"California Running Ponzi Scheme with Unclaimed Property Program"

Here is a link to an opinion piece written by Bruce Bialosky, CPA, who founded the Republican Jewish Coalition of California and was appointed by President George W. Bush to the U.S. Holocaust Memorial Council, titled, "California Running Ponzi Scheme with Unclaimed Property Program".

Notable disclosures include - 

 Unclaimed Property fund was the fifth largest source of revenue for the state of California.

Taryn Kinney, public relations head for the California Controller’s office, stated that in the year that ended June 30, 2017, the State's General Fund had taken in $399 million from unclaimed property transfers and that the fund stands at $8.6 billion.

As Bialosky writes, "If there was actually a better notification of the rightful owners, then the state would have to cough up money they don’t have or wait to take it from some other unclaimed property.  The money in the unclaimed property fund has even less than the social security fund.  At least with the social security fund they put IOUs in the fund. Here they do nothing."

The link to the article is below -