----- Original Message -----
From: [EMAIL PROTECTED]
To:
Cc: [EMAIL PROTECTED]
Sent: Monday, September 15, 2008 8:56 PM
Subject: [The-Pearl] Fw: [A-C] Scandal in Florida re: Jeb Bush and Lehman
financial stability????
---------- Forwarded Message ----------
http://www.democraticunderground.com/discuss/duboa
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In the past few days, municipalities have withdrawn roughly $9 billion,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 (nyse: LEH -
news - people ). 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.
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 pulblic funds
across the coutnry, expecially in states with disclosure laws weaker that
Florida's.
.
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