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.

It was his pension fund, our savings, basically every last dime we had to our name, gone.

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.

These pension funds, P1 and P2, it was reasonable for them to get insurance, because they were giving out these loans and then they got the insurance.

Pension Services, please.

Insurance.

Insurance.

There are many kinds of insurance such as health insurance, fire insurance, life insurance, etc.

This is annual insurance, for things like hazard insurance, and flood insurance, earthquake insurance, or whatever insurance you need where you live.

So, AlG could say, Hey! look pension fund why don't you lend them the money and what we are going to do is enter into a Credit Default Swap and what that essentially is is a form of insurance.

Then insurance!

The insurance?

My insurance?

He was granted a pension.

My pension was in it.

Hedge Fund 1.

Pete's mutual fund.

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

Big insurance agent.

We've no insurance.

I sell insurance.

An insurance policy.

We have insurance.

An insurance swindle.