Lehman Aug 6

Jeb Bush

1. Banker Politicians and Academic Activism

   Aug 5, 2015 | Bloomberg View

   By Matt Levine
   
   
   Here is a generally glowing portrait of Jeb Bush's time working for Lehman Brothers and then Barclays from 2007 through 2014. Unlike most former politicians in finance, Mr. Bush was seen as a “commercial,” almost a term of endearment on Wall Street meaning he understood how bankers prepared for meetings...
2. With Collapse Looming, Dick Fuld Holstered His Bush

   Aug 5, 2015 | Dealbreaker

   By Thornton McEnery
   
   
   We’ve talked a bit already about Jeb! Bush’s time at Lehman. But while we went over his failed flirtation with Carlos Slim and the sweet $1.3 million that he pulled down in a vague advisory role, we did not know too much about what Jeb! did or didn’t do as Lehman faced the end.
3. WSJ: Jeb Bush Earned Millions on Wall Street Before '16 Campaign

   Aug 5, 2015 | Newsmax

   By Jason Devaney
   
   
   Jeb Bush spent several years after his second term as Florida governor ended working with Wall Street firms and was paid millions of dollars for his services, according to a detailed report. The Wall Street Journal has an in-depth piece that takes a closer look at Bush's Wall Street work.

Client Attorney Privileged/Attorney Work Product/At Request of Counsel

Full Text of Stories Below

Jeb Bush

1. Banker Politicians and Academic Activism

   Aug 5, 2015 | Bloomberg View

   By Matt Levine

   Here is a generally glowing portrait of Jeb Bush's time working for Lehman Brothers and then Barclays from 2007 through 2014. 

   Unlike most former politicians in finance, Mr. Bush was seen as a “commercial,” almost a term of endearment on Wall Street meaning he understood how bankers prepared for meetings, advised clients and made money. He frequently reminded clients he was part of a team and ended meetings with a “thank you for letting us work for you,” or a direct appeal to hire the bank, recalled one former Barclays banker.

   I would take out the "almost" there; "commercial" is some of the highest praise in finance, especially for classes of people -- lawyers, compliance, technologists, out-of-work politicians collecting paychecks for their star power -- with reputations for impracticality. But the story is full of adorable moments of Bush playing at being a real banker: flying commercial, walking through midtown talking on a BlackBerry, adding value, talking about adding value. He was doing this not as an employee but as a "senior adviser," spending "about 40%" of his time working for the bank and earning "about $1.3 million a year at Lehman and some $2 million from Barclays," and I have to say that 40 percent of your time seems like a pleasant amount of time to work for an investment bank, particularly for a seven-digit paycheck. Of course Bush was working at Lehman in interesting times; he pitched Carlos Slim on an investment in Lehman in July 2008, which did not succeed. There was someone else whom Bush could have pitched on rescuing Lehman in 2008, but he held off:

   Mr. Fuld had weighed asking Mr. Bush to call his brother, the president, and raised the idea to some of his executives, people familiar with the matter said. They urged their boss against it, arguing it would put the Bush brothers in an awkward position, the people said, and they doubted it would help.

   There are limits to "commercial."...

   For full story:

   http://www.bloombergview.com/articles/2015-08-05/banker-politicians-and-academic-activism
   

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2. With Collapse Looming, Dick Fuld Holstered His Bush

   Aug 5, 2015 | Dealbreaker

   By Thornton McEnery

   We’ve talked a bit already about Jeb! Bush’s time at Lehman.

   But while we went over his failed flirtation with Carlos Slim and the sweet $1.3 million that he pulled down in a vague advisory role, we did not know too much about what Jeb! did or didn’t do as Lehman faced the end.

   Well thanks to WSJ, now we do.

   Mr. Bush said he wasn’t consulted about Lehman’s difficulties as it veered toward bankruptcy, according to congressional testimony and people familiar with the matter. During a 2012 U.S. House committee hearing, he said no one asked him to intervene on behalf of the firm. Mr. Bush said Mr. Fuld, Lehman’s chief executive, “didn’t ask me to do anything, and I didn’t do anything.”

   “Nothing?” The dude was the brother of the sitting President. It had to be at least tempting.

   Mr. Fuld had weighed asking Mr. Bush to call his brother, the president, and raised the idea to some of his executives, people familiar with the matter said. They urged their boss against it, arguing it would put the Bush brothers in an awkward position, the people said, and they doubted it would help.

   It was a crazy time, so who knows, but again; the dude was First Bro.

   But The Journal also has some insight into why that would have been a sticky question.

   According to the article, Jeb! had it in his contract that he would not lobby on behalf of Lehman. His role was apparently meant to be customer facing and provide something of an overall political Svengali presence.

   The reality of Jeb! having been only about three-quarters in on Lehman’s future could provide two narratives. Those in “Camp Jeb!” will say that it demonstrates he was a conscientious member of a private sector finance firm that got what it deserved. Those in “Camp Jeb?” will say that he wasn’t even trusted to call his own brother for a bailout...

   For full story:

   http://dealbreaker.com/2015/08/with-collapse-looming-dick-fuld-holstered-his-bush/
   

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3. WSJ: Jeb Bush Earned Millions on Wall Street Before '16 Campaign

   Aug 5, 2015 | Newsmax

   By Jason Devaney

   Jeb Bush spent several years after his second term as Florida governor ended working with Wall Street firms and was paid millions of dollars for his services, according to a detailed report.
   
   The Wall Street Journal has an in-depth piece that takes a closer look at Bush's Wall Street work.
   
   Bush, for example, was paid $1.3 million annually as a consultant to Lehman Brothers, and earned $2 million from Barclays.
   
   As part of his work for Lehman Brothers, reports the Journal, Bush traveled to Mexico City to ask billionaire Carlos Slim to help the firm before it collapsed in 2008 via "project verde." Ten weeks later, after Slim didn't invest in the firm, it broke apart at the seams and declared bankruptcy.
   
   After Lehman Brothers went belly-up, Bush spent almost half of his working hours with Barclays.
   
   "I spent a lot of time, I probably spent about 40 percent of my time working for Barclays," Bush said in June. "I did a lot of their conferences where I spoke and I interacted with their clients."
   
   Bush, a Republican, announced his candidacy for president in June after months of speculation that he would join the race. He resigned from his position at Barclays late last year because of his presidential plans.
   
   When Bush left the governor's mansion in Florida and resumed his life as a private citizen, at least six Wall Street firms offered Bush a job, reports the Journal. He landed the position at Lehman Brothers and made public appearances for the company, giving speeches and traveling to conferences in order to boost the firm's visibility.
   
   He often traveled alone and without security, despite the fact that his brother, George W. Bush, was the sitting U.S. president...

   For full story:

   http://www.newsmax.com/Politics/Jeb-Bush-millions-wall-street-Lehman-Brothers/2015/08/05/id/665539/
   

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Client Attorney Privileged/Attorney Work Product/At Request of Counsel

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