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Listen and follow The DailyApple Podcasts | Spotify | StitcherOn the morning of Feb. 7, 2017, two electricians were working on a warning siren near the spillway of Oroville Dam, 60 miles north of Sacramento, when they heard an explosion. As they watched, a giant plume of water rose over their heads, and chunks of concrete began flying down the hillside toward the Feather River. The dam’s spillway, a concrete channel capable of moving millions of gallons of water out of the reservoir in seconds, was disintegrating in front of them. If it had to be taken out of service, a serious rainstorm, like the one that had been falling on Northern California for days, could cause the dam — the tallest in the United States — to fail. The rain, however, didn’t.

Persons: Kory Honea, Dino Corbin Organizations: Spotify, California’s Department of Water Resources Locations: Oroville, Sacramento, Northern California, United States, Butte County

The Army Corps studied what would happen to six dams in California, and the results suggested that two of them would probably be overtopped. It seemed unlikely that a third of all the dams in the state would fail, but would none of them? Cox described the “weird ‘Chinatown’ vibe” he encountered whenever the conversation turned to dams. In the course of my reporting this article, sources would stutter and shut down whenever dams came up. “My boss approved, but it was nixed by higher-ups,” the public information officer at the dam wrote.

Persons: Cox, ”, “, they’re, Dale Cox, ruefully Organizations: Army Corps, Reclamation, California Governor’s, Emergency Services Locations: California, Northern California, Oroville, Swain, Sacramento

☆ The Ninth Circuit Upholds a Wealth Tax
▼ + stars: | 2023-01-26 | by ( Christopher Cox | Hank Adler | ) www.wsj.com time to read: +1 min

The 16th Amendment authorizes the federal government only to tax income, but some members of Congress would love to tax wealth as well. Circuit Court of Appeals upholding a form of wealth tax could upend that conventional wisdom if it is allowed to stand. The case, Moore v. U.S., involves a unique provision of the 2017 Tax Cuts and Jobs Act, which imposed a one-time retroactive tax applicable to individual U.S. shareholders of foreign corporations. The 2017 act abolished the tax on overseas income, bringing the U.S. tax system into line with those of most other developed countries. But it also created a “mandatory repatriation tax” on the corporation’s undistributed income since 1986, payable not by the corporation but its shareholders.

LONDON, Dec 19 (Reuters) - Capricorn Energy's (CNE.L) third-biggest shareholder, Palliser Capital, has called for a general meeting to set a vote on removing seven Capricorn directors from supervisory roles including the CEO, according to documents seen by Reuters. "We have requisitioned the board of Capricorn Energy ... to convene a general meeting (the "EGM") of the Company," Palliser Chief Investment Officer James Smith said in a Dec. 19 letter to Capricorn shareholders. "The EGM will enable shareholders to vote on resolutions to effect the removal of seven current Capricorn directors and the appointment of six independent, highly-qualified replacement candidates." The directors that Palliser wants to remove include Capricorn Chief Executive Officer Simon Thomson and its chief financial officer, also named James Smith, who both hold executive and supervisory roles. The shareholder meeting to vote on Palliser's resolutions has to take place by Jan. 30, Palliser said.

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