Josh Mandel Attacked Over $65 Billion Pension Flub

Ohio Treasurer Josh Mandel

Ohio Democrats are pouncing on state Treasurer Josh Mandel (R) for apparently forgetting $65 billion in state pension funds under his supervision, calling it an example of his management of his office while running for U.S. Senate.

Democrats are pointing to a question a Dayton Daily News reporter asked Mandel at a press conference earlier this month about his position on a series of pension reform bills pending in the state Legislature. Mandel, who serves as the custodian of the pension funds, indicated that he had read the bills but that his office would not be offering a formal opinion to the Legislature. The bills passed last week.

"I will be watching it closely as the custodian of the $100 billion in assets," Mandel said in the exchange, which was caught on video.

The reporter quickly told Mandel that the pension fund had $165 billion in assets. Mandel smiled in the video and backed away from the podium. Mandel is challenging U.S. Sen. Sherrod Brown (D) for his seat in the November election.

Democrats are adding the exchange to a series of criticisms that have emerged in recent weeks regarding Mandel's management of his office. This includes Mandel missing 14 months of meetings of the state Board of Deposit, which he chairs, and hiring friends for state jobs after attacking former treasurer Kevin Boyce (D) during the 2010 campaign for cronyism. Mandel was elected treasurer in 2010 after four years in the state House of Representatives.

The Board of Deposit decides where to deposit state funds, including pension monies. Treasurer's office spokesman, Chris Berry, did not return a call for comment.

"After blowing off more than a year of billion-dollar investment meetings he is supposed to chair, it's clear that Josh Mandel is so far removed from business at the treasurer's office that he doesn't even know the size of the pension funds his office supposedly oversees," Ohio Democratic Party spokesman Andrew Zucker said. "Josh Mandel's refusal to do his job and lack of basic knowledge about how Ohio tax dollars are invested is yet another unfortunate example of how he's just another politician Ohioans can't trust."

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Comments

[saganz999]

07:35 PM on 05/25/2012

I wonder what they're afraid of? Maybe they'll find out he's NOT a marine.

[drwtsn]

09:19 PM on 05/22/2012

The Ohio pension fund HAD $165 billion. It takes a lot of money to win a Republican primary.

[rob126]

08:32 PM on 05/22/2012

You're setting unrealistic expectations. He's a politician, his job is to run for office, and once elected to start running again. Doing the job doesn't matter, winning the job does.

[Larry Mulvihill]

08:21 PM on 05/22/2012

that's the amount , the fund use to have .

[garymc8]

08:15 PM on 05/22/2012

Setting it up to steal 65 million by under stating the funds value. Transparent as a 5 uear old and as dishonest as a bush

[kustom]

07:48 PM on 05/22/2012

This twit does not have a clue, there are also investigations on donations to his campaign.

[Martha Stuart]

07:25 PM on 05/22/2012

Sounds like another Republican getting off on the right-wing foot.

[BeyondTheBull]

06:58 PM on 05/22/2012

Running for the Senate is a higher priority than $100B in pension assets that serves others. At 34, if he gets a Senate seat ... he can retire on the job ...with a good salary ... lots of perks and excellent health care benefits ... Keep you eye on that Senate prize Josh ... like a good GOPer.

[Karl Hildebrand]

06:50 PM on 05/22/2012

Another case of voters voting against their best interests. I live in Wisconsin. Look where we are.

[khaleef49]

05:43 PM on 05/22/2012

It is evident that this man is not doing his job but it appears the voters don't care. I don't understand it.

[kustom]

07:49 PM on 05/22/2012

Not much you can do, no recall.

[amanda5]

12:23 AM on 06/28/2012

he's losing his senate bid to Senator Sherrod Brown by 16 pts

[bjp4321]

05:23 PM on 05/22/2012

Ahh come on, what's a measly $65 Billion to a politician who doesn't understand what he is being paid to do.

[authorized-user]

05:02 PM on 05/22/2012

Treasurer Josh Mandel (R) for apparently forgetting $65 billion in state pension funds under his supervision,

Lets hope the pensioners don't forget this sneak attack on their pensions this November.

[Stoptheworld]

04:21 PM on 05/22/2012

If Ohio doesn't re-elect Sherrod Brown, they will be the next state to go down the tubes. Mr. Brown has worked for the people of Ohio.
I live in NC, but I would like to have him as my Senator. No way though that I would move to Ohio

[headhuntnyc]

05:13 PM on 05/22/2012

Sherrod Brown is a good senator because he cares about his state, yes, but mostly because he embodies what the senate is supposed to be about. The House is more about districts, counties, but the Senate is supposed to be more serious body regarding the nation and it's direction. If we can get rid of McConnell, Rand Paul and a few others then it will be a better body.

[SYR]

04:21 PM on 05/22/2012

Anyone working in a city, county, or state job where Republicans are in charge should be very concerned about how Republicans handle pension investments. Republicans have cultivated a hatred of government employees and have given the false perception that government employees retire wealthy and are responsible for the current economic woes. They have created divisiveness among private and public sector employees. Watch closely how your pension funds are invested. Would Republican governors allow a sabotage of state pension funds so they don't have to continue paying retirees?

[Stoptheworld]

04:15 PM on 05/22/2012

Is Ohio going to have to send Josh back to school to learn how to add?

[heronpoint]

05:45 PM on 05/22/2012

I think it's more than that: from the article

Democrats are adding the exchange to a series of criticisms that have emerged in recent weeks regarding Mandel's management of his office. This includes Mandel missing 14 months of meetings of the state Board of Deposit, which he chairs, and hiring friends for state jobs after attacking former treasurer Kevin Boyce (D) during the 2010 campaign for cronyism. Mandel was elected treasurer in 2010 after four years in the state House of Representatives.

The Board of Deposit decides where to deposit state funds, including pension monies. Treasurer's office spokesman, Chris Berry, did not return a call for comment.

"After blowing off more than a year of billion-dollar investment meetings he is supposed to chair, it's clear that Josh Mandel is so far removed from business at the treasurer's office that he doesn't even know the size of the pension funds his office supposedly oversees," Ohio Democratic Party spokesman Andrew Zucker said. "Josh Mandel's refusal to do his job and lack of basic knowledge about how Ohio tax dollars are invested is yet another unfortunate example of how he's just another politician Ohioans can't trust."