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papasmurf1269
LSU Fan
Hells Pass
Member since Apr 2005
18781 posts

John Bel Edwards is suing to use unclaimed funds
LINK I don’t know which part he doesn’t understand about the fact that it is not the states money. But like any Democrat it’s full steam ahead no matter what


CarRamrod
USA Fan
Spurbury, VT
Member since Dec 2006
50698 posts

re: John Bel Edwards is suing to use unclaimed funds
typical democrat. LEt me take what isnt mine and spend it. The tards in Louisiana who voted for this idiot deserves it.


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725
Jimmy2shoes
LSU Fan
The South
Member since Mar 2014
6940 posts

re: John Bel Edwards is suing to use unclaimed funds
Democrats love spending other people's money


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233
Motorboat
LSU Fan
At the camp
Member since Oct 2007
19813 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

I don’t know which part he doesn’t understand about the fact that it is not the states money.


quote:

For decades, the state treasurer has sent over millions of dollars a year in unclaimed property to the state general fund, where it can be spent by lawmakers and the governor on a wide range of areas. Unclaimed property is money from forgotten bank accounts, retirement accounts and other assets that are eventually taken over by the government.


The law specifically provides that the money is turned over to the state if unclaimed. don't be dense.


papasmurf1269
LSU Fan
Hells Pass
Member since Apr 2005
18781 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

The law specifically provides that the money is turned over to the state if unclaimed. don't be dense.
I didn’t see anything in the article that specifies that it is law


BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
11457 posts

re: John Bel Edwards is suing to use unclaimed funds
Legally, JBE is correct.

Substantially, policy-wise, the Treasurer is correct.

The treasurer brought a constitutional amendment last year that would correct this issue, but JBE got Alario killed it in the Senate.



papasmurf1269
LSU Fan
Hells Pass
Member since Apr 2005
18781 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

The treasurer brought a constitutional amendment last year that would correct this issue, but JBE got Alario killed it in the Senate.
Guess that means game on


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41
Aforem7
LSU Fan
Baton Rouge
Member since Apr 2019
225 posts

re: John Bel Edwards is suing to use unclaimed funds
The hypocrisy is hysterical. Had the governor been the one withholding the funds and Schroder suing, Schroder would be deemed a hero for standing up for the state


michael corleone
LSU Fan
baton rouge
Member since Jun 2005
1902 posts

re: John Bel Edwards is suing to use unclaimed funds
The problem is that most of the “unclaimed” money ended up in the Treasury bc a third party didn’t have the correct address for someone. My grandfather died and grandmother moved. He had a small (500-1000) insurance premium refund that was sent to the old house. They ended up sending it to the Treasurer. We found it by chance when searching the site. No one “forfeited” , let alone knew it existed. A lot of these are similar situations. I can’t grasp how anyone can believe the state has a right to the money. If it sits at the Treasury for more than 5-10 years, I get that the State May be able to own it via acquisitive prescription. Otherwise it should be for the citizen.


Aforem7
LSU Fan
Baton Rouge
Member since Apr 2019
225 posts

re: John Bel Edwards is suing to use unclaimed funds
Not commenting on the unclaimed funds because I honestly dont have much of an opinion on it. Just simply pointing out that had it been the other way around the story line would be flipped


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39
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USA
Member since 2001
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teke184
LSU Fan
Zachary, LA
Member since Jan 2007
42791 posts

re: John Bel Edwards is suing to use unclaimed funds
Kennedy used to do a big “Your money!” push while Treasurer in dealing with this kind of thing.


90proofprofessional
LSU Fan
Member since Mar 2004
23887 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

I didn’t see anything in the article that specifies that it is law


it is though

it seems extremely likely the gov gets his way in court


90proofprofessional
LSU Fan
Member since Mar 2004
23887 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

Kennedy used to do a big “Your money!” push while Treasurer in dealing with this kind of thing.


supposedly the current guy ramped it up further, but they still have a bunch unclaimed


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02
BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
11457 posts

re: John Bel Edwards is suing to use unclaimed funds
Agree. The law favors JBE’s position...but the law is bad.

Given that he blocked the reform, I don’t think JBE has the high ground here.


Oilfieldbiology
LSU Fan
Member since Nov 2016
12902 posts
 Online 

re: John Bel Edwards is suing to use unclaimed funds
Planet Money podcast on Escheat

I think this is some of the most bull shite thing I’ve ever heard of. Why not attempt to contact the account owners?


90proofprofessional
LSU Fan
Member since Mar 2004
23887 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

Given that he blocked the reform

wasn't the "reform" something that'd have just given the Treasurer security for his own little Capital Outlay fund to use at his discretion?

if the argument is that this is the taxpayer's money and therefore should never go into the general fund, someone's talking out of both sides of their mouth here


BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
11457 posts

re: John Bel Edwards is suing to use unclaimed funds
I would have to double check but I think that state only got the interest from the unclaimed property.

Now it might have restricted the interest to capital outlay. And that would be fine.

If it put the process in the treasurer’s hands, then that would be stupid.


Golfer
LSU Fan
Member since Nov 2005
74006 posts

re: John Bel Edwards is suing to use unclaimed funds
The original law is bull shite and needs to be fixed.

What I don’t understand is why can’t the state just park the $$$ in a money market and get the interest. And any accounts unclaimed over 5 years have a certain percentage withheld for the state as their cost of managing the funds.


Number 9 Fan
LSU Fan
Baton Rouge
Member since Jan 2020
681 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

The original law is bull shite and needs to be fixed.

What I don’t understand is why can’t the state just park the $$$ in a money market and get the interest. And any accounts unclaimed over 5 years have a certain percentage withheld for the state as their cost of managing the funds.



I think common sense should apply. The state should spend a majority of the money, but keep a reserve such that if the money is claimed by the rightful owner they have the funds on hand to pay them.

Keeping the money into perpetuity does no good.


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90proofprofessional
LSU Fan
Member since Mar 2004
23887 posts

re: John Bel Edwards is suing to use unclaimed funds
quote:

I would have to double check but I think that state only got the interest from the unclaimed property.

Now it might have restricted the interest to capital outlay. And that would be fine.

i'm pretty sure the general fund ultimately gets property deemed abandoned, but it could probably still be claimed. otherwise this fight over 25 million wouldn't make sense.

eta: i can see the bill. it's HB292 from last year. you're right- the capital outlay part would be securitized by cap gains and interest, not the whole fund.
This post was edited on 2/7 at 1:24 pm


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