This is an absolute bombshell of a news story and no one in the MSM is covering it. The California Air Resource Board set up a way to hide billions of dollars in Cap and Trade revenue through a corporation “owned” by the public. This is beyond shady and suspect but not surprising. California has been setting up virtually all their redevelopment projects (5 billion dollars a year worth) as Delaware Corporations for years. Delaware LLcs are anonymous shell corporations that don't reveal any individual ownership.
In short they provide a legal form of money laundering and bribery.
So in an effort to collect and spend Cap and Trade money outside public view they set up a Delaware corp to deal with the 50-100 billion dollars that will be generated by this money. Earlier this week the Democrats in the Assembly refused to allow an audit of the CARB—and now it's clear why. Katy Grimes at Calwatch,org broke the story:
“On our Web site, Katy Grimes has reported on how CARB has set up a special corporation in Delaware to get around California open-government laws. Under Director Mary Nichols, CARB effectively has become a law — and a corporation — until itself, unaccountable to the democratic process and the people CARB allegedly serves.”
"The little jewel, secretly placed into a trailer bill in the recently passed state budget, will allow the California Air Resources Board to conduct state business without any of that pesky transparency stuff."
"According to legislative staffers, the California Air Resources Board, with help from Democratic Assembly Speaker John Perez, D-Los Angeles, figured out a way to exempt itself from the state’s open meeting act."
"Government Code 11120, the Bagley-Keene Open Meeting Act, is explicitly exempted in the language of budget trailer bill SB 1018. ”That was the final nail in the coffin of transparency,” a Capitol staffer commented."
The company WCI, Inc., was created by California Air Resources Board to manage cap and trade auctions. WCI is a Delaware LLc so we the citizens that are giving them this money (and forget the idea that companies are paying it, we are) have NO right to see how it is spent. I wonder if our assembly leader and now Majority Floor Leader and Delaware LLc aficionado Toni Atkins had anything to do with this? Not sure why Toni is leading the assembly when she has accomplished nothing of REAL value for the citizens and continues to push the same scams she did as our Council Leader...throwing millions, now billions at developers including her wife and former Bank of America investment banker Jennifer LeSar. In fact if you look at the Bills passed on how the C and T money can be spent they simply recreated redevelopment (somehow now it reduces greenhouse gas emissions) except now there is even less accountability and we all know how that turned out!
I will say for the record I'm a huge environmentalist and believe in taking aggressive action to protect our environment namely protecting open spaces and eco-systems and spending money to repair those systems, but Cap and Trade makes sustainability totally meaningless. All it did was create an enormous slush fund outside the view of the public to be spent in ANY way (not even on environmental programs) they want.
When will the corruption ever end?
More like this:
- Affordable housing is back but now is called "Green Energy Jobs" — Oct. 2, 2012
- Before you vote for tax hikes California consider this..... — Sept. 16, 2012
- California Cap and Trade Doles out Billions to Land and Housing Developers — Aug. 9, 2012
- State Committee approves bill with sweeping new eminent domain powers and no blight requirements — July 6, 2012
- Redevelopment Being Paid For With Corporate Tax Breaks — July 30, 2011