Kleptocracy

[unixronin]

The Silver Bear Cafe reports on the State of California, among others, redefining "unclaimed property" in order to loot their citizens' safe-deposit boxes to balance their budgets.  California has misappropriated $5.1 billion worth of Californian citizens' property to sell it off — often at pennies on the dollar — and dump the money into the state's general fund.

"They figured the safety-deposit box was safer than keeping it under the mattress," [attorney Bill] Palmer said.  "In the case of a lot of citizens, they were wrong, weren't they?"

[...]

California became so addicted to spending people's money, that, for years, it simply stopped sending notices to the rightful owners.  ABC News obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners.  He wrote, "It could well result in additional claims of monies that would otherwise flow into the general fund."

(Pointer from mrmeval)

Comments

[ilcylic.livejournal.com]

California's fiscal problems are legendary and once again in the news, so it's reasonable to question whether the state can afford to repay its citizens if a bunch of them surface at once.

And of course, if they do pay them all back, they'll just do it with other stolen money. (Taxes.)

Still, I think that putting the CA governor and legislature in jail until they figure this one out would be an appropriate solution. I'm thinking San Quentin. That 1996 lawyer referenced needs to be put under the jail.

[unixronin.livejournal.com]

That 1996 lawyer referenced needs to be put under the jail.

+1.