I am afraid that the outrage over this is going to be misdirected:
The director of Ohio’s workers’ compensation bureau resigned under pressure Friday over the disappearance of at least $10 million worth of rare coins that the agency had bought as an investment.
Gov. Bob Taft announced the departure of James Conrad, once hailed as state government’s ”Mr. Fixit” for his ability to overhaul troubled agencies.
”I am outraged, I am angered, I am saddened, and I am sickened,” Taft said of the scandal.
The announcement came a day after it was learned that $10 million to $12 million of the state’s $55 million rare coin investment was believed to be missing — dramatically more than the previous estimate of $400,000.
State officials said they plan to sue the man hired to manage the coin investments, coin dealer Tom Noe, and seek criminal charges. Noe has resigned, and a judge has ordered possession of the remaining coins transferred to the state.
While it is perfectly acceptable to be angry about the state losing $10 million from the coffers due to fraud and incompetence, that would be misdirected. What you should really be pissed off about is the fact that a state government, under Republican leadership, not only considered getting involved in the race coin/collectibles, but went ahead and did, to the tune of $55 million.
Maybe that is why Voinovich was crying in the well of the Senate the other day- this started under him.