11-07-2013 09:26 PM
"Don Millican, the chief financial officer at the Kaiser-Francis Oil Company in Tulsa, Okla., which is owned by the oil and banking magnate George Kaiser, said he did not know why the company was shown as receiving crop subsidies.
The Working Group report shows the oil company received about $17,500 in subsidies for wheat, sorghum and barley from 1996 to 2003. Forbes puts Mr. Kaiser’s net worth at $10 billion.
“It’s possible we could have gotten the surface rights to land that was being farmed and that’s why we were listed as getting subsidies,” Mr. Millican said. “It’s rare, but it happens.”
Other companies listed in the report declined to discuss its findings.
Allen D. Israel, a lawyer for Kona Residence Trust in Seattle, which is owned by Mr. Allen, said the company would not comment on its farm subsidies. Mr. Allen’s net wealth is estimated at $15.8 billion, according to Forbes.
The trust received about $14,426 in crop subsidies for barley from 1996 to 2006, the Working Group’s report said."
50 billionairs recevied 11.3 million dollars over a period of 17 years. Works out to about $13,300 per year each. The Environmental Working Group is concerned that SNAP is being reduced while these entities get subsidized. EWG complains that law prohibits release of crop insurance proceeds so EWG can't add up the numbers there. It's a rathe rintereisting article.
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