Let us begin the week in Beautiful Ohio with a squinty look at the academic/political complex that is the pride of Gov. Kasich. While public universities genuflect to the governor and legislature in hopes of squeezing out a few more public dollars for their campuses, Ohio State University and a private venture capital fund have worked out an investment scheme – private! – that has been exposed by a couple of Plain Dealer reporters.

But only partly exposed because the major players in the deal aren’t talking – enforced silence that Kasich honed from his days with the defunct Lehman Brothers.Such ideas were seeded when Kasich replaced the state development department with a new office with the seductive name of JobsOhio, a merger of two prized words in the governor’s lexicon. To protect the agency’s virginity, it was guaranteed total secrecy in its stated workaday world of creating new jobs in the Buckeye marketplace.

So now we are told that OSU has invested $50 million in the secret venture capital fund run by Mark Kvamme, who had directed JobsOhio until a a year ago when he left to create his very own private fund. A close friend of Kasich, Kvamme isn’t talking about the deal. Nor is recently retired OSU president E.Gordon Gee, who surely knows a lot more about it as the widely reputed Wizard of Oz.

And where will the invested money eventually land? Only the privileged insiders to the flow know. And given OSU’s iconic position in the state’s academic universe, it appears no one will find out soon.

As the PD’s Brent Larkin observed in a Sunday column, OSU has long nurtured a bad habit of keeping blemished episodes under the radar. He described the lastest stone-walling on major transfers of public money, as is this one, as an exercise in obfuscation”.

Meanwhile, Mike Douglas called it “coziness” in Sunday’s Beacon Journal but more gently dampened concern by describing Kvamme as a credentialed operative with success in his past who “may prove to be a winner” in this instance.

Kasich, Gee, Kvamme. Connecting the dots can raise dark suspicions. Coziness? While we’re waiting for transparency, it looks more like crony capitalism under a rock in the governor’s office.

(Reposted from Grumpy Abe )

Evangelize!
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  • David Corey

    This has Noe and Coingate written all over it. What is it about Ohio Republicans and diverting public money into private hands?

  • jr6020

    It’s called Greed…

  • dmoore2222

    Keep digging, Johnny! Impeachment is only a snitch away.

  • DublinIrishBob

    I am curious if this investment is related to the sudden departure in September of OSU’s Brian Cummings, the VP of Technology Commercialization, and its executive director, Ray Atilano. Cummings was heavily recruited and left suddenly after only two years on the job. I believe he brought or promoted Atilano. The departures were sudden and unexpected, really out of the blue. With Cummings out, did it suddenly get easier to invest $50 million with Kvamme? Remember also that in 2010, OSU floated the idea of investing $100 million state-wide VC fund that went nowhere, thankfully.

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