Monday, June 27, 2005
Bagels funded from Ohio vault with no Lox
My apologies, but I had to do it. The Toledo Blade has a story on more deplorable investments by the Ohio Workmans Compensation Fund. You wondered how could it get? This bad.
Risky investments by the Ohio Bureau of Workers' Compensation didn't end with rare coins and a Bermuda hedge fund. Add bagels to the list.No bout a doubt it, Ohio needs to clean house.
Bureau officials have more than $346 million in venture capital funds, which typically provide start-up financing or loans to firms that have had trouble borrowing from conventional sources.
While nontraditional investments are designed to offset lackluster returns from the stock and bond markets, the bureau recorded a 15 percent loss from those picks as of late May.
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