Managed Care Matters

It isn't often that international auction house Sotheby's gets involved in workers compensation cases, so the news that two of their numismatic experts pulled an all-nighter looking for coins missing from the Ohio Bureau of Workers' Compensation is "top of the fold" stuff.

According to a report in the Akron Beacon Journal, Sotheby's was contracted to track down and value the rare coins that were part of the BWC's investment "strategy". This highly unusual investment was made possible by the work of Tom Noe, a now-indicted political crony of Ohio Gov Bob Taft (R). .

Noe, who faces criminal charges for his allegedly illegal campaign contributions and other acts, had been storing the coins at several of his shops around the country, including ones in Sarasota, Maumee Ohio, and Colorado. Unfortunately, the Sotheby audit indicates that the coins they were able to locate are worth between $21 and $27 million; about half of the advertised value of BWC's investment.

Highlights of the audit included the appearance of an Ohio State Trooper complete with badge and gun at one of Noe's shops during the on-site audit. Evidently the Sotheby's people were getting nowhere until the Law arrived, after which they stayed up all night looking at doubloons and double eagles (I'm guessing…).

So, the scandal that won't fade away (much to the delight of this blogger) gets even better. Somewhat like a rare coin, it continues to appreciate the longer it is around.