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Published Letters: 2
Editor's Choice: 1
To blame Freddie and Fannie for the subprime crisis in any case, given that the definition of "subprime" was "crap we can't sell to Freddie and Fannie".
I believe that their pension plans would be picked up by the Pension Benefit Guaranty Corp - i.e., the Federal Government. I.e., taxpayers. Though nominally the PBGC is funded by the companies that are covered by it, its balance sheet is looking just about as good as everyone else's, so we'll all likely get to chip in.
For the retirees this would probably mean a bit of a "haircut" (lower total benefits) but much better than nothing.
