A bit more on the Charles Millard affair.
Earlier today, we reported that lawmakers had, in a letter, warned Millard, the former head of the government agency that guarantees workers’ pensions, that his planned strategy to shift the agency’s investments from bonds to stocks to jeopardize its ability to meet its obligations, and had laid out some guidelines he should adhere to ensure a cautious approach. Millard, of course, made the shift anyway, apparently just in time to absorb major losses for the Pension Benefit Guaranty Corporation as the stock market tanked last fall.We also reported that Millard had notified Congress before going ahead with the shift, as he had been asked by Sen. Barbara Mikulski (D-MD) to do during his confirmation hearings.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=144240