10 Updates

Desperate Mission: Jeb Bush Asked Mexican Billionaire Carlos Slim To Save Lehman Brothers

Apr 21 2014, 3:39pm CDT | by

In the summer of 2008, as the worst financial crisis since the Great Depression was unfolding, Jeb Bush, Florida’s former governor and brother of then President George W. Bush, traveled to Mexico to...

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13 weeks ago

Desperate Mission: Jeb Bush Asked Mexican Billionaire Carlos Slim To Save Lehman Brothers

Apr 21 2014, 3:39pm CDT | by

In the summer of 2008, as the worst financial crisis since the Great Depression was unfolding, Jeb Bush, Florida’s former governor and brother of then President George W. Bush, traveled to Mexico to ask Mexican telecom mogul Carlos Slim Helú to rescue Lehman Brothers, The New York Times reported.

In a front page article on Monday, The Times revealed that within a year of ending his term as Florida’s governor, Bush had signed on as consultant to Lehman Brothers, where he was enlisted to reach out to Carlos Slim in a plan code-named Project Verde (Green Project). Slim, says the Times, was not interested in making a major investment in Lehman Brothers—the Wall Street giant whose bankruptcy catalyzed the financial meltdown—or striking up a joint venture with it. “Project Verde was unsuccessful,” Bush wrote to a Lehman colleague in early July 2008.

When asked to confirm the story, Arturo Elías Ayub, Slim’s spokesperson and son-in-law, told me he had no comment.

Based on records and interviews that show that Jeb Bush participated in the “fevered, last-ditch efforts to prop up Lehman Brothers , a Wall Street bank weighed down by toxic mortgage-backed securities,” The Times learned about Bush’s failed mission, which was unknown until now. The daily says that emails show that as a paid adviser to the company in 2008, Jeb Bush met with Slim Helú as Lehman sought to persuade the world’s second richest man to make a sizable investment in the firm.

In 2008, Lehman was the fourth-largest investment bank  in the US (behind Goldman Sachs Morgan Stanley , and Merrill Lynch ), doing business in investment banking, equity  and fixed-income  sales and trading researchinvestment management private equity , and private banking .

The revelation is one more example of how Slim is often seen in the U.S: as a “lender of last resort” to troubled companies, including The New York Times.

The Times does not say why Slim rejected the offer, but given that the troubles of Lehman Brothers were already known, Slim probably did not think it was a good investment.

As to why Lehman Brothers chose Bush, and not others, for the Slim mission has to do with his reputation as being close to Mexico. Bush is married to a Mexican national, speaks fluent Spanish and has long-standing connections to powerful Mexicans both in the business community and among the political elite.

With a current net wealth of over $70.4 billion , Slim is the world’s second richest man in the world, according to Forbes .

Twiiter: @DoliaEstevez

 
Update
10

6 weeks ago

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Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
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6 weeks ago

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Update
8

6 weeks ago

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Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

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Update
7

6 weeks ago

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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hish ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

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PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Mini ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation o ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

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PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinr ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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