Lyndon B Johnson, who was US president from 1963 to 1968, was a stalwart champion of the civil rights movement of the time.
He crafted and enacted – not without a lot of bullying and bribery and threats and begging – some of the most important civil rights laws in the history of the United States.
All of that, of course, is according to the history books. None of that is according to the Oprah Winfrey-produced movie Selma, now in cinemas across the US.
As the movie tells the story, Lyndon Johnson was a foot-dragging Texas politician without any real interest in the civil rights of African-Americans. He actively opposed the passage of those signature pieces of legislation and told their great champion, Martin Luther King Jr, to, essentially, cool it with the marching and protesting and the complaining.
The movie has it all wrong, at least if you’re a stickler for historical accuracy. There are plenty of records, accounts and dozens of still-living Johnson aides who were there at the time.
All of them aver to the accuracy of the historical record: whatever else you may think of Lyndon Johnson (and it’s clear he was a pretty awful guy) he was a powerful supporter of the civil rights movement of the 1960s, and almost single-handedly pushed through important reforms.
But that, as I said, is history. And history is a subject they teach in school, and in school what you get is homework, and the first rule of Hollywood is, nobody pays for homework.
What we do out in Los Angeles, in our days of endless sunshine and hours spent in blood-boiling traffic, is tell stories. And when we’re not making them up out of thin air we’re “fixing” the ones that already exist, whether that makes them closer to the truth or not.
Audiences don’t pay for the truth. They pay to be entertained. If they wanted the truth they’d buy and read a history book.
What the producers and writers of Selma needed, when they started assembling the story and its twists and turns, was a villain. Well, not a classic villain – those they had in abundance, personified by the racist opponents to Martin Luther King’s movement and marches. What the story needed was an obstacle – something powerful and malevolent that stands between our hero and his (or her) dream.
In other words, no matter what Lyndon Johnson did as a matter of historical fact (or, as we say in Hollywood, in “boring, unpretty real life”) is irrelevant. The story needs a big fat obstacle and there’s nothing bigger or fatter than the President of the United States. And the producers – among whom, as I mentioned, is Oprah Winfrey, who knows a thing or too about how to jazz up a boring old story – calculated that audiences would forgive them for performing plastic surgery on the facts.
We perform plastic surgery on everything else in Hollywood. Why not on American history?
Well, for one reason: because everyone knows the history, and they’ll hold it against you.
Old time Lyndon Johnson loyalists are furious at the picture’s historical revisionism, and some are suggesting that their public criticism has hurt the movie at the box office and the awards shows. They’re probably right. There are a lot of Lyndon Johnson fans in the older cohorts of Hollywood – and it’s the older folks who have the lion’s share of the votes.
Here’s a confession: for the past few months I’ve been working with a couple of writers on a terrific script. It’s the true story of the only high-ranking woman in the American mafia. She was a powerful and terrifying local mob figure in Chicago for almost 40 years, and up until now her story has not been told.
One of the writers on the project grew up a few streets away from where it all takes place, and his grandparents and great-grandparents had dealings with this interesting and scary lady.
I mean, mostly. It’s mostly true. We’re not sure exactly how many (if any) people this woman murdered. As a producer, my job is to convince the writers that the answer to this question is, “Lots!” and not, “Well, the historical record is unclear so we’re going to avoid dealing with that particular question”.
It’s my chief contribution, as a producer, to suggest that this woman and Al Capone’s right-hand man, Frank Nitti, were secret lovers, when in fact there is zero evidence to support this plot twist.
At first they were uncomfortable. “We’re trying to tell a true story,” they told me.
“No we’re not,” I said. “We’re trying to tell an exciting story.” And there’s a difference.
We debated the right way to describe the relative truth of the tale. I kept pushing for us to declare, simply, that “This is a true story,” and let the linguists parse the meaning of “true” and “story” in the sentence. But the writers are cut from sturdier moral cloth than I, and so we finally settled on a blander, but still punchy, “This story is based on true events,” which may not be the full-on facelift and tummy-tuck I was going for, but is at least a little work around the eyes. While you can’t do major plastic surgery on history, there’s not a story in the world – true or not – that couldn’t use a little Botox.
Rob Long is a writer and producer based in Hollywood
On Twitter: @rcbl
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience