Risky Scheme

Now I finally understood what Al Gore meant by “risky scheme” — Ted Barlow of Crooked Timber on the Ohio Coin Scandal:

When I learned that Ohio Republicans had (cough) “invested” $50 million of public funds in rare coins and collectables controlled by a highly connected Republican fundraiser, I thought, this doesn’t look good. When it turned out that $10 to $12 million was missing from the rare-coin kitty, I had similar thoughts. Then, when I saw that the Ohio Bureau of Workers’ Compensation had agreed to turn their long-bond fund into a highly-leveraged hedge fund, which ended up losing $225 million out of $350 million, I thought, this is a real problem. The fact that Governor Taft’s office had been informed in October, and was apparently waiting for the $225 Million Fairy to fill the hole, didn’t help…

Truly, I want crooks and clowns of this sort privatizing Social Security for us all.