Endorsement: Prop 38 is one of the most noxious deposits on California’s political dung heap in years
In a California election filled with compromised candidates and mind-numbing tax measures, wouldn’t it feel great to vote for something everyone can agree will make a positive difference in the world?
TL;DR
- Proposition 38 authorizes $8.4 billion in bonds for medical research into immunology and immunotherapy.
- Half of the funds ($4.2 billion) must go to an unnamed nonprofit research institute meeting specific, arbitrary criteria.
- These criteria appear to favor the California Institute for Immunology & Immunotherapy (CIII), founded by billionaires Gary Michelson, Meyer Luskin, and Michael Milken.
- CIII is a new institute with no track record, not fully built, and still seeking key leadership positions.
- The measure grants CIII primary responsibility for negotiating sale and licensing agreements for all drugs developed through the funded research.
- Critics argue the measure has conflicts of interest and mismanages funding principles for top-tier medical research.
- Past stem-cell research bond measures are cited as cautionary examples of unfulfilled promises and potential misuse of funds.