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Archive for February, 2016

After 30 years, Louisiana still pursues its failed industrial inducement policy that only serves to empty state treasury

Posted in ALEC, American Legislative Exchange Council, Broadband, Internet, Budget, Business, Economy, Education, Exemptions, Incentives, Finances, Governor's Office, Higher Education, Incentives, Legislature, Legislators, Politicians, Revenue on February 24, 2016| 11 Comments »

As it turns out, that quote was attributed to Einstein in error but the fact that he never said it doesn’t alter the accuracy of the definition.

And for at least three decades, Louisiana along with the rest of the South, has insisted on following the same outdated industrial inducement policies first warned about in a 1986 report by MDC, Inc. (Manpower Development Corp.) of Durham, N.C.

One of the members of the MDC Panel on Rural Economic Development which produced the 16-page report Shadows in the Sunbelt was Dr. Norman Francis, then President of Xavier University and Chairman of Liberty Bank in New Orleans. https://gri.unc.edu/files/2011/10/Shadows-in-the-Sunbelt-86.pdf

That 1986 report was followed up in 2002 when MDC published a 44-page report entitled The State of the South. http://mdcinc.org/sites/default/files/resources/MDC_StateOfTheSouth_2014.pdf

Both reports said much the same thing: that the market had dried up. There were, the reports said, 15,000 industrial inducement committees in the South chasing 1500 industries—and if they relocated at all, it would be whether inducements in the form of tax incentives were offered or not. “At best, the states have assisted businesses in doing what they wanted to do anyway,” the ’86 report said.

“The factors which once made the rural South attractive (to industry) are now losing relevance,” it said. That’s because the South, which once boasted an abundance of low-cost labor, can no longer complete in the global market. Where American apparel workers would earn $6.52 an hour (remember, this was in 1986, but the numbers are still comparable), their counterparts in Korea and Taiwan earned $1 and $1.43, respectively, and Chinese workers made about 26 cents per hour.

Shadows in the Sunbelt called southern states’ tax incentives to lure business and industry a “buffalo hunt,” an analogy to the great buffalo hunts of the 19th century which nearly wiped out the North American bison population. “Yet the hunters (states) continue in their pursuit, hoping to bag one of the remaining hides,” the report said.

The stampede actually started in Mississippi 80 years ago through a program called “Balance Agriculture with Industry” whereby the state used municipal bonds to finance construction of new plants. That practice evolved into tax breaks offered to prospective industries as states began forfeiting property tax revenues to lure new jobs.

Today, Louisiana gives up about $3 billion each year in tax breaks and credits doled out in various programs, all of which are designed ostensibly to attract industry and raise the standard of living through more and better jobs but which in reality, do little of either.

What we’ve received instead are tax breaks for duck hunters, chicken plucking plants, Wal-Mart stores, fast food franchises and for industries that either (a) get the tax incentives but which soon shut down operations (Nucor Steel, General Motors) or (b) claim the creation of great numbers of new jobs but which actually are far fewer than announced.

In fact, the ’86 report said, a long-term study of job promises in South Carolina revealed that only 52 percent of the jobs promised actually materialized. In Louisiana, when Bobby Jindal ran for re-election in 2011, he claimed in TV ads that the Louisiana Department of Economic Development during his first term handed out incentives that brought 25,425 new jobs to Louisiana. The actual number, however, was only 6,729. That’s only 26.5 percent of the jobs promised. https://louisianavoice.com/2011/09/29/jindal-plays-fast-and-loose-with-jobs-claim-tv-campaign-ad/

The ’86 report said as much. “The costs of inducements offered to attract industry are also heavy—and in some cases counterproductive,” it said. Evidence showed that tax breaks did not significantly affect plant location decisions but states nevertheless open up the state treasury for companies to loot even though the benefits do not offset the costs. “Whatever the effectiveness of industrial recruiting in the past, current trends clearly indicate that its value as a tool for economic development is declining,” it said.

That was 30 years ago and we’re still giving away the store by adhering to a faulty ALEC-backed policy of favoring corporations over citizens.

As an alternative, the report recommended that in lieu of spending millions to attract out-of-state industries, states should implement programs to support local development and to encourage entrepreneurship.

The 2002 report, State of the South, only reiterated the recommendations of the study of 16 years earlier. It also should have sent a clear message to the Louisiana Legislature and to Bobby Jindal six years before he came to power. The latter report’s recommendations included:

  • Refocus state agencies responsible for economic development to pursue a broader, more strategic approach;
  • State governments should not measure success simply by the number of new jobs, but also in terms of higher incomes for people and improved competitiveness of regions within the states;
  • Modernize tax systems so that states have the fiscal capacity to provide excellent educatin, widely accessible job training, necessary infrastructure, and community amenities that enrich the soil for economic development;
  • Tighten performance criteria for industrial incentives—and encourage associations of Southern governors and legislators to reexamine the one-dimensional, incentives-driven recruitment strategy in favor of a comprehensive economic development strategy;
  • Dramatically expand efforts to erase serious deficits along the entire education continuum in the South, and bolster the education, health and well-being of children;
  • Draw on universities and community colleges to act as catalysts for state and regional economic advancement.

The 2002 report said high-poverty, sparsely-populated areas are last to get telecommunications infrastructure. More than 60 percent of the zip codes in the Delta areas of Arkansas, Mississippi and Louisiana have no broadband internet provider which further widens the competitive gap for these areas. Yet Jindal rejected an $80 million federal grant to install broadband in Louisiana’s rural areas. http://www.nola.com/politics/index.ssf/2011/11/80_million_grant_for_rural_bro.html

Because Louisiana, along with the rest of the South, made a commitment to low taxes, low public investment, and low education in return for jobs. That strategy trapped the state in a cycle of low-wage, low-skill industry “begetting more low-wage, low-skill industry,” and thus perpetuating the “Wal-Mart Syndrome.”

Mac Holladay, who served as head of economic development for three Southern states summed up the situation. “If we had put the vast majority of our economic development resources into incubators, small business services, export training, and existing business assistance instead of recruitment and overseas offices, it might have made a big difference.”

Tax abatements and other financial giveaways, the 2002 report said, “inevitably drain resources from schools, community colleges and universities—public investments that are crucial to long-term economic advancement. Incentives provide a better return on investment when they build a community’s infrastructure, provide workers with higher skills and attract jobs that pay markedly more than the prevailing wages.”

Even when Mississippi granted $68 million in incentives for Nissan’s assembly plant in Canton, a small town just north of Jackson, the company’s director of human resources told the Jackson Clarion-Ledger that he could not name any Canton resident likely to be hired for one of the 5,300 jobs starting at $12 per hour. He attributed that to the town’s 27 percent poverty rate, 76 percent of out-of-wedlock births and 44 percent of adults without a high school diploma.

Carley Fiorina, former chief executive for Hewlett-Packard and more recently an unsuccessful candidate for the Republican presidential nomination said, “Keep your incentives and highway interchanges. We will go where the highly skilled people are.”

“Not so long ago,” said the 2002 State of the South report, “the South sought to build its economy by enticing companies from afar to relocate with the bait of cheap land, low taxes, and a surplus of hardworking but undereducated workers. That old recipe no longer works to feed families and sustain communities.

“No comprehensive strategy would be complete without further efforts to bolster public schools,” the report said.

“There must be a recognition that the ultimate challenge lies in the educational and economic advancement of people who have gotten left behind,” it said. “We must get the message out to every household, every poor household, that the only road out of poverty runs by the schoolhouse.

“The line that separates the well-education from the poorly education is the harshest fault line of all.”

Yet, Louisiana’s leaders insist on doing the same thing over and over and expecting different results.

And we keep electing the same failed policy makers over and over and over…

Insanity.

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Wal-Mart: feeding at the public trough while underpaying workers, destroying Louisiana’s mom and pop businesses

Posted in Auditor, Business, Corruption, Economy, Ethics, Exemptions, Incentives, Finances, Incentives, Jobs, Legislature, Legislators, Public Records, Revenue, Taxes on February 24, 2016| 6 Comments »

The past is prologue

                                    —William Shakespeare (The Tempest)

In 1936, Mississippi Gov. Hugh White successfully pushed through the state legislature his answer to President Franklin Roosevelt’s New Deal so despised by southern states.

Mississippi could grow and prosper through his landmark “Balance Agriculture with Industry” program, according to Mississippi native Joseph B. Atkins, author of the little-known but important book Covering for the Bosses. The book is an examination of how newspapers in the South refused to give fair coverage to labor unions in their attempt to gain equitable working conditions for workers first in the textile mills and later the automobile industry.

https://books.google.com/books?id=o6AfWT79t2MC&pg=PA237&lpg=PA237&dq=shadows+in+the+sunbelt+1986&source=bl&ots=7Wb_bKCn48&sig=FIjJetyw-Li-lCk0c3zN_muV3MA&hl=en&sa=X&ved=0ahUKEwjL-Ob4k4_LAhWFPiYKHchPD50Q6AEIUDAJ#v=onepage&q=shadows%20in%20the%20sunbelt%201986&f=false

According to Atkins, White figured he could attract industry to Mississippi through the then-radical concept of offering attractive tax incentives and promises of low wages—and, of course, no unions.

The program, Atkins writes, eventually became a model for the entire South and today, Mississippi, in the latest rankings of the best states for business, can be found sitting firmly in….47th place among the 50 states, ranked ahead of only (in order) Kentucky, Louisiana, and West Virginia. In fact, the South can lay claim to six of the bottom 10 spots in the national rankings. They also include Arkansas (42nd) and Alabama (45th). Tennessee was only slightly better at 38th. Virginia (10th) and North Carolina (15th) were the only southern state in the top 20. http://247wallst.com/special-report/2016/02/17/the-best-and-worst-states-for-business-2/

So what went wrong with White’s grand scheme for Mississippi? Simply put, the same thing that doomed Louisiana, Alabama, Arkansas and Tennessee to the bottom one-fourth of the heap. They gave away their tax bases while at the same time condemning their citizens to lives of low wages and poor benefits. And Wal-Mart was first in line to fully exploit the plethora of incentives, be they the 10-year property tax exemptions, Enterprise Zone initiatives or some other inducement.

Wal-Mart, described by Wall Street Journal writer Bob Ortega in his book In Sam We Trust as “an amoral construct with one imperative: the profit motive.”

In October 2005, Atkins writes in Covering for the Bosses, that an internal Wal-Mart memo was leaked which revealed the true, impersonal attitude of the corporate office toward its 1.3 million American workers, 30 percent of whom are part-time workers.

In her memo to Wal-Mart executive vice president M. Susan Chambers complained of the costs of long-term workers. The company, she said, spent 55 percent more on them than on one-year workers even though “there is no difference in (the employee’s) productivity.” She said because Wal-Mart pays an associate “more in salary and benefits as his or her tenure increases, we are pricing that associate out of the labor market, increasing the likelihood that he or she will stay with Wal-Mart….The least health, least productive associates are more satisfied with their benefits than other segments and are interested in longer careers with Wal-Mart,” she said.

In plain language, she was advocating throwing older workers to the curb in favor of newer, lower-salaried workers.

Yet Wal-Mart has shoved its way to the public trough, securing some $100 million in economic development subsidies from the state in 20 cities from Abbeville ($1.67 million) to Vidalia ($1.65 million), from Shreveport ($6.3 million) to New Orleans ($7 million), from Monroe ($3.9 million) to Sulphur ($1.8 million).

Nationally, estimated annual subsidies and tax breaks to Wal-Mart and the Walton family total $7.8 billion per year. This for six Walton heirs whose collective net worth of $148.8 billion is more than 49 million American families combined. http://www.americansfortaxfairness.org/files/Walmart-on-Tax-Day-Americans-for-Tax-Fairness-1.pdf

A congressional report estimated that each Wal-Mart store in America generated an average of $421,000 in Medicaid, SNAP and public housing costs to taxpayers. That’s in addition to the estimated $1 billion taxpayers anted up in local and state government subsidies to have a Wal-Mart in their communities. Wal-Mart workers, who earn less than $10 an hour (about $18,000 per year), are offered a family health care plan with a $1,000 deductible costing $141 per month.

And remember that warm fuzzy “Made in USA” advertising campaign of Wal-Mart in which Wal-Mart in 2013 said it was starting a 10-year plan to increase spending on U.S. made products by $250 billion? Well fuggeboutit. It didn’t happen and last October, the company removed the “Made in the USA” logos from all product listings on its Web site after the Federal Trade Commission caught the company (gasp) lying. http://fortune.com/2015/10/20/walmart-made-in-the-usa/

Instead, much of its merchandise, clothing in particular, comes from third-world sweatshops where workers are paid pennies per hour in wages and children work up to 20 hours per day to make the clothing we purchase from Wal-Mart. https://www.dosomething.org/us/facts/11-facts-about-sweatshops

And here’s a real eye-opener.

In her book Cheap, author Ellen Ruppel Shell reveals a dirty little secret most consumers are unaware of: name-brand clothing sold at Wal-Mart aren’t quite what consumers think they are. “Discounting dilutes brands, making it less certain that they are a mark of quality,” Shell writes. http://www.nytimes.com/2009/07/19/books/review/Shapiro-t.html?_r=0

Hundreds of brands “slice and dice their offerings for various markets, selling different products in different types of stores for different prices under the same brand,” she said. “Chains such as Wal-Mart, Best Buy, Target and Home Depot have items manufactured ‘to their specifications,’ meaning that the brand name is almost devoid of meaning.”

That means a television with a model number available only at Wal-Mart is not really a Sony or a Samsung, for example, but a Wal-Mart television.

“Brands have become an end in themselves,” she writes. “…It is not the brand alone that entices discount shoppers; it is the high value we link to the brand versus the low price we pay that is so seductive.”

In recent years, Louisiana taxpayers have subsidized the construction of Wal-Mart stores in two affluent suburbs to the tune of a $700,000 tax credit. A tax credit is a dollar for dollar reduction of a tax liability meaning a $1 tax credit reduces one’s taxes by a full dollar. Bear in mind, these subsidies were Enterprise Zone projects. The Enterprise Zone program is designed specifically to lure business and industry into areas of high unemployment in order to help economically depressed areas. Instead, one of these stores were built in St. Tammany, one of the most affluent communities in the state.

Likewise, $330,000 in Enterprise Zone tax credits were awarded in 2013 to Lakeview Regional Medical Center in St. Tammany Parish for an upgrade to its facilities which created a grand total of five new jobs.

As far back as 2012, then-Secretary of the Department of Economic Development Stephen Moret said the Enterprise Zone program no longer fulfilled its purpose. http://www.nola.com/politics/index.ssf/2012/12/louisiana_economic_development_1.html

A Legislative Auditor’s report agreed, saying that 75 percent of new jobs, 68 percent of new businesses and 60 percent of capital investments were made outside the EZs. http://app1.lla.state.la.us/PublicReports.nsf/92629A33AAE8C55F862579EB0072ACEB/$FILE/00029DFA.pdf

That’s because unlike other states, Louisiana’s Enterprise Zone program allows the generous five-year tax breaks for retail establishments, businesses whose salaries traditionally are at the low end of the pay scale. Those include, besides Wal-Mart, chain stores like Walgreens and Raising Cane’s chicken outlets.

“Most of the projects are larger companies investing in relative affluent areas in Louisiana today,” Moret said in something of an understatement. He said that fact alone underscored the importance of making changes to the program.

Were changes made? No. In fact, in 2013, the year after his comments, the state awarded EZ tax credits totaling $19.6 million for projects that produced 4,857 new jobs which in turn generated about $10 million in state income taxes, or a net loss of more than $9 million to the state.

Meanwhile, Atkins quotes author Bill Quinn as saying Wal-Mart “has done more to stomp out Middle-class America than all other discount houses put together.”

Yet, the official policy of Louisiana has been to continue to give generous tax breaks to a company that underpays its employees, deceives customers into thinking they are “buying American” when in reality, they are propping up third-world sweatshops whose workers churn out second line brand names under slave-like working conditions.

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Bobby Jindal’s parade of lies and distortions about state’s wonderful business climate exposed in yet another survey

Posted in Business, Corruption, Economy, Education, Ethics, Exemptions, Incentives, Finances, Governor's Office, Incentives, Jobs, Politicians on February 23, 2016| 20 Comments »

After eight years of Bobby Jindal’s whiz-kid ALEC-backed policies of awarding tax incentives, exemptions, and inducements to the business and industry lobby and his constant boasting to Iowans and to Fox News of his smashing successes, Louisiana remains mired as the second-worst state in the nation for business.

So says the latest report of 24/7 Wall St., a financial news and opinion company headquartered in Delaware which publishes more than 30 articles per days on economics, health, and politics.

For its most recent survey, 24/7 compiled 47 measures into eight separate categories to determine the business climate for each state: business costs, cost of living, economy, infrastructure, labor and human capital, quality of life, regulation, and technology and innovation.

The U.S. has seen 71 consecutive months of private sector job growth through January, the report noted. Despite the consistent improvement, which dates back to February 2009 (the month after Jindal was first sworn in as governor), the recovery has been uneven and some states have experienced substantially less growth than others.

One of those is Louisiana, where the gross domestic product (GDP) growth of 1.5 percent was 21st lowest in the nation and average wages and salaries of $46,136 was 24th lowest.

Both of those ratings put the state at about the middle of the pack but other indicators showed a much bleaker picture. But only one other state, Maine, has experienced an annualized GDP decline over the past five years.

The 434 patents issued to residents in 2014 was 14th lowest in the nation. The projected working-age population growth through the year 2020 of minus 3.2 percent was seventh lowest and the 22.9 percent of adults with bachelor’s degrees was fifth lowest.

A decreasing working-age population, combined with the relatively low educational attainment means trouble for employers to fill positions with qualified job candidates. That could explain the high number of tax incentives to industries with low-paying, unskilled workers such as chicken plants and Wal Marts.

Almost 20 percent of Louisiana’s population lives below the poverty line, a statistic Jindal refused to address during his entire eight years of running for president. Moreover, the state unemployment rate was 6.4 percent. Both figures are higher than the national rates.

So, if Louisiana was second worst for business, which state was worst? Well, this time it wasn’t Mississippi which traditionally holds down the anchor spot. In this case it was West Virginia with lower GDP growth, lower average salaries, lower percentage of adults with a bachelor’s degree (actually the lowest), lower number of patents issued to residents and a lower projected working-age population growth than Louisiana.

The best state for business? That would be Utah. Where Louisiana and West Virginia each had a minus projected working-age population growth rate, Utah’s projected working-age population growth of 20.5 percent was second-highest. Despite the healthy projected population growth, Utah had an unemployment rate of 3.8 percent, fourth lowest in the nation.

Just more evidence of how Jindal was perfectly willing to twist and distort numbers to fit his ambitious but hopeless agenda.

Does anyone still wonder whether he was simply clueless or callously committed to his own ambitions?

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State police hire investigators with little or no experience at salaries higher than troopers with many years of experience

Posted in Corruption, Ethics, State Police on February 22, 2016| 6 Comments »

Louisiana Voice has discovered some reasons the Louisiana Sheriffs support Colonel Mike Edmonson as LSP commander. LouisianaVoice found cases of hiring and promotion of sheriffs’ relatives.  LSP began hiring investigators after years during which LSP offered no Trooper academies to supplement the ranks because of budgetary cuts. Many were retired Troopers and most were highly qualified to do the same job as the Troopers they worked alongside.

We made identical public records requests of LSP and Louisiana Civil Service for a list of investigators and their salaries. LSP chose to play games because we asked only for “investigators” and did not specify “criminal investigators.” We received prompt records from Civil Service but we are still waiting for a response from LSP. Somehow, we’re beginning to get the feeling we’re being stonewalled by LSP.

Tommy Ambrose, Son in law of former Allen Parish Sheriff Hal Turner (Former LSA President)

Tommy Ambrose was hired as an investigator with LSP on July 29, 2013, at a salary of $40,518, about $5,000 more than a starting Trooper or the same salary as a Trooper with up to six years of experience. He resigned five months later, on Jan. 11, 2014. He was sent to the local regional law enforcement academy in Lake Charles because he was not a peace officer standard and training (POST) certified officer. According to sources, there is no other known instance of an investigator being hired who was not certified to be a police officer. According to other sources, there were applicants competing for the position with law enforcement certification and decades of experience. Public records showed Ambrose was being investigated but resigned before the investigation was complete. LSP denied our public records request for the investigation file. During his short tenure with LSP, sources say the best description was a history of inadequate performance, policy violations, and suspected criminal activity quickly overlooked after making a call to Colonel Edmonson’s cell phone. The situation got so bad Edmonson could not even justify it any longer and he resigned.

Tony Mancuso III, son of Calcasieu Parish Sheriff Tony Mancuso (Former LSA President)

Mancuso was hired by LSP as an investigator (Not a Trooper) at an exorbitant salary. Tony Mancuso III was hired on June 23, 2014, at a salary of $61,100. He got his first raise three months later to $63,564.80. He was given another raise and a promotion 8 months later in 2015 to $68,016. We compared that salary with other LSP Troopers and LSP Investigators.

  • Mancuso was hired at a salary $22,587.76 higher than a new Trooper who completed the State Police Academy. Mancuso did not attend the state police academy. We cannot confirm if Mancuso was even qualified to apply to be a State Trooper.
  • Within three months at LSP, Mancuso was making more than a Trooper with over 20 years of experience and a Sergeant with 18 years of experience. A Trooper had to meet the qualifications, go through the state police academy, and serve 20 years to get the same salary as Mancuso walked in the door with.
  • After the Troopers received two massive pay increases, his salary went up as well. He currently makes $20,000 more than a starting Trooper. He currently makes as much as Trooper with 11 years of service although he has less than two years as an investigator with LSP.
  • Mancuso is paid $11,107.20 more than an Theodore Trunick, an investigator of the same rank in the same office even though Trunick has more experience at LSP and had extensive law enforcement experience prior to joining LSP. Mancuso was hired at $61,100. Trunick was hired at $43,076, nearly $18,000 less than Mancuso.
  • Mancuso is paid more than a long line of retired LSP Troopers, Lieutenants, Captains, and other law enforcement officers with decades of experience.
  • Mancuso was hired over another applicant, Mike Hebert. Hebert, a graduate of the FBI National Academy and who had more than 30 years of law enforcement experience than Mancuso, applied for the same position. Hebert was eventually hired and remains at a salary of $61,100 which is $6,916 less than Mancuso.
  • Mancuso is the fifth-highest paid LSP Criminal Investigator in the state. Let’s take a look at the top four.
    • Shelly Hopkins: $74,422: Retired LSP explosives expert with an estimated 40 years of experience.
    • Daryle Graham: $73,902, supervisor/ criminal investigator level 4 with 37 years of experience.
    • Cayce Grimes: $70,740, former police chief, FBI National Academy, decades of Experience
    • Hampton Guillory: $68,681, decades of experience

We tried to find someone comparable to Mancuso but we found no other investigator with so little experience. Most of the investigators are retired from law enforcement agencies with decades of experience but all of whom make less than Mancuso. Mancuso is in his late twenties with an unknown history of law enforcement experience or education.

Brad Guidroz, Son of St. Landry Parish Sheriff Bobby Guidroz

Mike Hebert competed for a promotion shortly before he retired. On the surface, he would have seemed the logical choice. He was passed over for Brad Guidroz. At the time of Guidroz’s promotion, he reportedly had six years’ experience with LSP. Hebert had a distinguished career with LSP to go along with his 30 years’ experience and FBI Academy credentials. Some speculated his being passed over in favor of Guidroz this was the reason for Hebert’s retirement. Hebert retired, expecting an immediate rehire position with LSP but those plans were thwarted with the hiring of Mancuso. Hebert was eventually rehired after two months—at a lower salary than Mancuso.

Most of these hires came about during a four-year stretch when LSP salaries were frozen which meant troopers with say, 20 years’ experience, were being paid at the rate of 16-year veterans.

If it walks like a duck

When you put all this together it is difficult to come to any conclusion other than Edmonson has used his authority to hire and promote in exchange for the political endorsement of the Louisiana Sheriff’s Association. We are not ignorant to the fact this type of stuff happens all the time and know there are more stories of political favors. We just never thought it would be so out in the open. This is another example of Edmonson putting his own interests ahead of the needs of the people of the state of Louisiana. Giving away positions for political favors can result in less qualified people protecting the citizens and their fellow officers.

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What am I going to do with all that money? Class action settlement check like winning lottery—except for money

Posted in Uncategorized on February 22, 2016| 15 Comments »

Well, my ship finally came in.

When I checked my mail today (Monday, Feb. 22), there it was. With unbridled joy and mounting anticipation, I ripped open the envelope and there it was: a settlement check.

$1.78.

It seems I was part of a class action litigation I didn’t even know about—a lawsuit against AT&T Mobility for an overcharge of something only vaguely explained as “taxes, fees or surcharges (internet taxes)” on internet access.

And it only took 92 attorneys to win that generous settlement reward on my behalf (no kidding, 92 attorneys).

The total settlement was $956 million.

The 92 lawyers get to split $926,466.69 in legal fees. They originally wanted $239 million on the basis of the aggregate $2.94 billion value of relief obtained (the $956 million plus nearly $2 billion “going-forward relief” in illegal taxes that won’t be collected in the future).

I get $1.78.

But hey, I should be grateful. One poor soul got only six cents—about one-eighth the cost of the stamp needed to mail the check.

92 attorneys for that?

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