KaBoom! Another blast in the BWC Ohio scandal

[salin]

Fired official accuses bureau higher-ups of covering up investment loss

Associated Press


COLUMBUS, Ohio - The former top investments manager for the state insurance fund for injured workers has accused senior officials of trying to cover up an investment loss in an appeal of his firing last month.

Former chief investments officer James McLean said Thursday that pressure from higher-ups at the Bureau of Workers' Compensation prevented him from making changes in his department to address problems, including the $215 million loss in a hedge-fund investment with Pittsburgh-based MDL Capital Management.

"The senior staff at the bureau feared that if I were to reprimand or change staff or make any changes to the department, we might have a disgruntled employee who might then make disclosures about MDL," McLean told The Associated Press.

More: http://www.ohio.com/mld/beaconjournal/12840166.htm

[GreenPartyVoter]

1. OH is imploding, is it?

[marmar]

3. Ohio is the national Republican party in microcosm...

As goes Ohio, so goes the nation.

:nopity: :nopity: :nopity: :nopity:

[zann725]

5. Exactly! Arnold was brought in SPECIFICALLY to down-size Work. Comp budget

Hopefully he didn't "borrow" the Ohio "model" of Work. Comp. money management.

Yet there are TWO outrages here. The focus always seems to be on the mis-management and laundering of Worker's Comp. money. Important, yes...yet nothing is ever said about the more tragic "Crime"...of all the Millions of stolen dollars rightfully intended for injured workers who no doubt received significantly less...if any compensation due to depleted, mis-managed funds. Me thinks a class-action of said under-compensated injured workers would be a more powerful, "direct" route of righting this wrong... and others similar.

[OzarkDem]

7. Not mismanagement - theft

Repubs hate these government programs and to them the best revenge is to steal the money for themselves.

Like most sociopaths, they use their hatred of government to justify stealing money from the taxpayers. I guess they think they're doing us a favor, liberating all that cash from the state coffers.

[WCGreen]

4. This happened to the Dem's about twenty twenty five years ago...

Too much power in one party just leads to corruption and greed and malfeasence....

Although I was working at the statehouse when the dem's imploded, I don't remember it being this bad or this dirty...

Questionable investments and contracts, not this wholesale corruption and blatant ethical evapration...

[salin]

6. this is outright slushfund politics.

[oneighty]

2. Job security

"Hey boss another cup of coffee please and not as much sugar as the last cup."

"Yes Sir Mr. Floor Sweeper Person Sir."

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