Sunday, December 30, 2007

Jeb Bush Funneled Millions to Insider Railroads; CSX Deal

FLORIDA- Since 2005, through legislation championed by former Gov. Jeb Bush, millions have gone to a half-dozen railroads whose owners and executives were insiders in the DOT planning process. They also were major donors to state political candidates....
and while we are at it..
Jeb Bush and the Subprime Mortgage Crisis
Until his recent resignation under fire, 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).

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.

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, vanished in the debt crisis that is tipping the national economy into a recession.

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