crossposted from unbossed
Oh, so last December, you might have seen this announcement issued by the Pension Benefit Guaranty Corporation (PBGC):
December 22, 2008
PBGC Hires Strategic Partners For $2.5 Billion in Private Equity, Real Estate WASHINGTON—The Pension Benefit Guaranty Corporation (PBGC) today announced the selection of investment firms BlackRock, Goldman Sachs and J.P. Morgan as strategic partners to manage $2.5 billion in assets and provide support to PBGC's in-house investment staff.
"These new strategic partners will do much more than manage assets," said Director Charles E.F. Millard. "Our strategic relationships will be long-term in nature, and will add tremendous value for the PBGC going forward."
Or maybe not so long term, unless you consider that this relationship is now under investigation . . . and those consequences may well be longterm.