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Related Categories: San Francisco | Labor & Workers
View other events for the week of 12/16/2014
Speak Out To Stop Vulture Capitalist Wendy Paskin-Jordan To Five Year Term On SFERS
Date Tuesday December 16
Time 3:30 PM - 5:30 PM
Location Details
San Francisco City Hall Polk & McAllister
Supervisor's Chamber
Event Type Meeting
12/16 Speak Out To Stop Vulture Capitalist Wendy Paskin-Jordan To Five Year Term On SFERS Pension Board
Hedge Fund Advocate Wendy Paskin-Jordan:
SF Employees’ Retirement System Board Member’s Conflict of Interests

SFERS Commissioner Paskin-Jordan was a managing partner/owner of Paskin & Kahr Capital Management, LLC when appointed to SFERS in 2010. By 2012, she became the Chief Executive Officer/Owner of Paskin Capital Advisors, LLC. As a known supporter of hedge fund investing, there are reports she may either sell hedge fund investments, or may advise her clients to invest in hedge funds other so-called “alternative investments”. As such, she has no business encouraging SFERS to invest in risky hedging.

On Monday, December 8, 2014, Mayor Ed Lee forwarded his nomination to re-appoint Paskin-Jordan to the San Francisco Employees’ Retirement System (SFERS). On Tuesday, December 9, Supervisor John Avalos introduced a motion to have the full San Francisco Board of Supervisors sit as a “Committee of the Whole” on Tuesday, December 16 to consider whether the City Supervisors should approve of the Mayor’s re-appointment of Paskin-Jordan to the SFERS Board, or to reject her re-nomination.

Paskin-Jordan’s Link to BlackRock … and Failure to Recuse Herself From a Key SFERS Vote

Paskin-Jordan most likely should have recused herself from a key SFERS vote involving BlackRock Investments, but didn’t, during a full SFERS Board meeting on May 8, 2013, when the Board entertained a motion to terminate BlackRock Investments from a currency overlay program that may, or may not, have involved hedge funds.

As the illustration above shows, Mayor Lee claimed on behalf of Paskin-Jordan in her biography attached to his re-appointment letter that she served on Barclays Global Investors’ board of directors until it was acquired by BlackRock. The Mayor claims she serves as a Trustee of various funds of BlackRock Funds. Although she cast a vote to terminate BlackRock, she shouldn’t have voted at all, given her probable conflict of interest. Why is a millionaire capitalist on a Board for civil service employee pensions?

Troubling Form 700’s (Statements of Economic Interest)

Paskin-Jordan’s Form 700’s reveal two gifts totaling $31,599.95 for foreign travel. Paskin-Jordan’s “assuming office” Form 700 filed in September 2010 listed a November 21, 2009 trip paid for by the City’s San Francisco–Bangalore Sister City Initiative. The “gift” included hotel, meals, and airfare for two at a cost of $16,500 on a trip admittedly performed before she took office.

Also on her “assuming office” Form 700, she listed a second trip on June 16, 2010 paid for by the City’s San Francisco–Shanghai Sister City project dubbed as the “San Francisco Week World Expo in Shanghai,” another “gift” worth $15,099.95 that again included hotel and airfare for two. It’s unclear whether Paskin-Jordan was invited along on both Sister City trips to solicit investments in SFERS’ portfolio, investments in the City, or her business investments.

Two Ethics Commission Whistleblower Complaints Involving Form 700’s

Two formal whistleblower complaints about Paskin-Jordan’s Form 700’s were filed. One complaint dated September 2, 2014 alleging a violation of an applicable Statement of Incompatible Activities over Paskin-Jordan’s investments in GMO’s Quality Fund was forwarded by SFERS Executive Director Jay Huish to San Francisco Ethics Commission Executive Director, John St. Croix also on December 8. An April 2014 complaint alleges Paskin-Jordan made a business trip to New York City in 2013 to further her private business; SFERS reportedly paid for her NYC trip. The Board of Supervisors received copies of both Ethics complaints. E-mail the Supervisors today opposing Paskin-Jordan’s re-appointment!

Your Pension Funds Are at Stake! Attend the Board of Supervisors Meeting
Tuesday December 16 at 3:30 p.m. to Testify Against Paskin-Jordan’s
Re-Appointment During This “Committee of the Whole” Agenda Item!

Please see an article by International Business Times reporter David Sirota published today, Saturday, December 13, 2014:

Patrick Monette-Shaw

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Added to the calendar on Sunday Dec 14th, 2014 1:22 PM
§Corrupt Ed Lee Appoints Vulture Capitalist To Pension Board
by Sunday Dec 14th, 2014 1:23 PM
Corrupt and crooked SF Mayor Ed Lee has appointed a vulture capitalist who sells hedge funds Wendy Paskin-Jordan to a five year term on the San Francisco employees pension board
§IFPTE Bob Muscat & Ed Lee In Bed Together
by Sunday Dec 14th, 2014 1:23 PM
IFPTE Local 21 union hack Bob Muscat is pushing Mayor Ed Lee's plan to use city worker pension funds to push hedge funds. He is also chair of the San Francisco Labor Council Public Employees Committee and has demanded that city workers such as the TWU bus drivers and public workers take pay cuts
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