Finance
NYS public-campaign-finance fraud exposes state board’s utter incompetence
New York state’s new public-campaign-funding scheme couldn’t be more ripe for fraud and abuse.
In the lead-up to the June 25 primaries, the state’s Public Campaign Finance Board doled out more than $8.6 million in matching-fund payments to 69 state legislative candidates — with no real guardrails to prevent shady candidates from ripping off the taxpayers.
The board looks to be as feckless as the Cannabis Control Board, which not-so-coincidentally was also launched under Gov. Andrew Cuomo.
In a fit of responsible local journalism, The New York Times has chronicled, how Dao Yin, a Flushing Democrat who filed to run for state Assembly, apparently used straw donors to scam the system out of $162,800 in taxpayer-financed matching funds.
Naturally, New York funds the most generous statewide public-matching-funds system in the nation: A single $50 donation nets $600 in public funds while a maximum $250 contribution garners $1,800.
For contributions between $5 and $250 from legislative district residents, the public match is 12-to-1 for first $50, 9-to-1 for next $100 and 8-to-1 for the following $100.
And the board’s “oversight” doesn’t seem to go much beyond sending out the checks.
The Times’ review of Yin’s contribution cards found a host of red flags:
- At least 48 alleged donors who said they never heard of Yin denied making the alleged contributions and said their signatures were forged; some said they no longer resided at the addresses listed.
- Almost $28,000 in cash coming from small donors.
- Most of his his donations, 80%, came in cash — about 15 times the average cash share of contributions for Assembly candidates participating in the system.
- Multiple “donor” records missing key required contact information or with other errors.
- Dao Yin was the campaign treasurer, chief fundraiser and candidate.
The board liaison to the Yin campaign missed all of this — and took Yin’s word that he sent so-called “good-faith” letters to validate questionable donors.
To be fair, the city Campaign Finance Board may have been as lax: For his 2020 borough president and 2021 City Council campaigns, he got over $1 million in city matching funds.
(The city board also needs to complete its 2023 City Council campaign audits, too, as the 2025 election season is upon us.)
The state idiocy was baked in from the start:
An April 2018 Siena poll found that nearly two-thirds of New York voters opposed public funding of state elections when told it would cost an estimated $100 million every two years — at least.
But Cuomo and the Legislature went ahead anyway, creating a commission to devise the system in March 2019.
They stacked it with political operatives, such as election lawyer and former de Blasio fixer Henry Berger and state Democratic Party boss Jay Jacobs — for whom Cuomo suspended a state regulation that prevented political party bosses from serving in “policy making” posts in state government.
Today, the PCFB chair and vice chair are former state lawmakers Barbara Lifton (D) and Brian Kolb (R): That is, bipartisan patronage posts.
But the geniuses also left basic guardrails missing, such as:
- Mandatory post-election audits of every campaign.
- Sufficient staff to review and monitor campaign filings.
- The board has no independent subpoena power to pursue rogue campaigns.
Hundreds of millions of dollars in taxpayer money for political appointees to dole out is a magnet for the corrupt.
The state program is a boon for incumbent lawmakers and their unscrupulous challengers — and another needless drain on taxpayers’ wallets.
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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