It was revealed yesterday that the Ohio Bureau of Workers' Compensation lost
another $71 million due to mismanagement. According to the
Cleveland Plain Dealer Workers Comp Bureau has decided to liquidate the $250 million fund handled by Allegiant Asset Management which lost the money becuase of the fund mismangement.
For the second time in a month, the Ohio Bureau of Workers' Compensation has terminated an investment that lost millions of dollars for the agency.
The BWC announced Thursday that it will liquidate investments with Allegiant Asset Management, a subsidiary of National City Bank, which shows $71 million in losses. About $60 million was lost as a result of Allegiant's management decisions, according to Ennis Knupp, independent consultants examining all of the BWC's investments in the wake of reports of irregularities.
more below the fold..
The BWC initially invested $250 million with Allegiant in March 2001 after it reallocated money from other investments. Allegiant invested in companies valued between $10 billion and $220 billion that were reinvesting into their own operations for growth - known as a large-cap growth domestic equity fund. Some of the companies included Microsoft Corp., Dell Inc. and Pepsico Inc.
So what was Gov. Taft, Auditor Betty Montgomery and AG Jim Petro doing while the Ohio Bureau of Workers' Compensation was loosing millions left and right? Its very true that one should never trust corrupt Republicans with the money.
Its looking like the GOP mismanagement of state of Ohio has not revealed everything as yet.
Ohio needs Democrats to rescue it from the grips of corrupt and inept republicans.