$550M more held in other hedge funds (Ohio)

$550M more held in other hedge funds; agency spokesman says investment to be removed (the whole title wouldn't fit in subject line)

Two weeks after revealing a $215 million loss in a risky hedge fund, the Ohio Bureau of Workers’ Compensation yesterday confirmed it has another half billion dollars invested in two other hedge funds.

The $550 million investment, in two funds offered by Minneapolis-based American Express Asset Management, represents 4 percent of the portfolio created to pay expenses of Ohio workers injured on the job.

Yesterday morning, after questions by The Blade, bureau spokesman Jeremy Jackson said the funds were under review by bureau officials. By afternoon, he said the bureau would get out of the funds.

“We will begin the liquidation process,” Mr. Jackson said. “To my knowledge, these are the last of the hedge funds.”

Rest of story at the soon to be Pulitizer Price winning paper:

http://toledoblade.com/apps/pbcs.dll/article?AID=/20050621/NEWS24/50621002

press is SUPPOSED to do: enforce honesty and checks/balances. The level of corruption in Ohio may or may not be all that different from other places under this criminal regime - but more of it is coming to light thanks to the courageous work of truth-tellers.

Do you think they would have liquidated these additional massive hedge fund if the Blade hadn't caught it and brought it to light? Or would the money have sunk quietly out of sight into GOP cronies' pockets like the other $215 million?

Thanks for this. Recommended.

sometimes up to 6 months after written notice (depends on how the investment fund is written) and then not all funds can/will be returned (depends on how much the fund has made or lost) and hedge funds are not faring too well these days.