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Bills to change Alabama’s campaign finance laws fail in Legislature | Chattanooga Times Free Press

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Bills to change Alabama’s campaign finance laws fail in Legislature | Chattanooga Times Free Press

Two bills that would have altered the state’s campaign finance laws on political parties and donations died in the Alabama Legislature this year.

House Bill 6, sponsored by Rep. Phillip Pettus, R-Killen, would have prohibited political parties from disqualifying candidates who accept campaign contributions from specific organizations.

“They should not have a say in where you take your money from,” Pettus said in a phone interview. “What it boils down to, they want to control the money. That is the political party. They want all the money to come from them, and they divvy it out.”

The Alabama Republican Party in 2023 adopted a rule prohibiting the party’s candidates for superintendent or school board from accepting campaign contributions from the Alabama Education Association, an organization representing educators in the state.

According to Pettus, the Republican Party had planned to extend the rule to disqualify people who accept campaign contributions from the teachers’ union to legislators but has since changed its position.

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“I still have the bill,” Pettus said. “I am waiting to see if they try to extend it to legislators. If they do, then the bill will be ready to go again.”

“The state party is glad that the Legislature did not take action on HB 6,” said John Wahl, chair of the Alabama Republican Party. “There have been multiple court rulings over the years that have said the parties have the authority to associate with who them want under the First Amendment. I believe this bill would have violated the Party’s First Amendment rights and constitutional rights, and we are pleased the bill did not make it out of committee.”

The Alabama Democratic Party has no rule or regulation similar to what the Alabama Republican Party has imposed.

“It sounds like the Alabama Republican Party has some internal divisions they need to deal with,” said Tabitha Isner, vice chair of the Alabama Democratic Party. “I don’t see why the state legislature should be making laws about how parties decide who can and cannot represent them on the ballot.”

Pettus received $56,500 in direct contributions and $5,000 from in-kind donations from Alabama Voice of Teachers for Education since 2018, the political action committee for the state’s educators.

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Pettus said prior to the start of the 2025 session that his constituents should decide whether a candidate should accept money from a political party, adding that he represents his constituents and not the Alabama GOP.

The bill was assigned to the House Constitution, Campaigns and Elections Committee but was not considered for the session. The same committee also did not consider the bill in 2024 when it was filed then.

The Alabama Legislature also failed to pass Senate Bill 291 into law, sponsored by Sen. Sam Givhan, R-Huntsville, which would have allowed a political party to transfer funds to local or other affiliated party organizations currently prohibited by law.

The state has banned political action committees from transferring money to each other since 2010. Givhan’s bill would have added language allowing political parties to transfer money to local county organizations and affiliated entities.

“Those of us who support the bill, while we don’t want to unwind the PAC to PAC transfer ban, we didn’t feel like that was the intention of where a state party couldn’t share with a county party of a group that was affiliated with its bylaws,” Givhan said in an interview.

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Political parties are closely related to political action committees in the state, entities that are not required to disclose their donors, who can then use the proceeds to fund campaigns to support candidates or causes.

“This year, I got with Sen. (Bobby) Singleton, (D-Greensboro), and he co sponsored it with me,” Givhan said. “It went through committee very quickly and just never went anywhere.”

One benefit of the legislation is that it would allow a political party to have a joint program with another political party.

“If a county party and a state party want to partner, if you will, on a project, the current law makes it difficult to do that,” Givhan said.

The Alabama Democratic Party supports the bill.

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“The point of the prohibition on PAC to PAC transfers is to increase transparency and reduce the shell game that hides who is really funding what,” Isner said. “The unintended consequence of that law was that it doesn’t allow local party groups to collaborate with each other or with the state party. Cleaning up this law so that it does only what it intended to do is a smart move that both parties should support.”

Read more at AlabamaReflector.com.

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Paramount ally RedBird says using Middle East money to help buy Warner Bros. could be a good idea

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Paramount ally RedBird says using Middle East money to help buy Warner Bros. could be a good idea

  • Last year, Paramount said it would use $24 billion in funding from Saudi Arabia, Abu Dhabi, and Qatar to help buy WBD.
  • Now that Paramount has won that deal, it won’t say whether that’s still the plan.
  • A key Paramount backer suggests that Gulf money would be a good thing for this deal.

We still don’t know if Paramount intends to use billions of dollars from Gulf states like Saudi Arabia to help it buy Warner Bros. Discovery.

But if Paramount does end up doing that, it wouldn’t be a bad thing, says a key Paramount backer.

That update comes via Gerry Cardinale, who heads up RedBird Capital Partners, the private equity company that helped finance Larry and David Ellison’s acquisition of Paramount last year and is doing the same with their WBD deal now.

In a podcast with Puck’s Matt Belloni published Wednesday night, Cardinale wouldn’t comment directly on Paramount’s previously disclosed plans to use $24 billion from sovereign wealth funds controlled by Saudi Arabia, Abu Dhabi, and Qatar to help buy WBD.

Instead, he reiterated Paramount’s current messaging on the deal’s financing: The $47 billion in equity Paramount will use to buy WBD will be “backstopped” by the Ellison family and RedBird — meaning they are ultimately on the hook to pay up. The rest of the $81 billion deal will be financed with debt.

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Cardinale also acknowledged what Paramount has disclosed in its current disclosure documents: It intends to sell portions of that $47 billion commitment to other investors: “We haven’t syndicated anything at this time,” he said. “We do expect to syndicate with strategic, domestic, and foreign investors. But at the end of the day, that alchemy shouldn’t matter because it’ll be done in the right way.”

And when asked about concerns about Middle Eastern countries owning part of a media conglomerate that includes assets like CNN, Cardinale suggested that could be a plus.

“I think we want to be a global company,” he said. “You look at what’s going on right now geopolitically. What’s going on right now geopolitically out of the Middle East wouldn’t be, the positives of that would not be happening without some of those sovereigns that you’re referring to.”

He continued:

“The world is changing. We can stick our head in the sand and pretend it’s not, or we can embrace globalization and the derivative benefits both geopolitically and otherwise that come from that. Content generation coming out of Hollywood is one of America’s greatest exports.
I firmly embrace the global nature and orientation that we bring to this from a capital standpoint, from a footprint standpoint, etc. At the end of the day, I do understand some of the concerns that you’ve raised, but that will work itself out between signing and closing because at the end of the day, worst-case scenario, Ellison and RedBird are 100% of this thing.”

All of which suggests to me that Paramount still intends to use money from Gulf-based sovereign wealth funds to buy WBD.

What I don’t understand is why the company won’t say that out loud. Does that mean it’s still negotiating with potential investors? Or that it’s reticent to disclose outside investors, for whatever reason, until it has to? A Paramount rep declined to comment.

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Crypto bill hits new impasse, raising doubts over its future

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Crypto bill hits new impasse, raising doubts over its future
Talks on landmark crypto legislation have hit a new impasse after banks said they could not back a compromise pushed by the White House, a development that cast doubt on whether the bill will pass this year and sparked criticism from President Donald Trump ​who accused lenders of trying to undermine it.
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Finance

Stamford Finance Students Wow Judges, Take Home Trophy in Regional CFA Competition – UConn Today

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Stamford Finance Students Wow Judges, Take Home Trophy in Regional CFA Competition – UConn Today

A tenacious team of finance majors, who sacrificed most of their winter break to prepare for the CFA Institute Research Challenge, took first place in that regional competition last week.

Students Hunter Baillargeon, Dylan Fischetto, Richard Opper, Philip Ochocinski and Rushit Chauhan were tasked with researching and analyzing a major utility company, and then producing a 10-page report about whether to buy, hold, or sell its stock. They chose to sell.

One of the CFA judges said both the team’s report and presentation were among the best he had seen in many years.

“As a team, we were thrilled our hard work paid off and our many hours of work allowed us to achieve what we did,’’ Baillargeon said. “What we accomplished couldn’t have been done without working with such a cohesive and collective unit.’’

“From a technical perspective, I realize how valuable true analysis is and the importance of looking where others don’t for a differentiated approach,’’ Baillargeon said.

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The first round of competition featured 24 college teams from the Stamford-Hartford-Providence region. The Stamford team, composed of seniors all of whom all participate in UConn’s Student Managed Fund program, received its first-place award Feb. 26 in a ceremony in Hartford. The team will advance to the East Coast competition later this month.

Stamford Finance Program is Robust

“The Stamford team’s advancement in this competition reflects not only the students’ exceptional talent and work ethic, but also the rigor and applied focus of the UConn finance curriculum,’’ said professor Yiming Qian, head of the Finance Department.

“Our Stamford campus hosts approximately 200 financial management majors. The Stamford program is a vital part of the School and continues to demonstrate outstanding strength,” she said.

Professors Steve Wilson and Jeff Bianchi, who combined have 75 years of experience in the investment industry, were the team’s advisers and were supported by academic director Katherine Pancak.

Wilson said the task of analyzing a utility is particularly complex because of the company’s structure and the regulatory environment in which it operates.

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“I believe the Stamford team stood out because of the depth of their research, and willingness to take a bold stand, including the decision to ‘go out on a limb’ and recommend selling the stock,’’ he said. “They didn’t ‘play it safe.’’’

“This clean-sweep was a true team effort. They were tireless throughout, and sleepless too often, but they never wavered from their desire to always dig deeper and uncover any information that would strengthen our investment case,’’ he said. “What a phenomenal job they did!’’

Competition in Hong Kong Is Ultimate Goal

The Stamford team will compete against Loyola, Canisius, Sacred Heart; Seton Hall, Villanova, St. Michaels, Western New England, University of Maine, Fordham and Penn State next. In total, some 8,000 students are expected to participate in various competitions worldwide, culminating in a championship round in Hong Kong in May.

Wilson said the financial industry is always welcoming of new talent. And when one of the judges told him that the Stamford team produced some of the best work that he’d seen in years, Wilson felt tremendous pride for the students.

“Finance is an open playing field. In investments, the best idea wins,’’ he said.

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Baillargeon said he will always appreciate the whole team’s dedication.

“What I’ll remember most is the help of our advisers and our cohesive, close-knit team where everyone pulled their weight,’’ Baillargeon said. “We put in long hours, did a tremendous amount of research, and collaborated well together. I hope when I enter the workforce I get to work with a team as committed as this one is.’’

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