This is an update on the state of crimes in the State of Ohio. Keep in mind that weak Governors produce weak organizations whose methods rob the public of tax dollars. To wit…
- FIRST ENERGY UPDATE…The on-going pattern of criminal behavior among the key players was re-enforced recently when two former execs were recently charged in connection with a massive statewide bribery scheme. The former CEO and Senior VP of External Affairs were dragged out of the dark. They are accused of bribing state officials to pass legislation that would authorize a $1 billion bailout of their failed nuclear plants and also to eliminate certain regulatory restraints. The latest count of casualties includes the Ohio Public Utilities Chairman, Sam Randazzo, House Speaker Paul Householder (now in prison on a 20 year sentence) and others. Randazzo committed suicide last April. Householder has appealed to the Trump administration for a pardon/release/whatever they can fantasize to get him out of jail.
- American Electric Power…The utility scandals just pile up around Columbus–where Governor DeWine (pronounced “Da Weeny) resides. It seems that AEP was also involved in keeping the aforementioned Paul Householder in as Speaker so he could “help” them down the road. AEP settled their involvement by paying a $19 million sum and promptly the matter was forgotten by all parties.
- Ohio’s Public Employee Pension Plans…This is a bit on the ridiculous side. First, the headline read “Ohio’s public pension funds made big gains in 2024”. Truth, none of those funds earned as much as half of what they would have earned if they had just invested in an S&P 500 INDEX FUND. So, their so-called “big gains” were less than half of what was easily available. Second, these pension trust funds paid out millions of dollars to Governor-appointed individuals and firms unnecessarily. For the uninformed, INDEX FUND fees are very low because computers do all the buying and selling using a simple math technique (aka an “algorithm”). So that extra overhead was almost a total waste. Third, the genius advisors paid themselves a performance bonus for UNDERperforming the market. Fourth, the actuaries use a gimmick that minimizes the impact of investment gains so that pension funds never actually attain satisfactory funding status. Fifth, despite these current gains, the Plan Administration Committee–also appointed by or chosen by the Governor–is lobbying for benefit reductions, the elimination of the medical plan coverage for retirees or delaying cost of living increases that were promised when plan participants (aka “the retirees”) were hired. So you see another misleading headline as the Statehouse attempts to put a good face on a disaster.
- Return to Work… Suddenly (right after Trump announced his “return-to-work” policy) Governor Da Weeny decided that his flock should also come back to the office. This is causing a dilemma at both State and Federal levels because many of the offices that people abandoned a few years ago are no longer available. They were sold, demolished, re-modeled or otherwise rendered unavailable. No one expected that such a stupid decision would be coming from the White House. But–as soon as Trump spoke–knee jerks were heard around the country in every “red” state. Example: in the Cincinnati area, a huge office complex housing hundreds of IRS employees is now a vacant lot–awaiting civic development projects. Where those people will work is a mystery. Just another well-thought out executive government decison…
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