Mandel: Ohio pension funds going to al qaeda

Josh Mandel is running for treasurer of State of Ohio against Kevin L. Boyce. He sent out this warning today:

A few years ago, I led the charge to stop the Ohio pension funds from investing in terrorist-sponsoring nations such as Iran, a country funding roadside bombs killing American troops overseas.  I stood strong against enormous pressure, because as a U.S. Marine and Iraq War veteran, I knew it was the right thing to do.

Now, as the radical Islamic regime in Iran actually digs in deeper and recently called September 11th a “Big Fabrication”, my opponent has attacked me regarding my leadership on the Iran divestment legislation!

Needless to say, his attack is backfiring, and our campaign has been flooded by new volunteers and donors throughout the state – Democrats, Republicans, retirees and tons of veterans – who have now set their targets on removing my opponent from office and helping us win this upcoming election.

The Trib Today reports:

Local governments, especially school districts, that soon will face increasing contributions to their employees' pension funds should be troubled by Ohio Treasurer Kevin Boyce's recent decision to allow State Street Corp. to manage $32 billion in pension assets.

All of Trumbull County's school districts and most of the county's local governments struggle to deal with contributions to the State Teachers Retirement System, Public Employees Retirement System and Police and Fire Pension Fund. Reports for the last couple of years indicate that they are not sustainable without even more contributions from taxpayers, who already contribute more than the employees. 

And over at the Columbus Dispatch:

Noure Alo, a Columbus attorney specializing in immigration, was hired as a lobbyist by State Street Corp. about a week after the firm submitted what was later determined to be the winning bid for a state contract to invest $32 million in Ohio pension funds.

State Street is under investigation in California for possible fraud involving $56 million in state pension funds there. The California state treasurer calls the company "crooks."

Further complicating matters, Boyce's office hired Alo's wife, Walaa Waeda, to work as a receptionist. She was the only candidate interviewed after Ahmad spread word at the mosque he attends.

Something doesn't smell quite right about this arrangement. As states across the nation face shortfalls in their pension funds for state and municipal employees, it is curious why a treasurer would invest funds in any questionable organization.
You can support Josh Mandel for state treasurer here.