Milking the PBGC for His Own Benefit?

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That's the question it looks as though Charles Millard, ex-Director of the Pension Benefit Guaranty Corporation (PBGC), will eventually have to answer. We know that his investment strategy did not work well. We know he used his position in his job search. What we didn't know is his closeness with Goldman Sachs and BlackRock, two firms who did well advising PBGC. The NY Times talks about that closeness in a recent issue. The firms did do well while Millard was in charge; however, new management has cancelled their contracts amid questions about Millard's impartiality during the bidding process. These questions will likely lead to further investigations re Millard, who, by the way, remains unemployed.