Lt. Governor Trips on Business Journal List

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Lt. Governor Trips on Business Journal List

By CLAUDIA PESCHIUTTA

Staff Reporter

Lt. Gov. Cruz Bustamante’s attempts to commend businesses and organizations through the pages of the Los Angeles Business Journal have backfired a bit.

Organizations and businesses included in the newspaper’s Book of Lists, a collection of quantitative rankings published late last year, have been getting commendations this month from Bustamante for their “continued efforts to enrich the lives of others.”

One certificate was sent to GOP gubernatorial candidate Bill Simon, listed as co-chairman of William E. Simon & Sons LLC, which ranked fourth on the list of venture capital firms in L.A. last year. The company was not on this year’s list.

The Democratic lieutenant governor’s commendation went out the same week a jury levied a $78 million fraud judgment against the firm, a coincidence picked up on by the San Jose Mercury News and the San Francisco Chronicle.

“This is the first time that this has happened, believe me,” said Luis Vizcaino, Bustamante’s press secretary.

Business Journal Editor Mark Lacter said the newspaper’s lists do not merit commendation, noting they are merely “rankings, not endorsements.”

“They are not a reflection of anything other than some company having a high enough number in whatever measuring stick we’re using to warrant inclusion,” Lacter said.

Vizcaino said he didn’t know who approved the commendation certificates, which are paid for by the state. Asked how recipients are chosen, he said there is no set procedure but added that they are selected using information from credible sources.

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