When Geithner was turned down for a "clean rise" in the debt ceiling in January, it should have been plain to Plan Sponsors that USG debt was no longer backed by the GOP, fast as they are under the thumb of irrational promises made to get elected.
As GOP-led default approaches, and people logically think about hedging or swapping out of their risk they have to the GOP, the question arises, are Plan Sponsors liable if they haven't prudently followed the rating agencies and created USG free debt options in their plans?
