Excerpt: An investigation into the contacts between the former director of the Pension Benefit Guaranty Corp. and Goldman Sachs, J.P. Morgan, and BlackRock may pose new questions about a big shift in PBGC investing policy from Treasury bonds to stocks, real estate, and private equity. On Thursday the PBGC's Office of the Inspector General began circulating a draft report detailing ex-director Charles E.F. Millard's actions in connection with hiring the three investment firms as strategic partners to manage real estate and private-equity investments for the PBGC, the nation's insurer of defined-benefit pensions. Total fees for the three firms could exceed $100 million over a 10-year period, according to the report.  MORE >>