- 1919 - INDIVIDUAL RESERVES IN LIFE INSURANCE, By H. W. BUTTOLPH
- 1919 - The Record, Volumes 7-8, By American Institute of Actuaries - 649p (GooglePlay)
- MR. FAIRLIE: I have read with a great deal of interest Mr. Buttolph's paper on " Individual Reserves in Life Insurance.”
- With much of what he says I am in entire accord, but there are certain statements with which, as I read them, I cannot agree, although I am somewhat in doubt as to whether I have caught the exact force and intent of his words.
- https://www.wsj.com/articles/that-pension-you-earned-may-soon-be-coming-from-someone-else-1489342032?mod=article_inline
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“Who’s in worse shape, Prudential or the federal government?” Mr. Fowler said he asked other retirees at their coffee klatch in Gardnerville, Nev. He said he was “more worried about our government going bankrupt than Prudential.”Psst the government can print more money and if Prudential goes under, then what happens?
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Why do I believe in my black cynical heart that the insurance company bids included calculations on spinning off a pension subsidiary and declaring bankruptcy if things aren't profitable enough? This should be much easier now that there will be no accountability with the Federal Government.
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I find most interesting the comment in the article made regarding the insurance companies being relieved of the Federal Pension Insurance fund(and premiums). In other words, an insurance company going bankrupt holding a pension fund would take it down with it. When companies held their own pension liabilities, they were obligated to insure their pension liabilities.
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Insurance companies paid as little as six cents on the dollar when they went bust back in the '90s over GICS. Retirees had better make some fallback plans if they loose Pension Benefit Guaranty Corp. Free market at work...transferring wealth from prey to predator.
ZVF
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William Baldwin - 13 March, 2017 - Prudential could go bankrupt. If booking these deals helps them move the earnings needle, they'll do it, despite the actuarial risk (meaning the workforce lives longer than they guessed). For evidence, see AIG and how they used credit default swaps to manage earnings. The CEO went to jail and the government bailed the company out to save the world.If a large pension fails under this scheme, expect class action suits against the employer, along with claims against government pools such as PBGC and FDIC. Don't say that won't happen, the government paid each Madoff claimant $500,000 when they had no obligation to do so.
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Tim Murphy - 13 March, 2017 - William Baldwin AIG's derivative book was a far different animal and a far different business than what Prudential is doing here. The CEO did not go to jail by the way
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Michael Scott - 13 March, 2017- William Baldwin What AIG CEO went to jail?
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