[lmm]

> I can't for the life of me think of something that qualifies more for being a 125b company than actually having 125b in assets.

Which this company didn't. They managed 125b of assets belonging to other people, they didn't have 125b of their own.

[kjs3]

Another solid C in finance. Congrats.

They have 125b they can literally write a check against and allocate any way they want as long as it delivers an adequate return and doesn't piss off the shareholders. Other than sophistry, what's the difference?

[lmm]

> They have 125b they can literally write a check against and allocate any way they want as long as it delivers an adequate return and doesn't piss off the shareholders.

No they don't. The pension regulator sets very restrictive controls on what they can do with that 125b, because it's neither the company's nor the shareholders' money.