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Are South Dakota Trusts hiding Russian oligarchs money?

l3wis February 27, 2022 12Comments

While Republicans in our state and DC want to whine about the Biden administration not doing enough to prevent war in Ukraine they say little about the possibility that some bad actors that could be hiding Russian oligarch money in SD;

Chuck Collins, the author of The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions and the director of the programme on inequality at the Institute for Policy Studies, said the situation with regard to South Dakota was “an embarrassment” for the US.
“We are the weak link. And South Dakota is in a race to the bottom to be the weakest link on trusts,” said Collins. “We have seen the hidden wealth apparatus but it is always considered offshore. The more we understand that it’s onshore, the US is a weak link and we are now the magnet for kleptocratic capital the better for national understanding and the greater the potential for national legislation.”

Our super majority Republican legislature with the help of the governor could dig deep and enact legislation that prevents ANY ties to ANY oligarch from ANY country from hiding money in South Dakota. But while Ukrainians are dying all we get is silence and inaction.

It goes back to what I have often accused Republican lawmakers of (especially in our state), when it comes to THEIR personal wealth and livelihoods they could care less where the money is coming from as long as they can control it, this is why they refuse to take sales tax off of food even though 47 other states have done it successfully.

War, drought, poor healthcare, poverty, gambling, you name it, GREED is the only thing that controls them.

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Failures of the RR Redevelopment negotiations rear their head again

l3wis February 6, 2022 15Comments

And here we go, throwing more Federal money at the project and it’s an EMERGENCY even though the trains have tooting their horns through SF for over 100 years!

While I don’t oppose creating quiet zones throughout the city (even though we know this is probably for DTSF exclusively) it is pretty obvious we have to do this because we failed to remove the RR tracks from downtown during the negotiations. While it will make DTSF safer with the crossbars, the only noise it eliminates is the sirens from the trains, you will continue to hear them barrel down the track and cause traffic interruptions.

I have NO DOUBT the Feds will probably reimburse the state, but you have to admit since we didn’t successfully remove the tracks from this area to begin with, we are just playing a game of whack a mole and this is the latest.

So far the developer in this area has received millions in improvements to the River Greenway, a significant discount on the land, multiple TIFs (to build condos) and now another $5 million to create quiet zones next to those condos.

Here’s a concept DON’T BUILD CONDOS AND APARTMENTS NEXT TO A RAILROAD TRACK, or better yet work with our Washington delegates to get the tracks torn out. Nope, let’s just keep throwing tax dollars at small bandaids that doesn’t fix the bigger problem TRAINS RUMBLING THROUGH DOWNTOWN FOR NO DAMN GOOD REASON!

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South Dakota State Representative Mark Willadsen gets laughed at during the Legislative Coffee

l3wis February 6, 2022 19Comments

It all started with a question from moderator Melanie Bliss (FF to 1:18);

‘Will the legislature outlaw masks and vaccine mandates?’

After one legislator answered, Mark takes a stab at it;

. . . I think we have had great leadership . . . (Referring to Covid and the Governor)

After the very audible laughter from the crowd, you could hear Bliss say ‘Thank You’ to which Mark says fine, and you could tell he was very angry. Bliss coninues, ‘I didn’t say thank you to you I said thank to them because they stopped laughing. Mark then continued about all this great leadership and how the schools and state stayed open.

What I have always found ironic about that statement is that it is false. Many state, education, and City of Sioux Falls employees worked from home for months while the rest of us either trudged through at our private sector jobs or took unemployment because the businesses were closed especially in the hospitality industry.

It is probably why he was laughed at. When you say ridiculous things YOU will get a reaction.

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The Truth about SD Trusts

l3wis November 13, 2021 8Comments

(H/T to a SouthDacola Foot Soldier who sent me this)

I will admit I learned a lot about SD Trusts listening to Terry Prendergast in this podcast. While Terry points out many great things about trusts that the media hasn’t mentioned, he still can’t convince me that they are good for the average South Dakotan.

While they do create jobs, can be held by anybody with wealth or inheritance, are free from state income taxes and help feed the Federal coffers they still leave me with a lingering question, “How does have $500 billion of someone else’s wealth in South Dakota benefit the average South Dakotan?” It doesn’t. And in a round about way, Terry brings it up. He does admit it is a legal tax shelter (not evasion) does benefit the state with bank financing fees, but also admits there is no actual tax dollars coming into the coffers.

While I appreciate him clearing up a lot of questions, even to go so far as saying nothing nefarious is going on (which is true) I have to disagree with him on the benefit of having them here. While SD Trusts are not illegal, and are being ran with the highest standards, at the end of the day I ask why the state legislature is so eager to pass laws beneficial to a select group of people that live out of our state while having very little benefit to South Dakotans?

If the state legislature really wanted to make an impact with legislation, they would focus on its citizens instead of Kings, Drug Traffickers and Dictators (legally) hiding their money in South Dakota (and an occasional farmer).

South Dakotans State Funding State Legislature

South Dakota Trust Companies don’t benefit us One Iota

l3wis October 4, 2021 17Comments

With the story about Pandora Papers coming out yesterday, the one thing that has often frustrated me about the trust companies in South Dakota is that having all that money parked here doesn’t benefit the state coffers one bit.

Even if we had a simple state finance charge or a transaction fee that was incredibly tiny, we could rake in millions for education and infrastructure.

The first problem with that is the ones that hold onto the trusts could no longer be secret.

I ask our legislators, why are we allowing them to be here if they serve no public good? You know like PO box RVers, sales tax on food and video lottery.

Nevermind.

Are South Dakota Trusts hiding Russian oligarchs money?

Failures of the RR Redevelopment negotiations rear their head again

South Dakota State Representative Mark Willadsen gets laughed at during the Legislative Coffee

The Truth about SD Trusts

South Dakota Trust Companies don’t benefit us One Iota

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