Schadenfreude!

The Seattle Post-Intelligencer reports that the intriguingly named Economic Opportunity Institute, sponsor of the defeated latte tax proposal I-77, is going under:

The Economic Opportunity Institute has laid off most of its staff, hasn't yet filed tax returns for 2002 and ended up spending tens of thousands of dollars to try to persuade voters to approve Initiative 77

Last week, boxes, cabinets and computers were being moved out of the group's spacious 4,000-square-foot ground floor office in the University District to a 1,000-square-foot space above Gas Works Park.

I guess they don't create much economic opportunity for their own employees and vendors, after all. But they do keep well-paid campaign consultants fat and happy:

The organization donated nearly $51,000 to the Early Learning and Care Campaign -- the formal name of Initiative 77 -- and now has about $150,000 left in the bank

The organization is funded by labor unions and campaigns for higher taxes and increased regulation, so you'd think that they would be a shining example of how to play by the rules. On the other hand --

The agency did file a 2001 report, but failed to include nearly $20,000 in lobbying expenses -- an error [executive director John] Burbank says will be corrected.

The institute also failed to renew its license as a non-profit corporation with the Washington secretary of state.

The corporation has been on "inactive" status for a year, according the secretary of state's Web site. The filing fee is $10.

I have no doubt they will do only great things with the remaining $150K that they skimmed off the union dues of working people.

Posted by Stefan Sharkansky at September 18, 2003 01:36 PM