Former Head of Pension Agency Takes Fifth Amendment at Senate Hearing (any scruples .. anywhere?)

AP/Fox News ^ | 5-20-09

[STARWISE]

The former director of the government's pension agency took the Fifth Amendment at a Senate hearing where lawmakers quizzed him about allegations that he had inappropriate contacts with three Wall Street firms.

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The former director of the government's pension agency took the Fifth Amendment Wednesday when senators asked about allegations that he had inappropriate contacts with Wall Street firms while running the operation, which insures the pensions of 44 million Americans.

Charles E.F. Millard denies that he had improper communications with the firms that recently won multimillion-dollar contracts to advise the agency on a new strategy to invest its assets more heavily in stocks, real estate and private equity rather than more conservative fixed-income treasury securities.

*snip*

"I decline to answer any and all questions," Millard said.

[STARWISE]

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Charles Millard's Devastating Term "Insuring" Nation's Pensions, By The Numbers

By Moe Tkacik - May 15, 2009

We just told you about the probes underway of Charlie Millard, the obscure Bush-appointed former director of the Pension Benefit Guarantee Corporation, which provides a form of limited bankruptcy insurance to the retirement funds of 44 million Americans. Millard's aggressive plan to sell off most of the PBGC's bonds and plow the majority of its funds into stocks and real estate has been a pension world controversy since he started at the agency in May 2007, at the beginning of the credit crunch. Even by the highly imperfect standards of conventional Wall Street wisdom, the former Lehman Brothers executive's investment strategy appeared almost gratuitously risky.

But it wasn't until the Office of the Inspector General began sniffing around the agency that Millard's short-lived stint in the federal government began to take on a more sinister light.

We've boiled down the draft report of their audit, released yesterday by Congress, to a few key figures, adding a few of our own for perspective.

* Average investment return of global stocks over the past decade, as of February: -29%

* Average investment return of government bonds over the same period: +80%

* Value of funds under Millard's management: $64 billion

* Value of funds Millard's overhaul proposed to shift from bonds to stocks and real estate, in a move that effectively outsourced their management to Wall Street investment banks: $25.6 billion, or 55% of the nearly $50 billion portfolio.

* 2008 return on PBGC's stock market investments reported before September 30, 2008: -23%.

* PBGC's portfolio losses since September 30, a period during which the S&P 500 index has fallen 24%: Unknown.

* Number of calls Millard placed to BlackRock Capital during the months leading up to the announcement of the fund: 45

* Number of calls Millard placed to J.P. Morgan during those months: 95

* And to Goldman Sachs: 45

* Value of fees awarded to the aforementioned three investment banks by the fund, estimated over 10 years: $100 million

* Value of one "investment partnership" awarded to Goldman Sachs: $700 million

* Number of emails dated prior to the award of aformentioned partnership documenting the efforts of a senior Goldman Sachs official to assist Millard in his search for employment: 29.

In their letter to the OIG urging them to pursue a criminal investigation of Millard, the four senators provided a sad coda to Millard's job hunt:

After the Goldman Sachs executive confirms on November 12, 2008 that several executives are interested in meeting Mr. Millard, he respons "Ur grt. Tx. Will send info soon."

Mr. Millard later e-mails several executives at another investment firm about their interest in him. He did not hear back for a period of weeks due to one of the executives' illness, until the Goldman Sachs executive e-mailed him, "[The Executive] said he really likes you and if times were better he would have hired you already... He definitely likes you -- is just not in a rush due to the terrible markets. Hope that helps."

As of late February Millard was being spotted leisurely breakfasting at the Regency Hotel with a likeminded crowd who joked to the New York Post that the inauguration had finally given Republicans some time to relax.

(Not if Congress has anything to do with it!)

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I smell trouble for Mr. Millard.

[nothingnew]

I smell trouble for Mr. Millard.

I smell that and a lot more ..........

FMCDH(BITS)

[Czar]

Gee, another corrupt federal official.

Real shocker...

[stylin19a]

Charles E.F. Millard denies that he had improper communications with the firms that recently won multimillion-dollar contracts ..
If he took the 5th, who(to whom ?) did he deny it to ?

[SunkenCiv]

Average investment return of global stocks over the past decade, as of February: -29% ...Average investment return of government bonds over the same period: +80% ...Value of funds under Millard's management: $64 billion ... 2008 return on PBGC's stock market investments reported before September 30, 2008: -23%.

[Brad from Tennessee]

Millard did testify at length before a House subcommittee last September. The atmosphere may have changed since then.

http://online.wsj.com/article/SB122486911340367147.html?mod=googlenews_wsj

http://www.pbgc.gov/media/news-archive/testimony/tm16548.html

[Liz]

The Financial Industry Regulatory Authority-----the largest nongovernmental regulator of US securities firms----- should be asked if financial firms registered with them to "act as intermediaries between pension money managers and institutional investors to facilitate introductions and resulting investments."

Millard is a former Lehman Brothers executive. Keep in mind, these financial geniuses are all "licensed." Financial licenses can be lifted for any number of reasons:

If licensees fail to disclose ownership in investment vehicles.

If licensees fail to file proper documentation with federal/state agencies.

If licensees fail to file reports with Federal/State Division of The Treasury.

If licensees fail to file state and federal tax returns (stolen money is taxable).

If licensees fail to pay state and federal taxes on hidden profits.

If licensees fail to account for investment proceeds.

HERE'S HOW JUDGES PREDICATE SENTENCING GUIDELINES: Amount licensee lost to the the Treasury, the pension fund, the taxpayers and state pensioners, etc. What role a licensee had in conspiracy schemes to defraud. Whether a licensee obstructed justice in the course of investigations or, later, during trial.

CONTACT Financial Industry Regulatory Authority (nongovernment regulator of US securities firms). CALL (866) 776-0800

MODUS OPERANDI Intermediaries that facilitated introductions WRT massive ripoffs of the NY pension fund included these super-secret LLC's who were registered with The Financial Industry Regulatory Authority:
(1) Nosemote LLC,
(2) Pantigo Emerging LLC,
(3) PB Placement LLC,
(4) Purpose LLC - ALL AT THE SAME East Hampton ADDRESS
(5) Athena Capitol Advisors Ltd. (Tortola, British Virgin Islands---infamous money-laundering haven).

[Liz]

* Number of calls Millard placed to Goldman Sachs: 45

* Value of one "investment partnership" Millard awarded to Goldman Sachs: $700 million

* Number of emails dated prior to the "investment partnership" award that documented efforts of a senior Goldman Sachs official to assist Millard's search for employment: 29.

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GOLDMAN-SACHS-A-THON The Nation is infected with Goldmanites---they're like a STD that takes over the life of the infected. Read on.

After the market meltdown, many Goldman Sachs execs fled to the "safety" of the Federal Reserve and Dept of US Treasury........and are sucking up tax dollars as we type.

Tax cheat (and US Treasury Secy) Tim Geithner hired a Goldman Sachs lobbyist as his COS. ...even though Obama said his admin is off-limits to lobbyists.

Ex- Goldman Sachs head, Hank Paulson, as Treasury Secy, stationed his G/S right hand man---Neel Kaskari---- to "oversee" $350B TARP payouts. We still do not know in which G/S rathole these two secreted the first $350B.

Paulson threatened US Senators with Martial Law if they did not vote him the bailout billions.

This depraved G/S Pig---Paulson---demanded the TARP be exempt from judicial, legislative, and regulatory review. $350B disappeared without a trace---and NO significant effect on the economy.

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US Sen. Jim Inhofe (R-Oklahoma) said that Congress was not told the truth about the $700 billion bailout. "The American people don't know how much money Treasury Secy Henry Paulson has given away to anyone. IT COULD BE TO HIS FRIENDS. We don't know. There is no way of knowing.''

GOLDMAN SACHS SCREWS US AGAIN Secy Pavelson told Congress bailout billions would be used for one purpose then the foxy, wily Pavelson changes horses in midstream and decides to use the billions for something else.

Typical G/S chicanery.

The heck with Congress enacting the bailout law for one use. Pavelson personally decides he and the G/S guys will use it for "something else."

As US citizens line up at soup kitchens and sell apples on street corners, Pavelson, Kashkari, and the G/S frat boys are cashing in bigtime......numbered offshore bank accounts, "parking" bailout billions at Goldman Sachs and other Wall Street entities; wire-transfers going 24/7.

The late economist John Kenneth Galbraith blamed Goldman Sachs policies for causing the Great Depression of '29. In his book, The Great Crash, 1929, Galbraith, a key figure in JFK's admin, an entire chapter titled “In Goldman, Sachs, We Trust,” details the “large-scale corporate thimblerigging” that Goldman and other Wall Streeters practiced in the 1920s.

G/S frat boys at the highest levels of govt are now pulling the levers of power. Watching them operate, we know Goldman types promote their own interests relentlessly...........the rest of us be damned.

G/S insiders are pocketing as fast as they can----making motions to bail out the crooks who contributed to the economy's meltdown (part of G/S' exercise in greed).

GOLDMAN-SACHS IS THE ENEMY WITHIN Sept 26, 2008 The Goldman Sachs Group announced that Edward M. Liddy resigned as a member of its Board of Directors in light of his new role as Chairman and CEO of AIG, Inc......effective Sept 23, 2008. Mr. Liddy had a Goldman Sachs director since June 2003....he served as chairman of the Audit Committee, a member of the Corporate Governance and Nominating Committee and the Compensation Committee.

The New York Times reported Goldman Sachs was AIG's largest trading partner......about $13 billion of US government funds that went to AIG, ended up being paid to Goldman Sachs.......