The more Floridians learn about the near collapse of the state's local government investment pool, the more urgent the need becomes for a thorough investigation.
The state was too easily convinced by Lehman Brothers [the investment bank has hired former Florida Governor and presidential son and brother Jeb Bush for its in-house investing arm], one of the biggest players on Wall Street, to expose itself to subprime-tainted debt. Former Gov. Jeb Bush has even been drawn into the controversy, according to an expose by Bloomberg News, and he has some explaining to do beyond a terse e-mail denying any involvement.
But like so many other timelines involving Bush brothers and business deals - think Neil Bush and Silverado, George W. Bush and the Texas Rangers, Jeb Bush and foreign sales of water pumps - the timelines feature Bushes in business deals that have more to do with political connections than real business acumen.
The role of Jeb Bush and political crony Stipanovich in the Lehman Brothers deal is just one issue for the state to investigate. Another is the extent to which Lehman Brothers knowingly took advantage of what one expert called "less-sophisticated investors" to dump subprime-tainted securities. If there is grounds for a lawsuit, Florida should file it.