Stop Hedge Fund Scam "25% For Secret Hedge Funds, Are You Crazy Or What"

Press Conference
STOP Hedge Fund Scam "25% For Secret Hedge Funds, Are You Crazy Or What"
San Francisco SFERS Building
Wednesday January 11, 2017 12:00 noon
1145 Market St. next to UN Plaza
San Francisco

A critical election is being held for the 40,000 members of the San Francisco Employees Retirement System SFERS board.
The SFERS top staff management and the Police SFPOA, IFPTE Local 21 Bob Muscat and Municipal Employees Association MEA are trying to turn 25% of the entire pension plan funds into hedge funds. This dangerous speculative gamble with pension fund money could mean an attack in benefits for the retirees and massive increases in pension costs for active San Francisco City and County employees.

The San Francisco mayor Ed Lee has also been pushing for more hedge funds and re-appointed Wendy Paskin Jordan to the board. She is a hedge fund speculator and has personally benefited from the investments of SFERS with her financial conflicts of interest. SFERS mangers Coaker who is paid $633,723.33 a year and Jay P Huish at $351,483.82 are also both pushing for hedge funds and want to keep the hedge funds secret from even board members who represents the board members of the pension system and the rank and file members.
The SFPOA, IFPTE Local 21 Bob Muscat and MEA are supporting SFPD Captain Al Casciato to the board. Casciato has personally manipulated the pension plan to retire with a pension of $208,937 although his base pay was $193,945. Most rank and file city employees make $37,000 a year which means they can't even afford to live in San Francisco. Muscat has also public stated that it is "indefensible" for SFERS retirees to get a COLA. This for a union bureaucrat who makes over $300,000 a year and pushes concessions and givebacks like Proposition C which cost shifted the cost of pensions and healthcare to city workers from the over 30 billionaires in San Francisco.

Stop the Power Grab!
This cabal that is trying to oust SFERS board member and SEIU 1021 member Herb Meiberger who has a CFA and teachers finance at SFSU. They want to totally control the pension board with police and firemen who will be rubber stamps for the hedge fund speculators. This is also an outright attack on equal representation and democratic control. Behind these characters are hedge fund operators who will make millions in profits by skimming off our pension fund. They are also spending hundreds of millions of dollars to privatize social security and eliminate defined pensions and replace these public retirement pension funds with 401K's.

City workers need to stand up NOW to this power grab and to demand how SFPD Sgt. Brian Stansbury paid $205,558.05 and SFFD Cpt. Joseph Driscoll $295,251.16 can defend putting 25% of our pension money into hedge funds? Are they crazy or are have they been offered kickbacks or jobs with these hedge fund vultures?

Stand up and demand an end to Hedge Funds at SFERS.
Attend and Speak OUT To Save Our Retirement Funds

Sponsored by
United Public Workers For Action
http://www.upwa.info
info [at] upwa.info

For more information:
https://www.youtube.com/watch?v=AmCuJceKQcI
https://youtu.be/bGSaSG5EiME
http://sfbamo.com/news/fear-and-finance-in-saint-francis-police-and-the-politics-of-city-pension-reform-part-1/
http://www.stoplhhdownsize.com/What_Price_for_a_Seat_at_the_Retirement_Board_Table.pdf
http://www.ibtimes.com/san-francisco-hedge-fund-proposal-raises-conflict-interest-questions-1700230
http://www.pionline.com/article/20140609/PRINT/306099987/buffetts-suggestion-to-pension-fund-trustee-dont-invest-in-hedge-funds
https://www.indybay.org/newsitems/2016/12/02/18794329.php
http://www.wsj.com/articles/teachers-union-and-hedge-funds-war-over-pension-billions-1467125055
http://blog.sfgate.com/cityinsider/2014/12/15/financial-questions-dog-former-sf-first-lady-wendy-paskin-jordan/
http://code.socialdashboard.com/news/investment-by-san-francisco-pension-official-raises-questions-about-favors
https://www.youtube.com/watch?v=bjznPAFcCNE&feature=youtu.be
http://youtu.be/dCz5eMvYPBA
https://www.youtube.com/watch?v=Exbl3wwBx9Y
https://www.youtube.com/watch?v=p6VTO4UHrjk
https://soundcloud.com/workweek-radio/ww12-23-14-sf-public-pensions-with-david-sirota-ca-dir-secret-confernce
http://www.sfchronicle.com/bayarea/article/Ties-questioned-for-financial-adviser-and-former-5959036.php
https://www.nytimes.com/2014/09/21/business/slamming-a-door-on-hedge-funds.html?_r=0
http://www.aft.org/sites/default/files/allthatglittersisnotgold2015.pdf
https://www.indybay.org/uploads/2016/12/31/are_miscellaneous_members_subsidizing_san_francisco_s_public_safety_pensions.jpg
For more information on Herb Meiberger
http://herbmeiberger.com
http://1021.seiu.org/page/-/ReElectHerbMeiberger-SFERSBoard.pdf
Production of Labor Video Project
http://www.laborvideo.org