Granted... I hated Jeb Bush prior to reading Joshua
Green's latest piece...
Anyway... you can access the full article via Bloomberg New's Bloomberg Politics.
* * *
* * *
Over the last several months, former Florida Governor Jeb
Bush has been giving speeches, campaigning for candidates, appearing at public
forums, and meeting with wealthy donors, which has led many people to believe
that he may soon enter the race to become the next Republican presidential
nominee.
* GOD SAVE THE GOP FROM ANOTHER BUSH...
Bush’s recent business ventures reveal that he shares a
number of liabilities with the last nominee, Mitt Romney, whose career in
private equity proved so politically damaging that it sunk his candidacy.
Documents filed with the U.S. Securities and Exchange
Commission on Nov. 27 list Bush as chairman and manager of a new offshore
private equity fund, BH Global Aviation, which raised $61 million in September,
largely from foreign investors.
* CRONY CAPITALISM UBER ALLES...
In November the fund incorporated in the United Kingdom
and Wales - a structure several independent finance lawyers say that operates
like a tax haven by allowing overseas investors to avoid U.S. taxes and
regulations.
(*SIGH*)
BH Global Aviation is one of at least three such funds
Bush has launched in less than two years through his Coral Gables, Fla.,
company, Britton Hill Holdings.
He’s also chairman of a $26 million fund, BH Logistics,
established in April with backing from a Chinese conglomerate...
* COMMUNIST CHINA OR TAIWAN? (OH... WHO CARES; NEITHER
WOULD BE GOOD!)
...and a $40 million fund involved in shale oil
exploration...
* BETTER...
* GOOD IN FACT!
His flurry of ventures doesn’t suggest someone preparing
to run for president...
(*KNEELING IN PRAYER OF THANKS*)
Bush declined to be interviewed for this article.
(*SMIRK*)
Bush’s newest fund, BH Global Aviation, is his largest
and most complicated. It deepens his financial ties to China and [specifically]
Hainan Province.
Controlled by Bush through a U.S. holding company, it’s
set up to receive money from foreign investors.
The Nov. 27 SEC filing states that 98% of BH Global
Aviation’s funding, or $60,883,500, comes from “non-U.S. persons.”
Typically, a fund’s managers kick in 2%, which probably
explains the 2% from U.S. investors. Recent U.K. filings show an identical 98%
of the fund’s capital ($60,883,500) coming from an entity called “Oak Tree
Investment LLC,” with the remaining 2% from seven U.S.-based investors or
companies... including Britton Hill.
(Oak Tree appears to house Bush’s foreign investors. In
July an “Oak Tree Investment, LLC” was incorporated in Delaware, which allows
it to hide the identities of its managers and investors.)
The handful of the fund’s investors who are disclosed
provide a globe spanning snapshot of Bush’s financial universe.
One, Armando Olivera, was chief executive officer of the
electric utility Florida Power & Light when Bush was governor. In 2009,
Bush publicly pushed for a rate increase that would benefit Olivera.
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