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Public Meeting Regarding Citicorp and Travelers Group
Held on Thursday, June 25, and Friday, June 26, 1998, at the Federal Reserve Bank of New York

Transcript of the Public Meeting held on June 25 and June 26, 1998, on the application by Travelers Group Inc. to acquire Citicorp, both in New York, New York. Transcripts and exhibits are presented by speaker panel; each day's transcript and exhibits are also presented in their entirety after the last panel of each day.

Thursday, June 25

Opening Remarks
William J. McDonough, President, Federal Reserve Bank of New York
Glenn Loney, Presiding Officer; Deputy Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
Elizabeth McCaul, Acting Superintendent of Banks, New York State Banking Department

Applicant Presentation
John S. Reed, Chairman and CEO, Citicorp
Charles O. Prince, Executive Vice President, General Counsel and Secretary, Travelers Group
Pamela Flaherty, Senior Vice President, Citicorp
Exhibits (311 KB PDF)

Panel One
Nellie Santiago-Fernandez, Senator, New York State
David Nocenti, Queens Borough President Clair Shulman's Office
Dannel P. Malloy, Mayor, City of Stamford
Stephen Kaufman, Assemblyman, New York State
Robert Elliot, Mayor of the City of Croton-on-Hudson
Exhibits (267 KB PDF)

Panel Two
Matthew Lee, Inner City Press/Community on the Move
Gwendolyn Jacobs, National and New York ACORN
Gloria Waldron, New York and Illinois ACORN
Chitra Desai, New York ACORN
Narcisco Ortiz, Inner City Press/Community on the Move
Jose Torres, South Bronx Inner City Small Business Association
Exhibits (5.6 MB PDF)

Panel Three
Glenn Van Nostritch spoke for Mark Green, Public Advocate, New York
Walter L. McCaffrey, NYC Council Member
Dennis M. Walcott, New York Urban League
Peter Rivera, Assemblyman, New York State
Exhibits (253 KB PDF)

Panel Four
Bill Traylor, Local Initiatives Support Corp.
Jacqueline O'Garrow, FannieMae New York Partnership Office
Suzanne Israel Tufts, American Woman's Economic Development Corp.
Edwin Reed, Jamaica Business Resource Center
Michael D. Lappin, The Community Preservation Corp.
Exhibits (101 KB PDF)

Panel Five
Karen M. Thomas, Independent Bankers Association of America
Mark Silverman, Citicorp-Travelers Watch
Hilary Botein, Neighborhood Economic Development Advocacy Project
Sarah Ludwig, NYC Community Reinvestment Task Force
Josh Zinner, South Brooklyn Legal Services
Exhibits (466 KB PDF)

Panel Six
Howard Sommer, New York Community Investment Company, LLC
George C. Schmitz, Leviticus 25:23 Alternative Fund, Inc.
Eric Powell, New York City Housing Partnership
John J. Ferrandino, National Academy Foundation
Mark A. Emmert, University of Connecticut
Howard A. Banker, Low Income Housing Fund
Exhibits (888 KB PDF)

Panel Seven
John Shemo, Connecticut Capitol Region Growth Council
F. Peter Libassi, Children's Fund of Connecticut
Kathleen Gordon, Working Capital Florida
Ceasar J. Claro, Staten Island Economic Development Corp.
Paul C. Christie, Center City Churches, Inc.
Carol Aranjo, National Federation of Community Development Credit Unions
Exhibits (1.6 MB PDF)

Panel Eight
Alan Fisher, California Reinvestment Committee [letter read into record by Narcisco Ortiz of Inner City Press]
Hubert Van Tol, Wisconsin Rural Development Center [letter read into record by Matthew Lee of Inner City Press]
Phyllis Salowe-Kaye, New Jersey Citizen Action
Rashmi Rangan, Delaware Community Reinvestment Action Council, Inc.
Ruhi Maker, Greater Rochester Community Reinvestment Coalition
Exhibits (4.6 MB PDF)

Panel Nine
Mark Pinsky, National Community Capital Corporation
Clara Miller, Non-Profit Facilities Fund
Paula L. Gavin, YMCA of Greater New York
Peter J. Elkowitz, Jr., Long Island Housing Partnership, Inc.
William C. Dorsey, Grow Bridgeport Fund
Exhibits (1.9 MB PDF)

Panel Ten
Douglas E. Schallau, Junior Achievement of New York
Ralph Porter, MBD Community Housing Corp.
Phillip Morrow, South Bronx Overall Economic Development Corp.
Lisa Gerrol, National Multiple Sclerosis Society, Greater Connecticut
Ted Buerger, Welfare to Work Foundation/Coalition for Welfare to Work
Eddie Torres, BCA Development Corp.
Exhibits (345 KB PDF)

Panel Eleven
Cesiah Mullane, The Reinvestment Committee of Cypress Hills & City Line
Michelle Neugebauer, Cypress Hills Development Corporation
Jennifer Lee, The Reinvestment Committee of Cypress Hills & City Line
Michael Green, Inner City Prospective Homeowners Association
Claudino Otenez, Inner City Press/Homesteader's Association
Exhibits (529 KB PDF)

Panel Twelve
Patricia O'Neill Galin, These Our Treasures, Inc.
Raymond C. Bowen, LaGuardia Community College, CUNY
Amalia Betanzos, Wildcat Service Corporation
Sue Bastian, Teaching Matters, Inc.
Peter Barnett, Wynandach Homes & Property Development Corp.
Exhibits (203 KB PDF)

Panel Thirteen
Rev. Dennis Dillon, E. Fulton St. Group/21st Century Partnership
Rev. James H. Daniel, Jr., E. Fulton St. Group/21st Century Partnership [statement read by son - James H. Daniel
Exhibits (365 KB PDF)

Panel Fourteen
Jane Perkinson, SHORE, Inc.
David Wolin, Habitat For Humanity
Roslyn D. Goldmacher, Long Island Development Corp.
M. Vicki Wacksman, New York State Association of Black Women Owned Enterprises, Inc.
Monique Spyke, Hartford Public High School
Naomi Brown, Hartford Public High School
Exhibits (1.1 MB PDF)

Panel Fifteen
James H. Wyche, Leadership Alliance
Lydia Tom, The Enterprise Foundation
Douglas E. Warns, United Way of Tri-State
Exhibits (152 KB PDF)

Panel Sixteen
Maria Rosado, MHR Management, Inc.
Donna Panton, The Nonprofit Connection
Peter Kiernan, Brooklyn Sports Foundation
Exhibits (340 KB PDF)

Complete Thursday transcript | Complete Thursday exhibits (19 MB PDF)

Friday, June 26

Glenn Loney, Presiding Officer; Deputy Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System

Panel Seventeen
Marie S. Nahikian, Queens County Overall Economic Development Corp.
George McDonald, the Doe Fund
Fredy Espaillat, Louis Brandeis High School
Margaret Chen, Asian Americans for Equality
Exhibits (1.6 MB PDF)

Panel Eighteen
Jerry Weber, New York Association for New Americans, Inc.
Jane Canner, Classroom, Inc.
Amb. Dr. Francois de Cassagnol, Dr. Cassagnol Foundation
Exhibits (407 KB PDF)

Panel Nineteen
Robert S. Sanchez, National Hispanic Business Group
Carmelo Loran, Occupational Training Institute
Truda Cleeves Jewett, The Children's Aid Society

Panel Twenty
Lillian Rodriguez-Lopez, Hispanic Federation
Shirley Middleton, WLM Bridge the Gap Family Day Care Network
Grace Johnson-Claxton, Johnson Home Care Services, Inc.
Antonio M. Gotto, Jr., Joan & Sanford Weill Medical College, Cornell University
Exhibits (92 KB PDF)

Panel Twenty-One
Edward S. Sheeran, City of Yonkers
Vickie Hurewitz, SENSES
April G. Tyler, West Harlem Independent Democratic Club
Greg Todd, BEC New Communities
Florence M. Rice, Harlem Consumer Education Council, Inc.
Exhibits (1.4 MB PDF)

Panel Twenty-Two
Mark Winston Griffith, Central Brooklyn Partnership
Exhibits (252 KB PDF)

Panel Twenty-Three
Rev. Floyd Flake, Allen AME Church
Carlisle Towery, Greater Jamaica Development Corp.
Anne C. Robinson, Bridgeport Neighborhood Fund/Trust
Ronda Kotelchuck, Primary Care Development Corporation
Samuel C. Hamilton, Hartford Economic Development Corp.
Audi Abernathy, Harlem YMCA
Exhibits (267 KB PDF)

Panel Twenty-Four
Nancy Roberts, Coordinating Council for Foundations
Abdul-Rahmaan Muhammad, The Village for Families and Children
Joanne M. Oplustil, Church Avenue Merchants Block Association
Robert W. Davenport, National Development Council
Jennifer Adolph Blum, Brooklyn Chamber of Commerce
Exhibits (446 KB PDF)

Panel Twenty-Five
Gerry Vazquez, New Visions for Public Schools
Amos Brown, Board of Supervisors of San Francisco, NAACP
Charles Siegel (for Mahesh Shah)
Pam Martens, National Organization for Women
Galen Sherwin, President, NOW, NY City
Karen Lin, District Counsel, Office of State Senator Catherine Abate
Lloyd Williams, Greater Hartford Chamber of Commerce
Exhibits (635 KB PDF)

Complete Friday transcript | Complete Friday exhibits (3.0 MB PDF)

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Last update: September 27, 2002