Riordan’s Response to Business Mergers

Re “Officials Mute on the Mergers That Ate L.A.,” Commentary, March 25: Peter Navarro was probably out to lunch (in Orange County) when Mayor Richard Riordan led the fight for Los Angeles, opposing Wells Fargo’s plan to acquire L.A.’s First Interstate in 1996. While Riordan did not stop the consolidation, his protest did result in Wells Fargo maintaining a strong local presence.

Since the merger, Wells Fargo has moved Vice Chairman Paul Watson to Los Angeles. Wells Fargo’s Colleen Anderson Caballero chairs the mayor’s Minority Business Opportunity Committee. One result is Wells Fargo’s $170,000 sponsorship of the Latin Business Assn.’s technical assistance program for Latino entrepreneurs.

In every instance where large corporate consolidations threatened job losses in Los Angeles, the mayor acted swiftly.

Navarro obviously does not understand the dynamics of the new Los Angeles economy. Five years ago, Los Angeles bet on the entrepreneurial power of home-grown small and medium-sized companies in industries such as multimedia, biotechnology, fashion and food processing. And we won. Los Angeles now has more multimedia companies, for example, than Silicon Valley and New York City combined.

ROCKY DELGADILLO

Deputy Mayor, Los Angeles