Tuesday, September 16, 2008

Heckuva Job, Jebbie

Let's meet at the country club for drinks and laugh about the economy.

Former Florida Gov. Jeb Bush, right, and others, applaud as Republican presidential candidate Sen. John McCain, R-Ariz. speaks at a town hall meeting in Orlando, Fla., Monday, Sept. 15, 2008.
(AP Photo/John Raoux)

Yesterday 158-year-old Wall Street firm Lehman Bros., which survived the Great Depression, went bankrupt.

John McCain said in a town hall meeting "The fundamentals of our economy are strong". (The breathtaking stupidity of John McCain on display.)

Maybe he was talking about his supporter Jeb Bush, who like the rest of the Bush Crime Family makes money fleecing others. Bush was hired by Lehman a year ago. Coincidence that Florida pension are going to take a hit because of their investments in Lehman stock and bonds? I doubt it. Bush isn't going to give back his Lehman paycheck. Country club economics at its finest. The rich get richer, and the taxpayers get screwed.

Reuters (August 30, 2007): Lehman hires Jeb Bush as private equity advisor

Miami Herald: Florida pension fund, Citizens [Property insurer] hold Lehman securities

The bankruptcy of Lehman Brothers, a prestigious Wall Street firm, will touch Florida's pension funds and the state-run insurer because both hold its securities.

The State Board of Administration holds $322 million in Lehman stock and bonds. The SBA manages the state's employee fund and more than two dozen other funds, including assets for the Florida Hurricane Catastrophe Fund and the Florida Prepaid College Plan.

Dennis MacKee, a spokesman for the SBA, said the agency has an $84 million unrealized loss on its holdings.

About two-thirds of the securities are held by the Florida Retirement System, which includes the pension funds for local counties such as Miami-Dade and Broward. The rest is spread out in the catastrophe fund and the Lawton Chiles Endowment Fund, which helps fund Medicare.

No comments: