How Jeb Helped Fund W's Reelection Campaign Using State Money

[Lakhota]

Gov. Jeb Bush's administration steered $1.7 billion of Florida state worker pension money to financial firms run by George W. Bush's major donors. JIM WATSON/AFP/Getty Images

Four years before the financial collapse, Goldman Sachs executive George Herbert Walker IV had much to be thankful for. "I've been fortunate to be a small part of teams leading U.S. restructurings, European privatizations, global pension management and now hedge fund and private equity investing,” he said in the annual report of a banking colossus that would soon be known as the “great vampire squid” of Wall Street.

“The world,” said Walker, “just keeps getting more interesting."

As the head of Goldman Sachs’ alternative investment unit, Walker’s ebullience was understandable. At the same time he was raising $100,000 for his cousin George W. Bush’s successful presidential re-election effort, the administration of another cousin, Florida Gov. Jeb Bush, returned the family favor, delivering $150 million of Florida pension money to an alternative investment fund run by Walker’s firm. Like other executives whose companies received Florida pension money, Walker is now renewing the cycle, reportedly attending in February a high-dollar fundraiser for Jeb Bush’s political committee.

Walker is not alone: He is one of 19 top fundraisers for George W. Bush -- known as “Pioneers” and “Rangers” -- whose financial firms received state business from Jeb Bush’s administration in Tallahassee. In all, an International Business Times’ review of government documents shows Jeb Bush oversaw Florida directing at least $1.7 billion of state workers’ retirement money to the financial firms of his elder brother’s major donors.

As Jeb Bush oversaw the State Board of Administration (SBA) that runs Florida’s massive public pension system, the state shifted billions of dollars into higher-risk, higher-fee alternative investments, benefiting the same sector of the investment industry he would work in upon leaving office. Many of those state deals delivered returns that fell short of projections. Roughly 20 percent of that system’s 53 private investment deals during Bush’s governorship went to companies that employed his brother’s Pioneers. Those financial firms, in turn, delivered more than $5 million of campaign cash to George W. Bush, the Republican National Committee and Jeb Bush’s Republican Party of Florida. (Click here to see the full list of Bush Pioneers whose firms received Florida pension investments from Jeb Bush’s administration).

As governor, Jeb Bush's administration gave pension deals to 11 firms whose executives were top fundraisers for George W. Bush. International Business Times/Hanna Sender

More: Jeb Bush's Administration Steered Florida Pension Money to George W. Bush's Fundraisers

Will these same executives help fund Jeb's quest for the White House? Probably...

 

[Decus]

I strongly dislike Jeb as he is as big a phony as the incumbent president, but speaking of donations it seems that Hillary has a pipeline to Wall Street and corporate money as well:

"Five of the top 10 donors to Hillary Clinton were Wall Street investment banks, and many were the beneficiaries of the Wall Street bailout. Two others, DL Piper and Skadden Arps, are Wall Street law firms."

.......

"Hillary Clinton is not Bill Clinton. The election is not tomorrow. But there is a history when it comes to Hillary Clinton and Wall Street. Throughout their political careers, the Clintons have been close to Wall Street, and both the party and the country have paid for it as a result."

Left flank critique of Hillary Clinton On Wall Street ties

Other big corporate donors include:

Credit Suisse Group

Ernst & Young

Merrill Lynch

Greenberg Traurig LLP

Corning Inc

.

 

[Lakhota]

I strongly dislike Jeb as he is as big a phony as the incumbent president, but speaking of donations it seems that Hillary has a pipeline to Wall Street and corporate money as well:

"Five of the top 10 donors to Hillary Clinton were Wall Street investment banks, and many were the beneficiaries of the Wall Street bailout. Two others, DL Piper and Skadden Arps, are Wall Street law firms."

.......

"Hillary Clinton is not Bill Clinton. The election is not tomorrow. But there is a history when it comes to Hillary Clinton and Wall Street. Throughout their political careers, the Clintons have been close to Wall Street, and both the party and the country have paid for it as a result."

Left flank critique of Hillary Clinton On Wall Street ties

Other big corporate donors include:

Credit Suisse Group

Ernst & Young

Merrill Lynch

Greenberg Traurig LLP

Corning Inc

.

What's your point? Maybe you should reread the thread title and OP - then rethink your tangent.

 

[Decus]

From your IB Times article:

"Florida ethics and contracting rules discourage public officials and their family members from accepting gifts from firms doing business with the state. However, those rules do not cover campaign contributions to Jeb Bush or his brother from companies managing Florida pension money. The deals were also made years before the Securities and Exchange Commission adopted rules effectively barring contributions from firms receiving pension money."

All big money donors want something of value from the politician. Sadly what Jeb did was not illegal. As campaign costs continue to skyrocket and the 2016 presidential campaign is projected to run into the billions, how do you think the next president is going to reward their big corporate donors?

.

 

[TheOldSchool]

I can't believe Jeb has the stones to run after the way his family name disgraced this nation.

 

[Katzndogz]

Don't vote for Jeb.

 

[hipeter924]

Gov. Jeb Bush's administration steered $1.7 billion of Florida state worker pension money to financial firms run by George W. Bush's major donors. JIM WATSON/AFP/Getty Images

Four years before the financial collapse, Goldman Sachs executive George Herbert Walker IV had much to be thankful for. "I've been fortunate to be a small part of teams leading U.S. restructurings, European privatizations, global pension management and now hedge fund and private equity investing,” he said in the annual report of a banking colossus that would soon be known as the “great vampire squid” of Wall Street.

“The world,” said Walker, “just keeps getting more interesting."

As the head of Goldman Sachs’ alternative investment unit, Walker’s ebullience was understandable. At the same time he was raising $100,000 for his cousin George W. Bush’s successful presidential re-election effort, the administration of another cousin, Florida Gov. Jeb Bush, returned the family favor, delivering $150 million of Florida pension money to an alternative investment fund run by Walker’s firm. Like other executives whose companies received Florida pension money, Walker is now renewing the cycle, reportedly attending in February a high-dollar fundraiser for Jeb Bush’s political committee.

Walker is not alone: He is one of 19 top fundraisers for George W. Bush -- known as “Pioneers” and “Rangers” -- whose financial firms received state business from Jeb Bush’s administration in Tallahassee. In all, an International Business Times’ review of government documents shows Jeb Bush oversaw Florida directing at least $1.7 billion of state workers’ retirement money to the financial firms of his elder brother’s major donors.

As Jeb Bush oversaw the State Board of Administration (SBA) that runs Florida’s massive public pension system, the state shifted billions of dollars into higher-risk, higher-fee alternative investments, benefiting the same sector of the investment industry he would work in upon leaving office. Many of those state deals delivered returns that fell short of projections. Roughly 20 percent of that system’s 53 private investment deals during Bush’s governorship went to companies that employed his brother’s Pioneers. Those financial firms, in turn, delivered more than $5 million of campaign cash to George W. Bush, the Republican National Committee and Jeb Bush’s Republican Party of Florida. (Click here to see the full list of Bush Pioneers whose firms received Florida pension investments from Jeb Bush’s administration).

As governor, Jeb Bush's administration gave pension deals to 11 firms whose executives were top fundraisers for George W. Bush. International Business Times/Hanna Sender

More: Jeb Bush's Administration Steered Florida Pension Money to George W. Bush's Fundraisers

Will these same executives help fund Jeb's quest for the White House? Probably...

Yep, though most Presidential candidates will be bought by the same corporations and finance companies. So Jeb Bush would be just re-electing the establishment.

 

[Lakhota]

Sounds pretty crooked to me.

 

[Lakhota]

Let Jeb keep on defending his actions.

 

[Claudette]

Well if you dig deep enough they are all crooked.

Its how they get elected dummy.