No taft, to my knowledge, has ever neglected a public duty for the sake of gratifying

a private desire.

Until more recently, a taft, Bob Taft, the third of his name, became governor and involved

in the most obscure odd scandals, it was called Coingate.

In 1997, the Ohio General Assembly made an unorthodox decision.

Instead of relying solely on the stability and security of boring old stocks and bonds,

the state legislator voted to loosen its investment policy and grow its workers' compensation

fund by placing $500 million into alternative investments.

Alternative investments like rare coins and old currency, the market is unregulated and

speculative as beanie babies.

The Ohio Bureau of Workers' Compensation, or the BWC, is responsible for paying medical

expenses and providing monthly checks to state workers who have been injured on the job.

There's no reason for the department to be so aggressive or unconventional in its investment

strategy.

But on March 31, 2008, the state handed over $25 million to a coin dealer named Thomas

Noe who would rely on his decades of expertise in the coin business to buy and sell and manage

the Bureau's holdings.

Poor's trouble, Noe was entitled to 20% of any realized profits while the other 80% would

be returned to the state.

Sounds great in all but rare coins.

There's not a single other instance of a state government or municipality actively participating

in the unusual investment.

...