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Originally Posted by eweissenbach
Who said, or even implied, that all successful or wealthy people are suspect and corrupt? I think your sensitivity on this particular subject is irrational for a usually extremely rational person. All successful people are not corrupt or unethical, or devious, but some probably are. The Morse group has done wonderful things here in TV and deserve to be fabulously wealthy as the result. However, that does not mean that everything they have done is beyond reproach. It is always wise to be vigilant.
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Exactly. Well said!
But the thread has gone off track. The bottom line is, the Developer set up the Central Districts as entities that could issue tax exempt bonds, which in the eyes of the law, required them to act like political subdivisions. The IRS investigated, and found for a variety of factors, including the fact that the Developer has control of the governing board of the central districts, that the district is not a government that represents the Villagers like a normal political subdivision but is instead an alter ego of the Developer. The issuance of tax exempt bonds was hence deemed illegal, and now it appears the Central Districts are scrambling to make amends. Ritchie is just reporting on the process, and the fact that the Developer made millions on this illegal process.