Community Currency - 03/04/10

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Public Banking with Michael Sauvante, CEO of CEED- Community Energy & Economic Development, and Executive Director of the Commonwealth Group  ( http://www.commonwealthgroup.net). Our guest, Michael Sauvante has more than 30 years experience in new venture creation. An entrepeneur, technology innovator, champion of transparency, corporate responsibility; he is one of the rare people imbedded successfully in the corporate world who is actively working to transform it. His idea of "public banking" includes- Government owed banks, non-profit owned banks, and hybrid banks (created by L3C's). This is a follow-up show to the February 25th Community Currency Show with author Ellen Brown, Green Party candidate Laura Wells, Fairfax Town Council member Larry Bragman, discussing creating a state bank in Califrornia based upon the North Dakota model.

Comments

[A former "employee" (aka voluntteer)]

Anyone enamored with Michael Sauvante, and his silver tongue and charisma, should be sure to Google search for his executive role and history with Rolltronics, Voltaflex and numerous other companies that he created, all of which failed, Michael personally directed these companies' slick and sophisticated financial maneuvers, creating numerous corporate entities to evade taking financial responsibility when he could not successfully transform cutting-edge technology into viable products. Eventually bankruptcy proceedings ensued. Both a judge and a forensic accountant suggest that his conduct was less than honorable (that's a huge understatement; search the Internet for objective third-party reporting of the events rather than rely solely on Michael Sauvante's self-serving explanations). Many people -- both investors and former employees -- believed in and trusted this persuasive spin doctor, but were bilked of their money and time.

It is sad but predictable that, after leading numerous failed technology startups, Michael Sauvante has shifted his attention to the banking industry. Hopefully the fact that the banking industry is more conservative than the technology industry will cause people to do due diligence and learn about his professional track record.