One Santa Clara County lawmaker owns inventory in additional than 60 corporations, together with tech giants like Apple, Google and Fb in addition to fuel and utility corporations equivalent to Chevron and Exelon.
The evaluate of public inventory holdings for Santa Clara County’s Board of Supervisors follows an April evaluation of San Jose councilmembers’ inventory portfolios. That evaluation discovered one elected chief, Vice Mayor Chappie Jones, owned extra shares than all the opposite members mixed. He later shed most of his inventory choices, holding on to only eight together with the controversial data-mining firm Palantir.
On the county stage, Board President Mike Wasserman, has far and away the most important inventory portfolio of any board member.
- Abbott Labs, a pharmaceutical firm.
- Superior Micro Gadgets, an infotech firm
- AMC Leisure
- Alibaba Group
- American Electrical Energy, a utility
- Financial institution of America
- Utilized Supplies
- Berkshire Hathaway
- Bristol Myers Squibb
- Citi Group
- Coca Cola
- Cisco Techniques
- Consolidated Edison, a utility
- DTE Power, a utility
- Danaher Corp, a life sciences corporations
- Duke Power, a utility
- Exelon, a utility
- Goldman Sachs
- First Power, a utility
- Dwelling Depot
- JPMorgan Chase
- Kimberly Clark, a shopper items firm
- Johnson & Johnson
- Kimco Realty, an actual property funding belief
- Kraft Heinz
- Lending Membership,
- Mondelez Worldwide, a confectionary meals maker
- Nikola Motor Firm, a zero-emissions automobile producer
- Morgan Stanley
- Nvidia, a man-made intelligence firm
- PNC Monetary, a financial institution
- Regional Monetary, a financial institution
- Procter & Gamble
- Southern Firm, a utility
- Southern Copper, a mining firm
- United Well being Group
- Viatris, a healthcare firm
- Wells Fargo Financial institution
- Zynga, an internet sport developer
Final 12 months, Wasserman disposed of shares in Evergy, a utility, and Maxim Built-in, an built-in circuits maker.
Wasserman additionally reported revenue from a consumer, Caw Properties, that he served by means of South Bay Consultants, a property administration agency for which he’s the only real proprietor. He additionally obtained revenue from a household belief that owns 5 rental properties
Inventory choices for elected officers can change into a battle once they should step away from votes involving corporations they’ve financially invested in. That might be seen as a battle of curiosity. In San Jose, two councilmembers have been compelled to stroll away from a vote on hazard pay for grocery staff on the final minute and it seems nobody at Metropolis Corridor is checking for such conflicts earlier than an merchandise is mentioned.
Wasserman has recused himself a minimum of as soon as from a vote. In Dec. 2020, he recused himself from a vote on contemplating protections for important staff within the quick meals business as a result of he owned inventory in McDonalds.
A number of investments didn’t seem on Wasserman’s public disclosure types. In an e mail to San José Highlight, Wasserman stated he has invested in a number of cryptocurrency shares, together with Coinbase, Riot Blockchain and Grayscale. Wasserman didn’t instantly reply to questions on why they don’t seem on his types.
It’s unclear what obligations elected officers are below in terms of reporting cryptocurrency. Jay Wierenga, a spokesperson for the California Truthful Political Practices Fee, stated officers should submit a doc often known as a Type 700 that stories their monetary pursuits as “utterly as doable.” However the Political Reform Act doesn’t explicitly deal with reporting for cryptocurrency.
“The FPPC Authorized Division has given casual recommendation on the topic prior to now to deal with it like a inventory in a enterprise,” Wierenga instructed San José Highlight, that means it ought to be disclosed. “We all the time inform public officers that it’s higher to over report than below report, to encourage transparency, and in the event that they select, to reveal issues that may not essentially be required in an effort to indicate transparency and diligence in adhering to the necessities.”
Different members of the Board of Supervisors reported fewer monetary pursuits in 2020 than Wasserman.
District 2 Supervisor Cindy Chavez, is invested in two shares which are held in her partner’s particular person retirement account, Apple Inc. and Pacific Monetary Company, a regional financial institution.
Chavez didn’t reply instantly to a request for remark.
District 3 Supervisor Otto Lee holds no shares, in keeping with public information. Lee is the managing companion of an mental property legislation agency, Mental Property Legislation Group, positioned in San Jose.
“I might say that these disclosure guidelines typically might be fairly detailed, and I feel typically it’s actually necessary to not assume you already know what the rule is,” Lee stated. “We all the time seek the advice of with the authorized counsel to verify we’re doing one thing proper.”
Susan Ellenberg, supervisor for District 4, didn’t personal any inventory in 2020, in keeping with her disclosure assertion. She did report revenue from a restricted legal responsibility firm referred to as Palms Santa Clara that owns an house complicated. Her husband is the member of an LLC that’s invested in a distinct house complicated.
Ellenberg stated she’s by no means needed to recuse herself from a vote.
In 2020, District 5 Supervisor Joe Simitian has inventory in Outreach Circle, a relational organizing platform, however his disclosure states that he has no possession curiosity or enterprise place within the firm. He additionally reported inventory in Apple, AT&T and Johnson & Johnson that have been held in IRAs. These shares have been disposed of in early 2020, in keeping with the disclosure.
Simitian instructed San José Highlight he has recused himself from votes over time, however he couldn’t recall off-hand which of them.
“Over time you study to pay cautious consideration to when and the place you may need a battle of curiosity, and if and while you do, you recuse your self in step with the necessities of state and native legislation,” Simitian stated. “Often, it may be powerful to get a fully clear reply—a few of these battle questions could be sophisticated—so that you err on the facet of warning.”
County Counsel James Williams stated supervisors obtain coaching on the best way to adjust to monetary disclosure guidelines to keep away from operating into conflicts of pursuits with their votes.
“It’s a complete two-hour coaching and covers fairly a spread of matters,” Williams stated. He added that elected officers are required by state legislation to state their recusal on the document if an merchandise seems earlier than them for a choice that they’ve a monetary curiosity in.
These recusals are memorialized within the minutes of county conferences. However there seems to be no systematic manner of monitoring compliance.
“We wouldn’t have a separate monitoring system for recusals outdoors of the minutes,” stated Deputy County Government Megan Doyle.
Contact Eli Wolfe at [email protected] or @EliWolfe4 on Twitter.