Business Archives

State agency invests millions in rare coins

April 6, 2005

Mike Wilkinson and James Drew of The (Toledo) Blade checked out one of Ohio’s government investment instruments: rare coins. “Since 1998, Ohio has invested millions of dollars in the unregulated world of rare coins, buying nickels, dimes, and pennies. Controlling the money for the state? Prominent local Republican and coin dealer Tom Noe, whose firm…

Governor’s office political dealings in question

March 29, 2005

Alan Judd of The Atlanta-Jounal Constitution investigated claims that the Georgia governor’s office put heat on the state’s consumer regulatory office over dealings with a major car dealership and donor to the governor’s campaign. “In the Bill Heard Chevrolet case, Hills’ inquiry became a key point in a series of events that, Smith says, undermined…

Wal-Mart cashes in incentives, while many employees taking in medicaid

March 28, 2005

Sydney P. Freedburg and Connie Humburg of the St. Petersburg Times used state records to show that “Wal-Mart and four other large companies that receive state incentives have an estimated 29,900 employees or their family members enrolled in Medicaid. The figures suggest taxpayers may be double-subsidizing low-wage employment by paying companies to create jobs and…

Dot com insiders made millions, while investors lost

March 24, 2005

Reporters Sharon Pian Chan and David Heath of The Seattle Times used unsealed documents successfully won in state and federal lawsuits to investigate Infospace’s rise and downfall. At its peak, Infospace was worth over $31 million, but a bad investment on a Canadian wireless investment and questionable business dealings led to the eventual collapse of…

Land swap deals net big profits for brokers

March 23, 2005

Adrienne Packer and J.M. Kalil of the Las Vegas Review-Journal continue their investigation into land swap deals, finding that “on at least three occasions, land broker Scott Gragson traded property to McCarran International Airport and then reacquired it nearly two years later for less than he originally sold it for…That means the properties depreciated hundreds…

Complaints high for Florida repair shop

March 1, 2005

Jim Schoettler of The Florida Times-Union used state records to show that auto repair shops in Northeast Florida were the subject of nearly 600 complaints since 1999. “Hundreds more are fielded by local agencies and the courts, while countless others are reported to the shops. No one knows how many people who suspect they’ve been…

Administrative spending grows while student spending dwindles

February 25, 2005

Vicki McClure and Tania deLuzuriaga of The Orlando Sentinel used audit records of local charter schools to find that “Imagine Schools Inc., operator of 10 schools in Central Florida, spent as much as 50 percent less per student on instruction last year but about two to six times more on administration than other public schools…

Consulting work pays big for former employees

February 24, 2005

Brett J. Blackledge of The Birmingham News used state records to show that Alabama’s Department of Human Resources has spent millions on computer consultants, including payments to former agency employees who left DHR only to return for consulting work. “The agency responsible for helping needy children and families now is facing questions from federal officials…

Net worths rise for some legislators while in office

February 22, 2005

Lucy Morgan of the St. Petersburg Times reviewed the annual financial disclosure forms filed by Florida state legislators, finding that “while 22 of the 160 legislators report their legislative salary as their principal income, a review of annual financial disclosure forms shows that 37 House members and 16 senators reported net worths of more than…

Low tax penalty serves as cheap loan for some businesses