Wednesday, June 08, 2005

A Lesson for Democrats

Watching the Ohio coin scandal evolve is like watching a train wreck in slow-mo. More and more parts keep flying off. The latest spin-off is the revelation that another investment fund for the Bureau of Workers' Compensation lost $215 million last year. Yes, that's $215 million down the toilet. As usual, it took the Toledo Blade to dredge out the truth:

Although the bureau has known about the losses since September, it wasn’t revealed until yesterday, a day after The Blade began making calls upon learning that state investigators had uncovered huge losses at the bureau.

A spokeman for Gov. Bob Taft said last night that Mr. Taft had been told in September that there was an investment loss at the bureau — a loss of $10 million to $20 million.

And if you believe this, I have some swampfront property in Toledo to sell you. Read the whole thing; it's a long, damning article.

As well as being a scandal for Ohio and ammunition for state Democrats, this disaster should serve as another weapon in our anti-Social Security privatization arsenal. Because if your Social Security money is invested, it's going to go into crony-operated funds like this one and it's going to disappear.

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