Ohio Gets a Return on Tom Noe Investments
Published July 25th, 2008 @ 8:24 am. Tags: bwc, tom noeThis story was used by the Democrats and their allies in the liberal Ohio MSM to create a toxic atmosphere for Republicans in 2006. But throughout all of that mess, people forgot that gold can actually be a good investment:
With the sell-off of its infamous rare-coin fund nearing its conclusion, the Ohio Bureau of Workers’ Compensation is estimating that the divestment will net as much as $54.9 million.
After more than three years of liquidation, the agency is set to recoup more than the $50 million the state agency fronted former Toledo-area rare-coin dealer Tom Noe to manage the venture beginning in 1998.
Compare that to the loss to the Ohio BWC that DEMOCRAT Mark Lay is responsible for. You would be hard pressed to find a MSM article to even hint at his party affiliation:
Akron — When Mark Lay disobeyed rules and exceeded his authority 20 years ago in making foreign trades that led to losses totaling $1.5 million at two Pittsburgh banks, he lost his jobs.
On Tuesday, Lay lost his freedom.
He was sentenced to 12 years in prison by U.S. District Judge David Dowd for making risky investments in a hedge fund that lost $216 million from the Ohio Bureau of Workers’ Compensation.
$216 million is a serious loss, and Democrat Mark Lay deserves every hour he will spend in prison. But if the Ohio BWC made a return on Noe’s investments while Ohio will never see that $216 million again, was the BWC scandal actually a Republican scandal or a Democrat scandal?
Sadly, it appears that Ohio has absoutely no interest in learning a lesson from any of this, as there is no talk of the state getting out of the insurance business completely and joining the 47 other states who have a privitized workers’ compenstation system.
Wow, I had heard some states were privatizing their state insureance and retirement funds, but didn’t know it was 47 out of 50.
TRex
Sheesh Matt, Tom Noe was evil and don’t you dare bring the logic as to the actual financial affect on taxpayers into this…
It would ruin everything! Including the endless Noe mantra that so many used if the reality came to pass that Ohio lost less from Noe and he is serving more time than DeLay.
Which of course makes no sense to those paying attention but that’s Ohio politics…
Even as a Toledo Democrat the whole Noe fixation did not make sense then and does not now. Right now there is a Toledo City Council person who was one of the Noe “conduits” who not only was reelected but no serious demand was made for her to step down. The whole process has been selective and while I realize it doesn’t make me popular within my own party, I keep repeating my mantra…”If it’s wrong it’s wrong” I do not to this day understand how DeLay can end up costing the state more and not get an equal, if not longer sentence than Noe.
I don’t know if Noe is anywhere near as bad as DeLay, but he certainly can’t be too smart. He lost money on gold while everyone else who invested in gold made money.
TRex
(assistant admin at combateffective.us)
(obvious plug)