Bradley Quits Bank Board After His Election Squeaker : City Code of Ethics Promised

Mayor Tom Bradley, who won an unprecedented fifth term Tuesday after a lackluster campaign, resigned today as a paid director of Valley Federal Savings & Loan and said questions about his ties to financial institutions contributed to his surprisingly narrow margin of victory.

Bradley also said he will appoint a committee to draft a new city code of ethics that will be “clearer and cleaner than any comparable law at any level of government anywhere in America.”

The committee will be headed by Geoffrey Cowan, an attorney who is chairman of California Common Cause. Common Cause has questioned Bradley’s ties to Valley Federal and Far East National Bank, two institutions that do business with the city.

Bradley told a City Hall news conference that stories about his connections with the two financial houses “over the past three weeks have raised doubts in the minds of some people . . . and I want to put aside those doubts.”

‘Personal’ Decision

The Times reported that Bradley had received $18,000 a year as director emeritus from Valley Federal, which has financed subdivisions needing city zoning approvals, and was paid up to $24,000 a year when he was a board member.

He said that his decision to quit Valley Federal “is a personal, not a political, decision that reflects my determination to hold my office to the highest standards.”

“Questions had never been raised about my directorship at Valley Federal,” he said. “It has been reported year after year, for 10 years, on my Statement of Economic Interest. But a new time demands a new policy--not only on my part, but for all of government.”.

The mayor said the new commission will define appropriate sources of outside income for city elected and appointed officials; prevent city commissioners from engaging in business with the city; set guidelines for lobbying by former city employees; require full disclosure of officials’ business connections; create a new ethics enforcement body, and toughen regulation of City Hall lobbyists.

Just Avoided Runoff

Bradley just avoided a runoff in Tuesday’s primary, slipping through with about 53% of the vote. Los Angeles City Councilman Nate Holden finished second and former Los Angeles County Supervisor Baxter Ward third.

In addition to the stories about his finances, Bradley’s poor showing was attributed to a very low voter turnout of about 23% and to the mayor’s decision not to launch a major campaign.

Bradley said early today that the closeness of the race had taught him to “never take anything for granted. . . .”

“In all candor, I have to tell you I made a mistake during the campaign,” he told supporters. “I didn’t wage the kind of vigorous, all-out effort that I could have, or should have. But . . . I pledge this:

“During the next four years, I will be a vigorous, all-out mayor.”

Bradley was not the only one in a tough race on Tuesday.

Seats Retained

Although City Council members Joy Picus, Zev Yaroslavsky, Michael Woo, Gilbert Lindsay, Joan Milke Flores, Marvin Braude and Gloria Molina all retained their offices, veteran councilman Ernani Bernardi fell short of the 50% mark and faces a June runoff with Lyle Hall, a former firefighters’ union official.