In a brazen move that has left the city of San Francisco reeling, the Spring Valley water company has been accused of inflating the value of its plant by a staggering $20 million. The company, which had previously offered to sell the system to the city for a paltry $32 million, suddenly withdrew the offer and announced a new valuation of a whopping $52.5 million. But what sparked this sudden inflation, and was it just a clever ploy to line the pockets of corporate fat cats?
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Key Facts
- State: California
- Category: White Collar Crime
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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