Sunday, January 07, 2007

Google Stock Boom Boosts Calif. Coffers: thanks LARRY!

"Mega-sized tax filings from Google executives began flowing into state coffers in earnest in 2006, two years after the company went public. The receipts helped fuel a multibillion dollar tax windfall last spring that allowed Gov. Arnold Schwarzenegger to pour money into roads, classrooms and other popular programs, pleasing political enemies and helping smooth his path to re-election.
Schwarzenegger's good fortune, it turns out, did not end there.
As Google's stock topped $500 in 2006, company executives continued to sell hundreds of thousands of shares each month, according to an analysis of insider transaction data provided to The Associated Press by research firm Thomson Financial.
The analysis makes clear that California will reap big benefits from a rebounded tech economy for the budget year that will begin in July. The revenue even might allow Schwarzenegger to avoid painful cuts to a budget that ballooned 11 percent last year, to $131.4 billion."

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