PGBC under Biden administration awarded tens of millions in contracts to ESG-linked Wall Street firms – NaturalNews.com

• A National Pulse investigation found that under the Biden administration, the Pension Benefit Guaranty Corporation (PBGC) awarded tens of millions in federal contracts to Wall Street firms heavily involved in environmental, social and governance (ESG) advocacy.
•  Wellington Management received $114M, Neuberger Berman $24M and Allspring Global $22.2M. All three firms have strong ties to climate activism, corporate diversity initiatives and, in some cases, Chinese markets.
• Critics argue the PBGC, intended to protect private pensions, is instead channeling public funds into politically motivated ESG agendas without sufficient oversight or transparency.
• During Janet Dhillon’s confirmation hearing to lead PBGC, Sen. Bill Cassidy (R-LA) highlighted broader concerns, including mismanagement of a $36B pension bailout, $127M of which was paid to 3,479 deceased individuals.
• A 2024 House investigation into PBGC’s oversight failures continues, as lawmakers demand reforms to prevent waste, restore fiduciary focus and protect pensioners and taxpayers from future missteps.

An investigation by the National Pulse has revealed that the Pension Benefit Guaranty Corporation (PBGC) under the Biden administration awarded tens of millions of taxpayer dollars in federal contracts to Wall Street asset managers deeply embedded in left-wing environmental, social and governance (ESG) networks.

The asset managers, Wellington Management, Neuberger Berman and Allspring Global Investments, collectively manage over $2 trillion in assets and maintain extensive ties to ESG advocacy groups and diversity-focused initiatives. Despite the original mission of the PBGC to safeguard private pension plans, it is now being used to funnel public money into ideologically charged investment agendas, often with limited transparency or legislative oversight.

Wellington Management, which oversees more than $1 trillion in assets, was the top beneficiary, securing over $114 million in federal contracts. The firm maintains affiliations with groups such as Ceres, the Glasgow Financial Alliance for Net Zero (GFANZ) and the Principles for Responsible Investment (PRI). These organizations are known for advocating aggressive climate goals and corporate diversity programs.

Wellington executives have also played influential roles within the Biden administration, serving on federal advisory boards at the U.S. Treasury Department and the Commodity Futures Trading Commission (CFTC). The firm champions several Diversity, Equity and Inclusion (DEI) initiatives, including partnerships with Pride+, Black Opportunity Fund and Shades, its internal representation network.

Neuberger Berman, with $508 billion under management, received over $24 million in PBGC contracts. The firm is an outspoken participant in the Net Zero Asset Managers Initiative and has applied pressure on companies like Costco and Coterra Energy to release climate data and reduce emissions. Additionally, Neuberger maintains deep financial ties to China, operating from both Shanghai and Hong Kong and recently launched investment vehicles for Chinese consumers.

Allspring Global, advising more than $600 billion, was granted $22.2 million in federal funds. The firm has escalated its ESG activities since 2021, now lobbying utility companies like Dominion Energy and Xcel Energy to eliminate coal operations and commit to net-zero emissions by 2030. Internally, Allspring promotes identity-focused employee groups and a formal DEI framework that aligns with broader ESG benchmarks.

Cassidy revives scrutiny of $127M paid to deceased pensioners

The National Pulse investigation echoes a similar narrative during the Senate confirmation hearing of Janet Dhillon as President Donald Trump’s director of the PBGC.

Before the Senate Health, Education, Labor, and Pensions (HELP) Committee vote, HELP Committee Chair Senator Bill Cassidy, M.D. (R-LA) cited the need for urgent reform at the agency, while endorsing the nomination of Dhillon.

“Under the Biden administration, PBGC was plagued by severe operational issues, costing taxpayers and putting Americans’ retirement plans at alarming levels of underfunding. PBGC mismanaged the rollout of Democrats’ 2021 pension bailout, failing to implement important safeguards that ensured plans’ applications did not include dead participants,” said Cassidy.

Cassidy also pointed to the agency’s controversial oversight of the $36 billion bailout of the Central States Pension Fund in 2022, which was later found to have included $127 million in payments to 3,479 deceased participants. Though the PBGC has maintained that the funds were not “improperly” disbursed, the Teamsters-run fund eventually returned the money to the U.S. Treasury. (Related: Biden preparing to pay off unions using tens of billions of taxpayer dollars with massive pension bailouts.)

A House investigation launched in 2024 further intensified pressure on the PBGC, with lawmakers criticizing the agency for its failure to verify the eligibility of pension recipients and for providing inadequate support to distressed pension plans.

“PBGC also failed to provide timely technical assistance to pension plans experiencing significant financial troubles,” said Cassidy. “These delays threatened those plans’ financial situation, making it more likely that either workers would not get their pension, or Americans would be on the hook for another bailout.”

Learn more about the fragile state of pension funds in the United States at Pensions.news.

Watch this video of Martin Brodel discussing, among other topics, the state of Chicago’s pension debts.

This video is from the Martin Brodel channel on Brighteon.com.

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Just five of Chicago’s largest public pension systems owe more pension debt than the sum of 44 states.

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As Bidenflation collapses economy, unfunded state pension bomb ready to explode, costing trillions.

Sources include:

TheNationalPulse.com

BenefitsPro.com

Brighteon.com