As has been known for some time, the Pension Benefit Guaranty Corp. (PBGC) is underfunded as a result of pension obligations that it has had to assume over the past few years, and now its management is looking toward a more aggressive, and hence riskier, investment strategy.

It was 75% to 85% bonds and 15% to 25% in stocks, and it’s going to 45% stocks, 45% bonds, and 10% in “alternative investments”.

Alternative investments? What’s that, rare coins?

I’m a bear by nature, but to me it looks like this has EPIC FAIL written all over it.