Are some Guilford County Commissioners attempting to violate the public’s trust by abrogating fiduciary obligations?

The problem with socialism

is that you eventually run out of other peoples money.

 

Margaret Thatcher

 

Commissioners table incentive plan

 

A plan to give public grants to small businesses in Guilford County was delayed this week to make sure the process would be legal.

 

Before Thursday, county commissioners seemed ready to approve a policy to give tax money to nearly any company here that increases its property value.

 

‘I believe this cash grant policy is problematic,” Tyler Mulligan, a UNC professor of public law and government said in an e-mail Wednesday.

 

In short, there were parts of the proposal that could run afoul of state law if contested in court.

 

…The current proposal, he contends, makes it unclear whether all grants would benefit the public…“The proposed policy could provide incentives for what some would consider odd priorities, such as a workplace fitness facility for existing employees,” Mulligan said.

 

After a draft policy appeared this month, board Vice Chairman Steve Arnold met individually with nearly every commissioner.

 

…Supreme Court Justice Robert Orr, questioned whether the plan would hold up in court.  Who receives the money and how it is distributed appeared too much like a tax abatement, he said.

 

Tax abatements — giving a break to select groups — are illegal in North Carolina.

 

The Guilford proposal for smaller businesses has no job requirement, and otherwise has minimal standards.

 

No other county has a similar plan, according to the School of Government.

 

Gerald Witt

Greensboro News and Record, August 21, 2009

 

Prudent Man Rule

 

An investment standard…to govern the action of those responsible

 for investing money for other people.

 

The fiduciary is required to act as a prudent man or woman would,

in regards to investing monies of others.

 

Bloomberg Financial Definition

 

What is a capitalist democracy that subsidizes to eliminate failure?

 

A democracy will continue to exist up until the time that voters discover

 that they can vote themselves generous gifts from the public treasury.

 

From that moment on,

the majority always votes for the candidates who promise the most benefits…

 

with the result that every democracy

will finally collapse due to loose fiscal policy…

 

Unknown