This shows that government can't manage things any better than a fake free market. The solution is a true free market with fast and free information flow so people can make their own decisions based on the numbers.
The socialized and overly-regulated system doesn't work. Government running the show doesn't work. Let's try real free markets!
Shortfall Triples at U.S. Pension Guaranty Agency
By DARRELL A. HUGHES and JOHN D. MCKINNON
The federal agency that backstops corporate pension plans reported that its deficit tripled in the last six months, to $33.5 billion. Despite the shortfall, the agency said it has enough assets to pay benefits for many years, even if the holder of one of the largest retirement programs, General Motors Corp., were to file for bankruptcy.
The news came as the Pension Benefit Guaranty Corp.'s former director invoked the Fifth Amendment in response to lawmakers' questions about possible mismanagement under the Bush administration. The PBGC's inspector general last week issued a report saying that the former director had violated prohibitions on contacting bidders that were seeking investment contracts.
The former director, Charles Millard, has denied allegations that he had inappropriate contacts with several Wall Street firms that won contracts to advise the agency, and said his actions were approved by agency counsel. But his attorney, Stanley Brand, said in a statement that it was best if Mr. Millard didn't testify at a Senate hearing Wednesday, in what he described as a "biased and hostile environment."
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