Former PBGC Head Millard Refuses To Testify At Senate Panel

   By Darrell A. Hughes 
   Of DOW JONES NEWSWIRES 
 

WASHINGTON -(Dow Jones)- Former director of the U.S. Pension Benefit Guaranty Corp., Charles Millard, invoked his fifth amendment rights, refusing to testify at a Senate hearing on Wednesday.

The Senate Special Committee on Aging held the hearing to discuss PBGC's solvency and concerns of mismanagement. The hearing comes on the heels of controversy surrounding Millard, who may have crossed the line with communication he had with potential investment partners.

Committee Chairman Herb Kohl, D-Wis., began the hearing with an opening statement and subsequently followed with questions to Millard regarding his communication with financial investment firms. Millard, in turn, invoked his fifth amendment rights, declining to answer all questions related to his PBGC tenure.

Millard's attorney, Stanley Brand, said in a statement that members of Congress had already reached "adverse conclusions" by deciding to release a draft audit report before it was finalized.

"The Fifth Amendment protects innocent people against hostile environments," Brand said, later adding, "Congress' recent actions and statements have created a biased and hostile environment toward Mr. Millard."

Brand said it is best if Millard doesn't testify in the current atmosphere.

 
  -By Darrell A. Hughes, Dow Jones Newswires; 202-862-6684; darrell.hughes@dowjones.com 
 

(END) Dow Jones Newswires

May 20, 2009 15:28 ET (19:28 GMT)

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