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Bush’s Cousin George H. Walker Made Millions on Lehman Collapse

Posted in Main Blog (All Posts) on October 7th, 2008 11:09 am by HL

George W. Bush’s Cousin George H. Walker (those two families have been in an incestous relationship for close to 100 years) was one of the beneificiaries of the multi million dollar payouts to the execs of Lehman Bros. Lehman was not one of the companies covered by the bailouts. Makes sense Bush’s cousin got his loot, why should be bother helping the rest of “those people” becuase as you can see Bush is only concerened with his family and freinds and screw everyone else.

Do you think it’s fair?” Waxman demanded of Fuld as he outlined his exorbitant pay packages and noted that shareholders ended up with nothing.

Fuld said he is haunted nightly wondering what he might have done to avert Lehman’s bankruptcy, the largest in U.S. history.

“This is a pain that will stay with me for the rest of my life,” he said.

Also haunting him, Fuld said, is the question of why Lehman didn’t get a federal rescue while others did: Bear Stearns, the mortgage giants Fannie Mae and Freddie Mac, and insurance giant American International Group Inc.

“Until the day they put me in the ground, I will wonder,” Fuld told the committee.

But the committee’s investigation painted Fuld as anything but a victim.

Waxman released e-mail correspondence from June 2008 in which Fuld dismissed the suggestion from executives at a Lehman subsidiary that the company’s top people forgo bonuses to “send a strong message to both employees and investors that management is not shirking accountability for recent performance.”

Fuld wrote, “Don’t worry — they are only people who think about their own pockets.”

The suggestion came from executives at Lehman’s money management subsidiary, Neuberger Berman, who also were recommending that Lehman spin off its business to insulate its employees — and their bonuses — from Lehman’s sagging stock price and from “management mistakes.”

George H. Walker, President Bush’s cousin and a member of Lehman’s executive committee, breezily shot down the ideas, according to the e-mails.

“Sorry team. I am not sure what’s in the water at” Neuberger Berman, Walker wrote to the rest of the executive committee. “I’m embarrassed and I apologize.”

HL’s Take:
20 years ago Neil Bush walked away with millions from the Silverado Savings and Loan scandal. The Bush family always profit handsomely while everyone else loses his shirt. Buy as usual the Democrats give Bush everything he wants while everyone else gets screwed. Business as usual.

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