Source >> https://facebook/notes/306183069580189/ January 8, 2015 at 5:50pm John Ellis (Jeb) Bush After graduating from Texas University, Jeb Bush served a short apprenticeship at the Venezuelan branch of Texas Commerce Bank in Caracas before settling in Miami, in 1980, to work on his fathers unsuccessful primary bid against Ronald Reagan. Campaigning for Dad was hardly a paying job. But Jeb was about to learn that being one of George Bushs sons means never having to circulate a résumé. In the next few years, financial support flowed to Jeb through Miamis right-wing Cuban community. Republican party politics and a series of business scandals -- including Medicaid fraud and shady S&L deals -- were inextricably intertwined. A former federal prosecutor told MJ that, when he looked into Jebs lucrative business dealings with a now-fugitive Cuban, he considered two possibilities -- Jeb was either crooked or stupid. At the time, he concluded Jeb was merely stupid. Jeb and Armando Codina Shortly after arriving in Miami, Jeb was hired by Cuban-American developer Armando Codina to work at his Miami development company as an agent leasing office space. A couple of years later, Jeb and Codina became business partners, and in 1985 they purchased an office building in a deal partly financed by a savings and loan that later failed. The $4.56 million loan, from Broward Federal Savings in Sunrise, Florida, was granted in such a way that neither Codinas nor Bushs name appeared on the loan papers as the borrowers. A third man, J. Edward Houston, borrowed the $4.56 million from Broward and then re-lent it to the Bush partnership. When federal regulators closed Broward Savings in 1988, they found the loan, which had been secured by the Bush partnership, in default. As Jebs father was finishing his second term as vice-president and running for the presidency, federal regulators had two options: to get Jeb Bush and his partner to repay the loan, or to foreclose on their office building. But regulators came up with a third solution. After reappraising the building, regulators decided it wasnt worth as much as was owed for it. The regulators reduced the amount owed by Bush and his partner from $4.56 million to just $500,000. The pair paid that amount and were allowed to keep their office building. Taxpayers picked up the tab for the unpaid $4 million. After the Broward Savings deal was revealed, Jeb described himself and his partner as victims of circumstances. Jeb and Camilo Padrera
Posted on: Fri, 09 Jan 2015 03:31:02 +0000
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