Bailout Committee to Hear Stakeholders

The Joint Select Committee on the Solvency of Multiemployer Pension Plans (Bailout Committee) announced they will convene a hearing this Wednesday (July 25) to “provide a platform for stakeholders and experts to discuss issues with the current system, as well as possible policy options that aim to improve retirement security for beneficiaries and shore up the shaky multiemployer pension system.”

The witnesses:

  • James Naughton, Assistant Professor/Donald P. Jacobs Scholar, Kellogg School of Management, Northwestern University
  • Joshua Rauh, Director of Research and Senior Fellow, Hoover Institution, Stanford University
  • Kenneth Stribling, Retired Teamster
  • Timothy Lynch, Senior Director Government Relations Practice, Morgan, Lewis, and Bockius LLP

 

 

10 responses to this post.

  1. Posted by Tough Love on July 23, 2018 at 1:33 pm

    Will there be a representative speaking for the interests of non-MEP Private Sector Taxpayers ?

    You know …………… the group who had ZERO to do with the design, funding, valuation or ANYTHING else to do with MEP Plans ………… yet will be stuck with the bill to pay for any “bailout”.

    Reply

  2. Posted by Stephen Douglas on July 23, 2018 at 2:01 pm

    Joshua Rauh

    Reply

  3. “The Joint Select Committee on the Solvency of Multiemployer Pension Plans (Bailout Committee) … to “provide a platform for stakeholders and experts to discuss issues with the current system, as well as possible policy options that aim to improve retirement security for beneficiaries and shore up the shaky multiemployer pension system.”
    There is no “way” to improve the pensions short of a bailout AND benefit cuts. In a way it gets me upset because Congress bailed out Goldman Sachs by backstopping AIG insurance policies 100 cents on the dollar with TARP, when they did NOT have to bailout AIG at 100 cents on the dollar. 25 cents on the dollar would been plenty and would have had the same effect except Goldman Sachs would also have had to take a hit in the shorts at that reduced rate, but they still would have survived… But instead the Congress bailed out AIG at 100 cents on the dollar so Goldman profited handsomely when they would have been bankrupted if AIG had not been bailed out at all. And IMO AIG should have been BK’ed and sold through an organized BK proceeding. And let Goldman suffer the consequences. The only difference is that AIG and Goldman would both have NEW owners with no debt. If Congress can bailout millionaire and billionaire Wall Sytreet frauds there is some case for bailing out working class America.

    Reply

    • Posted by Tough Love on July 24, 2018 at 8:21 am

      A “bailout” (and THAT is what it would be, as “loans” would NOT be repaid) by Taxpayers who had ZERO to do with any aspect of MEP Plans is outrageous.

      MEP Participant’s “retirement security” is via these pensions. Most single-employer workers get THEIR “retirement security” via 401K Plans.

      Why should (via their taxes) the latter, who isn’t being made whole for THEIR losses in the tech bubble & the great recession, bailout the former?

      Reply

      • Posted by Tough Love on July 24, 2018 at 9:12 am

        FWIW, the Gov’t made some REALLY bad decisions in it’s efforts to control the impact of the Great Recession …….. one of which was the AIG/Goldman bailout.

        But bad PAST decisions is certainly NOT a justification to make MORE bad (and CLEARLY unfair to Taxpayers who would be called upon to pay for them) decisions, one being a “bailout of MEP plans.

        Reply

        • FWIW, the Gov’t made some REALLY bad decisions in it’s efforts to control the impact of the Great Recession …….. one of which was the AIG/Goldman bailout.
          Bad decisions? It was a TERRIBLE DECISION. And I, like 94% of ALL Americans, was against TARP and the bailout. You won’t see 94% of the country on the same side of one issue ever again. And I agree it is NOT a “justification”, so be careful about putting those words into my mouth. It was simply a comment, an argument, of how upside down America is today.

          Reply

        • Only 94% ? This is why you have no credibility.

          If I’ve told you once, I’ve told you a thousand times don’t exaggerate.

          Reply

          • Posted by Tough Love on July 25, 2018 at 8:04 am

            Question Stephen Douglas/Earth……….

            I didn’t mention the 94%, so why did you reply to me ? Clearly you INTENDED to (wrongly) reply to ME, because you haven traded many (and certainly not “a thousand times”) to “Seesaw Junior”.

        • Posted by Stephen Douglas on July 25, 2018 at 12:39 pm

          Moderation… It’s not just a name, it’s a way of life. We try to keep the topic in the same column.

          And,

          You and Seesaw junior/Surfpuppy/Rex the Wonderpoodle/Wildgurl/Fedup, seem to have the same propensity to just pull statistics out of the ether.

          Reply

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