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when banks lie heat of the MoMent Move over, new orleans SF probes LIBOR fraud P8 Retrospectives spotlight Japan’s art theater P26 Cheap Eats discovers the best shrimp and grits P13 celebrating 46 years the san francisco bay guardian | sfbg.coM FEBRuaRy 13 - 19, 2013 | VOL. 47, NO. 20 | FREE Surf-pop teen girl band the She’s is ready for stardom. Plus: Mission hip-hop, glam garage, Brazilian shoegaze and more from 10 bands breaking big in 2013. By Emily Savage PAGE 18 From leFt: Samantha Perez, Sinclair riley, hannah Valente, and eVa treadway guardian Photo by matthew reamer TASTE IS INTRODUCING A NEW SHADE OF AMBER (cid:8)(cid:14)(cid:14)(cid:27)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:22)(cid:14)(cid:30)(cid:1)(cid:6)(cid:28)(cid:13)(cid:30)(cid:14)(cid:18)(cid:26)(cid:14)(cid:25)(cid:1)(cid:6)(cid:20)(cid:10)(cid:12)(cid:19)(cid:1)(cid:7)(cid:25)(cid:23)(cid:30)(cid:22)(cid:2)(cid:1)(cid:10)(cid:1)(cid:4)(cid:32)(cid:1)(cid:16)(cid:23)(cid:20)(cid:13)(cid:14)(cid:22)(cid:1)(cid:10)(cid:21)(cid:11)(cid:14)(cid:25)(cid:1)(cid:20)(cid:10)(cid:16)(cid:14)(cid:25)(cid:1)(cid:11)(cid:25)(cid:14)(cid:30)(cid:14)(cid:13)(cid:1)(cid:30)(cid:18)(cid:27)(cid:17) (cid:27)(cid:23)(cid:10)(cid:26)(cid:27)(cid:14)(cid:13)(cid:1)(cid:12)(cid:10)(cid:25)(cid:10)(cid:21)(cid:14)(cid:20)(cid:1)(cid:21)(cid:10)(cid:20)(cid:27)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:11)(cid:14)(cid:14)(cid:12)(cid:17)(cid:30)(cid:23)(cid:23)(cid:13)(cid:1)(cid:34)(cid:22)(cid:18)(cid:26)(cid:17)(cid:14)(cid:13)(cid:1)(cid:15)(cid:23)(cid:25)(cid:1)(cid:10)(cid:1)(cid:26)(cid:21)(cid:23)(cid:23)(cid:27)(cid:17)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:13)(cid:18)(cid:26)(cid:27)(cid:18)(cid:22)(cid:12)(cid:27)(cid:18)(cid:29)(cid:14) (cid:33)(cid:10)(cid:29)(cid:23)(cid:25)(cid:3)(cid:1)(cid:9)(cid:10)(cid:26)(cid:27)(cid:14)(cid:13)(cid:2)(cid:1)(cid:12)(cid:17)(cid:23)(cid:26)(cid:14)(cid:22)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:17)(cid:10)(cid:22)(cid:13)(cid:24)(cid:18)(cid:12)(cid:19)(cid:14)(cid:13)(cid:1)(cid:11)(cid:31)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:20)(cid:23)(cid:28)(cid:13)(cid:2)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:26)(cid:10)(cid:29)(cid:29)(cid:31)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:15)(cid:10)(cid:21)(cid:23)(cid:28)(cid:26)(cid:2) (cid:10)(cid:27)(cid:1)(cid:11)(cid:10)(cid:25)(cid:26)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:15)(cid:14)(cid:26)(cid:27)(cid:18)(cid:29)(cid:10)(cid:20)(cid:26)(cid:1)(cid:10)(cid:12)(cid:25)(cid:23)(cid:26)(cid:26)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:22)(cid:10)(cid:27)(cid:18)(cid:23)(cid:22)(cid:3)(cid:1)(cid:5)(cid:22)(cid:13)(cid:1)(cid:27)(cid:17)(cid:14)(cid:22)(cid:2)(cid:1)(cid:13)(cid:25)(cid:14)(cid:26)(cid:26)(cid:14)(cid:13)(cid:1)(cid:18)(cid:22)(cid:1)(cid:11)(cid:20)(cid:10)(cid:12)(cid:19)(cid:3) #TASTEIS ©2013 A-B, Budweiser® Black Crown Lager, St. Louis, MO  SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS FeBRUARY 13 - 19, 2013 / SFBG.COm  FEB. 13, 2013 “FOR TENANTS GENERALLY, THE [CONDO CONVERSION] LEGISLATION IS QUITE BAD.” – RICHARD HURLBURT FRIENDS OF LONDON BREED MICROBREWS MAKE A GREAT A group of the most pro-downtown, pro-landlord, conservative folks in town is holding a fundraiser for Sup. London Breed, who represents the most progressive district in the city. DAY DRUNK Oh, and none of the members of the Host Committee lives in or has any direct connections to District Five. The Feb. 25 event is at the home of Wade and Lorna Randlett. Wade Randlett is a scorched-Earth politi- Kelly Malone of Indie Mart GUARDIAN cal operative who created a group called SFSOS with the late Republican GAP mogul Don Fisher. He opposed crafted Speakeasy’s new tap- the 2006 school bonds and was the secret force behind an effort to recall former Sup. Sophie Maxwell. THE KOK HAS FLOWN room from a space previously Also on the list: Plutocrat Ron Conway and Anne Moeller Caen, who is a terrible, pro-PG&E member of the SFPUC. used as unassuming offices INTELLIGENCE OOddddllyy,, ppoowweerrhhoouussee llaawwyyeerr JJooee CCoocchheettttee iiss oonn tthhee iinnvviittee,, aass iiss 4499eerrss ttiigghhtt eenndd in the Bayview brewery. Her Another blow to SoMa’s ever- ((aanndd ggeenneerraallllyy ccooooll gguuyy)) VVeerrnnoonn DDaavviiss.. OOhh,, aanndd MMaayyoorr EEdd LLeeee,, wwhhoo,, wwee’’rree ttoolldd,, trademark DIY flair is evident in dwindling leather-fetish bar scene: ccaann’’tt ssttaanndd WWaaddee RRaannddlleetttt.. WWhhiicchh ppuuttss hhiimm iinn ggoooodd ccoommppaannyy.. the cozy nooks lined with sal- What you WWee ccaalllleedd BBrreeeedd aanndd aasskkeedd hheerr aabboouutt tthhee eevveenntt,, aanndd sshhee ssaaiidd sshhee mmeett Despite a recent remodel, the KOK vvaaggeedd bbeeeerr ccrraatteess,, Bar will soon close and become the RRaannddlleetttt wwoorrkkiinngg oonn tthhee ffiirrsstt OObbaammaa ccaammppaaiiggnn,, ““aanndd hhee vvoolluunntteeeerreedd ttoo ddoo and artisti- certainly more straight-sounding need to know tthhiiss..”” SShhee ssaaiidd sshhee nneeeeddeedd tthhee mmoonneeyy ffoorr ooffffiiccee eesssseennttiiaallss lliikkee eexxttrraa ccoommppuutteerr cally-hung Driftwood. (Details of the new bar ssccrreeeennss aanndd aa ccoouucchh,, aanndd sshhee hhaass ttoo ppaayy ooffff hheerr iinnaauugguurraall cceelleebbrraattiioonn.. bare lightbulbs are sketchy.) True, the KOK never AAss sshhee nnoorrmmaallllyy ddooeess,, BBrreeeedd wweenntt oouutt ooff hheerr wwaayy ttoo ssaayy tthhaatt hheerr illuminating quite drew the pop-eyed crowds of vvootteess aarree nnoott ffoorr ssaallee,, aanndd tthhaatt sshhee wwoonn’’tt ddoo tthhee bbiiddddiinngg ooff tthhee ppeeoo-- perches perfect its progenitors My Place and, way NO SYMPATHY FOR ppllee wwhhoo ggiivvee hheerr mmoonneeyy.. ““IIff yyoouu wwaanntt ttoo hhoolldd aa ffuunnddrraaiisseerr ffoorr mmee,, II’’dd back in 1967(!), the Ramrod. The for sipping on a bbee hhaappppyy ttoo ttaakkee yyoouurr mmoonneeyy ttoooo,,”” sshhee ssaaiidd.. AAss ffoorr aa hhoosstt ccoommmmiitt-- ppiinntt ooff tthhee 1122 ddrraaffttss KOK’s still open for now — and we THE TICS tteeee tthhaatt mmiigghhtt bbee ooffffeennssiivvee ttoo tthhee mmaajjoorriittyy ooff hheerr ccoonnssttiittuueennttss,, currently on the menu. The sshhee ssaaiidd ““iitt iiss wwhhaatt iitt iiss..”” || GUARDIAN PHOTO BY MIKE KOOZMIN hope there’s big farewell blowout. brewery may be banking on www.kokbarsf.com We got a fascinating letter from local beer tourists to fill the stools lawyer Richard Hurlburt, who had since it will generally only stay some thoughts on the legislation on open until the early evening, condo conversions and tenancies in CHRISTEENE but if that’s the case its timing common sponsored by Sups. Mark is sublime — we’re right in the CAN ACT Farrell and Scott Wiener. He writes: middle of SF Beer Week, the time of year when pints are I’m a tenant’s rights lawyer and ... And how. We were highly impressed by prince in the Bay Area. 1195 real estate broker. Whenever pos- Austin drag-monster Christeene Vale (otherwise Evans, SF. www.goodbeer.com sible I help tenants facing eviction known by her boy name, Paul Soileau) and her thes- buy their TIC units. I also own and pian chops in Fourplay, a sex-themed collection of POLITICAL ALERTS reside in a TIC unit. My building short films that will be shown in part at Other Cinema’s has twelve units and would not be “Eros” line-up at Artists’ Television Access (www.ata- Send items to [email protected] affected by the proposed law. site.org) on Sat/16. Based on a true story, in the flick THURSDAY 14 I just read the actual text of Soileau plays SF sex worker Chloe, hired by the wife of the legislation sponsored by Sups. a quadriplegic man to give the guy the sexcapade DANCE ACROSS THE GOLDEN GATE Farrell and Wiener and I’m against it. he’s dreamed of. The short’s a touching look at SE end of eastern walkway of Golden Gate TIC financing isn’t that dif- the caretaking side of sex work — and will Bridge, SF. tinyurl.com/vdaybridge. 10- ficult anymore. Fractional loans change the way you feel about your 11am, free. Show your love for a global movement of women on the rise. Converge are the norm and not that much toes, promise. on the walkway of the iconic Golden Gate more expensive than condominium with CODEPINK and One Billion Rising for loans. It does cost a little more to a morning of singing, dancing, drumming and weaving of red ribbons. Launched by finance a TIC, but the units cost V-Day, an organization founded by Eve less to begin with. So I don’t really Ensler, creator the of Vagina Monologues, see a hardship on the part of TIC One Billion Rising is a global movement calling for an end to violence against owners who generally have smaller women across the globe. RSVP requested. mortgages because they paid less SHOW YOUR LOVE FOR for their units to start with. THE REBELLIOUS ST. VALENTINE The supposed $20,000 per Sunrise Restaurant, 3126 24th St, SF. CHEMICAL-FREE FURNITURE, FINALLY 6-9pm, price of food purchase. The Center unit condo conversion impact fee to DIRTY BUSINESS for Political Education’s radical take on benefit low-income housing is largely Valentine’s Day sends our hearts aflutter: illusory. The proposed law contains a State Senator Mark Leno has been working for six years to get toxic chemicals “Centuries ago, a determined St. Valentine reduction for each year the building out of household furniture — and now Gov. Jerry Brown is doing it for him. San Francisco’s city pension fund may refused the war machine of his time by mar- has participated in the lottery, so Leno’s been taking on the chemical industry, which loves a 35-year- have as much as $1 billion tied up in com- rCylianugd ciuosu pIIl,e ws hino ’dde bfiaannnceed o mf Raorrmiaagne E fomr pfeearor r a building that participated in the old rule mandating that couches, upholstered chairs, and even kids’ car panies that control fossil fuel reserves, that married soldiers would not want to go to lottery for five years, which is the seats, cribs and strollers be treated with chlorides and bromides that have like Exxon, BP, Shell and Chevron. At battle.” To commemorate that valiant act of majority, would get an 80 percent been linked to cancer and learning disabilities. last week’s board meeting, Sup. John cseivrivl ed iuspo bsoemdieen locvei,n Sgulyn prirseep Rareesdt aSuarlavnatd worilal n reduction and pay only $4,000. The chemicals supposedly prevent fires — but there are now far safer Avalos introduced a resolution calling on the San Francisco Employees food and donate 10 percent of all proceeds Although the law would provide wwaayy ttoo ddoo tthhaatt.. Retirement System to divest from the leading fossil fuel giants. to the CPE. Featuring music by DJ Eric lifetime leases for the few tenants Four times, the senator has introduced bills to get “San Francisco has aggressive goals to address climate change,” the Ba rperwogerra Cmu ehnotnoosr,i Vnagl CenPtEin ceo’s-f coouonkdieerss, aanndd occupying converted units, this ben- tthhee nnaassttyy ssttuuffff oouutt ooff lliivviinngg rroooommss aanndd nnuurrsseerriieess;; ffoouurr District 11 supervisor said. “It’s important that we apply these same val- long-time collective contributors. efit is seriously disproportionate. For ttiimmeess,, tthhee cchheemmiiccaall iinndduussttrryy hhaass ppoouurreedd mmiilllliioonnss iinnttoo ues when we decide how to invest our funds, so we can limit our financial FRIDAY 15 the tenants getting lifetime leases, lobbying and beat him back. contributions to fossil fuels and instead promote renewable alternatives.” good for them but that is a huge But the governor’s Department of Consumer Avalos crafted the resolution in tandem with 350.org, an envi- GENERATIONS: BLACK LGBT windfall for a very few lucky individu- Affairs took on the issue, and just released draft ronmental organization that’s partnering with campus groups across HISTORY EXPERIENCES als. For tenants generally the leg- regulations that exempt products used by children the nation who are urging universities to divest in fossil fuel compa- A76fr2ic Faunl Atomn,e SriFc.a (n4 1A5rt) & 4 8C7u-lt8u0re2 C2o, wmwplwe.x, islation is actually quite bad. Once from the chemical stew — and allow manufacturers nies. On Feb. 17, 350.org will join the Sierra Club and a host of Bay facebook.com/GenerationsBlackLgb any of the affected units becomes of upholstered furniture to use other fire-prevention methods. “This is a Area environmental organizations in rallying against the Keystone XL tHistory. 6-9pm, free. February is Black vacant, all future tenants would be landmark day,” Leno told us. Pipeline, a TransCanada project that will link oil extraction sites in HGeisnteorrayt Mioonnst ehv,e anntd w tihlle c tehleirbdr aatnen tuhael lives exempt from the rent increase pro- Oddly, Sen. Leland Yee was among a group of 20 legislators who tried to the Alberta tar sands to Gulf Coast refineries. In a show of solidarity of Black LGBT individuals throughout his- tections of the Rent Ordinance. And shut down the new DCA regs. He signed a letter to Brown urging that the old with their counterparts in D.C., Bay Area environmentalists plan to tory. Food, entertainment, art, film and allowing certain owners to bypass rules stay in effect while the safety of the “alleged chemical risks” are studied surround the U.S. Department of State Building in San Francisco to HAmIVe/SriTcDan t eHsetainltgh. SDpisopnasroitrieeds Pbyro tjheec tA,f Arifcraon the condo lottery will only encourage further. “Alleged?” Not really — the science on this is pretty clear. The only ones demand that the federal government reject the international project. Solo, AIDS Project of the East Bay, Bayard more Ellis-TIC conversions. who defend the safety of this stuff are the chemical industry, and its toadies. 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DIRECTOR(cid:1)(cid:46)(cid:34)(cid:51)(cid:53)(cid:42)(cid:47)(cid:34)(cid:1)(cid:41)(cid:15)(cid:1)(cid:38)(cid:36)(cid:44)(cid:52)(cid:53)(cid:54)(cid:53) SENIOR ACCOUNT EXECUTIvE(cid:47)(cid:42)(cid:36)(cid:44)(cid:1)(cid:47)(cid:34)(cid:49)(cid:49)(cid:42)(cid:1) ACCOUNT EXECUTIvES(cid:1)(cid:35)(cid:38)(cid:51)(cid:47)(cid:34)(cid:51)(cid:37)(cid:1)(cid:41)(cid:48)(cid:45)(cid:46)(cid:38)(cid:52)(cid:13)(cid:1)(cid:1) (cid:34)(cid:15)(cid:43)(cid:15)(cid:1)(cid:52)(cid:42)(cid:48)(cid:52)(cid:48)(cid:47)(cid:1) SALE ON NOW! 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COPYRIGHT © 2012 BY VALENCIA CYCLERY SAN FRANCISCO NEWSPAPER CO. LLC. ALL RIGHTS RESERVED. REPRODUCTION OR USE WITHOUT PERMISSION IS STRICTLY PROHIBITED. THE SAN FRANCISCO BAY GUARDIAN WAS ADJUDICATED NOV. 5, 1975, AS A NEWSPAPER OF GENERAL CIRCULATION IN SAN FRANCISCO COUNTY. NOT RESPONSIBLE FOR UNSOLICITED MANUSCRIPTS OR ART. ARTIBCALECSK PISUSBULEISSH: ECDH EINC K1 9O9U5R O SRE LAARTCEHR E. NA GCIONME PFLOERT AE RFCILHEI VOEFS B OAFC K 1065 & 1077 Valencia (Btwn 21st & 22nd St.) • SF ISSUES CAN BE FOUND AT THE SAN FRANCISCO PUBLIC LIBRARY, MAIN BRANCH. BACK ISSUES ARE AVAILABLE BY MAIL FOR $5 PER SALES 415-550-6600 • REPAIRS 415-550-6601 ISSUE. ADD $2 FOR ISSUES PRIOR TO 1985. CURRENT COPIES OF THE GUARDIAN ARE AVAILABLE FREE OF CHARGE, LIMITED TO ONE COPY Mon-Sat 10-6, Sun 11-5 PER READER. ADDITIONAL COPIES OF THE CURRENT ISSUE OF THE GUARDIAN ARE AVAILABLE FREE AT THE GUARDIAN OFFICE, OR FOR $5 BY MAIL. NO PERSON MAY, WITHOUT PERMISSION OF THE GUARD- valenciacyclery.com IAN, TAKE MORE THAN ONE COPY OF EACH GUARDIAN WEEKLY ISSUE. editorialS newS Food + drink pickS artS + culture muSic liStinGS StaGe liStinGS on the cheap Film liStinGS claSSiFiedS February 13 - 19, 2013 / SFbG.com  EDITORIALS IN THIS ISSUE DARK NEWS P7 FOOD + DRINK APARTMENTS P13 PICKS P15 BY TIM REDMOND [email protected] ARTS AND CULTURE P18 EDITORS NOTES This is how dysfunc- MUSIC LISTINGS 27 / FILM LISTINGS 31 tional the San Francisco housing market has become: The Chron reported in late THIS WEEK AT January that young people who are just arriving in San Francisco SFBG.COM are paying exorbitant rents for tiny spaces — $500 for a laundry room, $600 for an upper bunk — and often FOLLOW US ON TWITTER: living in substandard conditions. WWW.TWITTER.COM/SFBG And on Feb. 11, The New York Times reported that a significant ON THE BLOGS number of high-end condos in that city were vacant almost all the time, owned by the uber-rich who used POLITICS them as pieds a terre — something that’s going on increasingly in S.F. $994 for the cheap seats? Tim Redmond on the latest America’s Cup rip-off The Times notes: “The higher up you go in price, No sympathy for TIC owners the higher the concentration is like- BART acts on upcoming Millbrae project ly to be of owners who spend only a few months, a few weeks or even just a few days each year in their NOISE TIME OUT BY THE BAY apartments. This very costly form of desolation means that some of Emily Savage’s must-see shows the city’s most expensive residential this week include Beak>, EELS, buildings stand mostly dark, lone- Graveyard, Stone Foxes, and more some and empty on the inside.” BY RUDY NOTHENBERG play 41 professional basketball games appropriate site for this entertain- Local artists examine hip-hop So: The more housing you build in the building. This will double or ment complex. The city is rushing and gender roles through La Peña OPINION Pretend that you and your that only multimillionaires can Cultural Center’s new event series triple the value of their franchise headlong into making this deal. The best friends are entrusted — tempo- afford, the more likely you’re serv- — but unfortunately require that Board of Supervisors does have final rarily — with responsibility to run a ing a population that has three or they significantly increase the ticket authority, but when it gets there, so PIXEL VISION big city. The energy of its people, the price for their fans. much time and effort will have been four other houses and just wants diversity of its residential neighbor- this one for the couple of weeks a As a good manager you might ask spent that the likelihood of it being WWhhoo rruunnss tthhee hoods, and its natural beauty have year that they jet into San Francisco. what the landlord, the Port — which stopped is virtually zero. ((aarrtt)) wwoorrlldd?? AA made this a successful city. The center- Planning Commission member holds the land as a public trust You, the pretend manager, ttrriiaadd ooff ffeemmaallee-- piece of its natural beauty is its front Katherine Moore has mused about — will get in return for its $120 mil- would surely call a time out. You ddrriivveenn eexxhhiibbii-- yard, a body of sparking water called the problem in public, noting that ttiioonnss lliigghhttss uupp lion subsidy and for the use of public would put together city officials and “The Bay.” You are entrusted with in her Nob Hill neighborhood, there the Bay Area property. You are astonished to learn representatives of the city’s neigh- keeping the Bay accessible and visible are more and more dark apartments. that, for the next many decades, the borhoods with the developer and Jesse to the people — all of whom own it. Who cares? Everyone should Port receives not a penny. Knowing require that they, together, come up Hawthorne One day developers come along — for a couple of reasons. For one, the environmental damages, the with a site that all could gladly sup- Ficks takes and say that they want to build an empty neighborhoods are no good impact on transportation in your city port. That might be what you’d do on Sundance entertainment complex on public for small businesses. They’re also and being concerned about main- -– but it is not what is happening in FFiillmm FFeessttiivvaall property, right on this Bay. It will be not as safe. And it just seems so ass- taining livable neighborhoods, you the real world of City Hall. a big, 14-story structure. It will bring backward: A city that can’t provide Celebrate Black History Month might then say: “Hold on — this is It’s time for people like you, and by honoring African American in some 2 million patrons for more a bad deal. Is there not a better, less others like you, to demand that the decent affordable housing for cur- food and drink entrepreneurs than 200 entertainment events each costly, less destructive, less divisive real city officials call a temporary rent residents, much less for the next year. And, the developers go on, it generation of immigrants who keep location in our city?” halt to their juggernaut and provide will be in the middle of a residential the place lively, is giving up valu- You might say that — but SF’s a process that would first answer SEX SF community, mess up traffic and block able land to build housing for people city management has not. There has the basic question of whether Pier physical and visual access to the Bay. who aren’t going to live here at all. The Guardian staff test drives been no effort whatsoever to find a 30/32 is an appropriate site for this Furthermore they tell you, we will At the very least, the city ought aphrodisiac lollipops. Will we find more appropriate location, one less entertainment complex or whether need you to violate all the controls to get some data here. As Sup. David love in a hopeless place? destructive to San Francisco’s envi- alternative sites would not better you have painfully placed on building Chiu told me, “It would be good for Caitlin Donohue interviews an SF sex heights and uses on the waterfront. ronmental values, that would require serve the city and its Bay. 2 us to know if San Francisco’s high- less than a $120 million subsidy. waonrdk ewr haabto iutt wcaasr eltiakek itnog ,b set porlayyteeldli nbgy , And, by the way, they will need a sub- And time has virtually run out Rudy Nothenberg has held senior end condos are actually being used.” drag-horror Christeene Vale on film sidy of $120 million in public money. to ask the basic question of whether positions in the administrations of six Maybe we should find that out Lastly they tell you, they will the proposed site on Pier 30/32 is an San Francisco mayors. before we build any more. You think? 2 6 SAN FRANCISCO BAY GUARDIAN EDITORIALS NEWS FOOD + DRINK PICKS ARTS + CULTURE MUSIC LISTINGS STAGE LISTINGS ON THE CHEAP FILM LISTINGS CLASSIFIEDS newS “It’S tIme for them to put Some of theIr unIon prIncIpleSInto play.” – lIBBy Sayre UNioN diviSioNS (cid:52)(cid:38)(cid:42)(cid:54)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:18)(cid:17)(cid:19)(cid:18)(cid:1)(cid:71)(cid:74)(cid:72)(cid:73)(cid:85)(cid:84)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:83)(cid:84)(cid:1)(cid:177)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1) (cid:80)(cid:88)(cid:79)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:177)(cid:1)(cid:80)(cid:87)(cid:70)(cid:83)(cid:1) (cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:67)(cid:70)(cid:79)(cid:70)(cid:71)(cid:74)(cid:85)(cid:1)(cid:68)(cid:86)(cid:85)(cid:84) By Steven t. JoneS us. “It’s not justifiable. It’s not like costs and be fiscally responsible and tract Local 1021 reached with the percent above the Bay Area aver- [email protected] this is a union in collapse.” prudent,” said Susan Gard, a spokes- city last year, DHR did a study com- age. So the city is seeking to lower Yet Sanchez and her team, person for the city’s Department of paring local salaries with eight other the salaries in 43 job classifications NEWS Service Employees including Political Director Chris Human Resources. “We don’t have jurisdictions, finding that positions (applied to new hires only) and raise International Union Local 1021 Daly, say the internal revolt led the luxury of just looking at what’s such as social workers, clerks, sec- them for four classifications. The strenuously resists the wage and by a small number of disgruntled best for employees.” retaries, custodians and nursing proposal will go before an arbitrator benefit givebacks regularly demand- employees misrepresents how good As allowed by the two-year con- assistants were between 16 and 48 CONTINUES ON PAGE 10 >> ed in recent years by employers, the workers actually have it, par- including the city of San Francisco, ticularly compared to members who which is now trying to slash the have endured severe layoffs and sal- salaries for more than 40 city job ary and benefit cuts in recent years. classifications. Employees have another generous At the same time, Local 1021 is pension on top of the 401(k) (pay- asking its own employees for ben- ing 2.5 percent of final salary per efit givebacks during new contract year worked), employer-paid health negotiations, a move that their own benefits (costs would go up for the union is blasting as hypocritical. PacificCare plan, but not Kaiser), That has squeezed Local 1021 normal step salary increases, and President Roxanne Sanchez and bonuses in lieu of raises in each of her leadership team into a difficult the last two years. position. They must fend off a revolt “Our staff has not given up from staff that is turning vitriolic, anything,” Sanchez said. “They saw without offending members who us cut the board’s budget by several Price $500 are in some cases worse off than hundred thousand dollars before we the SEIU employees who represent asked for anything.” them — all without weakening the She said that with dues revenue union’s position at the bargaining falling along with membership tables with employers that relent- numbers, and pension and health lessly work to undermine the labor care costs rising steeply, the union movement. can’t afford to keep dipping into its And they have to do it in the reserve funds, as it has in each of middle of an internal union elec- the last two years. tion that they need to win to stay “We’re asking them to give mod- in power. estly to their health care costs, and “The irony here is SEIU works that we don’t pay for that second assiduously to avoid takeaways in pension,” Sanchez said. “We are not their contracts with employers and balancing the budget on their backs, here they want givebacks from their like what gets done with us.” own sweatshop-type working condi- While both Daly and Sanchez tions,” says Libby Sayre, area direc- admit the local has healthy reserve tor for Communications Workers of funds for its budget level, they America Local 9404, which has rep- say that’s necessary for the union resented SEIU Local 1021 employees to project strength, whether it be since an internal reorganization threatening a strike at the bargain- in 2007. “It’s time for them to put ing table or taking on ballot mea- some of their union principles into sures that would cripple the labor play.” movement, such as last year’s Prop. Local 1021 is proposing to 32, which the local dug into its increase how much employees reserve funds to fight. pay for one of their health plans, “If we didn’t have healthy eliminate the 401(k) pension match, reserves, we’d be coming at them for and change some work rules, while more [givebacks] and doing layoffs,” keeping salaries where they’ve been Sanchez said. stuck for many years. Employees say While Sanchez said she resents the givebacks total $416,000, and being compared to the employers they’re coming even as the union that her union battles, her rhetoric maintains healthy reserves of about about the need for fiscal discipline $11 million (the union says that is echoed by city officials who say level is now closer to $9 million). they are already being generous “These are proposals they with workers and they can’t afford wouldn’t accept from an employer to continue paying salaries that are and they’re trying to impose them so far beyond market rates. on their own employees,” Sayre told “The city has to look at all the editorialS newS Food + drink pickS artS + culture muSic liStinGS StaGe liStinGS on the cheap Film liStinGS claSSiFiedS February 13 - 19, 2013 / SFbG.com  news By Darwin BonDGraham WhEN baNkErS liE the federal courts, Avalos’s recom- [email protected] mendation takes the investigation further, and in a different direction. NEWS Although few have ever heard “We’re trying to assess how the of it, there’s probably no num- LIBOR scandal affects San Francisco, (cid:52)(cid:66)(cid:79)(cid:1)(cid:39)(cid:83)(cid:66)(cid:79)(cid:68)(cid:74)(cid:84)(cid:68)(cid:80)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:72)(cid:66)(cid:85)(cid:70)(cid:84)(cid:1)(cid:45)(cid:42)(cid:35)(cid:48)(cid:51)(cid:1)(cid:71)(cid:83)(cid:66)(cid:86)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:81)(cid:80)(cid:84)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:79)(cid:1)(cid:68)(cid:74)(cid:85)(cid:90)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84) ber more important to the global and that’s what the hearing is about,” financial system than the London Avalos told the Guardian. “These Interbank Offered Rate, or LIBOR. banks rigged the financial markets Defined precisely, LIBOR is a set placed in it, LIBOR is used to cal- companies decide whether or not has been a lie, and that the world’s for their own benefit and the global of different interest rates that the culate everything from consumer to invest billions in new factories biggest banks rigged the rate to skim economy suffered as a result.” world’s largest banks charge one loans and home mortgages to exotic and product lines based on LIBOR’s off billions of dollars in value from While early indications are that another for cash loans denominated financial derivatives and invest- direction. Governments rethink other corporations and the general San Francisco is better protected in US dollars. ments. LIBOR makes the financial their debt levels and spending when public. In a devastating set of revela- than many jurisdictions, Avalos Because of its centrality to the world go round, influencing the LIBOR ticks up and down. tions that began to surface two years said, “I think it’s important to stand economic system, and the trust price of everything. Fortune 500 It turns out, however, that LIBOR ago, the panel of the largest global with other cities and counties that banks that set the LIBOR rate con- are suffering.” Or as his legislative spired to manipulate it, to increase aide Jeremy Pollock told us, “When (cid:31)(cid:22)(cid:19)(cid:1)(cid:20)(cid:23)(cid:29)(cid:30)(cid:31)(cid:1)(cid:19)(cid:25)(cid:28)(cid:19)(cid:29)(cid:27)(cid:29)(cid:1)(cid:26)(cid:19)(cid:33)(cid:19)(cid:29)(cid:1)(cid:30)(cid:15)(cid:34)(cid:1)(cid:31)(cid:22)(cid:23)(cid:30)(cid:1)(cid:17)(cid:27)(cid:25)(cid:23)(cid:26)(cid:21)(cid:6)(cid:1) or decrease LIBOR, solely because a a major city like San Francisco calls (cid:31)(cid:22)(cid:32)(cid:29)(cid:30)(cid:18)(cid:15)(cid:35)(cid:1)(cid:20)(cid:19)(cid:16)(cid:6)(cid:1)(cid:9)(cid:8)(cid:1)(cid:14)(cid:1)(cid:11)(cid:1)(cid:28)(cid:25)(cid:6)(cid:1)(cid:1)(cid:1)(cid:3)(cid:8)(cid:10)(cid:7)(cid:3)(cid:8)(cid:12)(cid:1)(cid:15)(cid:31)(cid:1)(cid:31)(cid:22)(cid:19)(cid:1)(cid:18)(cid:27)(cid:27)(cid:29) higher or lower quote on particular for hearings, it’ll get a lot more days would allow them to reap mil- attention. The hearing will be an lions in instant profits. educational process for everyone to (cid:1)(cid:1)(cid:1)(cid:30)(cid:15)(cid:26) US authorities working with understand how this complicated regulators in the UK, Japan, financial world really works.” (cid:1)(cid:20)(cid:29)(cid:15)(cid:26)(cid:17)(cid:23)(cid:30)(cid:17)(cid:27)(cid:27)(cid:27)(cid:27)(cid:2) Switzerland, and Singapore are cur- Former Supervisor Chris Daly, rently investigating upwards of two now the political director for Service dozen banks in what is probably Employees International Union (cid:17)(cid:27)(cid:25)(cid:19)(cid:1)(cid:27)(cid:32)(cid:31)(cid:1)(cid:31)(cid:27) the single biggest financial crime Local 1021, which represents most ever perpetrated. So far, employ- city employees, said there’s a need (cid:28)(cid:24)(cid:15)(cid:35)(cid:5)(cid:15)(cid:35)(cid:35)(cid:35)(cid:2) ees of Barclay’s, UBS, and Credit to hold the banks publicly account- (cid:20)(cid:33)(cid:1)(cid:33)(cid:25)(cid:23)(cid:1)(cid:12)(cid:22)(cid:18)(cid:12)(cid:20) Suisse have been fired, arrested, and able. “These other jurisdictions that (cid:12)(cid:21)(cid:23)(cid:1)(cid:19)(cid:24)(cid:22)(cid:15)(cid:24)(cid:19) charged. Many more criminal pros- have filed suit haven’t had a big ecutions are surely coming, but the public process. We don’t want to see real battle will be in the civil courts settlements for less in courtrooms. and the court of public opinion. We want to see the full public expo- To date only a handful of civil sure of the issue, and in terms of the lawsuits have been filed, the first shot cause of bank accountability, it is fired by the city of Baltimore early the better approach.” last year. Last month, the County of Avalos has already met with the San Mateo, city of Richmond, and the heads of different city departments East Bay Municipal Utility District and agencies in an effort to deter- filed their own cases which were mine what kinds of losses the public quickly consolidated into a growing might have sustained as a result of class action to be heard in New York’s LIBOR rigging. Pollock said Southern District the city’s finance staff Federal and attorneys are cur- Court. rently working closely Now with the city’s airport, San retirement system, and Francisco Office of the Treasurer to gauge is set to the size of the problem. enter the “LIBOR rigging may (cid:25)(cid:31)(cid:2)(cid:42)(cid:31)(cid:1)(cid:45)(cid:39)(cid:46)(cid:31)(cid:35)(cid:37)(cid:35)(cid:39)(cid:33)(cid:1)(cid:5)(cid:17)(cid:18)(cid:20)(cid:12)(cid:2)(cid:24)(cid:1)(cid:10)(cid:15)(cid:23)(cid:23)(cid:12)(cid:13)(cid:21)(cid:25)(cid:25)(cid:12)(cid:1)(cid:11)(cid:12)(cid:23)(cid:23)(cid:18)(cid:21)(cid:23)(cid:24)(cid:4)(cid:1)(cid:10)(cid:17)(cid:15)(cid:1)(cid:7)(cid:18)(cid:23)(cid:24)(cid:25)(cid:1)(cid:6)(cid:19)(cid:22)(cid:15)(cid:23)(cid:21)(cid:23)(cid:2)(cid:24)(cid:1)(cid:8)(cid:15)(cid:16)(cid:12)(cid:13)(cid:27)(cid:1)(cid:47)(cid:35)(cid:44)(cid:34)(cid:1) ring. On have impacted the (cid:27)(cid:39)(cid:1)(cid:45)(cid:37)(cid:44)(cid:42)(cid:27)(cid:1)(cid:34)(cid:35)(cid:33)(cid:34)(cid:6)(cid:31)(cid:39)(cid:31)(cid:42)(cid:33)(cid:48)(cid:1)(cid:31)(cid:46)(cid:31)(cid:39)(cid:44)(cid:1)(cid:44)(cid:34)(cid:27)(cid:44)(cid:2)(cid:37)(cid:37)(cid:1)(cid:43)(cid:34)(cid:27)(cid:36)(cid:31)(cid:1)(cid:44)(cid:34)(cid:31)(cid:1)(cid:23)(cid:31)(cid:42)(cid:42)(cid:27)(cid:29)(cid:40)(cid:44)(cid:44)(cid:27)(cid:1)(cid:12)(cid:42)(cid:38)(cid:48)(cid:1)(cid:40)(cid:45)(cid:44)(cid:1)(cid:40)(cid:32)(cid:1)(cid:35)(cid:44)(cid:43)(cid:1)(cid:9)(cid:5)(cid:8)(cid:8)(cid:8)(cid:6) January 29, Supervisor payments under the (cid:48)(cid:31)(cid:27)(cid:42)(cid:1)(cid:43)(cid:37)(cid:45)(cid:38)(cid:28)(cid:31)(cid:42)(cid:7)(cid:1)(cid:17)(cid:40)(cid:47)(cid:11)(cid:1)(cid:34)(cid:40)(cid:46)(cid:39)(cid:1)(cid:17)(cid:22)(cid:19)(cid:29)(cid:35)(cid:24)(cid:4)(cid:1)(cid:27)(cid:39)(cid:1)(cid:27)(cid:42)(cid:44)(cid:35)(cid:43)(cid:44)(cid:1)(cid:29)(cid:40)(cid:37)(cid:37)(cid:31)(cid:29)(cid:44)(cid:35)(cid:46)(cid:31)(cid:1)(cid:44)(cid:34)(cid:27)(cid:44)(cid:1)(cid:44)(cid:34)(cid:42)(cid:40)(cid:47)(cid:43)(cid:1)(cid:49)(cid:44)(cid:34)(cid:31)(cid:1)(cid:13)(cid:35)(cid:33)(cid:1) John Avalos called airport’s swaps,” said (cid:12)(cid:41)(cid:41)(cid:37)(cid:31)(cid:2)(cid:43)(cid:1)(cid:38)(cid:40)(cid:43)(cid:44)(cid:1)(cid:40)(cid:45)(cid:44)(cid:42)(cid:27)(cid:33)(cid:31)(cid:40)(cid:45)(cid:43)(cid:1)(cid:41)(cid:27)(cid:42)(cid:44)(cid:48)(cid:50)(cid:1)(cid:3)(cid:10)(cid:18)(cid:19)(cid:15)(cid:1)(cid:9)(cid:26)(cid:25)(cid:1)(cid:8)(cid:21)(cid:20)(cid:14)(cid:21)(cid:20)(cid:4)(cid:7)(cid:23)(cid:34)(cid:31)(cid:42)(cid:31)(cid:2)(cid:37)(cid:37)(cid:1)(cid:28)(cid:31)(cid:1)(cid:30)(cid:27)(cid:39)(cid:29)(cid:31)(cid:1)(cid:44)(cid:45)(cid:42)(cid:32)(cid:1)(cid:47)(cid:27)(cid:42)(cid:43)(cid:1) for public hear- Kevin Kone, who ings to review oversees capi- (cid:35)(cid:39)(cid:43)(cid:41)(cid:35)(cid:42)(cid:31)(cid:30)(cid:1)(cid:28)(cid:48)(cid:1)(cid:26)(cid:10)(cid:8)(cid:43)(cid:1)(cid:29)(cid:45)(cid:37)(cid:44)(cid:1)(cid:33)(cid:27)(cid:39)(cid:33)(cid:1)(cid:32)(cid:35)(cid:37)(cid:38)(cid:1)(cid:10)(cid:17)(cid:15)(cid:1)(cid:11)(cid:12)(cid:23)(cid:23)(cid:18)(cid:21)(cid:23)(cid:24)(cid:3)(cid:1)(cid:27)(cid:1)(cid:38)(cid:27)(cid:42)(cid:29)(cid:34)(cid:35)(cid:39)(cid:33)(cid:1)(cid:28)(cid:27)(cid:39)(cid:30)(cid:5)(cid:1)(cid:30)(cid:42)(cid:35)(cid:39)(cid:36)(cid:43)(cid:5)(cid:1)(cid:43)(cid:47)(cid:31)(cid:31)(cid:44)(cid:43)(cid:5)(cid:1) the impact tal finance (cid:27)(cid:39)(cid:30)(cid:1)(cid:27)(cid:1)(cid:41)(cid:34)(cid:40)(cid:44)(cid:40)(cid:1)(cid:28)(cid:40)(cid:40)(cid:44)(cid:34)(cid:7)(cid:1)(cid:13)(cid:42)(cid:35)(cid:39)(cid:33)(cid:1)(cid:48)(cid:40)(cid:45)(cid:42)(cid:1)(cid:41)(cid:40)(cid:43)(cid:43)(cid:31)(cid:1)(cid:27)(cid:39)(cid:30)(cid:1)(cid:30)(cid:42)(cid:31)(cid:43)(cid:43)(cid:1)(cid:45)(cid:41)(cid:7)(cid:1)(cid:14)(cid:40)(cid:43)(cid:44)(cid:45)(cid:38)(cid:31)(cid:43)(cid:1)(cid:27)(cid:42)(cid:31)(cid:1)(cid:31)(cid:39)(cid:29)(cid:40)(cid:45)(cid:42)(cid:27)(cid:33)(cid:31)(cid:30)(cid:7)(cid:1) of LIBOR for the San (cid:16)(cid:27)(cid:37)(cid:37)(cid:31)(cid:42)(cid:35)(cid:31)(cid:43)(cid:1)(cid:47)(cid:35)(cid:37)(cid:37)(cid:1)(cid:28)(cid:31)(cid:1)(cid:40)(cid:41)(cid:31)(cid:39)(cid:7)(cid:1)(cid:21)(cid:37)(cid:46)(cid:1)(cid:46)(cid:40)(cid:48)(cid:13)(cid:1)(cid:47)(cid:47)(cid:47)(cid:6)(cid:36)(cid:45)(cid:40)(cid:36)(cid:41)(cid:36)(cid:44)(cid:46)(cid:6)(cid:42)(cid:44)(cid:38)(cid:7)(cid:43)(cid:36)(cid:44)(cid:46)(cid:49)(cid:6) manipu- Francisco lation on International San Francisco’s Airport. The (cid:3)(cid:13)(cid:14)(cid:16)(cid:9)(cid:23)(cid:20)(cid:1)(cid:7)(cid:11)(cid:19)(cid:19)(cid:9)(cid:10)(cid:17)(cid:21)(cid:21)(cid:9)(cid:1)(cid:8)(cid:9)(cid:19)(cid:19)(cid:14)(cid:17)(cid:19)(cid:20)(cid:2)(cid:1)(cid:7)(cid:13)(cid:11)(cid:1)(cid:5)(cid:14)(cid:19)(cid:20)(cid:21)(cid:1)(cid:4)(cid:15)(cid:18)(cid:11)(cid:19)(cid:17)(cid:19)(cid:23)(cid:20)(cid:1)(cid:6)(cid:11)(cid:12)(cid:9)(cid:10)(cid:22)(cid:1)(cid:55)(cid:35)(cid:51)(cid:1)(cid:48)(cid:50)(cid:41)(cid:35)(cid:47)(cid:43)(cid:58)(cid:39)(cid:38)(cid:1)(cid:36)(cid:57)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46)(cid:1)(cid:43)(cid:47)(cid:1)(cid:49)(cid:35)(cid:50)(cid:52)(cid:47)(cid:39)(cid:50)(cid:51)(cid:42)(cid:43)(cid:49)(cid:1)(cid:55)(cid:43)(cid:52)(cid:42)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:28)(cid:43)(cid:47)(cid:47)(cid:39)(cid:35)(cid:49)(cid:48)(cid:45)(cid:43)(cid:51)(cid:1)(cid:26)(cid:47)(cid:51)(cid:52)(cid:43)(cid:52)(cid:53)(cid:52)(cid:39)(cid:1)(cid:48)(cid:40)(cid:1)(cid:20)(cid:50)(cid:52)(cid:51)(cid:6)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:32)(cid:42)(cid:35)(cid:35)(cid:47)(cid:56)(cid:43)(cid:1) finances, starting swaps Kone (cid:29)(cid:52)(cid:42)(cid:50)(cid:39)(cid:48)(cid:1)(cid:54)(cid:41)(cid:43)(cid:39)(cid:47)(cid:47)(cid:37)(cid:39)(cid:43)(cid:35)(cid:50)(cid:48)(cid:45)(cid:1)(cid:22)(cid:53)(cid:51)(cid:53)(cid:1)(cid:51)(cid:45)(cid:52)(cid:53)(cid:53)(cid:49)(cid:50)(cid:35)(cid:49)(cid:45)(cid:48)(cid:1)(cid:31)(cid:50)(cid:52)(cid:39)(cid:1)(cid:48)(cid:45)(cid:43)(cid:40)(cid:37)(cid:1)(cid:51)(cid:23)(cid:1)(cid:35)(cid:21)(cid:51)(cid:53)(cid:52)(cid:1)(cid:50)(cid:34)(cid:39)(cid:35)(cid:39)(cid:53)(cid:51)(cid:1)(cid:52)(cid:35)(cid:1)(cid:21)(cid:47)(cid:38)(cid:35)(cid:1)(cid:47)(cid:32)(cid:44)(cid:42)(cid:8)(cid:1)(cid:35)(cid:20)(cid:35)(cid:50)(cid:47)(cid:52)(cid:55)(cid:56)(cid:43)(cid:48)(cid:1)(cid:22)(cid:50)(cid:44)(cid:53)(cid:19)(cid:45)(cid:1)(cid:52)(cid:20)(cid:53)(cid:50)(cid:50)(cid:46)(cid:35)(cid:45)(cid:48)(cid:1)(cid:25)(cid:50)(cid:39)(cid:39)(cid:38)(cid:50)(cid:43)(cid:1)(cid:52)(cid:43)(cid:47)(cid:35)(cid:41)(cid:40)(cid:35)(cid:39)(cid:47)(cid:1)(cid:52)(cid:29)(cid:50)(cid:50)(cid:57)(cid:48)(cid:46)(cid:46)(cid:35)(cid:48)(cid:47)(cid:52)(cid:6)(cid:43)(cid:1)(cid:48)(cid:30)(cid:47)(cid:43)(cid:1)(cid:47)(cid:22)(cid:1)(cid:38)(cid:39)(cid:57)(cid:47)(cid:47)(cid:52)(cid:50)(cid:35)(cid:39)(cid:51)(cid:6)(cid:52)(cid:1)(cid:57)(cid:29)(cid:1)(cid:4)(cid:39)(cid:11)(cid:48)(cid:11)(cid:49)(cid:10)(cid:45)(cid:39)(cid:59)(cid:3)(cid:51)(cid:11)(cid:1)(cid:9)(cid:31)(cid:15)(cid:39)(cid:49)(cid:1)(cid:21)(cid:53)(cid:36)(cid:22)(cid:45)(cid:23)(cid:43)(cid:37)(cid:5)(cid:1)(cid:8)(cid:48)(cid:1)(cid:22)(cid:40)(cid:1)(cid:22)(cid:42)(cid:43)(cid:42)(cid:47)(cid:43)(cid:35)(cid:47)(cid:8)(cid:35)(cid:1)(cid:33)(cid:8)(cid:1)(cid:39)(cid:29)(cid:50)(cid:50)(cid:50)(cid:39)(cid:35)(cid:51)(cid:37)(cid:39)(cid:48)(cid:47)(cid:52)(cid:52)(cid:52)(cid:35)(cid:35)(cid:8)(cid:52)(cid:1)(cid:43)(cid:23)(cid:48)(cid:56)(cid:47)(cid:37)(cid:1)(cid:35)(cid:35)(cid:52)(cid:54)(cid:1)(cid:35)(cid:52)(cid:42)(cid:52)(cid:39)(cid:39)(cid:38)(cid:1)(cid:20)(cid:1)(cid:40)(cid:51)(cid:50)(cid:43)(cid:48)(cid:35)(cid:46)(cid:47)(cid:1)(cid:20)(cid:29)(cid:50)(cid:43)(cid:52)(cid:52)(cid:1)(cid:1)(cid:10)(cid:28)(cid:6)(cid:1)(cid:30)(cid:53)(cid:51)(cid:43)(cid:39)(cid:47)(cid:53)(cid:1)(cid:32)(cid:46)(cid:42)(cid:1)(cid:43)(cid:43)(cid:42)(cid:51)(cid:53)(cid:1)(cid:46)(cid:35)(cid:47)(cid:35)(cid:41)(cid:38)(cid:1)(cid:39)(cid:52)(cid:48)(cid:1)(cid:49)(cid:46)(cid:48)(cid:36)(cid:51)(cid:1)(cid:51)(cid:37)(cid:43)(cid:36)(cid:48)(cid:46)(cid:45)(cid:39)(cid:1)(cid:49)(cid:55)(cid:45)(cid:39)(cid:43)(cid:52)(cid:56)(cid:42)(cid:6)(cid:1)(cid:1) next week. While is referring to (cid:10)(cid:18)(cid:16)(cid:17)(cid:8)(cid:1)(cid:30)(cid:43)(cid:47)(cid:1)(cid:32)(cid:42)(cid:43)(cid:42)(cid:53)(cid:35)(cid:47)(cid:41)(cid:1)(cid:33)(cid:39)(cid:50)(cid:50)(cid:35)(cid:37)(cid:48)(cid:52)(cid:52)(cid:35)(cid:1)(cid:34)(cid:35)(cid:50)(cid:50)(cid:43)(cid:48)(cid:50)(cid:51)(cid:1)(cid:35)(cid:47)(cid:38)(cid:1)(cid:25)(cid:48)(cid:50)(cid:51)(cid:39)(cid:51)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46)(cid:6)(cid:1)(cid:32)(cid:42)(cid:35)(cid:35)(cid:47)(cid:56)(cid:43)(cid:8) other cities and include seven public agencies interest rate swaps that might be ahead in the airport used to con- vert variable rate debts into fixed rates for (cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46) (cid:11)(cid:9)(cid:9)(cid:1)(cid:27)(cid:35)(cid:50)(cid:44)(cid:43)(cid:47)(cid:1)(cid:32)(cid:52)(cid:50)(cid:39)(cid:39)(cid:52) half a billion of SFO’s (cid:22)(cid:42)(cid:48)(cid:47)(cid:41)(cid:7)(cid:28)(cid:48)(cid:48)(cid:47)(cid:1)(cid:27)(cid:39)(cid:39)(cid:1)(cid:22)(cid:39)(cid:47)(cid:52)(cid:39)(cid:50) (cid:32)(cid:35)(cid:47)(cid:1)(cid:24)(cid:50)(cid:35)(cid:47)(cid:37)(cid:43)(cid:51)(cid:37)(cid:48)(cid:6)(cid:1)(cid:22)(cid:20)(cid:1)(cid:18)(cid:13)(cid:10)(cid:9)(cid:11) bonds (see “The losing (cid:40)(cid:48)(cid:50)(cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:2)(cid:1)(cid:22)(cid:53)(cid:45)(cid:52)(cid:53)(cid:50)(cid:39) (cid:13)(cid:10)(cid:14)(cid:8)(cid:14)(cid:17)(cid:10)(cid:8)(cid:12)(cid:14)(cid:9)(cid:9) bets,” 2/28/12).  SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS news for more news content visit sfbg.com/politics The swaps require SFO to pay hundreds of thousands or even mil- tee of banks that sets various LIBOR tive instruments that are linked to audit showed three interest rate a fixed rate of between 3.4 and 3.9 lions from SFO’s capital budget. rates, as does Bank of America, LIBOR. “The retirement board has swaps with a total value of $41 mil- percent on its half-billion dollars in “As an example of the order of which bought Merrill Lynch in been looking at this,” said Nadia lion. Over the last two years these debt, while the banks pay about 60 magnitude, if LIBOR were set artifi- 2008. Both JPMorgan Chase and Sesay, director of the Controller’s swaps drained $5.3 million from the percent of LIBOR. When SFO signed cially low by 0.25 percent for a full Bank of America are named as con- Office of Public Finance. “We know pension system, and some of these these swap contracts years ago, 60 two years, the airport would receive spirators in the LIBOR lawsuits pend- Retirement has exposure and they’re losses might have been due to the percent of LIBOR was roughly equal $900,000 less each year (for a total ing in federal court. JPMorgan Chase assessing their portfolios.” downward manipulation of LIBOR. to 3.4 percent, meaning the net pay- of $1.8 million) than it should from and Bank of America are also the According to the most recent Also on the Retirement System’s ments between SFO and the banks its swap counterparties,” explained subject of federal criminal investiga- audit of the Retirement System’s books are other investments in bank basically canceled one another out. Kone in an email. tions concerning LIBOR rigging. portfolio, SFERs holds two inter- loans, options, and other securities However, if LIBOR was later rigged The airport’s counterparties on Other losses may have been est rate swaps on its books with a that might have been impacted by downward by the banks, then the its swaps included JPMorgan Chase, suffered by the San Francisco notional value of $15 million. In the LIBOR fraud. net interest rate payments would Merrill Lynch, and Goldman Sachs. Employees’ Retirement System prior years, SFERs held other swaps. Still more losses due to LIBOR- shift in favor of the banks, draining JP Morgan Chase sits on the commit- which makes investments in deriva- In 2010, the Retirement System’s CONTINUES ON PAGE 10 >> aaddiiddaass GGiiaanntt WWaarreehhoouussee CLEARANCE EVENT HHuuggee SSaavviinnggss oonn FFoooottwweeaarr,, AAppppaarreell aanndd AAcccceessssoorriieess.. BBeesstt pprriicceess ooff tthhee yyeeaarr!! February 21-24, 2013 Cow Palace, Exhibit Building 2 2600 Geneva Ave, Daly City, CA 94014 OPEN TO THE PUBLIC. FREE ENTRY. Thurs-Sat 10a-7p, Sun 10a-6p © 2013 adidas America, Inc. adidas, the 3-Bars logo and the 3-Stripes mark are registered trademarks of the adidas Group. EDITORIALS NEWS FOOD + DRINK PICKS ARTS + CULTURE MUSIC LISTINGS STAGE LISTINGS ON THE CHEAP FILM LISTINGS CLASSIFIEDS FEBRUARY 13 - 19, 2013 / SFBG.COM 9 (cid:19)(cid:16)(cid:18)(cid:17) news news an when bankers lie (cid:1)(cid:2)(cid:2)(cid:3)(cid:7)(cid:3)(cid:6)(cid:5)(cid:1)(cid:4) CONT>> linked instruments on the city’s books will be investments held by the city treasury in pooled funds. Banks offer various investment products to local governments that need a temporary place to park millions or billions in cash; the returns on these investment are 1682 (cid:14)(cid:9)(cid:12)(cid:10)(cid:1)(cid:11)(cid:15)(cid:10)(cid:13)(cid:14) often pegged to LIBOR. Just as with the airport’s swaps with JPMorgan (cid:5)(cid:3)(cid:6)(cid:2)(cid:6)(cid:6)(cid:4)(cid:2)(cid:7)(cid:8)(cid:8)(cid:5) and Merrill Lynch subsidiary, often times these so-called “municipal derivatives” investments are sold to cities by the same global banks Invitation that sit on the British Banker’s Association panels that determine You are invited to meet Dr. Farah the various LIBOR rates. That’s one of the most alarming things about the LIBOR scandal: how absurdly easy it was for just 16 New Patient Special $99 banks to rig the entire world finan- cial system in their favor for several Comprehensive Initial Exam • Oral Cancer Screening years on end. LIBOR isn’t actually Necessary X-rays • Routine Dental Cleaning ($350 value) a market rate that is determined by Expires 2/20/13 the loans banks make to one anoth- er. Rather, it’s a rate the banks claim Smile SF: Dr. Farah Sefidvash they would able to secure loans from The Art & Science of Beautiful Smiles seiulocal 1021 is asking its own employees for benefit givebacks their peers, and the final LIBOR 3012 Steiner St. Suite A • San Francisco, CA during new contract negotiations. S.f. ExAmINEr fIlEPhOTO by jOSEPhSChEll numbers for any given day are deter- Call today: 415.922.2990www.SmileSF.com mined not by some independent union divisions position in fights like this one, but authority, but instead by the British CONT>> they say the local needs to recognize Bankers Association’s panel members and reward their work rather than for a decision early next month. justifying givebacks by comparing Gard said the increases take into employees to members. “We don’t “how absurdly account San Francisco’s high cost want to play the ‘our benefits are of living and historic desire for pay better than X-group’ games,” Nick easy it was for equity, so most increases are less Peraino, a 1021 researcher and CWA than half of the pay differentials the steward, told us. “We work very hard just 16 banks survey revealed. “They would all still on behalf of the membership.” to rig the entire be above market rates,” she said. Sayer accused Local 1021 leaders But Local 1021 officials say most of arrogance and told us, “There is world financial of these positions had their salaries an attitude problem on the bargain- deliberately increased back in the ing team and a reality problem on system in their 1980s and 1990s as part of an offi- the part of the local,” a tone that cial city policy promoting pay equi- that Sanchez sometimes mirrored favor” ty for jobs often held by women and when talking about the CWA cam- minorities. Even though that provi- paign against her leadership. sion was removed from the official Yet such vitriolic rhetoric may — the banks themselves. City Charter in 1996, they say it have as much to do with internal “The problem is that there’s a remains an important city policy. union politics as it does a true clear conflict of interest,” explained “The city is rolling back decades impasse. The leaders of the revolt Rosa Abrantes-Metz, an economist of historic work on pay equity in by SEIU employees recently tried at the NYU Stern School of Business this city,” Daly said. “We were con- to decertify CWA and go with who has closely studied LIBOR and cerned about equal treatment of more forceful representation, a is an expert in financial markets and workers who were disproportionately vote they lost badly but which may cartels. “Banks make proprietary women and people of color.” have spurred CWA to toughen its trades on instruments related to To highlight that pay equity approach. Similarly, after SEIU mem- LIBOR, so they do have an interest in issue, Local 1021 is planning a rally bers have accepted some bad con- moving LIBOR in their own favor.” on Feb. 14 at noon outside DHR offic- tracts in recent years, some members Abrantes-Metz is currently work- es at 1 South Van Ness Avenue. Gard may resent the organizers. Sanchez ing as an expert in several LIBOR denies that the DHR proposal rolls stressed how Local 1021 is member- lawsuits. Among her recent research back pay equity advances: “The city led and responsive to the needs of findings in studies that tracked LIBOR is committed to that principal, equal workers, despite the current conflict. alongside other economic indicators is pay for equal work, and we don’t “We want to make this organi- that all the conditions of a potential think our proposal erodes that.” zation good and strong,” Sanchez conspiracy are present, and empirical Sanchez said Local 1021 employ- said, “and you can’t do that if you’re evidence points toward coordinated ees are undermining the union’s screwing over someone.” 2 CONTINUES ON PAGE 12 >> 10 SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS

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San Francisco Bay Guardian Issue 47.20 PDF

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when banks lie heat of the MoMent Move over, new orleans SF probes LIBOR fraud P8 Retrospectives spotlight Japan’s art theater P26 Cheap Eats discovers the best shrimp and grits P13 celebrating 46 years the san francisco bay guardian | sfbg.coM FEBRuaRy 13 - 19, 2013 | VOL. 47, NO. 20 | FREE Surf-pop teen girl band the She’s is ready for stardom. Plus: Mission hip-hop, glam garage, Brazilian shoegaze and more from 10 bands breaking big in 2013. By Emily Savage PAGE 18 From leFt: Samantha Perez, Sinclair riley, hannah Valente, and eVa treadway guardian Photo by matthew reamer TASTE IS INTRODUCING A NEW SHADE OF AMBER (cid:8)(cid:14)(cid:14)(cid:27)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:22)(cid:14)(cid:30)(cid:1)(cid:6)(cid:28)(cid:13)(cid:30)(cid:14)(cid:18)(cid:26)(cid:14)(cid:25)(cid:1)(cid:6)(cid:20)(cid:10)(cid:12)(cid:19)(cid:1)(cid:7)(cid:25)(cid:23)(cid:30)(cid:22)(cid:2)(cid:1)(cid:10)(cid:1)(cid:4)(cid:32)(cid:1)(cid:16)(cid:23)(cid:20)(cid:13)(cid:14)(cid:22)(cid:1)(cid:10)(cid:21)(cid:11)(cid:14)(cid:25)(cid:1)(cid:20)(cid:10)(cid:16)(cid:14)(cid:25)(cid:1)(cid:11)(cid:25)(cid:14)(cid:30)(cid:14)(cid:13)(cid:1)(cid:30)(cid:18)(cid:27)(cid:17) (cid:27)(cid:23)(cid:10)(cid:26)(cid:27)(cid:14)(cid:13)(cid:1)(cid:12)(cid:10)(cid:25)(cid:10)(cid:21)(cid:14)(cid:20)(cid:1)(cid:21)(cid:10)(cid:20)(cid:27)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:11)(cid:14)(cid:14)(cid:12)(cid:17)(cid:30)(cid:23)(cid:23)(cid:13)(cid:1)(cid:34)(cid:22)(cid:18)(cid:26)(cid:17)(cid:14)(cid:13)(cid:1)(cid:15)(cid:23)(cid:25)(cid:1)(cid:10)(cid:1)(cid:26)(cid:21)(cid:23)(cid:23)(cid:27)(cid:17)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:13)(cid:18)(cid:26)(cid:27)(cid:18)(cid:22)(cid:12)(cid:27)(cid:18)(cid:29)(cid:14) (cid:33)(cid:10)(cid:29)(cid:23)(cid:25)(cid:3)(cid:1)(cid:9)(cid:10)(cid:26)(cid:27)(cid:14)(cid:13)(cid:2)(cid:1)(cid:12)(cid:17)(cid:23)(cid:26)(cid:14)(cid:22)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:17)(cid:10)(cid:22)(cid:13)(cid:24)(cid:18)(cid:12)(cid:19)(cid:14)(cid:13)(cid:1)(cid:11)(cid:31)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:20)(cid:23)(cid:28)(cid:13)(cid:2)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:26)(cid:10)(cid:29)(cid:29)(cid:31)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:15)(cid:10)(cid:21)(cid:23)(cid:28)(cid:26)(cid:2) (cid:10)(cid:27)(cid:1)(cid:11)(cid:10)(cid:25)(cid:26)(cid:1)(cid:10)(cid:22)(cid:13)(cid:1)(cid:15)(cid:14)(cid:26)(cid:27)(cid:18)(cid:29)(cid:10)(cid:20)(cid:26)(cid:1)(cid:10)(cid:12)(cid:25)(cid:23)(cid:26)(cid:26)(cid:1)(cid:27)(cid:17)(cid:14)(cid:1)(cid:22)(cid:10)(cid:27)(cid:18)(cid:23)(cid:22)(cid:3)(cid:1)(cid:5)(cid:22)(cid:13)(cid:1)(cid:27)(cid:17)(cid:14)(cid:22)(cid:2)(cid:1)(cid:13)(cid:25)(cid:14)(cid:26)(cid:26)(cid:14)(cid:13)(cid:1)(cid:18)(cid:22)(cid:1)(cid:11)(cid:20)(cid:10)(cid:12)(cid:19)(cid:3) #TASTEIS ©2013 A-B, Budweiser® Black Crown Lager, St. Louis, MO  SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS FeBRUARY 13 - 19, 2013 / SFBG.COm  FEB. 13, 2013 “FOR TENANTS GENERALLY, THE [CONDO CONVERSION] LEGISLATION IS QUITE BAD.” – RICHARD HURLBURT FRIENDS OF LONDON BREED MICROBREWS MAKE A GREAT A group of the most pro-downtown, pro-landlord, conservative folks in town is holding a fundraiser for Sup. London Breed, who represents the most progressive district in the city. DAY DRUNK Oh, and none of the members of the Host Committee lives in or has any direct connections to District Five. The Feb. 25 event is at the home of Wade and Lorna Randlett. Wade Randlett is a scorched-Earth politi- Kelly Malone of Indie Mart GUARDIAN cal operative who created a group called SFSOS with the late Republican GAP mogul Don Fisher. He opposed crafted Speakeasy’s new tap- the 2006 school bonds and was the secret force behind an effort to recall former Sup. Sophie Maxwell. THE KOK HAS FLOWN room from a space previously Also on the list: Plutocrat Ron Conway and Anne Moeller Caen, who is a terrible, pro-PG&E member of the SFPUC. used as unassuming offices INTELLIGENCE OOddddllyy,, ppoowweerrhhoouussee llaawwyyeerr JJooee CCoocchheettttee iiss oonn tthhee iinnvviittee,, aass iiss 4499eerrss ttiigghhtt eenndd in the Bayview brewery. Her Another blow to SoMa’s ever- ((aanndd ggeenneerraallllyy ccooooll gguuyy)) VVeerrnnoonn DDaavviiss.. OOhh,, aanndd MMaayyoorr EEdd LLeeee,, wwhhoo,, wwee’’rree ttoolldd,, trademark DIY flair is evident in dwindling leather-fetish bar scene: ccaann’’tt ssttaanndd WWaaddee RRaannddlleetttt.. WWhhiicchh ppuuttss hhiimm iinn ggoooodd ccoommppaannyy.. the cozy nooks lined with sal- What you WWee ccaalllleedd BBrreeeedd aanndd aasskkeedd hheerr aabboouutt tthhee eevveenntt,, aanndd sshhee ssaaiidd sshhee mmeett Despite a recent remodel, the KOK vvaaggeedd bbeeeerr ccrraatteess,, Bar will soon close and become the RRaannddlleetttt wwoorrkkiinngg oonn tthhee ffiirrsstt OObbaammaa ccaammppaaiiggnn,, ““aanndd hhee vvoolluunntteeeerreedd ttoo ddoo and artisti- certainly more straight-sounding need to know tthhiiss..”” SShhee ssaaiidd sshhee nneeeeddeedd tthhee mmoonneeyy ffoorr ooffffiiccee eesssseennttiiaallss lliikkee eexxttrraa ccoommppuutteerr cally-hung Driftwood. (Details of the new bar ssccrreeeennss aanndd aa ccoouucchh,, aanndd sshhee hhaass ttoo ppaayy ooffff hheerr iinnaauugguurraall cceelleebbrraattiioonn.. bare lightbulbs are sketchy.) True, the KOK never AAss sshhee nnoorrmmaallllyy ddooeess,, BBrreeeedd wweenntt oouutt ooff hheerr wwaayy ttoo ssaayy tthhaatt hheerr illuminating quite drew the pop-eyed crowds of vvootteess aarree nnoott ffoorr ssaallee,, aanndd tthhaatt sshhee wwoonn’’tt ddoo tthhee bbiiddddiinngg ooff tthhee ppeeoo-- perches perfect its progenitors My Place and, way NO SYMPATHY FOR ppllee wwhhoo ggiivvee hheerr mmoonneeyy.. ““IIff yyoouu wwaanntt ttoo hhoolldd aa ffuunnddrraaiisseerr ffoorr mmee,, II’’dd back in 1967(!), the Ramrod. The for sipping on a bbee hhaappppyy ttoo ttaakkee yyoouurr mmoonneeyy ttoooo,,”” sshhee ssaaiidd.. AAss ffoorr aa hhoosstt ccoommmmiitt-- ppiinntt ooff tthhee 1122 ddrraaffttss KOK’s still open for now — and we THE TICS tteeee tthhaatt mmiigghhtt bbee ooffffeennssiivvee ttoo tthhee mmaajjoorriittyy ooff hheerr ccoonnssttiittuueennttss,, currently on the menu. The sshhee ssaaiidd ““iitt iiss wwhhaatt iitt iiss..”” || GUARDIAN PHOTO BY MIKE KOOZMIN hope there’s big farewell blowout. brewery may be banking on www.kokbarsf.com We got a fascinating letter from local beer tourists to fill the stools lawyer Richard Hurlburt, who had since it will generally only stay some thoughts on the legislation on open until the early evening, condo conversions and tenancies in CHRISTEENE but if that’s the case its timing common sponsored by Sups. Mark is sublime — we’re right in the CAN ACT Farrell and Scott Wiener. He writes: middle of SF Beer Week, the time of year when pints are I’m a tenant’s rights lawyer and ... And how. We were highly impressed by prince in the Bay Area. 1195 real estate broker. Whenever pos- Austin drag-monster Christeene Vale (otherwise Evans, SF. www.goodbeer.com sible I help tenants facing eviction known by her boy name, Paul Soileau) and her thes- buy their TIC units. I also own and pian chops in Fourplay, a sex-themed collection of POLITICAL ALERTS reside in a TIC unit. My building short films that will be shown in part at Other Cinema’s has twelve units and would not be “Eros” line-up at Artists’ Television Access (www.ata- Send items to [email protected] affected by the proposed law. site.org) on Sat/16. Based on a true story, in the flick THURSDAY 14 I just read the actual text of Soileau plays SF sex worker Chloe, hired by the wife of the legislation sponsored by Sups. a quadriplegic man to give the guy the sexcapade DANCE ACROSS THE GOLDEN GATE Farrell and Wiener and I’m against it. he’s dreamed of. The short’s a touching look at SE end of eastern walkway of Golden Gate TIC financing isn’t that dif- the caretaking side of sex work — and will Bridge, SF. tinyurl.com/vdaybridge. 10- ficult anymore. Fractional loans change the way you feel about your 11am, free. Show your love for a global movement of women on the rise. Converge are the norm and not that much toes, promise. on the walkway of the iconic Golden Gate more expensive than condominium with CODEPINK and One Billion Rising for loans. It does cost a little more to a morning of singing, dancing, drumming and weaving of red ribbons. Launched by finance a TIC, but the units cost V-Day, an organization founded by Eve less to begin with. So I don’t really Ensler, creator the of Vagina Monologues, see a hardship on the part of TIC One Billion Rising is a global movement calling for an end to violence against owners who generally have smaller women across the globe. RSVP requested. mortgages because they paid less SHOW YOUR LOVE FOR for their units to start with. THE REBELLIOUS ST. VALENTINE The supposed $20,000 per Sunrise Restaurant, 3126 24th St, SF. CHEMICAL-FREE FURNITURE, FINALLY 6-9pm, price of food purchase. The Center unit condo conversion impact fee to DIRTY BUSINESS for Political Education’s radical take on benefit low-income housing is largely Valentine’s Day sends our hearts aflutter: illusory. The proposed law contains a State Senator Mark Leno has been working for six years to get toxic chemicals “Centuries ago, a determined St. Valentine reduction for each year the building out of household furniture — and now Gov. Jerry Brown is doing it for him. San Francisco’s city pension fund may refused the war machine of his time by mar- has participated in the lottery, so Leno’s been taking on the chemical industry, which loves a 35-year- have as much as $1 billion tied up in com- rCylianugd ciuosu pIIl,e ws hino ’dde bfiaannnceed o mf Raorrmiaagne E fomr pfeearor r a building that participated in the old rule mandating that couches, upholstered chairs, and even kids’ car panies that control fossil fuel reserves, that married soldiers would not want to go to lottery for five years, which is the seats, cribs and strollers be treated with chlorides and bromides that have like Exxon, BP, Shell and Chevron. At battle.” To commemorate that valiant act of majority, would get an 80 percent been linked to cancer and learning disabilities. last week’s board meeting, Sup. John cseivrivl ed iuspo bsoemdieen locvei,n Sgulyn prirseep Rareesdt aSuarlavnatd worilal n reduction and pay only $4,000. The chemicals supposedly prevent fires — but there are now far safer Avalos introduced a resolution calling on the San Francisco Employees food and donate 10 percent of all proceeds Although the law would provide wwaayy ttoo ddoo tthhaatt.. Retirement System to divest from the leading fossil fuel giants. to the CPE. Featuring music by DJ Eric lifetime leases for the few tenants Four times, the senator has introduced bills to get “San Francisco has aggressive goals to address climate change,” the Ba rperwogerra Cmu ehnotnoosr,i Vnagl CenPtEin ceo’s-f coouonkdieerss, aanndd occupying converted units, this ben- tthhee nnaassttyy ssttuuffff oouutt ooff lliivviinngg rroooommss aanndd nnuurrsseerriieess;; ffoouurr District 11 supervisor said. “It’s important that we apply these same val- long-time collective contributors. efit is seriously disproportionate. For ttiimmeess,, tthhee cchheemmiiccaall iinndduussttrryy hhaass ppoouurreedd mmiilllliioonnss iinnttoo ues when we decide how to invest our funds, so we can limit our financial FRIDAY 15 the tenants getting lifetime leases, lobbying and beat him back. contributions to fossil fuels and instead promote renewable alternatives.” good for them but that is a huge But the governor’s Department of Consumer Avalos crafted the resolution in tandem with 350.org, an envi- GENERATIONS: BLACK LGBT windfall for a very few lucky individu- Affairs took on the issue, and just released draft ronmental organization that’s partnering with campus groups across HISTORY EXPERIENCES als. For tenants generally the leg- regulations that exempt products used by children the nation who are urging universities to divest in fossil fuel compa- A76fr2ic Faunl Atomn,e SriFc.a (n4 1A5rt) & 4 8C7u-lt8u0re2 C2o, wmwplwe.x, islation is actually quite bad. Once from the chemical stew — and allow manufacturers nies. On Feb. 17, 350.org will join the Sierra Club and a host of Bay facebook.com/GenerationsBlackLgb any of the affected units becomes of upholstered furniture to use other fire-prevention methods. “This is a Area environmental organizations in rallying against the Keystone XL tHistory. 6-9pm, free. February is Black vacant, all future tenants would be landmark day,” Leno told us. Pipeline, a TransCanada project that will link oil extraction sites in HGeisnteorrayt Mioonnst ehv,e anntd w tihlle c tehleirbdr aatnen tuhael lives exempt from the rent increase pro- Oddly, Sen. Leland Yee was among a group of 20 legislators who tried to the Alberta tar sands to Gulf Coast refineries. In a show of solidarity of Black LGBT individuals throughout his- tections of the Rent Ordinance. And shut down the new DCA regs. He signed a letter to Brown urging that the old with their counterparts in D.C., Bay Area environmentalists plan to tory. Food, entertainment, art, film and allowing certain owners to bypass rules stay in effect while the safety of the “alleged chemical risks” are studied surround the U.S. Department of State Building in San Francisco to HAmIVe/SriTcDan t eHsetainltgh. SDpisopnasroitrieeds Pbyro tjheec tA,f Arifcraon the condo lottery will only encourage further. “Alleged?” Not really — the science on this is pretty clear. The only ones demand that the federal government reject the international project. Solo, AIDS Project of the East Bay, Bayard more Ellis-TIC conversions. who defend the safety of this stuff are the chemical industry, and its toadies. Rustin LGBT Coalition and a host of others. 4 SAN FRANCISCO BAY GUARDIAN EDITORIALS NEWS FOOD + DRINK PICKS ARTS + CULTURE MUSIC LISTINGS STAGE LISTINGS ON THE CHEAP FILM LISTINGS CLASSIFIEDS (cid:39)(cid:66)(cid:77)(cid:77)(cid:1)(cid:42)(cid:79)(cid:1)(cid:45)(cid:80)(cid:87)(cid:70)(cid:1) THESANFRANCISCOBAYGUARDIAN | SFBG.COM (cid:56)(cid:74)(cid:85)(cid:73)(cid:1)(cid:58)(cid:80)(cid:86)(cid:83)(cid:1) An independent, locally owned and edited newspaper (cid:52)(cid:70)(cid:79)(cid:84)(cid:74)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:52)(cid:76)(cid:74)(cid:79) “IT IS A NEWSPAPER’S DUTY TO PRINT THE NEWS AND RAISE HELL.” Wilbur Storey, statement of the aims of the Chicago Times, 1861 FOUNDERS AND CO-PUBLISHERS, 1966-2012 sells more bikes than any (cid:35)(cid:51)(cid:54)(cid:36)(cid:38)(cid:1)(cid:35)(cid:15)(cid:1)(cid:35)(cid:51)(cid:54)(cid:40)(cid:46)(cid:34)(cid:47)(cid:47)(cid:1)(cid:34)(cid:47)(cid:37)(cid:1)(cid:43)(cid:38)(cid:34)(cid:47)(cid:1)(cid:37)(cid:42)(cid:35)(cid:35)(cid:45)(cid:38) EDITOR AND PUBLISHER(cid:1)(cid:53)(cid:42)(cid:46)(cid:1)(cid:51)(cid:38)(cid:37)(cid:46)(cid:48)(cid:47)(cid:37) other S.F. 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SALES AND MARkETING COORDINATOR (cid:43)(cid:34)(cid:36)(cid:44)(cid:42)(cid:38)(cid:1)(cid:34)(cid:47)(cid:37)(cid:51)(cid:38)(cid:56)(cid:52) SALES COORDINATOR (cid:41)(cid:34)(cid:47)(cid:34)(cid:41)(cid:1)(cid:45)(cid:38)(cid:53)(cid:51)(cid:34)(cid:47) THE SAN FRANCISCO BAY GUARDIAN (cid:19)(cid:19)(cid:22)(cid:1)(cid:35)(cid:54)(cid:52)(cid:41)(cid:1)(cid:52)(cid:53)(cid:15)(cid:13)(cid:1)(cid:18)(cid:24)(cid:53)(cid:41)(cid:1)(cid:39)(cid:45)(cid:48)(cid:48)(cid:51)(cid:1)(cid:1) (cid:52)(cid:34)(cid:47)(cid:1)(cid:39)(cid:51)(cid:34)(cid:47)(cid:36)(cid:42)(cid:52)(cid:36)(cid:48)(cid:13)(cid:1)(cid:36)(cid:34)(cid:1)(cid:26)(cid:21)(cid:18)(cid:17)(cid:21) EDITORIAL, CIRCULATION, BUSINESS(cid:1)(cid:9)(cid:21)(cid:18)(cid:22)(cid:10)(cid:1)(cid:19)(cid:22)(cid:22)(cid:14)(cid:20)(cid:18)(cid:17)(cid:17) FAX(cid:1)(cid:9)(cid:21)(cid:18)(cid:22)(cid:10)(cid:1)(cid:21)(cid:20)(cid:24)(cid:14)(cid:20)(cid:23)(cid:22)(cid:24)(cid:13)(cid:1)(cid:9)(cid:21)(cid:18)(cid:22)(cid:10)(cid:1)(cid:19)(cid:22)(cid:22)(cid:14)(cid:25)(cid:26)(cid:22)(cid:22) DISPLAY/NATIONAL ADvERTISING(cid:1)(cid:9)(cid:21)(cid:18)(cid:22)(cid:10)(cid:1)(cid:19)(cid:22)(cid:22)(cid:14)(cid:21)(cid:23)(cid:17)(cid:17) FAX(cid:1)(cid:9)(cid:21)(cid:18)(cid:22)(cid:10)(cid:1)(cid:21)(cid:25)(cid:24)(cid:14)(cid:19)(cid:22)(cid:26)(cid:21) THE SAN FRANCISCO BAY GUARDIAN (ISSN0036 4096) PUBLISHED WEEKLY EVERY WEDNESDAY BY SANFRANCISCONEWSPAPERCO., 225 BUSHST., 17THFLOOR, SF, CA 94104. COPYRIGHT © 2012 BY VALENCIA CYCLERY SAN FRANCISCO NEWSPAPER CO. LLC. ALL RIGHTS RESERVED. REPRODUCTION OR USE WITHOUT PERMISSION IS STRICTLY PROHIBITED. THE SAN FRANCISCO BAY GUARDIAN WAS ADJUDICATED NOV. 5, 1975, AS A NEWSPAPER OF GENERAL CIRCULATION IN SAN FRANCISCO COUNTY. NOT RESPONSIBLE FOR UNSOLICITED MANUSCRIPTS OR ART. ARTIBCALECSK PISUSBULEISSH: ECDH EINC K1 9O9U5R O SRE LAARTCEHR E. NA GCIONME PFLOERT AE RFCILHEI VOEFS B OAFC K 1065 & 1077 Valencia (Btwn 21st & 22nd St.) • SF ISSUES CAN BE FOUND AT THE SAN FRANCISCO PUBLIC LIBRARY, MAIN BRANCH. BACK ISSUES ARE AVAILABLE BY MAIL FOR $5 PER SALES 415-550-6600 • REPAIRS 415-550-6601 ISSUE. ADD $2 FOR ISSUES PRIOR TO 1985. CURRENT COPIES OF THE GUARDIAN ARE AVAILABLE FREE OF CHARGE, LIMITED TO ONE COPY Mon-Sat 10-6, Sun 11-5 PER READER. ADDITIONAL COPIES OF THE CURRENT ISSUE OF THE GUARDIAN ARE AVAILABLE FREE AT THE GUARDIAN OFFICE, OR FOR $5 BY MAIL. NO PERSON MAY, WITHOUT PERMISSION OF THE GUARD- valenciacyclery.com IAN, TAKE MORE THAN ONE COPY OF EACH GUARDIAN WEEKLY ISSUE. editorialS newS Food + drink pickS artS + culture muSic liStinGS StaGe liStinGS on the cheap Film liStinGS claSSiFiedS February 13 - 19, 2013 / SFbG.com  EDITORIALS IN THIS ISSUE DARK NEWS P7 FOOD + DRINK APARTMENTS P13 PICKS P15 BY TIM REDMOND [email protected] ARTS AND CULTURE P18 EDITORS NOTES This is how dysfunc- MUSIC LISTINGS 27 / FILM LISTINGS 31 tional the San Francisco housing market has become: The Chron reported in late THIS WEEK AT January that young people who are just arriving in San Francisco SFBG.COM are paying exorbitant rents for tiny spaces — $500 for a laundry room, $600 for an upper bunk — and often FOLLOW US ON TWITTER: living in substandard conditions. WWW.TWITTER.COM/SFBG And on Feb. 11, The New York Times reported that a significant ON THE BLOGS number of high-end condos in that city were vacant almost all the time, owned by the uber-rich who used POLITICS them as pieds a terre — something that’s going on increasingly in S.F. $994 for the cheap seats? Tim Redmond on the latest America’s Cup rip-off The Times notes: “The higher up you go in price, No sympathy for TIC owners the higher the concentration is like- BART acts on upcoming Millbrae project ly to be of owners who spend only a few months, a few weeks or even just a few days each year in their NOISE TIME OUT BY THE BAY apartments. This very costly form of desolation means that some of Emily Savage’s must-see shows the city’s most expensive residential this week include Beak>, EELS, buildings stand mostly dark, lone- Graveyard, Stone Foxes, and more some and empty on the inside.” BY RUDY NOTHENBERG play 41 professional basketball games appropriate site for this entertain- Local artists examine hip-hop So: The more housing you build in the building. This will double or ment complex. The city is rushing and gender roles through La Peña OPINION Pretend that you and your that only multimillionaires can Cultural Center’s new event series triple the value of their franchise headlong into making this deal. The best friends are entrusted — tempo- afford, the more likely you’re serv- — but unfortunately require that Board of Supervisors does have final rarily — with responsibility to run a ing a population that has three or they significantly increase the ticket authority, but when it gets there, so PIXEL VISION big city. The energy of its people, the price for their fans. much time and effort will have been four other houses and just wants diversity of its residential neighbor- this one for the couple of weeks a As a good manager you might ask spent that the likelihood of it being WWhhoo rruunnss tthhee hoods, and its natural beauty have year that they jet into San Francisco. what the landlord, the Port — which stopped is virtually zero. ((aarrtt)) wwoorrlldd?? AA made this a successful city. The center- Planning Commission member holds the land as a public trust You, the pretend manager, ttrriiaadd ooff ffeemmaallee-- piece of its natural beauty is its front Katherine Moore has mused about — will get in return for its $120 mil- would surely call a time out. You ddrriivveenn eexxhhiibbii-- yard, a body of sparking water called the problem in public, noting that ttiioonnss lliigghhttss uupp lion subsidy and for the use of public would put together city officials and “The Bay.” You are entrusted with in her Nob Hill neighborhood, there the Bay Area property. You are astonished to learn representatives of the city’s neigh- keeping the Bay accessible and visible are more and more dark apartments. that, for the next many decades, the borhoods with the developer and Jesse to the people — all of whom own it. Who cares? Everyone should Port receives not a penny. Knowing require that they, together, come up Hawthorne One day developers come along — for a couple of reasons. For one, the environmental damages, the with a site that all could gladly sup- Ficks takes and say that they want to build an empty neighborhoods are no good impact on transportation in your city port. That might be what you’d do on Sundance entertainment complex on public for small businesses. They’re also and being concerned about main- -– but it is not what is happening in FFiillmm FFeessttiivvaall property, right on this Bay. It will be not as safe. And it just seems so ass- taining livable neighborhoods, you the real world of City Hall. a big, 14-story structure. It will bring backward: A city that can’t provide Celebrate Black History Month might then say: “Hold on — this is It’s time for people like you, and by honoring African American in some 2 million patrons for more a bad deal. Is there not a better, less others like you, to demand that the decent affordable housing for cur- food and drink entrepreneurs than 200 entertainment events each costly, less destructive, less divisive real city officials call a temporary rent residents, much less for the next year. And, the developers go on, it generation of immigrants who keep location in our city?” halt to their juggernaut and provide will be in the middle of a residential the place lively, is giving up valu- You might say that — but SF’s a process that would first answer SEX SF community, mess up traffic and block able land to build housing for people city management has not. There has the basic question of whether Pier physical and visual access to the Bay. who aren’t going to live here at all. The Guardian staff test drives been no effort whatsoever to find a 30/32 is an appropriate site for this Furthermore they tell you, we will At the very least, the city ought aphrodisiac lollipops. Will we find more appropriate location, one less entertainment complex or whether need you to violate all the controls to get some data here. As Sup. David love in a hopeless place? destructive to San Francisco’s envi- alternative sites would not better you have painfully placed on building Chiu told me, “It would be good for Caitlin Donohue interviews an SF sex heights and uses on the waterfront. ronmental values, that would require serve the city and its Bay. 2 us to know if San Francisco’s high- less than a $120 million subsidy. waonrdk ewr haabto iutt wcaasr eltiakek itnog ,b set porlayyteeldli nbgy , And, by the way, they will need a sub- And time has virtually run out Rudy Nothenberg has held senior end condos are actually being used.” drag-horror Christeene Vale on film sidy of $120 million in public money. to ask the basic question of whether positions in the administrations of six Maybe we should find that out Lastly they tell you, they will the proposed site on Pier 30/32 is an San Francisco mayors. before we build any more. You think? 2 6 SAN FRANCISCO BAY GUARDIAN EDITORIALS NEWS FOOD + DRINK PICKS ARTS + CULTURE MUSIC LISTINGS STAGE LISTINGS ON THE CHEAP FILM LISTINGS CLASSIFIEDS newS “It’S tIme for them to put Some of theIr unIon prIncIpleSInto play.” – lIBBy Sayre UNioN diviSioNS (cid:52)(cid:38)(cid:42)(cid:54)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:18)(cid:17)(cid:19)(cid:18)(cid:1)(cid:71)(cid:74)(cid:72)(cid:73)(cid:85)(cid:84)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:83)(cid:84)(cid:1)(cid:177)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1) (cid:80)(cid:88)(cid:79)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:177)(cid:1)(cid:80)(cid:87)(cid:70)(cid:83)(cid:1) (cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:67)(cid:70)(cid:79)(cid:70)(cid:71)(cid:74)(cid:85)(cid:1)(cid:68)(cid:86)(cid:85)(cid:84) By Steven t. JoneS us. “It’s not justifiable. It’s not like costs and be fiscally responsible and tract Local 1021 reached with the percent above the Bay Area aver- [email protected] this is a union in collapse.” prudent,” said Susan Gard, a spokes- city last year, DHR did a study com- age. So the city is seeking to lower Yet Sanchez and her team, person for the city’s Department of paring local salaries with eight other the salaries in 43 job classifications NEWS Service Employees including Political Director Chris Human Resources. “We don’t have jurisdictions, finding that positions (applied to new hires only) and raise International Union Local 1021 Daly, say the internal revolt led the luxury of just looking at what’s such as social workers, clerks, sec- them for four classifications. The strenuously resists the wage and by a small number of disgruntled best for employees.” retaries, custodians and nursing proposal will go before an arbitrator benefit givebacks regularly demand- employees misrepresents how good As allowed by the two-year con- assistants were between 16 and 48 CONTINUES ON PAGE 10 >> ed in recent years by employers, the workers actually have it, par- including the city of San Francisco, ticularly compared to members who which is now trying to slash the have endured severe layoffs and sal- salaries for more than 40 city job ary and benefit cuts in recent years. classifications. Employees have another generous At the same time, Local 1021 is pension on top of the 401(k) (pay- asking its own employees for ben- ing 2.5 percent of final salary per efit givebacks during new contract year worked), employer-paid health negotiations, a move that their own benefits (costs would go up for the union is blasting as hypocritical. PacificCare plan, but not Kaiser), That has squeezed Local 1021 normal step salary increases, and President Roxanne Sanchez and bonuses in lieu of raises in each of her leadership team into a difficult the last two years. position. They must fend off a revolt “Our staff has not given up from staff that is turning vitriolic, anything,” Sanchez said. “They saw without offending members who us cut the board’s budget by several Price $500 are in some cases worse off than hundred thousand dollars before we the SEIU employees who represent asked for anything.” them — all without weakening the She said that with dues revenue union’s position at the bargaining falling along with membership tables with employers that relent- numbers, and pension and health lessly work to undermine the labor care costs rising steeply, the union movement. can’t afford to keep dipping into its And they have to do it in the reserve funds, as it has in each of middle of an internal union elec- the last two years. tion that they need to win to stay “We’re asking them to give mod- in power. estly to their health care costs, and “The irony here is SEIU works that we don’t pay for that second assiduously to avoid takeaways in pension,” Sanchez said. “We are not their contracts with employers and balancing the budget on their backs, here they want givebacks from their like what gets done with us.” own sweatshop-type working condi- While both Daly and Sanchez tions,” says Libby Sayre, area direc- admit the local has healthy reserve tor for Communications Workers of funds for its budget level, they America Local 9404, which has rep- say that’s necessary for the union resented SEIU Local 1021 employees to project strength, whether it be since an internal reorganization threatening a strike at the bargain- in 2007. “It’s time for them to put ing table or taking on ballot mea- some of their union principles into sures that would cripple the labor play.” movement, such as last year’s Prop. Local 1021 is proposing to 32, which the local dug into its increase how much employees reserve funds to fight. pay for one of their health plans, “If we didn’t have healthy eliminate the 401(k) pension match, reserves, we’d be coming at them for and change some work rules, while more [givebacks] and doing layoffs,” keeping salaries where they’ve been Sanchez said. stuck for many years. Employees say While Sanchez said she resents the givebacks total $416,000, and being compared to the employers they’re coming even as the union that her union battles, her rhetoric maintains healthy reserves of about about the need for fiscal discipline $11 million (the union says that is echoed by city officials who say level is now closer to $9 million). they are already being generous “These are proposals they with workers and they can’t afford wouldn’t accept from an employer to continue paying salaries that are and they’re trying to impose them so far beyond market rates. on their own employees,” Sayre told “The city has to look at all the editorialS newS Food + drink pickS artS + culture muSic liStinGS StaGe liStinGS on the cheap Film liStinGS claSSiFiedS February 13 - 19, 2013 / SFbG.com  news By Darwin BonDGraham WhEN baNkErS liE the federal courts, Avalos’s recom- [email protected] mendation takes the investigation further, and in a different direction. NEWS Although few have ever heard “We’re trying to assess how the of it, there’s probably no num- LIBOR scandal affects San Francisco, (cid:52)(cid:66)(cid:79)(cid:1)(cid:39)(cid:83)(cid:66)(cid:79)(cid:68)(cid:74)(cid:84)(cid:68)(cid:80)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:72)(cid:66)(cid:85)(cid:70)(cid:84)(cid:1)(cid:45)(cid:42)(cid:35)(cid:48)(cid:51)(cid:1)(cid:71)(cid:83)(cid:66)(cid:86)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:81)(cid:80)(cid:84)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:79)(cid:1)(cid:68)(cid:74)(cid:85)(cid:90)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84) ber more important to the global and that’s what the hearing is about,” financial system than the London Avalos told the Guardian. “These Interbank Offered Rate, or LIBOR. banks rigged the financial markets Defined precisely, LIBOR is a set placed in it, LIBOR is used to cal- companies decide whether or not has been a lie, and that the world’s for their own benefit and the global of different interest rates that the culate everything from consumer to invest billions in new factories biggest banks rigged the rate to skim economy suffered as a result.” world’s largest banks charge one loans and home mortgages to exotic and product lines based on LIBOR’s off billions of dollars in value from While early indications are that another for cash loans denominated financial derivatives and invest- direction. Governments rethink other corporations and the general San Francisco is better protected in US dollars. ments. LIBOR makes the financial their debt levels and spending when public. In a devastating set of revela- than many jurisdictions, Avalos Because of its centrality to the world go round, influencing the LIBOR ticks up and down. tions that began to surface two years said, “I think it’s important to stand economic system, and the trust price of everything. Fortune 500 It turns out, however, that LIBOR ago, the panel of the largest global with other cities and counties that banks that set the LIBOR rate con- are suffering.” Or as his legislative spired to manipulate it, to increase aide Jeremy Pollock told us, “When (cid:31)(cid:22)(cid:19)(cid:1)(cid:20)(cid:23)(cid:29)(cid:30)(cid:31)(cid:1)(cid:19)(cid:25)(cid:28)(cid:19)(cid:29)(cid:27)(cid:29)(cid:1)(cid:26)(cid:19)(cid:33)(cid:19)(cid:29)(cid:1)(cid:30)(cid:15)(cid:34)(cid:1)(cid:31)(cid:22)(cid:23)(cid:30)(cid:1)(cid:17)(cid:27)(cid:25)(cid:23)(cid:26)(cid:21)(cid:6)(cid:1) or decrease LIBOR, solely because a a major city like San Francisco calls (cid:31)(cid:22)(cid:32)(cid:29)(cid:30)(cid:18)(cid:15)(cid:35)(cid:1)(cid:20)(cid:19)(cid:16)(cid:6)(cid:1)(cid:9)(cid:8)(cid:1)(cid:14)(cid:1)(cid:11)(cid:1)(cid:28)(cid:25)(cid:6)(cid:1)(cid:1)(cid:1)(cid:3)(cid:8)(cid:10)(cid:7)(cid:3)(cid:8)(cid:12)(cid:1)(cid:15)(cid:31)(cid:1)(cid:31)(cid:22)(cid:19)(cid:1)(cid:18)(cid:27)(cid:27)(cid:29) higher or lower quote on particular for hearings, it’ll get a lot more days would allow them to reap mil- attention. The hearing will be an lions in instant profits. educational process for everyone to (cid:1)(cid:1)(cid:1)(cid:30)(cid:15)(cid:26) US authorities working with understand how this complicated regulators in the UK, Japan, financial world really works.” (cid:1)(cid:20)(cid:29)(cid:15)(cid:26)(cid:17)(cid:23)(cid:30)(cid:17)(cid:27)(cid:27)(cid:27)(cid:27)(cid:2) Switzerland, and Singapore are cur- Former Supervisor Chris Daly, rently investigating upwards of two now the political director for Service dozen banks in what is probably Employees International Union (cid:17)(cid:27)(cid:25)(cid:19)(cid:1)(cid:27)(cid:32)(cid:31)(cid:1)(cid:31)(cid:27) the single biggest financial crime Local 1021, which represents most ever perpetrated. So far, employ- city employees, said there’s a need (cid:28)(cid:24)(cid:15)(cid:35)(cid:5)(cid:15)(cid:35)(cid:35)(cid:35)(cid:2) ees of Barclay’s, UBS, and Credit to hold the banks publicly account- (cid:20)(cid:33)(cid:1)(cid:33)(cid:25)(cid:23)(cid:1)(cid:12)(cid:22)(cid:18)(cid:12)(cid:20) Suisse have been fired, arrested, and able. “These other jurisdictions that (cid:12)(cid:21)(cid:23)(cid:1)(cid:19)(cid:24)(cid:22)(cid:15)(cid:24)(cid:19) charged. Many more criminal pros- have filed suit haven’t had a big ecutions are surely coming, but the public process. We don’t want to see real battle will be in the civil courts settlements for less in courtrooms. and the court of public opinion. We want to see the full public expo- To date only a handful of civil sure of the issue, and in terms of the lawsuits have been filed, the first shot cause of bank accountability, it is fired by the city of Baltimore early the better approach.” last year. Last month, the County of Avalos has already met with the San Mateo, city of Richmond, and the heads of different city departments East Bay Municipal Utility District and agencies in an effort to deter- filed their own cases which were mine what kinds of losses the public quickly consolidated into a growing might have sustained as a result of class action to be heard in New York’s LIBOR rigging. Pollock said Southern District the city’s finance staff Federal and attorneys are cur- Court. rently working closely Now with the city’s airport, San retirement system, and Francisco Office of the Treasurer to gauge is set to the size of the problem. enter the “LIBOR rigging may (cid:25)(cid:31)(cid:2)(cid:42)(cid:31)(cid:1)(cid:45)(cid:39)(cid:46)(cid:31)(cid:35)(cid:37)(cid:35)(cid:39)(cid:33)(cid:1)(cid:5)(cid:17)(cid:18)(cid:20)(cid:12)(cid:2)(cid:24)(cid:1)(cid:10)(cid:15)(cid:23)(cid:23)(cid:12)(cid:13)(cid:21)(cid:25)(cid:25)(cid:12)(cid:1)(cid:11)(cid:12)(cid:23)(cid:23)(cid:18)(cid:21)(cid:23)(cid:24)(cid:4)(cid:1)(cid:10)(cid:17)(cid:15)(cid:1)(cid:7)(cid:18)(cid:23)(cid:24)(cid:25)(cid:1)(cid:6)(cid:19)(cid:22)(cid:15)(cid:23)(cid:21)(cid:23)(cid:2)(cid:24)(cid:1)(cid:8)(cid:15)(cid:16)(cid:12)(cid:13)(cid:27)(cid:1)(cid:47)(cid:35)(cid:44)(cid:34)(cid:1) ring. On have impacted the (cid:27)(cid:39)(cid:1)(cid:45)(cid:37)(cid:44)(cid:42)(cid:27)(cid:1)(cid:34)(cid:35)(cid:33)(cid:34)(cid:6)(cid:31)(cid:39)(cid:31)(cid:42)(cid:33)(cid:48)(cid:1)(cid:31)(cid:46)(cid:31)(cid:39)(cid:44)(cid:1)(cid:44)(cid:34)(cid:27)(cid:44)(cid:2)(cid:37)(cid:37)(cid:1)(cid:43)(cid:34)(cid:27)(cid:36)(cid:31)(cid:1)(cid:44)(cid:34)(cid:31)(cid:1)(cid:23)(cid:31)(cid:42)(cid:42)(cid:27)(cid:29)(cid:40)(cid:44)(cid:44)(cid:27)(cid:1)(cid:12)(cid:42)(cid:38)(cid:48)(cid:1)(cid:40)(cid:45)(cid:44)(cid:1)(cid:40)(cid:32)(cid:1)(cid:35)(cid:44)(cid:43)(cid:1)(cid:9)(cid:5)(cid:8)(cid:8)(cid:8)(cid:6) January 29, Supervisor payments under the (cid:48)(cid:31)(cid:27)(cid:42)(cid:1)(cid:43)(cid:37)(cid:45)(cid:38)(cid:28)(cid:31)(cid:42)(cid:7)(cid:1)(cid:17)(cid:40)(cid:47)(cid:11)(cid:1)(cid:34)(cid:40)(cid:46)(cid:39)(cid:1)(cid:17)(cid:22)(cid:19)(cid:29)(cid:35)(cid:24)(cid:4)(cid:1)(cid:27)(cid:39)(cid:1)(cid:27)(cid:42)(cid:44)(cid:35)(cid:43)(cid:44)(cid:1)(cid:29)(cid:40)(cid:37)(cid:37)(cid:31)(cid:29)(cid:44)(cid:35)(cid:46)(cid:31)(cid:1)(cid:44)(cid:34)(cid:27)(cid:44)(cid:1)(cid:44)(cid:34)(cid:42)(cid:40)(cid:47)(cid:43)(cid:1)(cid:49)(cid:44)(cid:34)(cid:31)(cid:1)(cid:13)(cid:35)(cid:33)(cid:1) John Avalos called airport’s swaps,” said (cid:12)(cid:41)(cid:41)(cid:37)(cid:31)(cid:2)(cid:43)(cid:1)(cid:38)(cid:40)(cid:43)(cid:44)(cid:1)(cid:40)(cid:45)(cid:44)(cid:42)(cid:27)(cid:33)(cid:31)(cid:40)(cid:45)(cid:43)(cid:1)(cid:41)(cid:27)(cid:42)(cid:44)(cid:48)(cid:50)(cid:1)(cid:3)(cid:10)(cid:18)(cid:19)(cid:15)(cid:1)(cid:9)(cid:26)(cid:25)(cid:1)(cid:8)(cid:21)(cid:20)(cid:14)(cid:21)(cid:20)(cid:4)(cid:7)(cid:23)(cid:34)(cid:31)(cid:42)(cid:31)(cid:2)(cid:37)(cid:37)(cid:1)(cid:28)(cid:31)(cid:1)(cid:30)(cid:27)(cid:39)(cid:29)(cid:31)(cid:1)(cid:44)(cid:45)(cid:42)(cid:32)(cid:1)(cid:47)(cid:27)(cid:42)(cid:43)(cid:1) for public hear- Kevin Kone, who ings to review oversees capi- (cid:35)(cid:39)(cid:43)(cid:41)(cid:35)(cid:42)(cid:31)(cid:30)(cid:1)(cid:28)(cid:48)(cid:1)(cid:26)(cid:10)(cid:8)(cid:43)(cid:1)(cid:29)(cid:45)(cid:37)(cid:44)(cid:1)(cid:33)(cid:27)(cid:39)(cid:33)(cid:1)(cid:32)(cid:35)(cid:37)(cid:38)(cid:1)(cid:10)(cid:17)(cid:15)(cid:1)(cid:11)(cid:12)(cid:23)(cid:23)(cid:18)(cid:21)(cid:23)(cid:24)(cid:3)(cid:1)(cid:27)(cid:1)(cid:38)(cid:27)(cid:42)(cid:29)(cid:34)(cid:35)(cid:39)(cid:33)(cid:1)(cid:28)(cid:27)(cid:39)(cid:30)(cid:5)(cid:1)(cid:30)(cid:42)(cid:35)(cid:39)(cid:36)(cid:43)(cid:5)(cid:1)(cid:43)(cid:47)(cid:31)(cid:31)(cid:44)(cid:43)(cid:5)(cid:1) the impact tal finance (cid:27)(cid:39)(cid:30)(cid:1)(cid:27)(cid:1)(cid:41)(cid:34)(cid:40)(cid:44)(cid:40)(cid:1)(cid:28)(cid:40)(cid:40)(cid:44)(cid:34)(cid:7)(cid:1)(cid:13)(cid:42)(cid:35)(cid:39)(cid:33)(cid:1)(cid:48)(cid:40)(cid:45)(cid:42)(cid:1)(cid:41)(cid:40)(cid:43)(cid:43)(cid:31)(cid:1)(cid:27)(cid:39)(cid:30)(cid:1)(cid:30)(cid:42)(cid:31)(cid:43)(cid:43)(cid:1)(cid:45)(cid:41)(cid:7)(cid:1)(cid:14)(cid:40)(cid:43)(cid:44)(cid:45)(cid:38)(cid:31)(cid:43)(cid:1)(cid:27)(cid:42)(cid:31)(cid:1)(cid:31)(cid:39)(cid:29)(cid:40)(cid:45)(cid:42)(cid:27)(cid:33)(cid:31)(cid:30)(cid:7)(cid:1) of LIBOR for the San (cid:16)(cid:27)(cid:37)(cid:37)(cid:31)(cid:42)(cid:35)(cid:31)(cid:43)(cid:1)(cid:47)(cid:35)(cid:37)(cid:37)(cid:1)(cid:28)(cid:31)(cid:1)(cid:40)(cid:41)(cid:31)(cid:39)(cid:7)(cid:1)(cid:21)(cid:37)(cid:46)(cid:1)(cid:46)(cid:40)(cid:48)(cid:13)(cid:1)(cid:47)(cid:47)(cid:47)(cid:6)(cid:36)(cid:45)(cid:40)(cid:36)(cid:41)(cid:36)(cid:44)(cid:46)(cid:6)(cid:42)(cid:44)(cid:38)(cid:7)(cid:43)(cid:36)(cid:44)(cid:46)(cid:49)(cid:6) manipu- Francisco lation on International San Francisco’s Airport. The (cid:3)(cid:13)(cid:14)(cid:16)(cid:9)(cid:23)(cid:20)(cid:1)(cid:7)(cid:11)(cid:19)(cid:19)(cid:9)(cid:10)(cid:17)(cid:21)(cid:21)(cid:9)(cid:1)(cid:8)(cid:9)(cid:19)(cid:19)(cid:14)(cid:17)(cid:19)(cid:20)(cid:2)(cid:1)(cid:7)(cid:13)(cid:11)(cid:1)(cid:5)(cid:14)(cid:19)(cid:20)(cid:21)(cid:1)(cid:4)(cid:15)(cid:18)(cid:11)(cid:19)(cid:17)(cid:19)(cid:23)(cid:20)(cid:1)(cid:6)(cid:11)(cid:12)(cid:9)(cid:10)(cid:22)(cid:1)(cid:55)(cid:35)(cid:51)(cid:1)(cid:48)(cid:50)(cid:41)(cid:35)(cid:47)(cid:43)(cid:58)(cid:39)(cid:38)(cid:1)(cid:36)(cid:57)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46)(cid:1)(cid:43)(cid:47)(cid:1)(cid:49)(cid:35)(cid:50)(cid:52)(cid:47)(cid:39)(cid:50)(cid:51)(cid:42)(cid:43)(cid:49)(cid:1)(cid:55)(cid:43)(cid:52)(cid:42)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:28)(cid:43)(cid:47)(cid:47)(cid:39)(cid:35)(cid:49)(cid:48)(cid:45)(cid:43)(cid:51)(cid:1)(cid:26)(cid:47)(cid:51)(cid:52)(cid:43)(cid:52)(cid:53)(cid:52)(cid:39)(cid:1)(cid:48)(cid:40)(cid:1)(cid:20)(cid:50)(cid:52)(cid:51)(cid:6)(cid:1)(cid:52)(cid:42)(cid:39)(cid:1)(cid:32)(cid:42)(cid:35)(cid:35)(cid:47)(cid:56)(cid:43)(cid:1) finances, starting swaps Kone (cid:29)(cid:52)(cid:42)(cid:50)(cid:39)(cid:48)(cid:1)(cid:54)(cid:41)(cid:43)(cid:39)(cid:47)(cid:47)(cid:37)(cid:39)(cid:43)(cid:35)(cid:50)(cid:48)(cid:45)(cid:1)(cid:22)(cid:53)(cid:51)(cid:53)(cid:1)(cid:51)(cid:45)(cid:52)(cid:53)(cid:53)(cid:49)(cid:50)(cid:35)(cid:49)(cid:45)(cid:48)(cid:1)(cid:31)(cid:50)(cid:52)(cid:39)(cid:1)(cid:48)(cid:45)(cid:43)(cid:40)(cid:37)(cid:1)(cid:51)(cid:23)(cid:1)(cid:35)(cid:21)(cid:51)(cid:53)(cid:52)(cid:1)(cid:50)(cid:34)(cid:39)(cid:35)(cid:39)(cid:53)(cid:51)(cid:1)(cid:52)(cid:35)(cid:1)(cid:21)(cid:47)(cid:38)(cid:35)(cid:1)(cid:47)(cid:32)(cid:44)(cid:42)(cid:8)(cid:1)(cid:35)(cid:20)(cid:35)(cid:50)(cid:47)(cid:52)(cid:55)(cid:56)(cid:43)(cid:48)(cid:1)(cid:22)(cid:50)(cid:44)(cid:53)(cid:19)(cid:45)(cid:1)(cid:52)(cid:20)(cid:53)(cid:50)(cid:50)(cid:46)(cid:35)(cid:45)(cid:48)(cid:1)(cid:25)(cid:50)(cid:39)(cid:39)(cid:38)(cid:50)(cid:43)(cid:1)(cid:52)(cid:43)(cid:47)(cid:35)(cid:41)(cid:40)(cid:35)(cid:39)(cid:47)(cid:1)(cid:52)(cid:29)(cid:50)(cid:50)(cid:57)(cid:48)(cid:46)(cid:46)(cid:35)(cid:48)(cid:47)(cid:52)(cid:6)(cid:43)(cid:1)(cid:48)(cid:30)(cid:47)(cid:43)(cid:1)(cid:47)(cid:22)(cid:1)(cid:38)(cid:39)(cid:57)(cid:47)(cid:47)(cid:52)(cid:50)(cid:35)(cid:39)(cid:51)(cid:6)(cid:52)(cid:1)(cid:57)(cid:29)(cid:1)(cid:4)(cid:39)(cid:11)(cid:48)(cid:11)(cid:49)(cid:10)(cid:45)(cid:39)(cid:59)(cid:3)(cid:51)(cid:11)(cid:1)(cid:9)(cid:31)(cid:15)(cid:39)(cid:49)(cid:1)(cid:21)(cid:53)(cid:36)(cid:22)(cid:45)(cid:23)(cid:43)(cid:37)(cid:5)(cid:1)(cid:8)(cid:48)(cid:1)(cid:22)(cid:40)(cid:1)(cid:22)(cid:42)(cid:43)(cid:42)(cid:47)(cid:43)(cid:35)(cid:47)(cid:8)(cid:35)(cid:1)(cid:33)(cid:8)(cid:1)(cid:39)(cid:29)(cid:50)(cid:50)(cid:50)(cid:39)(cid:35)(cid:51)(cid:37)(cid:39)(cid:48)(cid:47)(cid:52)(cid:52)(cid:52)(cid:35)(cid:35)(cid:8)(cid:52)(cid:1)(cid:43)(cid:23)(cid:48)(cid:56)(cid:47)(cid:37)(cid:1)(cid:35)(cid:35)(cid:52)(cid:54)(cid:1)(cid:35)(cid:52)(cid:42)(cid:52)(cid:39)(cid:39)(cid:38)(cid:1)(cid:20)(cid:1)(cid:40)(cid:51)(cid:50)(cid:43)(cid:48)(cid:35)(cid:46)(cid:47)(cid:1)(cid:20)(cid:29)(cid:50)(cid:43)(cid:52)(cid:52)(cid:1)(cid:1)(cid:10)(cid:28)(cid:6)(cid:1)(cid:30)(cid:53)(cid:51)(cid:43)(cid:39)(cid:47)(cid:53)(cid:1)(cid:32)(cid:46)(cid:42)(cid:1)(cid:43)(cid:43)(cid:42)(cid:51)(cid:53)(cid:1)(cid:46)(cid:35)(cid:47)(cid:35)(cid:41)(cid:38)(cid:1)(cid:39)(cid:52)(cid:48)(cid:1)(cid:49)(cid:46)(cid:48)(cid:36)(cid:51)(cid:1)(cid:51)(cid:37)(cid:43)(cid:36)(cid:48)(cid:46)(cid:45)(cid:39)(cid:1)(cid:49)(cid:55)(cid:45)(cid:39)(cid:43)(cid:52)(cid:56)(cid:42)(cid:6)(cid:1)(cid:1) next week. While is referring to (cid:10)(cid:18)(cid:16)(cid:17)(cid:8)(cid:1)(cid:30)(cid:43)(cid:47)(cid:1)(cid:32)(cid:42)(cid:43)(cid:42)(cid:53)(cid:35)(cid:47)(cid:41)(cid:1)(cid:33)(cid:39)(cid:50)(cid:50)(cid:35)(cid:37)(cid:48)(cid:52)(cid:52)(cid:35)(cid:1)(cid:34)(cid:35)(cid:50)(cid:50)(cid:43)(cid:48)(cid:50)(cid:51)(cid:1)(cid:35)(cid:47)(cid:38)(cid:1)(cid:25)(cid:48)(cid:50)(cid:51)(cid:39)(cid:51)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46)(cid:6)(cid:1)(cid:32)(cid:42)(cid:35)(cid:35)(cid:47)(cid:56)(cid:43)(cid:8) other cities and include seven public agencies interest rate swaps that might be ahead in the airport used to con- vert variable rate debts into fixed rates for (cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:28)(cid:53)(cid:51)(cid:39)(cid:53)(cid:46) (cid:11)(cid:9)(cid:9)(cid:1)(cid:27)(cid:35)(cid:50)(cid:44)(cid:43)(cid:47)(cid:1)(cid:32)(cid:52)(cid:50)(cid:39)(cid:39)(cid:52) half a billion of SFO’s (cid:22)(cid:42)(cid:48)(cid:47)(cid:41)(cid:7)(cid:28)(cid:48)(cid:48)(cid:47)(cid:1)(cid:27)(cid:39)(cid:39)(cid:1)(cid:22)(cid:39)(cid:47)(cid:52)(cid:39)(cid:50) (cid:32)(cid:35)(cid:47)(cid:1)(cid:24)(cid:50)(cid:35)(cid:47)(cid:37)(cid:43)(cid:51)(cid:37)(cid:48)(cid:6)(cid:1)(cid:22)(cid:20)(cid:1)(cid:18)(cid:13)(cid:10)(cid:9)(cid:11) bonds (see “The losing (cid:40)(cid:48)(cid:50)(cid:20)(cid:51)(cid:43)(cid:35)(cid:47)(cid:20)(cid:50)(cid:52)(cid:1)(cid:2)(cid:1)(cid:22)(cid:53)(cid:45)(cid:52)(cid:53)(cid:50)(cid:39) (cid:13)(cid:10)(cid:14)(cid:8)(cid:14)(cid:17)(cid:10)(cid:8)(cid:12)(cid:14)(cid:9)(cid:9) bets,” 2/28/12).  SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS news for more news content visit sfbg.com/politics The swaps require SFO to pay hundreds of thousands or even mil- tee of banks that sets various LIBOR tive instruments that are linked to audit showed three interest rate a fixed rate of between 3.4 and 3.9 lions from SFO’s capital budget. rates, as does Bank of America, LIBOR. “The retirement board has swaps with a total value of $41 mil- percent on its half-billion dollars in “As an example of the order of which bought Merrill Lynch in been looking at this,” said Nadia lion. Over the last two years these debt, while the banks pay about 60 magnitude, if LIBOR were set artifi- 2008. Both JPMorgan Chase and Sesay, director of the Controller’s swaps drained $5.3 million from the percent of LIBOR. When SFO signed cially low by 0.25 percent for a full Bank of America are named as con- Office of Public Finance. “We know pension system, and some of these these swap contracts years ago, 60 two years, the airport would receive spirators in the LIBOR lawsuits pend- Retirement has exposure and they’re losses might have been due to the percent of LIBOR was roughly equal $900,000 less each year (for a total ing in federal court. JPMorgan Chase assessing their portfolios.” downward manipulation of LIBOR. to 3.4 percent, meaning the net pay- of $1.8 million) than it should from and Bank of America are also the According to the most recent Also on the Retirement System’s ments between SFO and the banks its swap counterparties,” explained subject of federal criminal investiga- audit of the Retirement System’s books are other investments in bank basically canceled one another out. Kone in an email. tions concerning LIBOR rigging. portfolio, SFERs holds two inter- loans, options, and other securities However, if LIBOR was later rigged The airport’s counterparties on Other losses may have been est rate swaps on its books with a that might have been impacted by downward by the banks, then the its swaps included JPMorgan Chase, suffered by the San Francisco notional value of $15 million. In the LIBOR fraud. net interest rate payments would Merrill Lynch, and Goldman Sachs. Employees’ Retirement System prior years, SFERs held other swaps. Still more losses due to LIBOR- shift in favor of the banks, draining JP Morgan Chase sits on the commit- which makes investments in deriva- In 2010, the Retirement System’s CONTINUES ON PAGE 10 >> aaddiiddaass GGiiaanntt WWaarreehhoouussee CLEARANCE EVENT HHuuggee SSaavviinnggss oonn FFoooottwweeaarr,, AAppppaarreell aanndd AAcccceessssoorriieess.. BBeesstt pprriicceess ooff tthhee yyeeaarr!! February 21-24, 2013 Cow Palace, Exhibit Building 2 2600 Geneva Ave, Daly City, CA 94014 OPEN TO THE PUBLIC. FREE ENTRY. Thurs-Sat 10a-7p, Sun 10a-6p © 2013 adidas America, Inc. adidas, the 3-Bars logo and the 3-Stripes mark are registered trademarks of the adidas Group. EDITORIALS NEWS FOOD + DRINK PICKS ARTS + CULTURE MUSIC LISTINGS STAGE LISTINGS ON THE CHEAP FILM LISTINGS CLASSIFIEDS FEBRUARY 13 - 19, 2013 / SFBG.COM 9 (cid:19)(cid:16)(cid:18)(cid:17) news news an when bankers lie (cid:1)(cid:2)(cid:2)(cid:3)(cid:7)(cid:3)(cid:6)(cid:5)(cid:1)(cid:4) CONT>> linked instruments on the city’s books will be investments held by the city treasury in pooled funds. Banks offer various investment products to local governments that need a temporary place to park millions or billions in cash; the returns on these investment are 1682 (cid:14)(cid:9)(cid:12)(cid:10)(cid:1)(cid:11)(cid:15)(cid:10)(cid:13)(cid:14) often pegged to LIBOR. Just as with the airport’s swaps with JPMorgan (cid:5)(cid:3)(cid:6)(cid:2)(cid:6)(cid:6)(cid:4)(cid:2)(cid:7)(cid:8)(cid:8)(cid:5) and Merrill Lynch subsidiary, often times these so-called “municipal derivatives” investments are sold to cities by the same global banks Invitation that sit on the British Banker’s Association panels that determine You are invited to meet Dr. Farah the various LIBOR rates. That’s one of the most alarming things about the LIBOR scandal: how absurdly easy it was for just 16 New Patient Special $99 banks to rig the entire world finan- cial system in their favor for several Comprehensive Initial Exam • Oral Cancer Screening years on end. LIBOR isn’t actually Necessary X-rays • Routine Dental Cleaning ($350 value) a market rate that is determined by Expires 2/20/13 the loans banks make to one anoth- er. Rather, it’s a rate the banks claim Smile SF: Dr. Farah Sefidvash they would able to secure loans from The Art & Science of Beautiful Smiles seiulocal 1021 is asking its own employees for benefit givebacks their peers, and the final LIBOR 3012 Steiner St. Suite A • San Francisco, CA during new contract negotiations. S.f. ExAmINEr fIlEPhOTO by jOSEPhSChEll numbers for any given day are deter- Call today: 415.922.2990www.SmileSF.com mined not by some independent union divisions position in fights like this one, but authority, but instead by the British CONT>> they say the local needs to recognize Bankers Association’s panel members and reward their work rather than for a decision early next month. justifying givebacks by comparing Gard said the increases take into employees to members. “We don’t “how absurdly account San Francisco’s high cost want to play the ‘our benefits are of living and historic desire for pay better than X-group’ games,” Nick easy it was for equity, so most increases are less Peraino, a 1021 researcher and CWA than half of the pay differentials the steward, told us. “We work very hard just 16 banks survey revealed. “They would all still on behalf of the membership.” to rig the entire be above market rates,” she said. Sayer accused Local 1021 leaders But Local 1021 officials say most of arrogance and told us, “There is world financial of these positions had their salaries an attitude problem on the bargain- deliberately increased back in the ing team and a reality problem on system in their 1980s and 1990s as part of an offi- the part of the local,” a tone that cial city policy promoting pay equi- that Sanchez sometimes mirrored favor” ty for jobs often held by women and when talking about the CWA cam- minorities. Even though that provi- paign against her leadership. sion was removed from the official Yet such vitriolic rhetoric may — the banks themselves. City Charter in 1996, they say it have as much to do with internal “The problem is that there’s a remains an important city policy. union politics as it does a true clear conflict of interest,” explained “The city is rolling back decades impasse. The leaders of the revolt Rosa Abrantes-Metz, an economist of historic work on pay equity in by SEIU employees recently tried at the NYU Stern School of Business this city,” Daly said. “We were con- to decertify CWA and go with who has closely studied LIBOR and cerned about equal treatment of more forceful representation, a is an expert in financial markets and workers who were disproportionately vote they lost badly but which may cartels. “Banks make proprietary women and people of color.” have spurred CWA to toughen its trades on instruments related to To highlight that pay equity approach. Similarly, after SEIU mem- LIBOR, so they do have an interest in issue, Local 1021 is planning a rally bers have accepted some bad con- moving LIBOR in their own favor.” on Feb. 14 at noon outside DHR offic- tracts in recent years, some members Abrantes-Metz is currently work- es at 1 South Van Ness Avenue. Gard may resent the organizers. Sanchez ing as an expert in several LIBOR denies that the DHR proposal rolls stressed how Local 1021 is member- lawsuits. Among her recent research back pay equity advances: “The city led and responsive to the needs of findings in studies that tracked LIBOR is committed to that principal, equal workers, despite the current conflict. alongside other economic indicators is pay for equal work, and we don’t “We want to make this organi- that all the conditions of a potential think our proposal erodes that.” zation good and strong,” Sanchez conspiracy are present, and empirical Sanchez said Local 1021 employ- said, “and you can’t do that if you’re evidence points toward coordinated ees are undermining the union’s screwing over someone.” 2 CONTINUES ON PAGE 12 >> 10 SAN FRANCISCO BAY GUARDIAN eDItORIAlS NewS FOOD + DRINk pICkS ARtS + CUltURe mUSIC lIStINGS StAGe lIStINGS ON the CheAp FIlm lIStINGS ClASSIFIeDS

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