Sunday, November 03, 2013

Did you miss it?

The Columbus Dispatch ran a news items they probably hoped that you wouldn't notice about the recent investment from the Ohio State University. If you live in Ohio, you should know how some people are investing your money. Your tax dollars help support state universities, and your money is going to someone with connections to Gov. John Kasich.


Ohio State’s chief investment officer argued against investing the university’s money with a Midwest-focused investment fund run by Mark Kvamme, the former leader of Gov. John Kasich’s JobsOhio program.

In a March memo released yesterday, Jonathan Hook, chief investment officer, said Kvamme’s Drive Capital proposal “is still very much unproven at this stage. The fund hasn’t demonstrated proof-of-concept, doesn’t offer (redacted) the historical track record, and carries a variety of other risks and unknowns. In summary, it does not meet our traditional underwriting standards and risk/return criteria.”

....Yesterday afternoon, Ohio State University released more than 100 pages of records — many of them heavily redacted — that had been requested by The Dispatch and others about the $50 million the university pledged to Drive Capital in July....

Why would Ohio State go against the advice of their investment officer? Why did they make a massive investment that, according to the Dispatch article, most of these types of investments are usually at a lower amount? Why is Ohio State investing with someone with ties to Gov. John Kasich?  Are other friend of John Kasich's getting investment money from other state universities or other agencies in the state? Does anyone else remember the last Republican scandal "Coingate" and how our tax money was invested in coins, Beanie Babies, and other items?

There also is an earlier article about the investment at this Dispatch link.