Milkin Has a Handle on the Numbers

I remember Mike Milkin from his Drexel Burnham days. He was one of those shooting stars on Wall Street that shot straight up and came crashing down in prison. Known as the Junk Bond King, he liberated a lot of capital, but he neglected to follow some of the rules and ended up serving 2 years. After beating prostate cancer by fiddling with his testosterone levels, he rehabilitated him self in a large way. (That doesn't sound quite right, does it?)

One of the things Milken created was a think tank right here in Santa Monica that studies many things; the objective, to make this world a better place.

Last month the Milken Institute issued a report entitled Film Flight about the disastrous fall out from California's loss of film production to other states and countries. According to Milkin, since 1997, the high point for California film production, up to 2008, we have lost 36,000 film jobs and $2.4 billion in wages. His report doesn't have job numbers for this industry from 2009 - 2010. So heaven knows what it is now since the recession/depression hit and more production has left.

The report may be accessed at: www.milkininstitute.org/pdf/filmflight_execsum.pdf. It offers suggestions to the people running this state of what could be done to make California more competitive. The basic piece of advice is to extend the tax incentives permanently and to broaden their application. We don't have to offer the moon to these producers, a small star will keep them here. maybe a pastrami sandwich. Ask them! What will it take?

Sharon