Hurricane Katrina Aid for Go Zone – Where did it Go?
Unfortunately, much of the Go Zone money has actually ended up going to the oil industry in Louisiana. The companies actually operate far from New Orleans, which was particularly devastated by Katrina. The money was supposed to help hard hit areas rebuild and bring business back to revitalize the area. According to a Newsweek report about $1.7 billion of the tax-free bonds have gone straight into the production of oil in Louisiana. Millions more are scheduled to be funneled into the oil industry. So far, the $1.7 billion is about one third of the total amount issued in tax-free bonds. The irony of this situation is obvious. So much of the Katrina recovery money was poured into the oil industry, and now that industry is responsible for the most recent disaster. The BP oil spill has once again destroyed the area less than 5 years after Katrina. The money from the tax-free bonds really could have been used in more constructive ways. There is very little doubt that the oil industry often h
