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On 1/30/2021 at 11:36 AM, boestar said:

Turnabout is fair play in my books

So if we are to assume that it's fair play, is there a down side when institutional hedge funds (if there is such a thing) go bankrupt? In other words, could it hurt you as a non participant even while you are rooting for the little guy?

The real question here (at least to me) is whether the institution going bankrupt has any effect on your pension fund performance? Does the little guy care if you suffer harm as a result... and should he care?

On the surface of it, and based on my lack of knowledge here, what would you say to my notion that these sort of manipulations can cause pretty significant harm? I see them as artificial in the sense that manipulating share prices purely for profit, in the absence of real value, is nothing more than a shell game.

Do I have it right or is that even a concern?

 

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IMO, any one who believes Ottawa doesn’t dictate what is printed about certain subjects is living in LaLa land. You don’t spend billions to bail out the media and not expect something in return.

The North Vancouver stabbing incident has drawn my attention to something: Over the last few days I've noticed a trend, and now that I have noticed it (and its actually registered), I realize tha

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1 hour ago, Wolfhunter said:

The real question here (at least to me) is whether the institution going bankrupt has any effect on your pension fund performance? Does the little guy care if you suffer harm as a result... and should he care?

Not sure what airline your pension is coming from, but mine is funded mostly (not all )  by bonds, not stocks. If the airline were to go bankrupt, highly unlikely imo, I wouldn’t be totally left out in the cold, but I might have to buy some warm boots and gloves to get by.

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https://www.benefitscanada.com/news/charting-a-new-course-at-the-air-canada-pension-plans-145656

Charting a new course at the Air Canada pension plans

Trailblazers-350x263.jpg

 

Yaelle Gang | May 15, 2020

 

In 2009, when Vincent Morin walked through the doors of Air Canada as the vice-president of asset allocation and strategy for its investment division, he faced a tough situation.

The company’s eight defined benefit pension plans, which buy units of a single master trust fund, were facing a $2.6 billion deficit. In the following years, the deficit grew, reaching $4.2 billion in 2012.

Tackling the investments

As of year-end 2019, all of the airline’s Canadian pension plans are at least 100 per cent funded on a solvency basis.

“When I joined, the mandate was to create a whole new strategy [that was] much more focused on liability-driven investing and reducing the risk coming from the pension plan, because it became a very big enterprise risk management issue at Air Canada,” says Morin.

Read: How Air Canada’s pension took off as Canada Post’s plan sank into deficit

Back in 2009, the pension plans’ fund was in a traditional portfolio of 60 per cent equities and 40 per cent bonds, all managed externally. Morin and his team led the investment turnaround through many small steps, which included adding fixed income exposure and building an alternative portfolio comprised of real estate, infrastructure, private equity, private debt and other sub-asset classes. The team also implemented a portable alpha — or hedge fund — program to try to generate additional returns on top of the traditional asset classes.

Getting to know
Vincent Morin

Job title: President of Trans-Canada Capital Inc.

Joined Air Canada: In September 2009 and launched TCC in 2019

Previous role: Investment consultant at Mercer Canada

What keeps him up at night: The current coronavirus crisis and its unknown short- and long-term impacts on the global economy and asset prices

Outside of the office he can be found: At his cottage, skiing or travelling

In terms of asset mix, the investment fund currently sits at 87.5 per cent fixed income, 10 per cent equities, 20 per cent alternatives and 10 per cent hedge funds, totalling more than 100 per cent because it uses leverage.

“Over time, gradually, I think we did over 30 different steps in de-risking the plan and changing the asset allocation,” he says. “You just cannot move that big a plan. It was a very big boat to turn around.”

Opportunities in fixed income

With fixed income yields at historic lows and 87.5 per cent of the investment fund’s portfolio invested in the asset class, it pursues a liability-driven investment strategy and is a very active manager. In addition, it keeps a pure separation between alpha and beta, notes Morin. “Beta is the benchmark. It’s built to make sure that there’s good and sound risk management done to match our liabilities’ structure.”

Read: Air Canada maintains ‘significant pension solvency surplus’ amid coronavirus pandemic

The portfolio is largely comprised of long-term, investment-grade Canadian bonds and doesn’t take big bets on duration, but the fund does arbitrage trades and curve trades globally without taking any foreign currency or high-yield bond risk. For example, if the team believes there’s an interesting point on the curve in France, it will play it, he says. “It will be a long-short position, so there’s no actual exposure to France’s interest rates, but we’ll try to arbitrage that market and be able to capture some return on this.”

The team has had significant success in fixed income. The asset class’ active value-add has been above one per cent on average over a 10-year period, highlights Morin. Plus, since fixed income makes up 87.5 per cent of the fund, the value added in dollar terms is equal to the value-add targeted by the fund from its alternative book. A value-add above one per cent is also significant when expected yields are at two per cent, he adds.

Trans-Canada Capital

By turning Air Canada’s large pension deficit into a surplus, the investment team solved a problem for the company. It also shifted the team responsible for the airline’s pension investments to a new subsidiary called Trans-Canada Capital Inc.

While TCC will continue to manage the investments for Air Canada’s pensioners, it will also make certain funds available to other institutional investors. “We built a great track record over the years, a very different approach than we could see in the market,” says Morin, who is president of TCC.

The team believed it had something to offer to other investors, he adds, noting that, as the fund reduced risk, opening up its investments to others would allow the investment team to continue growing, retain its talent and also diversify Air Canada’s activities.

Read: Is it time for pension funds to rethink their fixed-income allocations?

TCC is offering two fixed income strategies and two hedge fund strategies for institutional investors to buy into, and it plans to expand its offerings.

TCC’s internal hedge fund, launched in February 2019, is its flagship fund. It originally started with the Air Canada investment team using sophisticated transactions to implement its tactical asset allocation. The team was executing these trades using options, volatility contracts and over-the-counter derivatives, says Morin. “At some point, we realized early in the process that what we are managing . . . looks much more like a hedge fund than an actual tactical asset allocation book; better implementation, better diversification, a lot of breadth as well, looking
at different markets.”

Opening up the hedge fund

While the TCC team manages assets for Air Canada’s defined benefit plans, they’re members of its defined contribution arrangement.

The investment team has been using an internal hedge fund strategy for the DB plan since 2013, but it launched a formal fund in 2017 so employees could participate with their own assets.

While it wasn’t mandatory for employees to invest, everybody did, since they could access investments — such as complex derivatives transactions with low trading costs — they couldn’t reach as individual investors.

Next, the team focused on portfolio construction for this strategy. Today, it includes quantitative strategies, systematic strategies, fundamental analysis and alternative value transactions. In 2013, the internal hedge fund began operating as a segregated account; in 2017, it became a separate investment vehicle.

In September 2019, TCC launched a fund of hedge funds. “We have a 10 per cent allocation to external hedge funds and we repackaged it to be able to offer that approach to potential external clients.”

Read: Head to head: Do hedge funds make sense for Canadian pension plans?

The fund is market agnostic and aims to have no correlation with equity markets, says Morin. “The last thing we want to do is to bring a portable alpha program, which will react exactly in the same direction if there’s a market correction. If it reacts in the same direction as the equity market when there’s a crash, it doesn’t do its job.”

Currently, TCC has $2 billion invested through external hedge funds and $1 billion invested in its internal strategy, notes Morin. “We know what we’re good at. We also know what we are not good at. So what we cannot realistically do internally we’ll give a mandate to an external manager to do.”

Final destination

The Air Canada pension plans are maturing quickly, with about 60 per cent of liabilities tied to retirees and the DB plans mainly closed to new entrants.

At some point, it will make sense to lock in the benefits for pensioners instead of continuing to take risk, says Morin, noting this influenced the airline’s decision to start its own life insurance company to purchase annuities.

Many pension funds are buying annuities to lock in the pension promise. In fact, according to a report by Willis Towers Watson, Canada’s group annuity market hit $5.2 billion in sales in 2019, up from $4.6 billion in 2018 and $3.7 billion in 2017.

While annuitizing is a natural move for many DB pensions, the Air Canada plans are valued at about $21 billion, making their total size much larger than many plans. Indeed, the airline’s plans were paying out more than $750 million in annual pension payments two years ago; and when looking at the 2018 annuity market, the biggest insurance company active in the space was paying a similar amount in total pension payments, notes Morin.

Read: Is Air Canada’s move to enter annuity market the start of a new pension trend?

As well, despite the active growth in Canada’s annuity market, he believes the Air Canada plans will be difficult to annuitize because of their total size. “The transactions are bigger, but the liabilities have grown over the past few years, and there’s some scarcity as well in the fixed income world to find interesting securities . . . to back those liabilities.”

In addition to market capacity, pricing is also a consideration, notes Morin. “You can purchase a big amount of annuities, but we believe the structure we are proposing will result in a better price for the plans.”May-trailblazers.jpgAir Canada has applied to the Office of the Superintendent of Financial Institutions for approval to launch its life insurance company. If approved, the company will operate as a subsidiary of Air Canada with capital seeded by the airline. And TCC will manage assets for the life insurance company, in addition to the assets for the pension plans.

While the mandate would be different for the pension plan assets and the life insurance company assets, fixed income will be core to both, says Morin.

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42 minutes ago, Kargokings said:

And based on the number of your posts,  it appears you are leading in that.   😄
 

🤣🤣....ummmm. Pot calling the kettle black ? 103 posts in just 2 weeks?

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55 minutes ago, Jaydee said:

 

but you have to take a look at the posts.......   content re aviation vs content re bias, this is after all an aviation forum.

(even) deicer scores better in that regard..  😄

Quote

one-trick pony (plural one-trick ponies) A performing animal (especially a pony) that knows only one trick. (idiomatic, by extension) A person or group noteworthy for only a single achievement, skill, or characteristic.

 

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19 hours ago, Wolfhunter said:

So if we are to assume that it's fair play, is there a down side when institutional hedge funds (if there is such a thing) go bankrupt? In other words, could it hurt you as a non participant even while you are rooting for the little guy?

The real question here (at least to me) is whether the institution going bankrupt has any effect on your pension fund performance? Does the little guy care if you suffer harm as a result... and should he care?

On the surface of it, and based on my lack of knowledge here, what would you say to my notion that these sort of manipulations can cause pretty significant harm? I see them as artificial in the sense that manipulating share prices purely for profit, in the absence of real value, is nothing more than a shell game.

Do I have it right or is that even a concern?

 

Because they are focusing on a single stock, and not even a good one, the risk to the "little guy" is minimal if any.  The only ones with risk are the ones buying up the stock.  Some will win and some will lose but I suspect it is not big dollar bets by most but some small amount they are willing to lost to screw those that continually screw us. 

If you are daft enough to invest in hedge funds then you deserve to lose it.

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16 hours ago, deicer said:

https://www.benefitscanada.com/news/charting-a-new-course-at-the-air-canada-pension-plans-145656

Charting a new course at the Air Canada pension plans

Trailblazers-350x263.jpg

 

Yaelle Gang | May 15, 2020

 

In 2009, when Vincent Morin walked through the doors of Air Canada as the vice-president of asset allocation and strategy for its investment division, he faced a tough situation.

The company’s eight defined benefit pension plans, which buy units of a single master trust fund, were facing a $2.6 billion deficit. In the following years, the deficit grew, reaching $4.2 billion in 2012.

Tackling the investments

As of year-end 2019, all of the airline’s Canadian pension plans are at least 100 per cent funded on a solvency basis.

“When I joined, the mandate was to create a whole new strategy [that was] much more focused on liability-driven investing and reducing the risk coming from the pension plan, because it became a very big enterprise risk management issue at Air Canada,” says Morin.

Read: How Air Canada’s pension took off as Canada Post’s plan sank into deficit

Back in 2009, the pension plans’ fund was in a traditional portfolio of 60 per cent equities and 40 per cent bonds, all managed externally. Morin and his team led the investment turnaround through many small steps, which included adding fixed income exposure and building an alternative portfolio comprised of real estate, infrastructure, private equity, private debt and other sub-asset classes. The team also implemented a portable alpha — or hedge fund — program to try to generate additional returns on top of the traditional asset classes.

Getting to know
Vincent Morin

Job title: President of Trans-Canada Capital Inc.

Joined Air Canada: In September 2009 and launched TCC in 2019

Previous role: Investment consultant at Mercer Canada

What keeps him up at night: The current coronavirus crisis and its unknown short- and long-term impacts on the global economy and asset prices

Outside of the office he can be found: At his cottage, skiing or travelling

In terms of asset mix, the investment fund currently sits at 87.5 per cent fixed income, 10 per cent equities, 20 per cent alternatives and 10 per cent hedge funds, totalling more than 100 per cent because it uses leverage.

“Over time, gradually, I think we did over 30 different steps in de-risking the plan and changing the asset allocation,” he says. “You just cannot move that big a plan. It was a very big boat to turn around.”

Opportunities in fixed income

With fixed income yields at historic lows and 87.5 per cent of the investment fund’s portfolio invested in the asset class, it pursues a liability-driven investment strategy and is a very active manager. In addition, it keeps a pure separation between alpha and beta, notes Morin. “Beta is the benchmark. It’s built to make sure that there’s good and sound risk management done to match our liabilities’ structure.”

Read: Air Canada maintains ‘significant pension solvency surplus’ amid coronavirus pandemic

The portfolio is largely comprised of long-term, investment-grade Canadian bonds and doesn’t take big bets on duration, but the fund does arbitrage trades and curve trades globally without taking any foreign currency or high-yield bond risk. For example, if the team believes there’s an interesting point on the curve in France, it will play it, he says. “It will be a long-short position, so there’s no actual exposure to France’s interest rates, but we’ll try to arbitrage that market and be able to capture some return on this.”

The team has had significant success in fixed income. The asset class’ active value-add has been above one per cent on average over a 10-year period, highlights Morin. Plus, since fixed income makes up 87.5 per cent of the fund, the value added in dollar terms is equal to the value-add targeted by the fund from its alternative book. A value-add above one per cent is also significant when expected yields are at two per cent, he adds.

Trans-Canada Capital

By turning Air Canada’s large pension deficit into a surplus, the investment team solved a problem for the company. It also shifted the team responsible for the airline’s pension investments to a new subsidiary called Trans-Canada Capital Inc.

While TCC will continue to manage the investments for Air Canada’s pensioners, it will also make certain funds available to other institutional investors. “We built a great track record over the years, a very different approach than we could see in the market,” says Morin, who is president of TCC.

The team believed it had something to offer to other investors, he adds, noting that, as the fund reduced risk, opening up its investments to others would allow the investment team to continue growing, retain its talent and also diversify Air Canada’s activities.

Read: Is it time for pension funds to rethink their fixed-income allocations?

TCC is offering two fixed income strategies and two hedge fund strategies for institutional investors to buy into, and it plans to expand its offerings.

TCC’s internal hedge fund, launched in February 2019, is its flagship fund. It originally started with the Air Canada investment team using sophisticated transactions to implement its tactical asset allocation. The team was executing these trades using options, volatility contracts and over-the-counter derivatives, says Morin. “At some point, we realized early in the process that what we are managing . . . looks much more like a hedge fund than an actual tactical asset allocation book; better implementation, better diversification, a lot of breadth as well, looking
at different markets.”

Opening up the hedge fund

While the TCC team manages assets for Air Canada’s defined benefit plans, they’re members of its defined contribution arrangement.

The investment team has been using an internal hedge fund strategy for the DB plan since 2013, but it launched a formal fund in 2017 so employees could participate with their own assets.

While it wasn’t mandatory for employees to invest, everybody did, since they could access investments — such as complex derivatives transactions with low trading costs — they couldn’t reach as individual investors.

Next, the team focused on portfolio construction for this strategy. Today, it includes quantitative strategies, systematic strategies, fundamental analysis and alternative value transactions. In 2013, the internal hedge fund began operating as a segregated account; in 2017, it became a separate investment vehicle.

In September 2019, TCC launched a fund of hedge funds. “We have a 10 per cent allocation to external hedge funds and we repackaged it to be able to offer that approach to potential external clients.”

Read: Head to head: Do hedge funds make sense for Canadian pension plans?

The fund is market agnostic and aims to have no correlation with equity markets, says Morin. “The last thing we want to do is to bring a portable alpha program, which will react exactly in the same direction if there’s a market correction. If it reacts in the same direction as the equity market when there’s a crash, it doesn’t do its job.”

Currently, TCC has $2 billion invested through external hedge funds and $1 billion invested in its internal strategy, notes Morin. “We know what we’re good at. We also know what we are not good at. So what we cannot realistically do internally we’ll give a mandate to an external manager to do.”

Final destination

The Air Canada pension plans are maturing quickly, with about 60 per cent of liabilities tied to retirees and the DB plans mainly closed to new entrants.

At some point, it will make sense to lock in the benefits for pensioners instead of continuing to take risk, says Morin, noting this influenced the airline’s decision to start its own life insurance company to purchase annuities.

Many pension funds are buying annuities to lock in the pension promise. In fact, according to a report by Willis Towers Watson, Canada’s group annuity market hit $5.2 billion in sales in 2019, up from $4.6 billion in 2018 and $3.7 billion in 2017.

While annuitizing is a natural move for many DB pensions, the Air Canada plans are valued at about $21 billion, making their total size much larger than many plans. Indeed, the airline’s plans were paying out more than $750 million in annual pension payments two years ago; and when looking at the 2018 annuity market, the biggest insurance company active in the space was paying a similar amount in total pension payments, notes Morin.

Read: Is Air Canada’s move to enter annuity market the start of a new pension trend?

As well, despite the active growth in Canada’s annuity market, he believes the Air Canada plans will be difficult to annuitize because of their total size. “The transactions are bigger, but the liabilities have grown over the past few years, and there’s some scarcity as well in the fixed income world to find interesting securities . . . to back those liabilities.”

In addition to market capacity, pricing is also a consideration, notes Morin. “You can purchase a big amount of annuities, but we believe the structure we are proposing will result in a better price for the plans.”May-trailblazers.jpgAir Canada has applied to the Office of the Superintendent of Financial Institutions for approval to launch its life insurance company. If approved, the company will operate as a subsidiary of Air Canada with capital seeded by the airline. And TCC will manage assets for the life insurance company, in addition to the assets for the pension plans.

While the mandate would be different for the pension plan assets and the life insurance company assets, fixed income will be core to both, says Morin.

Notice the Equities and Hedge funds are the lowest percentage of the pension fund investment.  That is because they are higher risk investments.  Hedge funds being the most risky.  However they do grant the highest return if played right.

 

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27 minutes ago, boestar said:

Because they are focusing on a single stock, and not even a good one, the risk to the "little guy" is minimal if any.  The only ones with risk are the ones buying up the stock.  Some will win and some will lose but I suspect it is not big dollar bets by most but some small amount they are willing to lost to screw those that continually screw us. 

If you are daft enough to invest in hedge funds then you deserve to lose it.

All the talk on forums this morning are that Silver will be the target this week to run up. Already up 11% in pre-market. Will be interesting to see if it pops or fizzles. 

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28 minutes ago, Jaydee said:

All the talk on forums this morning are that Silver will be the target this week to run up. Already up 11% in pre-market. Will be interesting to see if it pops or fizzles. 

In general, and in my experience, deliberate (I'll call them shady) manipulations come with consequences, be they good or bad.

That's true of things I'm personally familiar with and I bet it applies to those issues I profess ignorance of as well. Be interesting to see if it holds true.

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13 hours ago, Kargokings said:

but you have to take a look at the posts.......   content re aviation vs content re bias, this is after all an aviation forum.

(even) deicer scores better in that regard..  😄

Quote

one-trick pony (plural one-trick ponies) A performing animal (especially a pony) that knows only one trick. (idiomatic, by extension) A person or group noteworthy for only a single achievement, skill, or characteristic.

Not all of us can or want to be Buckle Bunnies chasing every rodeo  😘😘

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19 hours ago, Jaydee said:

Not all of us can or want to be Buckle Bunnies chasing every rodeo  😘😘

Some of us can't even find the rodeo even though we go looking. It used to be pretty easy to stay informed, it isn't now, you really have to look. News that doesn't fit left wing narratives is simply ignored and where it isn't ignored it gets spun with an over the top hard right bias.

Propaganda has made it difficult (at least for me) to find reasonable answers to simple questions. Why are troops still deploying to Washington? How many are staying for how long? Is it 7000 until late march or is it more for longer..... why is it hard to find out?

How many troops are returning to Syria? Is it the (roughly) 200 previously withdrawn? Why, where, for how long, to do what? Memes with a$$es hanging out are everywhere but factual reporting is hard to come by.

Those questions aren't really the issue or the point though. The real issue, and the real point of this post (incase anyone is wondering), is if I'm on the verge of not bothering to look anymore, how many others feel the same way?

Anyone concerned about conspiracy theories should be very much in favour of an independent, non biased media. Not having that is dangerous, people will make up their own stories and deliberate suppression of information (in support of narrative) only serves to make those so inclined even more inclined to be so inclined. 

Frankly, I don't care for the hard right spin I'm seeing on the issues CNN refuses to even report. Far from being a force for unity, it's divisive by nature and insidious by default. It paves a road reasonable people would hope to detour around.... if given the choice.

 

 

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1 hour ago, Wolfhunter said:

Some of us can't even find the rodeo even though we go looking.

Here’s an example yesterday 

Original story...mother in tears because son scooped away from Calgary airport

https://westernstandardonline.com/2021/01/https-westernstandardonline-com-2021-01-calgary-mother-in-tears-as-son-taken-to-undisclosed-isolation-centre/

Follow up....Jason Kenny denies it happened 

Final Story...Jason Kenny declares the Feds should be more transparent when talking people away .

Conclusion...original story was right but was told through an emotional mother’s view not knowing where her son had been taken. Fact...Trudeau is actually scooping people up and forcefully detaining them if their Covid test results do not check out. 2nd time this week.

 

7DB8916E-26F1-4261-8753-455AD8BA1EA5.jpeg

05567A3F-D479-469B-A928-5DE1B5109B6C.jpeg

Edited by Jaydee
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https://www.foxnews.com/politics/nikki-haley-aoc-rein-in-media-outlets

The danger here is a media spin that makes any of the idiotic things AOC says deemed worthy of consideration.

When you hear calls for things like a "Truth Commission," "Truth and Reconciliation Commission" then you absolutely know one thing for sure..... there will be a collateral call to control (in this case it's "reign in") the media.

It's an old song..... "look ye among the nations, watch and be astounded."

Cool to watch though, I was afraid i'd miss it.... but it's happening tight here, right now and in real time for everyone to see. Never has the quote "thinking themselves wise they became fools" been more poignant.

As an aside, I would like to know where she actually was when her "life was endangered by Trump supporters attempting a coup." Some reports seem to suggest she was in an office complex a couple of blocks away.

 

Edited by Wolfhunter
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And as if by magic.... here it is.

https://www.foxnews.com/politics/aoc-under-fire-amid-details-that-she-wasnt-in-capitol-building-during-riots

IMO, there should be a mini truth commission established to see exactly who is telling the truth here (I have no idea BTW).

It would be telling though, the facts should be looked into and the liar exposed for the fraud that they are. I'm particularly interested in the accusations she made against the Capital Police... that mystery should be easy to unravel and a full accounting of those circumstances should be released to the public.

My guess (with no knowledge of the event itself) is that Capital Police went through the building with the sign in list (of all those known to be present in the facility) in order to ensure an orderly evacuation of high value individuals. That would explain their presence at her door specifically looking for her. I would consider that an SOP in such circumstances...

"Where the offence is, let the great axe fall"

Edited by Wolfhunter
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This case will be interesting to watch because all the evidence is recorded.

https://www.cnbc.com/2021/02/04/smartmatic-sues-fox-news-giuliani-and-sidney-powell-for-2point7-billion-over-false-election-claims.html

Smartmatic sues Fox News, Giuliani and Sidney Powell for $2.7 billion over false election claims

KEY POINTS
  • Voting software company Smartmatic on Thursday filed a $2.7 billion libel suit against Fox News, three Fox hosts, and the lawyers Rudy Giulani and Sidney Powell over what the firm said are knowingly false claims about former President Donald Trump’s election loss.
  • Smartmatic accused the defendants of “inventing a story” to by deciding “to tell people that the election was stolen from President Trump and Vice President [Mike] Pence” by ballot fraud.
  • “Without any true villain, Defendants invented one. Defendants decided to make Smartmatic the villain in their story,” the suit says.
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“ Is The Mainstream Media A Branch Of The Justin Trudeau Liberal Government? Ezra Levant on the LeDrew Three Minute Interview “

 

 

https://www.rebelnews.com/mainstream_media_branch_of_justin_trudeau_liberal_government_ezra_levant_ledrew_three_minute_interview?fbclid=IwAR2_mImRx4yzm7dDvREyY2AWtfdSiuYFJOtajjqi4jzL-QxYem-FPSm0dwg

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