Reply #15: Ohio coingate scandal explodes: State concealed a $215m loss

[MelissaB]

Article published Wednesday, June 8, 2005
RARE-COIN CASE

Workers' comp bureau concealed $215M loss; Taft, Petro knew about fund's woes many months ago

By MIKE WILKINSON and JAMES DREW
BLADE STAFF WRITERS

COLUMBUS — Democrats were screaming ''cover-up'' yesterday after state officials admitted that a high-risk hedge fund that the embattled Ohio Bureau of Workers’ Compensation had invested in had lost $215 million in just a few months last year.

The bureau acknowledged that the fund, managed by a Pittsburgh-based investment firm, lost the money between February and September, 2004. MDL Capital Management relinquished control of the fund in November.

...

A spokeman for Gov. Bob Taft said last night that Mr. Taft had been told in September that there was an investment loss at the bureau — a loss of $10 million to $20 million.

...

''...The $225 million investment had no value at the end of September,'' the memo stated.


Link: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050608/NEWS24/50608003


Democrats at the national level should get off their fat butts and start screaming about this felonious, scandalous example of party cronyism -- one that cost pensioners millions.


Kids, this is proto-Enron government at work -- the strategic electoral neutron bomb that will sweep Taft, Ken ''Brackswill'' Blackwell and the other Grand Old Ponzi-ites from Ohio office -- and should provide sufficient collateral damage to Republicans -- but only IF you call your local paper and the cabal... er, cable news organizations and tell them they should be covering it!


Thanks to johnfunk here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1532130