Is The Pension Benefit Guaranty Corporation Broke?

If it's not bad enough that corporations have been dumping pensions on the PBGC for ages, we have this absolutely terrible mess. It is almost a surety that Wall Street or private equity encouraged the PBGC to move people's pensions out of bonds and into risky schemes - including private equity. I would find it very hard to believe an agency that relied on the relative safety of bonds would move into investments they likely knew nothing about without encouragement from someone wanting to profit from such moves.

We need a complete overhaul of regulation, finance, and transparency & accountability from government. Something well beyond any of the ridiculously shallow changes announced or planned to date.