Naked Capitalism and other very reputable blogs have been all over the Pension Benefit Guaranty Corporation about their decision to reallocate their portfolio towards equities and away from fixed income securities just before the markets went into free fall. Their criticism as a strategic decision is justifiable. Unfortunately they torched the agency when it wasn’t warranted.

The Curious Capitalist (here and here) has done a good job of uncovering the real facts. Yes they did alter their investment philosophy. Did they actually follow through and shift their portfolio. No.

I won’t rehash the details here. You can follow the links. But it’s a good object lesson in how quickly the blogosphere can jump to conclusions. Be careful what you take for gospel.