Latest news with #PACs
Politico
03-06-2025
- Business
- Politico
Super PAC spending smashes records
Presented by Good Tuesday morning! An obscene amount of money is being thrown around in the primary by super PACs and mostly backing the Democratic candidates. I counted $70 million spent this year by super PACs on the gubernatorial candidates as of May 27, and that's being conservative. Several super PACs have spent more than the actual candidates are allowed to spend in the gubernatorial public financing program. To put this in perspective, during the 2021 race for governor, independent expenditure groups spent $58 million — on the primary and the general, and for both gubernatorial and legislative candidates. This year we went way over that with two weeks left in the primary. No one has spent anywhere near what the NJEA has to boost its president Sean Spiller's candidacy. The union has poured $40 million into Working New Jersey, the Spiller super PAC that has blanketed the state with mailers and ads. It's kept Spiller in the running, but didn't get him out of the pack. His candidacy never appeared to surge. But a May Emerson poll puts him well within the margin of error of every candidate except Mikie Sherrill. The Spiller spend is eye-popping, but I want to highlight something that risks being lost in the glut of data. One of the two super PACs backing Josh Gottheimer's gubernatorial bid, No Surrender, has raised $1.9 million from a few donors. The biggest donor, Maryland developer Andrew Schwartzberg, gave $1 million. The second biggest donor, No Surrender Action Fund, gave $750,000. But No Surrender Action Fund is a nonprofit that's not required to disclose donors. And it doesn't appear to be doing so voluntarily. It's fairly common practice, but antithetical to transparency, for political insiders to use nonprofits to hide the identities of donors. Sean Caddle used to do it quite a bit. A group of donors did the same thing with a $400,000 donation in the early days of Steve Fulop's super PAC, Coalition for Progress. (Bloomberg reported a year later that $100,000 of that money came from Charles and Jared Kushner and their development company.) I reached out to the attorney whose name is on paperwork for both the No Surrender PAC and No Surrender Action Fund, but I didn't hear back. All I can find about its funding is a $4,804 grant from Opportunity for All Action Fund, a dark money group that in 2022 spent more than $1 million to help a handful of House Democratic candidates, including Gottheimer, Tom Malinowski and Donald Payne Jr. I can't help but wonder why the origin of that money is obscured. But I suppose I'm biased in favor of transparency. FEEDBACK? Reach me at mfriedman@ WHERE'S MURPHY — No public schedule QUOTE OF THE DAY: 'You know what they need to do for crowd control on the Seaside boardwalk? They need to have another Bill Spadea rally. That kept the crowds away.' — Reporter Brian Donohue, who worked with Spadea on Chasing News, on The Jersey Angle podcast HAPPY BIRTHDAY — John McKeon, Terence Grado WHAT TRENTON MADE VOTE — As a reader of this daily newsletter on New Jersey politics and government, I probably don't need you to remind you to vote. But anyway, early in-person voting starts today. Find your early voting polling location here. SMELLS LIKE MEAN SPIRIT — 'Elon Musk claims 'corruption' as Tesla chargers kicked off the New Jersey Turnpike,' by NJ Advance Media's Stephanie Loder: 'Tesla CEO Elon Musk is crying foul about the move away from Tesla chargers on the New Jersey Turnpike. The New Jersey Turnpike Authority said on Friday it was parting ways with Tesla, ordering 64 Superchargers to be removed from the super highway connecting northern and southern New Jersey. 'Sounds like corruption' Musk posted May 30 on social media. Tom Feeney, a spokesperson for the New Jersey Turnpike Authority, disputed Musk's 'corruption' comment in an email on Monday. Applegreen has an agreement with the Turnpike Authority to operate the service areas on the Turnpike and Garden State Parkway, he said. Feeney said the agreement was amended in 2023 to include EV chargers. Applegreen agreed in that amendment to install 240 universal open-access EV chargers on the Turnpike and Parkway.' SLAPP DOWN — 'Case closed? Not so fast. N.J. law could hit those who file lawsuits with legal costs,' by NJ Advance Media's Colleen Murphy: 'Several people and organizations can pursue a claim for reimbursement of attorney's fees, even after a case against them was dropped, a New Jersey appeals court has ruled in a precedent setting decision. The case began in October 2023, when Allen J. Satz filed a lawsuit over a flyer circulated in a Jewish community in Bergen County. According to court documents, the flyer urged him to give his wife a religious divorce, known as a get. Satz claimed it included an unflattering photo of him and the flyer called for a protest outside his parents' home. He sued for emotional distress and demanded $30 million in damages … After court proceedings began, Satz voluntarily dismissed the lawsuit. But the targets of the lawsuit asked the court to continue the case, not to challenge the claims, but to seek reimbursement for their legal fees. They based their request on New Jersey's new Uniform Public Expression Protection Act, a law passed in 2023 to prevent people from using lawsuits to silence others who speak out on public issues. Known as an anti-SLAPP law, or Strategic Lawsuit Against Public Participation, it allows courts to quickly dismiss meritless lawsuits. The law also permits courts to award legal fees to those unfairly targeted. A Bergen County Superior Court judge denied the request, saying that because the lawsuit had been dropped, the defendants couldn't pursue legal fees. But the appeals court disagreed.' TEENS BEHAVING BADLY — 'Cops can now charge people for inciting a brawl under new N.J. law aimed at pop-up parties,' by NJ Advance Media's Eric Conklin: 'Authorities in New Jersey will be able to charge anyone who starts or provokes a brawl after Gov. Phil Murphy signed bipartisan-backed legislation law Monday to address disorderly crowds and 'pop-up parties.' The governor signed the bill about a month after conditionally vetoing the legislation, which establishes fourth-degree penalties for inciting a public brawl. Violators could face fines and potential jail time … The law, which carries up to 18 months jail time and a $10,000 fine, takes effect immediately … Murphy, in vetoing the bill last month, asked for the legislation to be clarified so it could not be unintentionally applied to those gathering for peaceful protests and demonstrations.' PAID FAMILY LEAVE, BUT FOR BRAWLING AT WRESTLING MATCHES — 'Polistina bill would reimburse businesses for letting workers attend kids' school events,' by The Press of Atlantic City's Wayne Parry: 'Hoping to encourage businesses to give workers paid time off to attend their children's school events, New Jersey lawmakers are considering reimbursing companies for the time workers are away from the job for this purpose. A bill by state Sen. Vince Polistina, R-Atlantic, would establish an incentive program under which companies that provide full family leave benefits for their workers would get tax credits to reimburse them for the time their workers were off the job while attending their children's school events, including parent-teacher conferences, meetings, plays, graduations or other similar events. 'We've been looking for ways to get parents more involved in their kids' school activities, and talking with teachers and educators, this seemed like a good way to do it,' Polistina said.' NO KINGS — 'Sports icon endorses Democrat in tight N.J. governor race,' by NJ Advance Media's Brent Johnson: 'Tennis legend Billie Jean King, an icon of women's sports — and sports in general — will endorse U.S. Rep. Mikie Sherrill for New Jersey governor as the state's fierce Democratic primary enters its final stretch, NJ Advance Media has learned. King is set to announce her support Monday for Sherrill, who's vying to become only the second female governor in state history. Sherrill is one of six candidates running in the primary for the Democratic nomination to succeed term-limited Democratic Gov. Phil Murphy.' — Stile: 'How will New Jersey Democrats shape the party's future in the June 10 primary?' — 'In the age of Trump, national politics dominate a Republican primary' — 'As housing prices rise, Murphy wants a tax increase' — Snowflack: 'LD-33 and the center of the Hudson political universe' — 'New Jersey asks appellate court to deny school desegregation case appeal' — 'N.J. adds 9k voters in May as unaffiliateds lead the way' — 'New law goes into effect requiring companies to be transparent about salary' — 'Jersey First means our families, our communities, our freedoms. I'm Bill Spadea, running for N.J. governor' — 'An unapologetic progressive, standing up for freedom: I'm Ras Baraka, running for N.J. governor' — 'Lower costs. Lower taxes. The promise of Jersey is at stake. I'm Josh Gottheimer, running for N.J. governor' — 'The system is broken. Let's fix it, build a future that works: I'm Steven Fulop, running for N.J. governor' TRUMP ERA TELERELLI — Trump reemphasizes support for Ciattarelli in telerally, by POLITICO's Madison Fernandez: President Donald Trump reaffirmed his support for Jack Ciattarelli ahead of next week's Republican gubernatorial primary in New Jersey — even as his opponent portrays himself as the most MAGA. 'Other people are going around saying I endorsed them,' Trump said during a telephone town hall on the eve of early in-person voting. 'That's not true. Jack Ciattarelli has my complete and total endorsement. With your help, Jack will have an incredible victory in November and make New Jersey great again.' ... [Rival Bill] Spadea has downplayed the endorsement as the president backing a 'poll, not a plan.' In advertisements, he has continued to use a clip of Trump praising Spadea from his radio show last year and a photo of them together. OOOH, IT'S A LITTLE RUNWAY — 'Transportation Secretary Sean Duffy to announce the reopening of a runway at Newark airport,' by News 12's Joti Rekhi: 'With summer vacation near, a runway at Newark Liberty International Airport is set to reopen today. The announcement is 13 days ahead of schedule … There was pressure to get the runway completed as quickly as possible because of all the recent issues causing delays and cancellations at the airport.' INSUFFRAGEABLE — 'Menendez has voted. It may be his last vote for a while,' by New Jersey Globe's David Wildstein: 'Former U.S. Senator Bob Menendez returned his mail-in ballot on April 28, and unless President Donald Trump pardons him, this could be the last time he votes for the next decade as he prepares to begin his eleven-year prison sentence on June 17. When Menendez cast his vote-by-mail ballot, he expected to report to a federal prison on June 6, four days before the June 10 Democratic primary. Under state law, incarcerated individuals may not vote. Since county election officials may separate VBM ballots as early as June 5, Menendez might have been able to vote from prison illegally.' — 'MAGA erupts over Booker's gesture, which they saw as 'Nazi' salute. Just a wave, he said" LOCAL WHITE FLIGHT TO OCEAN COUNTY — 'Florida's white ibis are thriving in NJ and nesting in Ocean County for 1st time,' by the Asbury Park Press' Amanda Oglesby: 'A species of bird common in southern, coastal states is beginning to thrive in New Jersey's marshes as their population moves northward, according to a biologist with the state Department of Environmental Protection. For the first time, pairs of white ibis were recently recorded nesting in Ocean County, said Christina Davis, the principal zoologist for the endangered and nongame species program in the state department's division of Fish and Wildlife. 'They just naturally are shifting a little bit northward,' she said. In May, hobbyist photographer Shawn Wainwright of Toms River spotted an 11-bird white ibis flock at Island Beach State Park.' THE WILD WILD WEST WILDWOOD — 'Tiny N.J. boro considers future of its police department after report says disbanding it is an option,' by NJ Advance Media's Eric Conklin: 'A report released Monday by the New Jersey Association of Chiefs of Police says disbanding the West Wildwood police department is among the options the borough should explore. The department is short-staffed and disorganized, according to the report, and has not been following state-mandated policies. For example, it stores evidence in 'different spaces of the building' instead of one location. The report lists a number of changes be instituted within the department, including new recruiting efforts, training and audits.' — 'Hoboken council to follow Jersey City's lead to ban rent-setting algorithms' — 'Cash-only mystery landlord in Lakewood emerges after fire reveals illegal housing set up' — '[Jersey City] cops put a bag on his head, assaulted him outside of a bar, N.J. man claims in lawsuit' EVERYTHING ELSE XANADON'T — 'American Dream assessed value dropped by $800M in 2025 because of its vacancy rate,' by The Record's Daniel Munoz: 'The assessed property value at American Dream, the second-largest mall in the U.S., dropped by more than $800 million in 2025 — or 24% — as local officials took into account the vacancy rate at the mall, which has struggled to generate the revenue promised years ago. For the current 2025 tax year, the mall's land was assessed at $2.5 billion, down from over $3.3 billion in the previous year. The mall's construction was financed by over $1 billion in tax incentives, grants and bonds. As of Jan. 1, the mall was 87% leased, according to public filings. The mall's vacancy rate was one of the reasons the assessed property value was lowered, said East Rutherford's tax assessor, James Anzevino. American Dream has appealed its property tax value every year since opening in 2019, arguing in recent years that the megamall's revenue has taken a major blow from the COVID-19 pandemic and ensuing economic shocks.' — 'NJ suburban strip malls reinvent themselves to become 'Amazon-proof'' IT'S BEEN LIKE THIS SINCE AMY DEGISE TURNED 20 — 'New Jersey teen drivers ranked the best, but should avoid driving in Delaware; here's why,' by USA Today Network's Damon C. Williams: 'When your teen gets behind the wheel this summer to drive to summer getaways in and Jersey shore beach days you can feel a bit better about their safety. Consumer Affairs ranked teen drivers in New Jersey as the very best in the nation … Teens in New Jersey were far and away the best drivers according to Consumer Affairs' States With the Worst Teen Drivers, highlighted by New Jersey teen drivers' perfect score — 0.0% — of fatalities involving teens driving under the influence. Teen drivers in New Jersey scored well across all Consumer Affairs metrics.' — 'June FIFA Club World Cup will be first indication of what's ahead for NJ in 2026 World Cup'
Yahoo
31-05-2025
- Business
- Yahoo
Chain Bridge Bancorp, Inc. (CBNA): A Bull Case Theory
We came across a bullish thesis on Chain Bridge Bancorp, Inc. (CBNA) on Cluseau Research's Substack. In this article, we will summarize the bulls' thesis on CBNA. Chain Bridge Bancorp, Inc. (CBNA)'s share was trading at $26.63 as of 27th May. CBNA's trailing P/E was 7.72 according to Yahoo Finance. An aerial shot of a regional bank with its numerous branches situated in a city. Chain Bridge Bank (CBNA) presents a compelling asymmetric opportunity as a niche bank deeply embedded in the Republican political fundraising ecosystem, with zero-cost deposits from PACs and affiliated entities. The stock is poised to benefit from passive inflows tied to imminent Russell 2000 inclusion, which could create technical upside given its low float and illiquidity. Fundamentally, CBNA operates a high-spread model, placing political cash into short-duration Treasurys, earning strong net interest margins as long as Fed Funds remain elevated. However, its earnings power is highly rate-sensitive—modeled EPS drops from $4.08 with no rate cuts to $2.40 with six cuts—making Federal Reserve policy a major driver. While the bank saw $167 million in net deposit outflows post-April 15, likely due to PAC disbursements and tax-related withdrawals, these may reverse in Q3 as the election cycle intensifies. The Fitzgerald family retains voting control and significant ownership, suggesting insider alignment and limiting the likelihood of reckless dilution. At ~$23, the stock trades near tangible book value, offering a valuation floor, and could attract M&A interest if it remains undervalued. Risks include Trump-related idiosyncratic outcomes, customer concentration, and a steep rate-cut cycle, but the Q3 election ramp-up and forced Russell index buying provide a powerful near-term catalyst. With limited institutional coverage and low analyst scrutiny, CBNA may be mispriced relative to its embedded earnings power and strategic optionality. A disciplined accumulation around $25 offers a high reward-to-risk setup, with the possibility of multiple expansion or a premium takeout in a favorable political cycle. Chain Bridge Bancorp, Inc. (CBNA) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CBNA at the end of the first quarter which was 2 in the previous quarter. While we acknowledge the risk and potential of CBNA 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 CBNA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Chain Bridge Bancorp, Inc. (CBNA): A Bull Case Theory
We came across a bullish thesis on Chain Bridge Bancorp, Inc. (CBNA) on Cluseau Research's Substack. In this article, we will summarize the bulls' thesis on CBNA. Chain Bridge Bancorp, Inc. (CBNA)'s share was trading at $26.63 as of 27th May. CBNA's trailing P/E was 7.72 according to Yahoo Finance. An aerial shot of a regional bank with its numerous branches situated in a city. Chain Bridge Bank (CBNA) presents a compelling asymmetric opportunity as a niche bank deeply embedded in the Republican political fundraising ecosystem, with zero-cost deposits from PACs and affiliated entities. The stock is poised to benefit from passive inflows tied to imminent Russell 2000 inclusion, which could create technical upside given its low float and illiquidity. Fundamentally, CBNA operates a high-spread model, placing political cash into short-duration Treasurys, earning strong net interest margins as long as Fed Funds remain elevated. However, its earnings power is highly rate-sensitive—modeled EPS drops from $4.08 with no rate cuts to $2.40 with six cuts—making Federal Reserve policy a major driver. While the bank saw $167 million in net deposit outflows post-April 15, likely due to PAC disbursements and tax-related withdrawals, these may reverse in Q3 as the election cycle intensifies. The Fitzgerald family retains voting control and significant ownership, suggesting insider alignment and limiting the likelihood of reckless dilution. At ~$23, the stock trades near tangible book value, offering a valuation floor, and could attract M&A interest if it remains undervalued. Risks include Trump-related idiosyncratic outcomes, customer concentration, and a steep rate-cut cycle, but the Q3 election ramp-up and forced Russell index buying provide a powerful near-term catalyst. With limited institutional coverage and low analyst scrutiny, CBNA may be mispriced relative to its embedded earnings power and strategic optionality. A disciplined accumulation around $25 offers a high reward-to-risk setup, with the possibility of multiple expansion or a premium takeout in a favorable political cycle. Chain Bridge Bancorp, Inc. (CBNA) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CBNA at the end of the first quarter which was 2 in the previous quarter. While we acknowledge the risk and potential of CBNA 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 CBNA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Politics
- Yahoo
Maine PACs say campaign finance lawsuit is about free speech. The state says it's about corruption
May 22—The U.S. Supreme Court changed campaign finance law significantly when it ruled in 2010 against efforts to limit spending by political action committees, calling it an infringement of free speech. But does that apply to how much money these groups receive in contributions to pay for protected expenditures such as TV ads and text messages? U.S. District Court Magistrate Karen Wolf plans to answer that question by July 15. Lawyers for two of Maine's conservative political action committees, or PACs, were in federal court in Portland on Thursday asking her to stop the state from enforcing a new law that caps PAC contributions at $5,000. The law was approved in a referendum last fall, but state officials agreed to delay its implementation until May 30. The plaintiffs' attorneys urged Wolf to consider the Supreme Court's 2010 decision, Citizens United v. the Federal Elections Commission, and what they argue is a serious threat to the First Amendment. The state's attorneys pointed to the popularity of the new law and suggested voters are concerned with corruption. Wolf has also allowed numerous people to intervene in the legal case to defend the law, including the Mainers who started the citizens' initiative, state Sen. Richard Bennett, R-Oxford, and a nonpartisan fair elections organization called EqualCitizens. POPULAR INITIATIVE Roughly 75% of voters last fall agreed to restrict how much people can donate to PACs. It was put on the ballot because of a citizen initiative that required 68,000 signatures. The effort received at least 84,000 signatures, making it one of the most popular citizens' initiatives in Maine history, the state's lawyer said. The measure sets a $5,000 limit on contributions to PACs that make independent expenditures to elect or defeat candidates for public office. It also caps contributions to candidates and requires the disclosure of small-amount donors. The Institute for Free Speech, a nonprofit law firm based in Washington, D.C., known to oppose campaign finance reform, sued the state in December. They represent both the Dinner Table Action Committee and For Our Future, two PACs that would be hindered from raising funds under the new law. Their attorney, Charles Miller, argued that the Citizens United decision must be applied "one step further" to contributions. Miller said there's a process in place to ensure that contributions to PACs are ethical. He's not against having a system to regulate that. He argued these contributions should be presumed independent from influence, despite the state's claims that even the appearance of corruption merits restrictions. Miller also had concerns with the law's disclosure provisions for small donors who contribute less than $50. "I'm not standing here today to say that disclosure requirements, writ large, aren't appropriate," said Miller, but, he argued, it's unlikely these small donations are bribes. He said disclosure could put donors at risk of harassment if they give to unpopular causes. CORRUPTION CONCERNS Miller argued that capping donations could also be seen as punishing those with unpopular, but constitutionally protected, views. When Wolf pointed to the law's popularity, Miller suggested it didn't matter how many votes the referendum got, because the law still violates the First Amendment. "They don't want to hear the speech. That's the visceral reaction they have," Miller said. "(That's) why we have the First Amendment." Lawyers for the state argued that Mainers were more concerned about corruption, not free speech. Assistant Attorney General Jonathan Bolton pointed to clear, publicized instances in other states where he said PACs have been tied to massive corruption. He referenced former Sen. Bob Menendez of New Jersey, who was convicted in 2024 of accepting bribes from businessmen and acting as an agent for the Egyptian government. Menendez had gone to trial several years earlier, facing similar but unrelated allegations, including one charge that he solicited bribes for a PAC. That ended in a hung jury. "This is a real thing that can happen," Bolton said. "It's not hypothetical. He was convicted, and we went to court documents that show there was a super PAC that was involved in the scheme, that was making expenditures in support of the candidate." Copy the Story Link
