Oh, yah.
The Pension Benefit Guaranty Corp. (PBGC) is a Gummint agency responsible for paying pensions to people whose pension is supposed to come from a Company--but the Company went out of business and cannot pay the pension.
Think, for example, of Allis-Chalmers retirees. When A-C went down, the pension obligations were transferred to PBGC. Although the payments are smaller, they come from a Gummint Agency--so that's kinda good, no?
No.
Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks.
And which friggin' genius bought into the market at the TOP of the market?
...Charles E.F. Millard, the former agency director who implemented the strategy until the Bush administration departed on Jan. 20, dismissed such concerns. Millard, a former managing director of Lehman Brothers, said flatly that "the new investment policy is not riskier than the old one."
Only the Best and Brightest work for Investment banks on Wall Street.
The NEXT-best and brightest work for Gummint. Just ask any of them.
And remember, they want to handle your Health Care needs, too!!!
HT: Ticker
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