There is no evidence that mail ballots are dangerous or fraudulent.
At a White House press briefing on Friday, Trump denied there is any proof that Russia poisoned opposition leader Alexei Navalny. Instead of backing the German government's analysis of Nalvany's illness, Trump then redirected the criticism from Russia to China (clip).
"I don't know exactly what happened. I think it's tragic. It's terrible; it shouldn't happen. We haven't had any proof yet, but I will take a look. It is interesting that everybody is always mentioning Russia - and I don't mind you mentioning Russia - but I think probably China, at this point, is a nation that you should be talking about much more so than Russia. Because the things that China's doing are far worse.”
Trump then went on to say he’s “taken stronger action against Russia than any other country in the world,” but added “I do get along with President Putin” (clip).
RELATED: Leaked notes obtained by the Telegraph say that when Theresa May asked for Trump to take a strong stand after Russia poisoned Sergei Skripal, Trump replied “I’d rather follow than lead.” He pushed May to “put together a coalition” first.
The Trump administration plans to deport a Russian national living in America, a move experts say is in response to a politically motivated request by Russia. Gregory Duralev was persecuted by the Russian state for exposing corruption. He fled to America and applied for asylum in 2015. While waiting for a decision on his application, he was arrested by ICE and jailed for nearly 18 months. His case is now in court.
“DHS has acted no better than the Russian authorities,” Duralev said. “They simply fabricated charges against me for violations I never committed — and if DHS can trump up charges against immigrants with impunity, nobody can guarantee they won’t start doing it” to regular Americans. “So that’s the main message I now hope to send.”
Michael Cohen & Peter Strzok
Former FBI agent Peter Strzok has a book coming out called “Compromised.” In it, he alleges that FBI investigators came to believe it was “conceivable, if unlikely” that Russia was secretly controlling President Trump after he took office:
“We certainly had evidence that this was the case: that Trump, while gleefully wreaking havoc on America’s political institutions and norms, was pulling his punches when it came to our historic adversary, Russia,” Strzok writes. “Given what we knew or had cause to suspect about Trump’s compromising behavior in the weeks, months, and years leading up to the election, moreover, it also seemed conceivable, if unlikely, that Moscow had indeed pulled off the most stunning intelligence achievement in human history: secretly controlling the president of the United States — a Manchurian candidate elected.”
He now says he doesn’t believe that Trump is literally a Russian spy: “I don’t think that Trump, when he meets with Putin, receives a task list for the next quarter,” Strzok said, referencing the Russian president, Vladimir Putin. “But I do think the president is compromised, that he is unable to put the interests of our nation first, that he acts from hidden motives, because there is leverage over him, held specifically by the Russians but potentially others as well.” In an interview with Politico, Strzok confirms that he and then-deputy FBI Director Andrew McCabe, opened a counterintelligence case on the president, but that it likely was never pursued. Two weeks ago, NYT reported that Rosenstein secretly closed it. As if there weren’t enough political books coming out this summefall, Michael Cohen is releasing his, called “Disloyal: A Memoir.” The following a couple of quick takeaways: Cohen says that he, Trump, Aras Agalarov, Emin Agalarov, and others, watched a strip show in Las Vegas where one performer simulated peeing on another performer, who pretended to drink it. Trump reportedly reacted with “delight.” Aras Agalarov, a Russian real estate mogul, is a trusted associate of Putin and reportedly served as a liaison between Trump and the Russian president during Trump’s trip to Moscow. WaPo:
On Russia, Cohen writes that the cause behind Trump’s admiration of Russian President Vladimir Putin is simpler than many of his critics assume. Above all, he writes, Trump loves money — and he wrongly identified Putin as “the richest man in the world by a multiple.” Trump loved Putin, Cohen wrote, because the Russian leader had the ability “to take over an entire nation and run it like it was his personal company — like the Trump Organization, in fact.” ...According to Cohen, Trump’s sycophantic praise of the Russian leader during the 2016 campaign began as a way to suck up and ensure access to the oligarch’s money after he lost the election. But he claims Trump came to understand that Putin’s hatred of Democratic nominee Hillary Clinton, dating to her support for the 2011 protest movement in Russia, could also help Trump amass more power in the United States.
USPS & mail voting
According to a Washington Post report yesterday, Postmaster Louis DeJoy engaged in campaign money laundering, also called a straw-donor scheme, at his former logistics business. Five of his former employees told WaPo that they were “urged” to donate to politicians in North Carolina and would be paid back through bonuses from DeJoy. Such a plan would allow DeJoy to illegally circumvent campaign donation limits.
“Louis was a national fundraiser for the Republican Party. He asked employees for money. We gave him the money, and then he reciprocated by giving us big bonuses,” said David Young, DeJoy’s longtime director of human resources, who had access to payroll records at New Breed from the late 1990s to 2013 and is now retired. “He would ask employees to make contributions at the same time that he would say, ‘I’ll get it back to you down the road,’ ” said [another] former employee. ...A Washington Post analysis of federal and state campaign finance records found a pattern of extensive donations by New Breed employees to Republican candidates, with the same amount often given by multiple people on the same day. Between 2000 and 2014, 124 individuals who worked for the company together gave more than $1 million to federal and state GOP candidates. Many had not previously made political donations, and have not made any since leaving the company, public records show.
More than one million mail-in ballots were sent late to voters during the 2020 primary elections, an audit by the USPS IG’s office determined. Most of the ballots were late, the USPS says, because local election boards sent the ballots to voters at the last minute. Official press release.
[The audit] found the problems during primaries had been most pronounced in Kentucky and New York, where a combined 628,000 ballots were sent out late. In 17 states, the audit found, more than 589,000 ballots were sent from election boards to voters after the state’s ballot mailing deadline. In 11 states, more than 44,000 ballots were sent from election boards to voters the day of or the day before the state’s primary election. One particularly troubling situation, auditors found, unfolded in Pennsylvania, where 500 ballots were sent to voters the day after the election.
Furthermore, only 13% of the ballots were mailed with the recommended bar code tracking technology. Florida Rep. Debbie Wasserman Schultz (D) was blocked from attending two scheduled tours of USPS facilities last week. Local Postal Service officials informed her and union leaders waiting to accompany her into the building that national USPS leadership had directed them to bar the group from the building. A Postal Service spokeswoman said they simply needed more notice for a tour. Many states, including important battleground states, are not legally permitted to process mail-in/absentee ballots until Election Day, leading to concern that results will be delayed by days or weeks. For instance, in Pennsylvania, Wisconsin, and Michigan election officials cannot even begin processing ballots until Election Day. Processing involves opening envelopes, flattening ballots to run through the scanning machine, and prepping for the scanning.
"When voters have to wait so long for results, it erodes trust in the process and leaves room for partisan bad actors to dispute the will of the people," said Amber McReynolds, CEO of the National Vote at Home Institute, a nonprofit organization.
AG Bill Barr made three stunning false claims about mail voting during an interview with Wolf Blitzer last week. First, Barr wouldn’t even acknowledge that voting twice is a crime - because just hours earlier, Trump encouraged his North Carolina supporters to vote twice to “test” the state’s mail-in voting system (clip).
BLITZER: It sounds like he’s encouraging people to break the law and try to vote twice. BARR: It seems to me what he’s saying is, he’s trying to make the point that the ability to monitor this system is not good. And it was so good, if you tried to vote a second time you would be caught if you voted in person. BLITZER: That would be illegal if they did that. If somebody mailed in a ballot and then actually showed up to vote in person, that would be illegal. BARR: "I don't know what the law in the particular state says.” BLITZER: You can’t vote twice. BARR: "I don't know what the law in the particular state says.”
Then, Barr tried to assert that foreign countries could fake ballots, but when challenged he admitted he had no evidence (clip).
BLITZER: You’ve said you were worried that a foreign country could send thousands of fake ballots, thousands of fake ballots to people that it might be impossible to detect. What are you basing that on? BARR: I’m basing — as I’ve said repeatedly, I’m basing that on logic. BLITZER: Pardon? BARR: Logic.
Finally, Barr cited a supposed incident of mail-in voting fraud in Texas. Too bad it doesn’t exist.
The payroll
Charles Rettig, the Trump-appointed IRS Commissioner who has refused to release President Trump’s tax returns, has made hundreds of thousands of dollars renting out Trump properties while in office. Rettig makes $100,000 - $200,000 a year from two units at Trump International Waikiki. When first nominated, Rettig failed to disclose his financial ties to Trump Waikiki. When questioned by Congress, he did not directly answer concerns about the properties.
CREW: With Trump’s name removed from some buildings as it began to hurt property values, we can only imagine how toxic it would become if a bombshell in his tax returns were released. Which means the IRS Commissioner has a vested interest in the success of the Trump brand—and of preventing anything that could damage it.
Voice of America staffers say Trump appointee Michael Pack is threatening to wash away legal protections intended to insulate their news reports from political meddling. Since arriving, Pack has fired the network's leaders, pushed out agency executives, refused to approve allotted budgets, and refused to renew visas for foreign employees.
Further reading: “Deleted Biden video sets off a crisis at Voice of America,” Politico.
Pack suggested the staff he fired and foreign journalists he essentially kicked out may have been foreign spies, without offering any evidence to support his claim. A group of 14 senior VOA journalists are openly disputing his explanation:
“Mr. Pack has made a thin excuse that his actions are meant to protect national security, but just as was the case with the McCarthy ‘Red Scare,’ which targeted VOA and other government organizations in the mid-1950s, there has not been a single demonstrable case of any individual working for VOA — as the USAGM CEO puts it — ‘posing as a spy,’ ” they wrote.
The White House is searching for a replacement for Federal Trade Commission Chair Joe Simons, a Republican who has publicly resisted President Donald Trump’s efforts to crack down on social media companies. Simons, a veteran antitrust lawyer, cannot legally be removed by the president except in cases of gross negligence. But the White House has already interviewed at least one candidate for the post.
RELATED: The Justice Department plans to bring an antitrust case against Google as soon as this month, after Attorney General William P. Barr overruled career lawyers who said they needed more time to build a strong case.
Richard Grenell, formerly the highest-ranking out gay official in the Trump administration, has joined a law firm founded by Pat Robertson that has a history of opposing LGBTQ+ rights. Grenell also recently joined the Republican National Committee to do outreach to LGBTQ+ voters. The Trump administration has quietly named a new acting State Department inspector general. Matthew Klimow, the U.S. ambassador to Turkmenistan since mid-2019, is the third acting IG since Trump and Pompeo ousted Senate-confirmed IG Steve Linick in May. Mick Mulvaney, Trump’s current special envoy to Northern Ireland, former Chief of Staff, and former acting head of the Consumer Financial Protection Bureau, is starting a hedge fund focused on financial services regulation. Ethics experts say Mulvaney explicitly using his knowledge of CFPB to place bets for and against companies gives him an unfair and perhaps illegal advantage.
Court and DOJ matters
Court cases The Trump administration must, for now, stop winding down in-person counting efforts for the 2020 census, a federal judge in California ordered. The three-judge panel hearing a challenge to Trump’s new anti-immigrant census policy seemed hostile to the government’s arguments in a hearing last week. A federal judge has stopped the Trump administration from enforcing a rule change that would let health care providers deny medical services to LGBTQ patients on the grounds of religion. Justice Department Federal prosecutors are preparing to charge longtime GOP fundraiser Elliott Broidy in connection with efforts to influence the U.S. government on behalf of foreign interests. Broidy helped raise millions for Donald Trump’s election and the Republican Party. Barr ordered another round of changes to FISA rules, tightening the use of government surveillance on political candidates or their staffers — a move conservatives will likely cheer, as they have long criticized how the FBI investigated the Trump campaign in 2016.
Before conducting physical searches or wiretaps of a federal election official, members of the official's staff, candidates for federal office, or their staff or advisers, the FBI must now consider giving them a "defensive briefing," to tell them that they could be the target of foreign influence.
Getting Andrew Yang to the White House Part 5: The Yang Gang’s Last Stand
I’ve been seeing a lot of negativity around here recently, and rightfully so. We lost Iowa. I know that’s not an easy fact to take in given the amount of time and effort put into the state from the campaign, staff, and volunteers, but we have to face the truth. We got out-organized. So what do we do about it? I’m the author of these previous 4 posts if you have the time to read them. If not, its ok. This post is very much a standalone post. And probably my most important post thus far: Part 1: https://www.reddit.com/YangForPresidentHQ/comments/b17slb/ive_worked_on_multiple_campaigns_and_managed_a/ Part 2: https://www.reddit.com/YangForPresidentHQ/comments/b9yyyh/getting_andrew_yang_to_the_white_house_step_2/ Part 3: https://www.reddit.com/YangForPresidentHQ/comments/c1h0lj/getting_andrew_yang_to_the_white_house_part_3_at/ Part 4: https://www.reddit.com/YangForPresidentHQ/comments/ds6rh0/getting_andrew_to_the_white_house_part_4/ In this post, I will detail our best path forward. Our best path to shock the political world and get the American people and the media to take us seriously. And it’s not what you think. Andrew has been campaigning tirelessly in IA and NH, but his best chances are not there. Our entire campaign, our entire country’s future rests on us winning Nevada. There is no other state more prime for our message and our vision than Nevada. I’ve been canvassing in Nevada since November of 2019. I have knocked on hundreds of doors and spoken to hundreds, maybe thousands of Nevadans. We have a chance to take top 3 in Nevada. When textbankers told me to go to IA, I chose to travel to Nevada. And I’m glad I did. The political environment and campaign infrastructure are much better in Nevada. Nevada (and more specifically one city in NV) is a state full of Yang Gang, they just don’t know it yet. Nevada has early voting which has already begun, but their caucus is on Feb 22nd. Nevada is our last stand. And I will detail in this post exactly why we can and should win Nevada. If we don’t, that could very well be the end of this campaign. So buckle up, this is important. Nevada is the third state to vote. In addition, like Iowa they are also a caucus state. No one was expecting us to win Iowa. Heck, it’s probably a good thing we didn’t win Iowa. With the debacle going on there, our win would have been overshadowed by the IA Democratic Party screwup anyways. That being said, no one is expecting us to win NH either. (If you want to go to NH, please still go. But from this time of posting, we have 5 days to convince NH, we have two weeks to convince NV – do the math). If we lose Nevada however, that is three in a row. More than enough reason for the media to write us off for the rest of the primary cycle. We need to prove them all wrong. We SHALL NOT let the Bernie Bros pass! We can do this because Nevada has favorable Demographics, the Issues/Politics resonate with its voters, and the Nevada Staff/Campaign are the best I’ve seen. Demographics: To win Nevada, we only need to focus on one location. Unlike Iowa and New Hampshire where the population is spread out (there are 99 counties throughout the state of IA), Nevada only has 16 counties and most of them are very sparsely populated. The most important county is Clark County, and the most important city in that county is…..you guessed it, LAS VEGAS. The Las Vegas metropolitan area includes Boulder City, Enterprise, Henderson, North Las Vegas, Summerlin, Winchester, Paradise…etc. The Las Vegas Metro area has 2.2 Million people living in it. The entire state of Nevada has a population of ~ 3 Million people. The Las Vegas metro area comprises of more than 70% of the entire population of Nevada. If we win Las Vegas, we win Nevada. Its that simple. In addition, you know what Las Vegas has that IA and NH did not? A group of people whom tend to like Yang automatically: MINORITIES!! Las Vegas has a huge Chinatown and we have a Yang office there! Las Vegas had a Chinese New Year’s parade two weeks ago! Did NH or IA have a Luna New Year Parade? FUCK NO! Yang Gang was there and walked in it! We got cheers from the audience! Yang Gang has ran ads in Chinese media for Yang. There are at least several precincts that are majority Asian people! That better be automatic delegate pickups for us. We just need to turn them out! Las Vegas, unlike Iowa or NH, is very compact. You can finish canvassing 50 doors easily because the houses are close to each other. If you’re really hitting it, you can easily do 100 doors a day. You dont need to hit a few, then drive several blocks. You can simply drive to a neighborhood and bang out door to door very efficiently. Also, unlike IA and NH, it’s a sunny/cool 60-70 degrees in Las Vegas. So people are actually out doing stuff. The Issues/Politics: There is no other city where the narrative and issues Andrew Yang champions appear more salient than in Las Vegas. Las Vegas is at the center of the automation revolution, and you can look no further than the famous Las Vegas strip. If you have the money (seriously, it can get pricey) stay on the strip and talk to every bartender, waitress, blackjack dealer, housekeeper, bellman, etc you can. In Las Vegas, the service employees win the elections. This New York Times article details it very well. (If you cant read it due to paywall, don’t worry, I’ll explain) (https://www.nytimes.com/2019/12/12/us/politics/nevada-caucus-2020-culinary-union.html) The most important special interest groups in Las Vegas are the culinary workers union, Local 226, and the bartenders union, Local 165. These unions see automation in front of them every day. MGM recently automated most of their backhouse bartenders. Servers now pick up drinks from a robot and deliver them to customers. I spoke with a bar manager in the Bellagio and he said that in their contracts, there are clauses that dictate they can be automated away by a machine anytime. And they have to be ok with that. So Andrew Yang's message of the Freedom Dividend resonates. In addition, there is one issue the unions care about more than anything else and that is Healthcare. However, this is the best part: they HATE Medicare for All. Not one union worker I spoke with wanted Medicare for All. Why? Because their unions have negotiated for them stellar healthcare for years and years. They love their healthcare. And they don’t want the government coming in and taking away all the hard work their union has done for them. If you bring up Yang to your housekeeper, your waiter, your bartender, I guarantee you their first question to you will be: “What will happen to my healthcare?”. And unlike Bernie, we can say “You can keep it”. (Note: Biden also said that when he visited the unions). If Andrew Yang can win the endorsements of the Local 226 and Local 165, we win Las Vegas/NV. It was these unions whom delivered Hillary Clinton her victory in 2016. Now Andrew has not met with the unions and their leaders yet, and I hope that the campaign is reaching out to them. But until that happens, it us up to US to talk to as many union members as possible. (Note also: Nevadans have a bad taste in their mouth for Bernie, especially after how the Bernie people acted in the NV State convention in 2016. Maybe using death threats was not the best look for the Bernie campaign. Just sayin: https://www.nytimes.com/2016/05/17/us/politics/bernie-sanders-supporters-nevada.html) If you stay on the strip, talk to every employee you can. You can change minds. I Yanged an entire bar by myself when I spoke with the Bar Manager about the Freedom Dividend, automation, and that Yang wont take away his Healthcare. He then bought me a free drink, gave me his card, and committed to taking all his employees to the caucus. Imagine if the Yang Gang descended onto Vegas and did this at every restaurant, every bar, every hotel, and every venue. We would win Las Vegas, and get free shots too. After speaking to many Las Vegas voters, I’ve come to believe that they don’t like politicians. There’s a reason why Tom Steyer has blanketed the state with his ads. Because Nevadans don’t trust politicians. Thus, Yang is a natural alternative to the rest of the field. Steyer may have some traction, but almost everyone I spoke with didn’t like the fact that Steyer was trying to buy the election. Everyone from Uber drivers to strippers (seriously) found Steyer annoying. Something unique to Vegas that you don’t see anywhere else is the way wealth inequality unravels itself. Las Vegas is the place where the rich and famous come to party and blow their money away. Yet the residents here don’t scorn or hate them. Bernie and Warren’s rhetoric of the “greed and the corruption” fall on deaf ears here because in Las Vegas, the rich treat service employees well. Talk to any bartendeserver long enough and they’ll tell you about that one time when Rihanna came in and left a $10K tip on her tab. The rich come here to live out their vices, yet they are gracious and generous to the people who serve them. You can spend upwards of $5000 at a nightclub and $20 for a drink on the strip, but once you leave the strip prices drop by at least 75%. So residents don’t feel the price inflation. Don’t want to spend money? Party in downtown Vegas, where a drink is only $3- $4. The residents of Las Vegas don’t hate the rich, and they don’t want a “revolution”. They just want to make enough money so that sometimes they can sit down and enjoy a football game with the high rollers. The Freedom Dividend is the ticket to that life. The Staff Last, but not least, is the staff. Speaking from meeting as many of them as I have, the Las Vegas campaign staff are absolutely phenomenal. Mark Peckham, the NV state director did a great job picking his team and it shows. Reading through the threads I see talk about the Iowa staff being unprofessional and not ready for the caucus. I see talk about IA not training their precinct captains correctly, and offices hiring people with no experience. I can tell you, that is certainly NOT the case in Las Vegas. Almost every staff member I spoke with was professional and experienced. I consider myself pretty experienced in politics. There was not one staff member I met who didn’t know their shit. Precinct captain training? The NV staff has been doing that on a WEEKLY basis since November! Sign up for canvassing and are late 30 mins, you bet your ass a staffer will call you up and find out where you are. I remembered when I was considering going to IA and I wanted to know if the IA campaign needed a data analytics guy (my specialty). I asked several staff and never got an answer back. I asked the same question to Las Vegas staff and I got an answer back in seconds. The Las Vegas staff know their shit and they’re here to win. Even their volunteer coordinators are dedicated and knowledgeable. They have daily tables at UNLV, and weekly well attended Yang Hangs. Their offices are clean and open on time. Yang Gangs have houses you can stay in free of charge, and volunteers happily drive you around in a Tesla to get you to your canvassing locations. They’re that fucking good. Convinced yet? Here are the contacts you should add/follow on facebook: Eileen Patterson, Las Vegas Volunteer Director Gavin Williams, Field Organizer Alex Pitarro, Field Organizer Alyssa Monet Manson, Yang Gang House Leader Nick Joke (not his real name, but his name on facebook), Volunteer organizer (these are not all the staff, just the ones I can remember off the top of my head. There are several others, almost all are sharp). Join the Vegas Yang Gang Facebook Group: https://www.facebook.com/groups/vegasyanggang/ The Las Vegas Yang Gang has a website: https://vegasyanggang.com/ The following are their active offices and hours: Addresses: Chinatown Office 4276 Spring Mountain Rd Suite 203 Las Vegas, NV 89102 Henderson Office 580 E. Windmill Lane Suite 130 Las Vegas, NV 89123 North Las Vegas Office 2815 W Lake Mead Blvd Las Vegas, NV 89106 Hours Monday—Saturday: 10:00AM–8:00PM Sunday: 12:00PM–8:00PM (Note: I emphasize Vegas because it is the population center of Nevada. However, if you would like to help win other parts of Nevada, Reno is worthy of helping too. I’ve met several Reno organizers and they are all very capable people.) Lastly, Las Vegas is truly an amazing city. Nothing beats canvassing 50 doors a day and then settling down to a workout, a spa, and a buffet. Want to Yang marijuana aficionados because Yang has the best drug policy? Great, its legal to buy weed in NV. Go to one of the hundreds of dispensaries in Vegas. Want to Yang sex workers and strippers because Yang wants to decriminalize sex work? Great, Vegas has the best strip clubs in the world. Want to party hard and work hard? Great, Vegas has the best nightclubs and bars you could ever dream of. Want to Yang sports gamblers because Yang wants to legalize online gambling, you can do that too! So lets leave all our chips on the table Yang Gang. There is no other city more prepared to be won than Las Vegas. Lets lay it all out on the floor and say we did our best. Make Las Vegas our Last Stand. And if we win, if we do, that will be more than enough momentum to carry us to victory on Super Tuesday. Nevada/Las Vegas is better representative of America than any other state/city so far, and America will recognize that. If we win Vegas, we carry enough momentum to finish well in Super Tuesday, guaranteeing our bargaining power in a brokered convention in July. I hope this is not the last time I write these posts. And I hope you all can join me. What are you waiting for? Buy your ticket. We’re going to Vegas baby. thank u, next. Note: last but not least, if you can donate, please donate to the Ken Jeong fundraiser this coming 2/13, will help us hit NV campaigning strong!: https://secure.actblue.com/donate/ay-events-lv-1215 Edit: Thank you so much for everyone giving me awards! I just want Yang to win and I firmly believe this is our last stand. We’re in the Endgame now....
Not Financial Advice (NFA) Warning: Wall of Text. If you hate reading just skim through the bolded/italicized Ever since I publicized my findings on DKNG, the stock has underperformed & probably has fucked a lot of people here, especially given the overly bullish stance back in June. Unless you took my advice & got into Puts then, congrats, welcome to tendie town. For the ADHD retards, here’s what the next wall of text is going to summarize: I believe at the current price of ~$30, the stock is oversold. A tech-focused, high-growth Company that has made sports betting easy to understand with an aesthetically pleasing interface similar to how Robinhood has neatly laid out stock market gimmicks so even high-schoolers can make sense of it I believe, is underpriced at these levels. Let’s get into some details as to why the stock has underperformed: First off, the news slate revolving sports with the rumored delay/cancellation of the MLB season & the NFL watching from the sidelines is in my view, just a part of why the stock has underperformed. We’ll revisit this later in this post, but I want to focus on the drivers of the stock’s recent underperformance, & why these factors are now in the rearview mirror. Part I – The Past Has Passed – SPAC-related Equity Dilution History lesson first: DKNG went public via a SPAC merger, which has exploded in popularity recently. Anyone serious about analyzing stocks going forward needs to do their homework on this, Google is your friend. A feature of most SPAC merger to public listings that creates a headwind to near-term share prices are embedded equity dilution events, usually in the form of earn-outs (stock bonuses to execs, the SPAC sponsor) & conversion of Warrants. On 5/24, the earn-outs were triggered, adding 6m shares to the share count. On 6/26, 16.3m warrants converted to DKNG, netting them ~$188m of cash. Stepping back a little, in addition to the above, on 6/18 DKNG launched a follow-on equity offering of 16M shares @ $40/Share [1], receiving $621M in proceeds. The last part is tricky to understand from a dilution perspective. To simplify, historically it’s almost a coin toss whether a Company’s shares outperform on the onset of an equity offering. While issuing shares does dilute the existing shareholder base, it theoretically shouldn’t, if the proceeds from the offering are earmarked for investments/projects that yield outsized returns. This is the reality for the long term, theory for the short-term. For the short-term, the ‘reality’ isn’t that the proceeds will be used for investments/projects that yield outsized returns, it is more about how convincing management is to investors that the investments they intend to pursue with the proceeds will outweigh the dilutive effects of issuing incremental shares. That’s a mouthful, but hopefully you get what I’m trying to convey. All of this stuff put together – the Company has increased its share count by ~39M, but now has a whopping ~$1.4Bn of cash [2]. More on this in the next section. Part II – MLB News Should Not Fucking Matter & DKNG Is Positioned As the Leading Online/Mobile Sports Platform DKNG should not be so tied to MLB news or any of this shit as the ongoing success of the NBA/NHL season + Soccer in Europe has effectively created a blueprint on how to regulate player behavior so that they maintain professionalism amidst the pandemic. I’m going out on a whim here, but I truly think the MLB threatening a cancellation of the season is pure posturing to get these fuckers to behave appropriately. Maybe a ‘bubble’ is what it takes to get these players to focus on their jobs instead of going out & contracting COVID, but I argue that isn’t necessarily required given Soccer in Europe. So there’s already a proven path here without the need for a bubble in Soccer, so MLB/NFL should be fine, and execs need to study how they got it done in Europe. Okay, back to some facts. Anecdotally, I’ve kept in touch with a handful of sports bookies from California to New York & even internationally about what they’re seeing – all of them say that since the NBA season started on 7/30 & since Soccer (especially the Premier League) resumed in June, along with other leagues like La Liga & Serie A, they’ve seen massive increases in betting. These numbers are also showing up in the official data [3]:
Average % increase in sports betting handle from April 2020 to June 2020 (handle is the total $ wagered in sports bets) from the states that reported up to June 2020 (NJ, PA, MS, RI, WV, IA, IN, NH) of +258%!
Note: NV is left out due to the site I sourced showing a weirdly negative number – so I dug into the official filings & show specifically, Sports Mobile betting growth from June since April has growing by at least +73% [4]
REMEMBER: This is for June only! No NBA, No NHL, No MLB, just Soccer, Golf, NASCAR & UFC. The data clearly shows that there was a ton of pent-up sports betting demand, which leads one Wall St. analyst to think that betting on the NBA/NHL could ABSORB the MLB’s sports betting handle (handle = total $ size of sports bet) [5]. Remember, the MLB season is still ongoing, with games being played. The entire focus is on the Miami Marlins & St. Louis Cardinals. Fucking retards. Additionally, I want to remind everyone that DraftKings.com is the #1 Fantasy sports website in the U.S. [6]. Also, since April 2020 site visitations are up +86% [7] & Google Search Trends for “Draft Kings” is up ~3xcompared to PRE-COVID levels [8]. What does this mean? They are piquing more people’s curiosity than prior to COVID/ongoing slate of sports. This is important because remember that ~$1.4Bn chest full of cash I mentioned DKNG had assembled earlier? Well, that money is being put to work & results are already coming in, which is exactly what DKNG intended to do with it. Part III – Legalization of Sports Betting in the U.S. I could write a fucking bible on this topic alone, but for now we’ll stick to some basics. Due to COVID, it’s easy to understand that each State’s financial situation is clearly in shit. Because of this, you better believe that these guys are going to start taking a hard look at how they can extract additional tax revenues, & what’s one of the easiest ways to do this? Legalization & taxation of gambling. The big players: CA, TX, FL & NY. First, CA pushing its legislation out to 2023 was fucked up, but here’s a twist I want to add to this: Anything that has to do with gambling in CA you better believe is lobbied against by not just the Tribal casino owners in CA, but by the deep pockets of Las Vegas money. Similar thing can be said for FL, but let’s take a look at some actions by LV/nationwide gambling companies that are starting to align financial incentives with guys like DKNG.
MGM / GVC Holdings JV in BetMGM - $450m total invested
PENN invests $163m into BS Sports
Caesars has a 20% stake in William Hill plus partnership deals with The Stars Group (TSG) & our winner DKNG for operating its sports books
So it’s safe to say going forward, nationwide legalization of sports betting will reap rewards for everyone involved, & no longer be something LV money is completely focused on safeguarding. Let’s also not forget that DKNG didn’t become the Company they are today because of their fancy app, but because their management team has a HISTORY of navigating the U.S.’s legal framework to get what they want out of it.
The Crown Jewel – The Internet Gambling Prohibition & Enforcement Act: I said it in a previous post, but I want to emphasize that them getting Fantasy Sports to be labeled a ‘game of skill’ by FEDERAL Law as opposed to gambling is just something for the history books. Fucking genius shit. When this happened I bet every casino from LV to every Indian Tribe that has one was against it, yet DKNG & other DFS providers won.
There’s more, but more recently: Getting into IL:
In IL, there’s an 18-month ‘penalty box’ for Companies that offer DFS to offer sports betting. Our guys at DKNG created a workaround to this situation with their partnership with Casino Queen [9]. DKNG being savvy again.
Do not join WFG, Transamerica, or any MLM! Let's use facts to discuss why....
Can money be made in MLM (Multi-level Marketing)? Yes, but only for the top 1% who join in the very beginning. Who am I? I am a woman who made this post because of my brief experience in MLMs and I am someone who wants to see her friend out of an MLM once I found out the truth. Because my friend is completely brainwashed by World Financial Group, an insurance-based MLM, I'd like to share everything I learned trying to convince her to get out of a pyramid-shaped company that relies on recruits to make the majority of their money. Perhaps this can help you or a friend. If so, it is worth all of effort for me. I love my friend very much, just like you love yours. Let's share the real information of what MLMs do to impoverished communities through facts. Scroll down for government article links on MLMs and why 99% of people in them lose money. The way a pyramid is shaped means that only the top 1% in the pyramid make money. In order to be in the top 1%, typically you have to join an MLM in the first year. Here's a fact: World Financial Group began in 2011. Ummm...it’s 2020 right now. If you join WFG, not much is going to happen for you now. WFG began too long ago to make money in it today for new recruits, but they need recruits to keep money funneling to them for the top 1%.
In this review, I am going to use government based articles to explain why this setup at WFG andMLMs in general are a very bad idea of nearly everyone involved.
The information in this post includes answers to why MLMs are immoral, target minorities populations, and exploits people for money, and how MLMs breed poverty in already poverty-stricken communities (Latinos & African Americans). I mention race here because racial bias is important to consider when investing MLMs. I am going to show you valid points on why, with a foundational basis on math and facts to explain this to you, but I’m going to give you my personal story and thoughts as well. You should read the links from government websites to get the full picture on MLMs and World Financial Group, Transamerica, and all other MLMs = is all the same pyramid shaped system.
I’m going to demonstrate the moral point, that all pyramid-shaped MLMs are immoral and exploitative, even with WFG, who sells insurance policies, which is supposed to be a helpful benefit, right? Like my WFG friend tells me, "you're so confused. We help so many people. I know all about pyramids. They teach us all about pyramids."
My Background in MLMs: My ex’s father was an MLM expert in the company MonaVie (2008). We will call him H. In the past, I used to be able to google H and easily find information from his name and his success, but it is like he disappeared from the internet. I used to admire H a lot. He was an African American man, tall, skinny, and very educated. He used to be homeless, but got into MLMs and other businesses, making a lot of money later. I went to his conferences for MonaVie with his 20's age son, and I recall he held his son a spot higher up in the company bracket so that his son could begin selling with a solid downline from recruits. From his son's words, H made approximately $300,000 per month for having people underneath him in an MLM. I was impressed because I thought MLMs were amazing if someone could make that much money. When I looked up H's website, he charged $500 per phone call for his advice. I thought, in my early twenties, "Wow, this must be a smart man to charge that much for advice." Also, H was an engineer, which required a level of understanding in science and math beyond my scope. I remember listening to H's talks and he was a gifted speaker and dreamer ... he had a way with people and he recruited a lot of people beneath him. H was in the top 1% and made elite status in the MLM company. What H and other did not tell you is that no one except the first people that joined ever made the kind of money H made, not even close, despite all of the conferences he had in people signing up as new recruits. Reflecting on H and what I know now, I am pretty disappointed that he knew how this worked, but still found it just fine to make all of these dreamers under him purchase products and lose money for his gain. It's a greedy world for the top MLM people.
MLMs will never work unless you joined in the very very early stages.
I almost joined an MLM 3x! I know, it's sad.... The last time it happened I was in a Chipotle getting lunch and surrounded by mostly men in business suits. One African American man approached me and we had a discussion about business. He ended up buying me a book (it was actually a good book) and that made our connection. Then, he tells me that someone higher up in the business, who made a lot of money, explained to him that he can change his life if he follows this system in Amway. It is a very touching story. Soon enough, and some Zoom calls later, I have to pass this reflective test and questionnaire to prove that I am someone that has the motivation and drive to be mentored by him. I was supposed to feel honored when I passed. After the passed first test, I am about to attend a meeting where everyone is going to clap for me because I passed the first step into this organizational pyramid called Amway.... Facts: 99.9% lost money in Amway. Check out the government article, first link. My Amway mentor had a construction business and that was how he was doing well financially. there is no way he was able to leave Amway and retire on his benefits from the MLM. Despite people saying he was about to retire from Amway and how well he was doing, he was probably too ashamed to admit he spent 10 years and all of his extra time thinking he was going to retire early because of Amway. I also question that supposedly rich man in his story that he could have racially targeted this person to him a worker and slave to Amway for losses, not gains.... I ended up googling Amway and found another man wrote a book on how Amway scammed him out of his life savings, despite being a top agent and never seeing any of the funds the top agents promoted. Everyone thought he was successful below him, but the truth was that he was in a lot of debt. Since all pyramid-shaped business models in MLMs work the same way with building a business based on recruits and the products purchased, below will be examples why the MLM pyramid model (**which is in all MLMs) is not a moral business model. Let me explain.... and please chime in if I said anything incorrect, you wonderful reddit people.
All MLMs are setup similarly; it’s a pyramid shape. If anything is a pyramid shape, it needs money from the bottom to funnel up to the top. "You find X people, and those people find X people."
MLMs often target minorities, single moms, and uneducated populations. They want recruits from every sector, but they target vulnerable populations.
MLMs need recruits to keep the pyramid functioning, but it only gives big gains to the top 1% who first joined.
MLMs have a product or service, but make most of their money through recruiting.
MLMs have a product or service that their “agents/contractors/recruits” buy themselves.
MLMs give unrealistic expectations that if you join, saying, "you can make a lot of money if you work hard, but no guarantees."
MLMs convince you that you can be in the top 1% despite being at the bottom of the pyramid, but you never realize you’re at the bottom orhow a pyramid works, but you think they have educated you....
MLMs make money by recruiting others.
MLMs have some kind of conferences or products they sell to you, usually motivational or spiritual in nature.
MLMs want you to think you can be your own entrepreneur, but the truth is you will never have your own LLC or S-Corp in a Pyramid. Basically, you cannot branch off into your own business because you have to be connected by a leg in the pyramid, but they want you to think you're an independent business owner to keep getting and convincing recruits.
MLMs target vulnerable populations, immigrant, and especially single mothers.
MLMs use some type of manipulative tactics and want to explain to you in person on how the finances are setup.
MLMs have some sort of cult-like nature to them, no matter how professional. They use manipulative tactics to pressure people into joining and FEAR is a motivator, especially pressuring people into life insurance policies …if something bad happens and you can secure your future, it guilt-trips people and the WFG agents think they are helping them and their finances, serving society and on a moral mission.
MLMs use psychological principles for agents to say, “if you work hard, you will more likely get results.” This is not true. A pyramid is a collapsable business model and only the top get the money and rewards. They prey on people's self-doubt, making you think you are the reason why you did not get results.
MLMs say now is the perfect time to join!Ever heard one say otherwise?
MLMs try to say they are not like the other MLMs to disguise the fact it's a pyramid. They say not all MLMs are bad. Not all MLMs are evil. Many MLMs are even promoted as charities or affiliated with helping charities.
They often say how terrible it is to work for employers when you can be your own entrepreneur and boss. The thing is, employers are actually better because they don't charge you to be an agent for them or make you purchase services from them. You get money from your hours worked and the employers assumes the risk of starting the company. Employers also don't make you lose 99% of your time and money.
They saymany companies have paid training **to justify you to keep paying them money.**
MLMs, like World Financial Group, train you from the inside out. My friend at World Financial Group told me this herself. They do not let REAL financial advisors from universities come and talk about your MLM and how you can make money. She would not let me explain the model to a REAL financial advisor. She referred me to speak to her upline. It's always people in the group that "educate" you. My friend in WFG said, "People with PhDs don't know everything." I'm thinking....okay....that means we should not read scholarly articles that doesn't support your MLM goals?
With MLMs, when the person does not get results, it’s because of the pyramid shape, not because of their effort, but they sadly blame themselves. That is why many people to stay in MLMs because they need emotional support, confidence, or feel lonely and having their uplines gives them an endorphin boost. Also, feeling like they are serving a life's mission, sell insurance, is a motivator in itself.
MLMs do not supply you customers. Unlike working for a company like ATT, selling phones, MLMs make you hunt for them and use manipulative tactics (in the guise of you educating them or selling a product, but the goal is to get more recruits and people purchasing product/services).
The World Financial Group MLM takes uneducated people about finance and gives them training on how to educate the public on their finances, charging them money for training.Does it make sense that people without a finance degree to be educating others on what to do with their money? Hmmmm. I'd rather you be an actual finance person.
MLMs promote more than one income. It's important to have more than one income, in fact, people have many forms of income. Yes, that's because no one can support themselves on one income from am MLM where 99% are losing money,
MLMs convince you that wherever in the bracket you are starting, you can actually make good money if you work hard enough. FALSE. You can never work against the odds of a pyramid model and make the money of the people in the top 1% because in every MLM, 99% lose money since YOU NEED RECRUITS to make the most of your money. SCAM ALERT. RED FLAG!
WFG makes their agents eventually a financial advisor, helps them with licensing, and encourages them to get more recruits to feed other uneducated people for their uplines, specifically targeting minorities, thinking they are helping them secure their financial future being being more legitimate (but they reallllllly they disguise the fact that just need more recruits and trick themselves into thinking it's about the insurance).
MLMs say we are not a pyramid scheme, those are illegal! Yes, but even legitmate businesses are legal and immoral. For example, Scientology is a terrible scam (check out Netflix documentary on Scientology), but it is still legal. Just because something is legal, does not mean the pyramid is still immoral. They get to be a legitimate business because of the product they are selling; this is the government's loophole for them to exist.
MLMs love to say they are not a pyramid scheme despite their pyramid shape. How many places have you worked did you fight for your company's reputation on not being a scam?
MLMs give you things to say to people and others who are skeptical; it is implanted in their talks and programs. My friend has every defense for them in everything a skeptical person says, as if it discussed in their talks. She said her WFG friends get this from their friends, thinking they are part of a cult or scam. She says, "Not all pyramids are evil." I never said they were, but actually, they kind of are, depends on how you define evil I guess...
All MLMs mathematical odds are so against you, you’d have more luck winning the lottery to have the success of the people you admire in the company (or the success they claim to have, often lies unless in first ever to join). This truth is in the government articles linked below.
For the World Financial Group MLM, the average associate makes $18K per year salary. Is that what you want to make? Most don’t even reach that level and that’s poverty-level people!
For MLMs, the people who sign up leave. You can see this in the numbers, but they often leave out certain information. It is not a sustainable business model and every single MLM is proven to collapse.
Many MLMs change their name later and setup due to lawsuits of malpractice and not disclosing the real financial risk and loss upfront when new recruits join.
MLMs say things like, "Everything is a hierarchy in business" or "Everything is a pyramid," as an example to justify their pyramid, but still they never are REALLY educating you on the pyramid shape because they don't want you to know that you will make so little. They need you hooked and to hook other people for more recruits, the life of the top 1%...
MLMs do not share that if you get X person to find X people, that mathematically you’d have to go through so many cycles to make money, but the number of cycles it takes makes it impossible odds because it assumes ALL of those people who recruit won’t leave and that they actually make those goals. Most people are not sales people and quit, losing money. They give you visuals, making you think it's EASY, but it's not and odds are better to win the lottery.
World Financial Group silences people who speak out against their MLM.
MLMs And WFG breeds more racial poverty because it uses racial bias to target people who need money in low-income communities, especially people with financial problems, like African American and Latinos, and when these minorities spend money for insurance (an arguably helpful benefit because there are better insurance plans than WFG) they are exposed to MLMs recruiting them into WFG... and a high percentage of those recruited lose money due to company turnover rate, community competition, and the pyramid's setup..
USA Government Article Fact: 99% of people in MLMs lose money. This is a FACT.
See Government Articles Below for FACTS on MLMS:
Government Article on why 99% of people in MLMs lose money and probability odds, including breakdowns of finances for very popular MLM company agents:
https://www.ftc.gov/sites/default/files/documents/public_comments/trade-regulation-rule-disclosure-requirements-and-prohibitions-concerning-business-opportunities-ftc.r511993-00008%C2%A0/00008-57281.pdf When the Federal Trade Commission ruled in 1979 that Amway was not an illegal pyramid scheme—mainly because legitimate products were offered, the floodgates were opened and multi-level marketing programs began to proliferate. But what is often ignored is the fact that MLM programs are still pyramid schemes, modified by a variety of compensation systems that change the character of the pyramid, but not the essential pyramidal concept, motivation, and effects. The pyramid concept in MLM is seen in multiple layers of distributors, with lower level distributors contributing income to an ―upline who may have little to do with a given sale.
USA Federal Commission quotes from this website
http://skepdic.com/pyramid.html "A pyramid scheme is called a pyramid scheme because of the shape of a pyramid: a three dimensional triangle. If a pyramid were started by a human being at the top with just 10 people beneath him, and 100 beneath them, and 1000 beneath them, etc., the pyramid would involve everyone on earth in just ten layers of people with one con man on top. The human pyramid would be about 60 feet high and the bottom layer would have more than 4.5 billion people! Thus, in very short order, 10 recruiting 10 and so on would reach 10 billion, well in excess of the earth's population**.** If the entire population of earth were 5 billion and we all got involved in a pyramid scheme, the bottom layer would consist of about 90 percent of the planet, i.e., about 4.5 billion people. Thus, for 500 million people to be WINNERS, 4.5 billion must be LOSERS.
Scholarly Article on The Behavioral Economics of Multilevel Marketing....
MLMs and pyramid schemes partially overlap: Some MLM companies are pyramid schemes and some pyramid schemes consist of MLM companies. The resemblance between the two is made salient by the organizational structure: Pyramid schemes ask those individuals at the base of the pyramid to contribute to the higher levels, with the promise of a reward provided entirely from those levels below the individual. Similarly, MLMs offer the promise of profits to its consultants, but those profits stem from two streams: Commissions from direct sales and commissions from recruiting new clients. Indeed, one early article attempting to distinguish pyramid schemes from MLM models pointed out that “the investor's pecuniary benefit [of a pyramid scheme] derives primarily from his success in inducing additional persons to participate in the plan.” Most of the money made from every WFG agent is through recruits verses insurance sales.https://repository.uchastings.edu/cgi/viewcontent.cgi?article=1176&context=hastings_business_law_journal
A Government Article from Federal Trade Commission
ALL MLM's work for the top 1% to make hundreds of thousands and the lowest to make nearly nothing. For example, 99% of all Arbonne distributors earned an average income of $87.36 annually whereas the top .04% earned an average income of $330,516.”
Popular MLMs with the same results of 99% losing money: Mona Vie (2008.) 99% lost Nu Skin (2008) 99% lost Herbalife (2008). Arbonne Int’l (2007) Amway/Quixtar (2001)In every case, using the analytical framework described above, the loss rate for all of these MLMs ranged from 99.12% to 99.97%, with an average of 99.6% of participants losing money. On average, one in 238 actually profited after subtracting expenses, and 996 out of 1,000 lost money – to say nothing of the time invested. The most liberal assumptions that could reasonably be used in favor of the MLMs were applied to this table of MLM loss rates. Using the more realistic assumptions discussed in prior chapters, the average loss rate for these MLMs would have averaged no better than 99.9% - with less than one in 1,000 profiting significantly. Also, I would estimate that the number of new recruits who wind up receiving the promised substantial “residual income” held out at MLM opportunity meetings is no better than one in 25,000 recruits!
An MLM Documentary (Herbalife was a scam for decades.....)
“The loss rate for MLMs is at least 99%. This means that less than one in 100 MLM participants make a clear profit, and at least 99 out of 100 participants actually lose money! In fact, classic no-product pyramid schemes are ten to one hundred times as likely to result in profits as are product-based pyramid schemes, or MLMs (government article quote from above).” “Promoters emphasize recruiting new distributors for your sales network as the real way to make money. Walk away. In a legitimate MLM program, you should be able to make money just by selling the product (government article quote from above). My friend thinks WFG just has bad advertising; that is what they tell her inside and she believes it.
I know some of you are thinking …”that WFG is not the same! Not all MLMs are bad! We sell insurance and help people secure a financial future.” My answer to that is it’s still bad. Why? Because you build funds for yourself and the top of the pyramid by recruiting to uneducated people who know less about finance than you when 99% of all of you fail. That means, more people in poverty lose money and I think that's pretty bad, especially now with more attention to minority communities and the Brianna Taylor trial ....we are trying to have more diversity in the workplace to support inclusion of all races to have better economic gains for minorities families and futures.
Remember, ask yourself this question: If I ONLY sold the product would I make a good enough livingwithoutrecruits? If the answer is no, you should leave now.
An MLM peoples' odds of being successful are almost zero at this phase of entry into any MLM. The insurance sales is a cunning WFG tactic because it may help people stay around longer, but the business model of a pyramid is still there and it is still overall immoral and hurts minority communities. Why? Poverty-stricken communities pay more money than they ever get out of it with an MLM. They also get their friends and family involved, a requirement for started in WFG, which means many people are affected and lose money by paying for trainings, licenses, and even the first few people YOU bring in when you start are actually commissions made for their upline person, not you.
Remember, the government fact is that 99% of people who join an MLM lose money! Facts are facts. Also, people can get better insurance policies with other companies than offered at WFG. WFG is a VERY clever and cunning MLM by using insurance, but it is STILL AN MLM. What MLMs want you to think:
They want you to think YOU can be one of the top successful people financially and that it is a HARD job and it is effort gives reward. They want you to think the long and hardworking game is how you win…but the reality is that if you were not the first to join, you will always lose more money for your effort because that’s how the pyramid shape works. Even with insurance, people at WFG cannot sustain an income only through their insurance sales. The longer you stay, the more money you bring them. When everyone recruits everyone, you create a lot of competition in the city, but even then the competition does not last because people cannot live on an unsustainable model. That means, they put more money in than they ever got it. It's a faulty business model and expectations of sales are unrealistic. Selling insurance takes a while and that's how they keep you going for longer, using that logic.... The government article linked above states, “As indicated above, one can do much better at the gaming tables in Las Vegas. And a person need not risk his or her social capital – treasured relationships with friends and family one has spent a lifetime cultivating. “ MLMs want you to think in the here and now. Just be present with life! WFG wants people to think their company is different, like all MLMs…this company says they are helping people with life insurance policies, but the truth is that is how they can operate legally. WFG is cunning and smart, as they found the government loophole and that by selling services, the WFG MLM keeps going and the people involved think their dreams will come true, that they will achieve the success of those above them. Another truth, WFG’s insurance commissions are lower than in other industries and keeps people in it for longer since building up clients from an insurance takes time…. The more time they hold recruits, the more successful they are at feeding the top and their uplines. Ask someone from an MLM if they ONLY sold the product with no recruits, would they make a livable income? If the answer is no, they need to get out.
In March 1931, Nevada’s state legislature responded to population flight by taking the drastic measure of legalizing gambling and, later in the year, divorce. Gambling regulators will now come up with regulations dictating compact parameters. Lawmakers in 2011 passed a bill that put Nevada in position to legalize Internet gambling if the federal Almost all adults can drink alcohol just fine and act responsibly. The same is true for gambling. Alcohol and gambling are not directly responsible for issues that problem gamblers or problem drinkers cause—the problem gamblers and problem drinkers are the problem. 2- Legalized Gambling Eliminates the Criminal Element (And Reduces It in Other The U.S. government has long considered online wagering illegal, but the Department of Justice in late 2011 clarified its stance, paving the way for states to unilaterally legalize some forms of online gambling. In this Wednesday, Feb. 27, 2013 file photo, a dealer resets a deck of cards at a casino in Las Vegas. (AP Photo/Julie Jacobson) It makes more sense to legalize gambling broadly, up to and Gambling was legalized in Nevada in 1931, but race and sports betting remained largely the province of illegal bookies or small stand-alone legal (or semi-legal) "turf clubs," like the Derby and Saratoga clubs owned by Jackie Gaughan and the Hollywood Horse and Sports Book, owned by Jimmy "the Greek" Snyder, some of which were highly lucrative affairs -- Jimmy the Greek was allegedly making $2 million a week in the mid-'50s from his Vegas Turf and Sports Club. I’m guessing, since you are asking why is gambling legal in Las Vegas, that you want to know why the current government allows it? But it’s important to have a look at the history of the place and its relationship with gambling to figure out why g... In 1861, the territorial legislature instituted stiff penalties for running and participating in any game of chance. The measure was not very successful, though, and when Nevada became a state in 1864, the first legislature attempted to legalize and regulate gambling instead, only to fail. The future downtown was platted and auctioned by railroad company backers, and Las Vegas was incorporated in 1911. Nevada outlawed gambling in 1910 but the practice continued in speakeasies and — City of Las Vegas (@CityOfLasVegas) March 19, 2018. The move was made in an attempt to help the state struggling with the Great Depression. However, gambling was legal in Nevada before 1931.