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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: ChanceIs who wrote (203333)5/21/2009 7:01:09 AM
From: stomperRead Replies (1) of 306849
 
He was so cocksure of himself when he appeared on sh*tvision about a year ago.

sfgate.com

The former director of the government's pension agency took the Fifth Amendment on Wednesday when senators asked about allegations that he had inappropriate contacts with Wall Street firms while running the operation, which insures the pensions of 44 million Americans

From Les H about a year ago. OPM rocks:

Message 24826991

Wall Street wants to take over corporate pension plans

The folks who brought you the mortgage mess and the ensuing hedge fund blowups, busted buyouts, and credit market gridlock have another bold idea: buying up and running troubled corporate pension plans. And despite the subprime fiasco, some regulators may soon embrace Wall Street's latest scheme.

The Treasury Dept. on Aug. 6 offered a blueprint for lawmakers on Capitol Hill to allow "financially strong entities in well-regulated sectors" to acquire pension plans , after the IRS ruled that the concept needed legislative approval. "The Administration's proposal says these deals should only be permitted when the acquiring entity has a higher credit-rating than the seller," says Charles MILLARD, director of the Pension Benefit Guaranty Corp. (PBGC), the federal insurer of last resort of corporate pension plans. "Such a transaction creates greater security for retirees and the pension system." The issue will now, no doubt, move to Congress after the election.
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