We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

PBGC Loses Billions On Bad Investments

Law360 (October 23, 2008, 12:00 AM EDT) -- The U.S. Pension Benefit Guaranty Corp., which insures the pension plans of 44 million private-sector workers, confirmed Thursday that it lost about $1.2 billion over the 11-month period ending Aug. 31.

PBGC spokesman Jeffrey Speicher said the federal agency took a $3.1 billion equity loss in the first 11 months of fiscal year 2008, but that this was offset somewhat by investments in fixed-income securities and other products.

“We will be releasing our annual results in mid-November,” Speicher said. “It looks like the investment loss will...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.