{
  "docId": "019dd923-622c-750b-8b96-1aee342c3a73",
  "docSlug": "10dc4f9f3e31",
  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 118,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses investigative journalism style to link a company (AMT) to potentially illicit actors and questionable internal governance.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-1aee342c3a73/16",
  "deckHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-1aee342c3a73#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "IS UNETHICAL (EVEN ILLEGAL) BEHAVIOR IN AMT'S CORPORATE DNA? AT THE LEAST, WE SEE A CORPORATE CULTURE THAT REWARDS UNMANAGED RISKS.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbd9-bcef884dceda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "We want to be clear that we have been unable to document these allegations... any independent investigation or interested regulator should examine the involvement of Mr. Guimarães in the transaction.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01c7592c-92cc-4dc4-aae3-979d0d7a2bfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.72,
        "x": 0.14,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "One bit of information that caught our attention... One of the individuals named is Flavio Guimaraes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d9a6552-fe49-43cf-9050-a0d892fb4474",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.72,
        "x": 0.14,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "We perceive that AMT has at the least an unethical streak in its culture... US$10 million in backdoor compensation. We also have questions surrounding the present dual role played by the chairwoman of AMT's audit committee...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9334d261-8a46-4aa6-ac55-e78fff822dca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "Flávio Ognibene Guimarães was the majority shareholder of Site Sharing Brazil... The poster, whose real identity we do not know, stated that he is familiar with Site Sharing Brazil...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fa6434e-c9ab-418c-9bfd-a391b3a22f84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "CRIME/TERROR/WEAPONS Bank in South America... — Enki Ea (forum poster)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbd9-c29abc40c573",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.14,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "24 See comment made July 1, 2013 at 06:30 at http://www.zerohedge.com/contributed/2013-06-30/ten-things-watch-week-ahead\n25 SiteSharing Brasil S.A. Extraordinary Shareholders Minutes, September 1, 2010.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "809227a4-d7ab-4012-b93d-cf0fa6a6414c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.59
      },
      "kind": "title",
      "text": "Is Unethical (Even Illegal) Behavior in AMT's Corporate DNA? At the least, we see a corporate culture that rewards unmanaged risks.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37d2b61a-c996-4487-8103-13a5a5d716b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "title",
      "text": "Something to Keep in Mind",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00402b7b-2686-48a3-a4c3-caedf31f99be",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4c584b01-5b7a-4c69-9329-76ca9ef1b94e",
      "evidence": "The slide explicitly links corporate entities to allegations of money laundering and unethical behavior.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 7,
      "beatId": "1faaa0ac-0634-4544-b9ce-b04f59e46539",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a critique of AMT's growth strategy and compensation structure",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 7,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "043f820d-fc01-45c4-9d03-e03028d996a1",
      "evidence": "The document presents a detailed critique of AMT's growth strategy",
      "position": 0,
      "objective": "Highlighting issues with AMT's growth strategy",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}