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Performance Notes: Actors/protestors took over the June 12, 2013, meeting of the board of the San
Francisco Employee Retirement System (SFERS) and wore masks with faces of actual SFERS board
members photocopied onto them. During the performance/protest, the actual board members remained
behind the actor/protestors for a time, then one by one left the room while the performance/protest
continued.
1
Master of Ceremonies:
2
I'm Joseph Driscoll...
I pushed Jay Huish to cancel any special meetings and to stop all of this
public comment on the social investment policy nonsense.
I tried to ignore it when Wells Fargo evicted disabled city retiree Bernetta
Adolph from her home, but somehow it struck a chord.
I remember when I first joined the San Francisco Fire Department. I was so
proud of our mission to save people's lives and their homes.
I realized that the plan members and supporters who keep coming back
month after month to our meetings are trying to do the same thing.
But then I realized that city employees and retirees should have a say in how
their own pensions are invested. I realized that shifting our investments --
while keeping a firm hand on the bottom line -- could have an impact on the
discriminatory lending practices of the banks.
I took the time to read through the U.S. Department of Justice charges against
Wells Fargo and Bank of America. I was shocked by the disparity in loans
offered by race. Intended or not, it's time for the banks to correct their
policies.
3
I'm Victor Makras...
I work in real estate and I make good money at it. I've realized that we can
make good profits and still have some compassion for those who are down on
their luck, especially through no fault of their own.
I've played political games for a long time and I'm ready to stop.
That whole maneuver to avoid recusing myself even though I hold bank stock
was pretty sneaky.
And I didn't even begin to disclose how my involvement in the real estate
industry could present conflicts for SFERS decisions related to bank
mortgage lending policy.
But they failed completely to counter the charges brought by the U.S.
Department of Justice and other government agencies about their
discriminatory lending practices.
If their practices were unintentional, then it's even more important that we
activate our social investment policy to make sure they won't continue illegal,
predatory, and discriminatory lending.
4
I'm Brian Stansbury...
Did you know that I'm a refugee from the economic downturn caused by
Wall Street?
So many others lost their jobs and couldn't find work. Many of them lost their
homes. It could have been me...
I understand now that the banks caused the economic crisis through overly
speculative investment practices and predatory and discriminatory lending.
I understand now that the SFERS fund lost billions and that led to many city
employees losing jobs or benefits.
I understand now how the banks hurt our plan members and all the taxpayers
in San Francisco and beyond.
Social investment policies aren't just a sop to left-wing nut cases. They are
important to maintaining a healthy economy and a vibrant democracy.
5
I'm Brenda Wright...
It's hardest to admit that my role in community relations at Wells Fargo may
have contributed to the problem with discriminatory foreclosures and
evictions right here in the Bay Area.
I know now that everyone deserves to have a safe and secure home... it's a
basic human right.
If Wells Fargo won't do the right thing by its customers, then I'll quit and
help to clean up the mess we've caused.
6
I'm Wendy Paskin-Jordan...
Even though I'm a former Wells Fargo employee, I've secretly supported
SFERS engagement with the banks on discriminatory lending from when our
plan members first proposed the idea.
In fact, I've sold off all my bank stock so I can participate in the vote without
any conflicts of interest.
I believe we should listen to current and retired city employees about how the
banks have impacted their lives.
7
I'm Malia Cohen...
But as a Supervisor, I have the Mayor and Wells Fargo executives subtly or
directly threatening funding for the folks in my neighborhood if I don't tow
the line.
That kind of politics is probably why I felt so sick and couldn't make it the
day I had agreed to come and support discussion of the Level I and Level II
motions on discriminatory lending.
I want to get along well with the other Commissioners, so I'm glad to see
they have come around.
I know engaging the banks on their discriminatory lending is the right thing
to do. All we are doing is asking the banks to obey the law and do their best
to keep our plan members and neighbors in their homes.
8
I'm Jay Huish...
I also want to apologize for shifting general public comment to the end of the
meeting.
I realize now that both of these actions are anti-democratic and stifle the free
and open debate of the issues we at SFERS believe is important to making
the best decisions for our plan members and the public.
9
I'm Herb Meiberger...
All this magical transformation has turned me into a Ayn Rand fan.
No, just kidding...
I still support the Level II motion for a dialog with the banks about their
practices regarding discriminatory lending.
And if banks like Wells Fargo and Bank of America won't obey the law and
continue to engage in discriminatory lending after engagement at Level I and
Level II, then I think we should consider Level III divestment according to
our social investment policy.
10
Meiberger: I propose a motion to pass Level I and Level II of SFERS social
investment policy regarding discriminatory lending by the banks.
All: Aye
Paskin-Jordan: It's unanimous! SFERS will apply Level I and Level II of its
social investment policy to Wells Fargo, Bank of America, JP Morgan Chase,
and the other banks engaged in illegal, discriminatory, and predatory lending
practices.
11