"Ignoring past performance is inconsistent with generally accepted investment practices and having the department opine on how plan assets should be invested would be a radical departure and a mistake, " joint comments filed Tuesday by the lead industry groups, the American Benefits Council, the American Council of Life Insurers and the Investment Company Institute, assert.
The Korean authorities accepted early on that governments make poor asset managers, and that the more quickly distressed assets are disposed of, the lower the cost to the taxpayer.