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Okay, I try not to get too political in this blog, because, well, I do not have the energy to do it correctly, so I would rather just spew useless crap verbage about nothingness. Now, the party involved in this rant happens to be the Ohio Republican party, but in all actuality it could be the Democratic party in Ohio as well. This is a story, a story about corruption....
Rant On....
There is this investor yahoo, Tom Noe, who somehow convinced Ohio Legislature to invest 50 million dollars in rare coins for the Bureau of Workers Compensation. Let me say that again…. 50 MILLION DOLLARS IN RARE COINS FOR WORKER”S COMP!!!!!! Okay, the fun does not stop there, oh no, that would be too easy. Now, they cannot find over $400,000 worth of the investment. Now, in all fairness 50 mil is not a huge portion of the Worker’s Comp budget, so the state has not truly lost a boat laod of money, but What the Hell!!!!!?! Who on earth authorized the investment of state tax payer money into rare coins? Turns out this story is just getting started.
The attorneys for the esteemed Mr. Noe have blocked the state from examining the collection, and have stated some such crap about the missing $400,000 is now invested into baseball cards and other “collectibles.” You know “collectibles” like Beanie Babies and Hot Wheels Cars and Hummel Figurines and such. I absolutely hate politics…
This was never a legitimate investment. In my humble opinion, this person basically was given a 50 million dollar loan with an undetermined payment date. There is no fixed interest rate with this loan, just a fictitious amount of rare coinage, that the state has never seen. I am surprise Mr. Noe did not tell the state that the missing $400,00 is due to “fluctuations in the collectibles market.”
Derail… The problem with collectibles is that they are only worth as much as someone is willing to pay for it. I bought a comic book once when I was a kid that was valued at $75.00 in 1988. I was young and stupid, and I clearly didn’t need the money. I just checked the value of that book today, just now, and 17 years later this fairly rare comic book from 18.5 years ago is now worth, according to a respected online comic book pricing guide, $75.00. So, it has appreciated in value exactly nothing in 17 years, and to top all that off, it is only worth that $75 if and only if I could find some loser to pay 75 smackers for it.
Back on track… This individual raised a bunch of money for the people in power and was rewarded with a gigantic interest free loan. Plain and simple. Do I think this is an issue that is solely a problem with the evil-money-grubbing-ways-of-the-richer-and-holier-than-thou Republican Party in Ohio? No, this story could have very well happened with an investor in the why-don’t-we-just-give-all-the-state-money-to-the-people-that-cannot-find-a-job-the-lazy-bastards Democratic Party in Ohio. The GOP happens to be the one in power at the moment.
Rant off
I am at work today, and that makes me sad. So now I had better get back to it.
Rant On....
There is this investor yahoo, Tom Noe, who somehow convinced Ohio Legislature to invest 50 million dollars in rare coins for the Bureau of Workers Compensation. Let me say that again…. 50 MILLION DOLLARS IN RARE COINS FOR WORKER”S COMP!!!!!! Okay, the fun does not stop there, oh no, that would be too easy. Now, they cannot find over $400,000 worth of the investment. Now, in all fairness 50 mil is not a huge portion of the Worker’s Comp budget, so the state has not truly lost a boat laod of money, but What the Hell!!!!!?! Who on earth authorized the investment of state tax payer money into rare coins? Turns out this story is just getting started.
The attorneys for the esteemed Mr. Noe have blocked the state from examining the collection, and have stated some such crap about the missing $400,000 is now invested into baseball cards and other “collectibles.” You know “collectibles” like Beanie Babies and Hot Wheels Cars and Hummel Figurines and such. I absolutely hate politics…
This was never a legitimate investment. In my humble opinion, this person basically was given a 50 million dollar loan with an undetermined payment date. There is no fixed interest rate with this loan, just a fictitious amount of rare coinage, that the state has never seen. I am surprise Mr. Noe did not tell the state that the missing $400,00 is due to “fluctuations in the collectibles market.”
Derail… The problem with collectibles is that they are only worth as much as someone is willing to pay for it. I bought a comic book once when I was a kid that was valued at $75.00 in 1988. I was young and stupid, and I clearly didn’t need the money. I just checked the value of that book today, just now, and 17 years later this fairly rare comic book from 18.5 years ago is now worth, according to a respected online comic book pricing guide, $75.00. So, it has appreciated in value exactly nothing in 17 years, and to top all that off, it is only worth that $75 if and only if I could find some loser to pay 75 smackers for it.
Back on track… This individual raised a bunch of money for the people in power and was rewarded with a gigantic interest free loan. Plain and simple. Do I think this is an issue that is solely a problem with the evil-money-grubbing-ways-of-the-richer-and-holier-than-thou Republican Party in Ohio? No, this story could have very well happened with an investor in the why-don’t-we-just-give-all-the-state-money-to-the-people-that-cannot-find-a-job-the-lazy-bastards Democratic Party in Ohio. The GOP happens to be the one in power at the moment.
Rant off
I am at work today, and that makes me sad. So now I had better get back to it.
1 Comments:
Beyond being as pissed as the resident blogger appears at this wasteful political boondoggle, I am pissed for another reason. Workers Comp shouldn't have significant reserves to be investing. If they do, then they are charging too much on the premiums businesses pay. In addition to having these crazy reserves, they have been giving discounts on rates for at least 10 years. What the hell. As an example, this year they charged soemthing like 2% of previous years payroll for the standard premium and then said through their frugal efforts and sound investing (big grimace) that you can take 20% off the total bill. Why the hell don't they just charge 1.6% up front instead? Because this way they can tout their sound investing (grimace again) and frugal expenses. As if anyone who pays a premium believes that workers comp is a well run government entity.
In summary, if they have extra money to invest, they should be charging even less in premiums. Government waste pisses me off cause its my money they are wasting!
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