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CoolCleveland Blog ยป biztech · Roldo: Will Sunken Lehman Bros. Sink Republican Kasich?
May 28th, 2010
Will Sunken Lehman Bros. Sink Republican Kasich?
It looks as if Republican John Kasich’s desire to make money on Wall Street after leaving political office will haunt his candidacy for Ohio Governor. The Columbus Dispatch Thursday reports that Kasich tried to sell two Ohio pension funds some Lehman Bros. investments.
The Dispatch also reported that former Democratic Ohio Treasurer Richard Cordray dumped $800 million in toxic investments when he took office in 2008. Some of the state’s savings by Cordray had been invested with Lehman Brothers.
A worker in Cordray’s department noticed what the Dispatch described as “risky short term investments” made by the previous state administration. Cordray quickly got rid of the investments within weeks. Cordray is now the Ohio Attorney General.
While many believe Republican “outsiders” have good chances of defeating Democratic office-holders this election year, it looks as if Kasich’s work on Wall Street could trump the voters desire to get rid of “insiders.” Gov. Ted Strickland has been quick to paint his Republican opponent as a Wall Street money-maker.
The Dispatch article can be found here
Roldo Bartimole celebrates 50 years of news reporting this year. He published and wrote Point of View, a newsletter about Cleveland, for 32 years. He worked for the Plain Dealer and Wall Street Journal in the 1960s.
He was a 2004 Cleveland Journalism Hall of Fame recipient and won the national Joe Callaway Award for Civic Courage in 1991.
