On the heels of 2023, a year when Baltimore’s annual homicide number significantly declined for the first time in nearly a decade, the Baltimore Police held a press conference to celebrate what public officials and the Department of Justice called “a significant milestone.”
That early 2024 “milestone”: two of the many reforms required by the federal consent decree—the result of a civil rights investigation following the 2015 police killing of Freddie Gray—were recently completed to the approval of the Department of Justice. These completed reforms are related to transporting people in police custody and “officer support and wellness practices.”
At the press conference, City Solicitor Ebony Thompson suggested that 2023’s violence reduction was the result of these reforms. “This milestone is occurring at a time when the city is achieving a recent and historic reduction in violent crime,” Thompson said, calling the reforms “a testament to the effectiveness of constitutional and community focused policing.”
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Another way of looking at this “milestone”: over the previous seven years, only around 5% of the consent decree-mandated reforms have been completed. Following the 2015 death of Freddie Gray, a Department of Justice civil rights investigation revealed a staggering pattern and practice of civil rights violations and discriminatory policing. As a result of that investigation, the Baltimore Police Department entered into a federal consent decree in April 2017. Seven years later, the most significant elements of the consent decree, regarding police misconduct (including use of force), have barely even begun. WYPR reported that “about 15% of the decree hasn’t been touched yet.”
This means the claim being made, really, is that murders have declined because police are reducing the number of “rough rides” and also receiving more wellness support—a specious connection, and an example of how reform is regularly misrepresented to the public by political leaders and police.
As the Baltimore Police Department goes through another year under the consent decree, with changes to the department slow going, TRNN found that Baltimore data transparency and retention has gotten worse and its numbers have become increasingly unreliable.
This is a story of how much we do not know.
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Deeply Flawed Data
The Baltimore City Police Department provides Open Baltimore, the city’s publicly accessible data hub, with data about crime and police activity. Baltimore’s political leaders and police pride themselves on data access and transparency. These datasets are often used as research tools for citizens, reporters, and those in policy development and law enforcement. Indeed, everyone is encouraged to consult Open Baltimore.
But we found these datasets to be deeply flawed in ways that would make any conclusions drawn from them unsound—especially for governance and policing. The arrest data in Open Baltimore demonstrates that, contrary to what would be expected, data gathering by police has become less comprehensive and more faulty since the implementation of the federal consent decree.
Specifically, there are significant differences between Open Baltimore arrest data and Uniform Crime Report data (UCR). UCR is provided to the FBI by law enforcement offices all over the country each year and was, for decades, the most referenced and most frequently cited dataset about crime. There are flaws with UCR, including the problem with all law enforcement data: it is self-reported by law enforcement.
That said, UCR data for 1990-2020 was provided to TRNN by Baltimore Police via a public information request, making it the most comprehensive data set available for such a long period of time.
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The number of arrests recorded in Open Baltimore data varies significantly from the numbers in UCR, often by thousands. Baltimore Police provide data to both the FBI and Open Baltimore, making the cause of differences between the two datasets especially confounding. Additionally, there are a significant number of arrests not included in the Open Baltimore dataset, and the differences between the numbers recorded in UCR and Open Baltimore data have widened over time. Arrests seemingly disappear from Open Baltimore.
In February 2023, we pulled an arrest data file from Open Baltimore. In the arrest data between the years 2010-2020, a total of 335,805 arrests were shown.
That same arrest file was pulled four months later in June 2023. There were 386 fewer arrests.
An additional data analysis was completed in January 2024. The same trend continued, at a much greater rate. In the course of nearly a year, more than 4,300 arrests were removed from the total for 2010-2020.
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Year
# of arrests 2/8/23
# of arrests 6/23/23
# of arrests 1/24/24
Difference (Feb. 2023-June 2023)
Difference (Feb. 2023-Jan. 2024)
2010
45,560
45,515
45,224
-45
-336
2011
43,704
43,667
43,364
-37
-340
2012
42,681
42,632
42,333
-49
-348
2013
39,866
39,821
39,542
-45
-324
2014
37,495
37,447
37,078
-48
-417
2015
26,084
26,059
25,732
-25
-352
2016
23,420
23,402
23,089
-18
-331
2017
22,493
22,428
21,989
-65
-504
2018
20,940
20,912
20,543
-28
-397
2019
19,622
19,601
19,407
-21
-215
2020
13,940
13,935
13,162
-5
-778
Total
355,805
335,419
331,463
-386
-4342
Table 1: Total arrests recorded for years 2010-2020 as retrieved Feb. 2023 vs June 2023 vs. Jan. 2024 from Open Baltimore.
When we spoke to Baltimore City employees, including representatives from Open Baltimore and Baltimore Police, their reason for removing previously-recorded arrests from Open Baltimore’s data was unclear. Arrests that are documented but do not result in a charge, or are accidentally duplicated or inaccurately entered are removed during reviews by police. Additionally, the police explained that expungements may have something to do with the lower numbers of arrests. They could not tell us how frequently arrests are removed for either of those reasons.
This arrest data is frequently cited. One recent example of Open Baltimore’s flawed year-to-year data being cited is the Baltimore Banner’s 2022 analysis of arrests. At the end of 2022, the Banner reported that arrests had increased for the first time in nearly a decade. While the broad conclusions are correct—based on the data, arrests did slightly increase in 2022—the year-to-year arrest numbers cited by the Banner are quite different from past UCR numbers and contemporaneous reporting because the number of arrests recorded in those years in Open Baltimore have declined.
Whatever the reason for the lowered arrest numbers, it means that Open Baltimore provides an increasingly incomplete picture of police activity from the past as each dataset gets older. It is not a record of those people who were handcuffed and arrested at a specific point in time—their lives put on hold for weeks, months, or years—but a record of how some of those arrests were processed long after that, based on an unknown and unnamed number of factors.
A recent review of Open Baltimore shows that, months after our year-long analysis, arrest data continues to decline.
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TRNN also looked at geographic location data within Open Baltimore’s arrest data. Over the past 13 years, Open Baltimore’s arrest data is missing locations in, on average, 37% of arrests. That percentage increased from 4% in 2010 to as high as 61% in 2022.
The percentage of missing data has increased significantly since 2015 when the city police were put under increased scrutiny following Freddie Gray’s death (46% missing location data) and in 2017 (49% missing data) when the consent decree was implemented.
Year
# of arrests with missing location data 1/24/2024
Total arrests 1/24/2024
% of arrests with missing location data
2010
1,646
45,224
3.6%
2011
13,573
43,364
31.3%
2012
12,640
42,333
29.9%
2013
11,876
39,542
30.0%
2014
14,485
37,078
39.1%
2015
11,727
25,732
45.6%
2016
10,836
23,089
46.9%
2017
10,814
21,989
49.2%
2018
10,545
20,543
51.3%
2019
10,550
19,407
54.4%
2020
7.394
13,162
56.2%
2021
6,434
11,130
57.8%
2022
7,605
12,360
61.5%
2023
7,971
13,594
58.6%
Total
138,096
368,547
37.5%
Table 2: Missing location data by year per Open Baltimore.
It is unclear whether this location-based data is missing from police records as well, or if police records maintain this data with locations and, for reasons unknown, it was not given to Open Baltimore.
One more example of how poor data entry has been in Baltimore: throughout the ’90s, there are entries in Maryland Case Search in which the officer name is “Officer, Police” or “Police, Officer.” Over 500 of these results are for arrests in Baltimore City where the last name is “Officer.” There are over 300 where the first name is “Police” and nearly 300 where the first name is “Baltimore.” That data entry in the ’90s was poor is hardly a surprise. That these “Officer, Police” permutations have stood for decades in the database shows that data cleansing and validation has never been prioritized.
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Representatives from city government, including Open Baltimore, seemed entirely unaware of these problems with Open Baltimore’s data until we brought them to their attention. After months seeking comment or explanation, Open Baltimore was not able to provide a thorough explanation.
In a city where policing is scrutinized for bias and professionalized for data gathering, and police enforcement itself is informed by targeting “microzones,” the lack of comprehensive location data (nearly 40% is missing) available to the public is troubling.
A History of Dirty Data
While there are problems with the police records provided to Open Baltimore, the unreliability of Baltimore crime data has been a decades-long problem. Collection and reporting of crime data has been a hotly contested issue in Baltimore and the data provided has been frequently insufficient, unsound, and in some cases, manipulated.
In the ’90s—the decade leading up to “zero tolerance”—then-Councilperson Martin O’Malley and others accused Mayor Kurt Schmoke of adjusting statistics to make crime seem lower than it actually was. Police Commissioner Thomas Frazier’s report in the mid-’90s about nonfatal shooting reductions was also challenged.
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After O’Malley was elected mayor in 1999, he commissioned an audit which found violent crime was frequently downgraded. As a result of the audit, thousands of felonies were added to the official number for 1999. This also had the effect of making any decrease in crime during the first year of the O’Malley administration even more dramatic.
O’Malley would later be accused of the same sort of stats manipulation. In 2001, O’Malley said there were 78,000 arrests, but the official number was 86,000. Official arrest numbers for 2005 are around 100,000, while the ACLU claimed the number was 108,000.
In 2006, WBAL Investigative Reporter Jayne Miller (a TRNN contributor) revealed that police were simply not counting all of the violent crimes reported. For example, Miller found that “police wrote no report of a shooting… despite locating and interviewing the intended target, who was not hurt. Instead, the officers combined the incident with armed robbery that occurred earlier that night in the same area—a practice known as duplicating.”
After 2006, the department shifted away from mass arrest towards what they framed as more “targeted” styles of policing, focused on violent offenders rather than low-level offenders. In Part Two of this series, we noted that the data from these years showed a decrease in low-level offenses but did not show an increase in the enforcement of violent crimes. A policy of greater focus on guns and gun possession during this period is also not reflected in the data. Gun seizures were much higher in the ’90s than in the period where gun policing was supposedly the focus.
In our reporting, we also learned that gun seizure data—another metric often cited by the police to illustrate how hard police are working to get guns “off the street” and reduce violence—includes guns given to the police during gun buyback programs. For example, in 2017 there were 1,917 gun seizures. In 2018, there were 3,911. The reason for that jump was not the result of increased enforcement or a jump in the rate of illegal gun possession, it was because the city resurrected its gun buyback program. That 2018 buyback resulted in 1,089 guns handed over to police.
Willingly handing over a gun to police in exchange for cash is most likely not what the public imagines BPD is describing when they announce the total of gun “seizures” in a year.
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Baltimore Police do not provide data about nonfatal shooting numbers before 1999 because, police told us, the department does not have the ability to easily extract this number from the broader aggravated assault category that shootings were once categorized under. This means that the police department, whose strategies are often informed by data on shootings and murders, does not have information about the number of nonfatal shootings that occurred before 1999. There is seemingly no way to easily look at how that crucial number has historically changed.
“We Have No Idea What Is Happening”
These problems with data and the lack of transparency are costly. Baltimore spends more per capita on its police department than any other major American city, but the city and department have consistently failed in their oversight of how that money is actually spent, especially on police overtime. Exorbitant overtime is a commonly used indicator when searching for problem police officers and police corruption. For example, members of the infamous Gun Trace Task Force were among the officers who were nearly doubling their salary with overtime. And, as Baltimore Brew reported, the same overtime offenders appeared year after year; the Maryland State Office of Legislative Audits recently found that Baltimore Police “failed to effectively monitor $66.5 million in overtime.”
Police quarreled with the auditor’s conclusions and assured overtime practices would now be reformed and ready by the end of May 2024. They were not. Since 2016, the Baltimore Police has failed overtime audits each year—and each year, police explain that the department needs a little more time to fix overtime.
Melissa Schober, a community advocate, has been calling attention to the failed overtime audit by the Baltimore Police for years. She told TRNN that her concerns extend to the broader metrics used by police, not just overtime. Metrics remain oblique and undefined and, according to police, cannot improve because they are contingent upon a police budget they claim is inadequate. The Baltimore City police budget is nearly $600 million per year, Schober stressed.
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“My fury isn’t just at the overtime overspending. It is that years after the Fiscal Year 2016—that’s July 1, 2015, so nearly a decade ago—we are still somehow ‘in progress’ on documenting metrics because carrying those things out are ‘budget dependent’ but they never manage to say how much they’re short and when they expect to complete the work,” Schober said. “Until and unless the BPD can say, ‘Here’s our outcome and here is the numerator and denominator and here’s how we validate those numbers (or counts), here’s our data dictionary and here’s how we train our folks to count things,’ we have no idea what is happening with money.”
While the city celebrates the “progress” police are making with the federal consent decree, data remains incomplete. Some data-gathering related to the consent decree has not even begun.
The consent decree requires the police to record stop and search data, but, as the Baltimore Banner reported, that has not even started, even though it is perhaps the most crucial way, data-wise, to get a sense of discriminatory and unconstitutional policing. The Baltimore Sun recently reported that Baltimore Police do not keep track of how often their officers get in police chases. Soon after the Sun published their story, police released the data they previously said they did not track.
The refusal to properly share, let alone collect, this data also enables police misconduct. There is no way to determine how often questionable stops occur, because it is only when police stops result in arrests that they are recorded. For defense attorneys, this is not only a gap in data, it’s a convenient way for police not to account for constitutional violations.
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The lack of stop and search data means constitutional violations are revealed only when they happen to someone arrested for a crime—at which point the constitutional violation is often ignored by prosecutors and judges because the arrestee was found to have broken the law.
“Police are never discouraged from crossing the line when they stop and search someone without probable cause—and they are actually encouraged to cross the line any time they find a gun,” defense attorney and former public defender Natalie Finegar told TRNN.
Since 2017, Baltimore Police have relied on an expansive—and controversial—plainclothes policing unit called DAT (District Action Team) whose primary job is gun and drug interdiction. They do this in part by searching people they deem “suspicious” or representing “characteristics of an armed person.” The Baltimore Police argue that this kind of “proactive policing” and these types of questionable stops are vital to violence reduction. The police lack data to back up this claim.
“While it can be difficult to correlate officer proactivity and visibility to what crimes have been prevented, we have seen that when these units are deployed, they have an impact on crime suppression and calming for the community,” Baltimore Police spokesperson Lindsey Eldridge told TRNN.
According to Schober, the problem is not only the inability of police to provide data, but to even explain why certain data points such as “proactive policing” were even analyzed.
“When auditors looked at percent of time spent on proactive policing, the BPD was unable to produce documentation detailing how and why they selected that as a performance measure, and then how they monitored, controlled, and analyzed data,” Schober said.
Data’s Inconvenient Truths
Last year, Baltimore recorded 262 murders, a decline of 70 from 2022—a “historic” reduction. This drop in murders is notable and important. Far fewer people died in Baltimore from gun violence last year compared to previous years, and these declines have continued into 2024—as of June, murders had declined by another 36%.
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Our data analysis in Part Two noted that, due to population decline, the current drop in murders puts the city’s murder rate—people killed per 100,000—at almost the exact same place it was in 1990. The use of that 300 number as a benchmark, as we explained in Part One, dates back to the early ’90s when the city first surpassed 300 murders per year, and also had a significantly higher population. When accounting for population decline, 1990’s 300 murders-per-year number is around 240 murders.
In 2024, Baltimore will likely have far fewer than even 240 homicides. At the end of June, Baltimore had recorded 89 homicides, which makes the city on track to endure fewer than 200 murders for the first time since 2011.
The mayor and others have already credited the one-year reduction to its Group Violence Reduction Strategy (GVRS) and other interrelated initiatives. But there is simply no way to look at one or two years of data and make any serious determinations as to what caused that decline—especially when violent crime is “dropping fast” nationwide. In 2024, homicides have declined at rates that are even more impressive than last year’s reductions.
As we saw in the ’90s, New York City’s violence reduction was prematurely credited to “zero tolerance” policies. Within a couple of years, the supposed success of “zero tolerance” meant it was exported to cities such as Baltimore and New Orleans. While many scholars have since questioned if “zero tolerance” had much to do with crime reduction, the policy itself, which led to Baltimore police arresting hundreds of thousands for low-level crimes, inarguably caused irreparable harm—especially to Black communities.
Data informs policy creation, so the data should be vetted. During our conversation with city employees who handle and publish data, they described themselves as “like Uber,” which is to say, they are a neutral transporter of data from one place to another. The police send Open Baltimore data and they post it, no questions asked.
So, returning to our initial question, why are arrests being removed from Open Baltimore? If part of this gap between Open Baltimore and UCR data is actually due to expungements, as police claimed, that still creates a problem in the data. An expungement does not mean the arrest did not occur. It means the person who was arrested went through the lengthy process of removing an arrest or charge from their personal criminal record in order to gain employment, rent an apartment, or apply for a loan.
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If recorded arrests are leaving Open Baltimore because of expungements (or any other reason), police who provide data to Open Baltimore and Open Baltimore itself should account for the change by maintaining a record of removed arrests in the data provided to Open Baltimore. When someone consults Open Baltimore for arrest numbers, they reasonably assume they are getting a record of those arrests for that year, not how those numbers look currently, with arrests removed for reasons that Baltimore Police cannot adequately explain.
With nearly 40% of arrests lacking location data and Open Baltimore’s removed arrests, the data contains too many unknowns.
Past policies have been built upon incomplete and frequently flawed data. Data collection begins with fingers on a keyboard. Data-driven policies are only effective if the data collection and cleansing processes are logical, consistent, and thoroughly understood. Poor data collection, for example, can lead to sloppy data entry, which, in turn, leads to dirty data, which then, in turn, leads to potentially wildly inaccurate conclusions—and, therefore, faulty and ineffective policy decisions.
Recent changes to data input methods and analysis—that is, changes in the system used to record and categorize this data—make comparisons between years much more difficult. This means residents, reporters, and other members of the public cannot easily fact check claims by city officials and law enforcement.
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Cities sometimes change the methods they use to measure crime. In 2021, the FBI retired UCR and began using the National Incident-Based Reporting System (NIBRS) instead. NIBRS categorizes data quite differently than UCR. This means that certain crimes may appear to increase or decrease as an effect of recording them in the NIBRS system, not because of a difference in the number. “This does not mean that crime has increased; it just means the way crimes are reported has changed,” Baltimore Police explain on their website.
Recent changes to Baltimore’s police districts mean even short-term comparisons between years or areas of the city are going to be much more difficult. The redistricting of Baltimore’s police department’s districts—for the first time in over 50 years—makes it “impossible” to easily compare police metrics going forward. Indeed, at a Public Safety Committee hearing in late 2023, the data on homicides and nonfatal shootings by district that was presented simply stopped in early July because of redistricting.
Data does not lie, but it often reveals inconvenient truths. But data can only be as truthful as it is complete and accurate. Interrogating the city’s publicly available data reveals ongoing and historic systemic flaws in collection and reporting to such an extent that it’s likely not possible to derive reliable or even usable conclusions from the information shared in the name of transparency.
Epilogue: ‘Excessive Force’
It was May 23 around 1PM when members of Baltimore Police Department’s District Action Team, looking for a robbery suspect, ran up on 24-year-old Jaemaun Joyner. Tackled by police, Joyner lay on his back on the pavement gasping, arms and legs pinned. One of the cops announced that Joyner reached for something. “I ain’t reaching for nothing,” Joyner screamed. “I can’t breathe.”
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Police went through Joyner’s pockets. He asked what they were doing. That’s when Detective Connor Johnson grabbed Joyner by the throat and pressed his service weapon against Joyner’s temple. “He put something in my pocket! He put something in my pocket,” Joyner screamed over and over again with a gun to his head.
Joyner was arrested on gun and drug charges.
Joyner’s lawyers said that a detective holding a gun to someone’s head was clearly an example of excessive force, and outside the bounds of anything acceptable by a police officer, especially one in a city under a consent decree. “I’ve read the consent decree and BPD policy, and nowhere does it say it’s reasonable for an officer to hold a gun to someone’s temple,” defense attorney Jessica Rubin told the Baltimore Banner. “Point blank, period. That’s the most egregious thing an officer can do.”
Joyner’s lawyers stressed that the statement of probable cause—a police officer’s written and sworn description of an arrest—did not describe Johnson holding a gun to Joyner’s head at all.
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Had the stop not resulted in an arrest, there likely would have been no documentation of the incident.
The police report also suggested Joyner remained a suspect in the robbery even though the victim confirmed he was not involved. After spending 54 days in jail, Joyner was released— his charges dropped only after his lawyers showed the shocking body-worn camera footage to the Baltimore City State’s Attorney’s Office.
Johnson has made the news before. He was involved in a fatal shooting last year. Residents have complained about his questionable traffic stops and searches. His Internal Affairs summary, obtained by TRNN, shows a complaint marked “sustained” for failing to properly seatbelt someone who was arrested.
In a moment when officials celebrate consent decree “milestones” such as proper seatbelting, Baltimore’s criminal defense attorneys see a department reverting to the very tactics that got the department investigated by the Department of Justice nearly a decade ago.
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“This is what we’ve been trying to get away from since Freddie Gray,” defense attorney Hunter Pruette told TRNN. “And they’re trying to walk it back. I think these are the same tactics that led us to the problem we had before.”
Baltimore police appear unconcerned. Police said they had been aware of the incident and saw no reason to suspend Johnson while it was being investigated. When Commissioner Daryl Worley was asked about the incident at a press conference, the 25-plus-year veteran of the department defended Johnson’s behavior.
“He was out there doing his job, in an area where we want him to be, and going after individuals with guns,” Worley said.
Earlier this month, the Baltimore City State’s Attorney’s Office announced they would not criminally charge Johnson for holding his service weapon to a restrained man’s head.
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This investigation was supported with funding from the Data-Driven Reporting Project. The Data-Driven Reporting Project is funded by the Google News Initiative in partnership with Northwestern University | Medill.
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The stories that matter on money and politics in the race for the White House
Democrat Kamala Harris and Republican Donald Trump have together spent $3.5bn in their race for the White House, making the 2024 presidential campaign the most expensive US general election in history.
With the two candidates running neck and neck as voters headed to the polls on election day, final filings in mid October show that the campaigns, outside groups and party committees have collectively raised almost $4.2bn.
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Harris outraised her Republican opponent, with groups including the Democratic National Committee and affiliated fundraising vehicles — among them Super Pacs, which can raise unlimited amounts from individuals — attracting more than $2.3bn and spending $1.9bn.
Trump groups and the Republican National Committee took in just over $1.8bn and spent $1.6bn.
Roughly half of all spending during the presidential race has gone towards advertising and the media, according to a Financial Times analysis of campaign finance filings.
The bulk of this has been lavished on the seven swing states that are likely to decide the election. Harris groups alone have shelled out more than $1bn on traditional and social media advertisements there.
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Overall, the two campaigns and outside groups have spent nearly $1.5bn on ads in the seven critical states, according to ad tracking group AdImpact. More than $400mn has been spent in the state of Pennsylvania alone, where 19 electoral college votes are up for grabs — more than the $358mn spent in all 43 non-swing states combined.
Trump campaign groups have spent a disproportionately large amount on the former president’s recent and ongoing court cases, with more than $100mn — or 14 per cent of all spending — going towards his legal expenses. This has left a large chunk of other expenditures to be covered by the party, Pacs and Super Pacs, such as the Elon Musk-funded America Pac.
Musk has contributed $118mn to America Pac after helping to found the group this summer, around the time that he publicly voiced support for Trump.
The Super Pac has taken over the bulk of canvassing and field operations related to increasing voter turnout, which are typically handled by the campaign and party.
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America Pac has recruited paid canvassers for door-knocking, a job usually done by volunteers in presidential campaigns, in an arrangement that has come under scrutiny.
Investigations have revealed some dysfunction and chaos in the group’s outreach efforts. A large number of door-knocks logged in the operation’s canvassing app were revealed to have been faked and some canvassers reported poor working conditions or confusion over who they had been hired to canvass on behalf of.
Harris’s field operations and voter outreach have been handled in a more traditional way by her campaign and the DNC. The main Harris-aligned Super Pac, Future Forward, has focused its money on advertising and has spent nearly $300mn on ads in swing states.
It’s been announced that it’s Basingstoke branch will close down in early 2025.
The retailer said opening more high street stores would “just be a duplication”.
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It added it intended to focus on expanding its portfolio outside the sector.
What about openings?
In January, WHSmith said that the new stores opening up would be found in airports and train stations.
It followed the high street favourite revealing that revenue across the business had risen by 8% over the 20 weeks to January 20, in comparison to the same period the previous year.
Yet its UK travel sales grew by 15% over the same time frame. That’s compared to a 3% fall in revenue for its high street portfolio.
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When updating investors in late January, the retailer said it was due to open 15 stores in 2024, with an addition 15 after that “each year over the medium term.”
The retailer hasn’t revealed the locations where it is opening branches or when customers will be able to shop in the news stores.
It’s part of the company’s broader plans to open 110 new shops across the world.
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The hedge fund manager that made the largest single donation to the UK Labour party in the run-up to its election victory this year has reported a sharp fall in profits following a restructuring.
Quadrature Capital Limited, a UK-based investment firm with a fund based in the Cayman Islands, posted a 76 per cent fall in pre-tax profit for the year to January, from £231mn in 2023 to £56mn in 2024, company filings show.
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The fall was the result of a corporate restructuring which meant QCL’s investment holding in its offshore fund was shifted to an offshore entity, according to a person close to the process. This transfer of assets means QCL’s published results reflect a smaller portion of group profits than previous years.
The restructuring was aimed at allowing the business to set up offices in Singapore and New York, the person said, noting that all trading profits were still subject to UK corporate tax. Quadrature declined to comment.
Quadrature, which focuses on electronic trading rather than using stockpickers, came under the spotlight earlier this year when it made the £4mn donation in May, after the UK general election was called.
Daniel Luhde-Thompson, a strategic adviser to Quadrature, also donated £250,000 to the party.
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The investment firm said at the time of the donation that it was backing Labour for its policies on climate change. “In May 2024, we came to the view that a UK government with a commitment to the green transition of the economy would have the ability to drive change that is so urgently needed,” the firm said.
Quadrature, which also bets against companies through short positions, was founded in 2010 by billionaires Greg Skinner and Suneil Setiya, who previously managed money at De Putron Fund Management.
Its flagship fund trades using algorithms to decide which stocks to buy with a “market-neutral trading strategy” that does not involve holding stocks for long periods of time.
The company paid £351mn in salaries for its 143 employees, up from £343mn paid in 2023 for 113 staff at the time, its filings show. The average salary fell to £2.45mn from £3mn.
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Other millionaires gave more to Labour in total in the run-up to its historic election victory in July: Gary Lubner, Lord David Sainsbury and Dale Vince each donated more than £5mn apiece, but in a series of payments.
But Quadrature’s large single donation has placed the business firmly in the political spotlight.
Quadrature said it had paid more than £2bn in UK tax since the company launched. “Since the funds have historically been managed exclusively from the UK by Quadrature Capital Limited, all of the trading profits of the funds have been subject to UK corporation tax,” the firm said.
Its founders have also set up a charitable organisation called the Quadrature Climate Foundation which — according to an announcement in September — has so far given more than $1bn in philanthropic grants since it was founded in 2019.
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Charitable grants from the foundation jumped from £120mn in 2022 to £247mn in 2023, according to filings on the Charity Commission website.
Fintech provider Dynamic Planner has partnered with CRM firm Salesforce to deliver financial planning at scale
The partnership makes Dynamic Planner the first and only UK-based wealth-planning partner for Salesforce.
The firm is an American cloud-based software company headquartered in San Francisco.
It provides customer relationship management software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, artificial intelligence and application development.
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Dynamic Planner has now launched on the Salesforce AppExchange. It said the collaboration will allow firms using Salesforce to underpin their financial-planning process with Dynamic Planner.
They will also be able to scale their businesses, drive conversion and evidence suitability within a single system, reducing the risk of miscalibration and unsuitable investment recommendations.
Dynamic Planner, founded in 2003, enables wealth and financial planning firms to match people with suitable solutions through engaging financial planning.
It is a risk-based system – combining intuitive financial-planning technology with a trusted asset risk model.
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It said this latest integration is the continuation of its commitment to solving industry wide inefficiencies, a strategy at the heart of the firm’s vision.
Yasmina Siadatan, chief revenue officer at Dynamic Planner, said: “’This collaboration provides financial planning and wealth management firms who use Salesforce with the ability to underpin their entire financial-planning process with Dynamic Planner.
“It will boost productivity gains and efficiencies, while delivering seamless and engaging wealth and financial planning for Salesforce customers. We look forward to working with Salesforce to provide an enhanced experience for firms.”
Sir Keir Starmer has responded to a letter from Sir Alan Bates calling for faster compensation payments for postmasters impacted by the Post Office scandal, the prime minister’s spokesman has said.
Sir Alan wrote to the PM twice in the past month, urging him to ensure victims receive full financial redress by March next year.
The former sub-postmaster told MPs earlier he was still awaiting a response, before the prime minister’s spokesman said later on Tuesday that a reply had been issued.
Last week, the government announced that £1.8bn has been set aside for people affected by the Horizon IT scandal, in addition to various compensation schemes already announced.
Between 1999 and 2015 hundreds of sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts.
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Sir Alan, portrayed in a ITV drama which thrust the scandal back into the spotlight earlier this year, leads the Justice for Subpostmasters Alliance and was giving evidence to a parliamentary committee on Tuesday.
The hearing is considering fast and fair redress for victims of the Post Office scandal and a key point for Sir Alan, which he has made before, is that the government needs to set deadlines for compensation to be paid.
He told MPs he had twice written to the prime minister in the past month to say “it needs to be finished by the end of March 2025”.
A No10 spokesman said the PM responded to Sir Alan earlier on Tuesday, and added the government is committed to getting quick redress for victims, but is wary of setting an “arbitrary cut-off” date that could see some claimants miss out.
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“We want redress as quickly as possible,” he said. “What we don’t want to do is set an absolute cut-off date which would result in some claimants missing the deadline.
“But each postmaster eligible should receive substantial redress by the end of March.”
Campaigners have criticised the amount of time it is taking for those affected to receive compensation. Many sub-postmasters were wrongly sent to prison for false accounting and theft, and several more were financially ruined. Some have died waiting for justice.
The PM’s spokesperson said as of 31 October, approximately £438m had been paid to more than 3,100 claimants across the four compensation schemes.
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‘Like a battle’
Janet Skinner, now in her 50s, is still waiting for her compensation. Her claim has been in the system for more than two years.
“This is supposed to help people. It’s more like a battle,” she said of the compensation process.
She was handed a nine-month sentence in 2007 over an alleged shortfall of £59,000 from her Post Office branch in Bransholme, Hull.
She served three months in prison before being released with an electronic tag, but eventually had her conviction quashed by the Court of Appeal in April 2021.
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The stress of the scandal left her with neurological problems, leading to paralysis in parts of her body which she is learning to move again. She said she has been asked for a fifth time for a medical report to prove her disability was as a result of the scandal.
At the committee, lawyers were asked about their experience of the Horizon Shortfall compensation scheme, which is overseen by the Post Office.
This compensation scheme is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon.
David Enright, whose law firm represents hundreds of Post Office victims, said there is no funding for legal advice at the start, with claimants presented with a “DIY questionnaire”.
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Then, six to nine months later, he said there is a request for more information which often involves 50-150 further questions that can only be answered by the likes of a forensic accountant.
“The system is designed to wear people down,” he told MPs.
Another lawyer said some of his sub-postmaster clients were being asked to provide proof of losses in claims that are 20 years old, but cannot to do so because the evidence had been previously seized by the Post Office and not given back.
The GLO scheme is for the 555 former postmasters who won their group lawsuit, but received relatively small payouts after legal costs were paid. The scheme is funded and managed by the government.
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