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 Replies: 36 / Views: 2,540 |
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Valued Member
United States
382 Posts |
The Ohio Bureau of Workers Compensation (OBWC) authorizes just over 1.5% of their fund to be invested in rare coins (back in 1997). Total amount of the two funds is $50 million dollars. A lot of money, but compared to 18 billion dollars, just a tiny piece.
The funds return a yearly double digit return on investment...better than other mutual funds and the stock market. The fund managers (like Noe) take their cut (fee), so why are the people of Ohio so upset.
OK...I read that some coins were missing, but little did people know they were enroute to a coin show for sale and promotion. All have been accounted for.
Are they upset that Noe and the other "coin managers" actually charged a mutual fund fee to manage these accounts? We don't live in a communistic society where the government tells you where to work. I wouldn't care what their fee was as long as returns on this fund have been as good as they demonstrated.
So...did Tom Noe do anything wrong? Edited by zakgold
06/19/2005 09:13 am
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Pillar of the Community
United States
2724 Posts |
He chose to be a Republican in a time where the Ohio newspapers want to bring down the Republican party.
Other than that, I don't know.
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Valued Member
 United States
382 Posts |
I forgot...profit is a bad word to many Democrats whose motto is:
"If it moves, tax it...if it continues to move, regulate it...if it stops moving...subsidize it."
(sorry, couldn't help myself)
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Valued Member
United States
187 Posts |
National Dealer and zakgold pretty much said it.
Jerry
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Pillar of the Community
United States
1203 Posts |
quote:
Originally posted by zakgold
So...did Tom Noe do anything wrong?
I guess that will be up to a court of law to decide, but I sure agree with what zakgold and ND has said so far. |
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Valued Member
United States
458 Posts |
I was watching C-Span last week on the house of reps and there was an Ohio lady politician ranting & raving about this very subject--She was a democrat and it was amazing the things this woman said that were not accurate, she obviously did no research what so ever on the matter--As the smoke clears, the facts will be known if any so called rip off really happened--Interesting also the way all these politicians are returning the money donations this man made--Most of the donations looks like went to republicans--So I for the moment will stay nuetral on the subject since I do not know all the facts--  It could turn out this man made a ton of money for the retired peeps in Ohio and will turn out to be a hero after all--[:0] |
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Pillar of the Community
United States
7123 Posts |
A little experiance on human nature tells you that if there is money to be had ,, then there is no cookie jar that is safe !!
Did Tom Noe have his hands in the cookie jar? there is no doubt that he did, did he take more than his share of the cookies? That remains to be seen!!
Is there any amount of oversite that can stop the cookies from leaving the jar ,, In my opinion NO can honesty be legislated,, NO, can our government Judge a thief,, well they have plenty of examples to go by !!
Rick
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Rest in Peace
United States
2884 Posts |
This has been a political witch hunt since day one! Why are the "other" 215 million dollars in fund losses not making front page news? Maybe a Rebublican can't be speared for those losses! Mike  |
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Pillar of the Community
United States
7123 Posts |
Im a life long Republican!!!  ,, suppose it is a Political witch hunt ? I dont think all republicans are honest just because of an affiliation with a political party, that would be ridiculas,, I wish it could be so but there is no way that it can be, simple human nature prevents it . In my opinion the problem with all of this is the greed on both sides of the fence, until out government both state and federal is forced to stop being a business , which by the way it was never intended to be !!! it will continue. Rick Edited by Metalman
06/19/2005 2:31 pm
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Forum Mom
 United States
5877 Posts |
Regardless of party affiliation, I think that we can all agree that politics, by its very nature, is corrupt. This could have just as easily been a Democratic supporter that was accused. Just my 2C worth.
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Rest in Peace
United States
2884 Posts |
You are both correct in that it could be either party. In this case it is heavily politicised because of Ohio being the swing state that got Bush re-elected. If were in a non-critical state, I doubt you would have heard this much! So what about the other 215 million? Mike [:0]  |
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Valued Member
United States
458 Posts |
Interesting that you state this go-around that it is Ohio that elected Bush this time--Last time you demos blamed my state Florida for the inability of your own demos not being able to read a ballot----give me a break--the democrats after 40 years of power just don't know how to handle being losers---that is why they will continue to lose--they just don't get it--and most defintely are out of touch--there fix for everything now? is biacth and complain and obstruct--  |
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Rest in Peace
United States
2884 Posts |
CiSco, please do not misunderstand my comments. I am a Republican (proud of it) and in fact Ohio was a swing state. The statement merely was meant to point out that this is a way for Democrats to discredit our President again!  Reading the press releases one would think Noe passed off "dirty money" directly to the President! The implication is that without Noe's possibly dirty contributions, Bush may not have won Ohio and hence lost the Presidency! Again an absurdity considering the drop in the bucket (in the big picture) the $200K that Noe helped raise was. A crook is a crook. It does not matter what your political affiliation is. It would be naive to think the party in power would not try to help those that elected them. Both parties do this and always have! Granting political favor is done in all levels of government (look at how many lobbyists live on Capitol Hill!!). Breaking the law however, is wrong at any level. By the time the dust clears, Noe may have not done anything legally wrong. However, if he knowingly hired and contracted an ex-felon to manage state money he was dead wrong and certainly not too bright!! Peace, Mike   Edited by Mike
06/20/2005 02:00 am
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Valued Member
United States
382 Posts |
Their business plan worked. Return on investment realized double-digit yearly gains. The state made more money than expected. The OBWC was happy with the $8 million that the state received during the first 3 years and they were about to receive a check for $5.4 million on June 30, 2004, but chose to reinvest the money instead.
Coins and assets of the state were held at a number of locations ready for sale. All coins/assets were accounted for.
But...Noe and his partners charged the state a fee and if you profit from your services, that must be wrong!?! The best business transactions are usually when both parties WIN...however, according to Ohio democrats, they don;t see it that way.
Edited by zakgold
06/20/2005 07:04 am
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Pillar of the Community
United States
1247 Posts |
Well imagine that, democrats exploiting the problems of republicans. What barbarians. Republicans would never do that to them if the situation was reversed.
"Read my lips, no new taxes."
Take a guess
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Valued Member
United States
382 Posts |
You're right...the only differance is that democrats would have lost money running the coin fund, played class warfare (again) and demanded more taxes to fund their failed program.
Edited by zakgold
06/20/2005 1:14 pm
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Replies: 36 / Views: 2,540 |
Posted 06/19/2005 09:22 am
