Tuesday, June 07, 2005

Whoops!

In Part 5 of our continuing series, In Need of Adult Supervision: Ohio Edition, the Toledo Blade reports that another bundle of money has been flushed down the toilet at the Ohio Bureau of Workers' Compensation:
COLUMBUS - The Ohio Bureau of Workers’ Compensation admitted today that it lost $215 million in a high-risk fund that few people knew about.
The bureau had invested $355 million with a Pittsburgh investment firm, MDL Capital Management, beginning in 1998.

But last year, after diverting $225 million into a fund that works like a hedge fund, the fund lost $215 million.
Although the bureau has known about the loss since last year, Gov. Bob Taft was notified about it today.

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