Finance
Montana GOP, Busse file campaign finance complaints • Daily Montanan
The Montana GOP said the Democratic candidate for governor is illegally spending money on his wife’s communications company — but Democrat Ryan Busse, challenging the Republican incumbent, alleges Gov. Greg Gianforte improperly funneled $1 million to his campaign manager’s companies.
Both candidates deny the allegations in the respective complaints filed this month with the Commissioner of Political Practices.
Busse claims Gianforte paid campaign manager Jake Eaton and other staff affiliated with the campaign more than $1 million through Eaton’s companies. The payments are disclosed in financial reports, but the Busse campaign says they violate the law against “secret pass-through payments.”
Gianforte campaign spokesperson Anna Marian Block said in a statement Friday the campaign is in full compliance with the law.
“This complaint is nothing more than a desperate attempt to distract voters from the fact that Ryan Busse is trailing in the polls by 21%,” Block said.
Meanwhile, the Montana Republican Party alleges the Busse campaign allocated several thousand dollars to his wife’s communications company in violation of a law prohibiting surplus funds going to candidates for “personal benefit,” which includes family members.
In a response filed Friday, Busse’s campaign called the complaint “utterly meritless” and said contrary to the allegations, the communications work is being done by an experienced professional and legally must be compensated.
Busse: Gianforte isn’t disclosing payments to staff for campaign work
Eaton owns consulting firm The Political Company as well as political sign printing shop and marketing firm Ultra Graphics, both in Billings. The Busse campaign’s complaint, filed Friday, lists more than 25 payments from Gianforte’s campaigns to both companies between March and June of this year. The campaign says Gianforte should have made those payments to Eaton personally, instead of through his companies, for his consulting work.
Eaton noted in his email Friday political parties can submit expenditures for campaigns and noted the Montana Republican State Central Committee report is where the expenses for staff are listed, including his own. The committee’s report for the first quarter of the year notes The Political Company was paid three installments of $12,500, as well as salaries for staff listed in the complaint.
The complaint, authored by Busse staffer Emily Harris, said the Gianforte campaign has previously this election cycle tried to sidestep accountability for including false information about immigration in an ad. After taking the ad down, the campaign told Montana’s ABC/Fox affiliate the ad was done by an “outside contractor”and the campaign decided to remove it. Busse’s camp is claiming the ad was created by Eaton’s company, basing that off the time of the ad and when it was published.
Busse’s complaint also claims it is implausible Gianforte raised $1.2 million from when he officially became a candidate in January, but doesn’t point to concrete evidence Gianforte started raising money prior to becoming a candidate other than campaign contribution amounts being suspicious. Busse believes because the donations were all the same amount and at the maximum amount that could be donated by one person at a time, $2,240, it raises concern as it doesn’t match donation amounts from in person events which were around $100.
Harris wrote Gianforte started campaign activities earlier than is legally allowed as an internal poll came out days after he officially became a candidate, but also made the claim on “information and belief.”
The complaint also listed a number of staffers that claim through social media as well as in news reports to be affiliated with the campaign, but are not included in the expenditures for the campaign.
Harris also listed more than 20 expenditures from Gianforte’s campaign saying the descriptions were too vague and did not comply with the same statute referenced in the complaint against Busse for signs and media placement.
The Busse campaign also said money “passed through Eaton’s companies goes to other Republican-aligned vendors—payments Gianforte conceals from his reporting.” The complaint did not list which vendors, though.
GOP: Busse giving campaign funds to wife for communications work
The complaint from the state GOP, signed June 14, says Busse’s campaign paid Aspen Communications, owned by Sarah Swan Busse, a total of just more than $12,000 for communications and fundraising consulting, as well as car mileage. Sara Swan Busse is Ryan Busse’s wife.
The complaint also said candidate Busse receives a salary from Aspen Communications, which the campaign refutes as not affiliated with the election.
But because the salary would directly benefit Busse and his wife, the GOP alleges Busse is in violation of state law that prohibits surplus campaign funds from directly benefiting candidates or their family members.
The Busse campaign, in a response authored by campaign manager Aaron Murphy, said Sara Busse is an “independent experienced professional” and her work legally must be compensated fairly.
It listed her experience in the field working on western district democratic candidate Monica Tranel’s Congressional campaign during the 2022 election cycle.
The Busse camp also said the statute cited by the GOP regarding personal benefit from campaign funds isn’t relevant as it concerns how funds are dealt with after the campaign, not during. Murphy wrote the GOP likely meant to cite an administrative rule saying candidates cannot use campaign funds for personal use, but he said the campaign didn’t break that rule either.
“All expenditures and reimbursements to Sara Busse and Aspen Communications are directly connected to her fundraising and communications work for the campaign—they support the campaign and would not exist without it,” the response read.
“The campaign’s contract with Aspen Communications is not to compensate Ryan Busse. Ryan Busse receives no compensation from the campaign (excluding reimbursements for mileage, etc.),” the response read. “Ryan Busse’s occasional work for Aspen Communications, as listed on his personal disclosure, is entirely separate and distinct from the campaign.”
Murphy also said if hiring spouses was at issue, it would call into question the ethics of the state paying attorney Emily Jones, wife of Gianforte’s campaign manager Jake Eaton, for her work as an attorney with the state.
The GOP complaint also said Busse’s campaign was not thorough in its description of the services paid for with campaign funds, as is required in statute.
This included a $250,000 ad buy from media strategy company Left Hook with the description “statewide broadcast tv ad buy” and a nearly $7,800 purchase from progressive campaign sign producer Blue Deal with the description “signs.”
Montana Commissioner of Political Practices Chris Gallus said the timeline for determining whether his office will move forward with a formal investigation in the complaint against Busse is not known at this time. His office will send a letter Monday requesting Gianforte’s response to the complaint by Busse.
Editor’s Note: the headline of this story was amended to reflect the Montana GOP filing the campaign finance complaint against Ryan Busse.
Finance
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Finance
Oil rollercoaster pushes prices higher as US-Iran talks raise questions
Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures contracts marched higher on Tuesday morning, having plummeted more than 10% at one point in Monday’s trading session. Questions continue to swirl around the potential reopening of the Strait of Hormuz and an end to the conflict between Iran and the US and Israel.
Brent crude (BZ=F) gained 1.7% after the opening bell in London, to around the $97.50 per barrel mark. West Texas Intermediate (CL=F) also rose 1.7% to $89.55 per barrel.
The moves come amid conflicting reports about talks between Iran and the US to end fighting. On Monday, president Donald Trump delayed strikes on Iranian power plants, having given Iran a deadline to restore trade through the Strait of Hormuz, saying Washington had productive conversations with Tehran.
But Tehran has since denied that it has been in touch with US negotiators, accusing Washington of price manipulation.
On Sunday night, Trump and prime minister Keir Starmer held a 20-minute phone call about the situation.
“They agreed that reopening the Strait of Hormuz was essential to ensure stability in the global energy market,” a Downing Street spokesperson said.
On Saturday, Trump gave Iran a 48-hour deadline to reopen the Strait — a measure set to expire shortly before midnight UK time on Monday.
In a Truth Social post, Trump wrote: “If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 hours from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”
Yesterday, Iran’s defence council said in a statement that the “only way for non-hostile countries” to pass through Strait of Hormuz is “coordination with Iran”.
Finance
Iran issues its largest-ever currency denomination as accelerating inflation ravages a financial sector deemed a ‘Ponzi scheme’ even before the war | Fortune
Iran’s economy was already crashing before the U.S. and Israel launched a war against the Islamic republic three weeks ago, and the relentless bombing since then has wreaked even more havoc.
In fact, high inflation triggered mass protests in December and January, prompting the regime to massacre tens of thousands of its own citizens. President Donald Trump warned Tehran against further violence and began a military build-up that led to the current conflict.
Inflation has worsened and apparently is so bad now the government issued its largest-ever currency denomination: the 10 million rial note (equivalent to about $7).
The new currency went into circulation last week, according to the Financial Times, and comes just a month after the prior record holder, the 5 million rial, came out.
As prices continue to spiral higher while the war boosts demand for cash, long lines formed to withdraw the fresh banknotes, and supplies quickly ran out.
Iran’s central bank said electronic payments are still the main methods for transactions, though the 10 million rial bill will “ensure public access to cash,” the FT reported.
But doubts about the viability of electronic payments have grown during the war as the U.S. and Israel target the regime’s levers of control.
In addition to bombing Islamic Revolutionary Guard Corps and Basij paramilitary forces, a data center for Bank Sepah was also hit on March 11. Sepah is the country’s largest bank and is responsible for paying salaries to the military and IRGC.
“Iran is already in the middle of a severe cash liquidity crisis,” Miad Maleki, a senior advisor at the Foundation for Defense of Democracies and a former Treasury Department official, said on X earlier this month. “As of Jan 2026, banks were running out of physical banknotes daily, with informal withdrawal caps of just $18–$30/day. Cash in circulation surged 49% YoY due to panic hoarding. The regime simply cannot pivot to cash payments, there isn’t enough physical currency in the system.”
Meanwhile, a currency collapse that began after last year’s U.S.-Israeli bombardment has fueled crippling inflation. The rial lost 60% of its value in the months after the 12-day war, and food inflation soared to 64% by October. It accelerated further to 105% by February, vaulting overall inflation to 47.5%.
The exchange rate fell as low as 1.66 million rials per $1 last month, though it strengthened to about 1.5 million rials as the U.S. temporarily lifted sanctions on Iranian oil.
Heightened demand for cash further stresses a financial system that was considered dubious even before the current war started three weeks ago.
The failure of Ayandeh Bank late last year forced the regime to fold it into a state-run lender, underscoring how fragile the sector was as bad loans piled up to politically connected cronies.
“This was largely theater. In reality, Iran’s entire banking system is insolvent, its balance sheets sustained by fiction rather than assets,” Siamak Namazi, who was a U.S. hostage in Iran from 2015 to 2023, wrote in a report for the Middle East Institute in January.
During his captivity, he learned from imprisoned former officials and business elites that politically connected borrowers bribed assessors to inflate the value of properties, which were used to obtain massive loans.
Instead of repaying the loans, borrowers just gave their properties to the bank, which sold them to other banks at a paper profit, according to Namazi. Those banks knew the properties were overvalued “garbage,” but played along in the scheme by dumping their own toxic assets in exchange and booking fictitious gains.
“The result is a closed-loop Ponzi scheme, sustained by mutual deception and regulatory complicity,” he added. “This practice has metastasized over the past 15 years and is far more extensive than this simplified description suggests. And this is only the banking system. Much of the rest of Iran’s economy is afflicted by similarly entrenched corruption and mismanagement.”
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