Ohio Law

News and Announcements from the Supreme Court of Ohio and Other Governmental Entities Within the Buckeye State.

Thursday, June 09, 2005

Toledo Blade Reports on the Latest Developments in the Investment Scandal

Here is a link to the article.

For those who don't want to follow the link, here are the highlights:

- Gov. Bob Taft’s office learned seven months ago — not this week — that the Ohio Bureau of Workers’ Compensation had lost $225 million in a high-risk investment.

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In an Oct. 26, 2004, e-mail to Taft aide James Samuel, the bureau’s administrator-CEO, James Conrad, wrote that the “entire value” of the portfolio managed by MDL Capital Management was down about $225 million. Astoundingly, Conrad also reported that the BWC had rejected a request from MDL for an additional $25 million.

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Mark Rickel, the governor’s press secretary, said Mr. Taft did not see Mr. Conrad’s e-mail, was not told about it by Mr. Samuel, and Mr. Conrad did not talk to the governor about it.

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Attorney General Jim Petro yesterday said the bureau “dropped the ball” last October when the agency asked the attorney general’s office to appoint a special counsel to “review the activities” of MDL.

This amazing story continues to gather steam as people attempt to cover their own posteriors and deflect blame upon others.

Later


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