Financier to Head Federal Pension Benefit Guaranty Unit

By Bloomberg News

Joshua Gotbaum, an operating partner at the investment firm Blue Wolf Capital, is expected to be named director of the Pension Benefit Guaranty Corporation by President Obama, the White House said Monday in a statement.

Mr. Gotbaum, a former chief of the September 11th Fund charity, also served in the administrations of Presidents Jimmy Carter and Bill Clinton. He is the son of Betsy Gotbaum, a former New York City public advocate, and Victor Gotbaum, a prominent former municipal union leader in New York.

The Pension Benefit Guaranty Corporation backs up the pensions of more than 44 million Americans. In May, the agency reported a deficit of $33.5 billion, triple that of six months earlier.

The agency’s inspector general found in May that its former director, Charles E. F. Millard, had inappropriate communications with Wall Street firms.

This article "Financier to Head Federal Pension Benefit Guaranty Unit" originally appeared at The New York Times.