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[OH] Workers' comp bureau concealed $215M loss; [Gov] Taft, [Att Gen] Petro knew about fund's woes many months ago
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jun 08, 2005 01:03pm |
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| Category | News |
| News Date | Wednesday, June 8, 2005 07:00:00 PM UTC0:0 |
| Description | Article published Wednesday, June 8, 2005
RARE-COIN CASE
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.
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 Rep. Chris Redfern (D., Catawba Island) was among legislators who were shocked by the news.
“It begs the question, ‘Where was the oversight?’ It looks to me that the Bureau of Workers’ Compensation needs to hire an independent forensic auditor within the department itself. There seems to be no one in charge. |
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