NORMAN OK (July 02, 2008) - Oklahoma Governor and Lawmakers -- negligent, deliberate ignorance or lying?
The tax credit loophole blamed for allowing some to use borrowed money to inflate and misrepresent investments in order to take $2 in tax credits for every $1 invested, was never plugged!
The "so called fix" was an attempt to make "legal" what was previously described as "not illegal." That is what the governor and lawmakers meant by saying they would "fix it"! And, that made everything just hunky-dory. Read primarily Sections 2, 8, 9,19 & 20 which combine to "not fix it"!
Has anyone read the law?
Now Oklahoma -- with its piddly little "guaranteed $2 for every $1 invested opportunity" gone begging for investors, even after lawmakers had to guarantee absolute secrecy of the entire program to attract investors -- we now find had to change the law to eliminate stumbling blocks like penalties, punishment, or repaying ill-gotten money, in the event wrong is discover. There must be better investment opportunities falling out of trees? If they would only show us one?
Greed has no bounds, has no shame! Read Section 22.G where there are no penalties and no money can be recaptured even if caught violating the law in claiming the tax credits.
Or, is this all an entitlement for holding office, the public fails to recognize and appreciate? If that is the case then I must apologize for my irreverance. But, I will hold that apology until someone shows me the constitutional reference.
Are the governor, lawmakers and other officials a party to fraud (common sense says some has to be), operating out of ignorance (probably some of that), incompetence (likely a lot of that), negligence (no question, every single one)? Or, some of all and more? Or, did the media and public just misinterpret?
Obviously Oklahoma officials view the media & public as lacking the smarts to read and comprehend the law? -- Are they right?
Has anyone read the law?
The real evidence is as close as reading the Capital Formation Incentive act. Here you can find the appropriate elements of the law mapped out and a link to download your own copy of the law, if you prefer.
A second news tip will follow showing a documented case of a recent investment opportunity seeking new investors, and offering that piddle $2 for every $1 invested opportunity.
Note: Lawmakers serving in 2006 share the primary blame. Those serving since have been notified and failed to act.