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Showing posts with the label The Maine Venture Fund

Transparency and the Quasi-Public Corporation.

TWEET THIS ! http://goo.gl/YgfpJ1 I have been again looking  for information on the amount of taxpayer money invested in government chartered private non-profit organizations, such as the SEGF (since 2014 known as The Maine Venture Fund), and once again I have come up with nothing. These organizations are so dispersed and intertwined with one another that even if one can find mention of an occasional sum of money invested it is as if finding one little piece of a jig saw puzzle. A few years ago I read The Non-Profit Economy by Burton Weisbrod . Weisbrod discussed three distinct economic sectors- government, private and non-profit. but I do not recall a mention of non-profit corporations which are charted by government legislatures. However there was a lengthy discussion about  entities that have a for-profit part and a non-profit part, with instances found where all expenses would be allocated to the for-profit part of the entity, thereby reducing the tax burden of the for-pro

It’s Constitution Time, Governor LePage!

Tweet This !! http://goo.gl/NzVrEe Note. This post was written as my introductory past for Portland, Maine edition of examiner.com. I applied and was accepted by Mr. Rick Brown with the words" You would make an excellent examiner". However when I went to post this article, I encountered a software glitch that prevented me from doing so. The examiner was changing its software and so at first I took it to be that I was encountering a general problem. However the glitch that I encountered was not listed in the common issues. After a week of waiting for a response to my support ticket, and receiving no communications from normal channels, I contacted Rick Brown, who promised to look into it. After another week of waiting for further response form Rick Brown, I wrote and indicated that at that point I was inclined to believe that the software glitch was there by intent. Over a week has passed since then and I have received no further communication from Rick Brown. I no long

Socializing the Risk and Privatizing the Gain

TWEET THIS  http://goo.gl/otcDDo Introduction: Below is a post formerly published on the former Augusta Insider. It concerns relatively recent Maine Legislation . The summary in the legislation states "This bill is modeled on statutes in Arkansas, Iowa, Michigan, Montana and Utah. It authorizes the establishment of the Maine Fund of Funds within the Small Enterprise Growth Board for the purpose of increasing the availability of venture capital to the Maine economy. " The legislation does not provide the specific statutes of the states that are used as a model for this investment scheme. I looked up the constitutions of Iowa and Arkansas to see what their statutes say about the creation of corporations. Iowa's constitution is very strict about prohibiting the creation of corporations by special acts of legislation, while Arkansas's allows for more latitude than the Maine State constitution. There are several states that use the same language prohibiting the forma