Florida stands to lose $1 billion because of Lehman Brothers' collapse

[seafan]

Source: St. Petersburg Times

A price tag is now emerging for what last year's collapse of investment giant Lehman Brothers could cost the state of Florida: more than $1 billion.
The losses could make Florida and its citizens among the biggest casualties in the biggest bankruptcy ever.

More than $440 million disappeared from the pension fund that pays benefits for some 1 million retirees and public employees.
Counties, cities and school districts face a loss of more than $300 million for roads, sewers and schools.
The state has $290 million less to pay for everything from hurricane claims to health care, community colleges and care for infants with disabilities.

While the general losses have been expected, this is the first public accounting of the magnitude of the Lehman-related public losses for Florida.

.....

The storied bank hired former Gov. Jeb Bush as a consultant in June 2007, five months after he left office. As governor, Bush also served as a trustee for the State Board of Administration, which invests public money.
Lehman was the dominant Wall Street broker that sold the SBA $1.4 billion of risky, mortgage-related securities that started tanking in August 2007.

Bush has said he had nothing to do with those sales.

.....

Read more: http://www.tampabay.com/news/politics/article1007445.ece

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The wheels of justice grind slowly....


Forbes: Jeb Bush involvement with Lehman raises questions in Florida investment fund debacle , November 30, 2007

Time to take a hard look at Jeb's role in FL investment fund debacle, December 23, 2007

Gov Crist asks whether Lehman may have hired Jeb Bush to gain influence to sell bad debt to Florida, May 30, 2008

Shaky Lehman Brothers has deep ties to Florida (Jeb Bush refusing to comment), September 11, 2008

[aquart]

1. But I'll bet Jeb got every dime of his money.

[Bozita]

2. I'm shocked. ... Shocked, I tell you.

Not really. Actually, it's taken as a given.

We're talking Bushco, a criminal enterprise.

[MadMaddie]

3. No one has been arrested for anything?

Jeb is neck deep in this Fiasco....so typical of his family to destroy communities and lives.

[lib2DaBone]

4. Just great. Now Gov Crist has raised taxes on everything that lives, breathes or moves.

$2.2 Billion in new taxes in Crist's new budget.

Crist wordsmiths... he doesnt call the increases taxes... he says he is 'helping' people enjoy a better life.... ROFL... ya.. whatever you say Charlie...

[TankLV]

5. Gee - ANOTHER Bush involved in a financial SCANDAL...how unoriginal and EXPECTED!!!

When will the fucking American people LEARN - NO MORE BUSHES - EVER!!!

of course, if you leave "impeachment off the table" and never persue, let alone PROSECUTE, TRY & IMPRISON, and REMOVE FOREVER from ever being allowed to CORRUPT the Body Politic again, you have to expect these VERMIN to KEEP ON DOING THEIR CRIMES!!!

[DCKit]

6. Geez, not even one degree of separation from Jeb.

Just goes to show there's not one iota of (criminal) intelligence in the current generation.

I can't wait to see the shenanigans the next generation is going to try to pull.

[Senator]

7. K&R

[truthisfreedom]

8. Never be prezdunt now. Oh well, family legacy stained yet again. As always.

One big fucking disgusting un-washable stain.

[katmondoo]

9. He also lost pension money with his investments in Enron

Another Bush criminal.

[seafan]

10. 2002: Florida Retirement System loses $328 million after Enron collapse (Jeb Bush, trustee)

Florida Retirement System loses $328 million after Enron collapse (Jeb Bush, trustee), March 3, 2002


Whenever there is a swindle of the people of Florida, Jeb Bush is nearby, claiming he's 'just a victim of circumstance.'

[seafan]

11. 2003: Janet Rehnquist under GAO investigation: delayed audit of FL's pension fund at Jeb's request

Janet Rehnquist under GAO investigation for delaying audit of FL's pension fund at Jeb's request, March 5, 2003

WASHINGTON (CNN) -- Janet Rehnquist, daughter of U.S. Chief Justice William Rehnquist, is stepping down as inspector general of the Department of Health and Human Services in the face of allegations of professional misconduct, several sources told CNN on Tuesday.
In a letter to President Bush dated Tuesday, Rehnquist said she was resigning effective June 1 to spend more time with her teenage daughters and pursue other professional opportunities.

.....

The GAO has also been investigating whether Rehnquist delayed an audit of Florida's pension fund at the request of Gov. Jeb Bush's office.

HHS documents show that the audit had been scheduled to begin in April 2002, but Rehnquist, after speaking with the governor's chief of staff, ordered it postponed. The audit did not begin until September 2002, which meant the results would not come out before Bush's re-election in November.
In a letter to the Senate Finance Committee in December, Rehnquist said Governor Bush's office asked for the delay because of a pending change in leadership at the state pension office.

Rehnquist said her "decision to delay the audit was based on the merits and not motivated by political reasons."

So, the people of Florida were denied the information on the pension fund disaster and Jeb continued to squat in the Governor's mansion in November, 2002.


Funny how all of these shady developments insure the continued rule of the Bush Family.