Noe wrote coin-fund contract so state couldn't back out

[razors edge]

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061019/NOETRIAL/61019001

An auditor for the Ohio Bureau of Workers’ Compensation testified this morning that Tom Noe put a clause in his coin-fund contract that would have made it impossible for future administrations to dissolve the funds without his approval.

Keith Elliott, the internal auditor at the bureau who first raised serious questions about the coin funds in 1999, said Noe told him that he inserted a provision — later approved by bureau officials — that made it impossible for the bureau to get out of the funds without Noe’s consent.

Mr. Elliott said Noe told him that he feared a change in administrations would put people in charge of the bureau who “may not be in favor” of the coin funds.

The provision was one of many items that Mr. Elliott felt uncomfortable with, and he asked the bureau’s top administrators in 2000 to get out of the coin fund. They disagreed and a year later gave Noe another $25 million.

[aquart]

1. Are those "top administrators" in jail yet?

[razors edge]

2. I can here them now.

"We couldn't stop it, its not our fault."

[nealmhughes]

3. Ohio invests in coins...Alabama Retirement systems owns a buttload of golf

courses and 51 Wall St. ... odd, eh?

[aquart]

4. Are golf courses a bad investment?

As for 51 Wall Street.......it's a building on Wall Street. I'd take it.