Jim Gilmore Helps Crash Bear Stearns

By: Evan M
Published On: 3/19/2008 2:23:51 PM

[Update] Feddo got here first! Go give him some love.

First Jim Gilmore messed up Virginia's balance sheet. Now it turns out he may have had a small role to play in messing up Bear Stearns' balance sheet as well.

Former Governor Jim Gilmore was chairman of a Bear Stearns subsidiary that was set up to market some of its highest-risk securities.
...
There's no indication Gilmore's actions were illegal or improper. But manager Axel Merk says close ties with credit markets dependent on the declining home loan industry through last summer show naivete on Gilmore's part. - The AP via WDBJ7
Our former governor appears to have the reverse Midas touch, every financial endeavor he gets involved with suffers horrible losses that need to be cleaned up by an outside third-party, be it his successor in office or the Federal Government.
For heavens' sake, let's keep this man away from the U.S. Federal Budget. Elect Mark Warner in November!

(With a tip-o-the-hat to MyDD.)

Comments



Gilmore sure "screwed the pooch". (The Old Town Observer - 3/19/2008 6:01:12 PM)
Remember the "no car tax" that put Virginia's budget in the tank? The illegal aliens driving around in fancy cars and paying NO TAX? Thanks Jim!!!!!!


On Countdown last night, SEC looking into possible fraud (VA Breeze - 3/20/2008 9:58:24 AM)
and other types of wrong-doing at Bear Stearns

KO speculated that could be another Enron