lehman 21/10

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

Jeb Bush

1. Report Traces Jeb Bush’s Ties to Companies That Had Business With Florida

   Oct 20, 2015 | New York Times

   By Matt Flegenheimer and Steve Eder
   
   
   ...A sizable chunk of his earnings is attributable to Mr. Bush’s work with three companies — Tenet Healthcare, Lehman Brothers (later Barclays) and Rayonier Inc. — that had business interests with the state while he was governor...

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

Jeb Bush

1. Report Traces Jeb Bush’s Ties to Companies That Had Business With Florida

   Oct 20, 2015 | New York Times

   By Matt Flegenheimer and Steve Eder

   A sizable chunk of his earnings is attributable to Mr. Bush’s work with three companies — Tenet Healthcare, Lehman Brothers (later Barclays) and Rayonier Inc. — that had business interests with the state while he was governor.

   In April 2007, four months after leaving office, Mr. Bush was named to the board of Tenet, which paid him more than $2 million in cash and stock over the next eight years, according to the company’s public filings. Florida was among Tenet’s biggest markets.

   Tenet said in public filings that it “benefited greatly from Mr. Bush’s extensive background in government service, his perspectives on public policy and social issues and his experience as a business leader.”

   While Mr. Bush was governor, Tenet operated several private Florida hospitals, which participated in the state’s Medicare and Medicaidprograms. In 2006, Tenet agreed to pay $7 million to settle claims by the Florida attorney general’s office that it had inflated prices to obtain more than $1 billion in excess Medicare payments.

   Mr. Bush, in the summer of 2007, signed a consulting contract with Lehman Brothers, the Wall Street bank. According to his campaign, he was paid about $2 million a year for his services, which at one time included sitting on the board of Lehman’s private equity unit.

   Mr. Bush ended up advising Barclays following its purchase of Lehman units in the United States in 2008 after the bank sought bankruptcy protection. Last year, he was paid $2.7 million.

   Among the victims in Lehman’s collapse was Florida’s public pension system, which had invested heavily with the bank over the years.

   During the summer of 2007, Lehman sold the state pension fund $842 million of mortgage-backed debt, which soon went into default, according to Bloomberg News.

   Mr. Bush has denied that as a consultant, he steered Lehman to the pension fund, saying he had no role in Florida’s investments with the bank.

   For full article see: http://www.nytimes.com/2015/10/21/us/politics/report-traces-jeb-bushs-ties-to-companies-that-had-business-with-florida.html?_r=0

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