August 11-17, 2005
loose canon
Clever VinnieSen. Vince Fumo demolishes developer John Turchi's plans for the Dilworth House.
State Sen. Vince Fumo is a genius, and it's fortunate that, this time, he's on the side of the angels against an outrageous attempt to trash the city's protection of historic buildings.
Developer John Turchi Jr. wants to demolish the historic Dilworth House on Washington Square and replace it with a 12-story luxury condo. Turchi's lawyers were trying to convince a Historical Commission committee to take away Dilworth House's historic certification when suddenly the committee's proceedings came to a halt. The crowd parted, as Fumo paid a surprise visit.
Fumo called the Dilworth House a beloved landmark of his generation. After Mayor Richardson Dilworth moved into his new home, Society Hill began its historical revival which alone makes the mansion worth saving. Then, Fumo appeared to depart from his written text and took off his gloves. He landed two quick blows, followed by a roundhouse wallop. The senator first promised to buy back the house from the developer with $1.75 million in state funds. He also promised to turn the historical house into a public museum.
Then, surrounded by Turchi's pricey legal talent, the senator let loose a promise that brought cheers from the crowd: Fumo wanted to "make it known that I am fully prepared to fund the Society Hill Civic Association to litigate this for the next 20 years."
Throughout Fumo's tirade, Turchi never flinched. I later asked him if the senator's appearance changes anything. "Nothing," Turchi shot back, ready to take his fight to the courts if necessary. Defiantly, the developer punched back, "I wanna know whose money is [Fumo] going to fight me with?" apparently referring to some of Fumo's financial practices, now under investigation.
The thing is, after Fumo's brief visitation, chances are now slim that Turchi's team will ever make it to court. And it wasn't the threat of two decades of litigation. Fumo was more clever than that.
When the senator promised to reimburse the developer and further offered to fund a museum, he undermined the only two circumstances that would allow a historical building to be demolished: the developer's extreme financial distress, or if the building's removal would serve a greater public good (such as for a highway).
Having received a very public offer from the senator to buy the building, Turchi now can't plead poverty. And no private developer could possibly match the public good of converting the mansion into a public museum. Fumo beat Turchi on both counts.
Turchi may have been spoiling for a fight after Fumo's appearance. But by then, the senator had already cut him off at the knees.
I wanted to buy some Comcast stock, but my stockbroker wouldn't let me.
Comcast's financials are strong enough. Its cable monopolies are safe for now. But as technology evolves, Comcast must transform itself from a utility company that merely owns the pipes into a producer that creates the programming.
I admit, Comcast stock wouldn't be a great buy. The price seems high, and the stock doesn't pay a dividend investors don't share in its profits. Still, the Philly-based utility company is growing nicely, fueled by profitable franchises in the top 20 urban markets. It's a stock worth buying and selling as the company rides the highs and lows of its upcoming sea change.
So it wasn't Comcast's financial prospects my stockbroker had a problem with. It was its ethics.
I dislike owning stock in companies that don't act in socially responsible ways. I avoid businesses that piss in ponds or make bombs. So, how bad could a cable company possibly be? The problem is not ponds; it's what Comcast is doing to its people.
This came as a surprise to me, since several mutual fund companies that specialize in socially responsible funds like Calvert and Domini currently hold a lot of Comcast stock in their portfolios. Apparently, though, that may change.
According to KLD Research, the top name in social investment analysis, Comcast is now under scrutiny. Last year, a workers rights group put together a fairly damning report that charged the company with widespread union-busting.
For the moment, Comcast still has a place on KLD's roster of socially responsible companies. But knowing what it knows now, KLD says that Comcast would not qualify today. The research firm is about to send a strongly worded letter to Comcast's CEO. It's hoping to hear back from Brian Roberts real soon.
Does Comcast care about its social responsibility? I hope so. But for now, I think I'll hold off buying stock. As the company changes from electronic pipe fitting to virtual publishing, its ethics will come under even more intense scrutiny. As this cable company evolves, it must seek a higher standard. And quickly, too, because people are watching.
-- Respond to this article in our Forums -- click to jump there

