Something new
http://www.cleveland.com/budgetscandal/plaindealer/index.ssf?/base/news/1119346277234880.xml&coll=2The Ohio Bureau of Workers' Compensation let a Texas firm -- Rupay-Barrington Capital Management -- invest millions in bureau money for more than a year after the Securities and Exchange Commission sued the company for fraud and mismanagement of funds.
The account made $411,000 for the bureau over the 3½ years Rupay-Barrington handled it. But it lost $9.4 million from June 30, 2000 -- just before the company was sued -- until Dec. 31, 2001, when the bureau closed it.
"Not since Enron has so much money been so badly managed," said State Sen. Marc Dann, a Youngstown Democrat and critic of the bureau's controversial investments
"What's left for an independent investigative body to figure out is whether or not it's malfeasance or outright corruption," Dann said.