Why would anyone think that Jeb Bush would be any different from his family? Not just his father and his brother, but also his grandfather, who profited from the rise of Nazi Germany.
It bad enough that Jeb Bush has said that he still supports the invasion of Iraq and that he might use torture in order to keep the country safe. But talk is cheap. It is his behavior that gives away how corrupt he really is.
When John Ellis “Jeb” Bush was governor of Florida, he started moving large amounts of the state’s investment funds into Lehmman Brothers. In 2005, he moved $250 million of pension funds for Florida police, teachers, and firefighters, earning Lehman more than $5 million in fees.
Then, in 2007 when he left office, Bush took a job with Lehman as a consultant, even though he had no experience in banking or finance, making around $1.3 million a year. That’s pretty good payback, but it didn’t stop there.
Soon after Bush started working for Lehman, his former colleagues on the Florida State board that makes decisions about pension funds gave Lehman additional business, moving an additional $420 million into the same fund that Bush used, and a whopping $842 million into Lehman’s mortgage-backed securities.
What’s suspicious about this is that warnings about financial troubles at Lehman Brothers had already begun to emerge. You know, the troubles that led to the collapse of mortgage-based securities and the “Great Recession”. A comprehensive study of the collapse of Lehman Brothers said that “signs of financial distress” were there starting in 2005, the year that Bush started throwing money at Lehman.
It only took a few months before the whole thing came crashing down. Lehman Brothers declared bankruptcy in 2008. Florida sustained losses of up to $1 billion, destroying pensions of public workers. And Jeb Bush took a job with another bank, which he gave up only when he decided to run for president. Another revolving door.
According to an ethics group, “This is a breathtaking conflict of interest.” And a Senator who served on the panel that investigated the bank crisis of 2008 said that what Bush was able to do “shows once again that there is utterly zero deterrence preventing public officials from being on the receiving end of pay to play when they leave office.”
People are entitled to say that we should not judge Jeb Bush by the absolutely disastrous presidency of his brother. But how can we forget the horribly corrupt but perfectly legal things done by Jeb Bush himself, which enriched him while costing Florida close to a billion dollars.