Then you could have another pension fund, Pension Fund 2.

So that's me, pension fund.

I am a pension fund.

In the previous example, I had Pension Fund 1, that was my pension fund.

And this is Pension Fund B.

A will pay Pension Fund 1 10 .

let me draw me, I'm the pension fund.

And this pension fund had the same problem.

200 basis points goes from Pension Fund 2 to B.

But what AlG says is, you know what pension fund?

This is Corporation B, and maybe Pension Fund 2 wants to

Why don't you go buy some beers courtesy of the pension fund.

Let's say Pension Fund 1 were to lend 1 billion to A.

Yeah, till next month when the town council meets. Marshal's pension fund.

From my pension fund they're getting 1 per year of 1 billion.

Well, maybe he thinks he's entitled. It's like you and your pension fund.

Another of my partners got the Episcopal Church pension fund to invest. Laughter

I tell you what, the best donation to the Marshal's pension fund wins the argument.

But I can't do it, me as a pension fund, I cannot lend them money.

From this pension fund, they're getting 1 and 1 2 , 150 basis points, per year.

Let's say that I'm a pension fund, and I have money to lend to other people.

By the way, I had thought about asking my church's pension fund to invest, but I didn't.

Maybe by law, maybe he's a pension fund or he's some type of a mutual fund, that's forced to invest in something of a certain grade.

Lets say that I run some type of a pension fund and I have one billion dollars that I need to invest some place.

He was granted a pension.

My pension was in it.

And they've done a lot of work, and frankly, they often are much more sophisticated than the pension fund in fact, they almost always are.

Because as long as AlG is good for the money, the pension fund is going to get their money back one way or the other.

Hedge Fund 1.

Pete's mutual fund.

She lives on a small pension.

statement

Statement

But Pension Fund 1 wants to make sure that they'll definitely get the money, because they can't lend money to people with anything less than stellar credit ratings.

She has to live on the pension.

My parents run a pension for skiers.

He has a pension to live on.

The old man lives on his pension.

My grandfather is living on a pension.

My parents run a pension for skiers.

2 out of 10 live off pension.

They affect our communications, our pension funds.

There's a problem here though. The rating agencies, the ones that in theory should be independent, they've only given a company A a BB rating. This is a pension fund.

He's good at fund raising.

Singapore's Central Fund provides pensions.