On May 4, 1999 I was was in California reading USA
Today's Money Section when I saw a stock was going
on sale that morning that had something to do with
Black Radio.
I also read that Goldman Sachs the big investment
bank was also going to start selling stock .
I have a really good stock broker here in Omaha,
one with an 800 number, and I had money in my
account so I had no trouble buying shares in
both companies.
I was in Silicon Valley when I bought the stock and
it was quite a trip getting out there but I'll
write about that some other time.
It's the second part of my visit I want to tell you
about now.
After spending time in the Sacramento area (which
looked a lot like Omaha) I went on to San Francisco
where people were actually dancing in the street
because a lot of new Internet companies were
making money -----or looked like they were.
In the daytime Yuppies filled the streets and
offices of the Financial District and at night
they filled the clubs and restaurants in all
the neighborhoods.
I heard of people getting suites of offices and
even buildings and paying for them with
stock certificates.
Neighborhood residents were resisting this
gentrification with stickers saying "You've had
your dinner now go home" and complaining about
higher prices at places they used to enjoy.
When I came back to Omaha Weeks later I found out
I had bought shares in Radio One which was started
by a Black Woman from Omaha, Kathy Hughes.
The stock went on to split 3 for one and I sold
most of my my shares for a profit years ago, but
I still have some in both of my accounts, it's
down now but it will be back.
I also found out that Rev. Jesse Jackson (I got
involved in his Wall Street Project years ago in
Washington D.C.) had been working be hind the
scenes and got one Black Firm and one owned by a
woman to be Second Tier Underwriters on the
Goldman Sachs IPO (initial Public Offering).
I'll explain what all that means in a future story
Back in San Francisco the stock crashed, a lot of
dot Com's went out of businesses or were bought up.
I still have some Goldman Sachs and it's $178.00 a
share today and run by the same gray haired guys
who were ignored in San Francisco and who wound
up buying what was left of the dot com boom.
I was fortunate to buy two good but unnoticed
stocks and learned something about youth and
arrogance and I went to John Lee Hooker's Bar
every night I was there, the house band members
were former James Brown Sidemen, There was Live
Music every night and a $2.00 cover charge.