Another top official loses job at BWC (ohio coingate)

[salin]

http://toledoblade.com/apps/pbcs.dll/article?AID=/20050908/SRRARECOINS/309080001

Another top official loses job at BWC; bureau fires chief investment officer

By STEVE EDER and JAMES DREW
BLADE STAFF WRITERS


COLUMBUS - The chief investment officer of the Ohio Bureau of Workers' Compensation yesterday became the latest top official to be forced out of the agency because of a scandal that has spurred multiple civil and criminal investigations and shaken public confidence in the bureau and in state government.


Tina Kielmeyer, the bureau's interim administrator-CEO, fired James McLean, citing "lack of effectiveness" and "poor decision making" in a termination letter issued to the agency's top investment official. He has held the post since 2003.

The announcement came exactly three months after Mr. McLean was placed on paid administrative leave amid revelations about the bureau's failed investments in rare coins and a Bermuda hedge fund.

more at link.

Note - that the investment officer that recommended Noe's coinfund, and abetted Noe in responding to auditor's concerns (which opened the door for the next 25 Million investment) - and who is implicated in the decision for the MDL investment is Robert Cowman who is no longer at the BWC. He is now the main investor for the state's teacher retirement fund - which has a much larger portfolio. I would bet that there are problems to be found there as well.