Attack on Public Workers that cant afford to live here. Service workers have to spend 23 hours driving to San Francisco. Why is that . Do we only have space for millionaires in San Francisco, only have space for developers in San Francisco. This board, driscoll who is a union member, says to hedge funds. Its not okay. I say its staff management who says its okay to invest in hedge fund. [ applause ] good afternoon Board Members. Im joshua, i work for the children of San Francisco. I have a very large risk because im relatively young, not as young as i once was. Thats why i have an ira. My pension is very important to me. Thats why i took a pay cut to work in Public Service. I took that because i wanted to work in Public Service but one of the ways to justify that myself to my family was im trading income now for reliable income in the future. If you want people to work for the city and county in the future because many of my brothers and sisters are going to retire and you are going to
Public comment will be 3 minutes. There will be an announcement in 30 seconds. Great, thank you. David williams followed by Margarita Young and david page. Good afternoon, commissioners, im david williams, president of the west bank retirees. Several months ago we offered to educate you about this issue, about our views on hedge fund investment. Im submitting 1300 signatures on petitions from sf members who are also members and retirees. There are other signatures that have been submitted so thats a significant number. The message is do not vote to invest in hedge funds. The fees are too high and the risk is too great. Also i understand there have been many emails sent to the board and i hope they have all been forwarded to all commissioners to see. Thats our expectation. I believe there may be other signatures forthcoming from other groups. And there has also been a significant response from Union Members through public comment. I believe this is a Critical Mass both in terms of numbe
Seconds. Great, thank you. David williams followed by Margarita Young and david page. Good afternoon, commissioners, im david williams, president of the west bank retirees. Several months ago we offered to educate you about this issue, about our views on hedge fund investment. Im submitting 1300 signatures on petitions from sf members who are also members and retirees. There are other signatures that have been submitted so thats a significant number. The message is do not vote to invest in hedge funds. The fees are too high and the risk is too great. Also i understand there have been many emails sent to the board and i hope they have all been forwarded to all commissioners to see. Thats our expectation. I believe there may be other signatures forthcoming from other groups. And there has also been a significant response from Union Members through public comment. I believe this is a Critical Mass both in terms of numbers and the point of view of the members. We want you to take note, we
Hedge funds. Its not okay. I say its staff management who says its okay to invest in hedge fund. [ applause ] good afternoon Board Members. Im joshua, i work for the children of San Francisco. I have a very large risk because im relatively young, not as young as i once was. Thats why i have an ira. My pension is very important to me. Thats why i took a pay cut to work in Public Service. I took that because i wanted to work in Public Service but one of the ways to justify that myself to my family was im trading income now for reliable income in the future. If you want people to work for the city and county in the future because many of my brothers and sisters are going to retire and you are going to need new workers, you have to give them some kind of Value Proposition and that is reliability. The other thing is that hedge funds are talks of the social fabric in america. I deem to be more diplomatic than that but i cant do so. They extract money from people and give it to people who man
Have you learned from 2008 . Apparently not. Some unions say we should have money in hedge funds. I say bull. I say bull. We dont need any money in hedge funds and in fact those unions telling us to invest in hedge funds are not doing us a service. In fact they tell us to invest more and we need to put more money of our pension. I say no. Will let the billionaires in San Francisco. They have not. They have tax deductions. They are not paying their share. They are saying that Public Employees have to pay more in health care benefits, have to pay more in pension benefits. Thats whats going to on and this board is pushing that. Socalled reform pushed by billionaires and i say we, the Public Employees are fed up. We are fed up with taking pay cuts to pay for the billionaires and pay for the hedge fund speculators. As has been said by the people here, the Hedge Fund People are interested in profits, they are interested in driving speculative profits, they are not concerned about the City Em