TESTIMONY BY NEW VISIONS FOR PUBLIC SCHOOLS 

AT A FEDERAL RESERVE BOARD PUBLIC MEETING 

REGARDING THE PROPOSED MERGER OF 

CITICORP AND THE TRAVELERS GROUP, INC. 

June 2#, 1998 

3 

My name is Gerry Vazquez, and I am Executive Vice President 

and COO of New Visions for Public Schools. I am representing our 

President, Beth Lief, who expresses her regrets at being unable to 

appear here today. 

New Visions for Public Schools appreciates the opportunity to 

state our support of the proposed merger of Citibank and The 

Travelers Group, Inc., and more specifically, to inform you of the 

generous support both corporations have provided to New Visions. 

Citibank and The Travelers Group have demonstrated sustained 

commitment to community and educational initiatives. A merger of 

these institutions would only fortify our capacity to effect change. 

Founded in 1989, New Visions for Public Schools is a non-profit 

organization that works with the New York City school system, the 

private sector and the community to mobilize resources and develop 
programs and policies that lead to significant, lasting improvement in 

the achievement of all children. 

Since 1990, Citibank has contributed a total of some $214,700 to 

New Visions, supporting our efforts in a number of ways. The Citibank 

Success Fund Awards recognized exemplary teachers and principals 

with monetary awards for the winnners and the winners’ schools. The 

Citibank Success Fund Awards were presented at an impressive 

awards ceremony attended by invited guests that included an array of 

major community and education leaders. The awards consistently 

received favorable and extensive press coverage and brought to these 

educators an all too rare public acknowledgement and appreciation of 

their gifts and dedication. 

Citibank helped to start a Tech Corps of students who learned 

how to repair technology and did so in schools as part of their 

community service project. Currently, Citibank is sponsoring the 

Citibank College Bound Program, which provides a comprehensive 

array of supports to disadvantaged city students who want to go to 

college. These students are often the first in their families to finish high 
school. Citibank’s money enables students to learn about colleges 

appropriate to their career plans and to visit them, to receive 

preparation for the SATs and to get help with college applications. 

This assistance is often what makes the difference in the students’ 

ability to navigate the complex process of college selection and 

admissions successfully and to achieve access to higher education. 

The Travelers Group has provided $115,000 in major support for 

New Visions’ Early Childhood Initiative, a program that combines in 

the same classroom children of all abilities, including those with 

disabililties. Operating in a range of city public schools representing 

different family incomes and backgrounds, this Initiative is 

demonstrating its viability as a model for diverse urban communities 

by making it possible for students of all abilities to successfully learn 

and excel together. Small classes with teams of teachers, special 

education experts and paraprofessional staff allow for a higher level of 

individualized instruction than can be provided in a conventional 

classroom. 

Evaluations find that all children are benefiting, with even the 
most severely handicapped children showing remarkable academic and 

social progress. High achieving students continue to perform at high 

levels. 

The Travelers Group is to he commended for its readiness to 

invest in the Early Childhood Initiative. This highly innovative 

program breaks new ground in bringing together diverse groups of 

children, maximizing their strengths and unique contributions and 

achieving great benefits for each child. It’s no wonder parents are 

pleased with the results and seek to have their children continue in the 

program. 

Our relationships with Citibank and The Travelers Group have 

been truly excellent. They support public education and our work, and 

we believe this support will continue in the years ahead. They have 

demonstrated that excellence in our public schools is a priority among 

the city’s private sector leaders. 

In summary, we are strongly in favor of the merger, based on our 

own involvement with Citibank and The Travelers Group and their 
clear concern for serving the needs of our communities, our children 

and our city’s future. 

#### 
39-82 65thplace apt 3i 

Woodside, Queens 

New York City 11377 

Federal Reserve Bank of New York 

33 Liberty Street 

New York, New York 

Att: Presiding Officer 

Glenn E. Loney,Deputy Director 

of the Federal Reserve Boards 

Division of Consumer and 

Community Affairs 

Re: Travelers Group Inc. 

Citicorp 

Public Meeting 

June 26,1998 

I De= Mr. Loney 

Will the proposed acquisition cause the MANAGERIAL RESOURCES of Travelers to reform and 

correct what appears to be Citibank’s obstruction of justice by failing from December 1995 thru June 

25,1998 ,almost two and one half years since my Attorney and the Attorney’s for Citibank ,N.A., 

Zeichner, Ellman &Krause signed on November 16,1995 a Contractual Stipulation Settlement 

Agreement to provide in lieu of the Information Subpoena and to discontinue the Contempt of Court 

action against a vice president at Citibank, certain information.. Attached herewith is a copy of my 

Attorney’s letters of May 28,1996 and an updat.ed copy of same dated June 25,1998 showing there 

failure to flunish the Contractually Agreed information despite the fact that SubpoenaDuces Tecum’a 

were properly served in accordance with the aforementioned agreement.. 

I have been unable to proceed to collect my Judgment of Jan.20,1995 in the amount of $11,241. because I 

have effectively been denied the opportunity to recover my loss because of Citibank’s failure. 

Respectfully submitted 

ti 

Mahesh Shah 

@V&b 
S'ichard.%uce 97osenthaf 

andXmciates, %G. 

=4Norneys a/ L&l 

To: Mahesh Shah 

39-82 65th Place 

Apt. 31 

Woodside, NY 113 77 

Dear Mr. Shah; 

As I have previously adv ;ed you, a new subpoena was served upon Citibank on 

December 7, 1995 in accordance with thf stipulation of settlement entered into with their attorney 

dated November 16, 1995. 

To date Citibank has failed 

3 months have elapsed and dispite repeater 

,I 

there is no longer any proceeding pending b 

proceeding be instituted thereunder in th 

Citibank 

Please contact me with ins 

120.82 QUEENS BOULEVARD 

KEW QARDENS, N.Y. Il4lb 

(718)2610200 

28 May 1996 

nd refked to provide the records requested, though over 

attempts by me to obtain such records. At this point, as 

fore the Court, I would recommend that a new contempt 

Civil Court, Queens County seeking sanctions against 

uctions regarding this matter, I remain 

ce Rosehthal, Esq. 
To: Mahesh Shah 

39-82 65th Place 

Apt. 31 

Woodside, NY 11377 

Dear Mr. Shah; 

As I have previously ad\ 

December 7, 1995 in accordance with th 

dated November 16, 1995. 

To date Citibank has failed 

sed you, a new subpoena was served upon Citibank on 

stipulation of settlement entered into with their attorney 

and refused to provide the records requested, though over 

3 months have elapsed and dispite repeated attempts by me to obtain such records. At this point, as 

there is no longer any proceeding pending b 

I 

fore the Court, I would recommend that a new contempt 

proceeding be instituted thereunder in the Civil Court, Queens County seeking sanctions against 

Citibank. 

Please contact me with ins 

: 

ructions regarding this matter, I remain 

120.82 QUEENS BOULEVARD 

KEW GARDENS, N.Y. 11415 

(718)261-0200 

28 May 1996 
_ r 

tloUce: The POWR granted by this document are broad and sweeping. They are defined in New York General Obligations 

Law. Article 5. lltlc 15, sectkms 5-1502A through 5-1503, which sx~nuly pemlta the use 01 any other or dilferent form 01 power of 

attorney dc.lmd by the parties concwmd. 

FItnflI ~berpne bg f&f%%? @n?S~?niS, which are intended IO const~~uw a GENERAL POWER OF 

ATTORNEY pursuant to Article 5, Title 15 of the New York General Obligations Law: 

That I Mahesh SHAH 39-82 65th Place,Apt. ji,Wtiodside, queens, 

4. [/TPz] 

y.._ [ _.z?2.] 

CD) banking transactions; ._._____...._______._____.................... [ .._____ ] 

-(.(X3] 

[pn:&?] 

m.. .._.................._................... *[/rl:?$ 

THIS POWER OF ATTORN civil Court of the * 

City of New York-County of Queens- Index # 22.876 of 1994 regarding Citibank, 

Citicorp,etc,etc all corporations. 

Charles Siegel is empowered to submit documents, exhibits,testify, answer 

questions, negotiate a settlement of my claim, all on my behalf and if in the 

event that happens or arises- to accept was final settlement of my claim a.ny.&ZB 

check made nayable to MAHESH SHAH ONL? and for Charles Siegel to sign on m$&aLf 

a Release to Citibank, Citicorp,etc,etc all corporations and to withdraw 

1. any objections he has submitted for me and 

'* I'iithdraw any & all testamon of his that he will aresent on June 26,1998 

including any document & a& bits . submissions at-the Public Meeting of 

Federal Reserve System at 33 Liberty Street, Zew 

Travelers Group, Inc. and Citicorp. __!ti_ 

MAHHESH SHAH 
To induce any third party to act hereunder, I hereby agree that any third party receiving a duly executed copy or 

facsimile of this instrument may act hereunder. and that revocation orlermination hereof shall be ineffective as to such 

third party unless and until actual notice or knowledge of such revocation or termination shall have been received by 

such third party. and I for myself and for my heirs. executors. legal representatives and assigns. hereby agree to 

indemnify and hold harmless any such third party from and agamst any and all claims that may anse against such third 

party by reason of such third party having relied on the provismns of this instrument. 

&I $@ifneee $ii!&t?rPnf, I have hereunto signed my-name and affixed my seal this 

-.---- lg... ?fl _..._.., 

STATE OF bx< gvK COUNTY OF &&=+‘- SS.: 

On the day of & 19 Cjbbefore me personally came /&&‘J I, i/;, 1, 

to me known. and known to me to be the individual described in. and who executed the roregoing mstrument. and 

he acknowledeed to me that he executed the same. 
NOW-NYC 

The Founding Chapter 

Press Advisory from NO W-NYC 

FOR IMMEDIATE RELEASE Contact: Gakn Sherwin 

June 26,1998 (2 12) 2604422 

NOW-N-YC.LEADPLAINTIFFPAMELAMARTENS.GLORht 

STEIN-EM APPLAUDFEDERALCOURTDECISIONTOTHROW 

OUTSMITFIBARNEYSE'lTLEMENTCALLFORRE~ISIONOF=KANGAR~OCO~RF~RO~I~I~NS 

NOW-NYC, Lead Plaintiff Pamela Martens, Gloria Steineq and other noted feminists 

to&y applauded Justice Constance Baker Motley’s decision to throw out the settle-ment 

in the Smith Barney sexual harassment case. The case, involving 2.5 plaintiffs, gained 

notoriety for the “Boom Boom Room” in Garden City branch office, and grew to include 

complaints in 11 States. NOW-NYC, NOW NYS and several of the named plaintiffs in 

the suit protested the scttlemen~ calling the proposed dispute resolution program a 

“Kangaroo Court” because of the requirement that victims of workplace discrimination or 

harassment go through an arbitration panel paid for by Smith Barney. 

Gloria Steinem proclaimed in a statement, “Justice Motley’s decision is an important 

defeat of the private court system that Smith Barney and the financial industry have tried 

to set up. Employees as well as employers must always have recourse to an independent 

judiciary. No one should be forced to choose between justice and McJustice.” 

Pamela Martens, the lead plaintiff in the suit and a vocal critic of the scttkment, said, 

“Throughout the history of the legal profession, women have been coerced in to dirty 

sextkments on bad advice. Today I am here to say to the women of America, take heart. 

Judge Motley’s decision confirms my belief that it is okay to stand up for what’s righk 

and to just say no.” 

‘The defeat of this settlement marks a tremendous victory for all women,” said Galm 

Sherwin, President of NOW-NYC. “Judge Motley’s finding that the settlement terms 

were neither fair, reasonable nor adequate co&inns what we have known all along: that 

the proposed settlement is a raw deal for victims of sexual harassment, and that it does 

not go nearly far enough in combating workplace harassment and disaimination.” 

beholding to Wall St. for initial and secondary public offerings, recommended list 

rankings, ad market-making liquidity provided by NASDAQ (the over-the-counter 

stock exchange.)