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Compass
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PBGC Taking a Fresh Look at Securities Lending
PLANSPONSOR Dec. 15, 2008
Excerpt: Securities lending programs have long been a way for institutions to add a little income, to help offset custody fees, or pay for some of their staff costs.... 'We see now that securities lending contains real risks, and needs to be treated like any other part of an investment policy, and institutions need to know whether they are being compensated for the risks they take,' says [Charles] Millard. The PBGC's program is substantial: at the end of September 2008, PBGC had loaned about $ 3.6 billion of securities, and earned $35 million for the year then ended.
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