Posts Tagged ‘small businesses’

Today’s Mayor Ed Lee Electoral Victory Lap Around San Francisco is Nothing But a Big F.U. to David Chiu

Thursday, November 10th, 2011

Ah, let’s see what’s on the agenda today – oh it’s a tour of the City, a kind of victory lap to celebrate yesterday’s big news.

Mr. Mayor will drop by Districts #4, #7, and  #10 with  area Supervisors. Check it:

“Mayor Lee to visit Sunset neighborhood merchants along Irving Street with Supervisor Carmen Chu to discuss jobs & small businesses.
Merchant walk to start at Sunset Super”

“Mayor Lee to visit West Portal neighborhood merchants along West Portal Avenue with Supervisor Sean Elsbernd to discuss jobs & small businesses.
Merchant walk to start at Squat & Gobble”

“Mayor Lee to visit Portola neighborhood merchants along San Bruno Avenue with Supervisor Malia Cohen to discuss jobs & small businesses.
Merchant walk to start at North East Medical Services (NEMS)”

Fair enough, but oh, here’s another one – it’s in District #3, you know, the realm of Board of Supervisors President David Chiu.

“Mayor Lee to visit Chinatown neighborhood merchants along Stockton Street to discuss jobs & small businesses.
Merchant walk to start at Self-Help for the Elderly”

You notice anything? That’s right, Supervisor Chiu isn’t invited to a merchant walk in his own district.

Do you think that this is a mere oversight on behalf of the scheduling secretary?*

I don’t.

This is WillieBrownRosePakEdLee saying Foxtrot Yankee to poor DC for, among other things, Speaking Truth to Power a few months back.**

Oh well.

President David Chiu (along with Dr. Malcom-esque District #1 Supervisor Eric Mar) in mayoral campaign mode last week. 

Click to expand

Soon, if not already, he’ll be in supervisorial campaign mode once again. What do WillieBrownRosePakEdLee have in store for David Chiu for 2012?

Well, we’ll just have to wait and see…

*Will Ed Lee be the first San Francisco Mayor since the 1990′s to NOT have sex with a young, attractive, female, SFGov mayoral scheduling secretary? Why yes, you can bank on that. How refreshing!

**Play us out, Managing Editor James Gardner:

“’So, Ed,’ began David Chiu, recounting a private conversation he claims the two had shortly before Lee reversed his longstanding insistence he wouldn’t run. ‘You told me you didn’t have the fire in the belly. You’d looked in the mirror and said you didn’t want to run … but you didn’t know how to say no to Willie Brown and Rose Pak.’

OK, there’s a genuine gotcha. Ouch.”

Jerry Brown Throws Down – Massive $1.4 Billion Settlement with Wells Fargo Announced

Wednesday, November 18th, 2009

California State Attorney General Jerry Brown is announcing a huge, “b”-as-in-boy, $1.4 billion settlement with affiliates of Well Fargo today. That means that if you bought certain auction-rate securities based on “misleading advice” from any of three Wells affiliates, well, you’re going to get your money back. Hurray!

All the deets are below.

El Protector De La Gente, Jerry Brown:

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Here they are:

“Attorney General Edmund G. Brown Jr. today announced a landmark $1.4 billion settlement with three Wells Fargo affiliates to pay back investors, charities and small businesses that purchased auction-rate securities based on “misleading advice.”

“Wells Fargo convinced thousands of investors to purchase auction-rate securities with promises of robust returns and liquidity, but when the market collapsed, investors were left out in the cold,” Brown said. “Based on misleading advice, investors bought these risky securities. Now, retail investors and small businesses are finally getting their money back.”

Under today’s settlement, Wells Fargo will buy back $1.4 billion in non-liquid auction-rate securities from thousands of retail customers, charities, and small businesses nationwide, including about $700 million to California investors. Wells Fargo will also pay legal costs and future monitoring expenses incurred by Brown’s office. In February 2008, nationwide auction markets froze, and investors have been unable to sell their securities.

Earlier this year, Brown filed the suit against three Wells Fargo affiliates-Wells Fargo Investments, LLC; Wells Fargo Brokerage Services, LLC; and Wells Fargo Institutional Securities, LLC-for violating California’s Securities Law. Brown’s suit contended that Wells Fargo routinely misrepresented, marketed and sold auction-rate securities as safe, liquid and cash-like investments, omitting material facts.

The company was also charged with failing to supervise and train its sales agents and selling unsuitable investments. The lawsuit contended that Wells Fargo ignored clear industry and internal warnings about risk and previous auction failure.

In March 2005, the Securities and Exchange Commission (SEC), the “Big 4″ accounting firms, and the Financial Accounting Standards Board all determined that auction-rate securities should not be considered “cash equivalents.” Despite these warnings, Wells Fargo continued to aggressively sell and falsely market auction-rate securities as safe, liquid, cash-like investments until the nationwide auction markets froze in early 2008.

In marketing and selling these investments, Wells Fargo failed to inform investors about how auction-rate securities or the auction process worked, as well as the risks and consequences of auction failure.”

Ever more deets, after the jump.

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