Tuesday, May 10

Coin-Gate Aftermath

It seems as though the Ohio GOP has gotten away with another huge waste of the public's money. This time, if you haven't already heard, it's through "Coin-gate," first broke by the Toledo Blade. GOPers allowed their top contributor, Tom Noe, to invest over $50 million dollars (by the Ohio Bureau of Workers' Compensation) in a very risky rare-coin fund. Noe then went on to lose some of those rare-coins. Regardless of that fact, Coin-gate shows how the OGOP is willing to use the public's money recklessly and wastefully. Not only was the rare-coin fund extremely risky but it was also headed by Noe, a Bush Pioneer who was one of the largest contributors in the state. Anyone else think there is a little conflict of interest?

OGOP has announced that they're getting out of the coin business (via the Blade):

State officials yesterday said they are halting a controversial investment in two rare-coin funds controlled by Tom Noe, a prominent Toledo-area Republican fund-raiser and coin dealer.

The Ohio Bureau of Workers' Compensation announced that it will dissolve the $50 million investment "over a reasonable period of time sufficient to protect the state's investment."

The agency did not say how long that would take.

"We had concerns about the ability of the managers to commit the necessary time and resources to make it profitable," said Jeremy Jackson, the bureau's press secretary.

Too bad all the damage has already been done. I mean, it took them this long to determine that it may not be profitable? Shouldn't they be doing that sort of research and work before the initial investment? I guess it was fine though, because a Republican was running the show. And we all know how well Republican's handle money in this state. They must have thought it was a guaranteed investment.

Undoubtedly, this leaves open a huge opportunity for every Democratic candidate for Governor, whether it be Ted or not, to pound away at the OGOP establishment in Ohio. It also is important for other 'down-ballot' nominees. Democrats have been given a unique opportunity in this state to completely crush a fumbling and inept Republican Party. Time to seize the opportunity.

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