Curtis G (laconicus.eth)

Californians didn’t lose $15 billion. The state confiscated it and is treating it as its own. That is not a slogan. In a February 10, 2015 report to the Legislature — Unclaimed Property: Rethinking the State’s Lost & Found Program — Legislative Analyst Mac Taylor wrote it in black and white: “Because property not reunited with owners becomes state General Fund revenue, the unclaimed property law creates an incentive for the state to reunite less property with owners.” — Legislative Analyst’s Office (LAO), p. 3 The LAO said unclaimed cash was already the General Fund’s fifth-largest revenue source, more than $400 million a year. Every dollar they don’t give back is a dollar Sacramento gets to spend. “Property” here is not a house. It’s a forgotten bank account, an uncashed paycheck, an old insurance payout, leftover stock, a closed utility deposit. Little piles of your cash the state swept after nobody touched them for a few years. When the LAO wrote that report: $7.2 billion in 28 million forgotten accounts. Now, on Cohen’s watch: $15 billion+ sitting in 84 million of them. That is not a lost-and-found. It is an interest-free loan from Californians to Sacramento — and it is almost never paid back. The LAO found the state returns about 40 cents on the dollar over time. Cohen’s big “reunification” last winter? $30 million. Against $15 billion. That is a rounding error, not a repayment. Last fiscal year her own cash report booked $1.32 billion in “Abandoned Property” as General Fund receipts. She is not closing the loophole. She is widening it. Cohen is the sponsor of Assembly Bill (AB) 1447, which the Los Angeles Times reported would make it easier for the state to seize forgotten stocks and mutual funds if you don’t answer a notice. Industry groups told the Senate the same thing: easier confiscation. CBS: ‘Other states automatically send the money back. Cohen mails press releases — and a bill to grab more…’ I’m running for Controller to reverse that incentive. This is your money. I will return it. claimit.ca.gov — type your name. Then vote like it matters.