PRESIDENT GEORGE W. BUSH Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: MKTBUZZ who started this subject	7/31/2001 2:17:27 PM
From: H-Man	Read Replies (1) of 769670

AP: Calif. Secretary Bought Energy Stock can you say conflict of interest ? SEC is investigating toooooo funny .... California Governor's Press Secretary Confirms Buying Energy Company Stock By ALEXA HAUSSLER Associated Press Writer SACRAMENTO, Calif. (AP) -- Gov. Gray Davis' press secretary says he owns stock in the same energy company as five state consultants who were fired because of possible conflict of interest. Steve Maviglio confirmed Monday that on June 20 he bought 300 shares of stock in Calpine Corp. (NYSE:CPN - news), a San Jose-based power generator that has received about $13 billion in state contracts to supply electricity for up to 20 years. Secretary of State Bill Jones called for Maviglio's termination. Jones is a candidate for the GOP nomination to challenge Davis in November 2002. The five energy consultants were fired last week because they owned shares in Calpine and also had helped the state buy electricity from the company. ``We did not want them making governmental decisions and holding these stocks,'' said Barry Goode, the governor's legal affairs secretary. An anonymous source told the Los Angeles Times on Monday that the Securities and Exchange Commission has launched a preliminary inquiry into whether the consultants used inside information to trade energy stocks. Maviglio defended his investment, saying that he ``owns several stocks in companies in all fields that are growing and are based in California.'' He said he had arranged to buy Calpine stock if it dipped to $40 a share, which it did two days after a June 18 ruling by federal energy regulators restricting wholesale electricity prices in California and 10 other states. Calpine stock closed Monday at $37.13. Maviglio had served as Davis' chief spokesman urging the Federal Energy Regulatory Commission to impose price ceilings on electricity wholesalers. He also said he owns stock worth $10,000 to $100,000 in Houston-based Enron Corp. (NYSE:ENE - news), the nation's largest power wholesaler. He said he bought the stock in 1997 and has reported it on financial disclosure forms. He said his holding is ``closer to $10,000.'' biz.yahoo.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next