International Business Times, Bloomberg Report: Jeb Bush Got $1.3M Job At Lehman After Florida Shifted Pension Cash To Bank

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(From The International Business Times)

or 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.

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ACC is a completely non-partisan organization. We do not support/endorse or oppose any candidate for office. We believe that both major parties are heavily influenced by special interests and will report on crony capitalism wherever and whenever we see it.

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