PBGC Has "Material Weaknesses"

That's what the auditors said about Pension Benefit Guaranty Corporation which has made my news a couple of times this year because they have not been doing their job very well. The actual comment from the IG was “PBGC did not have effective internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations and its operations.”

PBGC has had problems with its contractors. One stole the social security numbers of over 1,000 people on PBGC files - and then lost the computer disk. Others have had problems just doing the job we're paying them for.

It appears as though PBGC has fundamental management problems. Will it be able to meet its obligations?