Can't anyone here run a state?

Although technically, I am not a native of Ohio, I might as well be. My family moved to the shores of Lake Erie from other heartland environs when I was three years old. And though my college football allegiances lie elsewhere, Ohio, especially the northern half of the state, is a place I care deeply about. I've spared the rest of you my wonkish thoughts on the burgeoning rare-coins scandal, but now I have to pipe up. The Toledo Blade has been all over that scandal, which involved the state's workers' compensation fund. Now it appears that's not all there is to the story, at least as far as the workers' comp fund goes.

Keep in mind that while Ohio is pretty evenly split between the Dems and the GOP, the state is pretty much run by Republicans. I remember being told by Republican friends how much better their party is with money. They'll want to avert their eyes ... starting now.

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 yecr, Gov. Bob Taft was notified about it today.

Let's hope Ohioans, among whom I include a good amount of friends and relatives, stay safe in the workplace. Meanwhile, for the rest of you, I'll keep the wonkishness to a minimum. Other blogs are following this as well, and they have authors who are actually literate.



Addendum: It should be noted that although I've been following this story for months, I first heard about this particular development from Atrios.

Yet another addendum: There's much more. Including the decidedly non-minor revelation that the president of the hedge fund which helped flush Ohioans' money down the drain is named ... Steve Sanders.