OH Dem says BWC scandal ilegalities put PRESIDENTIAL ELECTION IN QUESTION

[mod mom]

Thursday, June 9, 2005

Kaptur alerts colleagues of unfolding scandal
Brown says illegalities put presidential election in question


The $215 million loss - coupled with a failed $50 million rare-coin investment with Tom Noe, a prominent Republican campaign contributor - have given Democrats political ammunition against the GOP, which has dominated state government for years.

Democrats such as Miss Kaptur and U.S. Rep. Sherrod Brown of Lorain say the latest scandals mirror problems in Washington and even call into question the results of the 2004 presidential election.

"Shame on the governor of Ohio," said Miss Kaptur, who put The Blade's Tuesday online story breaking the news of the $215 million loss into the Congressional record. "Shame on the state officials of the State of Ohio. What a tragedy they have perpetrated on the people of our state."

www.toledoblade.com/apps/pbcs.dll/article?AID=/20050609/NEWS09/506090443
OHIO INVESTMENT SCANDAL
Taft's office told in October about $225 million loss; e-mail from Conrad said firm overleveraged account


Bureau of Workers’ Compensation, located in Columbus.
( THE BLADE/ALLAN DETRICH )
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By JAMES DREW
BLADE COLUMBUS BUREAU CHIEF


COLUMBUS — Gov. Bob Taft’s office learned seven months ago — not this week — that the Ohio Bureau of Workers’ Compensation had lost $225 million in a high-risk investment.
In an Oct. 26, 2004, e-mail to Taft aide James Samuel, the bureau’s administrator-CEO, James Conrad, wrote that the “entire value” of the portfolio managed by MDL Capital Management was down about $225 million.
Mr. Conrad also alerted the governor’s office that the bureau had rejected MDL’s request for another $25 million and the firm was in danger of collapsing, which he said would be “likely to make national news.”

www.toledoblade.com/apps/pbcs.dll/article?AID=/20050609/NEWS24/50609003

TAFT and PETRO (OH Attorney General) knew of this huge loss in October '04 put failed to notify public. Hmmmh....Do you think it might have been politically motivated? Kudos to the Toledo Blade, THE premier investigative paper in the country! Is a Pullitizer in their future?