Tuesday, June 07, 2005

It's Hard to Lose it All

Really. You gotta be one fucked up investor to lose ALL YOUR MONEY. The Ohio GOP is following in the footsteps of a prior Orange County administration.

COLUMBUS - The Ohio Bureau of Workers’ Compensation admitted today that it lost $215 million in a high-risk fund that few people knew about.

The bureau had invested $355 million with a Pittsburgh investment firm, MDL Capital Management, beginning in 1998.

But last year, after diverting $225 million into a fund that works like a hedge fund, the fund lost $215 million. Although the bureau has known about the loss since last year, Gov. Bob Taft was notified about it today.