(illustration by DonkeyHotey)
From the International Business Times:
While Jeb Bush was governor of Florida, state pension officials committed at least $1.7 billion to financial firms whose executives were “Pioneer” fundraisers for his brother’s presidential campaigns. To achieve Pioneer status, the fundraisers had to amass at least $100,000 worth of bundled contributions to one of George W. Bush’s campaigns.
An International Business Times analysis of Florida government documents and a list of George W. Bush’s bundlers compiled by Public Citizen found that 11 firms that received new Florida pension investments under Jeb Bush were Pioneers. IBTimes also analyzed data from the Florida Division of Elections and Political Moneyline to determine how much money executives from those firms donated directly to Jeb Bush’s campaigns, George W. Bush’s campaigns, the Republican National Committee and the Republican Party of Florida between 1998 and 2006.
Here are some of the companies:
Blackstone Group: Donated $99,000, received $150 million
Carlyle Group: Donated $69,000, received $275 million
Deutsche Bank: Donated $200,000, received $450 million
Freeman Spogli: Donated $743,000, received $50 million
Goldman Sachs: Donated $1.5 million, received $150 million
Hicks Muse: Donated $189,000, received $25 million
J.P. Morgan Chase: Donated $64,000, received $100 million
Lehman Brothers: Donated $499,000, received $175 million
Morgan Stanley: Donated $1.1 million, received $150 million
Prudential Financial: Donated $406,000, received $100 million
UBS: Donated $147,000, received $100 million
Dang - talk about return on investment. This is the same scam Chris Christie has been running in New Jersey - looting State Pension Funds to reward political donors. It screws middle class workers who paid into these funds, while benefiting the 1%-ers who bankroll Republcan campaigns.
It's worth noting the Carlyle Group's inclusion on this list - They are the largest private equity firm on the planet, and George H.W. Bush was a senior adviser from 1998 to 2003, WHILE these transactions were occurring. Such a relationship means the above quid pro quo was probably a double windfall for the Bush clan.