The buck stops here
Accused by commentators of taking too much risk, the Pension Benefit Guaranty Corporation's (PBGC) director defends his organisation's new investment strategy as the inevitable consequence of its limited powers. Nicholas Dunbar reports
The centre of the US capital Washington DC is designed to impress visitors, and perhaps intimidate them too. Housed in grandiose buildings, regulatory bodies such as the Federal Reserve or Securities & Exchange Commission subject visitors to heavy armed security checks, leaving no doubt as to their status at the heart of the unstable global economy.
By contrast, the Pension Benefit Guaranty Corporation (PBGC), based in an unremarkable office building in the capital's business district, feels
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