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New Furor in Hunter Biden Case; Minnesota Congressman Weighs Running against Joe Biden

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New Furor in Hunter Biden Case; Minnesota Congressman Weighs Running against Joe Biden

Author: Greg Valliere

July 31, 2023

A FORMER BUSINESS ASSOCIATE of Hunter Biden is scheduled to testify behind closed doors at the House Oversight Committee at 10 a.m. today. It’s been reported that he will testify that President Biden participated in conference calls with some of Hunter’s clients. What’s new in this narrative is that the Biden Justice Department wants to put today’s star witness in jail.

CONSERVATIVES ARE IN AN UPROAR, led by the New York Post, over a move by the Justice Department to speed up jail time for Devon Archer, the former Hunter Biden business associate, who was convicted in an unrelated case, two felony charges for his role in a conspiracy to defraud a Native American tribe. Archer has been appealing the conviction.

THE THREAT TO SPEED UP ARCHER’S IMPRISONMENT has intensified charges that the Justice Department is taking an active role in protecting Joe Biden, who has changed his story in recent days. A White House spokeswoman now says Biden was never “in business” with his son, instead of asserting that they never “discussed business.”

HOUSE SPEAKER KEVIN McCARTHY, EAGER TO APPEASE House conservatives, has stated that the Biden business dealings may warrant the beginnings of an impeachment inquiry. Moderate Republicans are opposed; they believe this could backfire on the GOP, costing them the House in the 2024 elections.

SO IT’S A JUICY MIX as the hearing begins this morning; while it will be in private, this sort of thing gets leaked within hours. While much is unclear, we feel confident in predicting that the Hunter Biden saga is far from over — Were IRS whistleblowers muzzled? Are there tape recordings of the meetings where both Bidens spoke? Has Attorney General Merrick Garland been truthful?

THIS DEEPENING SCANDAL certainly won’t help Biden’s re-election effort, just as Donald Trump faces his own legal crisis. Strong evidence that Trump ordered the destruction of tapes prompted a brutally critical editorial, criticizing Trump’s likely coverup, in this weekend’s Wall Street Journal.
* * * * *
THERE’S A GROWING DESIRE among Democratic voters around the country for a credible challenger to Joe Biden — not Robert F. Kennedy Jr. or Manyanne Williamson — and sure enough, a well-regarded moderate Congressman is weighing a run.

THE POTENTIAL CANDIDATE is Minnesota congressman Dean Phillips, who will be in New York this week, meeting with potential donors. Phillips isn’t subtle about his major issue — too many leading politicians, he says, are elderly and should be replaced by the next generation. Phillips has publicly opposed a second term for Biden, citing his age.

THE AGE AND HEALTH OF SOME LEADING POLITICIANS has become an issue in grass roots America, with a focus on Biden, 80, and Donald Trump, 77. The issue has gained even more traction as Mitch McConnell, 81, seems to be increasingly frail, and Diane Feinstein, 90, is quite clearly in failing health. Pennsylvania Sen. John Fetterman, 53, seemingly has not fully recovered from a serious stroke last year.

SO PHILLIPS SEES AN OPENING: He’s a long shot, to be sure, but at age 54 he projects a different image. He’s the wealthy CEO of his family’s liquor business, and is considered one of the most bipartisan members of Congress. He’s from a district to the west of Minneapolis; we were in the Twin Cities this past weekend and heard nothing but good things about him.

A STALKING HORSE? If Phillips gains a little traction, could that tempt other Democrats to jump in? Gavin Newsom, the charismatic liberal governor of crime-ravaged California, surely will be watching Phillips.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2025 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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