Yet another California boondogle

Voters approved a $3-billion ballot measure establishing the California Institute for Regenerative Medicine in 2004. In a high-profile campaign, proponents argued that embryonic stem cell research held the key to curing cancer, Alzheimer's, spinal cord injuries and other maladies.

More than $1 billion has already been awarded as grants or spent on agency operations, and scientists say possible cures are years if not decades away, given the painfully slow progress of medical exploration. Now, institute officials acknowledge that they plan to ask voters for at least another $3 billion in the next few years to keep the agency going.LA Times

Never get rid of these boondogles. The only solution is bankruptcy and restructure.