Jeb Bush Got $1.3M Job At Lehman After Florida Shifted Pension Cash To Bank

For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida's money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses.

But for Jeb Bush personally, his enduring relationship with Lehman would prove lucrative. In 2007, just as he left office, Bush secured a job as a Lehman consultant for $1.3 million a year, Bloomberg reported.

Weeks after Bush took the Lehman job, the Florida State Board of Administration (SBA) -- a three-member body that makes investment decisions about state pension funds and whose ranks had recently included one Jeb Bush -- gave Lehman additional business: SBA purchased $842 million worth of separate investments in Lehman’s mortgage-backed securities. Over the course of the year, the SBA would shift an additional $420 million of pension money into the same fund in which the state had begun investing under Bush.

In short, during Bush’s first year working for Lehman, his former colleagues in Tallahassee, the state capital, moved vast sums of Florida pension money into the doomed Wall Street investment bank, even as warnings about its financial troubles began to emerge.

The Bush family has been putting their family hand in to government pockets for generations. Neil with Silverado, Ignite, etc. W with the Texas stadium deal. Anyone that knows about Houston business knows George and Babs and others in the family get themselves on company board seats in exchange for stock and cash. They use their government connections to land these companies deals.

They got George P Bush, Jeb’s son, the gig as Texas land commissioner. George P is the Bush family “great brown hope” and why daddy Jeb kisses illegals asses all day long. The Bush family see George P as the next generation to keep their hands in taxpayers pocket and another Bush family contender for president. Why? He deserves it of course.

Check this out, skip to 4:14:

https://www.youtube.com/watch?t=247&v=GvIp6t2wuZs

The Bush family are grifters, con men and gypsies.

Jebbie got his $1,000,000 plus job with Lehman in 2007, the year before the great crash of 2008 and, FTA:

Weeks after Bush took the Lehman job, the Florida State Board of Administration (SBA) -- a three-member body that makes investment decisions about state pension funds and whose ranks had recently included one Jeb Bush -- gave Lehman additional business: SBA purchased $842 million worth of separate investments in Lehman’s mortgage-backed securities. Over the course of the year, the SBA would shift an additional $420 million of pension money into the same fund in which the state had begun investing under Bush. (My emphasis.)

"Mortgage-backed securities" is a gentle term for absolute, pure junk bonds with no real backing at all. Remember, at that time the mortgages that were being used for backing were HUD forced garbage mortgages supported by over-valued assets and often executed by insolvent borrowers contrary to every concept of sound banking. Indeed, at that very time, the GWB administration was trying to cut back on them, fearing the very collapse that occurred a year later. Thus, to pay off his Lehman Brothers benefactors, Jebbie knowingly and willfully violated his fiduciary duties to Florida tax payers and pensioners by putting nearly a billion dollars of their money into Lehman Brothers' garbage bonds that were nearly sure to fail and, indeed, did fail in about a year.

Now Jebbie's running for President when he ought to be running from the sheriff. He and his gal pal, the Witch, will look great in matching da-glo orange jump suits.

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