February 13, 2014

LAWT News Service

 

Congresswoman Maxine Waters (D-CA), an advocate for the Haitian people in the U.S. Congress, introduced a bipartisan resolution to honor the 210th anniversary of Haiti’s independence (H.Res. 474) and presented a copy of the resolution to Haitian President Michel Martelly. President Martelly was in Washington, DC meeting with members of Congress and President Obama. Haiti declared its independence from France on January 1, 1804, 210 years ago, following a revolt among African slaves against their French colonial masters.

 "Haiti is the only country to have achieved its independence as the result of a successful slave rebellion," said Waters. "I am proud to introduce this resolution to congratulate the people of Haiti upon the 210th anniversary of their independence."

 Waters’ resolution was cosponsored by a bipartisan group of ten members of Congress, all of whom are either members of the House Committee on Foreign Affairs or have shown a strong interest in issues affecting Haiti.  The cosponsors include Reps. Eliot L. Engel (D-NY), ranking member of the House Committee on Foreign Affairs; Christopher H. Smith (R-NJ), chairman of the Subcommittee on Africa, Global Health and Global Human Rights; Albio Sires (D-NJ), ranking member of the Subcommittee on the Western Hemisphere; Gregory W. Meeks (D-NY), senior member of the Subcommittee on the Western Hemisphere; Karen Bass (D-CA ), ranking member of the Subcommittee on Africa, Global Health and Global Human Rights; Barbara Lee (D-CA); Yvette D. Clarke (D-NY); Frederica S. Wilson (D-FL); John Conyers (D-MI); and Charles B. Rangel (D-NY).

"The people of Haiti have survived slavery, repression, and natural disasters," said Waters. "They have demonstrated tremendous courage throughout their history, and they continue to work to improve their lives and create a better future for themselves, their families, and their fellow citizens."

 During Waters’ twelve terms in Congress, she has visited Haiti many times, and she has worked with her colleagues in Congress, State Department officials, Haitian political leaders, and Haitian civil society to promote effective governance, democracy, human rights, and economic and social development in Haiti.  Following the 2010 earthquake, she introduced the Debt Relief for Earthquake Recovery in Haiti Act (H.R. 4573), which was passed and signed into law by the president.

 "I urge all of my colleagues to pass this resolution and join me in honoring the 210th anniversary of Haiti’s independence," she said.

Parent Category: News
Category: Business

February 13, 2014

Parent Category: News
Category: Business

February 13, 2014

By Edward Rice, III

LAWT Contributing Writer

 

When it comes to servicing the financial needs of underserved clients in Southern California, Broadway Federal Bank is the premiere banking institution in the west. Established in 1946 as Broadway Savings and Loan, originally the bank was founded according to current CEO, Wayne Kent-Bradshaw to address the needs of the underserved black community. “We are still committed to that same purpose today,” says Bradshaw. “We see ourselves as a leading community bank serving the lower to moderate income community in Southern California.”

“Broadway was founded because the black community at the time was unable to get financing to move west of Western,” explains Bradshaw. “There was no way that they could live wherever they wanted to so Broadway along with Family Savings was founded to provide financing for that community and Broadway has steadfastly held to that tradition and still does.”

Today Broadway’s primary focus is still providing housing for the Southern California community with one major difference: small multi family lending. “We focus primarily on small multi family lending and the reason that we focus on that is because in the greater LA area the affordability index is very low. I don’t think 20% of the population can afford a home at these prices,” states Bradshaw. “So providing multi family housing for people is critical and we’ve decided to focus on that area and be the best in class. Thus, small units in the Los Angeles area are our #1 market. We do single family financing but again our focus is on the multi-family. In terms of deposit products we think we’re providing what 95% of the market needs, which is checking, savings, and IRAs. Ours is a very simple, straight-forward, no bells and whistles banking addressing the needs of the community we serve.”

When asked about what makes Broadway different and its competitive advantage Bradshaw had one quick, clear, reply: Responsiveness. “When you’re dealing with a Broadway Federal you can get to me or any other senior manager in the bank to address your problems,” insists Bradshaw. “You’re also dealing with people who live and work in and are from in great part (not every last one obviously)  the community. They understand that someone doesn’t have to have a pristine image to be a good person…it can depend on the circumstances.” He added, “Being able to deal with people who know the business is important as well; this is the third of our institutions that I’ve turned around. I’ve turned around Founders; I’ve turned around Family and now Broadway. I’m somebody that knows exactly what we need to do.”

Declaring that he knows what we need to do is an understatement with respect to Bradshaw’s expertise. He recently completed a recapitalization of Broadway Federal Bank that took three years to complete, included the federal government and was described by one investment banker as “one of the most complex transactions I’ve ever dealt with.”  “The current state is in very good shape,” says Bradshaw confidently. “The capitalization concluded, we’re poised for growth and serving the community as well as we possibly can. We have basically recapitalized the bank and gotten rid of five layers of debt that was problematic for the bank and turned the capital structure into a pure equity structure. We started making money 7 or 8 of the last 12 months,” not a lot he cautions. “But we were able to solve many of the significant problems that we had, you know with non-performing assets, unclassified assets and delinquencies. We addressed all of the issues and now we’re ready and poised to move the bank forward.”

As Bradshaw discusses the bank’s future the excitement and optimism in his voice is undeniable. “We’re positioned for growth. We’ve simplified our balance sheet, we’re raising capital to address the debt the parent company has and bring in capital for growth. We’ve also got really solid fundamentals here,” he stresses.  “The things that caused us problems have been substantially corrected. We have an extremely experienced management team and a team that knows how to rebuild banks. We’ve picked out a really profitable niche that we’re going to focus on: multi-family first, then residential, then owner-occupied retail and some sba loans.”

It’s clear that anybody that walks through Broadway Federal’s door can expect to be at home. Bradshaw confirms that “we would embrace them, we’d be happy to see them and we would assist them in anyway we can. We’ve been doing that for 60 + years and we are focused on being the best in class.”

For Broadway Federal Bank it’s definitely not business as usual. While changes were necessary and recapitalization ushered in a new era of banking for the trailblazing institution, the values the bank was founded on are still very much intact. “The business is the business. It’s banking. Everybody does it, the money is the same,” claims Bradshaw. “So the discerning factor is the service you can provide and we feel we can serve our particular community better than anybody else.”

Parent Category: News
Category: Business

February 13, 2014

LAWT News Service

 

Senator Holly J. Mitchell (D-South Los Angeles) has introduced a bill to allow courts to authorize law enforcement officials to use wiretaps when investigating or prosecuting the trafficking of minors. During a press conference held at the state Capitol to call for concerted state and county efforts to combat the illegal exploitation of youths for sex and labor, Mitchell emphasized the need for more effective policing to apprehend and convict suspected perpetrators.

“Our children are simply not for sale,” Mitchell said at the press conference, flanked by Los Angeles County Supervisor Don Knabe, state Senators Ted Lieu, Bob Huff, Jerry Hill and Marty Block, Assemblymember Susan Eggman and California Against Slavery founder Daphne Phung. “We have to empower law enforcement with the tools they need.”

Mitchell’s bill, SB 955, would add suspected trafficking of minors to the list of felony cases during which it is lawful for police to seek a judge’s permission to employ wiretaps. Wiretapping is already legal in investigations of illicit drug dealing, various violent crimes, and felonious conspiracies. Californians passed an initiative to increase penalties for youth trafficking in 1996, but that ballot measure did not add trafficking to the list of authorized wiretap investigations.

“Young women in foster care and group homes are being targeted and victimized,” said Mitchell. “Children of color, especially, are being trafficked and need our help.”

The interception of wire and electronic communications (cell phones, text messages, etc.) is a powerful tool for investigating, infiltrating, dismantling and prosecuting human trafficking organizations, she said. Conviction of pimps is less likely to depend on their victims testifying in court when wiretap evidence is available instead.

Parent Category: News
Category: Business

February 06, 2014

LAWT News Service

 

Members of the African American Board Leadership Institute said they are proud to announce that Robert Shives, associate general counsel at Fujitsu America Inc. and an AABLI alum, was elected to serve on the board of San Jose Jazz.

“San Jose Jazz is an innovative educational organization whose commitment to education and the community goes back over fifteen years and is at the very core of the organization’s mission,” officials said.

Parent Category: News
Category: Business

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