Tuesday, June 14, 2005

"Give MDL a break"

In Part 7 of our ongoing series, In Need of Adult Supervision, Ohio Edition, we learn, via the Toledo Blade, that pressure was applied to keep a fund manager that had lost millions in hedges gone badly wrong:
COLUMBUS — As multimillion-dollar losses by a Pittsburgh investment firm mounted last year, the chief financial officer of the Ohio Bureau of Workers’ Compensation told another top agency official that he had been told to “give MDL a break,’’ according to records released yesterday by Gov. Bob Taft.
The records stated that Terrence Gasper, removed from his post after the bureau lost $215 million in the hedge fund managed by MDL Capital Management, told a fellow official that the instructions had come from the former administrator of the bureau, James Conrad, who had been asked by George Forbes, a member of the bureau’s Oversight Commision, to go easy on MDL.

Mr. Forbes daughter, Mildred “Mimi” Forbes, is an executive with the investment firm.

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