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Resource ID: #10949
Subject: County Government
Source: Cleveland Plain Dealer
Affiliation: 
Date: 

$0.00

Description

The Plain Dealer reveals that secret leveraging and other undisclosed speculative practices had all but guaranteed collapse of Cuyahoga County's $1.8 billion investment pool. None of this was known to the public, county commissioners or the 70-plus agencies with money in the fund-ironically known as SAFE (Secured Assets Fund Earnings). Taxpayers lost $115 million through speculative trading by county employees who concealed their practices from investors and auditors, May - December 1994.

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