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Thanks Hunter, that is helpful.

I hear your Dad was spotted on the beach here in Southampton today, by the way.

N

________________________________

From: Hunter Biden
To: Nick Rohatyn
Sent: Fri Aug 06 17:47:04 2010
Subject: Re: Rosemont Seneca Dinner Follow-Up


Nick-

From everything I hear it is still up for negotiations. The Dems of course want to extend only the middle class tax cuts and the Republicans want to extend all of them. At the moment it doesn't seem the Dems have the votes to just extend the middle class tax cuts, but they do have the leverage of the fact that if Congress does nothing then nothing gets extended at all. There are a number of Dems who think that this is an issue they should really take to Republicans because it goes against many Republicans' anti-deficit arguments. I have a couple of calls in to some people who have a better sense on whether there is a compromise out there on this and I'll let you know what the latest is, but clearly both sides are going to look to campaign on this in the fall and I think strategy on this will crystallize over recess.

I know that is nothing definitive, but let me get back to you as I hear more from the couple of people I have calls into.

Best,

Hunter

R. Hunter Biden
Rosemont Seneca Partners LLC
202-333-1880
212-933-9965


On Aug 6, 2010, at 10:20 AM, Nick Rohatyn wrote:


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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