I just tried installing a clean version of 4.0.12 and attached it to my existing database. I then put the following in welcome.tpl to see what would show up...
and no matter if I am on a regular account or a Wholesale (created in Membership Levels) Account it still displays nothing. I do know it is recognizing the level though because if I create a category and have it only shown to "Wholesale" accounts -- that is working...
Mike