Tweet This ! http://goo.gl/ccVqRj This Sunday sees the second installment of Whit Richardsons expose on the scandal surrounding the New Markets Tax Credit Shrewd financiers exploit unsophisticated Maine legislators on taxpayers’ dime Stonehenge and its counterparts have orchestrated 10 deals in Maine totaling $195 million in investments under the Maine New Markets Capital Investment program. The arrangement requires that Maine taxpayers give the investors 39 cents for every dollar invested, for a total of $76 million to date. A five-month Maine Sunday Telegram examination shows that nearly half of what was invested in low-income communities – $91 million on paper – never made its way to the designated companies for new upgrades or expansions. Instead, the money was used to pay off old loans or stayed on the books for less than 24 hours. ............. And it’s all legal. Shrewd financiers exploit unsophisticated Maine legislators on taxpayers’ dime As is typical whenever
Examining the Fundamental transformation of the American political system that originated in the political philosophy preserved by Publius in The Federalist Papers. This blog was originally published as Main Street Economy and focused on legislation passed in the state of Maine "inspired" by similar laws passed by other states which collectively constitutes a fundamental transformation of the American political philosophy within state incubators.