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
Intel Corporation (INTC) Attracts Bids from Rivals Amid Financial Turnaround Efforts, Secures Multibillion-Dollar Contracts with Amazon and US Government
We recently compiled a list of the 20 AI News That Broke The Internet This Month. In this article, we are going to take a look at where Intel Corporation (NASDAQ:INTC) stands against the other AI stocks that broke the Internet this month.
AI is transforming industries and reshaping the world by enhancing efficiency, driving innovation, and opening up new economic opportunities. A recent McKinsey report estimates that AI could add up to $4.4 trillion annually to the global economy by 2030. The rapid growth of AI technologies — especially generative AI — has enabled organizations to streamline processes, automate complex tasks, and develop personalized services. In healthcare, AI is revolutionizing diagnosis and treatment. For example, AI-powered diagnostic tools, such as those developed by Google Health, achieve accuracy rates that rival or surpass human doctors in detecting diseases like cancer. These advancements can reduce diagnostic errors and improve patient outcomes. Gartner predicts that by 2025, 50% of healthcare providers will invest in AI-driven technologies to improve patient care, underscoring the potential for massive growth.
Read more about these developments by accessing 33 Most Important AI Companies You Should Pay Attention To and 20 Industrial Stocks Already Riding the AI Wave.
Financial services are also being transformed by AI. According to a 2023 report from PwC, AI could increase global GDP by up to 14% by 2030, with financial services being a key driver. Banks and fintech companies are leveraging AI to enhance fraud detection, streamline customer service through AI chatbots, and offer personalized investment advice. Manufacturing is another sector experiencing rapid change due to AI. AI-powered robots are automating production lines, reducing human error, and increasing efficiency. According to the International Federation of Robotics (IFR), global sales of industrial robots are expected to reach $31 billion by 2025. These robots, coupled with AI-driven predictive maintenance systems, are lowering downtime and operational costs for manufacturers. Tesla, for instance, uses AI in its Gigafactories to streamline the production of electric vehicles, aiming to achieve greater sustainability and lower manufacturing costs.
The retail industry is embracing AI to optimize supply chains and enhance customer experiences. AI-driven recommendation systems, like those used by Amazon and Alibaba, have significantly improved customer satisfaction by offering personalized shopping experiences. A Forbes report suggests that AI could reduce supply chain forecasting errors by 50%, helping retailers better meet consumer demands. However, as AI adoption grows, so do concerns around job displacement. The World Economic Forum estimates that AI will replace 85 million jobs by 2025 but also create 97 million new roles, particularly in sectors like AI development, data science, and cybersecurity. This transition will require workers to adapt and reskill to remain relevant in the evolving job market.
Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
Our Methodology
For this article, we selected the most important AI news by combing through news articles, stock analyses, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A technician soldering components for a semiconductor board.
Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 75
Intel Corporation (NASDAQ:INTC) markets key technologies for smart devices. A number of Intel rivals have reportedly made bids to take over parts of the business of the chipmaker as it seeks a financial turnaround. Some of those weighing potential investments in Intel include Broadcom, QUALCOMM, and Apollo Asset Management. Meanwhile, Intel Corporation (NASDAQ:INTC) continues to land government contracts and funding, announcing earlier this month that it had been selected for multibillion-dollar contracts to make chips for Amazon and the United States government. Analysts have urged Intel to exit the foundry business but a potential deal in this regard is faced with regulatory problems.
Overall INTC ranks 16th on our list of the AI stocks that broke the Internet this month. While we acknowledge the potential of INTC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than INTC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. This article is originally published at Insider Monkey.
Those following along with Sagicor Financial Company Ltd. (TSE:SFC) will no doubt be intrigued by the recent purchase of shares by insider Gilbert Palter, who spent a stonking CA$1.3m on stock at an average price of CA$5.60. That purchase boosted their holding by 100%, which makes us wonder if the move was inspired by quietly confident deeply-felt optimism.
Check out our latest analysis for Sagicor Financial
Sagicor Financial Insider Transactions Over The Last Year
Notably, that recent purchase by Gilbert Palter is the biggest insider purchase of Sagicor Financial shares that we’ve seen in the last year. That means that an insider was happy to buy shares at above the current price of CA$5.50. It’s very possible they regret the purchase, but it’s more likely they are bullish about the company. To us, it’s very important to consider the price insiders pay for shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price. We note that Gilbert Palter was also the biggest seller.
In the last twelve months insiders purchased 316.59k shares for CA$1.8m. But insiders sold 39.00k shares worth CA$225k. In the last twelve months there was more buying than selling by Sagicor Financial insiders. The chart below shows insider transactions (by companies and individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
Sagicor Financial is not the only stock that insiders are buying. For those who like to find small cap companies at attractive valuations, this free list of growing companies with recent insider purchasing, could be just the ticket.
Insider Ownership
Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It appears that Sagicor Financial insiders own 11% of the company, worth about CA$85m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
So What Do The Sagicor Financial Insider Transactions Indicate?
It is good to see recent purchasing. And an analysis of the transactions over the last year also gives us confidence. When combined with notable insider ownership, these factors suggest Sagicor Financial insiders are well aligned, and that they may think the share price is too low. In addition to knowing about insider transactions going on, it’s beneficial to identify the risks facing Sagicor Financial. For instance, we’ve identified 3 warning signs for Sagicor Financial (1 is concerning) you should be aware of.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Finance
Difference Between Savings Account and Emergency Fund, According to Financial Activist Dasha Kennedy
Most Americans have different bank accounts to serve different needs, from basic checking accounts for daily transactions to certificates of deposit for long-term savings. If you have multiple savings accounts, at least one should be devoted to an emergency fund. In fact, money blogger and influencer Dasha Kennedy says you shouldn’t consider a savings account and emergency fund the same thing.
Find Out: 9 Things the Middle-Class Should Consider Downsizing To Save on Monthly Expenses
Discover More: 7 Reasons a Financial Advisor Can Grow Your Wealth in 2024
In a recent Instagram post, Kennedy referred to savings accounts and emergency funds as “cousins, not twins.” The self-proclaimed “financial activist” also laid out some of the main differences between savings accounts and emergency funds:
Earning passive income doesn’t need to be difficult. You can start this week.
Savings Account
In her post, Kennedy wrote that a savings account is “ideal for planned expenses and achieving short- to medium-term financial goals.” She also called a savings account “perfect for setting aside money for specific future purchases or experiences.”
Example: If you’re planning to buy a new laptop next year, use money from your regular savings account.
Check Out: 5 Unnecessary Bills You Should Stop Paying in 2024
Emergency Fund
This fund is “strictly for unexpected, urgent expenses that you can’t cover with your regular income or other savings,” Kennedy wrote, adding that the fund should serve as a “financial safety net for emergencies.”
Example: If your car breaks down unexpectedly and requires immediate repairs, dip into your emergency fund to pay for it.
Which Expenditures Warrant Savings vs. Emergency?
Here are some other guidelines Kennedy shared in terms of which expenditures should come out of which account:
|
Scenario |
Savings Account |
Emergency Fund |
|
Planning a vacation |
 |
|
|
Sudden job loss |
|
 |
|
Buying holiday gifts |
 |
|
|
Saving for a new phone |
 |
|
|
Medical emergency |
|
 |
|
Buying concert tickets |
 |
|
|
Unexpected home repairs |
|
 |
|
Sudden legal expense |
|
 |
|
Planning for a baby shower |
 |
|
|
Unexpected travel expenses |
|
 |
The amount of money you should keep in your emergency fund depends on different factors, most having to do with your location, household size, income, and monthly expenses. As a general rule, you should aim to save enough money to cover at least three to six months’ worth of expenses. A good place to build an emergency fund is in a high-yield savings account that can help you grow your balance faster.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Difference Between Savings Account and Emergency Fund, According to Financial Activist Dasha Kennedy
Rescue missions underway in North Carolina after Hurricane Helene brings ‘historic’ flooding, landslides
Rival Executive Surprisingly Praises San Francisco Giants President Farhan Zaidi
Cowboys are 1.5-point underdogs to the Steelers in Week 5
Former Miami Heat Forward Shares Heartfelt Farewell Message
Boston weather: Dry, seasonable fall week headed for region
Colorado Rockies game no. 116 thread: Zac Gallen vs José Ureña
See it: Tesla crashes into Columbus convention center at 70 mph
Fox News Politics: Georgia the whole day through
Death of missing Oregon girl found in stream ruled homicide
At least 2 dead as tornadoes hit Alabama, damage homes across Southeast
Social media critics rip Walz for celebrating Minnesota football rival, remind him he was booed: 'No loyalty'
Former Netanyahu rival Gideon Saar joins Israeli cabinet
The Pentagon says it wants to prevent Iran from spreading the conflict in the Middle East
Video: The Border in the Campaign and in Real Life
Trump, Harris blasted for ignoring exploding budget deficit, as economists plead with both to 'get real'
-
News1 week agoVideo: Who Are the Black Swing Voters?
-
Politics1 week agoDem lawmakers push bill to restore funding to UN agency with alleged ties to Hamas: 'So necessary'
-
News1 week agoFour killed, dozens injured in Alabama shooting
-
News1 week agoElection 2024 Polls: Florida
-
News1 week agoMoney for cutting-edge climate technology could dry up in a second Trump term
-
World1 week agoCritics slam landmark EU competitiveness report as 'one-sided'
-
Politics1 week agoSecret Service protection bill passes House unanimously after Trump assassination attempts
-
/static.texastribune.org/media/files/5e5395400eb1f412fb6d97a439483caf/SpaceX%20Brownsville%20MGO%2005.jpeg "Cards Against Humanity says in new lawsuit that SpaceX has destroyed some of its South Texas property")
News1 week agoCards Against Humanity says in new lawsuit that SpaceX has destroyed some of its South Texas property