Mike check... (move into place in front of Commissioners) Mike check...

With a couple of exceptions, the San Francisco Employee Retirement System Retirement Board Commissioners and Staff have for six months tried to block an open dialog and discussion of the SFERS social investment policy toward banks engaged in discriminatory lending. For that reason, we are here today to stage a magical (wave wand first time) transformational (wave wand second time) intervention. (wave wand third time) (ring bell) (everyone together) Oooooo.....

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. I thought they were misguided because, really, what could we do as SFERS Commissioners to keep them in their homes? 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. And as a personal penance for my anti-democratic activities urging cancellation of the special meeting and moving the public comment period, I'm going to withdraw as a candidate for President of the SFERS Retirement Board in today's election.

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. Wells Fargo brought out so many executives and non-profit partners to protest their innocence and to broadcast all the wonderful things they do for the community. 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.

I'm Brian Stansbury... Did you know that I'm a refugee from the economic downturn caused by Wall Street? I went to the police academy to escape the economic crisis. When I graduated, the City wasn't sure they could hire all of my graduating class. But they made an effort to come up with the funds and I squeezed through to get a job. 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.

I'm Brenda Wright... My early days of civil rights activism have caught back up to me now. I realize that my own struggles to survive in a greedy dog-eat-dog world have made it difficult for me to have compassion for others who are suffering. 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 pledge to have more compassion for Wells Fargo mortgage holders. I realize now that the bank could have done better in keeping people in their homes and I'll work harder to make that happen. 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.

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. I believe our social investment policy is there for a reason.

I'm Malia Cohen... I faced a bank foreclosure, so I get it. 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 requested a special meeting on May 29 to have an open dialog on the issue, but I didn't feel I could stand up to Executive Director Huish when he canceled the meeting. 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.

I'm Jay Huish... I want to apologize for canceling the May 29 special meeting on SFERS social investment policy regarding discriminatory lending. 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. I also apologize for failing to provide the evidence of discriminatory lending practices of Wells Fargo and Bank of America, among other banks. That evidence is crucial for the Commissioners to have when considering the Level I and Level II motions. I now recommend wholeheartedly that the Retirement Board support the Level I and Level II motions regarding discriminatory bank lending.

I'm Herb Meiberger... All this magical transformation has turned me into a Ayn Rand fan. No, just kidding... I still support the Level I motion for shareholder voting on discriminatory lending practices of the banks and certain corporate governance issues, like separation of corporate CEO and president positions. 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.

Meiberger: I propose a motion to pass Level I and Level II of SFERS social investment policy regarding discriminatory lending by the banks. Cohen: I second the motion. Paskin-Jordan: We have a motion and a second. Any discussion? Huish: Hasn't there been enough discussion already? (laughs) Driscoll: Any public comment? Paskin-Jordan: OK, all those in favor? 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.

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