Thursday, June 08, 2006

Bribery as diversification

* AP:
" A former senior official at Ohio's $15 billion insurance fund for injured workers pleaded guilty to federal and state charges Wednesday, admitting that he took bribes in exchange for government investment opportunities.

Terrence Gasper, 59, also said he was working with prosecutors in their continuing investigation into the state scandal...

Gasper acknowledged in the federal case that he accepted tuition for his son and stays at a Florida condominium in exchange for business deals with the bureau's $15 billion investment fund.

He also said he accepted $25,000 from a dealer who handled the agency's troubled investment in rare coins.

In exchange for the $25,000, Gasper recommended a second investment of $25 million with coin dealer Tom Noe, the prominent GOP donor at the heart of a state political scandal, prosecutors say."
Remember when Ken Blackwell said:
""I would never have any reason to question Jim Conrad's integrity. When you run a fund size of $18 billion and you're looking at $50 million, 'Beyond what one's disposition might be, is that an irresponsible amount of risk?' Most people would say no," he said."
Bribery as diversification. sweet.

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