Prompt Cast
Unclaimed property and the challenges of reclaiming lost assets
TLDR Walter Schram lost a small fortune in Amazon stock after forgetting about his investment for 20 years. States hold unclaimed property, contributing billions of dollars to state budgets annually, with a significant portion remaining unclaimed and potentially affecting the incentive to return the money to its rightful owners.
Timestamped Summary
00:00
A man named Walter Schram lost a small fortune in Amazon stock due to forgetting about his investment for 20 years.
03:22
Walter Schram lost his Amazon stock and discovered an obscure government program that holds unclaimed property until it can be reclaimed.
07:04
States have websites where you can search for unclaimed property like missing paychecks or utility credits that the state holds on your behalf.
10:01
States hold unclaimed property, which contributes billions of dollars to state budgets annually, with a significant portion remaining unclaimed and potentially affecting the incentive to return the money to its rightful owners.
12:57
States quickly take control of unclaimed property, including stocks and bonds, but the process may not always benefit the rightful owner, as seen in Walter's case with his Amazon stock.
16:13
Delaware's Office of Unclaimed Property aims to safeguard forgotten money for consumers, encouraging regular searches to prevent funds from being absorbed into state coffers, despite some flaws in the system highlighted by Walter's Amazon case.
19:17
Walter is stuck with a deal from Delaware offering him only $8,000 for his Amazon stock, but he plans to wait until the stock value grows to millions before finding a lawyer to represent his children in the case.
