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.
Links to this post: