Nader Blasts Cisco Systems over Planned Development
Ralph Nader blasted Internet equipment maker Cisco Systems Inc. on Thursday over its plans for a $1.3 billion new development in one of Silicon Valley's last open spaces.
Ralph Nader blasted Internet equipment maker Cisco Systems Inc. on Thursday over its plans for a $1.3 billion new development in one of Silicon Valley's last open spaces.
The Green Party presidential candidate, himself a large Cisco shareholder, criticized the company for coming up with a plan that he says would contribute to traffic congestion and pollution and asked the government to help pay for it, in the form of subsidies.
"There's always a time and a place for the anti-sprawl movement to make its stand in this country," Nader said at a news conference. On a nearby wall, a supporter had posted a sign that read "Owls Not Asphalt."
Cisco wants to build a 688-acre office complex in the Coyote Valley, at the southern edge of San Jose. The company, San Jose's largest employer, contends it needs room for another 20,000 workers.
Though the company says the campus would have stops for commuter trains and a light rail line, opponents argue the development would destroy the area's agricultural character and spread the congestion of Silicon Valley even further.
Nader said he owns about 18,000 shares of Cisco, which at Thursday's closing price of $61.25 are worth more than $1.1 million. He said that if the company is not more forthcoming about its planned development, such as what alternative sites were available, then the company would face shareholder lawsuits demanding the information. He would not say whether he would lead the lawsuits or when they would be filed.
"The investor class in this country should be more accountable," he said.
Cisco spokesman Steve Langdon said Nader's criticisms were off base, pointing out that the new campus would be near public transportation and would be a reverse commute for drivers coming from the Silicon Valley. He also said the development would easily pay for itself by creating $170 million a year in tax revenue.
"This project is definitely an ideal smart growth campus," Langdon said.
On a campaign note, Nader said that as he is being excluded from the presidential debates between Al Gore and George W. Bush, he would appear outside at least one of the debates to offer his opinions to anyone willing to listen.
The Green Party presidential candidate, himself a large Cisco shareholder, criticized the company for coming up with a plan that he says would contribute to traffic congestion and pollution and asked the government to help pay for it, in the form of subsidies.
"There's always a time and a place for the anti-sprawl movement to make its stand in this country," Nader said at a news conference. On a nearby wall, a supporter had posted a sign that read "Owls Not Asphalt."
Cisco wants to build a 688-acre office complex in the Coyote Valley, at the southern edge of San Jose. The company, San Jose's largest employer, contends it needs room for another 20,000 workers.
Though the company says the campus would have stops for commuter trains and a light rail line, opponents argue the development would destroy the area's agricultural character and spread the congestion of Silicon Valley even further.
Nader said he owns about 18,000 shares of Cisco, which at Thursday's closing price of $61.25 are worth more than $1.1 million. He said that if the company is not more forthcoming about its planned development, such as what alternative sites were available, then the company would face shareholder lawsuits demanding the information. He would not say whether he would lead the lawsuits or when they would be filed.
"The investor class in this country should be more accountable," he said.
Cisco spokesman Steve Langdon said Nader's criticisms were off base, pointing out that the new campus would be near public transportation and would be a reverse commute for drivers coming from the Silicon Valley. He also said the development would easily pay for itself by creating $170 million a year in tax revenue.
"This project is definitely an ideal smart growth campus," Langdon said.
On a campaign note, Nader said that as he is being excluded from the presidential debates between Al Gore and George W. Bush, he would appear outside at least one of the debates to offer his opinions to anyone willing to listen.
