Sac Bee: New ad attacks Whitman on stock 'spinning'

The latest on California politics and government June 23, 2010

New ad attacks Whitman on stock 'spinning'

A union-backed independent expenditure committee created to boost Democratic gubernatorial nominee Jerry Brown, announced today that it is airing a second TV ad attacking Republican Meg Whitman.

The 30-second spot, by "California Working Families," will ultimately air in broadcast and cable markets across the state. It hits Whitman for stock "spinning," a now banned practice of investment banks giving clients early access for buying stocks in companies about to go public. Whitman, who made $1.78 million through the practice when it was still allowed, wrote in her book that such investments were common at the time.

"We can't afford a governor who puts herself before us, no matter how she spins it," the narrator says. The ad also references a lawsuit that eBay shareholders filed against Whitman, then the CEO, alleging her personal financial dealings created a conflict of interest.