toledoblade.com-Workers' comp bureau concealed $215M loss;

Taft, Petro knew about fund's woes many months ago
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James McLean, right, and John Annarino testified in May.
( ASSOCIATED PRESS )
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By MIKE WILKINSON and JAMES DREW
BLADE STAFF WRITERS

COLUMBUS — Democrats were screaming “cover-up” yesterday after state officials admitted that a high-risk hedge fund that the embattled Ohio Bureau of Workers’ Compensation had invested in had lost $215 million in just a few months last year.

The bureau acknowledged that the fund, managed by a Pittsburgh-based investment firm, lost the money between February and September, 2004. MDL Capital Management relinquished control of the fund in November.

Although the bureau has known about the losses since September, it wasn’t revealed until yesterday, a day after The Blade began making calls upon learning that state investigators had uncovered huge losses at the bureau.



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