Thursday, May 14, 2009

Charles E. F. Millard: Governement Pensions chief colluded with Wall Street

So the governement pensions chief want a spiffy job on Wall Street once he gets done with his government job? How does he go about it? By losing billions in public money in the stock market and informing Wall Street company insiders of the trades so they could get rich off the inside knowledge!

"Charles E. F. Millard, the former Lehman Brothers managing director who was the Bush administration’s director of the Pension Benefit Guaranty Corp. from May 2007 until President Obama took office on Jan. 20, dramatically changed how the agency invested its $64 billion insurance fund, shifting from a reliance mostly on conservative bonds to a strategy that put 55 percent of its portfolio in speculative investments such as stocks in emerging foreign countries, equity funds and real estate.

The insurance fund backs the pensions of 44 million Americans. But it had an $11 billion deficit and its stock-related investments plunged 23 percent as of last September, before the brunt of the market crash.

After the agency last fall hired the investment-banking firm Goldman Sachs to oversee a $700 million portion of the fund, Millard e-mailed with a Goldman executive about a Wall Street job, according to the report. The Goldman Sachs official responded that he had talked with a person at another firm ‘‘who really likes you and if times were better he would have hired you already.’’ The inspector general reported finding 29 emails documenting the effort of a Goldman Sachs official to help Millard ‘‘in his search for employment."


[Article] Charles E. F. Millard, wolf in sheep's clothing, destroys billions in pension funds for personal gain

1 comment:

  1. Criminal probe.

    Tossing Wall Street billions of dollars in pension funds as the market sinks acting, against any reasonable financial wisdom, so you can gain personally?


    The boy born on third base thought he hit a home run. He knows nothing about true national security. All the real conservatives have left the GOP, what's left are ignorant hacks.