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Message
re: John Bel Edwards is suing to use unclaimed funds
Posted on 2/7/20 at 1:25 pm to 90proofprofessional
Posted on 2/7/20 at 1:25 pm to 90proofprofessional
Well by restricting it to the interest that takes away a chunk of money the Governor can spend even if the STO can't. And I did check and it was just the interest, but it doesn't go to the general fund, but to a revolving loan fund to help locals finance projects. Not a bad idea, but if it was a great idea they could always just use general fund.
I don't believe unclaimed property EVER gets deemed abandoned. That might be a nice thing to add, with like a good long period like 10 years.
I don't believe unclaimed property EVER gets deemed abandoned. That might be a nice thing to add, with like a good long period like 10 years.
1
Posted on 2/7/20 at 1:44 pm to BigJim
quote:
Not a bad idea, but if it was a great idea they could always just use general fund.
yep, exactly why I suspected the treasurer was intended to get control of it with this bill. that bill would have done little except take money that mostly wouldn't get claimed from the general fund
Posted on 2/7/20 at 2:07 pm to Oilfieldbiology
quote:
Why not attempt to contact the account owners?
the treasurer advertises it all the time via press releases and other means. There are literally millions of potential property owners who are MIA, which is why the money is there in the first place.
Posted on 2/7/20 at 2:13 pm to Motorboat
It's harder to get money out that has been escheated than many think. I just got out a decent sum that we have been chasing for almost a year. The gas well operator escheated it to the state to make our life more difficult and did a decent job of it. I personally have some really small claims for less than $200 that I've sent all paperwork, SS#, drivers license, etc. and the state refuses to release. If you think LA is bad wait until you have to fight when a big company escheats it to Delaware if they are headquartered there.
Posted on 2/7/20 at 2:37 pm to papasmurf1269
Every governor before him including 8 year Republican Jindal has done the same thing. It's the Pot calling the Kettle black.
Posted on 2/7/20 at 2:46 pm to boudinman
quote:
Every governor before him including 8 year Republican Jindal has done the same thing. It's the Pot calling the Kettle black.
That's true. However there are two differences:
1. JBE actually blocked a reform to change the system whereas other governor's could have at least said they are just following the rules aka the "don't hate the player hate the game" excuse. You block reform and you lose that high ground.
2. Schroeder is a new Treasurer. HE didn't allow all those other governors to access the funds. He has basically blocked it since he has been in office. So your pot/kettle analogy doesn't apply. It would only apply if a previous governor were complaining about it.
Posted on 2/7/20 at 2:48 pm to papasmurf1269
It's not surprising.
This is the same man that decided he was just going to hang on to everyone's income tax returns until he was done using them.
This is the same man that decided he was just going to hang on to everyone's income tax returns until he was done using them.
Posted on 2/7/20 at 2:54 pm to papasmurf1269
So, this must be JBE’s Master Plan for La Economic growth.
Now it’s time for La voters to start owning the terrible mistake they made re-electing this guy. All this on the heels of in-state industrial projects getting shelved in both 2020 & 2021.
To be fair, it IS a Presidential election year. But, hey, La is getting what it elected...Nothing. No growth. No innovation. Again.
Now it’s time for La voters to start owning the terrible mistake they made re-electing this guy. All this on the heels of in-state industrial projects getting shelved in both 2020 & 2021.
To be fair, it IS a Presidential election year. But, hey, La is getting what it elected...Nothing. No growth. No innovation. Again.
Posted on 2/7/20 at 2:54 pm to BigJim
quote:
1. JBE actually blocked a reform to change the system whereas other governor's could have at least said they are just following the rules aka the "don't hate the player hate the game" excuse. You block reform and you lose that high ground.
He should have help reform the process instead of torpedoing the whole thing.
quote:
2. Schroeder is a new Treasurer. HE didn't allow all those other governors to access the funds. He has basically blocked it since he has been in office. So your pot/kettle analogy doesn't apply. It would only apply if a previous governor were complaining about it.
My question is what would happen if the money stayed in the treasury. Would the fund just sit there drawing some interest?
I wonder how much is turned into the fund every year.
This post was edited on 2/7/20 at 3:16 pm
Posted on 2/7/20 at 2:55 pm to BigJim
It's going to be a constitutional issue decided by the La Supreme Court. Technically it's state funds, and the legislature has the ability to use or not use the funds. It's not the treasurer's funds. It's the same as the federal government spending funds sent in to social security and replacing them with IOU's. They just don't return the money. Schroeder is saying I make a transfer and get to many requests at one time I can't refund the monies. There has never been that many requests in any given year, hence why the fund has built up over time.
Posted on 2/7/20 at 2:57 pm to papasmurf1269
I have unclaimed property paperwork in process. shite.
Posted on 2/7/20 at 3:00 pm to BigJim
quote:
So your pot/kettle analogy doesn't apply. It would only apply if a previous governor were complaining about it.
One thing I noticed was that his little reform effort left that slice of the "taxpayer's money" that his office gets to use for its own operations untouched, FWIW.
Posted on 2/7/20 at 3:03 pm to TigerDog83
quote:
It's harder to get money out that has been escheated than many think. I just got out a decent sum that we have been chasing for almost a year.
In Louisiana? That's surprising. This treasurer seems to be making a pretty big show of making it easy to get back. I bet if you complained on social media and added some hashtags for lagov/lalege, you'd get his attention.
Posted on 2/7/20 at 3:08 pm to 90proofprofessional
the treasurer's website for unclaimed property says they have returned $535 mil. that's not insignificant
Posted on 2/7/20 at 3:18 pm to Motorboat
Schroeder is just taking a page out of the John Kennedy playbook; Criticize the governor of either party, return unclaimed monies, be critical of legislative spending habits, and just get your name, face, and voice all over the media for the next few years then cash in the fame for a run for higher office.
Posted on 2/7/20 at 3:29 pm to Motorboat
i mean i'm not suggesting they don't process a lot of stuff, they're the state treasury after all. although that is almost certainly a cumulative all-time figure.
what i'm saying is that if unclaimed property is supposed to be this untouchable escrow-type thing solely to be held for rightful owners to reclaim, their funding probably shouldn't come from that money either. it should come from the main pool, like most agencies.
what i'm saying is that if unclaimed property is supposed to be this untouchable escrow-type thing solely to be held for rightful owners to reclaim, their funding probably shouldn't come from that money either. it should come from the main pool, like most agencies.
Posted on 2/7/20 at 3:31 pm to boudinman
quote:
Schroeder is just taking a page out of the John Kennedy playbook; Criticize the governor of either party, return unclaimed monies, be critical of legislative spending habits, and just get your name, face, and voice all over the media for the next few years then cash in the fame for a run for higher office.
Clearly he is playing politics, but if you have a winning hand why fold?
As I pointed out up above, if JBE would have worked with Schroeder on the compromise, they both could have declared victory (like put in a 3 year lag so JBE doesn't get hit or dedicate the money to construction projects in general).
JBE didn't have to compromise, he had Alario as his hit-man. Now JBE has very few friends left.
Posted on 2/7/20 at 3:33 pm to Motorboat
No
I’m asking in today’s day and age why can’t the rightful owners be contacted by the private firms that once held it. Why does the state get it?
I’m asking in today’s day and age why can’t the rightful owners be contacted by the private firms that once held it. Why does the state get it?
Posted on 2/7/20 at 3:37 pm to Oilfieldbiology
quote:
I’m asking in today’s day and age why can’t the rightful owners be contacted by the private firms that once held it. Why does the state get it?
In my case, I had a change of address and I mistakenly didn't tell the firm that held the property. Since they couldn't reach me, they closed the account and gave the property to the state. Others may have similar issues.
Posted on 2/7/20 at 3:41 pm to BigJim
(no message)
This post was edited on 2/7/20 at 3:45 pm
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