Woah, new article from Business Week is pointing to regulators allowing:
The folks who brought you the mortgage mess and the ensuing hedge fund blowups, busted buyouts, and credit market gridlock have another bold idea: buying up and running troubled corporate pension plans. And despite the subprime fiasco, some regulators may soon embrace Wall Street's latest scheme.
In preparation for that moment, the world's biggest big investment banks, insurers, hedge funds, and private equity shops have been quietly laying the groundwork for such deals over the past year. They would be a big prize for Wall Street. The $2.3 trillion pension honey pot has $500 billion in "frozen plans" that are closed to new employees and whose benefits are capped
Nice catch from Business Week!
Note they mention GAO reports. Over in the bottom right column, we have a GAO feed on their latest reports. I'd say of all Government agencies, the GAO (the reports at least) are usually pristine when it comes to accounting and reports. Of course their results are so often ignored by our Congress, administration and private enterprise.