lehman brothers

lehman brothers

MM165 - Bush Sent FL Pension Funds to Lehman

5d ago
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Oh oh, this is not good for Jeb Bush. According to Bloomberg, in his last years as Florida governor, Jeb Bush facilitated massive investments of the pension funds of Florida cops, teachers and firefighters into soon-to-be worthless mortgage-backed securities issued by Lehman Brothers. In 2007, when Bush left office, he got a job as a Lehman consultant at a salary of $1.3 million a year. In 2008, Lehman collapsed leaving the Florida pension funds facing up to $1 billion in losses. After Lehman declared bankruptcy, Bush joined British banking giant Barclays as an advisor, a position he kept until late 2014, when he resigned to prepare for his presidential run. According to Craig Holman, a governmental ethics expert with Public Citizen: “This is a breathtaking conflict of interest. This cost Florida very dearly, and it enriched Jeb Bush.” Jeb Bush’s mother, Barbary Bush is featured in a new Donald Trump ad: [insert] I’m still reporting from Washington. Good day.