Open letter to Oklahoma state lawmakers and governor! Crooks or cowards?
July 10, 2008
Remember that loophole many of you claimed you voted, and the governor signed, to close in 2006 (SB 1577)? That new lawmakers have since been informed, but have ignored. The one that pays $2 for every $1 invested?
Well lookie, lookie here, what we have found has happened since. $100's million more taken.
A. A mere $600 million ($2 for each of the ) was promised in a private Capital West Securities letter soliciting investors for a Foxborough Funding Company LLC venture, and only $150 million has to be invested, leaving $450 million to divide as booty among the nameless, but by no means homeless! See Tax credit letter causes public outcry.
B. $330 million, given for multiple unidentified ventures in September/October 2006, and only $83 million has to be invested, leaving $247 million to divide as booty among the nameless, but by no means homeless! This $330 million was taken in a wrongful use of the Grandfather clause, slipped in the 2006 bill to supposedly fix the a loophole.
C. The above was after $66.3 million in tax revenue taken by Altus Venture and only $17 million has to be invested, leaving $49 million to divide as booty among the nameless, but by no means homeless!!
Not bad for a day of do nothing!
Here is your challenge to prove me wrong? But, this time you had better read and make sure you understand this law before you head down that trail.
About that law some voted for, and the new lawmakers have ignored?
- Did you read this law when you voted?
- Or, did you rely on the word of others? See last*
- If yes, isn't it about time you did your own reading? And, thinking?
- A law that allows unidentified private entities and individuals to take $100's millions without review or approval?
- A law that hides the entire program, denying the public the right to know what is happening?
- A law that hides the entire program from all state officials thereby avoiding a conflict of interest while benefiting?
- A law that allows hiding involvement by public officials?
- A law that allows a program to operate with total autonomy?
- A law that allows a program to operates outside the budget and void of accountability?
- A law that allows a program to operate void of oversight, management or monitoring?
- A law that specifically states in the event some are caught violating the law, to obtain the tax credits, they can not be forced to return that money obtained illegally?
- Is this law the collective wisdom of two bodies of lawmakers, or the opinion of some bureaucrat's (who could be involved)!
- Or, the sole wisdoms or opinion of one or a small group, with the rest the collective sheep voting in blind trust?
Not one "nay" vote was cast against that law, SB 1577, in 2006
Only two lawmakers have since shown enough courage to take some action, Rep Ron Peters and Mike Reynolds.
SB 1577, the Capital Formation Incentive Act, is mapped out by flaws at http://prowlingowl.com then click on "Flaw finder"
Note: Lawmakers serving in 2006 share the primary blame. Those serving since have been notified and failed to act sharing blame.