.\ATIONAL 

MULTIPLE SCLEROSIS 

.- SOCIETY 

Greater Connecticut Chapter 

TESTIMONY 

AT FEDERAL RESERVE BOARD PUBLIC MEETING 

ON JUNE 25,1998 REGARDING PROPOSED MERGER OF 

TRAVELERS GROUP INC. AND CITICORP 

Lisa Gerrol, President 

National Multiple Sclerosis Society, Greater Connecticut Chapter 

As in most communities, the greater Hartford area has thousands and thousands of 

corporations and businesses. Among those numbers, one local corporation, The Traveiers 

Group, has distinguished itself as the “Corporation of the Year” of The National Multiple 

Sclerosis Society, Greater Connecticut Chapter. I would like to take a few minutes to tell 

you why. 

Multiple Sclerosis is chronic, often disabling disease of the central nervous 

system. Symptoms may be mild such as numbness in the limbs, or severe, leading to 

paralysis and blindness. Most people with MS are diagnosed between the ages of 20 and 

40 but the unpredictable physical and emotional effects can be lifelong. The progress, 

severity and specific symptoms of MS in any one person cannot yet be predicted. The 

National Multiple Sclerosis Society provides local services to help end the devastating 

effects of MS and funds research to find the cause, new treatments, and a cure for 

Multiple Sclerosis. 

Ten years ago a small group of volunteers from The Travelers began to help at 

MS Vacation Week, a recreational and educational program for people with MS, many 

who are severely disabled. People with MS enjoy an accessible environment where they 

are understood, accepted, and have the opportunity to experience activities they wouldn’t 

otherwise be able to do. They can go swimming, fishing, boating, be entertained, and 

learn about coping strategies, treatments, and more. The program also benefits caregivers, who often are exhausted from the daily needs of caring for their disabled partner 

by giving them a much needed break. 

Through the years, The Travelers has increased their funding of MS Vacation 

Week. The past three years they have been the major sponsor of the event, allowing us to 

significantly increase the number of people who attend and to improve the quality of the 

program. Although Vacation Week is held during the week, The Travelers allows their 

employees to take time off from work, with pay, to attend for the entire week (at the 

discretion of managers). A large percentage of program participants need assistance with 

activities of daily living and Traveler’s employees are always there to help. Seeing the 
joy of people with MS who attend the program and the sincere concern and caring of our 

Travelers volunteers, has brought tears to my eyes more than once. 

Another example of The Travelers commitment to giving back to our community 

can be seen by reviewing their participation in the National Multiple Sclerosis Society 

Walk. Eight years ago, a small group of committed Travelers employees began walking 

in the MS Walk and raising funds. That team has now grown to over 250 walkers 

participating in Connecticut, raising over $23,000. The Travelers, continuing their 

emphasis on helping our conununities and encouraging employees to do so, allowed their 

Team Captain, Jean Cormier, to promote the MS Walk in Travelers offrces throughout 

the country. Hundreds of Travelers employees now participate in MS Walk locations 

including Florida, California, New York and beyond. 

Two years ago, The Travelers became the major sponsor of the Greater 

Connecticut Chapter MS Walk, our largest fundraising event, raising nearly $400,000. 

The Traveler’s involvement with the Greater Connecticut MS Walk has been a major 

source of support to help raise millions of dollars to fund research and local programs. 

MS Society funded research has resulted in three treatment options that slow the 

progression of certain types of MS by one third. The Travelers has also been 

instrumental in helping provide programs that improve the lives of over 10,000 people in 

Connecticut. Programs include newly diagnosed workshops, support and counseling 

groups, treatment options programs, medical equipment loan program, professional 

education and dozens more. 

The Travelers Croup exemplifies how a corporation can significantly impact the 

welfare of our community and improve the lives of its residents. The merger between 

The Traveler’s Croup and Citicorp can only make them stronger and more able to help all 

of those we care so deeply about at organizations like the National Multiple Sclerosis 

Society. 
May 14. 1998 

William Wiles 

Secretary 

Board of Governors 

Federal Rcservc System 

20’ Street and Constitution Ave.. NW 

Washington D.C. 2055 I 

Dear Mr. Wilts. 

I am \vrtting m rcfcrcncc to Citibank. N.A. with rcspcct to the sophisticated and extensive assistilllce they 

have prowdcd to our group, the Coalition for Wclfarc to Work. 

The Coalition is a group of volunteers helping indiwduals move from welfare to work. We provide 

intcrvicw-appropriate clothing, pncticc intcwicws. and mentoting to help people get and keep good jobs 

throughout Wcstchcstcr County 

In cvcy arca Citlbnnk has shared their workforcc dcvclopment skills as well as numerous volunteer hours. 

For cxamplc. Citibank did a clothing drive with large posters and racks in every Citibank in Westchester 

County~ They have provided professional interview training to our volunteers. Citibank employees have 

voluntccrcd to be mentors. and to do practice interviews themselves. They have also trained our clients in 

personal budgctmg. and provided tours of their o&c facility 

But it doesn’t stop thcrc. Citibank has also placed our brochures in their branches to recruit new 

volunteers. Thcy lhavc rcfcrrcd us to other organizations in community development and to potential 

sources of funds. And they have given us friendly but good advice about building and managing our 

org”“izatlo” 

In all. the Citibank community dcwlopment team led hy Peter Mosbacher, has been professional. focused. 

creative. and always helpful. We arc proud of what the Coalition for Welfare to Work has accomplished. 

but wc would not be \vhcrc wc arc today without the many Citibankers who have gone the extra mile to 

help us. 

Sinccrcly yours. 

Ted Buerger 

Extcmal Liaison 
‘II was a pleasure com,“g up lo Ihe Career 

Closet and mce ID be treated hke a human 

I,CIII~ Also I really fell special wtxle I was 

Ilitlre,” 

“Thanks so much for your lime, patience% 

help and suggestions. There are wondelful 

and generous people in the worlds You,.. 

are lhe best.’ 

C~ v. 

I appreciate Ihe kindness which you have 

il\uwi\ me wlh the g!lt 01 clolhes The 

~t~ance lo make somelhmg belter of my 

lhte 1s such a blessmg from God, and I InICIId IO pass II aloIly ” 

KW 

sI~I~IsOICI‘IN(; (;HO\il’S 

Bayer Corporation 

Bell Atlantic 

Cilihvnk 

Colin Serdces 

Finl Union 

MBIA 

Sprinl 

and IOU many other, tu mention, 

Volunteering with 

THE COALITION FOR 

WELFARE-TO-WORK 

“Together, we can 

make a difference.” 
CAREER CLOSET 
Testimony before the Federal Reserve Bank of New York 

June 25, 1998 - Panel 10 

My name is Edwin Torres and thank you very much for the opportunity to present Bill Aguado’s 

views on the proposal by the Traveler’s Group, Inc. to acquire Citicorp. Bill Aguado is the 

Executive Director of The Bronx Council on the Arts. 

Citicorp has been a long time supporter of the Bronx Council on the Arts and in recent years has 

had a significant impact on the Bronx Council on the Arts community development initiatives 

as well as its basic operations. Because of its relationship with Citicorp, the Bronx Council on 

the arts has been able to expand its focus of the cultural development of the Bronx to include a 

new corporation, the BCA Development Corporation. Citicorp, specifically their community 

development department, recognized the value of our eff and otht. like-minded arts 

organizations to begin exploring the role that we as arts organizations can play in the 

revitalization of our innercity communities. 

To that end Citicorp designed and implemented a special initiative entitled, “Cultural Builds 

Community”. The premise is a relatively simple one; that is, by creating partnerships between 

arts organizations and community development corporations a new and meaningful paradigm of 

service can be created. Culture Builds Community included a special training initiative for the 

proposed partnerships to enable them to effectively work together, to identity and overcome 

whatever management obstacles would emerge, and to assist the participants in program 

development. 
BCA and another technical assistance provider, Brooklyn Jn Touch, were contracted to conduct 

this important training. The importance of this initiative cannot be stressed enough. It is the 

recognition that the arts can enhance community development efforts is what distinguishes 

Citicorp from other financial institutions. Over 30 organizations were served by Culture Builds 

Community. The concept and the experience was such a positive one that BCA created its own 

version, entitled Community CuhuraJ Partnerships. The concept has had a positive impact on our 

Bronx organizations, as well. 

To be sure, the arts are more than performances and exhibitions. The arts reflect cultures, and 

are representative of an individual’s value system. Within the context of a community the arts 

have the potential of bringing residents together in a pro-active fashion. The arts can and have 

effectively complemented the efforts of other traditional revitalization entities. 

Given the economic impact the arts have on the economy of New York City ,- $9.3 billion - the 

art is an area with tremendous potential for job and business development in our undeserved 

commuruties. Citicorp has indeed recognized that potential by being the first to support our new 

Development Corporation and one of its major initiatives, our Arthandlers Job Training Program. 

Specifically, The Arthandlers Job Training component is a first of its kind program which is 

designed to prepare the unemployed for careers as Arthandlers. Arthandlers are individuals who 

work behind the scenes at museums, galleries, auction houses and corporate collections and help 

to maintain art collections, install exhibitions, frame artwork, pack and crate, and provide risk 

managment, to name a few tasks. 

The salaries at the entry level can range from $10 to $30 per hour. Many with experience can 

have a very lucrative career and support their families. We are now completihg the training and 

the trainees will be placed in intemships,during July. By the Fall we expect to place them in 

permanent positions. Also, many opportunities are now presenting themselves in the form of new 

services and for profit business opportunities which would employ additional personnel from our 

communities. 
Lastly, Citicorp has allowed us to sustain our efforts during our diffkult cash flow times by 

extending to us an important credit line. Given the uncertainty of contracts for non-profits, you 

can imagine the value of the credit line. Moreover, there is a ripple effect one must consider; 

that is, the credit line allows as to sustain the integrity of our commitment while fulfilling OUT 

mandate of service during difficult times. 

Citicorp is owed a debt of gratitude for their “forward thinking” and we have been assured that 

their commitment to our communities will continue after the acquisition of Citicorp by the 

Travelers Group. 

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