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Forbes Magazine: Where was Jeb? (Money Market Debacle)

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RamboLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 02:52 AM
Original message
Forbes Magazine: Where was Jeb? (Money Market Debacle)
Edited on Sat Dec-08-07 02:53 AM by RamboLiberal
A government money market debacle unfolding in Florida is raising questions about former governor and presidential brother Jeb Bush's possible involvement in the mess.

Florida froze withdrawals from a state investment fund earlier this week when local governments withdrew billions of dollars out of concern for the fund's financial stability.

In the past few days, municipalities have withdrawn roughly $9 billion, nearly a third of the $28 billion fund (which is similar to a money market fund) controlled by the Florida's State Board of Administration (SBA). The run on the fund was triggered by worries that a percentage of the portfolio contained debt that had defaulted.

A majority of this paper was sold to SBA by Lehman Brothers (nyse: LEH - news - people ). Bush, as the state's top elected official, served on a three-member board that oversaw the SBA until he retired as governor in January. In August, Bush was hired as a consultant to the bank. Lehman spokesperson Kerrie Cohen, speaking on behalf of Bush, said they had no comment and would not say when the bank had sold Florida the paper. SBA did not return calls.

While SBA wouldn't confirm, Bloomberg reported the amount of debt in default is around $900 million.

http://www.forbes.com/business/2007/11/30/florida-bush-lehman-biz-beltway-cx_mb_1130florida.html
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Evergreen2U Donating Member (28 posts) Send PM | Profile | Ignore Sat Dec-08-07 03:10 AM
Response to Original message
1. Banking Industry as a whole
The entire World Banking Industry is slowly crumbling after the last 20 years of pyramiding debt. If we all went to the bank to take our money out they couldn't give it to us. It isn't there. The banks only keep 10% per Federal Reserve and then lend the rest out.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 05:39 AM
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2. Weren't the bushes involved in the savings and loan scandals and fraud?
Where ever there is corruption, you will find a bush.
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izzie Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 06:15 AM
Response to Reply #2
3. I also think Pres. was into 'fixing' the retirement of funds for colleges
in Tex. at one time. Odd job for these 'boys' who never seemed to beable to do any thing with out 'frinds' of their father fixing it up for them. I hope the local teller at my bank never puts on a Bush mask to serve me. I would drop dead right in front of him it would be so scary.
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Karenina Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 02:52 PM
Response to Reply #3
4. ROFL!!!
Hi, Izzie! :hi: Good to see you! :loveya:
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-08-07 05:18 PM
Response to Reply #2
5. Yep, Neil Bush
any time the bushies get their hands near other people's money, that money winds up in the hands of the BFEE. It's their business model.

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