The E-Sylum:  Volume 8, Number 15, April 10, 2005, Article 26

OHIO FUND INVESTED IN RARE COINS

Dick Johnson forwarded this article, published April 6, 2005
in the Toledo Blade:

"Columbus-based watchdog group called yesterday for Ohio
lawmakers to revamp campaign finance laws following the
news that a prominent Toledo Republican got $50 million in
state money to invest in rare coins.

Catherine Turcer, legislative director for Ohio Citizen Action,
said the investment with local coin dealer Tom Noe is another
reason why state law should require fund-raisers - not just
campaign contributors - to disclose their activities, including
who organized the event and who hosted it."

"Since 1990, campaign finance records kept by the state
show that Mr. Noe has contributed more than $110,000 to
candidates for state offices and to various state Republican
Party committees."

"The bureau said yesterday that in 2003 it received $2.98
million from the Capital Coin deals. The money represents
80 percent of the profit split between the state and the coin
dealers, who kept $744,000.

All told, the state has received profit of $13.2 million since
1998, while Mr. Noe and his partners have split $3.3 million.

The coin funds have generated profits of between 1.4 percent
and 11 percent to the state since its inception.

Most of the bureau's other investments - mainly in bonds and
stock funds - lost money in some years."

Full Story

  Wayne Homren, Editor

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