Taft's office told in October about $225 million loss

[sabra]

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http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050609/NEWS24/50609003

OHIO INVESTMENT SCANDAL
Taft's office told in October about $225 million loss; e-mail from Conrad said firm overleveraged account

By JAMES DREW
BLADE COLUMBUS BUREAU CHIEF


COLUMBUS — 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.

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.

Mr. Conrad also alerted the governor’s office that the bureau had rejected MDL’s request for another $25 million and the firm was in danger of collapsing, which he said would be “likely to make national news.”

The e-mail from Mr. Conrad to Governor Taft’s office explained that MDL Capital Management managed two investment products — a long-term bond fund started in 1998 and an “Active Duration Fund.”

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[TheDebbieDee]

1. MDL lost $225M and asked for another $25M? WOW!

[xchrom]

2. republicans = financil iresponsibility -- and

the nerve to ask -- and get more money.

that's how bad corporatists want them in power.

[OhioArtist]

3. This is total CRAP!

--snip--

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.

--snip--

The headline on today's Columbus Dispatch was "Staff: Taft wasn't told of losses" to which I say BULL****!!!

I'm so sick of this pass the buck crap.

[mtnester]

4. The fact that these particular "staff" are still WORKING for him

says it all...if their statements were true, they would have been FIRED already.

Taft, Noe, Householder, Montgomery, Petro, Blackwell = all liars

[acmavm]

5. Poor Ohio. Taken by the republican party yet once again.

.

[Jack The Tab]

6. For aspiring investigative journalists..

The Toledo Blade is going to be THE newspaper to work for. Damn that paper is good.

[Algorem]

7. And suddenly "new estimates" say Taft has $888 mil. to spread around-

http://www.cleveland.com/newsflash/cleveland/index.ssf?/base/news-17/1118324196247250.xml&storylist=cleveland

Governor: Restore funding to local governments with surplus

6/9/2005, 10:53 a.m. ET

The Associated Press

COLUMBUS, Ohio (AP) — Gov. Bob Taft called on lawmakers Thursday to restore funding to villages, townships, cities and counties to current levels, based on new estimates that Ohio will have an additional $888 million available to spend over the next two years.

Taft, a Republican, also said lawmakers should use some of the money to build up the state's rainy day fund and continue funding the state's $10 billion school construction program.

The Office of Budget and Management has increased estimates of money available to the state by $451 million next year and $437 million in 2007, Taft said.

Legislative leaders say their top priorities for the additional money are replenishing the state's rainy day fund, investing in higher education and reducing a proposed 30 percent increase in a tax on electrical service...

Gosh what fortunate timing.And I like how they make sure,in start of 2nd paragraph,to mention that he's a Republican.Story comes out while Bush is in Ohio,too.Somehow I think this just might be bull.