Bush official shifted insurer's billions into stocks just before financial crash

Bush official shifted insurer's billions into stocks just before crash

rawstory.com

Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks.

Switching from a heavy reliance on bonds, the Pension Benefit Guaranty Corporation decided to pour billions of dollars into speculative investments such as stocks in emerging foreign markets, real estate, and private equity funds. ...

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[edit on 30-3-2009 by baseball101]

I really wish i wasn't surprised by this, i should have seen this happening ...

I guess they're trying to push this off as an investment to boost the market ... in my opinion though this was just a waste of people's money ...

could this have been a ploy to boost the pockets of the executive's who had well placed 'contributions' by inflating their end of the year profit before the collapse?

i don't know, anything's possible ... what are your thoughts?


rawstory.com
(visit the link for the full news article)

Originally posted by baseball101

Bush official shifted insurer's billions into stocks just before crash

rawstory.com

Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks.

Switching from a heavy reliance on bonds, the Pension Benefit Guaranty Corporation decided to pour billions of dollars into speculative investments such as stocks in emerging foreign markets, real estate, and private equity funds. ...

(visit the link for the full news article)


Related News Links:
www.boston.com

[edit on 30-3-2009 by baseball101]

Hey look at that! Another example of systematic destruction of the middle class.. Surprise... Surprise...

Where are the indictments?

Congress needs to be thinned out for they are not unlike an unhealthy overpopulated herd of deer, and since they are seemingly in the headlights of the derrivative holders and like-wise, just staring as if in a hypnotic trance, they are unable to perform their oath-sworn duties.

[edit on 30-3-2009 by imd12c4funn]