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Lehman Aug 20
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Fuld’s Sun Valley Estate Auction Postponed for Four Weeks
Aug 20, 2015 | Bloomberg
By John Gittelsohn
Wednesday’s planned auction of a Sun Valley, Idaho, estate owned by Richard “Dick” Fuld, who led Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history, was postponed for four weeks to let more bidders take part. “We received strong last-minute interest and have decided to reschedule the auction to Sept. 17 in order... -
Dick Fuld’s Sun Valley Estate Could Be Yours for $30 Million
Aug 19, 2015 | Bloomberg
By John Gittelsohn
Richard “Dick” Fuld, who led Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history, is selling a Sun Valley, Idaho, estate that may fetch a record price at an auction Wednesday. Big Wood River Estate, a 71.3-acre (29-hectare) spread near the Sun Valley ski resort and bordered by a trout fishing... -
Dick Fuld’s Sun Valley Spread Could Set $30m Auction Record
Aug 19, 2015 | New York Post
By Kevin Dugan
Dick Fuld’s Sun Valley, Idaho, estate is hitting the auction block. The former Lehman Brothers head honcho, who oversaw the bank’s 2008 bankruptcy, is offering up his 71.3-acre Big Mountain Estate — and will likely get much less than what he initially hoped. While the spread near the famed Sun Valley ski resort was previously offered ... -
Dick Fuld About To Come Into A Nice Chunk Of Change
Aug 19, 2015 | Dealbreaker
By Bess Levin
On September 3, 2007, then Lehman Brothers CEO Richard S. Fuld made a profound statement in an email to colleagues, writing “the BRos always wins!!“. And while it should’ve come with a footnote that clarified, “Win like ultimately, but not before we destroy a 158 year-old institution, are run out of Wall Street, become the poster child for stupid decisions... -
Election 2016: Jeb Bush Got $1.3M Job At Lehman After Florida Shifted Pension Cash To Bank
Aug 19, 2015 | International Business Times
By Matthew Cunningham-Cook
...Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida's money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses... -
Jeb Bush’s $1.3M Lehman Bros. Payday
Aug 19, 2015 | Blue National Review
By Economy Jesse Berney
While the media twists itself into knots trying to wring a story out of Hillary Clinton‘s private email server, the International Business Times reports Jeb Bush may have received a kickback worth more than $1 million after directing millions in state funds to Lehman Brothers, the investment bank that collapsed after playing a big role in the 2008...
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Dick Fuld - Sun Valley
Comment - Jeb Bush
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Fuld’s Sun Valley Estate Auction Postponed for Four Weeks
Aug 20, 2015 | Bloomberg
By John Gittelsohn
Wednesday’s planned auction of a Sun Valley, Idaho, estate owned by Richard “Dick” Fuld, who led Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history, was postponed for four weeks to let more bidders take part.
“We received strong last-minute interest and have decided to reschedule the auction to Sept. 17 in order to allow those bidders and any others who qualify the chance to participate,” Kari Neering, a spokeswoman for Concierge Auctions, said in an e-mail. “At this point we have an opening bid of $20 million, and the ultimate price will be determined on auction day.”
Bidders were required to deposit $500,000 to participate in the auction of Fuld’s Big Wood River Estate, a 71.3-acre (29-hectare) spread near the Sun Valley ski resort and bordered by a trout fishing stream. It is expected to sell for $30 million to $50 million, according to Laura Brady, president of New York-based Concierge Auctions. That would be less than the $59.5 million Fuld sought in a previous off-market listing for the estate, which includes a main home and adjacent buildings with a total of 11 bedrooms and 10 1/2 baths.
Fuld headed Lehman from 1994 to 2008, when the financial firm’s bankruptcy triggered a Wall Street meltdown. He decided to sell the estate because he rarely visited Sun Valley in recent years, Brady said...
For full story: http://www.bloomberg.com/news/articles/2015-08-20/fuld-s-sun-valley-estate-auction-postponed-for-four-weeks
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Dick Fuld’s Sun Valley Estate Could Be Yours for $30 Million
Aug 19, 2015 | Bloomberg
By John Gittelsohn
Richard “Dick” Fuld, who led Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history, is selling a Sun Valley, Idaho, estate that may fetch a record price at an auction Wednesday.
Big Wood River Estate, a 71.3-acre (29-hectare) spread near the Sun Valley ski resort and bordered by a trout fishing stream, is being offered at a sale that’s scheduled to be conducted on the grounds this evening by New York-based Concierge Auctions.
The property is expected to sell for $30 million to $50 million, which would be the most paid for a U.S. residence sold at an auction, according to Laura Brady, president of Concierge. Bidders are required to deposit $500,000 to participate in the sale, and there is no minimum bid or reserve price, she said. The estate includes a main home and adjacent buildings with a total of 11 bedrooms and 10 1/2 baths.
Fuld headed Lehman from 1994 to 2008, when the financial firm’s bankruptcy triggered a Wall Street meltdown. He’s selling the estate because he rarely visited Sun Valley in recent years, Brady said.
“The property is costly to maintain and he’d like to have someone else who’s going to enjoy it,” she said.
Fuld didn’t reply to a request for comment left at his firm, Matrix Advisors in New York. He won’t be attending the auction, Brady said.
He began assembling the property in the 1990s and commissioned architect Alan Wanzenberg to design the Adirondack-style rock-and-timber main home, service quarters and two guest houses, which were completed in 2002, according to the auction advertisement.
The estate, previously offered for $59.5 million in an off-market listing, includes spring-fed ponds and 2,100 feet (640 meters) of frontage on the Big Wood River...
For full story: http://www.bloomberg.com/news/articles/2015-08-19/dick-fuld-s-sun-valley-estate-seen-selling-for-record
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Dick Fuld’s Sun Valley Spread Could Set $30m Auction Record
Aug 19, 2015 | New York Post
By Kevin Dugan
Dick Fuld’s Sun Valley, Idaho, estate is hitting the auction block.
The former Lehman Brothers head honcho, who oversaw the bank’s 2008 bankruptcy, is offering up his 71.3-acre Big Mountain Estate — and will likely get much less than what he initially hoped.
While the spread near the famed Sun Valley ski resort was previously offered for $59.5 million, the property is expected to sell for between $30 million and $50 million, according to the listing on Concierge Auction. The property boasts 11 bedrooms and 10.5 baths, including a main home and two other residences.
At the low end of the range, it would still be the most paid for a US residence sold at an auction, according to New York-based Concierge. The auction starts at 8 p.m. New York time.
Fuld, 69, has been trying to quietly unload the property for more than a year but only through private, appointment-only bids, The Post exclusively reported in June.
Fuld owns other parcels of land in and around the tony resort area — 97 acres in total — valued at an estimated $27 million in 2008.
The estate, which is in the shadow of Bald Mountain, is “minutes to Sun Valley Resort ski lifts, incredible skiing and invigorating hiking, mountain biking and endless recreation are within reach at a moment’s notice,” according to the listing.
Fuld went into hiding after Lehman collapsed in September 2008, one of the darkest days of the financial crisis...
For full story: http://nypost.com/2015/08/19/dick-fulds-sun-valley-spread-could-set-30m-auction-record/
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Dick Fuld About To Come Into A Nice Chunk Of Change
Aug 19, 2015 | Dealbreaker
By Bess Levin
On September 3, 2007, then Lehman Brothers CEO Richard S. Fuld made a profound statement in an email to colleagues, writing “the BRos always wins!!“. And while it should’ve come with a footnote that clarified, “Win like ultimately, but not before we destroy a 158 year-old institution, are run out of Wall Street, become the poster child for stupid decisions that led to the global financial crisis, and are more or less shunned by society.” Because after all that, and a number of years of keeping an extremely low profile lest he be recognized in public, things are working out pretty well for Dick Fuld. Some might even say he’s “winning.”
Last spring, he began hitting the party circuit again. In May, someone actually asked him to give a keynote address at an investing conference, where he discussed the secrets to Lehman Brothers’ success. Whole years have gone by since he got into an altercation with another parent at a youth hockey game. And now, he’s about to score a nice li’l payday...
For full story: http://dealbreaker.com/2015/08/dick-fuld-about-to-come-into-a-nice-chunk-of-change/
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Election 2016: Jeb Bush Got $1.3M Job At Lehman After Florida Shifted Pension Cash To Bank
Aug 19, 2015 | International Business Times
By Matthew Cunningham-Cook
For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida's money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses.
But for Jeb Bush personally, his enduring relationship with Lehman would prove lucrative. In 2007, just as he left office, Bush secured a job as a Lehman consultant for $1.3 million a year, Bloomberg reported.
Weeks after Bush took the Lehman job, the Florida State Board of Administration (SBA) -- a three-member body that makes investment decisions about state pension funds and whose ranks had recently included one Jeb Bush -- gave Lehman additional business: SBA purchased $842 million worth of separate investments in Lehman’s mortgage-backed securities. Over the course of one year from June 2007 to June 2008, the SBA would shift an additional $420 million of pension money into the same fund in which the state had begun investing under Bush.
In short, during Bush’s first year working for Lehman, his former colleagues in Tallahassee, the state capital, moved vast sums of Florida pension money into the doomed Wall Street investment bank, even as warnings about its financial troubles began to emerge.
Bush left Lehman Brothers after the firm declared bankruptcy in 2008. He joined British banking giant Barclays as an adviser soon thereafter and held that title until late 2014, when he closed out his business interests in preparation for a presidential run.
These days, Jeb Bush is actively seeking the Republican nomination for president, and in so doing, he presents himself as a champion of the public interest in the face of a corrupted system exploited by insiders who enrich themselves at taxpayer expense. But an International Business Times investigation of Bush’s role in helping steer state investment to Lehman and his subsequent employment with the firm challenges that depiction, raising the prospect that Bush may have personally profited from choices his administration made that benefited the bank.
Bush’s presidential campaign declined to answer IBTimes questions about state investments that Lehman made while he was governor and soon afterward, while he was working for the bank. He has denied having anything to do with the 2007 transactions, according to a Tampa Bay Times review of the state’s investments in Lehman after Bush left office.
Former government officials and ethics experts interviewed by IBTimes say the sequence of transactions raises significant questions.
"This is a breathtaking conflict of interest going on here,” said Craig Holman, governmental ethics lobbyist with Public Citizen, a good-government group. “This cost Florida very dearly, and it enriched Jeb Bush."
Jeff Connaughton, author of the book “The Payoff: Why Wall Street Always Wins,” said the transactions illustrate a larger culture that dominates the politics of finance.
“The Bush family is so wired that Jeb Bush would be incredibly valuable to Lehman even without him having thrown some business their direction,” said Connaughton, the former chief of staff to U.S. Sen. Ted Kaufman, a Democrat who served on the panel that investigated financial fraud after the bank crisis of 2008. “The fact that he did shows once again that there is utterly zero deterrence preventing public officials from being on the receiving end of pay to play when they leave office. It’s par for the course -- it has the appearance that Bush was using his public office for personal gain.”
Florida originally began investing money in Lehman in 2005, while Bush was the highest profile member of the SBA, which oversees the $150 billion pension fund. The Bush-led SBA that year committed $176 million to Lehman; in 2006, as Florida moved another $87 million into the Lehman investment, the firm hired Jeb Bush’s cousin, George Herbert Walker, to run the firm’s investment management division.The next year, Lehman offered the outgoing Florida governor the consulting job. Bush had worked briefly at a Texas-based bank after college, but he lacked significant Wall Street experience.
Most of the investment losses that hit Florida starting in July 2007 were tied to the Lehman mortgage-backed securities bought the year Bush began his employment at the firm...
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Jeb Bush’s $1.3M Lehman Bros. Payday
Aug 19, 2015 | Blue National Review
By Economy Jesse Berney
While the media twists itself into knots trying to wring a story out of Hillary Clinton‘s private email server, the International Business Times reports Jeb Bush may have received a kickback worth more than $1 million after directing millions in state funds to Lehman Brothers, the investment bank that collapsed after playing a big role in the 2008 economic meltdown.
The story is simple. During and just after Bush served as governor of Florida and a member of the state’s Board of Administration, which decides where to invest the state’s public pension funds, Florida moved more than a billion dollars of state funds under the control of Lehman Brothers, which resulted in millions of dollars in fees for managing the funds.
As he left office, Bush — who had virtually no investment banking experience but an extremely useful last name — accepted an offer from Lehman Brothers for a job as a “consultant.” The job paid $1.3 million a year...
For full story: http://bluenationreview.com/jeb-bushs-1-3m-lehman-bros-payday/
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Dick Fuld - Sun Valley
Comment - Jeb Bush
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