Idle Speculation

This title should be a footnote for all of my blog entries. Anyhow, I just was informed that I need to make a deposit into a Charles Schwab Roth IRA account I started years ago when I first started working - like Jan 2001. Since then, I haven't deposited any money it in...for two reasons: 1) the performance SUCKED - I invested at the near peak of the stock market and then 9/11 and subsequent recession, I've gained 0 dollars in four years, when it should have gone up at least 30% over a similar time period and 2) I didn't have the cash flow to do the Roth deposit each year, which would have been smart.

Anyhow, they now inform me, I must make a deposit or the account will be deactivated. They cite a California law that accounts inactive for 12 months get deactivated.

My IDLE SPECULATION is that this a tricky way Arnold hopes to get some money in the coffers of the California state budget. I know a little about what's called escheating - it's a legal term for unclaimed money. After a certain amount of time, the state is able to claim ownership over unclaimed money. If for instance, a class action lawsuit is won, and all the claimants are entitled money....sometimes a claimant does not claim it. (word play). Well, the state gets that money.

I think Arnold is trying to expedite that process and steal some cash from unknowledgeable money holders - including folks like me, who were working and saving and now are back in school without any cash-flow.

Bastard.