j)p driscoll also with the san francisco.ry report suffered so much ground, so many points it took quite a while to get past some of their misstatements, misrepresentations to get to their findings. my problem is if the basis was incorrect,it takes a while to follow their reasoning. they were nice enough to put in their notes and their attachments all these wonderful articles by groups such as the upjohn people that they use some of that explanation about what they think we should do. so many points but one i want to focus on and followed up on what the commissioner just said we do not follow preservation of capital adequately enough as a number one priority. maybe we don't say it every meeting but we talk about that all the time. that's one. two, in terms of the investment rate of return, there's assumption that the actuaries make and an assumption the board makes for investment returns. one of the papersxii(sq i think in the upjohn one as said by the grand jury member they expect us to make a realistic rate of return assump

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. >> supervisor elsbernd: i'll trustee driscoll -- or trustee myberg erwho has the history tell us what our fund status was when we had this kind of investment style. but go ahead, continue. >> you want me to tell you no you? >> supervisor elsbernd: we'll let them get to it when they make their presentationed. >> the jury found prior to 1984 they invested in a more -- in a easy-going, low-risk. after 1984, the fund started to follow the yale model, investing in more alternative riskier investments, causing the fund to become more volatile, the return to become more volatile, while showing no significant increase in returns over the long-term. and has been underfunded for the last three years. thus facing more contributions by the city, and taxing our general fund. >> supervisor elsbernd: just as a side, jay, if you could also prepare, tell us what the city's contributions was in those years as a percent of payroll. >> and they're also facing a higher retiree active ratio than they had previously. for example, the fund since 1984 has the following -- volatility of fund loss significant v

bankruptcy for the second time in eight years january 11th, hostess trebled the compensation of brian driscollanging. did nothing to modernize its distribution line. it had gotten hundreds of dollar and had spent none of it on improvements. he closed by saying the $889 million in pension liabilities hostess ended up owing various union funds according to the bankruptcy filings accrued because hostess and its sister bakeries judged their retirement obligations to be relatively unimportant in the grand scheme of things. now the bill has come to do -- hostess blames the workers for doing what they were promised. thank you. they're stealing from the union pension funds to give to triple the ceo's pay and blaming the union. >> they have to pay back. >> the record shows hostess' unions were willing to talk with union to keep the firm alive. such talks have been fruitful including the auto industry. they can succeed only when other guys on the other side of the table are committed to the same goals. maury in idaho. you're on "the stephanie miller show." hi maury. >> caller: hi, greetings from idaho o