Never Again
指出养老金担保公司面临巨大风险，批评了各种偏袒利益相关方的提案，提出通过证券化引入透明度和客观性，创建基于资本市场的过渡证券来解决养老金资金问题。
We have a pension funding problem. The Pension Benefit Guaranty Corporation is today exceedingly vulnerable. Too many of the proposals to reduce this vulnerability, protect plan participants, and encourage plan sponsors to stay in the game amount to special pleadings for some stakeholders, typically at the expense of others. Some other proposals promise a free lunch fueled by risky investments, deferrals of cost, and optimistic expectations. Pension plans can become and remain fully funded at all times after a suitable, although not necessarily rapid, transition. One way to introduce transparency and objectivity is through securitization, creating capital market-based transition securities that mimic the current relationships between defined-benefit pension plans and their corporate sponsors and the PBGC.