PBGC Loses Billions On Bad Investments

Law360, New York (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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.