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To: Bucky Katt who wrote (42504)	5/3/2010 9:44:40 PM
From: joseffy	Respond to of 48463

Federal agency charged with rescuing failing pensions -- failed its own audit! No Guarantees at the Pension Benefit Guaranty Corporation Pension Protection Agency Cited for Audit Failure, Misleading Congress By John Solomon \| May 03, 2010 publicintegrity.org Last November, the federal corporation charged with protecting Americans’ retirement funds issued an ominous public warning: the amount of pensions at risk inside failing companies had more than tripled during the recession. The Pension Benefit Guaranty Corporation’s announcement signaled it might need tens of billions of new dollars to rescue traditional pensions paid by U.S. firms whose economic collapse left them unable to meet their retirement obligations to workers. At the same time, however, the federally chartered corporation was receiving some bad news of its own: for the first time it was going to flunk an independent audit of the way it manages its finances. On Nov. 12, 2009, PBGC’s outside audit firm and the corporation’s own internal watchdog jointly informed the federal body it was being cited for a “material weakness” in its internal financial controls, the accounting equivalent of an F grade. “PBGC did not have effective internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations and its operations,” Inspector General Rebecca Anne Batts wrote in a letter that has escaped public attention despite their potential importance to taxpayers. Americans may expect such adverse audit findings for corporate bad actors, but the finding is more unusual for a government agency, especially one charged with cleaning up failed companies’ messes and rescuing workers’ pensions. A Center for Public Integrity review of hundreds of pages of memos, audits and internal reports shows the pension guaranty corporation has been unable to make several guarantees about its own work — in some cases directly misleading Congress and its inspector general into believing long-simmering problems were resolved. . . .