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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:06 |
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"WASHINGTON JOURNAL" CONTINUES. |
| 00:00:11 |
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VINCENT SNOWBARGER IS THE ACTING DIRECTOR OF THE PENSION BENEFIT GUARANTY CORPORATION. WHAT IS THE... |
| 00:00:21 |
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WE RELEASE THAT INFORMATION AS OF MARCH 31. WE'RE RUNNING A DEFICIT OF ABOUT $33.5 BILLION. |
| 00:00:30 |
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BILLION DOLLARS? WHY? |
| 00:00:34 |
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BY DEFINITION, WE TAKE OVER PENSION PLANS THAT ARE OVERFUNDED. WE TAKE IN THE ASSETS AND THE LIABILITIES.... |
| 00:00:54 |
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WHAT IS A PENSION PLAN AND YOU TOOK OVER IN THE LAST SIX MONTHS? |
| 00:00:58 |
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IN THE LAST SIX MONTHS -- WELL, WE JUST TOOK OVER THE PENSION PLAN FOR LENOX. OBVIOUSLY, THEY ARE... |
| 00:01:17 |
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WHAT ABOUT CHRYSLER, THEY JUST DECLARED A THANK YOU? |
| 00:01:20 |
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JUST BECAUSE THE COMPANY DECLARES THE GRANSEE DOES NOT MEAN IT WILL TERMINATE THEIR PENSION PLAN.... |
| 00:01:39 |
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LET'S SEE IF YOU DID TAKE OVER CHRYSLER'S PENSION PLAN, WHAT DO YOU KNOW ABOUT IT AND HOW WOULD IT... |
| 00:01:48 |
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WELL, WE KNOW QUITE A BIT ABOUT IT. WE KNOW THERE'S PROBABLY ABOUT $5.5 BILLION IN UNDERFUNDING. ... |
| 00:02:15 |
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WHAT ABOUT IF IT GM DECLARES BANKRUPTCY, DOES THAT KEEP YOU UP AT NIGHT? |
| 00:02:20 |
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FROM AN OPERATIONAL STANDPOINT, IT DOES. IT IS SOMETHING I THINK WE WILL BE ABLE TO COPE WITH, BUT... |
| 00:02:52 |
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WE HAVE THE NUMBERS UP IF YOU WANT TO TALK ABOUT VINCENT SNOWBARGER ABOUT THE PENSION BENEFIT GUARANTY... |
| 00:03:18 |
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WELL, I THINK WE'RE IN A TIME SPAN OR RECEIPT OF FEDERAL GOVERNMENT RUSHING TO PROVIDE A BAILOUT FOR... |
| 00:03:57 |
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HUMANS IN THE COMPANY'S PAY PREMIUMS TO PBGC. WHAT KIND OF PREMIUMS WOULD A CHRYSLER OR DIEM PAY? |
| 00:04:06 |
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I CANNOT GIVE THE TOTAL NUMBER, BUT I CAN TELL YOU HOW IT IS STRUCTURED. BASICALLY, EVERY SPONSOR... |
| 00:05:05 |
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LET'S HEAR FROM OUR AUDIENCE. ENTER IN PHILADELPHIA, YOUR FIRST UP WITH VINCENT SNOWBARGER. CALLER:... |
| 00:05:34 |
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THE ANSWER IS NO, WE DO NOT GUARANTEE THAT. THAT IS A PENSION, AS I UNDERSTOOD YOUR QUESTION, A PUBLIC... |
| 00:06:09 |
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WHAT PERCENTAGE OF PRIVATE COMPANIES OFFER PENSIONS TODAY? |
| 00:06:16 |
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BE DEFINED BENEFIT PENSION AS OPPOSED TO JUST WHAT A LOT OF PEOPLE THINK OF AS A PENSION, 401K, WHICH... |
| 00:06:36 |
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THAT YOU'D IRRESPONSIBLE FOR? |
| 00:06:38 |
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EXACTLY. IN THE PUBLIC SECTOR, AN AWFUL LOT OF PUBLIC ENTITIES PROVIDE DEFINED BENEFIT PENSION PLANS... |
| 00:06:52 |
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OUR PENSION PLANS KIND OF AN OLD WAY OF DOING BUSINESS? OUR COMPANIES COMING ON LINE NOW OFFERING PENSIONS?... |
| 00:07:01 |
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THE ANSWER TO THAT ONE IS NO. MICROSOFT DOES NOT HAVE A DEFINED BENEFIT PENSION PLAN. I THINK IT DEFINED... |
| 00:07:59 |
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AMARILLO, TEXAS, REPUBLICAN. CALLER: GOOD MORNING. I AM JUST WONDERING ON SOME OF THESE PENSIONS THAT... |
| 00:08:25 |
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LET ME EXPLAIN THAT, AT LEAST UNDER CURRENT LAW, PBGC DOES NOT RECEIVE ANY GOVERNMENT FUNDS WHATSOEVER.... |
| 00:09:36 |
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YOU DID NOT EVEN RECEIVE GOVERNMENT FUNDING FOR OPERATING EXPENSES? |
| 00:09:40 |
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NO. |
| 00:09:45 |
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SO YOU ARE A QUASI FEDERAL AGENCY? |
| 00:09:48 |
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WE'RE A FEDERALLY OWNED FEDERAL CORPORATION. |
| 00:09:51 |
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COMPARABLE TO A FREDDIE MAC OR SALLIE MAE? |
| 00:09:54 |
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WE DO NOT HAVE THE FULL FAITH AND CREDIT OF THE UNITED STATES GOVERNMENT. IT IS DIRECTLY SAID IN OUR... |
| 00:10:23 |
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HAVE THE START OF THOSE CONVERSATIONS WITH PEOPLE ON THE HILL? YOU ARE A FORMER CONGRESSMAN. |
| 00:10:29 |
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WE HAVE BEEN IN CONVERSATIONS WITH THE HILL FOR QUITE SOME TIME. IN 2006, THERE WAS A FAIRLY MAJOR... |
| 00:11:41 |
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ARE YOU RECEIVING A GM PENSION NOW? CALLER: YES, BUT WE LOST OUR HEALTH INSURANCE. THE HOURLY PEOPLE... |
| 00:12:22 |
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THANK YOU. |
| 00:12:25 |
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FIRST OF ALL, GOING BACK TO SOMETHING WE TALKED ABOUT EARLIER, WE DO NOT HAVE ANY REASON TO BELIEVE... |
| 00:13:05 |
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THOSE PENSION PLANS WHERE DOES PENSION BENEFIT GUARANTY CORPORATION INVEST ITS MONEY? |
| 00:13:11 |
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WOULD PROBABLY HAVE 30% OF OUR ASSETS IN EQUITY MARKETS, IN GENERAL. THAT LEAVES ABOUT 70% -- I SHOULD... |
| 00:14:14 |
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ARE YOU ESSENTIALLY ALSO MANAGING SOME REALISTIC? |
| 00:14:16 |
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I THINK IT IS A SMALL PORTION OF WHAT WE HAVE NOW. IN THE PAST, WE HAVE GONE TIMBERLAND AND SUBDIVISIONS... |
| 00:14:28 |
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VIRGINIA, REPUBLICAN. CALLER: FIRST OF ALL, I WOULD LIKE TO SAY THANKS TO C-SPAN. AT LEAST YOU CAN... |
| 00:15:00 |
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SOUNDS LIKE HE HAS THOUGHT ABOUT THIS A LITTLE BIT. HAVE YOU EVER PLAYED WITH THOSE NUMBERS? |
| 00:15:07 |
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THE ANSWER IS NO. WE REALLY HAVE NOT. |
| 00:15:11 |
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ANY CONNECTION WHATSOEVER TO THE SOCIAL SECURITY SYSTEM? |
| 00:15:15 |
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THERE IS NO CONNECTION BETWEEN US AND THE SOCIAL SECURITY. OTHER THAN THE FACT THAT WE TRADE INFORMATION... |
| 00:15:25 |
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WE'RE SPEAKING WITH VINCENT SNOWBARGER OF PENSION BENEFIT GUARANTY CORPORATION. ALABAMA, ALEX ON OUR... |
| 00:16:32 |
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I WISH I COULD BE MORE HELPFUL TO YOU. THAT WOULD BE A PUBLIC PLAN THAT WE DO NOT INSURE, SO I REALLY... |
| 00:16:54 |
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DO YOU HAVE AN INDEPENDENT BOARD OF DIRECTORS? |
| 00:16:57 |
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WE HAVE A BOARD OF DIRECTORS COMPOSED OF THREE CABINET SECRETARIES. SECRETARY OF LABOR IS OUR CHAIRMAN.... |
| 00:17:08 |
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AND OTHER PRIVATE INDIVIDUALS ON THE BOARD? |
| 00:17:12 |
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NO OTHER PRIVATE INDIVIDUALS ON THE BOARD ITSELF. CHOST: ALBANY, NEW YORK, REPUBLICAN. WE'RE MOVING... |
| 00:18:40 |
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I WANT TO MAKE SURE THAT WE AGAIN STATE THAT IF AND GM DOES GO INTO BANKRUPTCY, WE ARE NOT AWARE OF... |
| 00:19:04 |
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IF GM WERE TO TURN ITS PENSION PLAN OVER TO PENSION BENEFIT GUARANTY CORPORATION, IS THERE ANYTHING... |
| 00:19:15 |
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YOU OUR LARGEST TERMINATED PLAN THUS FAR WAS UNITED AIRLINES WITH ABOUT 120,000 PARTICIPANTS. |
| 00:19:22 |
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STILL PAYING THOSE? |
| 00:19:24 |
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YES, WE ARE. GENERAL MOTORS WOULD BE ON THE MAGNITUDE OF 800,000. WE'RE TALKING A SIGNIFICANT INCREASE... |
| 00:19:46 |
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DO YOU STAY IN CONTACT WITH GM OR CHRYSLER DURING THIS TIME? DO YOU HAVE CONTACT WITH THEM AT ALL... |
| 00:19:55 |
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WHEN THE COMPANY IS GOING THROUGH FINANCIAL DEBACLE SEE, WE'RE TYPICALLY IN PRETTY CLOSE TOUCH WITH... |
| 00:20:16 |
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WOULD BE ADVANTAGEOUS TO GM TO GIVE ITS PENSION PLAN TO YOU? FROM A FINANCIAL POINT OF VIEW? |
| 00:20:24 |
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FROM THEIR FINANCIAL POINT OF VIEW? WELL, ALTHOUGH WE ALWAYS THINK OF CORPORATIONS ONLY THINKING OF... |
| 00:20:55 |
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PENNSYLVANIA, A DEMOCRAT, YOU'RE ON WITH VINCENT SNOWBARGER OF THE PENSION BENEFIT GUARANTY CORPORATION.... |
| 00:21:11 |
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WHICH COMPANY? CALLER: IT WAS A COMPANY THAT WENT OUT OF BUSINESS IN THE EARLY 1990'S. IT WAS A WOMEN'S... |
| 00:22:21 |
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CONSOLIDATED LET ME SAY TWO THINGS. FIRST OF ALL, IF YOUR BENEFITS IS THE PRESENT VALUE OF YOUR BENEFIT.... |
| 00:23:16 |
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HONOLULU, YOU'RE ON WITH A VINCENT SNOWBARGER. CALLER: GOOD MORNING. I WOULD LIKE TO COMMENT FOR SOME... |
| 00:23:42 |
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THANK YOU. CALLER: WE HAVE DEALT WITH YOUR PUEBLO OFFICE, AND THEY HAVE BEEN HELPFUL, COURTEOUS, AND... |
| 00:24:04 |
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APPRECIATE THE COMMENTS. |
| 00:24:11 |
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AT SOMS SOMEBODY AS PART OF THIS PENSION, DO GET THE SAME PENSION AS SOMEBODY WHO WORKS FOR ANOTHER... |
| 00:24:32 |
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SO YOU'RE ONLY RECEIVING ABOUT 30% OR 25% CALLER: YES, BECAUSE I ELECTED TO TAKE IT OUT NOW. UNDER... |
| 00:25:00 |
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BUT THERE IS NO GUARANTEE THAT PENSION BENEFIT GUARANTY CORPORATION WILL 100% GIVE YOU THE SAME PENSION... |
| 00:25:20 |
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THANK YOU SO MUCH FOR GETTING UP EARLY AND HELPING US OUT. |
| 00:25:24 |
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I DID NOT CATCH EXACTLY WHAT ROLE HE PLAYED. THIS SOUNDED LIKE HE MAY HAVE BEEN A PILOT. OBVIOUSLY,... |
| 00:25:34 |
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ARE YOU STILL THERE? WHAT WAS YOUR JOB CALLER: I AM IT WAS A CAPTAIN. |
| 00:25:41 |
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OK. CALLER: QUESTION I HAVE IS, BECAUSE I AM DRYING OUT MY MONEY NOW, THAT CERTAIN AMOUNT OF MONEY... |
| 00:26:18 |
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IT IS THE LATTER. THEY'RE ALL COMING ALTOGETHER. WHEN WE TALK ABOUT THE DEFICIT WE HAVE, THAT IS ALL... |
| 00:26:53 |
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NO MATTER HOW MUCH TO PUT IN? |
| 00:26:59 |
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WELL THAT IS AT AGE 65. SO IF YOU RETIRE EARLY, AS HE INDICATED THAT HE DID, THAT AMOUNT IS REDUCED... |
| 00:27:55 |
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TIME FOR ONE MORE FROM KELLOGG, ORE., INDEPENDENT. CALLER: GOOD MORNING. THANK YOU FOR C-SPAN. I... |
| 00:28:09 |
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WE HAVE ONE MINUTE. CALLER: THE PROBLEM WAS TRUST FUNDS WERE COLLECTED. THERE WERE CALLED PRIVATE... |
| 00:28:52 |
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THANK YOU FOR THAT. SOUND OF LECTURES TALKING ABOUT PUBLIC FUNDS. WHAT ABOUT SOMEBODY WHO MAY BE BOUGHT... |
| 00:29:17 |
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OUR GUEST HAS BEEN VINCENT SNOWBARGER, THE ACTING DIRECTOR OF THE PBGC. WHY ACTING AND NOT DIRECTOR?... |
| 00:29:27 |
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I AM A CAREER EMPLOYEE OF THE GOVERNMENT. WE'RE WAITING FOR A POLITICALLY APPOINTED SENATE CONFIRMED... |
| 00:29:34 |
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COULD IT BE YOU? |
| 00:29:35 |
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I DOUBT IT. I HAVE NOT BEEN ASKED, AND I AM NOT SURE I WOULD GIVE A POSITIVE RESPONSE HOST: THANK... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
