Thank you, Mr. McCallum.
Just so you know, one of those companies that came to you just announced a $242 million profit for the first quarter.
During the last round, when we talked about it, we suggested that perhaps during boom times, when they made a profit, part of the profit should go directly to pension holders--not all of it, but of course some of it. My concern was that there would be a recession, and the comment that came back was, “You're old-fashioned, Phil. We've solved that problem; there won't be one.”
I don't like to blue-sky too much in front of committees. However, obviously some of the plans are having problems because of the regulatory schemes and decisions that were made over the years. We can't get out of that overnight. Certainly as the Teamsters we do not want companies to go out of business. We're in the business of helping businesses make money, because that's how our membership makes money.
If the core principles are there, meaning that the investment strategy is moving toward more of a bond world.... Those are some of the things we suggest in the package. As I said in my presentation, it's not if we should do it, it's when and how. And I think you're asking me the when and how question.