Monday, April 11, 2005

State Media Doesn't Get KAPT Story Right

After a temporary injunction ruling Friday, Kentucky mainstream media outlets continue their poor coverage of the KAPT scandal. Broadcast reports spread the bogus concept that the General Assembly "raided" money from KAPT and the program's contract holders and missed the fact that the ruling was a temporary one. Most importantly -- and this is the concept that no one in mainstream media land has bothered to look at -- the true value of the unclaimed property fund continues to be grossly exaggerated by Jonathan Miller with no scrutiny.

The focal point of the argument is how much money backs up the money-losing KAPT program. Miller insists that it is around $150 million. This is an extremely liberal valuation that someone should challenge the Treasurer to prove. The fact of the matter is that he wouldn't fare very well under such a challenge. And when "Unclaimed Property" comes up short in paying off program losses, KAPT comes after taxpayers. That is a hit the General Assembly is trying to cushion and one that, apparently, Miller and the mainstream media want you to face.