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When judges get free trips to luxury resorts, disclosure is spotty

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When judges get free trips to luxury resorts, disclosure is spotty

Many federal judges receive free rooms and subsidized travel to luxury resorts for legal conferences. NPR found that dozens of judges did not fully disclose the perks they got.

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Many federal judges receive free rooms and subsidized travel to luxury resorts for legal conferences. NPR found that dozens of judges did not fully disclose the perks they got.

Chelsea Beck for NPR

Dozens of federal judges failed to fully disclose free luxury travel to judicial conferences around the world, as required by internal judiciary rules and federal ethics law, an NPR investigation has found. As a result, the public remained in the dark about potential conflicts of interest for some of the United States’ top legal officials.

Federal judges — occasionally with family members or even their dog in tow — traveled to luxury resorts in locations as far-flung as London; Palm Beach, Fla.; Bar Harbor, Maine; and the outskirts of Yellowstone National Park for weeklong seminars. The judges received free rooms, free meals and free money toward travel expenses, together worth a few thousand dollars.

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At one event, a far-right German politician with a history of racially inflammatory and anti-immigrant statements made a presentation to dozens of judges. At others, judges heard from an advocacy group that uses lawsuits in federal court to change environmental policy, as well as from corporate CEOs in the oil and pharmaceutical industries.

For almost two decades, the federal judiciary has recognized that the combination of apparent luxury and ideological content can present the appearance of undue influence on the courts. In response, the judiciary has required more transparency in the form of public disclosure.

An NPR investigation found that the disclosure systems often fail to give the public timely information about the outside benefits that judges receive and from whom.

As a result, judicial ethics experts say, people with cases before these judges lack important information about a judge’s potential biases. That information, if received in time, could be used to request that a judge recuse from a particular case.

“It also matters to the public, even if someone never shows up in a courtroom, to believe in the integrity of our judiciary and to trust in the decisions that are issued by judges,” said Renee Knake Jefferson, a professor at the University of Houston Law Center. “Having disclosures of judicial financial interests goes directly to the public having confidence in the outcomes of the decisions — that they are free of any bias or influence.”

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Many judges defend these events as helpful forums to discuss important issues, and they reject criticism that a stay at a fancy hotel could influence their decisions. Critics call them “junkets” and glorified vacations that reward ideological allies.

Both sides agree that disclosure is needed.

There are two primary ways the public can view information about judicial education events and see which judges attended: One disclosure is filed soon after the event, and the other is submitted much later.

First, within 30 days of an event, judges are required to file a form that details the host of the event and the entities that provided funding, as well as the speakers and topics of discussion. This form, called a “Privately Funded Seminar Disclosure Report,” is posted on every federal court’s website.

Second, federal law requires that judges report the reimbursements they received for the events on an annual financial disclosure report. That report also includes information like alternate sources of income (such as a book deal or teaching job) and what stocks a judge might own. Those reports are eventually posted on a centralized online database maintained by the Administrative Office of the U.S. Courts.

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By closely examining the portion of these events subject to public records laws, NPR identified problems with both systems.

In nearly 40 instances, judges attended events at luxury resorts but failed to properly file a report within 30 days. In fact, the forms were uploaded months or even years late and only after NPR began asking questions.

In 13 cases, NPR found that judges failed to declare the benefits they received on their annual financial disclosure forms.

NPR contacted all those judges for comment.

And in another dozen cases, judges’ financial disclosures for 2021 or 2022 were simply unavailable to the public. By all accounts, judges are filing those annual disclosure reports on time. The Administrative Office of the U.S. Courts bears responsibility for posting those reports online and has acknowledged delays in getting the system up to date.

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There is no indication that the judges intentionally withheld information in order to deceive the public. And the office that administers the annual financial disclosure website told NPR that it struggles to work through a backlog of reports, as well as requests for redactions to protect judges’ safety, but is making progress.

Ethics experts said delays and omissions in these reports undermine the entire purpose of the transparency rules.

“That information loses most of its value if it’s a year and a half later,” said Kedric Payne, the senior director of ethics at the nonprofit watchdog Campaign Legal Center. “It’s just too distant from the potential conflict of interest.”

Regardless of intention, the result is that the public is kept in the dark. And NPR’s findings likely represent an undercount of the larger problem.

Events with ideological presentations and a side of luxury

Nonprofits, legal organizations and private universities all host judicial education events around the world. But those groups are generally not subject to public records laws. As a result, their full attendee lists are shielded from public scrutiny.

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When it comes to the hosts of these events, George Mason University in Fairfax, Va., is exceptional in two ways.

George Mason University’s campus in Fairfax, Va., in 2018.

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George Mason University’s campus in Fairfax, Va., in 2018.

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For one, GMU — particularly the university’s conservative-leaning Law & Economics Center — has long stood out as one of the most prolific hosts of judicial education events. Collectively, hundreds of judges have attended the university’s events at luxury resorts over the years. GMU is quick to point out that the events are paid for by private donors. The Law & Economics Center’s website lists donors that include major corporations like Amazon, Pfizer, Google and Facebook, as well as the business lobby group the U.S. Chamber of Commerce. According to the New York Times, conservative activist Leonard Leo helped gather $30 million in donations to rename the law school after late Supreme Court Justice Antonin Scalia.

GMU is a public university in Virginia, which means it is subject to the state’s Freedom of Information Act. NPR requested attendee lists for eight of its judicial education events from 2021 to 2023. By comparing attendee lists with the publicly available records, NPR was able to identify dozens of missing disclosures.

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That missing information may be relevant to both the public at large and people with cases in front of these judges.

For example, dozens of judges took part in a 2022 event that featured a speaker from the far-right Alternative für Deutschland (Alternative for Germany) political party. Germany has been rocked by massive protests in recent months over revelations about AfD’s ties to right-wing extremism. A regional AfD leader is facing charges in Germany for allegedly using Nazi slogans, which he denies.

Gunnar Beck, a member of the European Parliament and an AfD member, spoke to the group of American federal judges about “European Jurisprudence.” Beck has a history of anti-immigrant and racially inflammatory statements.

In 2021 — the year before his presentation to the judges — Beck took multiple photos of Black families, including young children in strollers, and posted them on social media. In one of the posts, he used the photo to criticize what he called the Afrikanisierung (Africanization) of Germany. (This post was deleted after NPR contacted Beck.) In another, Beck wrote that due to immigration, “Germany has no future as an industrial and cultural nation, but it does have a future as a welfare office.”

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Beck told NPR in an email that “each country and its people have a right to control their border with a view to safeguarding their maintenance of their national culture and identity” and that “I do not think these views are either fascist or racist.”

The GMU events have also featured presentations from a nonprofit that says it uses lawsuits to promote a pro-market, as opposed to pro-regulation, approach to environmental policy; the CEO of a U.K.-based pharmaceutical company; and the CEO of an energy company that is currently suing the federal government over financial regulations.

One recent event included a reading assignment on the “worst decisions ever handed down by the Supreme Court” as defined by conservative and libertarian legal scholars. Roe v. Wade, which established a constitutional right to abortion, was No. 2. Landmark cases establishing rights to same-sex marriage and the use of birth control also appeared among the top 10 “worst” decisions.

Given the power of judges to affect Americans’ lives on issues from guns to abortion, the environment and crime, transparency about these events is critical, said Gabe Roth of the nonprofit watchdog group Fix the Court.

“The public has a right to know whether or not its top legal officials have any potential conflicts going into hearing cases,” said Roth. “Sometimes they’re small bore, but a lot of the times they have major national impact.”

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The agendas for the GMU events showed that the event programming often ended around noon, followed by a five- or six-hour “study break.” In some instances, the agendas leave days completely free.

It’s unclear exactly how judges spent that time. But attendees had the opportunity to enjoy the Ritz-Carlton’s clay tennis courts, the Alyeska Resort’s Nordic Spa or the short walk to Buckingham Palace from the May Fair Hotel in London. The agenda for GMU’s 2022 Bar Harbor Colloquium in Maine reserved 90 minutes for a wine tasting.

The Alyeska Resort in Girdwood, Alaska, in 2009.

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The Alyeska Resort in Girdwood, Alaska, in 2009.

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A spokesperson for GMU did not respond to NPR’s specific questions for this story.

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“Topics are selected based on foundational concepts in the economic analysis of law relevant to judges and other areas of interest to the judiciary,” wrote Ken Turchi, associate dean of GMU’s Antonin Scalia Law School, in an email. “Every judge who attends has the option to complete and submit a disclosure form detailing expenses incurred and reimbursed.”

Which judges have disclosure problems?

Problems plagued the paperwork for judges appointed by presidents of both major parties going back decades, including Presidents Ronald Reagan, George H.W. Bush, Bill Clinton, George W. Bush, Barack Obama and Donald Trump.

And the judges who failed to fully comply with the disclosure requirements include some notable names.

In this screenshot, Aileen Cannon speaks during a Senate Judiciary Committee nomination hearing to be a U.S. district judge for the Southern District of Florida on July 29, 2020. She was appointed to the position later that year.

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In this screenshot, Aileen Cannon speaks during a Senate Judiciary Committee nomination hearing to be a U.S. district judge for the Southern District of Florida on July 29, 2020. She was appointed to the position later that year.

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Judge Aileen Cannon of the Southern District of Florida is presiding over former President Donald Trump’s criminal trial for allegedly mishandling classified documents. Cannon, herself a Trump appointee, attended two seminars at a luxury resort in Montana, but the privately funded seminar disclosures for both events were not posted online until NPR began making inquiries. Clerk of court Angela Noble told NPR in an email that the absence of the disclosures was due to technical issues and that “Any omissions to the website are completely inadvertent.”

Judge Robert Conrad is the director of the Administrative Office of the U.S. Courts.

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Judge Robert Conrad is the current director of the Administrative Office of the U.S. Courts, which implements the policies of the federal judiciary. Conrad, who was appointed by George W. Bush to the Western District of North Carolina, attended three privately funded seminars from 2021 to 2023. He later included the events on his annual financial disclosure but did not file a publicly available disclosure for any of those events within the required 30-day time limit. “He inadvertently did not make the additional disclosure in the separate system for private seminar attendance,” said Peter Kaplan, a spokesperson for the Administrative Office. “Judge Conrad appreciates your bringing this oversight to his attention.”

Judge Leslie Gardner of the Middle District of Georgia, who is the sister of prominent Georgia Democrat Stacey Abrams, also failed to file a privately funded seminar disclosure on time. Additionally, NPR found that Gardner omitted the reimbursements she received for lodging, meals and travel on her annual financial disclosure. In a phone call to NPR, clerk of court David Bunt said that Gardner, an Obama appointee, was updating her annual financial disclosure and privately funded seminar disclosure, which were incomplete due to an “oversight.”

“I don’t have really an excuse for it, and I’m going to correct it”

Judges contacted by NPR largely described the issues with their disclosures as the result of an “inadvertent oversight” or an “accident.” In a handful of cases, court clerks blamed technical issues with the online system for uploading paperwork. One judge appeared to be unaware of the requirement to file a disclosure report within 30 days. Several judges thanked NPR for contacting them and prompting them to update their disclosure reports.

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“It looks like we blew it,” said Judge Philip Gutierrez of the Central District of California in a phone call to NPR. Gutierrez failed to file a disclosure within 30 days of attending a judicial seminar at The Breakers, a resort in Palm Beach, Fla., in 2021. “I apologize. It’s important. I’m embarrassed.”

Gutierrez immediately uploaded the missing disclosure.

Judge Gary Fenner of the Western District of Missouri attended the same GMU 2021 seminar in Palm Beach but failed to file a privately funded seminar disclosure and omitted the event from his annual financial disclosure that year.

“I am really surprised that I did not report that,” said Fenner, an appointee of Bill Clinton, in a phone message to NPR. “I’m going to rectify it. I’m embarrassed about the fact that somehow that was overlooked by me. But I don’t have really an excuse for it, and I’m going to correct it.”

Judge Keith Starrett of the Southern District of Mississippi, a George W. Bush appointee, said he had thought he marked his attendance at GMU’s seminar at the Park Hyatt Beaver Creek Resort and Spa in Colorado in 2021 on his annual financial disclosure. He acknowledged that it was missing from the forms due to an “oversight.”

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“I’m going to do whatever I need to do to get it right,” he said by phone.

In the District Court for the Southern District of Texas, NPR found three judges — Jeffrey Brown, Andrew Edison and Charles Eskridge — who had not filed the required privately funded seminar disclosure forms. After NPR contacted the court, the judges uploaded the forms, and clerk of court Nathan Ochsner said in an email, “At the direction of Chief Judge Randy Crane, my office will routinely remind all [Southern District of Texas] judges of this reporting requirement.”

Meanwhile, the delays in getting access to annual financial disclosure reports appear to be the result of the time limits built into the transparency laws, as well as a combination of long processing times for redactions requested by judges and, in some cases, security concerns.

The law requires that judges file their annual financial disclosure reports for the previous year on May 15. Many judges request and receive a 90-day extension, pushing that deadline to mid-August. Judges can then request that the judiciary redact “personal or sensitive information that could directly or indirectly endanger” the judge or the judge’s family, but then a committee has to review the request.

“So if you’re a judge that asked for a 90-day extension and then, on top of that, you’re asking for redactions,” said Roth, of Fix the Court, the public release of the annual disclosure is “already well into the following year.”

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Former federal Judge Jeremy Fogel, who is now the executive director of the Berkeley Judicial Institute, evaluated some of these redaction requests when he served on the judiciary’s Committee on Financial Disclosure.

“I don’t think that the problem you described is one where the judiciary doesn’t want to share the information,” said Fogel. “I think the problem is that they have not been able to put the resources in place to get the information online and available to the public in a timely manner.”

The Thurgood Marshall Federal Judiciary Building in Washington, D.C., houses the Administrative Office of the U.S. Courts.

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The Thurgood Marshall Federal Judiciary Building in Washington, D.C., houses the Administrative Office of the U.S. Courts.

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NPR sent a list of judges to the Administrative Office of the U.S. Courts and asked why their annual financial disclosures for 2021 or 2022 were still unavailable. Kaplan, the Administrative Office spokesperson, said he “could not comment on specific judges’ filings.” In general, Kaplan blamed missing disclosures on backlogs in the system and reviews of filings for possible security issues.

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“Currently, nearly all filings from 2021 and more than 80% of the filings from 2022 are available on the database,” said Kaplan. “We are continuing to cut into the backlog of reports.”

An ongoing debate over judges and luxury trips

Even if judges universally filed their disclosure reports on time and if the federal judiciary sped up the release of information, it would likely not end the ongoing debate over judges getting thousands of dollars in free perks, especially at ideologically slanted conferences.

Fogel said that in his time as a judge, he tended to avoid events that might be perceived as ideological.

“I wouldn’t go so far as to say that it’s unethical,” said Fogel. “But I think it’s better — it’s a best practice — for judges to avoid programs that have a particular philosophical or ideological viewpoint.”

Judge Starrett, of the Southern District of Mississippi, has attended five GMU legal events in the last three years and even brought his German shepherd to one of them.

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He rejected the idea that his views could be swayed by a certain speaker’s agenda or free perks.

“I’ve been called a liberal judge. I’ve been called a conservative judge. I’ve been called a son of a bitch. That comes with the territory,” said Starrett. “I pay close attention to speakers that are politically biased one way or another. I listen to them, and I challenge some of them. I ask pointed questions.”

Judge Gutierrez, of the Central District of California, has attended three GMU events in the last three years.

“Certainly, I think people have a slant. But for the most part, I found them to be interesting and educational,” he said. He added that a group of federal judges will always tend to ask tough questions and get into spirited debates — whether in court or in a legal seminar.

“We want our judges out in the world learning and teaching. And we want our judges to have friendships. We want our judges to be able to travel,” said Jefferson, the legal ethics expert at the University of Houston Law Center. “It’s the disclosure that matters.”

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Nick McMillan and Hilary Fung contributed reporting and visuals, with graphic editing by Alyson Hurt. This story was edited by Barrie Hardymon with research by Barbara Van Woerkom. Photo editing by Emily Bogle.

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Iran begins funeral procession for president after helicopter crash

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Iran begins funeral procession for president after helicopter crash

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Iran has begun a three-day funeral procession for late president Ebrahim Raisi, who died in a helicopter crash at the weekend, as the country’s leaders sought to project stability following the disaster.

Large crowds gathered as the procession started on Tuesday in the north-western city of Tabriz, the largest city near the site of the crash, which took place in a remote and mountainous region where rescue teams took about 20 hours to find Raisi’s body.

Also among the eight victims was the country’s foreign minister, Hossein Amirabdollahian.

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Raisi’s body will be transported from Tabriz to the holy city of Qom, the base for senior Shia Muslim clergy, on Tuesday, before being taken to Tehran. The government has declared a public holiday on Wednesday for the ceremony in the capital. 

“Iran will create another historic epic in the funeral,” said Interior Minister Ahmad Vahidi on Tuesday. “There will be no disruption in the country’s affairs with the martyrdom of the revered president.” 

Iran’s Supreme Leader, Ayatollah Ali Khamenei, will lead the religious ceremony in Tehran on Wednesday before Raisi’s body is taken to his home area, the Khorassan region in the north-east.

The late president will then be buried on Thursday in the holy city of Mashhad, where the eighth Imam of Shia Muslims, Reza, is interred — the largest pilgrimage destination in the country.

Shia Muslims mark Raisi’s passing on Tuesday © Tauseef Mustafa/AFP/Getty Images

In keeping with Iran’s constitution, Khamenei has appointed first vice-president Mohammad Mokhber as the head of the executive branch until elections are held on June 28.

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Presidential candidates will begin registering next Tuesday, and those who pass the strict vetting process will be allowed to campaign for two weeks before polling day.

Mokhber’s major decisions will be made in co-ordination with the heads of parliament and the judiciary until a new president is elected. The judiciary has warned Iranians that any “spread of lies” or “insults” about Raisi and his death will be dealt with severely. 

Meanwhile, the new Assembly of Experts, which will be responsible for appointing the next leader when Khamenei dies, held a previously scheduled meeting on Tuesday.

Raisi — elected one more time for the assembly in the March election — was considered a strong candidate to become the assembly’s new head and potentially the next supreme leader.

The clerical members elected Mohammad-Ali Movahedi Kermani, a senior conservative cleric, as the body’s new head for the next two years.

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The death of Raisi, 63, has come at a difficult time for Iran. The economy is struggling in the face of US sanctions, while the country is part of heightened tensions in the Middle East. A years-long shadow war between Iran and Israel has burst into the open following Hamas’s October 7 attack on Israel.

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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On a recent Tuesday morning in Portage, Wis., Sharon Wade tended to her craft and antique furnishing shop. Standing in front of a wall lined with color-coded paints, she helped a friend find the correct tools to spruce up an old dresser.

“You’re going to be fine, Sandy! I promise you,” Wade laughed, as she unwrapped a new paintbrush. “You know you can call me if you need to.”

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Her store sits within Columbia County, a county less than an hour outside of Madison. Despite some loyal customers, Wade said business has slowed over the past year.

“It’s been difficult to see people come in, that were regulars before that bought, and now they just come in to look,” she said, addressing rising prices in town. “I don’t blame them, you get in that situation where you have to buy things that you need, not necessarily what you want.”

Protecting her business drives her vote. After supporting former President Barack Obama in both 2008 and 2012, she then backed former President Donald Trump twice in 2016 and 2020. Now, she plans to vote for President Biden, arguing Trump’s legal woes are a deal breaker for her.

Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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“I just feel like there’s so much going on with his life that how can he focus on our country,” she said. “We need someone who’s going to be dedicated to what’s happening for us.”

Wade’s voting history mirrors Columbia County – known as a pivot county – one of several in the state that voted twice for Obama and then flipped to Trump in 2016.

In 2020, Trump won Columbia by just under two percentage points. But in neighboring Sauk County, he lost by about the same margin.

Both counties – made up of mid-size towns and rural areas outside the capital city – may be potential indicators of which candidate could win the state this year. But less than six months out, many voters remain divided and polarized, leaving little room for outliers to make up their minds.

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Jen Gamblethomas sat in a coffee shop in Baraboo, the largest town in Sauk County.

“I think that everybody that I know knows who they’re voting for,” said Gamblethomas, a Democrat who works with a local veterinarian in town.

“People have solidified what their values are and what they’d like to see happen,” she added. “I think everybody’s holding true to where they stand.”

Mark Kolloway sat a few tables away from Gamblethomas. The real estate investor supports Trump and actually moved from Illinois to Wisconsin in part because of the split nature of the state.

“I like the fairness of it,” he said. “At least here, it’s a flip of a coin.”

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A statewide ground game

Both the Biden and Trump teams are working alongside the state-wide parties to put staff on the ground in Wisconsin. But in a state that Biden won by just under 21,000 votes four years ago and Trump carried in 2016 by nearly the same margin, its political nature is not lost on either party.

“Wisconsin is the land of the nail-biter,” explained Ben Wikler, the chair of the state’s Democratic Party.

Wikler has seen the state through a series of major wins, including Biden’s victory in 2020. And he’s keen on delivering Biden’s message this year with what he’s calling “surround sound,” with both in-person and online outreach.

“Regardless of who’s going to win in a county and by how much, the real question is how many voters are out there that we have not connected with yet,” he said. “That is work that we can only really do by showing up and talking to people and meeting them where they are and listening to them. And you have to do that far out from Election Day.”

Brian Schimming, the chair of the Wisconsin Republican Party, said pivot counties like Columbia and Sauk are his party’s targets this year. Like Democrats, he’s keen on reaching out to new and nonvoters who could make a difference in a competitive county and state. That said, first-time voters in Wisconsin overwhelmingly voted for Biden four years ago – aligning with national trends.

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“It’s a major – if not the major opportunity for us,” he explained. “If I can get them to vote early, that is also good. So we’re trying some things around here that might not necessarily be expected of Republicans.”

Schimming’s emphasis on early voting is a shift that the RNC has taken over the past year, a notable move given Trump’s previous comments disparaging it, though Trump has recently pivoted on the subject and begun promoting early voting on social media.

“If I’m able to go talk… five, eight, 10% of Republicans in this state [into] voting early – like up to two weeks early,” Schimming explained, “I can then take the resources I save because I got those people to go vote and spend them on those swing voters or the new voters.”

Local organizers are pushing the issues

A plastic Christmas tree standing at least 10 feet tall and decked out with red, white and blue ornaments graces the front entrance of a repurposed bank in Rock Springs, Wisc., population 300. The walls are lined with campaign posters, and a sign reading “God Bless America” is hung on the original, heavy bank vault door.

The bank serves as the headquarters for the Republican Party of Sauk County, which has made it a tradition to gather every Thursday at 9 am for coffee.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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“Sauk County is a national bellwether,” said County Chairman Jerry Helmer as a dozen people sat around tables in the bank. “It’s not red, it’s not blue, it’s purple.”

Sauk has been somewhat of a bellwether since 2008, correctly voting for the winning presidential candidate since President Obama’s first run.

“I see that the Republicans are more excited and more wound up than I have ever seen them,” he added.

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Members of the group said the election is in part a referendum on Biden’s policies, notably his handling of issues like immigration and the economy, topics the county party brings up with voters.

“People now have seen the alternative. They’ve seen what Biden has done. They’ve seen what the Democrats are doing. They’ve seen the impact,” said member Gordon Statz.

“To me, Joe Biden is doing more campaigning for Trump than Trump is for himself,” he added.

Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Democrats in the county say they too know the stakes. When organizer Judy Brey goes out canvassing, she hears many of the same issues from voters that the Republican organizers also raised.

“The border and immigration and cost of living. Over and over and over again,” she said, sipping coffee around a table with a few members of the Sauk County Democrats. “They say our president is doing nothing about it. I’m not going to vote for him.”

“But that’s what our job is,” Susan Knower, the chair of the group, cut in. “Those low-information voters, those are the ones that we have to make sure that we’re contacting,” she added.

The group said they’re hoping to engage with voters over a handful of top issues, notably protecting access to abortion — a topic that Knower argued can bring in more women and younger voters.

Democrats have been successful in highlighting the issue in recent off-year elections. Just last spring Wisconsin voters turned out in record numbers for a state supreme court race where safeguarding reproductive rights was a top priority of the winning candidate.

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That said, Knower is worried about low levels of Democratic enthusiasm. Though she doesn’t expect large swaths of Sauk voters to flip to Trump, she’s concerned that Biden’s record has not resonated with his potential supporters.

Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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“People don’t know that,” she explained, pointing to the president’s infrastructure bill and his work capping drug prices.

“Also if you’re not thrilled about Biden, you will be way less thrilled about another Trump administration,” she added. “And so you cannot sit home. And that’s got to be our message.”

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Uncertain voters in an uncertain county

Politics was not on Marissa Flick’s mind while she ate lunch with her family at a diner in Baraboo. Sitting there with her 18-month-old son, she laughed off the idea of another Biden-Trump rematch.

“I’m not voting for that reason alone,” Flick said, who also works as a caretaker for her sister. “I feel like there shouldn’t be 80-year-old men running our country.”

Flick explained her mother advised her to vote for Biden in the 2020 race. This time, despite taking issue with some of Trump’s rhetoric, particularly on immigration, she feels disconnected from the whole race.

“I don’t really know what to look for,” she said. “Every time you see a video of someone, they’re always just bashing the other side, not saying … what they’re going to do to make the country better.”

The door isn’t fully closed, Flick said, explaining if someone provided her with good enough reasons, she would consider backing Biden again.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Back in Columbia County, local artist Kathleen Jahn is manning an art market in downtown Portage.

“Nobody’s grabbing my heart,” she said, standing near her section of the store which featured knitted items and framed watercolor paintings.

Despite supporting some of Trump’s policies, Jahn doesn’t trust him anymore. At the same time, she isn’t fully sold on Biden.

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“He’s got a lot of good ideas. And he wants to help a lot of the people. But I think sometimes he’s not doing it in the correct way,” she said.

As a swing voter in a swing county in a swing state, she has a rule.

“I personally, when I get together with people, say we’re here to enjoy ourselves. We will not talk about politics or religion,” she explained, letting out a laugh as she added, “Sorry!”

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Corporate Japan’s $77bn in property gains offer target for activists

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Corporate Japan’s $77bn in property gains offer target for activists

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Japanese companies outside the real estate sector generated more than $77bn in paper profits last year from their non-core property portfolios, increasing pressure on them as investors demand asset sales to unlock value. 

The paper profits were spread across more than 250 companies in industries ranging from food production and glass manufacturing to advertising and financial services — many of them businesses that built property empires in the 1980s and have never needed to sell them.

The calculation of their 2023 gains by analysts at Goldman Sachs has emerged ahead of the June annual meeting season — the 10-day stint at the end of next month during which more than 2,000 listed companies meet shareholders.

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Legal and banking advisers said the season would probably generate more friction than previous years, in part because of pressure on companies from the Tokyo Stock Exchange to focus on capital efficiency and valuations.

The glut of unrealised property gains last year follows 10 years in which prices of Japanese commercial property and condominiums have risen, and where, unlike London, New York and Hong Kong, remote working has not taken hold and Tokyo office vacancies remain low post-pandemic.

Actual real estate companies, such as Mitsubishi Estate and Tokyo Tatemono, have performed strongly, with shares for the sector up more than 20 per cent since January.

But Goldman’s Japan equity strategist, Bruce Kirk, said companies were under pressure from shareholders to justify their non-core businesses, and the vast property portfolios looked anomalous. 

Bankers who have advised Japanese companies on dealing with activists said that where investors once saw the property portfolios as a peculiarity, their existence now painted a target on companies and made them vulnerable to shareholder campaigns.

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Goldman’s report focused on about 250 companies in the Topix index that were not real estate specialists but had business segments operating their real estate assets. 

Accounting changes made in 2010 obliged companies to disclose the book value of properties held for investment or rental, along with an estimate of market value. The difference between those two figures produces an annual reckoning of unrealised gains or losses on the property, which in many cases is office space.

Between them, those companies declared $77bn of paper gains in 2023 — not far off the $89bn of paper gains declared by the Japanese real estate industry itself.

Recent high-profile activist fund engagements with Japanese companies, including Elliott Management’s tussle with Dai Nippon Printing, have focused on non-core property assets.

“The potential value unlock from undervalued non-core real estate provides investors with yet another pressure point to focus on during their discussions with Japanese corporate management,” said Kirk.

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He added there was likely to be some debate around the definition of core versus non-core, and his screening of companies with large non-core real estate portfolios deliberately omitted Japan’s railway companies, which hold significant properties around their stations.

“The corporate governance momentum is definitely on the side of investors at the moment,” said Kirk. “This could encourage a lot more scrutiny of the reasons why non-real estate companies have such extensive portfolios of real estate assets during this year’s AGM season.”

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