Gavin Newsom's Bucks Among Missing $5.7 Billion

Even politicians don't know that they might have money the state has collected

By Jackson West
|  Tuesday, Dec 29, 2009  |  Updated 4:50 PM PDT
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Gavin Newsom's Bucks Among Missing $5.7 Billion

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Chuck Schwab, left, might have a few ideas as to how Gavin Newsom, right, could invest $50 in unclaimed cash.

What do NBA Hall of Famer Magic Johnson and California Attorney General Jerry Brown have in common? Hint: It's not a smooth jump shot.

No, it's assets currently being collected from businesses and held by the state after being left unclaimed for years.

By law, businesses that have assets on the books -- like utility deposits, bank balances, insurance awards and the like -- have to hand them over to the state after around three years.

A total of 11 million Californians are on file with the total available amounting to $5.7 billion. You can check online to see if you have a little extra something to help cover your holiday shopping bill.

San Francisco Mayor Gavin Newsom has $50 due from a Motorla insurance premium, while his wife Jennifer Siebel-Newsom has $200 from Paypal.

While not a lot of money for either of the wealthy San Franciscans, $250 does buy a lot of compostable diapers for young daughter Montana Tessa Newsom.

Jackson West checked, and sadly, doesn't have any found money waiting -- though he could really use a little right about now.

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