[Occupymendocino] [Fwd: Edited,Socially Responsible Investments]

[agnes at mcn.org]

---------------------------- Original Message ----------------------------
Subject: Socially Responsible Investments
From:    agnes at mcn.org
Date:    Sat, March 16, 2013 12:10 pm
To:      tw at mcn.org
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Dear Tom,

I and 4 other coast Occupy members as well as four from Ukiah and Potter
Valley attended the County Treasurer's Annual Financial Report by
Shari Shapmire, to hear where the county had their
investments . We came to speak up at the end about investing in a County
Public Bank.
 We received the statement "County of Mendocino Statement of
Investment Policy" and pages by the Chandler Investments, and viewed their
Asset Management of Treasury Pool Costs.  Under their management the
county had investments in HSBC USA Inc Note, noted for their billions in 
drug money laundering, it became clear to us that they were not using
socially responsible criteria.
      Shari argued "What criteria do you consider socially responsible?
She said her parents own shares in Pepsi and Cocacola and she thinks
they are socially responsible." This discounts the damage to
children's teeth done by those acidified drinks to say nothing of what
damage drugs laundered by HSBC do to children's mind,teeth and body.
        Also in attendance were members of the School Boards in the county
that the Investment portfolio Funds for upgrades to schools. t
They were asked if they were satisfied with Shapmire's investment strategy.
One representative said yes their Board of Education was satisfied. I
think they were bamboozled by the fast paced business report, charts,
graphs , computer color printouts  created by Chandler Asset management.
         After the business meeting we had a rousing dialogue, arguing
that we,voters, who had elected Shari were there to give her
citizen input on how she makes investments. She said she doesn't
have to use our recommendations but would welcome input from a
group of us attending to meet and recommend to  her names of
Socially Responsible Investments.
       We spoke about a County Public Bank as an investment option for the
county which would create an income stream and that the public bank
could do business like other banks using the Fractional Reserve
System of Banking which was  set up by the Federal Reserve Act of
1913. She could not get her head around the fact that private and
public banks create money by fractionalized Reserve  System of
Banking  -keeping a fraction, 8-10%-of their assets and multiplying
loans based on the remaining 90%, but new money would be created
without using their deposits. In other words the Retirement funds
as assets for a County Public Bank would not be used to make new
loans.

 Could you go over the list of investments  on graphs and pages I have
(pro bono)so that we could have a stronger argument for a public bank
which would keep money in the county instead of Wallmart, etc.Robin
Sunbeam hired a friend to videotape the meeting aand it will be on Youtube
after it's edited.
Cheers,
Agnes woolsey