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Thanks for that, Hunter. On a different topic, what do you think will
ultimately happen on the question of the Bush tax cuts?


N


Nicolas S. Rohatyn

The Rohatyn Group

280 Park Avenue, 27th Floor West

New York, NY 10017

212.984.2901

________________________________

From: Hunter Biden [mailto:hbiden@rosemontseneca.com]
Sent: Wednesday, August 04, 2010 5:56 PM
To: chris.chafe@cleaneconomycenter.org; rob@mccord2008.com;
rlesniew@nysutmail.org; Loeb Daniel; Kevin.R.Lynch@morganstanleypwm.com;
John.Novogratz@mlp.com; Arlene Busch; Pedrotty Daniel; Nick Rohatyn;
JTargoff@thirdpoint.com; astanton@rosemontseneca.com
Cc: cheinz@rosemontseneca.com
Subject: Rosemont Seneca Dinner Follow-Up


All-


Chris and I wanted to reach out to all of you as a follow up to our
dinner a couple of weeks ago. We both hope that one of the outcomes
from our recent dinner will be that we will all seize the opportunity of
the recent introductions to continue the various lines of discussion we
started at dinner. Part of the driving force behind our dinner was the
notion that each of you has a perspective that should be discussed and
amplified.


One topic we feel we did not have adequate time to flesh out over the
course of the evening is the pending crisis of unfunded liabilities in
public/ Taft Hartley pension programs. It is our belief that
legislation alone will not solve the problem and can only be seen as a
temporary fix we will all pay for later. Following the dinner, we have
heard from several of you individually who have expressed in both broad
and specific terms potential private sector solutions and suggestions
for reform. We do not mean to be presumptuous, but we think a continued
conversation that could lead to real and actionable ideas may benefit
those entrusted with their constituents'/ members' pension dollars. At
the very least we will all end up with a better understanding of each
other's unique perspectives on the problem.


In that spirit, we recently saw the following two reports that both gave
interesting perspectives on the issue. One is by the GAO and one is by
Pew - some of you may have your own thoughts on these reports.


http://www.pewcenteronthestates.org/report_detail.aspx?id=56695
<http://www.pewcenteronthestates.org/report_detail.aspx?id=56695>


http://www.gao.gov/new.items/d10708t.pdf
<http://www.gao.gov/new.items/d10708t.pdf>


We know you are all busy with the work in front of you on a day to day
basis, but if any of you have the time or the inclination we hope that
you would share with the group any specific ideas or refer the group to
any particular articles like the ones above or writings of your own that
address the issue. We know some of you have already begun your own
conversations - if we can in any way facilitate such talks, please let
us know. And please feel free to reply "all" with any thoughts on the
subject that you would like to share with the group. We look forward to
another meeting in the near future.


Best,


Hunter and Chris


R. Hunter Biden

Rosemont Seneca Partners LLC

202-333-1880

212-933-9965


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