Monday, May 29, 2023

Investigation into the bitcoin side business of a Los Angeles Department of Water and Power executive hints at revolving door corruption

LATimes (the story focuses on whether the executive is impermissibly running a side business mining bitcoin in Colorado, but):

[He] secured an economic development deal with Colorado Springs Utilities, a publicly owned electricity, natural gas, water and wastewater services utility, in 2018, to get a reduced rate for electricity.

[He] said he chose to invest in Colorado Springs because he was able to get “a one-of-a-kind building.” He secured a “very low” rate in Colorado Springs for electricity, he said.

In 2018, the general manager of energy supplies at Colorado Springs Utilities was [a man who worked with the DWP executive] at the DWP before [the man] was hired by Colorado Springs Utilities in 2015.

[That man then] rejoined the DWP last year as its chief operating officer, the No. 2 position at the utility.