Troubled Cos.' Pension Plans $400M Short: PBGC

Law360, New York (September 24, 2008, 12:00 AM EDT) -- Adding to worries over the turmoil on Wall Street, the director of the Pension Benefit Guaranty Corp. told lawmakers Wednesday that the pension plans of five major corporations affected by the mortgage crisis are underfunded by $400 million, which could affect the long-term health of the already struggling federal agency if it needs to intervene.

The plans of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac, Indymac Bancorp Inc. and American International Group Inc. all fall short by $400 million, PBGC Director Charles E.F. Millard said...
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