Other States 1
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"It's a scam," said Colorado state Treasurer Mike Coffman, when ask about the CAPCO program in Colorado.
of state guaranteed funding was skimmed for profits.
Leaving only 34% for the business venture to succeed on. According to a Missouri state CAPCO study.
CAPCO was an economic development program sham politicians in several state fell for and committed their states without seeking advice for unbiased experts. CAPCO quickly turned controversial and was reversed once the program details
reached the public. But, not until it cost states like Wisconsin, Florida, Rhode Island, Colorado, Iowa, Nebraska, Louisiana, Hawaii and Oklahoma 100's million each.
Here are some comments coming from experts and state officials from states who finally realized what was actually happening. Oklahoma's program has yet to be exposed because state officials a hiding all information on what the program is costing where the money is going.
State officials have claimed on two occassions, 2004 and 2006 to have closed the loopholes allowing the abuse, however here is one article revealing a September 2007 letter from Capital West Securities seeking $300 million in investments for a Foxborough fund, and promising investor $2 in tax credits for each $1 invested. Accompanied by a second letter describing a quick white wash involving a meaningless investigation by the Oklahoma securities department that apparently convinced the unwitting.
Key media news articles discussing this tax credit abuse scheme.
Learn more about the CAPCO scam
Solication letter verify loophole was still open in September 2007 - Whitewashing the solication letter.