AIG was so bad in 2007-08 the government had to bail them out to the tune of 85 billion and 80% government ownership. And they were America’s largest insurer.
Sent from Yahoo Mail for iPhone On Wednesday, September 14, 2022, 5:47 PM, Tony Harminc <t...@harminc.net> wrote: On Wed, 14 Sept 2022 at 17:02, Charles Mills <charl...@mcn.org> wrote: > It's purely a financial thing, right? Like if they had moved their > checking account from Chase to Wells? > > Pensioners should not see any significant change. These are defined > benefit plans: you get $X/month no matter who pays the bills or what the > rate of return. Nor do they incur any significantly changed risk. IBM > simply transferred their rate of return risk to someone who is in that > business. > Depends on whether you think Prudential is more or less likely to go bust than IBM. Of course we think that none of these Wall Street behemoths is going anywhere, but you never know. Actually it looks as though IBM has split the transfer, so even if one of the insurance companies goes down, the other should be there to pay half. Tony H. ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@listserv.ua.edu with the message: INFO IBM-MAIN ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@listserv.ua.edu with the message: INFO IBM-MAIN
