Former Head of Pension Agency Refuses to Testify
Bloomberg

"The former head of the federal agency that guarantees the pensions of 44 million Americans invoked his Fifth Amendment rights at a Senate hearing, refusing to discuss his contacts with Wall Street firms bidding for business.

Charles E.F. Millard is being investigated by Congress over his relationships with JP Morgan Chase, Goldman Sachs and other firms while he led the Pension Benefit Guaranty Corp. during the Bush administration.

Millard cited the constitutional right against self- incrimination three times today during a session of the Senate Special Committee on Aging. The pension agency reported a $33.5 billion deficit earlier today.

A report by the PBGC’s inspector general alleges that Millard had inappropriate communications with eight of 16 Wall Street firms that bid last year to manage $2.5 billion of the agency’s $48 billion investment portfolio."