The State - News from Dec. 28, 1986
A San Francisco supervisor, John Molinari, has introduced a proposed ordinance to require the city to withdraw up to $100 million in deposits from the Bank of America in the event of a hostile takeover. Molinari announced the measure in an effort to help keep the headquarters of the bank, which employs 13,400 people in San Francisco, in the city. The bank is fighting off an unfriendly takeover by First Interstate Corp. of Los Angeles. The proposal would bar the city from doing business for a five-year period with any corporation that loses out in a hostile takeover. “I’m trying to protect jobs, and hostile takeovers don’t protect jobs,” Molinari said.
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