Federal Pension Guarantor's Cozy Ties With Wall Street

tpmmuckraker.talkingpointsmemo.com — Remember the former Lehman investment banker who, after taking over the federal agency that guarantees our pension systems under President Bush, had the genius idea to ignore a host of warnings and switch the agency's investment portfolio from conservative bonds to risky stocks—just as last year's financial storm was gathering? Turns out Charles Millard and two Wall Street firms had a mutual courtship on the taxpayer's dime.

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