Well-Connected Republican “Loses” Over a Quarter of $50 Million Workers' Compensation Fund Given to him to “Invest”
Ohio Republican fundraiser Thomas Noe raised hundreds of thousands of dollars for George W. Bush and much more for other Republican politicians. In return for services rendered to the GOP, Noe was given $50 Million of the Ohio Bureau of Workers' Compensation funds to invest in “rare coins.” His lawyers now admit that he has lost more than a quarter of that $50 Million. In the 1990s, Noe, 50, was chairman of the Republican Party in Lucas County, which includes Toledo. His wife, Bernadette, held the same position until last year. He has been a close friend of the last two Republican governors of Ohio.
The state's Bureau of Workers' Compensation, the state agency in charge of paying medical bills and providing monthly checks to state workers injured on the job, agreed to invest in a rare coin fund that he controlled as a way to hedge its holdings in stocks and bonds, an investment that experts have called highly unorthodox. Experts in state workers' compensation programs said they knew of no other states that invested in rare coins, largely because they are considered volatile commodities that are difficult to price, difficult to sell and easy to lose or steal. Under Noe’s control it seems that many of these coins have been lost or stolen or at least that is what Noe claims.
Democrats have explained the missing millions in coins as the dangers of one-party government. Indeed, in Ohio it is hard to find anyone in state government who is not a Republican, since Republicans control not only the governor's office, but the Legislature, the attorney general's office, the Supreme Court and the state auditor's office. This is a microcosm of the US Federal Government in which all branches of government are controlled by Republicans or those appointed by Republicans. Corruption in the Federal Government is going un-investigated and unabated because of this one-party control. The Corporate-Owned US News Media Outlets have consistently refused to tell the American people about such corruption as evidenced in previous posts here and in other Internet sources.
The American People cannot rely on Corporate-Owned US News Media Outlets for their information about their elected officials when those corporations have so much to gain from Republican control of government!
Read more about Ohio’s Coin-Gate here.
Joe
The state's Bureau of Workers' Compensation, the state agency in charge of paying medical bills and providing monthly checks to state workers injured on the job, agreed to invest in a rare coin fund that he controlled as a way to hedge its holdings in stocks and bonds, an investment that experts have called highly unorthodox. Experts in state workers' compensation programs said they knew of no other states that invested in rare coins, largely because they are considered volatile commodities that are difficult to price, difficult to sell and easy to lose or steal. Under Noe’s control it seems that many of these coins have been lost or stolen or at least that is what Noe claims.
Democrats have explained the missing millions in coins as the dangers of one-party government. Indeed, in Ohio it is hard to find anyone in state government who is not a Republican, since Republicans control not only the governor's office, but the Legislature, the attorney general's office, the Supreme Court and the state auditor's office. This is a microcosm of the US Federal Government in which all branches of government are controlled by Republicans or those appointed by Republicans. Corruption in the Federal Government is going un-investigated and unabated because of this one-party control. The Corporate-Owned US News Media Outlets have consistently refused to tell the American people about such corruption as evidenced in previous posts here and in other Internet sources.
The American People cannot rely on Corporate-Owned US News Media Outlets for their information about their elected officials when those corporations have so much to gain from Republican control of government!
Read more about Ohio’s Coin-Gate here.
Joe
posted by Joe | 5/28/2005 06:15:00 PM
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