Lehman-Bush-goldman connections

[Hannah Bell]

http://www.thestreet.com/markets/hedgefunds/10286680.html.

Bush Cousin Heads to Lehman
05/18/06

Lehman Brothers has nabbed George H. Walker, the CEO of Goldman Sachs Hedge Fund Strategies, to be the global head of its $188 billion Investment Management Division, Lehman Brothers announced today.


http://sharoncobb.blogspot.com/2008/09/holy-crap-look-what-i-just-found-lehman.html

Lehman hires Jeb Bush as private equity advisor
Thu Aug 30, 2007 5:36pm


http://209.85.173.104/search?q=cache:Ngk0RFbZMxsJ:open.salon.com/content.php%3Fcid%3D26353+lehman+bush&hl=en&ct=clnk&cd=3&gl=us

Internal memos from June 2008 shows a suggestion from executives at a Neuberger Berman, a Lehman subsidiary, recommending that the company spin off its business and for executives to give up their annual salary bonuses in order to shield its employees' benefits... Fuld, as well as another member of Lehman's board, shot down the idea, as it was unpalatable for executives at that level to have to forgo bonuses.

That director?

George H. Walker, who will be the new CEO of a reincarnated Neuberger Investment Management, which will be independent of the now bankrupt Lehman Brothers. George H. Walker is the first cousin of President George W. Bush.


http://www.atlargely.com/2008/09/what-is-jeb-bus.html

What is Jeb Bush's role in the Lehman Brothers meltdown?
September 16, 2008

So, might it be possible that Jeb has some serious questions to answer about what he did at Lehman Brothers, who his "clients" were, and so forth? After all, setting up a hedge fund to launder or embezzle funds seems to be a family specialty.

[Hannah Bell]

1. Where Was Jeb? (forbes)

http://www.forbes.com/2007/11/30/florida-bush-lehman-biz-beltway-cx_mb_1130florida.html

11.30.07

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.

In the past few days, municipalities have withdrawn roughly $9 billion, nearly a third of the $28 billion fund (which is similar to a money market fund) controlled by the Florida's State Board of Administration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. 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...

Edward Siedle, a former Securities and Exchange Commission attorney who investigates money management wrongdoing and has worked on behalf of several Florida public pension funds, thinks this is just the tip of the iceberg. He expects problems with defaulting debt to crop up in public funds across the country, especially in states with disclosure laws weaker than Florida's.

[Hannah Bell]

2. From Counterpunch:

"Jeb Bush left Tallahassee for Miami in January 2007, having served two terms as governor. He incorporated Jeb Bush & Co., and in June was hired as a consultant with Lehman Brothers, the Wall Street investment banking firm.

"Coleman Stipanovich, a Bush loyalist, headed the Florida State Board of Administration, responsible for investing billions of dollars of state funds. Stipanovich's brother, "Mac", is a former chief of staff in the governor's office, Jeb Bush campaign manager, and now partner in the law firm, Fowler White, Boggs - the Tallahassee lobbying whip of the Growth Machine (he is also board member of US Sugar).

"In July and August, Stipanovich approved the purchase of $842 million in securitized mortgage bonds from Lehman. Today the value of those bonds is practically zero..."

http://blog.progressivedem.com/2008/09/16/jeb-bush-a-lehman-brothers-consultant-and-florida-state-funds.aspx