Muckety mover - Millard’s fortunes sinking

Charles E.F. Millard’s fortunes appear to be plummeting along with those of the federal agency he used to head, the Pension Benefit Guaranty Corporation.

Millard, a former New York City Council member, is under investigation for his relationships with JPMorgan Chase, Goldman Sachs and other companies during his federal tenure. An inspector general’s report accuses him of engaging in improper communications with half of the firms bidding to manage the pension agency’s $48 billion portfolio.

During a Senate committee hearing Wednesday, he invoked his Fifth Amendment right against self-incrimination three times.

The pension agency’s acting director, Vince Snowbarger, told the panel that the pension corporation’s deficit had tripled, to $33.5 billion, in the past six months.

Tweet This! Share on Facebook

Click here to sign up for the Muckety Newsletter

• Gotbaum stepping into another high-stress job - November 19, 2009
• Muckety mover - John Edwards’ fortunes continue sinking - May 4, 2009
• Muckety mover - Wall Street woos Washington - July 29, 2009
• Stanford Financial Group’s No. 2 is cooperating with feds - March 24, 2009
• SEC presses Elliott Broidy for info in pension fund probe - October 3, 2009
• Bank of America’s Ken Lewis battles for job - April 28, 2009
• Muck tracker - Senators owned stock in bailed-out banks - June 13, 2009
• K Street woos Howard Dean, other Democrats - March 10, 2009
• Howard Wolfson joins Fox News - July 8, 2008
• Stephen Ross, dealmaker - December 28, 2007