March 14, 2019

Page 1

March 14, 2019

VOL. 34, No. 11

Magic Johnson Maxine Waters’ House Panel Park Renovation Scolds Wells Fargo’s CEO Sloan Breaks Ground By Francis Taylor, Asst. Editor & LA Times

Francis Taylor, Asst. Editor

NBA legend Earvin “Magic” Johnson and Los Angeles County Supervisor Mark Ridley-Thomas kicked off a $70-million renovation of the park bearing the basketball legend’s name in the community of Willowbrook surrounded by hundreds of cheering South Los Angeles residents,. The project represents the largest investment in a park improvement ever by the County of Los Angeles, and is the first phase of a master plan that is slated to dramatically transform Magic Johnson Park over the next two decades. “We are making magic at Magic Johnson Park, and the result is going to be visionary,” Supervisor Ridley-Thomas said. “Besides providing amenities that currently don’t exist in this community, we are enhancing the beauty of this space and creat2 ing opportunities to

“Wells Fargo’s ongoing lawlessness and failure to right the ship suggest the bank, with approximately $1.9 trillion in assets and serving one in three U.S. households, is simply too big to manage,” said Rep. Maxine Waters, Chair of the House Financial Services Committee. Wells Fargo & Co. Chief Executive Tim Sloan traveled to Capitol Hill on Tuesday with a message of contrition for the company’s many scandals and commitment to treating its employees and customers right and lawmakers from both parties weren’t buying it. The contentious four-hour hearing increased pressure on regulators to continue their tough approach to Wells Fargo, and helps fuel Democratic efforts to seek the breakup of giant banks that have a history of consumer abuses. Sloan was the first megabank chief executive whom Waters, an outspoken critic of Wells Fargo, summoned to appear before the Committee since she took over as its chairwoman in January. She concluded the hearing by saying

regulators should consider removing Sloan as Wells Fargo’s chief executive and declaring she would reintroduce legislation that would direct regulators

to downsize or even shut down banks with a pattern of violating consumer

protection laws. “This hearing has revealed Wells Fargo has failed to clean up its act, it’s too big to manage and the steps regulators have taken to date are wholly inadequate,” she said, adding it was time for Congress to “take bold action.” Republicans are unlikely to support the bill, but they joined Waters and her fellow Democrats on Tuesday in hammering away at Sloan for Wells Fargo’s continued problems. “We continue to be disappointed with [Wells Fargo’s] performance under our consent orders and its inability to execute effective corporate governance and a successful risk management program,” said agency spokesman Bryan Hubbard. The Los Angeles Times first reported Wells Fargo’s high-pressure sales practices in 2013. Three years later, the bank acknowledged that its employees had opened millions of checking, savings and credit card accounts that customers never authorized. Wells Fargo has paid about $4 billion in settlements with

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County Reaffirms Commitment to Local

Small Business Enterprises By Francis Taylor, Asst. Editor

The Los Angeles County Board of Supervisors unanimously approved a motion reaffirming their commitment to award 25 percent of the County’s $3.9 billion in eligible annual procurement awards to Local Small Business Enterprises (LBSEs) by 2020. The motion called for developing an implementation plan and strategy to streamline the procurement process. “LA County has significant potential to influence the composition of businesses that can thrive in this region,” said Supervisor Mark RidleyThomas, who authored the motion with Supervisor Hilda Solis. “If we are serious about meeting our goal of $1 billion in small business contracts by 2020, it’s time to double down.”

Since the Board first set the 25 percent goal in 2016, the County has more than doubled its contracting with small businesses. Its Economic Devel-

opment Report Card showed LSBEs were awarded $355 million in the fiscal year 2017-2018, equating to a 9 percent utilization rate. In just the first half of fiscal year 2018-2019, $321 million has already been awarded to LSBEs, putting the County on track to reach its

highest utilization rate. In a call to action at a recent meeting with 150 small business owners, faith leaders, and community leaders, Supervisor RidleyThomas encouraged participants to “show up, lead, and make sure that we have an opportunity to impact meaningful change throughout Los Angeles.” The Supervisors’ motion instructed the Departments of Consumer and Business Affairs and Internal Services to present an implementation plan to the Board in April. This should include recommendations for pursuing a regional business certification program and marketplace, a modern e-procurement system, and legislative solutions.

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