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President Vladimir Putin of Russia must get a kick out of spreading disinformation to Americans for its own sake. Otherwise it is hard to see why he would bother. As has episodically been the case for eight years, Washington is abuzz over allegations of Russian manipulation. The special counsel investigating President Joe Biden’s son, Hunter, has charged an FBI informant with telling lies about the president that have been central to Republican efforts to impeach him; the indictment links the informant to Russian intelligence.
You might expect such a dramatic development to derail the impeachment. That would betray a touching faith that the truth mattered in the first place. Republicans who once trumpeted the informant’s claims are shrugging them away and insisting that impeachment will move ahead based on other suspicions and suppositions, though the Republicans’ two-seat majority in the House of Representatives is all but certain to doom any vote, given the misgivings of some members.
This is not to minimise Russian efforts to undermine democracy. Robert Mueller, the special counsel who investigated Russian interference in the 2016 election, found it “sweeping and systematic”. But politicians of both parties have shown that when it comes to spinning conspiracies and spreading dysfunction they can manage on their own. Republican members of the House are the best at this. The most shocking facts are not emerging from the shadows thanks to congressional investigations but are being paraded in the open thanks to congressional inanity, from the refusal of House Republicans even to vote on the Senate’s bipartisan agreement to tighten border security and help Ukraine and Israel, to their inability to agree among themselves on budget priorities with a government shutdown looming, tiresomely, yet again.
The story of the informant, or misinformant, has the familiar, miasmic qualities of other scandals in the Trump era. No one is said to have peed on anyone, but the tale does involve vivid characters, duplicitous dealings in European capitals, affectionate texts with FBI agents, investigations of investigations, ties to Ukraine and, in the end, benefits to Russia.
Before he was arrested in mid-February Alexander Smirnov, a dual citizen of America and Israel, had been slipping the FBI information for 13 years. The agency trusted him enough to authorise him to commit crimes as part of investigations, though it warned him not to lie, at least not to the FBI, according to the indictment. Mr Smirnov, now 43, was in contact with his handler almost daily; he called the agent “bro”.
In 2013 Mr Smirnov was struggling with credit-card debt of $125,000, according to the Los Angeles Times, but prosecutors say he now has access to $6m, though he does not own a house or have a job, at least in America. He does have nine guns at home, prosecutors say. He has pleaded not guilty.
Here comes the complicated bit. You recall Burisma, the Ukrainian gas firm of which Mr Biden’s son, Hunter, became a member of the board while his father was vice-president? In 2017 Mr Smirnov mentioned to his handler that Hunter Biden was on the board, as was known. Then, in 2020, as Mr Biden was running against Donald Trump for president, Mr Smirnov sent his handler texts “expressing bias” against Mr Biden, according to the indictment. When he promised information incriminating the Bidens, the handler replied, “that would be a game changer.”
Meanwhile, in early 2020, the attorney-general under Mr Trump had directed Scott Brady, a US attorney, to investigate the suspicions of Biden family corruption about which Mr Trump had previously demanded that Ukraine launch an investigation, triggering Mr Trump’s first impeachment. After Mr Brady tasked the FBI with searching its files for “Burisma”, the mention from 2017 popped up, and the handler contacted Mr Smirnov. This time Mr Smirnov said Burisma’s chief executive told him as far back as 2015 that the company paid bribes of $5m apiece to the Biden men. The FBI recorded the new accusations on a “Form 1023”.
In 2023 Republican congressmen got wind of the form and demanded it, extracting it and publicising it after threatening the FBI director with contempt. Although the information was uncorroborated, Nancy Mace, a South Carolina congresswoman, declared at the first impeachment hearing in September that “we already know the president took bribes from Burisma.” Jim Jordan of Ohio called the FBI document “the most corroborating evidence we have”, while Elise Stefanik of New York saw “the biggest political corruption scandal” of “the past 100 years”.
An imperfect spy
Mr Smirnov’s claims did not withstand the slightest scrutiny, according to the indictment. He did not meet any Burisma executives before 2017, and meetings and calls that he described never took place, the indictment says. When agents met with him in September, according to the indictment, Mr Smirnov changed his story and told new lies. He said that when Hunter Biden stayed in Kyiv’s Premier Palace hotel his calls may have been recorded by Russian intelligence. Yet Mr Biden has never even been to Ukraine. Mr Smirnov, prosecutors warned, “is actively peddling new lies that could impact US elections after meeting with Russian intelligence officials in November”. They have successfully argued that he is a flight risk who should be detained pending trial.
No Republican who hyped Mr Smirnov’s accusations has expressed regret, and the leader of the committee pursuing impeachment, James Comer, insists his inquiry, which has yet to produce evidence of a crime by the president, “is not reliant” on them. It would be reassuring to discover that, at bottom, Mr Putin is responsible for all this nonsense. What seems more probable is that he offered an assist to politicians already more than capable of wasting their chance to do some good while in office. ■
In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.
The Importance of Detailed Transaction Recording At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.
Establishing a Robust Chart of Accounts A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.
Leveraging Modern Accounting Software Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.
The Power of Double-Entry Bookkeeping Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.
The Role of Timely Documentation Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.
Regular Reconciliation for Financial Integrity Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.
Conclusion Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.
With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.
AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.
Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.
Mario Anzuoni | Reuters
Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.
In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.
During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.
For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.
“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.
The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.
Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.
“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”
Both homeowners and insurers in the most-affected areas were paying in other ways as well.
Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.
In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.
In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.
The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.
“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.
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