In what sounds very much like a confession, McCain promised to "clean up Wall Street" and vowed "we will never put America in this position again."
Who do you suppose that "we" is? Before you answer, look who had McCain's back:
Sitting behind McCain was former Gov. Jeb Bush, who was hired a year ago by Lehman Brothers as a financial consultant. As governor, Bush served on the three-member State Board of Administration that agreed to let the state's retirement fund buy a series of questionable mortgage-backed bonds from Lehman Brothers. The subsequent steep drop in value prompted a $9 billion run on the fund last December by local governments who had invested their money in the SBA managed fund.If this is the "straight talk express" we'd like to get off, now, please.
3 comments:
I have a piece on JEB and the SBA. Basically Florida took a major hit because they were still heavily invested in Lehman Brothers.
Finance world is very crazy... i can't believe a big company as Lehman is dead !... poor capitalism...
Hope you don't mind I linked to your post. It was too good to pass up. Thanks.
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