Ohio's "Coingate" explodes-- losses over $200 million
OD1 prompted me to write about this issue not a moment too soon. The Toledo Blade reports that state officials (with solid GOP credentials and connections) concealed a massive investment loss, and did nothing about it.
". . .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. . . .
Although the bureau has known about the losses since September, it wasn’t revealed until yesterday, a day after The Blade began making calls upon learning that state investigators had uncovered huge losses at the bureau.
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.
Bureau records show that Attorney General Jim Petro’s office also was informed of the investment loss in September. Spokesmen said Mr. Taft and Mr. Petro did not learn the full extent of the loss until yesterday."
". . .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. . . .
Although the bureau has known about the losses since September, it wasn’t revealed until yesterday, a day after The Blade began making calls upon learning that state investigators had uncovered huge losses at the bureau.
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.
Bureau records show that Attorney General Jim Petro’s office also was informed of the investment loss in September. Spokesmen said Mr. Taft and Mr. Petro did not learn the full extent of the loss until yesterday."
posted by Matt Sandwich | 10:07 AM
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