It’s time to take a look at Richard Lim, Gov. Abercrombie’s appointee to head the Department of Business, Economic Development, and Tourism.
Lim made news recently with a speech to the Hawaii Economic Association which revealed some disturbing beliefs and perspectives. If you haven’t read it, you should. And then check Larry Geller’s reaction at Disappeared News.
His vision seems to involve privatization on a grand scale, selling off or leasing out public lands for development by private investors. He doesn’t seem to have much sympathy for those who have fought for Hawaii’s environment and laws to protect the environment.
Actually, that’s not accurate. Lim says he is “all for protecting the environment.” But…and there’s a very big “but.”
Of course, there will always be the vocal minority that will object. Think of the super ferry. And, there have been other projects that have been derailed by well heeled NIMBY’s and special interests. While I am all for protecting the environment, we need to strike a balance. We can do responsible and sustainable development.
Responsible and sustainable. Like the Superferry?
Anyway, where do these view come from?
Here’s Lim’s brief bio as presented during his nomination.
RICHARD LIM (DBEDT) has over 30 years of experience in banking and financial services. Mr. Lim, 59, is a co-founder of Sennet Capital, a Hawaii-based merchant banking firm that provides assistance to Hawaii companies with respect to mergers and acquisitions, capital sourcing and strategic planning. Prior to founding Sennet Capital, he was the president and chief operating officer of City Bank until its merger with Central Pacific Bank in 2004. Mr. Lim came to City Bank via International Holding Capital Corporation (the parent of International Savings and Loan) where he was president and chief operating officer from 1987 to 1994. Mr. Lim has been an active member of the community and currently serves on the boards of the Hawaii Institute for Public Affairs, the Pacific Asian Affairs Council, the Hawaii Technology Development Venture, the Korean American Foundation and the board of governors of Chaminade University. Earlier in his career, he served on a number of boards and organizations that provide him with a broad perspective of Hawaii economy, including the Hawaii Strategic Development Corporation, the National Energy Laboratory of Hawaii, the Community Based Economic Development board, HiBeam, UH Connections and Enterprise Honolulu. Mr. Lim holds degrees from Santa Clara University and Chaminade University.
Lim’s financial disclosure statement filed with the State Ethics Commission is revealing. In fact, I can’t think of another appointee at the state or county level with such an extensive investment portfolio or the number of potential conflicts it creates.
Lim disclosed investments valued between $6.4 million and $11.7 million, including $750,000 to $1 million in Hawaiian Electric stock owned by his wife.
I did a “quick and dirty” job of pulling the list of investments out of the pdf file, adding the value ranges, and then adding up the total. The list needs to be cleaned up, but it’s good enough for now. Click here to view the list of investments ranked by value.
According to Lim’s disclosure, some of these investments were sold or transferred during 2010, including the Hawaiian Electric stock. However, the form doesn’t make clear whether they were sold in whole or in part.
Lim also reported holding positions in a number of businesses and organizations, but reported resigning from the for-profit companies.
The list of investments also represents a network of relationships the former banker brings into the Abercrombie administration. Potential conflicts? You bet.
The first investment listed by Lim is stock in Century Computers, a local company, worth $250,000 to $500,000.
And the Judiciary recently announced its intent to award a $29,534 non-bid contract for scanning software and support. It appears Century Computers is a major vendor serving the Judiciary.
Lim apparently doesn’t sit as an officer or director, and there’s no indication he has any operational role. Does his substantial investment create a conflict? Legally, I doubt it. But I’m sure a closer examination of the investments will yield many more.
I’m just skimmed the surface here. Hopefully readers will be able to add more information.
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The “new day” is beginning to look a lot like the very very old days of the politically connected and wealthy elite…..only differemce is our current Guv is trying to convince us he’s for the little guy.
Looking at the Sennet Capital website – http://www.sennetcapital.com – it’s clear that the members/advisers are a veritable who’s who of the politically influential and wealthy slice of Hawaii.
That alone is a little scary as we have seen how well the concentration of wealth and extreme political clout have served America as a whole.
For example, I see that they are deeply into alternative energy especially on the Big Island with plans to build a biomass refinery.
Didn’t the PUC just approve a plan that allows the electrical utility to socialize the capital costs of making and selling the alternative fuel and spread the costs of this project to all Hawaii consumers? Did DBEDT play a supportive role? Don’t know. But that’s just one tangled relationship between the head of DBEDT and some rich investor folk.
It seems to me we got a lot of banker guys diddling in the public sector these days. Is this the “New Day” plan? How do we make sure their actions and decisions are not swayed by a desire to benefit their powerful associates? Simply resigning from a group doesn’t mean a person has actually separated him/herself from the influence of the associates.
OK,I’ll take off the conspiracy bonnet for now but I’ll keep a sharp eye peeled on the interactions of DBEDT!
But, hey, what’s with a Canada address on the disclosure form for a Hawaii company?
Cayetano on DBEDT Pick: “Dobelle thought Richard Lim was trying to intimidate him”
http://hawaiifreepress.com/main/ArticlesMain/tabid/56/articleType/ArticleView/articleId/3325/Cayetano-on-DBEDT-Pick-ldquoDobelle-thought-Richard-Lim-was-trying-to-intimidate-himrdquo.aspx
It isn’t so much who Richard Lim is, but how he has always seemed to get off the elevator at the top before it crashes to the ground, like at the couple of banks that he cashed out on before they flopped.
Indicates more that he has luck and connections than real skills at getting things done, which is a real problem in a government job.
How does a contract by the Judiciary have any conflict of interest for the Director of DBEDT? How is he in the line of authority for approving or managing such a contract?