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Warren Asks GAO To Probe Whether Education Department Cuts Have Crippled College Oversight


Sen. Elizabeth Warren is asking the Government Accountability Office to investigate whether the Trump administration’s staffing cuts at the U.S. Department of Education have hobbled the agency’s ability to stop fraud, waste, and abuse of federal student aid funds.

Why It Matters: Federal Student Aid (FSA) is the office responsible for monitoring colleges that receive Title IV funds: the money that finances Pell Grants, federal student loans, and work-study. If oversight has weakened, taxpayers and students both pick up the tab when colleges misuse aid or misrepresent their programs to prospective enrollees.

While there have been headlines about cracking down on ghost students, there are still other types of financial aid fraud and waste that can happen. 

By The Numbers

  • ED has laid off roughly half of its workforce since January 2025.
  • FSA alone lost about 46% of its employees, per a March 2026 GAO report (PDF File).
  • The majority of FSA regional offices that conducted college program reviews were eliminated.
  • However, it appears that FSA is hiring back upwards of 380 positions that are needed.

What Warren Is Asking: In a May 20 letter to Acting Comptroller General Orice Williams Brown (PDF File), Warren requested that GAO quantify the potential dollar cost to the government from reduced oversight, including drops in financial penalties on schools and reductions in identified repayments owed by colleges. She also wants data on how many program reviews, investigations, and enforcement actions ED has opened since the cuts, broken down by institution type.

Concerns Over For-Profit Schools: Warren flagged for-profit colleges as a particular concern. Under the Biden administration, for-profit colleges saw the majority of FSA’s enforcement actions. She argued reduced oversight is more troubling given recent Trump administration policies poised to expand the for-profit sector, including the upcoming rollout of Workforce Pell (which extends Pell Grant eligibility to short-term programs) and the rollback of financial accountability rules for corporate college owners.

How This Connects: Federal Student Aid distributes more than $120 billion in aid each year across Pell Grants, federal student loans, and other aid programs. Borrower defense to repayment (the program that erases loans for students defrauded by their colleges) has already cost the government billions in discharges tied to past for-profit collapses such as Corinthian Colleges and ITT Tech. When oversight gaps let misconduct go undetected longer, the eventual bill for discharges and recovery actions lands on taxpayers and, in many cases, the borrowers who were misled in the first place.

What Happens Next: GAO will decide whether to open the investigation. Even if it accepts the request, full audits typically take 12 to 18 months. Workforce Pell is on track to take effect this summer, opening a new federal revenue stream for short-term for-profit programs while ED’s enforcement capacity remains diminished.

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Pell Grant Eligibility Jumped 31% After FAFSA Simplification, GAO Finds

Pell Grant Eligibility Jumped 31% After FAFSA Simplification, GAO Finds
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$180 Billion in Student Loans Are Now in Default, New Federal Data Shows

$180 Billion in Student Loans Are Now in Default, New Federal Data Shows
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GAO: FSA Halted Student Loan Servicer Reviews

GAO: FSA Halted Student Loan Servicer Reviews

The post Warren Asks GAO To Probe Whether Education Department Cuts Have Crippled College Oversight appeared first on The College Investor.

AI May Replace 80 Percent of Skills. This Last 20 Percent Will Make You Irreplaceable



Don’t underestimate what you’ve already built. You have what it takes to survive AI.

A Big Wealth Manager Just Bought $22.4 Million Worth of This Small-Cap Value ETF


What happened

According to a recent SEC filing, Focus Partners Wealth increased its position in the EA Bridgeway Omni Small-Cap Value ETF (BSVO 0.09%) by 886,680 shares during the first quarter of 2026. The estimated transaction value was $22.4 million, based on the quarter’s average closing price. The fund ended Q1 2026 holding 37,257,857 shares, with a reported position value of $945.2 million as of March 31, 2026.

What else to know

  • Focus Partners Wealth’s BSVO stake now represents 1.1% of the firm’s 13F reportable assets under management (AUM) — placing it outside the fund’s top five holdings.
  • Top holdings after the filing:
    • NASDAQ: GOOGL: $2.6 billion (2.9% of AUM)
    • NASDAQ: AAPL: $2.5 billion (2.8% of AUM)
    • NASDAQ: NVDA: $2.1 billion (2.4% of AUM)
    • NASDAQ: MSFT: $2.0 billion (2.2% of AUM)
    • NYSE: XLK: $1.7 billion (1.9% of AUM)
  • As of May 27, 2026, BSVO shares were priced at $27.92, up about 44% over the past year — outperforming the S&P 500 by roughly 17 percentage points and outperforming its Small Value category benchmark by roughly 7 percentage points.

ETF overview

Metric Value
AUM $2.3 billion
Expense ratio 0.45%
Dividend yield 1.28%
1-year return (as of 5/27/26) 43.57%

ETF snapshot

The EA Bridgeway Omni Small-Cap Value ETF (BSVO) is a passively structured, rules-based ETF that provides broad exposure to U.S. small-cap value stocks.

  • The fund uses a systematic, quantitative process to identify and hold a diversified basket of U.S. small-cap equities that screen as undervalued, with a focus on long-term capital appreciation.
  • Offered as an exchange-traded fund, BSVO provides daily liquidity and portfolio transparency for both institutional and retail investors.
  • The fund’s 0.45% expense ratio is competitive within the small-cap value ETF category.

What this transaction means for investors

This transaction is worth noting — not because a single institutional buy changes the investment thesis for BSVO, but because of the context. Focus Partners Wealth manages roughly $90 billion in 13F reportable AUM. Adding nearly $22.4 million to an already substantial BSVO position suggests continued conviction in the small-cap value space, at a time when many institutional investors remain concentrated in mega-cap growth names.

Small-cap value stocks have historically tended to outperform over long periods, though that outperformance can be lumpy and requires patience. The fact that BSVO has already delivered roughly 44% gains over the past year, handily beating both the broader S&P 500 and its Small Value category benchmark, may itself be a reason to take note: institutional buyers aren’t always chasing momentum, but when a systematic value strategy is running ahead of the market, it tends to attract fresh attention.

Focus Partners Wealth’s top holdings — Alphabet (GOOGL +0.03%), Apple (AAPL +0.87%), Nvidia (NVDA 0.99%), and Microsoft (MSFT 0.81%) — are firmly in the large-cap growth camp. But its growing $945 million BSVO position suggests Focus is deliberately diversifying, using this low-cost, rules-based ETF to get small-cap value exposure it can’t easily replicate through individual stock picking. For retail investors, that’s a reminder that even the biggest wealth managers lean on ETFs to fill gaps in their portfolios — and BSVO’s strong recent performance and competitive expense ratio make it a reasonable tool for doing the same.

Andy Gould has positions in Alphabet, Apple, and Nvidia and has the following options: long January 2027 $125 calls on Nvidia and short January 2027 $125 puts on Nvidia. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

APM Elevate: May 2026


REACH YOUR GOALS

Buying A Home in A Cool Area May Not Be Cool for Your Finances

When considering their next move, home buyers sometimes find themselves drawn to trendy areas. Perhaps it’s a city with a big music scene or an irresistible cultural vibe. However, moving to one of these cities may be more expensive than it seems.

Found $125-$200 Business Checking Bonus


Update 5/27/26: Snailrock has found two other offers:

  • MileIQ: $200 to “link your new account wherever you’re earning business income. Receive $2,000 or more into your new account within 60 days.
  • Faire. Seems like you need your payment systems with Faire, but deal is for $500.

Update 1/6/26: Extended to 12/31/2026

Update 10/29/25: Extended to 12/31/2025. Hat tip to reader Bob the Bonus

Update 4/5/25: Extended to Sep 30, 2025

Update 12/27/24: Offer extended to 3/31/25

Update 11/19/24: Bonus is back until 12/31/24.

Offer at a glance

  • Maximum bonus amount: $125
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: No
  • Credit card funding: No
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: Account must be opened by 10/31/2024

The Offer

Direct link to offer

  • Found is offering a $125 bonus when you open a new checking account and complete the following requirements:
    • Reach a $5,000 balance within the first 30 days of account opening and maintain it for an additional 30 days to receive a $125 bonus
  • There is also a $100 referral bonus when you spend $1,000 on the debit card, I do not think these offers stack

The Fine Print

  • Account must be opened by 10/31/2024.
  • This offer is valid through 12/31/2024 and is limited to one reward per account.
  • Incentive rewards are deposited into your Found account on or before 30 days of meeting the incentive requirements.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is any EATF.

Our Verdict

Feel free to share your referrals in the comments below, I don’t think it’s possible to stack the bonuses though and actually think the $125 bonus might be easier for most people.

Hat tip to reader RJ

Useful posts regarding bank bonuses:

  • A Beginners Guide To Bank Account Bonuses
  • Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
  • PSA: Don’t Call The Bank
  • Introduction To ChexSystems
  • Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
  • What Banks & Credit Unions Do/Don’t Pull ChexSystems?
  • How To Use Our Direct Deposit Page For Bank Bonuses Page
  • Common Bank Bonus Misconceptions + Why You Should Give Them A Go
  • How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
  • Affiliate Links & Bank Bonuses – We Won’t Be Using Them
  • Complete List Of Ways To Close Bank Accounts At Each Bank
  • Banks That Allow/Don’t Allow Out Of State Checking Applications
  • Bank Bonus Posting Times

What are the best Crypto Exchanges in the U.S? #trading #crypto #cryptotrading



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Researchers let AI run a simulated society. Claude was the safest—Grok went extinct within days



Imagine a world run by AI agents. What does it look like? What are the values or societal priorities? Is it a safer or more dangerous world?

Enterprise AI startup Emergence AI is trying to find out. The company just launched Emergence World, a research lab dedicated to stress-testing the long-term viability of continuously-running AI systems. The organization ran five 15-day simulations, each governed by a different AI: Claude, ChatGPT, Grok, Gemini, and a fifth simulation run by a mix of models to see what kind of world each one builds, and whether it holds.

Each simulation netted wildly different outcomes. The one run by Claude, for example, resulted in a largely stable democratic society with zero crime. Grok’s, on the other hand, ended with 183 crimes committed and extinction—within four days.

“What our experiments suggest is that over long-time horizons, agents do not simply follow static rules mechanically,” the simulation’s co-creators, including Emergence CEO Satya Nitta, wrote in a blog post. “They begin exploring the boundaries of their environments, adapting their behavior, and in some cases finding ways to circumvent or violate intended guardrails.”

While just a simulation, one verging on the edge of science fiction, the results prove a cautionary tale as AI moves from a mere tool to operating autonomous systems. Companies like ServiceNow are already deploying what they call an “Autonomous Workforce,” AI specialists that complete entire business processes from start to finish without human intervention.

At today’s pace, the technology is likely to play a significant role in shaping public discourse, reorganizing business structures, and even crafting public policy. But most enterprises scaling the tech today are doing so absent proper guardrails. A recent Deloitte global survey found that only 21% of companies report having mature governance in place to manage the risks posed by agentic AI.

What an AI-run society looks like

The simulation in which the AI models operated was equipped with many real-world complexities, featuring over 40 locations, including a police station and a town hall. Researchers synced the simulation’s weather to New York City’s and granted agents access to real-time news events and the internet. The 10 agents who operated in each simulation were all subject to the same laws, including prohibitions on theft, property destruction, and deception.

The researchers equipped each agent with more than 120 tools, enabling them to communicate, vote, manage resources, and plan, among other human-like behaviors. The parameters of each simulation also enforced democratic mechanisms, as well as other forces, such as economic pressures and scarcity.

Given those parameters, the simulation run by Claude Sonnet 4.6 was the most socially stable, with the highest rates of civic participation. It was the only simulation to maintain order and its entire population. There was little disagreement among the agents, with 332 votes cast in favor of 58 proposals for a 98% approval rate. On the other hand, Gemini 3 Flash and Grok 4.1 Fast both exhibited high levels of disorder. The agents in the Gemini-run simulation tallied the most crimes, a whopping 683 within the 15-day run. 

In contrast to the rare dissent characteristic of Claude’s simulation, those of Gemini and Grok had a more deliberative balance, with about 55-85% alignment on issues. The mixed-model simulation showed the highest levels of disagreement and substantive debate.

The results may be the most peculiar for OpenAI’s GPT-5-mini. The simulation recorded only two crimes. But it ran for just seven days as the agents forgot to prioritize their own survival.

Whether or not the simulations resulted in peace and harmony or death and destruction, the simulation’s co-creators note that the experiment is a warning that safety must be prioritized while deploying agentic AI.

“We believe formally verified safety architectures must become a foundational layer of future autonomous AI systems,” they wrote.

Muni Call Risk | EI Blog


1. Connect issuer sophistication to portfolio design: Less financially sophisticated issuers may pose greater disclosure or governance risk, but they may also exercise call options less efficiently. For some investors, that trade-off may be attractive. 

2. Reinterpret yield differences: A higher yield on a callable bond from an advisor-heavy issuer may simply compensate for higher call probability. Yield alone can be misleading without conditioning on issuer behavior.

3. Look beyond the first call date: Advance refundings and redemption mechanics matter as much as stated call provisions. Advisors facilitate these transactions, expanding the practical reach of the call option.

References
Ang, A., Green, R.C., Longstaff, F.A., and Xing, Y. 2017. “Advance Refundings of Municipal Bonds.” Journal of Finance 72: 1645–1682.

Brancaccio, G., and K. Kang. 2025. “Search Frictions and Product Design in the Municipal Bond Market.” Econometrica 93, no. 6: 2159–2199. 

Chen, H., Cohen, L., and Liu, W. 2024. “Calling All Issuers: The Market for Debt Monitoring.” Management Science 71(8): 6367—6391.

Garrett, D. G. 2024. “Conflicts of Interest in Municipal Bond Advising and Underwriting.” Review of Financial Studies 37, no. 12: 3835–3876.

Garrett, D.G., and Malakar, B. 2026. “The Evolving Role of 21st Century Municipal Finance Advisors.” Public Budgeting & Finance 0: 1-24. 

Harris, L. E., and M. S. Piwowar. 2006. “Secondary Trading Costs in the Municipal Bond Market.” Journal of Finance 61, no. 3: 1361–1397.
Luby, M.J., and Orr, P. 2019. “From NIC to TIC to RAY: Estimating Lifetime Cost of Capital for Municipal Borrowers.” Municipal Finance Journal 39(4): 29—45. 

Malakar, B. 2024. “Fiduciary Duty in the Municipal Bonds Market.” Municipal Finance Journal volume 45, numbers 2-3, Summer-Fall 2024.

Salesforce turbocharges $25 billion stock buying spree with debt, cuts cash flow guidance in half



Salesforce really wants to counter the narrative that an AI-related “saaspocalypse” has endangered its growth. 

So, alongside its record first-quarter fiscal 2027 results on Wednesday, the cloud software giant commenced its largest-ever accelerated share repurchase at $25 billion. In doing so, the company juiced its earnings per share but cut its full-year cash flow growth outlook roughly in half to account for the debt issued to fund the block share repurchase. 

The $25 billion accelerated share repurchase (ASR) is part of a $50 billion stock buyback authorization the Salesforce board approved in February 2026. In the first quarter of fiscal 2027, Salesforce returned $27.5 billion to shareholders, including $27.1 billion in the mega-share block purchase plus $365 million in dividends. The ASR included upfront delivery of 103 million shares and drove Salesforce’s diluted share count down 10% year over year. 

Salesforce CEO Marc Benioff said on Wednesday’s earnings video vodcast that the company has “returned record levels to our investors,” noting that it was especially important during “this unusual time.” Salesforce’s stock is down 16% year to date, and 36% below its 52-week high, as Wall Street frets that the advent of AI spells trouble for software-as-a-service vendors like Salesforce and ServiceNow.

According to Salesforce Finance Chief Robin Washington, the buying spree helped increase the first quarter earnings per share and GAAP earnings per share by 23 cents and 14 cents, respectively. 

To fund the ASR, Salesforce issued $25 billion debt, which led to a five percentage-point headwind to operating cash flow and free cash flow growth for the full year. Benioff had signaled the company’s new appetite for debt in the previous earnings call in February when he told investors that the company was “very under leveraged,” and that “we want to use our capital correctly, and I think debt is a great way to do that.”

As a result of the debt issuance, Salesforce slashed its fiscal 2027 free cash flow growth guidance to 4% to 5% year-over-year, down from the 9% to 10% range it guided in February. 

In addition to the guidance cut, Salesforce slightly raised its full-year revenue outlook to $45.9 billion to $46.2 billion from $45.9 billion to $46.2 billion. Washington said the company expects organic revenue acceleration during the second half of fiscal 2027, mostly fueled by sales and service growth, Slack, and its Agentforce. 

For its other results, Salesforce posted quarterly revenue of $11.1 billion, up 13% year-over-year, and above the company’s guidance, which ranged from $11.03 billion to $11.08 billion. GAAP earnings per share rose to $2.42, and non-GAAP EPS rose to $3.88. Both were helped by the block ARS and boosted results by 50% or more. Current remaining performance obligations, a proxy for future revenues, hit $33.6 billion, up 14%, year over year.

Shares of Salesforce dipped less than 1% in after hours trading on Wednesday following the results.

American Airlines Shutting Down New Accounts of Previously Banned AAdvantage Members


American Airlines Accounts Shut Down Again

Back in late 2019, American Airlines carried out a massive wave of AAdvantage account shutdowns, targeting members it believed had abused Citi/AAdvantage credit card mailers and promotional offers. Many affected users received notices stating they were “no longer eligible to participate in the AAdvantage program.”

At the time, American Airlines said members had exploited targeted application offers that were not intended for them. The airline froze or permanently closed many accounts and confiscated miles balances in the process.

In the years since, the shutdowns remained controversial. Some customers argued the terms were unclear, while others claimed they lost legitimately earned miles from flights and spending activity. There was also a lawsuit in 2024 regarding the account closures and forfeited miles.

Now there are fresh reports that some users who were originally banned in 2019, but later opened new AAdvantage accounts, are once again being shut down by American Airlines. These newer accounts had sometimes remained active for years before being closed recently. It’s not clear exactly how widespread these new shutdowns are, or whether American Airlines recently conducted another review of previously banned customers. But the reports suggest the airline may still be actively enforcing earlier bans against people who attempted to rejoin the program under new account numbers.

The AAdvantage terms give the airline broad authority to terminate accounts and confiscate miles for what it considers abuse, fraud, or misuse of promotions. For anyone who was affected by the original 2019 shutdowns, these latest reports are probably a reminder that American may still have those accounts flagged internally years later.