Author Topic: Dear Goldbugs  (Read 862 times)

Doktor Howl

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Dear Goldbugs
« on: July 23, 2013, 01:16:50 am »

Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets

May 12, 2008

The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets.


California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money.


California became so addicted to spending people's money, that, for years, it simply stopped sending notices to the rightful owners. ABC News obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners. He wrote, "It could well result in additional claims of monies that would otherwise flow into the general fund."


And all 50 states pay private contractors 10 to 12 percent commissions to locate and seize accounts for them. It's an inherent conflict of interest: the more rightful owners are found, the less money the contractors make.
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Anna Mae Bollocks

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Re: Dear Goldbugs
« Reply #1 on: July 23, 2013, 01:46:50 am »
So when they finally take everything, do the people at least get to fuck things up?

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Re: Dear Goldbugs
« Reply #2 on: July 23, 2013, 08:50:41 am »
Be the robber or the victim. That's the choice everyone gets handed. Only the propaganda makes it sound like you have no choice. Like you have some kind of moral obligation to get shafted, just cos everyone else does.  :kingmeh:
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Re: Dear Goldbugs
« Reply #3 on: July 23, 2013, 03:33:35 pm »
Hiding valuables in mattresses and floorboards: Not just for the great depression anymore.