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Prop 23: Follow the Money

08/15/2010

Michael Hiltzik has a great column in today’s LA Times … unraveling the money trail of CA’s Prop 23.

As noted prior, Prop 23 aims to overthrow AB32, the closest state regulation to a national energy plan.  Whatever energy you fancy – it does actually make that the US have a comprehensive plan to acquire, innovative and regulate energy. And given the US consumers about 25% of the world’s energy – a national policy might allow the government some leverage over the sector.  It seems at present, the ‘tail is wagging the dog’ as various industry sectors are calling the shots.

Below is an excerpt of Michael’s Column

The Adam Smith Foundation in Missouri has donated $498,000 to support the ballot measure that would suspend the state’s climate-change law, but attempts to ferret out the real sources prove futile.

Since last spring, the outstanding riddle of the campaign for Proposition 23 has involved one of its leading donors, the mysterious Adam Smith Foundation of Jefferson City, Mo.

Most of the money pushing Proposition 23 has come from the oil industry, the primary target of AB 32. And most of those donors are out in the open, appearing by name in campaign disclosures — they include Tesoro Corp. ($525,000), Valero Energy Corp. (more than $4 million so far) and Occidental Petroleum Corp. ($300,000).

One can’t say the same about the backers of the Adam Smith Foundation, which contributed $498,000 to the Yes on 23 folks back in April. You might think this signified that the foundation had a pantload of cash to throw around, but no. On Dec. 31, four months before making the contribution, it had $109 in its bank account. [READ WHOLE COLUMN]

Michael’s follow up to this column, “Adam Smith Foundation, meet Adam Smith” is available online: [click here].

JUST A NOTE TO OUR READERS & SUBSCRIBERS: Wave2 Alliances is a paid subscriber to the Los Angeles Times.

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