6.28.2009

California Budget Woes
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California is a beautiful state - from the arc of the Golden Gate bridge - the land of beaches, deserts, tall trees, mountains, farms, Hollywood, and Silicon Valley.

But underneath is the miasma of fraud. The state is prone to off-the-books operations, double-book accounting, shady deals, and coercion - from investors to bankers, and third parties. Sometimes, major companies get involved.

A recent snapshot of the problem here identified payments of $768 million which were underreported or obscured.

The impact is felt by the state as a whole in terms of gaps in tax revenue. Activities like this make it tough for the State to run a balanced budget and dampen innovation. There is hope, however, that these dark corners that shroud the golden future will be illuminated by the light of truth, over time.

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