CAPCO Is Back?

The twitterverse is telling me that CAPCO is likely to make an appearance today.  It almost passed last year in the 12th hour, and only needs a Senate vote for approval.

Any Senator that votes for this bill deserves to be defeated.  It does not stand up to the scrutiny of sunlight, and many House members that voted for it as it was rushed through originally now wish they had not done so.

This bill skims money off of insurance policies so that a chosen few may play venture capitalist with other people’s money.  Of course, all you’ll hear from supporters is “Jobs”.  You know, just like we heard from the Obama administration when they played crony capitalism with Solyndra.

Other bills to be considered today include a bill that will eliminate personal guarantees of well connected high net worth developers so that they can’t be held liable for their inducements to lend money to their friends.

This is how we do banking in this state.  On one hand, we have the state setting up lending pools with skimmed money. On the other, we have people trying to reduce the amount that can be collected on failed loans.

With leadership like this, I can hardly believe we’ve been first in bank failures since 2008.

8 comments

  1. abmagic says:

    Brilliant analysis. Maybe they figure the jobs that are lost as the construction industry (and a lot of other real estate activity) run for the borders because no bank will lend to developers will be offset by the ones they create with the skimming scam.

  2. saltycracker says:

    After they called the “tax overhaul” great work the legislators are feeling’ pretty brazen with handouts to CofC members. Ready for term limits yet?

    • CobbGOPer says:

      The sad part is, even legislators like Josh McKoon – who’s been vilified for having the audacity to propose gift limits and may have to fight his own party just to keep his seat – are against term limits, shockingly.

      Or not shockingly, I guess.

  3. Calypso says:

    My understanding is that the bill to eliminate personal guarantees for developers is pushed by our favorite slimeball Don Balfour SPECIFICALLY to help ONE of his buddies who lives near him, developer Wayne Mason.

    I guess Mason doesn’t like to have to pay for the money he gets from other people. Some folks call that stealing.

    If I am wrong on any of this, please set me straight.

  4. Dave Bearse says:

    Charlie and others:

    BEN HARBIN/ It’s important to name names. The rank and file can readily hide, but it’s harder for the leadership to hide. A portion of a mid-December Dorablog post titled “Ugly CAPCO Legislation Highlighting An Ugly Process” http://www.doraville.org/?p=1735 is below:

    “A CAPCO bill stalled in the House in the 2011 session. House Insurance Member Ben Harbin then attached CAPCO legislation to unrelated Senate Bill 203 when SB203 was sent to the House for approval. (SB203 was an insurance industry bill that had nothing to do with CAPCOs. It’s summarized as “Insurance; provide that certain individuals who collect/input data; automated claims adjudication system are exempt from licensure”.) SB203 easily passed the House on the penultimate day of 2011 session.

    For those unfamiliar with Georgia’s legislative process, the last few days are a time when leadership often tells the rank and file, “trust us, it’s routine housekeeping legislation”. I’ll wager more than a third of those in House that voted for the legislation didn’t know they were voting for a CAPCO.”

    • Dave Bearse says:

      Did you read and understand SB203 for yourself Buzz, or are you parroting leadership claims that it’s routine legislation? (Not that I think you do.)

      Legislation that ostensibly was to conceal the identity of hunting-fishing license applicants was surreptiously was amended to protect alledgedly unethicial conduct. It was presented by Senate leadership as routine legislation and rubber-stamped by the Senate.

      Senators that voted for the hunting-fishing license applicants legislation need to be held accountable. If they don’t campaign on cleaning up leadership, Georgians need to elect Senators who will.

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