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LIVID!’\u003c/a> (Business Insider)\n\u003c/li>\u003c/ul>\n\u003cp>Thompson is in way-hot water over the revelation by a minority stakeholder that the CEO — only five months into his reign — does not in fact have a degree in computer science, as stated on his resume. \u003c/p>\n\u003cp>The Yahoo! board called the claim an “inadvertent error,” which as you can imagine did not exactly put out the fire. Now everybody’s talking about it — it’s even on the front page of the \u003ca href=\"http://news.yahoo.com/business/\">business section of Yahoo! News\u003c/a>.\u003c/p>\n\u003cp>Today on KQED Public Radio’s Forum program, host Michael Krasny discussed l’affaire Thomspon with Kirk Hanson, Executive Director of \u003ca href=\"http://www.scu.edu/ethics/\">The Markkula Center for Applied Ethics\u003c/a> at Santa Clara University. Edited transcript after the audio…\u003c/p>\n\u003cp>\u003cem>Edited transcript\u003c/em>…\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>HOST MICHAEL KRASNY\u003c/strong>: In 2010, a survey was conducted by HireRight, and it was revealed that nearly 70 percent of 1,818 men and women queried in the survey lied on their resumes. The most common lie was educational attainment. This Forum hour we want to discuss the case of Yahoo!’s Scott Thompson and resume padding. \u003c/p>\n\u003cp>Joining us from the Santa Clara campus at Santa Clara University is Kirk Hanson. He is executive director of Markkula Center for Applied Ethics, and he’s researching a new book with the working title Unavoidable Ethical Dilemmas in a Business Career, which he says number one is presenting yourself accurately on your resume.\u003c/p>\n\u003cp>Well, the key question here, and listeners will doubtless want to weigh in on this in droves, is what’s the right thing for the board to do in light of this ethical lapse?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well I think the board’s in a hard place. Clearly, there would be great pain in having to replace the CEO again. Unfortunately, when something like this happens, and someone’s deception is revealed like this, they have a very hard time continuing to function effectively as CEO. \u003c/p>\n\u003cp>There are really two reasons. One: There will always be lingering questions about their truthfulness. Can the board rely on them always to tell the board everything they should know and never to embellish? Can employees count on that? Can customers who are told capabilities of software, or whatever, count on the CEO’s word?\u003c/p>\n\u003cp>And then the second thing is: Can the CEO be a moral leader in the organization? Organizations, we know, have a pattern — behavior runs downhill, and if the CEO exaggerates a little, you probably will expect a lot of exaggeration down in the organization. \u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: What about the argument that Thompson was hired for talents and abilities that he’s displayed since college, not whether he was in a computer lab time in his teens. That what matters is, well, the bottom line.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well, I think that’s what ironic about this. If there’s someone who doesn’t appear to have needed this kind of boost to their resume, it’s probably Scott Thompson, who’s developed a good record in Silicon Valley. And clearly there’s no question about his technical capability to run Yahoo! The problem is that a CEO is not just a technical leader, they’re an organizational leader and a moral leader.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: We have Richard Blumenthal, who was elected to the Senate in Connecticut and who said he was in combat in Vietnam. He was elected in spite of the revelation that he lied about being in combat in Vietnam. And there are other precedents. \u003c/p>\n\u003cp>And the CEO of Bausch & Lomb said he had an MBA. He didn’t. The board said it would not accept his resignation, and he lost a bonus and a year, but he stayed on as CEO.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: And I’ve not seen an evaluation of how that worked out for Bausch & Lomb in the long term, but I think the difficulty is that things continue to change, and the potential for this being a negative for a company actually has ratcheted up as the years have gone on during the last 10 years — if for no other reason than you’ve got dissident shareholders like Third Point out there who are going to try to make trouble over it. \u003c/p>\n\u003cp>Clearly, the world of opposition research, which we’ve come to know in politics, has entered into the corporate arena. Clearly, what Third Point did was go through the resumes with a fine-toothed comb and try to uncover things to embarrass the company.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well, they’re not only calling for his head — Daniel Loeb — but also the Executive Search Leader Patti Hart, who they also say has a degree that is suspect. [Note: She \u003ca href=\"http://online.wsj.com/article/SB10001424052702304451104577392184089264016.html\">stepped down from the board\u003c/a> today.] A lot of this may be political. And Daniel Loeb was wanting to get on the board of Yahoo! and didn’t — was sort of spurned by the board, which may be why there’s this scorched earth attitude. But I’m reading a quote of his. He says, “CEOs have been terminated for less in other companies.” He’s absolutely right.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well, he’s right. They’ve been terminated for less. You point out, the Bausch & Lomb case, and there are several others where the individuals have been kept on. In part, it depends upon the full disclosure. If the Yahoo! board, at this point, could make a brand new decision, they might choose to keep him on, but at the same time I think I would argue that the potential downside for the company, and the continuing questions about trustworthiness just don’t make it worthwhile.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>:Let’s talk about some of the precedents on that side. Radio Shack CEO David Edmondson resigned less than nine months after it turned out he didn’t have a degree, as he said he did, in theology and psychology. There was another case, a football coach — George O’Leary resigned five days on the job because he didn’t have a masters in education from NYU, and didn’t play football like he said he did.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I think what that demonstrates is these things that you add to your resume early in a career often stay there. It’s hard to back out of a lie after a period of time when you might want to. And eventually this time bomb blows up on you at the most inopportune moment. Clearly, when George O’Leary stepped into the big time — the kind of public attention a Notre Dame football coach gets — people started to look back at his resume in much greater detail than they had before. \u003c/p>\n\u003cp>So why would someone do this? I think it’s pretty clear — and that’s what the research we’ve done has indicated about early in people’s careers — they want to present themselves in the very best light. They’ve been told, hey, it’s your brand — “You Inc.” What you’ve got to do is establish your credential and your marketing of yourself. \u003c/p>\n\u003cp>And people go overboard, just like some companies puff their products. Individuals, at least a substantial percentage of them some of these surveys indicate, succumb to the temptation to exaggerate and expand upon their accomplishments. And then, once they get the job, arguably they’ve shown their capabilities and they don’t need that kind of fake boost to their resume, but it’s very hard to back out of it.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well he’s almost assured of another job, because of his track record, but it does say some things that are troubling about his character, and that’s where a lot of the criticism has rested. Also, four months on the job, he’s laid off 2,000 employees worldwide. It may save the company about $376 million, but a lot of the employees he just recently apologized to are quite angry about that.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I think there’s no question that anything he’s done during the last five months, once his character has been questioned, will come to be points of criticism. To some extent, that’s piling on, and this is a sad case all around. It’s sad for Scott Thompson, it’s sad for the shareholders of Yahoo!, but there are times when you simply have to cut your losses and move forward. \u003c/p>\n\u003cp>And it seems to me for the board, that’s what’s called for at this point in time, and in some ways for Scott Thompson, that this is a life lesson which will obviously always stay with him and be on his resume and the search results about him, but nonetheless perhaps it’s time for everyone to move on.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well, I may be mistaken about this, but doesn’t Yahoo! have a policy that if someone lies on their resume, they’re out?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I don’t’ know whether the company ethics code says that. But that is very common among companies. I’ve seen companies that review resumes from students who’ve graduated from some of our programs, find an error, something they think is substantially exaggerated, and that person is simply dropped from all consideration immediately. \u003c/p>\n\u003cp>Similarly if something of significance like a degree is found not to be entirely true, those individuals in most companies would be fired immediately, no matter how many months beyond the hiring event.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: The real lesson here is don’t pad you resume. But according to statistics it appears that most people do pad their resumes….\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: There’s become a culture of stacking your college-going resume, your applications for college with fake clubs, fake volunteer activities. And the repercussions from that are generally less, and therefore some people get in the pattern.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: One has to ask, just how good are screening processes or vetting processes?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: In this case of Yahoo!, the question is, “Who’s at fault for this?” Obviously, Scott Thompson is for having put it on the resume. But it’s also the fault of the search committee. In this case, apparently they did not use a search consultant. The search committee did it itself. \u003c/p>\n\u003cp>In this day and age you cannot afford not to do very detailed checking of the credentials and the claims that are on a resume, particularly if it’s going to be a CEO that’s going to be a part of your submissions to the Securities and Exchange Commission and so on. And apparently the search committee did not do their job here. \u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Do you think would Thompson have been where he was or gone to where he went without a computer science degree?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: It’s possible that he wouldn’t have gotten the first step on the first rung of the ladder, and that’s the motivation that people have to add something to their resume. \u003c/p>\n\u003cp>It isn’t relevant probably to his getting the job at Yahoo!, or maybe even at PayPal. Earlier in his career it may have been the key to getting on the ladder. \u003c/p>\n\u003cp>There’s a huge risk individuals take who make this kind of moral choice to embellish their resume, and that is that eventually this is going to come back to haunt you — probably at the least opportune time. \u003c/p>\n\u003cp>We’re in a very different world in terms of our ability to check these facts. And we used to say we could check the degrees, but it was very hard to check the claims about what kind of projects you worked on or whatever else. But that’s becoming increasingly easy as people use websites like LinkedIn and others. Lots of individuals, including those you worked with before, look over your resume and have the opportunity to weigh in either privately or publicly about whether your role really was as great as that.\u003c/p>\n\u003cp>There’s a LinkedIn claim that the resumes on their site are more honest than the typical resumes, and I think its probably because of the public nature of LinkedIn and other sites like it where individuals put their whole job history up, and the whole world can look at it and inevitably somebody who’s worked with you in the past can detect the exaggerations and errors and call you on it.\n\u003c/p>\u003c/blockquote>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>[ad floatright]\u003c/p>\n",
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"title": "A Discussion on Ethics Vis-à-Vis Yahoo's Scott Thompson | KQED",
"description": "Judging by the media coverage, seems to me at this point we may have a Dead CEO walking… Yahoo Committee To Review Scott Thompson’s Academic Record (Dow Jones Newswires) Scott Thompson Has Already Cost Yahoo $7 Million (Business Insider) Yahoo Director in Charge of Botched CEO Vetting to Step Down From Board (AllThingsD) Yahoo Exec:",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/yahoo.jpeg\">\u003cimg loading=\"lazy\" decoding=\"async\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/yahoo.jpeg\" alt=\"\" title=\"yahoo\" width=\"268\" height=\"188\" class=\"alignright size-full wp-image-64806\">\u003c/a>Judging by the media coverage, seems to me at this point we may have a Dead CEO walking…\u003c/p>\n\u003cul>\n\u003cli>\u003ca href=\"http://online.wsj.com/article/BT-CO-20120508-717855.html\">Yahoo Committee To Review Scott Thompson’s Academic Record\u003c/a> (Dow Jones Newswires)\u003c/li>\n\u003cli>\u003ca href=\"http://www.businessinsider.com/yahoo-ceo-scott-thompson-has-a-lucrative-compensation-package-2012-5\">Scott Thompson Has Already Cost Yahoo $7 Million\u003c/a> (Business Insider)\u003c/li>\n\u003cli>\u003ca href=\"http://allthingsd.com/20120508/exclusive-yahoo-director-in-charge-of-botched-ceo-vetting-to-step-down-from-board/\">Yahoo Director in Charge of Botched CEO Vetting to Step Down From Board\u003c/a> (AllThingsD)\u003c/li>\n\u003cli>\u003ca href=\"http://www.businessinsider.com/yahoo-exec-firing-the-board-member-who-vetted-thompson-sends-an-incredibly-twisted-message-2012-5\">Yahoo Exec: Firing The Board Member Who Vetted Thompson ‘Sends An Incredibly Twisted Message\u003c/a> (Business Insider)\n\u003c/li>\u003cli>\u003ca href=\"http://www.forbes.com/sites/erikamorphy/2012/05/08/the-dirt-on-scott-thompson-will-bury-yahoo-too-something-dan-loeb-probably-didnt-consider/\">The Dirt on Scott Thompson Will Bury Yahoo Too\u003c/a> (Forbes)\u003c/li>\n\u003cli>\u003ca href=\"http://www.businessinsider.com/david-kennys-yahoo-bio-2012-5\">Yahoo Board Member David Kenny Just Made The Tiniest Change To His Biography\u003c/a> (Business Insider)\n\u003c/li>\u003cli>\u003ca href=\"http://www.businessinsider.com/yahoo-employees-are-livid-over-thompsons-resume-scandal-2012-5\">Yahoo Employees Are Angry At Thompson: ‘How angry? LIVID!’\u003c/a> (Business Insider)\n\u003c/li>\u003c/ul>\n\u003cp>Thompson is in way-hot water over the revelation by a minority stakeholder that the CEO — only five months into his reign — does not in fact have a degree in computer science, as stated on his resume. \u003c/p>\n\u003cp>The Yahoo! board called the claim an “inadvertent error,” which as you can imagine did not exactly put out the fire. Now everybody’s talking about it — it’s even on the front page of the \u003ca href=\"http://news.yahoo.com/business/\">business section of Yahoo! News\u003c/a>.\u003c/p>\n\u003cp>Today on KQED Public Radio’s Forum program, host Michael Krasny discussed l’affaire Thomspon with Kirk Hanson, Executive Director of \u003ca href=\"http://www.scu.edu/ethics/\">The Markkula Center for Applied Ethics\u003c/a> at Santa Clara University. Edited transcript after the audio…\u003c/p>\n\u003cp>\u003cem>Edited transcript\u003c/em>…\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>HOST MICHAEL KRASNY\u003c/strong>: In 2010, a survey was conducted by HireRight, and it was revealed that nearly 70 percent of 1,818 men and women queried in the survey lied on their resumes. The most common lie was educational attainment. This Forum hour we want to discuss the case of Yahoo!’s Scott Thompson and resume padding. \u003c/p>\n\u003cp>Joining us from the Santa Clara campus at Santa Clara University is Kirk Hanson. He is executive director of Markkula Center for Applied Ethics, and he’s researching a new book with the working title Unavoidable Ethical Dilemmas in a Business Career, which he says number one is presenting yourself accurately on your resume.\u003c/p>\n\u003cp>Well, the key question here, and listeners will doubtless want to weigh in on this in droves, is what’s the right thing for the board to do in light of this ethical lapse?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well I think the board’s in a hard place. Clearly, there would be great pain in having to replace the CEO again. Unfortunately, when something like this happens, and someone’s deception is revealed like this, they have a very hard time continuing to function effectively as CEO. \u003c/p>\n\u003cp>There are really two reasons. One: There will always be lingering questions about their truthfulness. Can the board rely on them always to tell the board everything they should know and never to embellish? Can employees count on that? Can customers who are told capabilities of software, or whatever, count on the CEO’s word?\u003c/p>\n\u003cp>And then the second thing is: Can the CEO be a moral leader in the organization? Organizations, we know, have a pattern — behavior runs downhill, and if the CEO exaggerates a little, you probably will expect a lot of exaggeration down in the organization. \u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: What about the argument that Thompson was hired for talents and abilities that he’s displayed since college, not whether he was in a computer lab time in his teens. That what matters is, well, the bottom line.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well, I think that’s what ironic about this. If there’s someone who doesn’t appear to have needed this kind of boost to their resume, it’s probably Scott Thompson, who’s developed a good record in Silicon Valley. And clearly there’s no question about his technical capability to run Yahoo! The problem is that a CEO is not just a technical leader, they’re an organizational leader and a moral leader.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: We have Richard Blumenthal, who was elected to the Senate in Connecticut and who said he was in combat in Vietnam. He was elected in spite of the revelation that he lied about being in combat in Vietnam. And there are other precedents. \u003c/p>\n\u003cp>And the CEO of Bausch & Lomb said he had an MBA. He didn’t. The board said it would not accept his resignation, and he lost a bonus and a year, but he stayed on as CEO.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: And I’ve not seen an evaluation of how that worked out for Bausch & Lomb in the long term, but I think the difficulty is that things continue to change, and the potential for this being a negative for a company actually has ratcheted up as the years have gone on during the last 10 years — if for no other reason than you’ve got dissident shareholders like Third Point out there who are going to try to make trouble over it. \u003c/p>\n\u003cp>Clearly, the world of opposition research, which we’ve come to know in politics, has entered into the corporate arena. Clearly, what Third Point did was go through the resumes with a fine-toothed comb and try to uncover things to embarrass the company.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well, they’re not only calling for his head — Daniel Loeb — but also the Executive Search Leader Patti Hart, who they also say has a degree that is suspect. [Note: She \u003ca href=\"http://online.wsj.com/article/SB10001424052702304451104577392184089264016.html\">stepped down from the board\u003c/a> today.] A lot of this may be political. And Daniel Loeb was wanting to get on the board of Yahoo! and didn’t — was sort of spurned by the board, which may be why there’s this scorched earth attitude. But I’m reading a quote of his. He says, “CEOs have been terminated for less in other companies.” He’s absolutely right.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: Well, he’s right. They’ve been terminated for less. You point out, the Bausch & Lomb case, and there are several others where the individuals have been kept on. In part, it depends upon the full disclosure. If the Yahoo! board, at this point, could make a brand new decision, they might choose to keep him on, but at the same time I think I would argue that the potential downside for the company, and the continuing questions about trustworthiness just don’t make it worthwhile.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>:Let’s talk about some of the precedents on that side. Radio Shack CEO David Edmondson resigned less than nine months after it turned out he didn’t have a degree, as he said he did, in theology and psychology. There was another case, a football coach — George O’Leary resigned five days on the job because he didn’t have a masters in education from NYU, and didn’t play football like he said he did.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I think what that demonstrates is these things that you add to your resume early in a career often stay there. It’s hard to back out of a lie after a period of time when you might want to. And eventually this time bomb blows up on you at the most inopportune moment. Clearly, when George O’Leary stepped into the big time — the kind of public attention a Notre Dame football coach gets — people started to look back at his resume in much greater detail than they had before. \u003c/p>\n\u003cp>So why would someone do this? I think it’s pretty clear — and that’s what the research we’ve done has indicated about early in people’s careers — they want to present themselves in the very best light. They’ve been told, hey, it’s your brand — “You Inc.” What you’ve got to do is establish your credential and your marketing of yourself. \u003c/p>\n\u003cp>And people go overboard, just like some companies puff their products. Individuals, at least a substantial percentage of them some of these surveys indicate, succumb to the temptation to exaggerate and expand upon their accomplishments. And then, once they get the job, arguably they’ve shown their capabilities and they don’t need that kind of fake boost to their resume, but it’s very hard to back out of it.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well he’s almost assured of another job, because of his track record, but it does say some things that are troubling about his character, and that’s where a lot of the criticism has rested. Also, four months on the job, he’s laid off 2,000 employees worldwide. It may save the company about $376 million, but a lot of the employees he just recently apologized to are quite angry about that.\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I think there’s no question that anything he’s done during the last five months, once his character has been questioned, will come to be points of criticism. To some extent, that’s piling on, and this is a sad case all around. It’s sad for Scott Thompson, it’s sad for the shareholders of Yahoo!, but there are times when you simply have to cut your losses and move forward. \u003c/p>\n\u003cp>And it seems to me for the board, that’s what’s called for at this point in time, and in some ways for Scott Thompson, that this is a life lesson which will obviously always stay with him and be on his resume and the search results about him, but nonetheless perhaps it’s time for everyone to move on.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Well, I may be mistaken about this, but doesn’t Yahoo! have a policy that if someone lies on their resume, they’re out?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: I don’t’ know whether the company ethics code says that. But that is very common among companies. I’ve seen companies that review resumes from students who’ve graduated from some of our programs, find an error, something they think is substantially exaggerated, and that person is simply dropped from all consideration immediately. \u003c/p>\n\u003cp>Similarly if something of significance like a degree is found not to be entirely true, those individuals in most companies would be fired immediately, no matter how many months beyond the hiring event.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: The real lesson here is don’t pad you resume. But according to statistics it appears that most people do pad their resumes….\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: There’s become a culture of stacking your college-going resume, your applications for college with fake clubs, fake volunteer activities. And the repercussions from that are generally less, and therefore some people get in the pattern.\u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: One has to ask, just how good are screening processes or vetting processes?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: In this case of Yahoo!, the question is, “Who’s at fault for this?” Obviously, Scott Thompson is for having put it on the resume. But it’s also the fault of the search committee. In this case, apparently they did not use a search consultant. The search committee did it itself. \u003c/p>\n\u003cp>In this day and age you cannot afford not to do very detailed checking of the credentials and the claims that are on a resume, particularly if it’s going to be a CEO that’s going to be a part of your submissions to the Securities and Exchange Commission and so on. And apparently the search committee did not do their job here. \u003c/p>\n\u003cp>\u003cstrong>KRASNY\u003c/strong>: Do you think would Thompson have been where he was or gone to where he went without a computer science degree?\u003c/p>\n\u003cp>\u003cstrong>HANSON\u003c/strong>: It’s possible that he wouldn’t have gotten the first step on the first rung of the ladder, and that’s the motivation that people have to add something to their resume. \u003c/p>\n\u003cp>It isn’t relevant probably to his getting the job at Yahoo!, or maybe even at PayPal. Earlier in his career it may have been the key to getting on the ladder. \u003c/p>\n\u003cp>There’s a huge risk individuals take who make this kind of moral choice to embellish their resume, and that is that eventually this is going to come back to haunt you — probably at the least opportune time. \u003c/p>\n\u003cp>We’re in a very different world in terms of our ability to check these facts. And we used to say we could check the degrees, but it was very hard to check the claims about what kind of projects you worked on or whatever else. But that’s becoming increasingly easy as people use websites like LinkedIn and others. Lots of individuals, including those you worked with before, look over your resume and have the opportunity to weigh in either privately or publicly about whether your role really was as great as that.\u003c/p>\n\u003cp>There’s a LinkedIn claim that the resumes on their site are more honest than the typical resumes, and I think its probably because of the public nature of LinkedIn and other sites like it where individuals put their whole job history up, and the whole world can look at it and inevitably somebody who’s worked with you in the past can detect the exaggerations and errors and call you on it.\n\u003c/p>\u003c/blockquote>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>(AP) Nevada drivers could soon be sharing the road with vehicles that don't need them.\u003c/p>\n\u003cp>Department of Motor Vehicles officials said Monday they've issued Google the nation's first license to test self-driving cars on public streets, after conducting demonstrations on the Las Vegas Strip and in Carson City that show the car is as safe -- or perhaps safer -- than a human.\u003c/p>\n\u003cp>\"It gets honked at more often because it's being safe,\" said Nevada DMV Director Bruce Breslow.\u003c/p>\n\u003cp>Self-driving vehicle technology works like autopilot to guide a car -- in this case a modified Prius -- with little or no intervention from a human operator.\u003c/p>\n\u003cdiv style=\"text-align: center\">\u003ciframe width=\"480\" height=\"274\" src=\"http://www.youtube.com/embed/cdgQpa1pUUE\" frameborder=\"0\">\u003c/iframe>\u003c/div>\n\u003cp>\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Laser radar mounted on the roof and in the grill detects pedestrians, cyclists and other vehicles, creating a virtual buffer zone around the obstacles that the car then avoids.\u003c/p>\n\u003cp>While some envision the robotic car dropping off its operator at the front of the mall and hunting for a parking spot on its own, Breslow said not so fast.\u003c/p>\n\u003cp>Nevada's regulations require two people in the test cars at all times. One person is behind the wheel, while the other person monitors a computer screen that shows the car's planned route and keeps tabs on roadway hazards and traffic lights.\u003c/p>\n\u003cp>If there's a glitch, the human driver can override the autonomous auto with a tap on the brake or a hand on the steering wheel.\u003c/p>\n\u003cp>Last summer, Nevada Gov. Brian Sandoval took the car for a spin in and around the state's quiet capital city.\u003c/p>\n\u003cp>But Las Vegas Boulevard, where costumed superheroes routinely take the crosswalks and massive billboards angle for the attention of starry-eyed tourists, was perhaps best suited to test the car's main purpose.\u003c/p>\n\u003cp>\"They're designed to avoid distracted driving,\" Breslow said. \"When you're on the Strip and there's a huge truck with three scantily clad women on the side, the car only sees a box.\"\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>So far, Google's applied to license three test vehicles. Breslow said the cars will display red plates and an infinity symbol to represent their status as vehicles of the future.\u003c/p>\n\n",
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"content": "\u003cp>SAN FRANCISCO (AP) A federal jury in San Francisco has reached an impasse on a key issue in Oracle's copyright-infringement case against Google, handing the database-software company a major setback.\u003c/p>\n\u003cp>Oracle sought millions of dollars in damages after claiming that Google Inc. built its popular Android mobile software by stealing some of the technology from Java, a programming platform that Oracle Corp. bought two years ago.\u003c/p>\n\u003cp>The jury found that Google infringed on the largest of Oracle's claims, but it couldn't agree on whether Google's use was legally protected ``fair use.'' Without that determination, it will be difficult for Oracle to win major damages.\u003c/p>\n\u003cp>Google is moving for a mistrial. Google prevailed on two other claims.\u003c/p>\n\u003cp>Google has argued that it only used parts of Java that have always been freely available. \u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n",
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"content": "\u003cp>From \u003ca href=\"http://californiawatch.org/dailyreport/state-rewrites-textbook-chapter-influenced-plastics-industry-16073\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/p>\n\u003cp>Under pressure from politicians and environmental groups, California’s environmental agency has rewritten a chapter in a statewide K-12 curriculum on plastic bags that was influenced by the chemical and plastics industry.\u003c/p>\n\u003cfigure id=\"attachment_64590\" class=\"wp-caption alignleft\" style=\"max-width: 224px\">\u003ca href=\"http://www.flickr.com/photos/katerha/4359906568/\">\u003cimg loading=\"lazy\" decoding=\"async\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/plasticbagSM1.jpg\" alt=\"\" title=\"plasticbagSM\" width=\"224\" height=\"222\" class=\"size-full wp-image-64590\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Photo: katerha (flickr)\u003c/figcaption>\u003c/figure>\n\u003cp>The new chapter, which was posted today for review, no longer includes a section titled, “The Advantages of Plastic Shopping Bags,” and it incorporates more recent and relevant recycling statistics.\u003c/p>\n\u003cp>The public can weigh in during the next 30 days on the \u003ca href=\"http://www.calepa.ca.gov/education/eei/PublicCom/1157/Summary1157.pdf\" target=\"_blank\">revised chapter [PDF]\u003c/a> by visiting \u003ca href=\"http://www.calepa.ca.gov/education/eei/PublicCom/1157/default.htm\" target=\"_blank\">the website\u003c/a> for the state Environmental Protection Agency’s “education and the environment initiative.”\u003c/p>\n\u003cp>“We continue to support Cal/EPA’s ongoing efforts to transparently enhance the state’s education and environment initiative, including through this most recent public-comment process,” said Steve Russell, vice president of plastics for the American Chemistry Council. \u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Last summer, a \u003ca href=\"http://californiawatch.org/environment/plastics-industry-edited-environmental-textbook-12123\" target=\"_blank\">California Watch investigation\u003c/a> showed whole sections of the 11th-grade teachers’ edition guide for the new curriculum had been lifted almost verbatim from comments submitted by the American Chemistry Council. \u003c!--more-->\u003c/p>\n\u003cp>After the investigation was published, state schools chief Tom Torlakson \u003ca href=\"http://www.scribd.com/doc/62859549\" target=\"_blank\">issued a statement\u003c/a> saying his office would work with Cal/EPA to examine the material and identify areas “where further review may be warranted.”\u003c/p>\n\u003cp>State Sen. Fran Pavley\u003cstrong>, \u003c/strong>D-Agoura Hills, also called for an investigation, and Cal/EPA issued a statement saying they would review the chapter.\u003c/p>\n\u003cp>“I am grateful for CalEPA’s work and allowing a public process for review,” Pavley said in a statement today. “I am pleased to see the EEI curriculum is staying true to the mission of providing educational materials that are factual, unbiased, academically appropriate and rigorous.”\u003c/p>\n\u003cp>A Santa Cruz school librarian started a \u003ca href=\"http://www.change.org/petitions/remove-pro-plastic-bag-text-from-california-textbooks\" target=\"_blank\">petition\u003c/a> to have the chemical industry’s influence removed from the curriculum. To date, she has garnered more than 30,000 signatures.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\u003ca href=\"http://ww2.kqed.org/news/2011/08/29/are-paper-bags-really-that-much-better-than-plastic/\">\u003cstrong>Are Paper Bags Really That Much Better Than Plastic?\u003c/strong>\u003c/a> (KQED News)\u003c/aside>\n\u003cp>“Our concern always with the curriculum was to ensure integrity and accuracy,” said Bryan Ehlers, Cal/EPA’s assistant secretary for education and quality programs. “We went back and looked at the whole unit and really picked through it with a fine-tooth comb.”\u003c/p>\n\u003cp>The revised chapter incorporates 33 changes, including deletions, additions and changes in the text.\u003c/p>\n\u003cp>For instance, a question in the teachers’ guide that was originally phrased: “What are the advantages of using plastic shopping bags?” now reads: “What factors have contributed to the consumption of plastic shopping bags?”\u003c/p>\n\u003cp>In another section, in which the original text had used recycling statistics offered by the American Chemistry Council,\u003cstrong> \u003c/strong>indicating a 12 percent rate of recycling for plastic shopping bags, the new text notes recycling rates of plastic shopping bags are largely unknown. It also shows state estimates, which hover closer to 3 percent.\u003c/p>\n\u003cp>“You can see from what we’ve released – particularly given that so much of it was written years ago – that we’ve updated a few statistics and made a few tweaks to make certain there is no bias. That certainly was never our intent,” Ehlers said.\u003c/p>\n\u003cp>He said that while reviewing the text, his office made sure not to begin biasing it in “the other direction.”\u003c/p>\n\u003cp>Mark Murray, executive director of the Sacramento-based Californians Against Waste, said he was “pleased with the changes.”\u003c/p>\n\u003cp>“They are more evenhanded and honest with regards to plastic bag waste,” he said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cem>Susanne Rust is an investigative journalist at \u003ca href=\"http://californiawatch.org/\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/em>.\u003c/p>\n\n",
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"headline": "State Rewrites Textbook Chapter Influenced by Plastics Industry",
"datePublished": "2012-05-07T08:45:06-07:00",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>From \u003ca href=\"http://californiawatch.org/dailyreport/state-rewrites-textbook-chapter-influenced-plastics-industry-16073\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/p>\n\u003cp>Under pressure from politicians and environmental groups, California’s environmental agency has rewritten a chapter in a statewide K-12 curriculum on plastic bags that was influenced by the chemical and plastics industry.\u003c/p>\n\u003cfigure id=\"attachment_64590\" class=\"wp-caption alignleft\" style=\"max-width: 224px\">\u003ca href=\"http://www.flickr.com/photos/katerha/4359906568/\">\u003cimg loading=\"lazy\" decoding=\"async\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/plasticbagSM1.jpg\" alt=\"\" title=\"plasticbagSM\" width=\"224\" height=\"222\" class=\"size-full wp-image-64590\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Photo: katerha (flickr)\u003c/figcaption>\u003c/figure>\n\u003cp>The new chapter, which was posted today for review, no longer includes a section titled, “The Advantages of Plastic Shopping Bags,” and it incorporates more recent and relevant recycling statistics.\u003c/p>\n\u003cp>The public can weigh in during the next 30 days on the \u003ca href=\"http://www.calepa.ca.gov/education/eei/PublicCom/1157/Summary1157.pdf\" target=\"_blank\">revised chapter [PDF]\u003c/a> by visiting \u003ca href=\"http://www.calepa.ca.gov/education/eei/PublicCom/1157/default.htm\" target=\"_blank\">the website\u003c/a> for the state Environmental Protection Agency’s “education and the environment initiative.”\u003c/p>\n\u003cp>“We continue to support Cal/EPA’s ongoing efforts to transparently enhance the state’s education and environment initiative, including through this most recent public-comment process,” said Steve Russell, vice president of plastics for the American Chemistry Council. \u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Last summer, a \u003ca href=\"http://californiawatch.org/environment/plastics-industry-edited-environmental-textbook-12123\" target=\"_blank\">California Watch investigation\u003c/a> showed whole sections of the 11th-grade teachers’ edition guide for the new curriculum had been lifted almost verbatim from comments submitted by the American Chemistry Council. \u003c!--more-->\u003c/p>\n\u003cp>After the investigation was published, state schools chief Tom Torlakson \u003ca href=\"http://www.scribd.com/doc/62859549\" target=\"_blank\">issued a statement\u003c/a> saying his office would work with Cal/EPA to examine the material and identify areas “where further review may be warranted.”\u003c/p>\n\u003cp>State Sen. Fran Pavley\u003cstrong>, \u003c/strong>D-Agoura Hills, also called for an investigation, and Cal/EPA issued a statement saying they would review the chapter.\u003c/p>\n\u003cp>“I am grateful for CalEPA’s work and allowing a public process for review,” Pavley said in a statement today. “I am pleased to see the EEI curriculum is staying true to the mission of providing educational materials that are factual, unbiased, academically appropriate and rigorous.”\u003c/p>\n\u003cp>A Santa Cruz school librarian started a \u003ca href=\"http://www.change.org/petitions/remove-pro-plastic-bag-text-from-california-textbooks\" target=\"_blank\">petition\u003c/a> to have the chemical industry’s influence removed from the curriculum. To date, she has garnered more than 30,000 signatures.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\u003ca href=\"http://ww2.kqed.org/news/2011/08/29/are-paper-bags-really-that-much-better-than-plastic/\">\u003cstrong>Are Paper Bags Really That Much Better Than Plastic?\u003c/strong>\u003c/a> (KQED News)\u003c/aside>\n\u003cp>“Our concern always with the curriculum was to ensure integrity and accuracy,” said Bryan Ehlers, Cal/EPA’s assistant secretary for education and quality programs. “We went back and looked at the whole unit and really picked through it with a fine-tooth comb.”\u003c/p>\n\u003cp>The revised chapter incorporates 33 changes, including deletions, additions and changes in the text.\u003c/p>\n\u003cp>For instance, a question in the teachers’ guide that was originally phrased: “What are the advantages of using plastic shopping bags?” now reads: “What factors have contributed to the consumption of plastic shopping bags?”\u003c/p>\n\u003cp>In another section, in which the original text had used recycling statistics offered by the American Chemistry Council,\u003cstrong> \u003c/strong>indicating a 12 percent rate of recycling for plastic shopping bags, the new text notes recycling rates of plastic shopping bags are largely unknown. It also shows state estimates, which hover closer to 3 percent.\u003c/p>\n\u003cp>“You can see from what we’ve released – particularly given that so much of it was written years ago – that we’ve updated a few statistics and made a few tweaks to make certain there is no bias. That certainly was never our intent,” Ehlers said.\u003c/p>\n\u003cp>He said that while reviewing the text, his office made sure not to begin biasing it in “the other direction.”\u003c/p>\n\u003cp>Mark Murray, executive director of the Sacramento-based Californians Against Waste, said he was “pleased with the changes.”\u003c/p>\n\u003cp>“They are more evenhanded and honest with regards to plastic bag waste,” he said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cem>Susanne Rust is an investigative journalist at \u003ca href=\"http://californiawatch.org/\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/em>.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "With Campaign Donations, California Bond Underwriters Secure Contracts",
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"content": "\u003cp>From \u003ca href=\"http://californiawatch.org/money-and-politics/campaign-donations-bond-underwriters-also-secure-contracts-16032\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/p>\n\u003cp>Leading financial firms over the past five years donated $1.8 million to successful school bond measures in California, and in almost every instance, school district officials hired those same underwriters to sell the bonds for a profit, a California Watch review has found.\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/bondgraphic.jpg\">\u003cimg class=\"alignleft size-medium wp-image-64534\" title=\"underwriters\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/underwriters-300x250.png\" alt=\"\" width=\"300\" height=\"250\">\u003c/a>The practice is especially pronounced in California, where underwriters gave \u003ca href=\"https://docs.google.com/spreadsheet/ccc?key=0ArIIIOjhjIvddHN5N0JsUHZlbjNhVEItMy1BMFdmWWc\" target=\"_blank\">155 political contributions\u003c/a> since 2007 to successful bond campaigns for school construction and repairs. One major underwriter, Piper Jaffray, has \u003ca href=\"https://www.documentcloud.org/documents/352478-piper-letter.html\" target=\"_blank\">said\u003c/a> it gets more requests for campaign contributions in California than in any other state where they do business.\u003c/p>\n\u003cp>The success rate of these underwriters is extremely high. In only five cases since 2007 has a campaign donor failed to receive a bond-selling contract from the school district.\u003c/p>\n\u003cp>School districts say they choose bond underwriters for their expertise and competitive rates and because they’ve served them well in the past. And underwriting firms say they contribute only after they’ve been hired to sell the bonds, avoiding any undue influence. \u003c!--more-->But critics say that no matter when the agreement is made, the campaign donations influence school districts’ business decisions. They argue that pre-arranged underwriting contracts bypass a truly competitive sale, leaving in doubt whether districts got the best possible deal.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>“If this isn’t clear proof of pay to play, then pay to play doesn’t exist,” said Glenn Byers, Los Angeles County’s assistant treasurer, who oversees some school bond sales but doesn’t control the hiring of underwriters. “The timing of the payment is irrelevant. You paid and you got the job. That’s pay to play.”\u003c/p>\n\u003cp>Some states have banned the practice. Missouri, for one, outlaws donations to bond campaigns from companies with a financial interest in the bond sale.\u003c/p>\n\u003cp>In the past five years in California, five major underwriters donated $1.8 million to help pass 111 ballot measures, authorizing $15.5 billion in debt. A couple dozen other measures received underwriter contributions but failed at the ballot box.\u003c/p>\n\u003cp>Overwhelmingly, bond underwriters who donated to these campaigns were granted contracts by school districts.\u003c/p>\n\u003cp>In nearly all cases, the only underwriters that donated to a successful school bond campaign ended up working on the bond sale. Bond Buyer, a trade publication, \u003ca href=\"http://www.bondbuyer.com/issues/121_10/california-broker-dealer-contributions-school-bond-issue-1035266-1.html\" target=\"_blank\">found the same pattern\u003c/a> in an earlier review of 2010 campaign contributions.\u003c/p>\n\u003cp>At times, multiple underwriting firms will donate to a single bond campaign. But even there, the success rate is high. In almost all cases in which multiple bond underwriters donated to the same campaign, they all were given contracts by the school district to market those bonds.\u003c/p>\n\u003cp>For donors, failure is rare. In only five cases out of 111 did an underwriter make a donation and fail to receive a contract to sell the bonds. In four of those, however, more than one underwriter made donations and the contract went to the firm that had contributed a larger amount to the campaign.\u003c/p>\n\u003cp>Former Assemblyman Joe Canciamilla, a Democrat from Pittsburg, tried and failed to pass a law in 2005 requiring competitive bidding of bond sales. In a competitive sale, which takes place after the election, the underwriter with the lowest bid wins the bonds.\u003c/p>\n\u003caside class=\"pullquote alignleft\">If this isn’t clear proof of pay to play, then pay to play doesn’t exist.\u003cbr>\n--Glenn Byers, Los Angeles County assistant treasurer\u003cbr>\n\u003c/aside>\n\u003cp>Canciamilla said school districts instead negotiate underwriting deals before bond elections specifically to draw in campaign money. Districts are “in effect negotiating much more attractive deals for the underwriters in order to generate the money necessary to run the campaign,” he said.\u003c/p>\n\u003cp>Under state law, school districts can’t use their own funds for bond campaigns. That leaves other interested parties – underwriters, builders and organized labor – to pony up the necessary cash. For their part, underwriters have \u003ca href=\"http://msrb.org/Rules-and-Interpretations/Regulatory-Notices/2009/2009-35.aspx?c=1\" target=\"_blank\">justified\u003c/a> the practice to federal regulators by noting that bond campaigns simply need these contributions in order to convince voters.\u003c/p>\n\u003cp>Last November’s $63 million bond measure for the Newark Unified School District in Alameda County, for example, raised money from architecture and construction firms, the financial adviser and the law firm working on the bond issue, and local construction unions.\u003c/p>\n\u003cp>The only underwriter to donate, Los Angeles-based De La Rosa & Co., gave $20,000.\u003c/p>\n\u003cp>“All the money was donated by outside companies,” said Gary Stadler, a parent volunteer who was the campaign’s treasurer. “We said, ‘Hey, we’re going to pass this bond to improve the schools, we need some contributions, are you going to contribute?’ And of course they’re going to, because they’re going to work here.”\u003c/p>\n\u003cp>The district’s financial adviser, Oakland-based KNN Public Finance, had earlier considered proposals by four underwriters and ultimately recommended De La Rosa, said Newark Unified’s chief business official, Elaine Neilsen.\u003c/p>\n\u003cp>The district granted De La Rosa up to 1 percent of the bonds – potentially $630,000 in compensation – subject to negotiation before the bond sales. The company donated after signing the contract.\u003c/p>\n\u003cp>“De La Rosa & Co. respects and abides by the selection process of California’s school districts,” Chief Financial Officer Arthur Raitano wrote in an e-mail. “Accordingly, we neither discuss or consider contributions to bond ballot campaigns until such districts have selected their professional financing teams.”\u003c/p>\n\u003cp>\u003cstrong>Top 5 underwriting firms analyzed\u003c/strong>\u003c/p>\n\u003cp>Underwriters typically sign agreements with school districts before the election, and then give money for the political campaign that promotes the bond measure.\u003c/p>\n\u003cp>Underwriters act as middlemen, buying bonds from districts and selling them to investors. The underwriters buy the bonds at a discount from the district and then sell them at a higher price to their investors. Investors are essentially loaning money to the school district in exchange for regular interest payments and eventual principal repayment.\u003c/p>\n\u003caside class=\"pullquote alignleft\">In only five cases out of 111 did an underwriter make a donation and fail to receive a contract to sell the bonds. In four of those, however, more than one underwriter made donations and the contract went to the firm that had contributed a larger amount to the campaign.\u003c/aside>\n\u003cp>In February 2011, for example, the Glendale Unified School District picked two underwriters to handle a $270 million bond that would go before voters in April as Measure S. The money will be used to upgrade classrooms, science labs and libraries, and purchase computers, among other promises.\u003c/p>\n\u003cp>Instead of offering the underwriting contract to other companies, the district selected De La Rosa and RBC Capital Markets because it had worked with them previously, said Eva Lueck, the district’s chief business and financial officer.\u003c/p>\n\u003cp>RBC gave $25,000 to the “Yes on S” campaign two days after Lueck signed the \u003ca href=\"https://www.documentcloud.org/documents/352481-glendale-rbc-contract.html\" target=\"_blank\">agreement\u003c/a>, according to filings. De La Rosa donated $25,000 a month later.\u003c/p>\n\u003cp>Lueck noted the donations came after the contract was signed.\u003c/p>\n\u003cp>“We were very conscious of not crossing any lines,” said Lueck, who also volunteered on the campaign. “We always look to, well, who would this benefit, and maybe they would be willing to contribute.”\u003c/p>\n\u003cp>After the election, the district issued its first batch of Measure S bonds – $54 million worth. The underwriters bought them at a .5 percent discount in order to collect $270,000 in compensation.\u003c/p>\n\u003cp>California Watch reviewed contribution data for the five underwriting firms most active in California bond campaigns: De La Rosa, George K. Baum & Co., Piper Jaffray, RBC Capital Markets and Stone & Youngberg. (A Stone & Youngberg managing director for public finance, Tom Lockard, serves on the board of directors for the Center for Investigative Reporting.)\u003c/p>\n\u003cp>All of the firms profited from bond sales they had supported with political donations.\u003c/p>\n\u003cp>The list of school districts benefiting from underwriter donations ranges from the tiny Blue Lake School in Humboldt County to one of the state’s largest districts, Long Beach Unified.\u003c/p>\n\u003cp>In a twist on the usual practice, Piper Jaffray last year contributed to three bond campaigns after the elections were over.\u003c/p>\n\u003cp>In one case, the Centinela Valley Union High School District in Los Angeles County \u003ca href=\"https://www.documentcloud.org/documents/352486-centinela-piper-contract.html\" target=\"_blank\">hired\u003c/a> Piper Jaffray in November 2010, the month voters approved a $98 million bond measure.\u003c/p>\n\u003cp>Well after the election, Piper Jaffray made a donation that may have indirectly benefited two school board candidates instead of the bond campaign.\u003c/p>\n\u003cp>In April 2011, Piper Jaffray gave $25,000 to \u003ca href=\"http://citizensforbetterschoolscv.com/\" target=\"_blank\">Citizens for Better Schools\u003c/a>, the committee that had \u003ca href=\"http://liveweb.archive.org/http://citizensforbetterschoolscv.com/why.html\" target=\"_blank\">championed\u003c/a> the $98 million bond measure. The committee had cash reserves and no debt, according to \u003ca href=\"https://www.documentcloud.org/documents/352492-citizens-for-better-schools-jan-june.html\" target=\"_blank\">campaign filings\u003c/a>.\u003c/p>\n\u003cp>Later that year, the committee \u003ca href=\"https://www.documentcloud.org/documents/352493-citizens-for-better-schools-july-dec.html\" target=\"_blank\">spent $53,000\u003c/a> campaigning for two school board candidates, one of whom unseated an incumbent.\u003c/p>\n\u003cp>Bond underwriters rarely give campaign donations to individual candidates or local elected officials. Federal regulations bar underwriters from doing business with a public agency within two years of giving campaign donations to an official of that agency.\u003c/p>\n\u003cp>A donation to a committee “that the contributor knows or reasonably should know” is backing an official is the same as giving directly to the official, according to an e-mail from Ernesto Lanza, deputy executive director and chief legal officer of the Municipal Securities Rulemaking Board. The self-regulatory agency’s rules carry the force of federal law.\u003c/p>\n\u003cp>“It’s those kinds of things, whether they’re innocent or not, that create a certain appearance of impropriety that creates part of the problem here,” said Canciamilla, the former assemblyman.\u003c/p>\n\u003cp>Neither the Citizens for Better Schools nor Piper Jaffray responded to requests for comment.\u003c/p>\n\u003cp>Piper Jaffray’s official policy reads, “We will not make, or indicate a willingness to make, any financial contribution as a condition to being retained as an underwriter.\"\u003c/p>\n\u003cp>Centinela Valley Superintendent Jose Fernandez said the district chose Piper Jaffray because of the firm’s extensive experience, and the board unanimously approved the decision. He said he was unaware of the contribution.\u003c/p>\n\u003cp>“I don’t know anything about that,” he said. “We stay out of it.”\u003c/p>\n\u003cp>The district’s contract with Piper Jaffray specifies, “The Underwriter is not obligated as a result of this agreement to make a campaign contribution in connection with the bond election, nor has it otherwise committed to make a campaign contribution.”\u003c/p>\n\u003cp>\u003cstrong>Reporting campaign donations\u003c/strong>\u003c/p>\n\u003cp>In 2010, in response to pay-to-play concerns, the Municipal Securities Rulemaking Board began requiring underwriters to report bond measure donations to the self-regulatory agency. The board is analyzing the data reported so far, before determining whether additional regulations are necessary, Lanza said.\u003c/p>\n\u003cp>The correlation between contributions and school district contracts “adds to the evidence that there’s certainly something to be looked at,” he said. “It sounds like there’s a little bit of smoke there.”\u003c/p>\n\u003cp>Some firms decline to make donations, such as O’Connor & Co. Securities, which is underwriting a bond passed last year in Monterey County.\u003c/p>\n\u003cp>“As a firm policy, we avoid participation in campaign contributions solely to avoid the appearance of a conflict of interest, even though at times this could put us at a competitive disadvantage,” said company President Will O’Connor.\u003c/p>\n\u003cp>The one case in which an underwriter made a contribution but the contract went to firms that didn’t give money occurred in the San Mateo-Foster City School District in 2008. Piper Jaffray gave $25,000 to support a $175 million bond measure there.\u003c/p>\n\u003cp>But after the election, the district instead selected Stone & Youngberg and RBC Capital Markets to sell the bonds. Those companies, neither of which made donations, simply offered a better deal, said Micaela Ochoa, the district’s chief business official at the time.\u003c/p>\n\u003cp>Ochoa said she solicited donations as a campaign volunteer on her own time, but made it clear that contributions wouldn’t guarantee a contract. Some firms didn’t want to give without any promises, she said.\u003c/p>\n\u003cp>“People would ask me, ‘Why are you even calling them?’ ” Ochoa said. “It is harder, but it’s also cleaner.”\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>\u003cem>Will Evans is an investigative journalist for \u003ca href=\"http://californiawatch.org/\">California Watch</a\u003c/a>\u003c/em>>.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>From \u003ca href=\"http://californiawatch.org/money-and-politics/campaign-donations-bond-underwriters-also-secure-contracts-16032\">\u003cstrong>California Watch\u003c/strong>\u003c/a>\u003c/p>\n\u003cp>Leading financial firms over the past five years donated $1.8 million to successful school bond measures in California, and in almost every instance, school district officials hired those same underwriters to sell the bonds for a profit, a California Watch review has found.\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/bondgraphic.jpg\">\u003cimg class=\"alignleft size-medium wp-image-64534\" title=\"underwriters\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/underwriters-300x250.png\" alt=\"\" width=\"300\" height=\"250\">\u003c/a>The practice is especially pronounced in California, where underwriters gave \u003ca href=\"https://docs.google.com/spreadsheet/ccc?key=0ArIIIOjhjIvddHN5N0JsUHZlbjNhVEItMy1BMFdmWWc\" target=\"_blank\">155 political contributions\u003c/a> since 2007 to successful bond campaigns for school construction and repairs. One major underwriter, Piper Jaffray, has \u003ca href=\"https://www.documentcloud.org/documents/352478-piper-letter.html\" target=\"_blank\">said\u003c/a> it gets more requests for campaign contributions in California than in any other state where they do business.\u003c/p>\n\u003cp>The success rate of these underwriters is extremely high. In only five cases since 2007 has a campaign donor failed to receive a bond-selling contract from the school district.\u003c/p>\n\u003cp>School districts say they choose bond underwriters for their expertise and competitive rates and because they’ve served them well in the past. And underwriting firms say they contribute only after they’ve been hired to sell the bonds, avoiding any undue influence. \u003c!--more-->But critics say that no matter when the agreement is made, the campaign donations influence school districts’ business decisions. They argue that pre-arranged underwriting contracts bypass a truly competitive sale, leaving in doubt whether districts got the best possible deal.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>“If this isn’t clear proof of pay to play, then pay to play doesn’t exist,” said Glenn Byers, Los Angeles County’s assistant treasurer, who oversees some school bond sales but doesn’t control the hiring of underwriters. “The timing of the payment is irrelevant. You paid and you got the job. That’s pay to play.”\u003c/p>\n\u003cp>Some states have banned the practice. Missouri, for one, outlaws donations to bond campaigns from companies with a financial interest in the bond sale.\u003c/p>\n\u003cp>In the past five years in California, five major underwriters donated $1.8 million to help pass 111 ballot measures, authorizing $15.5 billion in debt. A couple dozen other measures received underwriter contributions but failed at the ballot box.\u003c/p>\n\u003cp>Overwhelmingly, bond underwriters who donated to these campaigns were granted contracts by school districts.\u003c/p>\n\u003cp>In nearly all cases, the only underwriters that donated to a successful school bond campaign ended up working on the bond sale. Bond Buyer, a trade publication, \u003ca href=\"http://www.bondbuyer.com/issues/121_10/california-broker-dealer-contributions-school-bond-issue-1035266-1.html\" target=\"_blank\">found the same pattern\u003c/a> in an earlier review of 2010 campaign contributions.\u003c/p>\n\u003cp>At times, multiple underwriting firms will donate to a single bond campaign. But even there, the success rate is high. In almost all cases in which multiple bond underwriters donated to the same campaign, they all were given contracts by the school district to market those bonds.\u003c/p>\n\u003cp>For donors, failure is rare. In only five cases out of 111 did an underwriter make a donation and fail to receive a contract to sell the bonds. In four of those, however, more than one underwriter made donations and the contract went to the firm that had contributed a larger amount to the campaign.\u003c/p>\n\u003cp>Former Assemblyman Joe Canciamilla, a Democrat from Pittsburg, tried and failed to pass a law in 2005 requiring competitive bidding of bond sales. In a competitive sale, which takes place after the election, the underwriter with the lowest bid wins the bonds.\u003c/p>\n\u003caside class=\"pullquote alignleft\">If this isn’t clear proof of pay to play, then pay to play doesn’t exist.\u003cbr>\n--Glenn Byers, Los Angeles County assistant treasurer\u003cbr>\n\u003c/aside>\n\u003cp>Canciamilla said school districts instead negotiate underwriting deals before bond elections specifically to draw in campaign money. Districts are “in effect negotiating much more attractive deals for the underwriters in order to generate the money necessary to run the campaign,” he said.\u003c/p>\n\u003cp>Under state law, school districts can’t use their own funds for bond campaigns. That leaves other interested parties – underwriters, builders and organized labor – to pony up the necessary cash. For their part, underwriters have \u003ca href=\"http://msrb.org/Rules-and-Interpretations/Regulatory-Notices/2009/2009-35.aspx?c=1\" target=\"_blank\">justified\u003c/a> the practice to federal regulators by noting that bond campaigns simply need these contributions in order to convince voters.\u003c/p>\n\u003cp>Last November’s $63 million bond measure for the Newark Unified School District in Alameda County, for example, raised money from architecture and construction firms, the financial adviser and the law firm working on the bond issue, and local construction unions.\u003c/p>\n\u003cp>The only underwriter to donate, Los Angeles-based De La Rosa & Co., gave $20,000.\u003c/p>\n\u003cp>“All the money was donated by outside companies,” said Gary Stadler, a parent volunteer who was the campaign’s treasurer. “We said, ‘Hey, we’re going to pass this bond to improve the schools, we need some contributions, are you going to contribute?’ And of course they’re going to, because they’re going to work here.”\u003c/p>\n\u003cp>The district’s financial adviser, Oakland-based KNN Public Finance, had earlier considered proposals by four underwriters and ultimately recommended De La Rosa, said Newark Unified’s chief business official, Elaine Neilsen.\u003c/p>\n\u003cp>The district granted De La Rosa up to 1 percent of the bonds – potentially $630,000 in compensation – subject to negotiation before the bond sales. The company donated after signing the contract.\u003c/p>\n\u003cp>“De La Rosa & Co. respects and abides by the selection process of California’s school districts,” Chief Financial Officer Arthur Raitano wrote in an e-mail. “Accordingly, we neither discuss or consider contributions to bond ballot campaigns until such districts have selected their professional financing teams.”\u003c/p>\n\u003cp>\u003cstrong>Top 5 underwriting firms analyzed\u003c/strong>\u003c/p>\n\u003cp>Underwriters typically sign agreements with school districts before the election, and then give money for the political campaign that promotes the bond measure.\u003c/p>\n\u003cp>Underwriters act as middlemen, buying bonds from districts and selling them to investors. The underwriters buy the bonds at a discount from the district and then sell them at a higher price to their investors. Investors are essentially loaning money to the school district in exchange for regular interest payments and eventual principal repayment.\u003c/p>\n\u003caside class=\"pullquote alignleft\">In only five cases out of 111 did an underwriter make a donation and fail to receive a contract to sell the bonds. In four of those, however, more than one underwriter made donations and the contract went to the firm that had contributed a larger amount to the campaign.\u003c/aside>\n\u003cp>In February 2011, for example, the Glendale Unified School District picked two underwriters to handle a $270 million bond that would go before voters in April as Measure S. The money will be used to upgrade classrooms, science labs and libraries, and purchase computers, among other promises.\u003c/p>\n\u003cp>Instead of offering the underwriting contract to other companies, the district selected De La Rosa and RBC Capital Markets because it had worked with them previously, said Eva Lueck, the district’s chief business and financial officer.\u003c/p>\n\u003cp>RBC gave $25,000 to the “Yes on S” campaign two days after Lueck signed the \u003ca href=\"https://www.documentcloud.org/documents/352481-glendale-rbc-contract.html\" target=\"_blank\">agreement\u003c/a>, according to filings. De La Rosa donated $25,000 a month later.\u003c/p>\n\u003cp>Lueck noted the donations came after the contract was signed.\u003c/p>\n\u003cp>“We were very conscious of not crossing any lines,” said Lueck, who also volunteered on the campaign. “We always look to, well, who would this benefit, and maybe they would be willing to contribute.”\u003c/p>\n\u003cp>After the election, the district issued its first batch of Measure S bonds – $54 million worth. The underwriters bought them at a .5 percent discount in order to collect $270,000 in compensation.\u003c/p>\n\u003cp>California Watch reviewed contribution data for the five underwriting firms most active in California bond campaigns: De La Rosa, George K. Baum & Co., Piper Jaffray, RBC Capital Markets and Stone & Youngberg. (A Stone & Youngberg managing director for public finance, Tom Lockard, serves on the board of directors for the Center for Investigative Reporting.)\u003c/p>\n\u003cp>All of the firms profited from bond sales they had supported with political donations.\u003c/p>\n\u003cp>The list of school districts benefiting from underwriter donations ranges from the tiny Blue Lake School in Humboldt County to one of the state’s largest districts, Long Beach Unified.\u003c/p>\n\u003cp>In a twist on the usual practice, Piper Jaffray last year contributed to three bond campaigns after the elections were over.\u003c/p>\n\u003cp>In one case, the Centinela Valley Union High School District in Los Angeles County \u003ca href=\"https://www.documentcloud.org/documents/352486-centinela-piper-contract.html\" target=\"_blank\">hired\u003c/a> Piper Jaffray in November 2010, the month voters approved a $98 million bond measure.\u003c/p>\n\u003cp>Well after the election, Piper Jaffray made a donation that may have indirectly benefited two school board candidates instead of the bond campaign.\u003c/p>\n\u003cp>In April 2011, Piper Jaffray gave $25,000 to \u003ca href=\"http://citizensforbetterschoolscv.com/\" target=\"_blank\">Citizens for Better Schools\u003c/a>, the committee that had \u003ca href=\"http://liveweb.archive.org/http://citizensforbetterschoolscv.com/why.html\" target=\"_blank\">championed\u003c/a> the $98 million bond measure. The committee had cash reserves and no debt, according to \u003ca href=\"https://www.documentcloud.org/documents/352492-citizens-for-better-schools-jan-june.html\" target=\"_blank\">campaign filings\u003c/a>.\u003c/p>\n\u003cp>Later that year, the committee \u003ca href=\"https://www.documentcloud.org/documents/352493-citizens-for-better-schools-july-dec.html\" target=\"_blank\">spent $53,000\u003c/a> campaigning for two school board candidates, one of whom unseated an incumbent.\u003c/p>\n\u003cp>Bond underwriters rarely give campaign donations to individual candidates or local elected officials. Federal regulations bar underwriters from doing business with a public agency within two years of giving campaign donations to an official of that agency.\u003c/p>\n\u003cp>A donation to a committee “that the contributor knows or reasonably should know” is backing an official is the same as giving directly to the official, according to an e-mail from Ernesto Lanza, deputy executive director and chief legal officer of the Municipal Securities Rulemaking Board. The self-regulatory agency’s rules carry the force of federal law.\u003c/p>\n\u003cp>“It’s those kinds of things, whether they’re innocent or not, that create a certain appearance of impropriety that creates part of the problem here,” said Canciamilla, the former assemblyman.\u003c/p>\n\u003cp>Neither the Citizens for Better Schools nor Piper Jaffray responded to requests for comment.\u003c/p>\n\u003cp>Piper Jaffray’s official policy reads, “We will not make, or indicate a willingness to make, any financial contribution as a condition to being retained as an underwriter.\"\u003c/p>\n\u003cp>Centinela Valley Superintendent Jose Fernandez said the district chose Piper Jaffray because of the firm’s extensive experience, and the board unanimously approved the decision. He said he was unaware of the contribution.\u003c/p>\n\u003cp>“I don’t know anything about that,” he said. “We stay out of it.”\u003c/p>\n\u003cp>The district’s contract with Piper Jaffray specifies, “The Underwriter is not obligated as a result of this agreement to make a campaign contribution in connection with the bond election, nor has it otherwise committed to make a campaign contribution.”\u003c/p>\n\u003cp>\u003cstrong>Reporting campaign donations\u003c/strong>\u003c/p>\n\u003cp>In 2010, in response to pay-to-play concerns, the Municipal Securities Rulemaking Board began requiring underwriters to report bond measure donations to the self-regulatory agency. The board is analyzing the data reported so far, before determining whether additional regulations are necessary, Lanza said.\u003c/p>\n\u003cp>The correlation between contributions and school district contracts “adds to the evidence that there’s certainly something to be looked at,” he said. “It sounds like there’s a little bit of smoke there.”\u003c/p>\n\u003cp>Some firms decline to make donations, such as O’Connor & Co. Securities, which is underwriting a bond passed last year in Monterey County.\u003c/p>\n\u003cp>“As a firm policy, we avoid participation in campaign contributions solely to avoid the appearance of a conflict of interest, even though at times this could put us at a competitive disadvantage,” said company President Will O’Connor.\u003c/p>\n\u003cp>The one case in which an underwriter made a contribution but the contract went to firms that didn’t give money occurred in the San Mateo-Foster City School District in 2008. Piper Jaffray gave $25,000 to support a $175 million bond measure there.\u003c/p>\n\u003cp>But after the election, the district instead selected Stone & Youngberg and RBC Capital Markets to sell the bonds. Those companies, neither of which made donations, simply offered a better deal, said Micaela Ochoa, the district’s chief business official at the time.\u003c/p>\n\u003cp>Ochoa said she solicited donations as a campaign volunteer on her own time, but made it clear that contributions wouldn’t guarantee a contract. Some firms didn’t want to give without any promises, she said.\u003c/p>\n\u003cp>“People would ask me, ‘Why are you even calling them?’ ” Ochoa said. “It is harder, but it’s also cleaner.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>\u003cem>Will Evans is an investigative journalist for \u003ca href=\"http://californiawatch.org/\">California Watch</a\u003c/a>\u003c/em>>.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "Clorox CEO to A's: Keep Team in Oakland or Sell",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/Oakland-Athletics-logoSM.jpg\">\u003cimg class=\"alignright size-full wp-image-64410\" title=\"Oakland-Athletics-logoSM\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/Oakland-Athletics-logoSM.jpg\" alt=\"\" width=\"194\" height=\"194\">\u003c/a>Earlier today, the \u003ca href=\"http://www.thecloroxcompany.com/\">Clorox Company\u003c/a>, Oakland's only Fortune 500 corporation, hosted a \u003ca href=\"http://investors.thecloroxcompany.com/releasedetail.cfm?ReleaseID=670184\" target=\"_blank\">press conference\u003c/a> with Oakland Mayor Jean Quan and reps from a number of other major East Bay companies to express support for keeping the A's in Oakland and for building a new ballpark. I spoke afterward with Clorox's chairman and CEO, Don Knauss.\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: We're very interested in working with Lew Wolff and John Fisher, the A's current ownership, to keep the A's here and to build a new stadium. Two-and-a-half years ago, some 45 companies in the East Bay committed to being corporate sponsors and put over a million dollars in escrow as sort of a down payment on sponsorships -- things like marketing programs, seat licenses, luxury suite commitments. Anything to demonstrate to the current ownership that we as the business community were very committed to keeping the A's here.\u003c/p>\n\u003cp>Now we really haven't had any meaningful discussions with the current ownership since then, so we thought it was time to reinvigorate our message to them, given that there's a Major League Baseball owners' meeting coming up later this month. We're eager to work with them, and we think we've made a public display of affection, if you will.\u003c/p>\n\u003cp>If the current ownership is not committed to Oakland, we're confident we have identified a new ownership group who can and will buy the team if it is put up for sale. And that new ownership group would be committed to staying, keeping the team in Oakland, and getting a new stadium built. So we want to be clear to (Major League Baseball) Commissioner Selig and the rest of the owners, that the business community, the city, the county, and obviously the fans are very committed to keeping the A's here in their home town.\u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: Can you identify those prospective buyers?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: Well, we think that's premature. First, we'd like to work with Mr. Wolff and Mr. Fisher to keep the team in Oakland, it'd be a lot quicker to build a new stadium if that were to happen.\u003c/p>\n\u003cp>Also, we want to respect the process and protocols that Major League Baseball uses with regard to ownership and ownership changes. So it's a bit premature, until we know what John Fisher and Lew Wolff's intentions are.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: So what is the benefit to Clorox in having the A's in Oakland?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: Clorox is the Fortune 500 company headquartered in downtown Oakland. We care a lot about this community and the vibrancy of this community.\u003c/p>\n\u003cp>I think my personal experience helps this as well. About ten years ago I was president and CEO of the Minute Maid Corporation in Houston. I got involved in the design of the new Astros ballpark in downtown Houston, and then negotiated the naming rights to change the name of that park to Minute Maid Park in 2002. And I saw what that ballpark did to the revitalization of downtown, in terms of jobs, the economic growth that came out of it, tourism, and just the general vitality it introduced into Houston. I don't think it's unlike what AT&T Park did to revitalize that part of San Francisco.\u003c/p>\n\u003cp>So I've seen firsthand what can be done. And Oakland, I think, deserves that chance, to get that kind of economic vitality brought back to the city.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: Is there a preference among the business community for the proposals for \u003ca href=\"http://www.eastbayexpress.com/92510/archives/2012/03/09/coliseum-city-oaklands-only-shot\" target=\"_blank\">Coliseum City\u003c/a> or \u003ca href=\"http://baseballoakland.blogspot.com/2011/03/why-we-love-victory-court.html\" target=\"_blank\">Victory Court\u003c/a>?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: As I've had discussions with people who could potentially participate in this ownership group, I think a downtown site could be preferable. But first and foremost, we want to keep it in Oakland. There's some interesting options with Victory Court and other sites downtown, that are more difficult now with the end of redevelopment funding, but not impossible when you look at the model the Giants used to get AT&T Park built with private funds.\u003c/p>\n\u003cp>Half of the purchase price of that stadium was through bank loans, and the other half was basically equity generated by all the sponsorship deals and seat licenses and luxury boxes. That model could be replicated over here.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: You talked to Major League Baseball's fact-finding group about this issue three years ago. Do you expect to hear from MLB again, now that you've thrown down this gauntlet?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: I certainly hope we'll hear from Major League Baseball. I think the owners are going to hear from Lew Wolff and/or John Fisher at the upcoming May meeting. I don't think it's on the agenda, I'm not privy to that, but certainly after three-plus years, I would think a decision's got to be made sometime in the near future.\u003cbr>\n-------------------------------------------------------------------------------------------------------------\u003c/p>\n\u003cp>Of course, many people have thought a decision on the A's territorial rights issue was imminent over the course of the last three years. So far, they've all been wrong. Back in February, A's managing partner Lew Wolff sounded an impatient note in a \u003ca href=\"http://ww2.kqed.org/news/2012/02/09/weve-got-that-lew-wolff-san-jose-rotary-club-address-youve-been-wanting-to-check-out/\" target=\"_blank\">talk to the San Jose Rotary Club\u003c/a>.\u003c/p>\n\u003cblockquote>\u003cp>I'm not going to continue this (waiting for permission to move) much longer. What we want is an answer. We want a \"Yes, you can relocate, share the district, share the territory\". Or \"You can't.\" We have a way of demanding a vote (from MLB) but that isn't our nature. So the best thing for us to do in the next couple of months is see where we go. After that, though, I think I have to -- I can't even continue to come to these wonderful lunches, I'd feel like (Bernie) Madoff, or somebody.\u003c/p>\u003c/blockquote>\n\u003cp>Did that signal a level of impatience that could lead Wolff to sell the team if he doesn't get permission to move to San Jose soon? According to a post on the blog \u003ca href=\"http://newballpark.org/2012/05/03/oakland-press-conference-at-clorox-hq/\">newballpark.org\u003c/a> just after today's press conference, no:\u003c/p>\n\u003cblockquote>\u003cp>11:30 AM - I just got off the phone with Lew Wolff. He confirmed that the team is not for sale and that ownership has explored all options in Oakland.\u003c/p>\u003c/blockquote>\n\u003cp>For now, the impasse continues.\u003c/p>\n\u003cp> \u003c/p>\n\u003cp> \u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp> \u003c/p>\n\n",
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"description": "Earlier today, the Clorox Company, Oakland's only Fortune 500 corporation, hosted a press conference with Oakland Mayor Jean Quan and reps from a number of other major East Bay companies to express support for keeping the A's in Oakland and for building a new ballpark. I spoke afterward with Clorox's chairman and CEO, Don Knauss.",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/Oakland-Athletics-logoSM.jpg\">\u003cimg class=\"alignright size-full wp-image-64410\" title=\"Oakland-Athletics-logoSM\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/Oakland-Athletics-logoSM.jpg\" alt=\"\" width=\"194\" height=\"194\">\u003c/a>Earlier today, the \u003ca href=\"http://www.thecloroxcompany.com/\">Clorox Company\u003c/a>, Oakland's only Fortune 500 corporation, hosted a \u003ca href=\"http://investors.thecloroxcompany.com/releasedetail.cfm?ReleaseID=670184\" target=\"_blank\">press conference\u003c/a> with Oakland Mayor Jean Quan and reps from a number of other major East Bay companies to express support for keeping the A's in Oakland and for building a new ballpark. I spoke afterward with Clorox's chairman and CEO, Don Knauss.\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: We're very interested in working with Lew Wolff and John Fisher, the A's current ownership, to keep the A's here and to build a new stadium. Two-and-a-half years ago, some 45 companies in the East Bay committed to being corporate sponsors and put over a million dollars in escrow as sort of a down payment on sponsorships -- things like marketing programs, seat licenses, luxury suite commitments. Anything to demonstrate to the current ownership that we as the business community were very committed to keeping the A's here.\u003c/p>\n\u003cp>Now we really haven't had any meaningful discussions with the current ownership since then, so we thought it was time to reinvigorate our message to them, given that there's a Major League Baseball owners' meeting coming up later this month. We're eager to work with them, and we think we've made a public display of affection, if you will.\u003c/p>\n\u003cp>If the current ownership is not committed to Oakland, we're confident we have identified a new ownership group who can and will buy the team if it is put up for sale. And that new ownership group would be committed to staying, keeping the team in Oakland, and getting a new stadium built. So we want to be clear to (Major League Baseball) Commissioner Selig and the rest of the owners, that the business community, the city, the county, and obviously the fans are very committed to keeping the A's here in their home town.\u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: Can you identify those prospective buyers?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: Well, we think that's premature. First, we'd like to work with Mr. Wolff and Mr. Fisher to keep the team in Oakland, it'd be a lot quicker to build a new stadium if that were to happen.\u003c/p>\n\u003cp>Also, we want to respect the process and protocols that Major League Baseball uses with regard to ownership and ownership changes. So it's a bit premature, until we know what John Fisher and Lew Wolff's intentions are.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: So what is the benefit to Clorox in having the A's in Oakland?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: Clorox is the Fortune 500 company headquartered in downtown Oakland. We care a lot about this community and the vibrancy of this community.\u003c/p>\n\u003cp>I think my personal experience helps this as well. About ten years ago I was president and CEO of the Minute Maid Corporation in Houston. I got involved in the design of the new Astros ballpark in downtown Houston, and then negotiated the naming rights to change the name of that park to Minute Maid Park in 2002. And I saw what that ballpark did to the revitalization of downtown, in terms of jobs, the economic growth that came out of it, tourism, and just the general vitality it introduced into Houston. I don't think it's unlike what AT&T Park did to revitalize that part of San Francisco.\u003c/p>\n\u003cp>So I've seen firsthand what can be done. And Oakland, I think, deserves that chance, to get that kind of economic vitality brought back to the city.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: Is there a preference among the business community for the proposals for \u003ca href=\"http://www.eastbayexpress.com/92510/archives/2012/03/09/coliseum-city-oaklands-only-shot\" target=\"_blank\">Coliseum City\u003c/a> or \u003ca href=\"http://baseballoakland.blogspot.com/2011/03/why-we-love-victory-court.html\" target=\"_blank\">Victory Court\u003c/a>?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: As I've had discussions with people who could potentially participate in this ownership group, I think a downtown site could be preferable. But first and foremost, we want to keep it in Oakland. There's some interesting options with Victory Court and other sites downtown, that are more difficult now with the end of redevelopment funding, but not impossible when you look at the model the Giants used to get AT&T Park built with private funds.\u003c/p>\n\u003cp>Half of the purchase price of that stadium was through bank loans, and the other half was basically equity generated by all the sponsorship deals and seat licenses and luxury boxes. That model could be replicated over here.\u003c/p>\n\u003cp>\u003cstrong>Thorsen\u003c/strong>: You talked to Major League Baseball's fact-finding group about this issue three years ago. Do you expect to hear from MLB again, now that you've thrown down this gauntlet?\u003c/p>\n\u003cp>\u003cstrong>Knauss\u003c/strong>: I certainly hope we'll hear from Major League Baseball. I think the owners are going to hear from Lew Wolff and/or John Fisher at the upcoming May meeting. I don't think it's on the agenda, I'm not privy to that, but certainly after three-plus years, I would think a decision's got to be made sometime in the near future.\u003cbr>\n-------------------------------------------------------------------------------------------------------------\u003c/p>\n\u003cp>Of course, many people have thought a decision on the A's territorial rights issue was imminent over the course of the last three years. So far, they've all been wrong. Back in February, A's managing partner Lew Wolff sounded an impatient note in a \u003ca href=\"http://ww2.kqed.org/news/2012/02/09/weve-got-that-lew-wolff-san-jose-rotary-club-address-youve-been-wanting-to-check-out/\" target=\"_blank\">talk to the San Jose Rotary Club\u003c/a>.\u003c/p>\n\u003cblockquote>\u003cp>I'm not going to continue this (waiting for permission to move) much longer. What we want is an answer. We want a \"Yes, you can relocate, share the district, share the territory\". Or \"You can't.\" We have a way of demanding a vote (from MLB) but that isn't our nature. So the best thing for us to do in the next couple of months is see where we go. After that, though, I think I have to -- I can't even continue to come to these wonderful lunches, I'd feel like (Bernie) Madoff, or somebody.\u003c/p>\u003c/blockquote>\n\u003cp>Did that signal a level of impatience that could lead Wolff to sell the team if he doesn't get permission to move to San Jose soon? According to a post on the blog \u003ca href=\"http://newballpark.org/2012/05/03/oakland-press-conference-at-clorox-hq/\">newballpark.org\u003c/a> just after today's press conference, no:\u003c/p>\n\u003cblockquote>\u003cp>11:30 AM - I just got off the phone with Lew Wolff. He confirmed that the team is not for sale and that ownership has explored all options in Oakland.\u003c/p>\u003c/blockquote>\n\u003cp>For now, the impasse continues.\u003c/p>\n\u003cp> \u003c/p>\n\u003cp> \u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"disqusTitle": "Facebook Sets IPO Price at $28 - $35 Per Share",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo.jpg\">\u003cimg class=\"alignleft size-medium wp-image-64348\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo-300x112.jpg\" alt=\"\" width=\"220\" height=\"82\">\u003c/a>NEW YORK (AP) Facebook has set a price range of $28 to $35 for its initial public offering of stock.\u003c/p>\n\u003cp>At the high end, this could raise as much as $11.8 billion.\u003c/p>\n\u003cp>That's much higher than any other Internet IPO in the past, even Google Inc. in 2004.\u003c/p>\n\u003cp>The range came in a \u003ca href=\"http://media.nbcbayarea.com/documents/facebook.pdf\">regulatory filing\u003c/a> (pdf) Thursday.\u003c/p>\n\u003cp>The Wall Street Journal reported earlier Thursday that the price range would value Facebook Inc. at $85 billion to $95 billion.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo.jpg\">\u003cimg class=\"alignleft size-medium wp-image-64348\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo-300x112.jpg\" alt=\"\" width=\"220\" height=\"82\">\u003c/a>NEW YORK (AP) Facebook has set a price range of $28 to $35 for its initial public offering of stock.\u003c/p>\n\u003cp>At the high end, this could raise as much as $11.8 billion.\u003c/p>\n\u003cp>That's much higher than any other Internet IPO in the past, even Google Inc. in 2004.\u003c/p>\n\u003cp>The range came in a \u003ca href=\"http://media.nbcbayarea.com/documents/facebook.pdf\">regulatory filing\u003c/a> (pdf) Thursday.\u003c/p>\n\u003cp>The Wall Street Journal reported earlier Thursday that the price range would value Facebook Inc. at $85 billion to $95 billion.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"title": "24 Arrested During Wells Fargo Protest",
"headTitle": "24 Arrested During Wells Fargo Protest | KQED",
"content": "\u003cfigure id=\"attachment_63365\" class=\"wp-caption alignright\" style=\"max-width: 300px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/IMG_4737.jpg\">\u003cimg decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-63365\" title=\"IMG_4737\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/IMG_4737-300x200.jpg\" alt=\"Hundreds of protesters surrounded the Merchants Exchange Building in downtown San Francisco during the annual Wells Fargo shareholders meeting. (Lisa Pickoff-White/KQED)\" width=\"300\" height=\"200\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Hundreds of protesters surrounded the Mercantile Building in downtown San Francisco during the annual Wells Fargo shareholders meeting. (Lisa Pickoff-White/KQED)\u003c/figcaption>\u003c/figure>\n\u003cp>Maybe 500 people turned out — our reporters’ best estimate — for today’s protest targeting the Wells Fargo shareholder meeting in San Francisco. Protesters were calling for a moratorium on all foreclosures, as well as principal reductions on mortgages for homes whose values have dropped.\u003c/p>\n\u003cp>Marching from Justin Herman Plaza, protesters arrived at the Merchants Exchange Building in time for the 1 p.m. meeting, with about 16 actually infiltrating and disrupting the proceedings before being escorted out. SFPD says 24 people total were arrested inside the meeting and on the streets.\u003c/p>\n\u003cp>Our updates throughout the day, including reporter Aarti Shahani’s accounts of what went on inside the meeting…\u003c/p>\n\u003cp>\u003cstrong>6:47 p.m.\u003c/strong> Cy Musiker today interviewed Kirk Hanson, executive director of the Markkula Center for Applied Ethics at Santa Clara University, about what he thinks Wells Fargo’s obligations are considering the bank bailout, and whether the company has done enough for its customers. \u003c/p>\n\u003cp>Hanson said that the bank benefited greatly from the bailout and that:\u003c/p>\n\u003cblockquote>\u003cp>One would expect in response to that, the ethical argument would be, they ought to do whatever they can to soften the blow on those individuals who got these mortgages and went into foreclosure or got these mortgages and are suffering from the continuing stream of payments. There is clearly a bad record on the part of the banks in dealing with rewriting these mortgages, in marking down the total amounts that are owed. \u003c/p>\n\u003cp>Wells Fargo may have a marginally better record than Bank of America, which is often presented as the worst behavior in terms of managing this, but nonetheless they benefited greatly during the recession from the government steps to keep the banks whole, their executives are still paid very high salaries, and I think there’s a reasonable expectation that they would have done more to help those normal citizens, middle class, who suffered during the recession.\u003c/p>\u003c/blockquote>\n\u003cp>\u003cstrong>4:10 p.m.\u003c/strong> After the meeting today, Shahani interviewed Oscar Suris, Wells Fargo’s Executive Vice President for Corporate Communications. Edited transcript…\u003c/p>\n\u003cblockquote>\u003cp>AARTI SHAHANI, KQED: This meeting ended quickly, is that right?\u003c/p>\n\u003cp>OSCAR SURIS, WELLS FARGO: It ended according to the rules of the proceeding and the agenda.\u003c/p>\n\u003cp>SHAHANI: [Wells CEO] John Stumpf was saying it was a little unusual for it to go so quickly.\u003c/p>\n\u003cp>SURIS: I don’t know I would call it unusual. I just think that the company has a good story and there’s a high attendance of shareholders who are in support of the company’s performance, so it’s probably more a reflection of that than anything else.\u003c/p>\n\u003cp>SHAHANI: There was quite a bit of disruption during the meeting. What do you make of that?\u003c/p>\n\u003cp>SURIS: Shareholder meetings are in part an opportunity to have a dialogue. And we cetainly invited the opportunity…but we also wanted to conduct a meeting that would respect and honor all the participants and would also be in keeping with the rules of the meeting. We had some participants who wanted to not abide by those rules, and they interjected in a disruptive manner, and given our heightened focus on security today, we felt the best thing to do was escort them out of the meeting.\u003c/p>\n\u003cp>SHAHANI: Some protesters said they were put into a spillover room and intentionally filtered out of the main room, even though they’re shareholders. Do you have a response to that?\u003c/p>\n\u003cp>SURIS: Our focus from the very beginning has been to conduct this meeting according to the rules and also with a focus on keeping it as safe as possible for all of the meeting’s participants. We believe we had an obligation to do that and that was an obligation supported by the San Francisco Police Department.\u003c/p>\n\u003cp>But clearly we wanted to have all points of view in the room, all points of view were represented. But again, with a maximum capacity of 275 people, and protesters outside numbering more than 500, we weren’t going to be able to have everybody in here.\u003c/p>\n\u003cp>SHAHANI: Do you think that the criticism of Wells Fargo around foreclosures is fair?\u003c/p>\n\u003cp>SURIS: We think the characterization that we are not committed to helping this housing market get on its feet again are unfair…We have a very deep commitment both to the housing market and to consumers in it who are our customers. As our chairman and CEO John Stumpf said today, we are conducting two mortgage modifications for every one we foreclose on…That’s allowed us to modify mortgages for more than 740,000 homeowners since Jan 2009…We’ve forgiven more than $4 billion dollars of mortgage principal since Jan 2009.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cfigure id=\"attachment_63376\" class=\"wp-caption alignleft\" style=\"max-width: 300px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/6965008212_65b5dd28cd_b.jpg\">\u003cimg decoding=\"async\" loading=\"lazy\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/6965008212_65b5dd28cd_b-300x200.jpg\" alt=\"Interfaith members protest at Justin Herman Plaza before marching to the Wells Fargo shareholders meeting. (Don Clyde/KQED)\" title=\"6965008212_65b5dd28cd_b\" width=\"300\" height=\"200\" class=\"size-medium wp-image-63376\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Interfaith members protest at Justin Herman Plaza before marching to the Wells Fargo shareholders meeting. (Don Clyde/KQED)\u003c/figcaption>\u003c/figure>\n\u003cp>However, minister Gloria Castillo, Vicar of El Buen Samaritano Episcopal Church in the San Francisco Mission district, said today that Wells Fargo refused her three requests for a loan modification.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>“After banking with Wells Fargo for decades, and having a great credit score, I asked them three times for a loan modification so I could stay in my home. And Wells Fargo refused,” she said. “Today, I stand here to pray, not only for those individually affected, but also for the congregations and communities that collaborate, feel the pain of this unethical practice.”\u003c/p>\n\u003cp>Protester Wallace Hill of Oakland told KQED’s Lisa Pickoff-White that his house went to auction in February after Wells Fargo denied him a loan modification as well. Now, he waits for the sheriff to evict him and his tenants.\u003c/p>\n\u003cp>“All we want is the basics: food, a roof over our head and a place for our kids to be. That’s all we want,” Hill said.\u003c/p>\n\u003cp>\u003cstrong>3:15 p.m.\u003c/strong> The \u003ca href=\"http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/04/24/MN881O8BCL.DTL&tsp=1\">Chronicle\u003c/a> paints this picture of the proceedings today inside the shareholders meeting, the target of today’s Wells Fargo protest.\u003c/p>\n\u003cblockquote>\u003cp>The shareholders meeting was held in a room that has eight chandeliers hanging from an ornately carved wooden ceiling. It seats 250, and the seats were full by 12:15 p.m., meaning no more shareholders could come in.\u003c/p>\n\u003cp>To get into the room, participants went through at least three layers of security, which included showing proof of shareholder status and a walk through a metal detector.\u003c/p>\u003c/blockquote>\n\u003cp>\u003cstrong>2:50 p.m.\u003c/strong> KQED’s Mina Kim reports the following arrest numbers, per SFPD:\u003c/p>\n\u003cul>\n\u003cli>14 arrested inside the Merchants Exchange Building and six outside, some for trespassing\u003c/li>\n\u003cli>Four arrested by Sheriff’s Department for resisting arrest\u003c/li>\n\u003c/ul>\n\u003cp>Aarti Shahani, reporting for KQED, was inside the shareholders meeting that was the target of today’s protest. She reported the following…\u003c/p>\n\u003cp>\u003cstrong>2:02 p.m.\u003c/strong> The meeting has ended. CEO and employees remark that it was exceptionally fast. No one had any questions. CEO John Stumpf says ‘that’s a first!’\u003c/p>\n\u003cp>Resolution 7 to conduct internal investigation into foreclosure practices voted down. Only 6% vote in favor\u003c/p>\n\u003cp>\u003cstrong>1:29 p.m.\u003c/strong> Over a dozen stand up and chant ‘mic check’ repeatedly. Woman says ‘Wells Fargo, \u003ca href=\"http://cjjc.org/news/62-actions/214-boycott-launched-against-wells-fargo-july-1-action\">stop investing in private prisons and immigrant detention\u003c/a>.’\u003c/p>\n\u003cp>All are escorted out.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cul>\n\u003cli>\u003ca href=\"http://ww2.kqed.org/news/2012/04/24/wells-fargo-protest-san-francisco/#twitter\">\u003cstrong>Tweets from local journalists\u003c/strong>\u003c/a> and \u003ca href=\"https://twitter.com/#!/search/%23wf24\">\u003cstrong>#wf24\u003c/strong>\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://www.stopwellsfargo.com/en/live\">\u003cstrong>Live web streams\u003c/strong>\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://www.flickr.com//photos/kqedradio/sets/72157629527141178/show/\">\u003cstrong>Slideshow\u003c/strong>\u003c/a>\u003c/li>\n\u003c/ul>\n\u003c/aside>\n\u003cp>\u003cstrong>1:25 p.m.\u003c/strong> Wells CEO Stumpf: ‘2011 all in all was a terrific year for the company.’\u003c/p>\n\u003cp>Protester: ‘Not a terrific year for all the families foreclosed on by Wells Fargo.’\u003c/p>\n\u003cp>CEO: ‘You’re out of order ma’am.’\u003c/p>\n\u003cp>She is escorted out.\u003c/p>\n\u003cp>\u003cstrong>1:20 p.m.\u003c/strong> 2nd protester inside meeting interrupts to condemn Wells Fargo’s private prison investments. She’s escorted out. CEO continues with agenda.\u003c/p>\n\u003cp>\u003cstrong>1:15 p.m.\u003c/strong> Seconds into CEO John Stumpf’s intro remarks, a man got up and shouted ‘point of order! point of order!…the 99% bailed out Wells fargo with its tax dollars.’\u003c/p>\n\u003cp>Officers escort him out.\u003c/p>\n\u003cp>Stumpf continues: ‘People are hurting. They’re upset. And we understand that…’\u003c/p>\n\u003cp>\u003cem>Earlier\u003c/em>\u003cbr>\nActivists are hoping to attract two thousand people from at least ten states to San Francisco today to protest Wells Fargo at the bank’s annual shareholder meeting. Marching from Justin Herman Plaza, protesters will arrive at the California Merchant Exchange Building by noon. “Some people will be ready for arrest if the CEO does not come down and listen to the demands that are being put out by the Wells Fargo stakeholders,” said Robbie Clark of Oakland-based Causa Justa.\u003c/p>\n\u003cp>Protesters want a moratorium on all foreclosures, and principal reductions on mortgages for homes whose values have dropped.\u003c/p>\n\u003cp>\u003cstrong>11:48 a.m.\u003c/strong> Latest from AP:\u003c/p>\n\u003cblockquote>\u003cp>San Francisco police are guarding the entrance to the annual meeting of Wells Fargo shareholders in San Francisco.\u003c/p>\n\u003cp>Dozens of officers were stationed around the Financial District building where protesters associated with the Occupy Wall Street movement said they planned to crash the meeting that got underway Tuesday.\u003c/p>\n\u003cp>Bank stockholders were being asked to show certificates or other proof of ownership before being allowed past gates erected in front of the Merchants Exchange Building.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>11:35 a.m.\u003c/strong> \u003ca href=\"http://www.flickr.com//photos/kqedradio/sets/72157629527141178/show/\">Photos\u003c/a> from today…\u003c/p>\n\u003cp>\u003cstrong>11:15 a.m.\u003c/strong> KQED’s Don Clyde spoke this morning to Father Richard Smith of The Episcopal Church of St. John the Evangelist in the Mission. He’s with the\u003ca href=\"http://www.sfop.org/\"> San Francisco Organizing Project\u003c/a>, a multifaith group that works on affordable housing and other issues.\u003c/p>\n\u003cp>“We’re here because, especially as people of faith, we are outraged that even at this stage of the game Wells Fargo has still not taken responsibility for the damages they’ve caused to millions of people across the country, millions of families,” he said, “including people right here in our city and in my own parish and community. This has got to stop. They’ve got to step up to the plate and assume responsibility. This is Ethics 101. It’s far too late in the day; there’s got to be a change now.”\u003c/p>\n\u003cp>\u003cstrong>11:00 a.m.\u003c/strong> KQED’s Don Clyde reports protesters at Justin Herman Plaza have started to march. He estimates maybe 400-500 people at this point.\u003c/p>\n\u003cp>Reporter Aarti Shahani says two women have been arrested after getting through the first layer of security at the shareholders’ meeting. She says five more who entered with stock certificates are blocking the entrance by sitting down.\u003c/p>\n\u003cp>\u003ca href=\"http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=94bc9bf3b7/\">Twitter coverage\u003c/a> from KQED News reporters and other local journalists. Click on the play button to activate the feed…\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>\u003ca name=\"twitter\">\u003c/a>\u003cbr>\n\u003ciframe loading=\"lazy\" src=\"http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=94bc9bf3b7/height=550/width=470\" frameborder=\"0\" scrolling=\"no\" width=\"470px\" height=\"550px\">\u003c/iframe>\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cfigure id=\"attachment_63365\" class=\"wp-caption alignright\" style=\"max-width: 300px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/IMG_4737.jpg\">\u003cimg decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-63365\" title=\"IMG_4737\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/IMG_4737-300x200.jpg\" alt=\"Hundreds of protesters surrounded the Merchants Exchange Building in downtown San Francisco during the annual Wells Fargo shareholders meeting. (Lisa Pickoff-White/KQED)\" width=\"300\" height=\"200\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Hundreds of protesters surrounded the Mercantile Building in downtown San Francisco during the annual Wells Fargo shareholders meeting. (Lisa Pickoff-White/KQED)\u003c/figcaption>\u003c/figure>\n\u003cp>Maybe 500 people turned out — our reporters’ best estimate — for today’s protest targeting the Wells Fargo shareholder meeting in San Francisco. Protesters were calling for a moratorium on all foreclosures, as well as principal reductions on mortgages for homes whose values have dropped.\u003c/p>\n\u003cp>Marching from Justin Herman Plaza, protesters arrived at the Merchants Exchange Building in time for the 1 p.m. meeting, with about 16 actually infiltrating and disrupting the proceedings before being escorted out. SFPD says 24 people total were arrested inside the meeting and on the streets.\u003c/p>\n\u003cp>Our updates throughout the day, including reporter Aarti Shahani’s accounts of what went on inside the meeting…\u003c/p>\n\u003cp>\u003cstrong>6:47 p.m.\u003c/strong> Cy Musiker today interviewed Kirk Hanson, executive director of the Markkula Center for Applied Ethics at Santa Clara University, about what he thinks Wells Fargo’s obligations are considering the bank bailout, and whether the company has done enough for its customers. \u003c/p>\n\u003cp>Hanson said that the bank benefited greatly from the bailout and that:\u003c/p>\n\u003cblockquote>\u003cp>One would expect in response to that, the ethical argument would be, they ought to do whatever they can to soften the blow on those individuals who got these mortgages and went into foreclosure or got these mortgages and are suffering from the continuing stream of payments. There is clearly a bad record on the part of the banks in dealing with rewriting these mortgages, in marking down the total amounts that are owed. \u003c/p>\n\u003cp>Wells Fargo may have a marginally better record than Bank of America, which is often presented as the worst behavior in terms of managing this, but nonetheless they benefited greatly during the recession from the government steps to keep the banks whole, their executives are still paid very high salaries, and I think there’s a reasonable expectation that they would have done more to help those normal citizens, middle class, who suffered during the recession.\u003c/p>\u003c/blockquote>\n\u003cp>\u003cstrong>4:10 p.m.\u003c/strong> After the meeting today, Shahani interviewed Oscar Suris, Wells Fargo’s Executive Vice President for Corporate Communications. Edited transcript…\u003c/p>\n\u003cblockquote>\u003cp>AARTI SHAHANI, KQED: This meeting ended quickly, is that right?\u003c/p>\n\u003cp>OSCAR SURIS, WELLS FARGO: It ended according to the rules of the proceeding and the agenda.\u003c/p>\n\u003cp>SHAHANI: [Wells CEO] John Stumpf was saying it was a little unusual for it to go so quickly.\u003c/p>\n\u003cp>SURIS: I don’t know I would call it unusual. I just think that the company has a good story and there’s a high attendance of shareholders who are in support of the company’s performance, so it’s probably more a reflection of that than anything else.\u003c/p>\n\u003cp>SHAHANI: There was quite a bit of disruption during the meeting. What do you make of that?\u003c/p>\n\u003cp>SURIS: Shareholder meetings are in part an opportunity to have a dialogue. And we cetainly invited the opportunity…but we also wanted to conduct a meeting that would respect and honor all the participants and would also be in keeping with the rules of the meeting. We had some participants who wanted to not abide by those rules, and they interjected in a disruptive manner, and given our heightened focus on security today, we felt the best thing to do was escort them out of the meeting.\u003c/p>\n\u003cp>SHAHANI: Some protesters said they were put into a spillover room and intentionally filtered out of the main room, even though they’re shareholders. Do you have a response to that?\u003c/p>\n\u003cp>SURIS: Our focus from the very beginning has been to conduct this meeting according to the rules and also with a focus on keeping it as safe as possible for all of the meeting’s participants. We believe we had an obligation to do that and that was an obligation supported by the San Francisco Police Department.\u003c/p>\n\u003cp>But clearly we wanted to have all points of view in the room, all points of view were represented. But again, with a maximum capacity of 275 people, and protesters outside numbering more than 500, we weren’t going to be able to have everybody in here.\u003c/p>\n\u003cp>SHAHANI: Do you think that the criticism of Wells Fargo around foreclosures is fair?\u003c/p>\n\u003cp>SURIS: We think the characterization that we are not committed to helping this housing market get on its feet again are unfair…We have a very deep commitment both to the housing market and to consumers in it who are our customers. As our chairman and CEO John Stumpf said today, we are conducting two mortgage modifications for every one we foreclose on…That’s allowed us to modify mortgages for more than 740,000 homeowners since Jan 2009…We’ve forgiven more than $4 billion dollars of mortgage principal since Jan 2009.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cfigure id=\"attachment_63376\" class=\"wp-caption alignleft\" style=\"max-width: 300px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/6965008212_65b5dd28cd_b.jpg\">\u003cimg decoding=\"async\" loading=\"lazy\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/6965008212_65b5dd28cd_b-300x200.jpg\" alt=\"Interfaith members protest at Justin Herman Plaza before marching to the Wells Fargo shareholders meeting. (Don Clyde/KQED)\" title=\"6965008212_65b5dd28cd_b\" width=\"300\" height=\"200\" class=\"size-medium wp-image-63376\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Interfaith members protest at Justin Herman Plaza before marching to the Wells Fargo shareholders meeting. (Don Clyde/KQED)\u003c/figcaption>\u003c/figure>\n\u003cp>However, minister Gloria Castillo, Vicar of El Buen Samaritano Episcopal Church in the San Francisco Mission district, said today that Wells Fargo refused her three requests for a loan modification.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>“After banking with Wells Fargo for decades, and having a great credit score, I asked them three times for a loan modification so I could stay in my home. And Wells Fargo refused,” she said. “Today, I stand here to pray, not only for those individually affected, but also for the congregations and communities that collaborate, feel the pain of this unethical practice.”\u003c/p>\n\u003cp>Protester Wallace Hill of Oakland told KQED’s Lisa Pickoff-White that his house went to auction in February after Wells Fargo denied him a loan modification as well. Now, he waits for the sheriff to evict him and his tenants.\u003c/p>\n\u003cp>“All we want is the basics: food, a roof over our head and a place for our kids to be. That’s all we want,” Hill said.\u003c/p>\n\u003cp>\u003cstrong>3:15 p.m.\u003c/strong> The \u003ca href=\"http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/04/24/MN881O8BCL.DTL&tsp=1\">Chronicle\u003c/a> paints this picture of the proceedings today inside the shareholders meeting, the target of today’s Wells Fargo protest.\u003c/p>\n\u003cblockquote>\u003cp>The shareholders meeting was held in a room that has eight chandeliers hanging from an ornately carved wooden ceiling. It seats 250, and the seats were full by 12:15 p.m., meaning no more shareholders could come in.\u003c/p>\n\u003cp>To get into the room, participants went through at least three layers of security, which included showing proof of shareholder status and a walk through a metal detector.\u003c/p>\u003c/blockquote>\n\u003cp>\u003cstrong>2:50 p.m.\u003c/strong> KQED’s Mina Kim reports the following arrest numbers, per SFPD:\u003c/p>\n\u003cul>\n\u003cli>14 arrested inside the Merchants Exchange Building and six outside, some for trespassing\u003c/li>\n\u003cli>Four arrested by Sheriff’s Department for resisting arrest\u003c/li>\n\u003c/ul>\n\u003cp>Aarti Shahani, reporting for KQED, was inside the shareholders meeting that was the target of today’s protest. She reported the following…\u003c/p>\n\u003cp>\u003cstrong>2:02 p.m.\u003c/strong> The meeting has ended. CEO and employees remark that it was exceptionally fast. No one had any questions. CEO John Stumpf says ‘that’s a first!’\u003c/p>\n\u003cp>Resolution 7 to conduct internal investigation into foreclosure practices voted down. Only 6% vote in favor\u003c/p>\n\u003cp>\u003cstrong>1:29 p.m.\u003c/strong> Over a dozen stand up and chant ‘mic check’ repeatedly. Woman says ‘Wells Fargo, \u003ca href=\"http://cjjc.org/news/62-actions/214-boycott-launched-against-wells-fargo-july-1-action\">stop investing in private prisons and immigrant detention\u003c/a>.’\u003c/p>\n\u003cp>All are escorted out.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cul>\n\u003cli>\u003ca href=\"http://ww2.kqed.org/news/2012/04/24/wells-fargo-protest-san-francisco/#twitter\">\u003cstrong>Tweets from local journalists\u003c/strong>\u003c/a> and \u003ca href=\"https://twitter.com/#!/search/%23wf24\">\u003cstrong>#wf24\u003c/strong>\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://www.stopwellsfargo.com/en/live\">\u003cstrong>Live web streams\u003c/strong>\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://www.flickr.com//photos/kqedradio/sets/72157629527141178/show/\">\u003cstrong>Slideshow\u003c/strong>\u003c/a>\u003c/li>\n\u003c/ul>\n\u003c/aside>\n\u003cp>\u003cstrong>1:25 p.m.\u003c/strong> Wells CEO Stumpf: ‘2011 all in all was a terrific year for the company.’\u003c/p>\n\u003cp>Protester: ‘Not a terrific year for all the families foreclosed on by Wells Fargo.’\u003c/p>\n\u003cp>CEO: ‘You’re out of order ma’am.’\u003c/p>\n\u003cp>She is escorted out.\u003c/p>\n\u003cp>\u003cstrong>1:20 p.m.\u003c/strong> 2nd protester inside meeting interrupts to condemn Wells Fargo’s private prison investments. She’s escorted out. CEO continues with agenda.\u003c/p>\n\u003cp>\u003cstrong>1:15 p.m.\u003c/strong> Seconds into CEO John Stumpf’s intro remarks, a man got up and shouted ‘point of order! point of order!…the 99% bailed out Wells fargo with its tax dollars.’\u003c/p>\n\u003cp>Officers escort him out.\u003c/p>\n\u003cp>Stumpf continues: ‘People are hurting. They’re upset. And we understand that…’\u003c/p>\n\u003cp>\u003cem>Earlier\u003c/em>\u003cbr>\nActivists are hoping to attract two thousand people from at least ten states to San Francisco today to protest Wells Fargo at the bank’s annual shareholder meeting. Marching from Justin Herman Plaza, protesters will arrive at the California Merchant Exchange Building by noon. “Some people will be ready for arrest if the CEO does not come down and listen to the demands that are being put out by the Wells Fargo stakeholders,” said Robbie Clark of Oakland-based Causa Justa.\u003c/p>\n\u003cp>Protesters want a moratorium on all foreclosures, and principal reductions on mortgages for homes whose values have dropped.\u003c/p>\n\u003cp>\u003cstrong>11:48 a.m.\u003c/strong> Latest from AP:\u003c/p>\n\u003cblockquote>\u003cp>San Francisco police are guarding the entrance to the annual meeting of Wells Fargo shareholders in San Francisco.\u003c/p>\n\u003cp>Dozens of officers were stationed around the Financial District building where protesters associated with the Occupy Wall Street movement said they planned to crash the meeting that got underway Tuesday.\u003c/p>\n\u003cp>Bank stockholders were being asked to show certificates or other proof of ownership before being allowed past gates erected in front of the Merchants Exchange Building.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>11:35 a.m.\u003c/strong> \u003ca href=\"http://www.flickr.com//photos/kqedradio/sets/72157629527141178/show/\">Photos\u003c/a> from today…\u003c/p>\n\u003cp>\u003cstrong>11:15 a.m.\u003c/strong> KQED’s Don Clyde spoke this morning to Father Richard Smith of The Episcopal Church of St. John the Evangelist in the Mission. He’s with the\u003ca href=\"http://www.sfop.org/\"> San Francisco Organizing Project\u003c/a>, a multifaith group that works on affordable housing and other issues.\u003c/p>\n\u003cp>“We’re here because, especially as people of faith, we are outraged that even at this stage of the game Wells Fargo has still not taken responsibility for the damages they’ve caused to millions of people across the country, millions of families,” he said, “including people right here in our city and in my own parish and community. This has got to stop. They’ve got to step up to the plate and assume responsibility. This is Ethics 101. It’s far too late in the day; there’s got to be a change now.”\u003c/p>\n\u003cp>\u003cstrong>11:00 a.m.\u003c/strong> KQED’s Don Clyde reports protesters at Justin Herman Plaza have started to march. He estimates maybe 400-500 people at this point.\u003c/p>\n\u003cp>Reporter Aarti Shahani says two women have been arrested after getting through the first layer of security at the shareholders’ meeting. She says five more who entered with stock certificates are blocking the entrance by sitting down.\u003c/p>\n\u003cp>\u003ca href=\"http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=94bc9bf3b7/\">Twitter coverage\u003c/a> from KQED News reporters and other local journalists. Click on the play button to activate the feed…\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>From AP:\u003c/p>\n\u003cblockquote>\u003cp>Apple, the world's most valuable company, is trumping skeptics once again by reporting blow-out iPhone sales.\u003c/p>\n\u003cp>Apple says it sold 35 million iPhones in the quarter, almost twice as many as it sold a year ago and above analyst expectations.\u003c/p>\n\u003cp>Apple shares were down before the report because investors believed phone companies had reined in iPhone sales.\u003c/p>\n\u003cp>Net income in the fiscal second quarter, which runs January to March, was $11.6 billion, or $12.30 per share. That was up nearly double the net income of $6 billion, or $6.40 per share, a year ago.\u003c/p>\n\u003cp>Analysts polled by FactSet were expecting earnings of $10.07 per share for the latest quarter, Apple's fiscal second.\u003c/p>\n\u003cp>Revenue was $39.2 billion, up 59 percent from a year ago. Analysts were expecting $37 billion. \u003c/p>\n\u003c/blockquote>\n\u003cp>\u003ca href=\"http://finance.yahoo.com/q?s=aapl&ql=1\">Shares\u003c/a> are up over six percent in after-hours trading.\u003c/p>\n\u003cp>\u003ca href=\"http://events.apple.com.edgesuite.net/124ijobnawdvohb24/event/index.html\">\u003cstrong>Listen here to Apple's earnings call with analysts\u003c/strong>\u003c/a>.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/netflixlogo.jpg\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/netflixlogo.jpg\" alt=\"\" title=\"netflixlogo\" width=\"94\" height=\"94\" class=\"alignright size-full wp-image-63124\">\u003c/a>\u003ca href=\"http://finance.yahoo.com/q?s=nflx&ql=1\">Netflix shares\u003c/a> are getting a big thumbs down in after-hours trading, after the company's earnings report showed a quarterly loss for the first time in seven years.\u003c/p>\n\u003cp>Shares have dropped 15 percent on top of a four percent loss in the regular session.\u003c/p>\n\u003cp>Per \u003ca href=\"http://money.cnn.com/2012/04/23/technology/netflix-earnings/index.htm?iid=Lead\">CNN Money\u003c/a>:\u003c/p>\n\u003cblockquote>\u003cp>Netflix's first-quarter financials came in better than expected after a dismal 2011, but it wasn't enough for investors to overlook a weak revenue outlook.\u003c/p>\n\u003cp>Netflix announced late Monday that it lost 8 cents per share on $870 million in sales last quarter. Analysts polled by Thomson Reuters expected a much wider loss of 27 cents per share, and sales of $866 million.\u003c/p>\n\u003cp>But shares plunged 14% in after-hours trading. Investors were likely disappointed by Netflix's sales outlook of $873 million to $895 million, lower than analysts' forecasts of $897 million in revenue for the second quarter.\u003c/p>\u003c/blockquote>\n\u003cp>Perhaps Reed Hastings will have some 'splainin' to do on the Los Gatos-based company's analysts at 3 p.m. \u003ca href=\"http://ir.netflix.com/eventdetail.cfm?EventID=111504\">\u003cstrong>You can listen to that live here\u003c/strong>\u003c/a>.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n",
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"info": "The MindShift podcast explores the innovations in education that are shaping how kids learn. Hosts Ki Sung and Katrina Schwartz introduce listeners to educators, researchers, parents and students who are developing effective ways to improve how kids learn. We cover topics like how fed-up administrators are developing surprising tactics to deal with classroom disruptions; how listening to podcasts are helping kids develop reading skills; the consequences of overparenting; and why interdisciplinary learning can engage students on all ends of the traditional achievement spectrum. This podcast is part of the MindShift education site, a division of KQED News. KQED is an NPR/PBS member station based in San Francisco. You can also visit the MindShift website for episodes and supplemental blog posts or tweet us \u003ca href=\"https://twitter.com/MindShiftKQED\">@MindShiftKQED\u003c/a> or visit us at \u003ca href=\"/mindshift\">MindShift.KQED.org\u003c/a>",
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"info": "Our weekly podcast explores how the media 'sausage' is made, casts an incisive eye on fluctuations in the marketplace of ideas, and examines threats to the freedom of information and expression in America and abroad. For one hour a week, the show tries to lift the veil from the process of \"making media,\" especially news media, because it's through that lens that we see the world and the world sees us",
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"info": "Possible is hosted by entrepreneur Reid Hoffman and writer Aria Finger. Together in Possible, Hoffman and Finger lead enlightening discussions about building a brighter collective future. The show features interviews with visionary guests like Trevor Noah, Sam Altman and Janette Sadik-Khan. Possible paints an optimistic portrait of the world we can create through science, policy, business, art and our shared humanity. It asks: What if everything goes right for once? How can we get there? Each episode also includes a short fiction story generated by advanced AI GPT-4, serving as a thought-provoking springboard to speculate how humanity could leverage technology for good.",
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"soldout": {
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