Obama Bypasses Congress To Install PBGC Chief

Law360, New York (July 7, 2010, 3:16 PM EDT) -- President Barack Obama said Wednesday that he would use a recess appointment to install Joshua Gotbaum as head of the Pension Benefit Guaranty Corp., dashing the hopes of Delphi Corp. retirees who hoped to use the nomination as leverage to restart talks with General Motors Corp. about their pension cuts.

Gotbaum, currently an operating partner at private equity fund Blue Wolf Capital Partners LLC, was nominated Nov. 9 to serve as director of the PBGC, a federal corporation set up by the Employee Retirement Income Security...
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