Poof! Another $71 million disappears at BWC (Ohio Coingate)

[pf99]

http://www.onnnews.com/Global/story.asp?S=3568383&nav=LQlCbtPb

The Ohio Bureau of Workers' Compensation says it has fired a second fund manager after discovering it had lost $71 million.


The agency says $60 million of the loss can be blamed on management decisions.


Tina Kielmeyer is the bureau's interim administrator. She has terminated investment dealings with Allegiant Asset Management, a subsidiary of Cleveland-based National City.


Allegiant is the second fund manager with which the bureau has severed ties. On June 7th, the bureau revealed that Pittsburgh-based MDL Capital Management had lost $215 million
of the agency's investments

and...

Now, National City is one of the most politically connected banks in the state. But, obviously being connected doesn't mean you know what the hell you're doing. That $60 million loss due to management decisions may haunt them for awhile.

By the way, National City employees (mainly executives) have given various Ohio GOP candidates nearly $111,000 between 1999 and 2004. This includes $40,500 for Taft's campaigns in 2002 and 1998. Other heavy recipients have been Larry Householder, Joe Deter, and Jim Petro.

[MissWaverly]

1. question

has anyone made a comparison between the amount lost through bogus investments and the amount spent by the GOP in Ohio during the '04 campaign?

[unhappycamper]

2. I'm not a math major, but $71,000,000 - $60,000,000 = $11,000,000.

Sure looks like the Greedy Old Party in OH has been busy looting Ohio's money.

[htuttle]

3. The Republican party is the New Mafia

And they are WAY bigger and richer than the old Mafia.

I imagine John Gotti must have regretted not going into politics.

[lfairban]

4. More detailed story

The Ohio GOP — and its House and Senate committees — has received $269,300 from the bank’s PAC and employees.

http://toledoblade.com/apps/pbcs.dll/article?AID=/20050708/NEWS24/50708002/-1/NEWS

[mongo]

5. As an employer I have to pay into the BWC system

Can I sue them? Anyone want to represent me for a portion of the damages if we win?