Home > Politics > Governor Kasich and Lehman Causing Ohio’s Budget Woes

Governor Kasich and Lehman Causing Ohio’s Budget Woes

March 2, 2011

MotherJones reported during the election cycle: former GOP Rep. John Kasich, spent over half a decade as a managing director at Lehman Brothers—the collapse of which helped trigger the recession that’s hitting Ohio particularly hard. Ted Strickland has been slamming Kasich’s affiliation with the investment bank.

From Democracy Now interview with Matt Taibbi author of Why Isn’t Wall Street In Jail:

MATT TAIBBI: Governor Kasich, yeah, and he was intimately involved with selling—getting the state of Ohio’s pension fund to invest in Lehman Brothers and buy mortgage-backed securities. And of course they lost all that money. And this, broadly, was really what the mortgage bubble and the financial crisis was all about. It was essentially a gigantic criminal fraud scheme where all the banks were taking mismarked mortgage-backed securities, very, very dangerous, toxic subprime loans, they were chopping them up and then packaging them as AAA-rated investments, and then selling them to state pension funds, to insurance companies, to Chinese banks and Dutch banks and Icelandic banks. And, of course, these things were blowing up, and all those funds were going broke. But what they’re doing now is they’re blaming the people who were collecting these pensions—they’re blaming the workers, they’re blaming the firemen, they’re blaming the policemen—whereas, in reality, they were actually the victims of this fraud scheme.

CONTACT OHIO’S ATTORNEY GENERAL AND INSIST ON AN INVESTIGATION TO ROOT OUT THE FRAUD AND STOP THE OHIO REPUBLICAN LEGISLATURE FROM UNION BUSTING!

http://www.ohioattorneygeneral.gov/Contact

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