| 00:00:09 |
GUEST, -
IS A BACKSTOP. WHEN COMPANIES FAIL AND CANNOT KEEP PAYING THEIR PENSIONS, WE STEPPED IN. IT WAS MODELED ON THE FDIC. WHEN A BANK FAILS, THEY COVER YOUR...
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| 00:00:36 |
HOST, -
FILING OF AMERICAN AIRLINES COULD SADDLE IS THIS THE OBSCURE FEDERAL AGENCY THAT ENTRANCE COMPANY PENSIONS, YOUR AGENCY, COULD SADDLE IT WITH A $9 BILLION...
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| 00:01:03 |
GUEST, -
DECLARES BANKRUPTCY, IF THEY HAVE AN UNDERFUNDED PENSION PLAN -- AN AMERICA DOES -- WE STEPPED IN. WE SAY, IF THIS PLAN IS TERMINATED, WE WILL BECOME...
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| 00:02:13 |
HOST, -
AS AMERICAN AIRLINES WASTE DROPPING ITS PLAN, PBGC WILL PUSH THE COMPANY TO KEEP IT A BIT RECENTLY, THE AGENCY IS HELP PERSUADE DELTA AND THE AUTOPARTS...
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| 00:02:28 |
GUEST, -
GUEST: YES. WHEN COMPANIES GO INTO BANKRUPTCY, MANY TIMES THEY SAY, WE HAVE TO CHANGE ALL OF THIS. WE CANNOT FULFIL ANY OF OUR PROMISES. EVEN OUR PROMISES...
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| 00:03:54 |
HOST, -
AT THE DETAILS. $9 BILLION IS THE NUMBER OF PROJECTED PENSION LOSS FOR AMERICAN AIRLINES. EVERYONE HUNDRED 30,000 PEOPLE WILL BE AFFECTED, $18.5 BILLION...
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| 00:04:25 |
GUEST, -
GUEST: YES. THE NUMBERS GET CONFUSING. LET ME START WITH THE BIGGEST NUMBER YOU MENTIONED. RIGHT NOW, AMERICAN AIRLINES HAS STILL OBLIGATIONS TO ITS EMPLOYES...
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| 00:05:51 |
HOST, -
TO THE PHONES. RON JOINS US FROM NEBRASKA ON THE INDEPENDENT LINE. GOOD MORNING.
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| 00:05:58 |
CALLER, -
CALLER: HELLO. I HAVE A QUESTION. AND SURE YOUR ORGANIZATION IS GREAT AND HELPS OUT THE WORKERS, HOWEVER, WHY ISN'T THERE A LONG PROTECTING THOSE WORKERS?...
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| 00:06:30 |
GUEST, -
GUEST: THAT IS AN IMPORTANT QUESTION AND YOU ARE CORRECT. THERE SHOULD BE A LOT AND THERE IS. THERE IS A LAW THAT REQUIRES ONE COMPANY'S PLANS COULD UNDERFUNDED,...
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| 00:07:28 |
HOST, -
DEMOCRAT WON, OHIO. CALLER: GOOD
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| 00:07:33 |
CALLER, -
MORNING. THANK YOU FOR HAVING ME. I WANT TO ASK, IF I'M CORRECT, THE FEDERAL GOVERNMENT IS FUNDING THIS, CORRECT? GUEST: NO,
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| 00:07:51 |
GUEST, -
THE PROGRAM IS PAID FOR -- WE DO NOT USE TAX DOLLARS AT ALL. THIS PROGRAM IS PAID FOR BY INSURANCE PREMIUMS THAT ARE PAID -- IT IS, LIKE AUTO INSURANCE....
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| 00:09:26 |
HOST, -
IS MY FIRST EXPERIENCE WITH AIRLINES AND AIRLINE BANKRUPTCY. -- THIS IS NOT MY FIRST EXPERIENCE WITH AIRLINES AND AIRLINE BANKRUPTCY. I HAD THE SAD...
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| 00:10:17 |
HOST, -
TONGUE-IN-CHEEK, FROM TWITTER -- IS THERE A DANGER IN THAT?
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| 00:10:32 |
GUEST, -
GUEST: PEOPLE UP AND CONCERNED ABOUT THAT FOR LONG TIME. THE REASON THAT DOES NOT HAPPEN NEARLY AS MUCH AS YOU WOULD THINK IS BECAUSE COMPANIES GENERALLY...
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| 00:11:29 |
HOST, -
HOST: MICHIGAN, INDEPENDENT. CALLER: IT JUST SEEMS TO
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| 00:11:34 |
CALLER, -
ME THAT, YOU KNOW, IT IS NOT A QUESTION IF THESE AIRLINES GOING TO BANKRUPTCY, BUT WHEN. THEY ALL DO IN THE ALL RUN TO THE FEDERAL GOVERNMENT TO GET BAILED...
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| 00:12:15 |
GUEST, -
A PERSON WHO CAN TAKE THE TRAIN AND FAULT WITH AIRLINES, I DON'T THINK THERE'S ANYONE WHO DOESN'T RECOGNIZE -- AND INVOLVED WITH THE AIRLINES, I DON'T...
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| 00:14:32 |
HOST, -
TWITTER -- GUEST: VERY GOOD
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| 00:14:38 |
GUEST, -
AND IMPORTANT QUESTION, JIM, WHEREVER YOU ARE. SOCIAL SECURITY WAS INTENDED TO BE A FLOOR. IT WAS INTENDED TO PROTECT PEOPLE AGAINST THE GREATEST FORMS...
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| 00:16:09 |
HOST, -
DEMOCRATIC CALLER, IT TAXES -- TEXAS. CALLER: I WANT TO KNOW
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| 00:16:17 |
CALLER, -
UNDER WHOSE ADMINISTRATION WAS YOUR DEPARTMENT SET UP? HOST: AND
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| 00:16:25 |
HOST, -
WHAT IS YOUR OTHER QUESTION? CALLER: THE OTHER QUESTION
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| 00:16:30 |
CALLER, -
IS, AMERICAN AIRLINES -- WELL, IT IS NOT REALLY A QUESTION BUT A STATEMENT. THEY PULLED THIS BEFORE. THERE'S ALWAYS MONEY IN A SEPARATE ACCOUNT TO PAY...
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| 00:17:19 |
GUEST, -
ANSWER YOUR FIRST QUESTION, IN THE 1960'S, A LARGE AUTO COMPANY, STUDEBAKER, WENT BANKRUPT, WENT OUT OF BUSINESS. THEY HAD A LOT OF EMPLOYEES. IT TURNS...
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| 00:19:18 |
HOST, -
POST" POINTS OUT THE PENSION BENEFIT GUARANTY CORP. IS ALREADY FACING A $26 BILLION DEFICIT. THE LARGEST IN THE 37-YEAR HISTORY AFTER BEING STUCK BY...
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| 00:20:05 |
GUEST, -
YES. WHEN PBGC WAS SET UP, CONGRESS SET IT UP ON THE MODEL OF THE FDIC AND SAID, LET'S NOT USE TAXPAYER DOLLARS FOR THIS BUT USE OR CHARGE A PREMIUM,...
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| 00:22:17 |
HOST, -
AGENCY IS FORCED TO TAKE OVER THE AMERICAN AIRLINES PENSION PLAN, IT WOULD REPRESENT THE LARGEST EVER SINGLE CLAIM ON THE PBGC FUND. THE LARGEST PREVIOUS...
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| 00:22:39 |
CALLER, -
CALLER: GOOD MORNING. MY QUESTION RELATES TO THIS ISSUE ABOUT WHY YOU ARE PROTECTING UNION PENSIONS, BUT IGNORING EXECUTIVE PENSIONS AND WHY YOU'RE IGNORING...
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| 00:23:13 |
CALLER:GUEST, -
THE MAJORITY OF THE PEOPLE WHOSE PENSIONS BE PROTECT ARE NOT UNION MEMBERS. THE MAJORITY ARE EMPLOYEES WHO ARE NOT MEMBERS OF THE UNION. WE PROTECT PENSIONS...
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| 00:24:19 |
HOST, -
FROM TWITTER -- TO STEP INTO THAT POSITION? GUEST: PROBABLY
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| 00:24:36 |
GUEST, -
YES. IT ALSO DO SO FOR NONPROFITS. SOME NONPROFITS CONGRESS DID NOT PUT UNDER THE LAW. CHURCH WE HAVE A LOT OF HOSPITALS. THERE IS ONE IN NEW YORK CITY....
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| 00:25:03 |
HOST, -
ROBERT ON THE INDEPENDENT LINE. CALLER: I'M
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| 00:25:08 |
CALLER, -
CALLING FROM MINNESOTA. WORKED IN THE MINDSES. I SUFFERED A CLAIM, PARTIAL DISABILITY. I DECIDED TO RETIRE EARLY AND TAKE MY PENSION. I'M WONDERING IF...
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| 00:26:05 |
GUEST, -
QUESTION. THE PEOPLE OF THE PBGC HAVE A GOOD HOT LINE. YOU CAN CALL THEM AND ASK THE QUESTION. HOST: JOSHUA
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| 00:26:19 |
HOST, -
GOTBAUM IS DIRECTOR OF THE PENSION BENEFIT GUARANTY CORPORATION. THAT WEBSITE IS PBGC.GOV. HE WAS APPOINTED TO THE OPPOSITION LAST YEAR. HE WAS THE FIRST...
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| 00:27:29 |
GUEST, -
GETS TO THE BASIC DESIGN OF THE PBGC. THEY SAID IT SHOULD NOT INVOLVE TAXPAYER MONEY. CONGRESS KEPT THE AUTHORITY FOR SETTING PREMIUMS ON ITS OWN. MADE...
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| 00:28:40 |
HOST, -
DEMOCRAT'S LINE FROM NEW JERSEY. CALLER:
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| 00:28:43 |
CALLER, -
THANK YOU. THE AMERICAN PEOPLE HAVE TO BE BLESSED THAT WE HAVE A CHECK AND BALANCE AFTER WE PUT MONEY IN FOR 30 YEARS. MY QUESTION AND A CONCERN I DO...
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| 00:29:20 |
GUEST, -
THIS COUNTRY, EMPLOYER-PROVIDED PENSIONS ARE NOT REQUIRED BY LAW. IN THIS COUNTRY, AN EMPLOYER CAN CHOOSE TO OFFER A PENSION OR NOT. IF THEY DO, THEY...
|
| 00:30:24 |
HOST, -
INDEPENDENT LINE. CALLER: I LOVE
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| 00:30:28 |
CALLER, -
YOUR SHOW. DOESN'T PRICE -- IS IT GOVERNED BY DEMAND? IF THE DEMAND IS THERE FOR THE AIRLINES, WHY DON'T THEY CHANGE THE PRICE AND RAISE THE PRICE? THAT...
|
| 00:31:17 |
GUEST, -
BUSINESS IS A COMPLICATED BUSINESS. THE INDUSTRY IS VERY COMPETITIVE. WE CAN GO ONLINE AND SAY, IF I WANT TO GO FROM WASHINGTON TO CHICAGO, I HAVE MORE...
|
| 00:32:19 |
HOST, -
AT A STORY FROM THE WEBSITE BOSTON.COM, THIS IS FROM EARLIER THIS MONTH. HOST: WHAT
|
| 00:32:57 |
HOST, -
HAPPENED, AND WHERE ARE YOU GOING FROM THERE? GUEST: WHEN WE
|
| 00:33:05 |
GUEST, -
TAKEOVER COMPANY'S PENSION PLAN, WE HAVE TO GO WITH IT AND LEARN ABOUT THE PENSION PLAN. IN THE CASE OF UNITED, THERE WERE FOUR OF THEM. WE HAVE TO...
|
| 00:35:20 |
HOST, -
BEACH, FLORIDA.
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| 00:35:23 |
CALLER, -
CALLER: GOOD MORNING. SIR, I'M A RETIRED DELTA PILOTS THAT PUT IN 39 YEARS WITH THE AIRLINE AND LOST MY PENSION IN 2005. BASICALLY WHAT HAPPENED WAS...
|
| 00:37:04 |
GUEST, -
SITUATION. FOR OTHER PEOPLE, PILOTS HAVE FOR GENERATIONS MADE A CONSCIOUS CHOICE, RATHER THAN TAKING ALL OF THEIR EARNINGS UP FRONT, TO DEFER EARNINGS....
|
| 00:40:03 |
HOST, -
PENNSYLVANIA ON OUR INDEPENDENT LINE. GOOD MORNING. HI, WILLIAM. GUEST: DEPUTY TO SLEEP --
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| 00:40:15 |
GUEST, -
DID I PUT YOU TO SLEEP? HOST: I THINK WE LOST
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| 00:40:20 |
HOST, -
HIM. WHAT IS THE TIMELINE? GUEST: THE
|
| 00:40:29 |
GUEST, -
THING ABOUT PENSIONS IS EVERYTHING HAPPENS OVER A POINT OF YEARS. OUR DEFICIT -- PBGC HAS HAD A DEFICIT FOR ALL BUT SEVEN OF ITS 37 YEARS. WE HAVE SAID...
|
| 00:41:51 |
HOST, -
DIRECTOR OF THE PENSION BENEFIT GUARANTY CORPORATION. THE WEBSITE IS PBGC.GOV. COMING UP NEXT, OUR WEEKLY "YOUR MONEY" SECOGMENT. >> AS PRESIDENT OBAMA...
|
| 00:42:11 |
Unidentified Speaker, -
NOURI AL-MALIKI MEET AT THE WHITE HOUSE TODAY, NATO HAS SAID THERE WAS SHUT OUT THEIR MILITARY TRAINING MISSION IN IRAQ BY THE END OF THIS MONTH. THE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.