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"You saw what they did to me with Bain. What do you think they'll do to Bush over Barclays?"
We are anticipating that, Mr. Romney.
Mitt Romney, December 12, 2014:
In his private musings, Romney has sounded less than upbeat about most of the potential candidates in the 2016 Republican field, according to the people who’ve spoken with him, all of whom asked for anonymity in order to speak freely.
He has assessed various people’s strengths and weaknesses dispassionately, wearing what one ally called his “consultant cap” to measure the field. He has said, among other things, that Jeb Bush, the former Florida governor, would run into problems because of his business dealings, his work with the investment banks Lehman Brothers and Barclays, and his private equity investments.
“You saw what they did to me with Bain (Capital),” he has said, referring to the devastating attacks that his Republican rivals and President Barack Obama’s team launched against him for his time in private equity, according to three sources familiar with the line. “What do you think they’ll do to (Bush) over Barclays?”
He has assessed various people’s strengths and weaknesses dispassionately, wearing what one ally called his “consultant cap” to measure the field. He has said, among other things, that Jeb Bush, the former Florida governor, would run into problems because of his business dealings, his work with the investment banks Lehman Brothers and Barclays, and his private equity investments.
“You saw what they did to me with Bain (Capital),” he has said, referring to the devastating attacks that his Republican rivals and President Barack Obama’s team launched against him for his time in private equity, according to three sources familiar with the line. “What do you think they’ll do to (Bush) over Barclays?”
Jeb Bush Paid By Bank That Violated Cuba Sanctions, December, 2014
The former Florida governor serves as an adviser to Barclays, which was fined nearly $300 million for violating sanctions in 2010, prior to his work there. The Financial Times reported Thursday morning Bush would leaving Barclays at the end of the year.
Former Florida Gov. Jeb Bush blasted the Obama administration’s decision to normalize relations with Cuba in a Facebook post Wednesday, but in an example of why Bush’s ties to private equity and Barclays could provide fodder for opponents and critics, Barclays (which reportedly pays Bush more than a million dollars a year) had to settle criminal charges for violating sanctions that included Cuba.
Barclays agreed in 2010 to to forfeit $298 million to the United States and to the New York County District Attorney’s Office “in connection with violations of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA),” according to a Justice Department press release.
“The violations relate to transactions Barclays illegally conducted on behalf of customers from Cuba, Iran, Sudan and other countries sanctioned in programs administered by the Office of Foreign Assets Control (OFAC),” the Justice Department added.
Bush has been at Barclays since 2008, but the actions that led to the fine took place before the Florida governor was with the bank.
.....
Bush’s ties to Barclays have caused some to raise the alarm about his potential candidacy.
“You saw what they did to me with Bain (Capital),” Mitt Romney said according to an article in Politico. “What do you think they’ll do to (Bush) over Barclays?”
Former Florida Gov. Jeb Bush blasted the Obama administration’s decision to normalize relations with Cuba in a Facebook post Wednesday, but in an example of why Bush’s ties to private equity and Barclays could provide fodder for opponents and critics, Barclays (which reportedly pays Bush more than a million dollars a year) had to settle criminal charges for violating sanctions that included Cuba.
Barclays agreed in 2010 to to forfeit $298 million to the United States and to the New York County District Attorney’s Office “in connection with violations of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA),” according to a Justice Department press release.
“The violations relate to transactions Barclays illegally conducted on behalf of customers from Cuba, Iran, Sudan and other countries sanctioned in programs administered by the Office of Foreign Assets Control (OFAC),” the Justice Department added.
Bush has been at Barclays since 2008, but the actions that led to the fine took place before the Florida governor was with the bank.
.....
Bush’s ties to Barclays have caused some to raise the alarm about his potential candidacy.
“You saw what they did to me with Bain (Capital),” Mitt Romney said according to an article in Politico. “What do you think they’ll do to (Bush) over Barclays?”
And, by the way, Jeb: Why don't you want to talk about what you did as a "consultant" at Lehman Brothers in 2007 and 2008, just prior to Lehman's collapse? We know that you slid over to Barclays immediately afterward. Care to talk about your activities there?
We Floridians especially want to know about his role at Lehman after he left the governor's office in early 2007, during the time when our state investment fund became tainted with Lehman's bad paper. Was Jeb instrumental in unloading Lehman's bad debt portfolio onto Florida's state investment fund? He is running away from questions about his involvement.
Where Was Jeb?, November 30, 2007
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 . 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.
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 . 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.
NOTE: The Tampa Bay Times reported that Jeb Bush started as a consultant with Lehman in June, 2007.
Florida stands to lose $1 billion because of Lehman Brothers' bankruptcy, June 4, 2009
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.
.....
In the last decade, Florida paid Lehman at least $27 million in fees for managing public investments and brokering and underwriting bond deals.
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.
"As Governor Bush has stated several times in response to your inquiries, his role as a consultant to Lehman Brothers was in no way related to any Florida investments,'' said his spokeswoman, Kristy Campbell.
"It is unfortunate the St. Petersburg Times continues to perpetuate this incorrect and baseless conjecture.''
The losses could make Florida and its citizens among the biggest casualties in the biggest bankruptcy ever.
.....
In the last decade, Florida paid Lehman at least $27 million in fees for managing public investments and brokering and underwriting bond deals.
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.
"As Governor Bush has stated several times in response to your inquiries, his role as a consultant to Lehman Brothers was in no way related to any Florida investments,'' said his spokeswoman, Kristy Campbell.
"It is unfortunate the St. Petersburg Times continues to perpetuate this incorrect and baseless conjecture.''
So, Jeb thinks it's an absurd insinuation.
Jeb Bush will soon be forced to answer for his ties to Lehman and Barclays while he's out there browbeating American workers.
We are fed up with this stinking sense of autocratic, privileged entitlement.
AP
(Looking more like the Kochs every day.)
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