Monday, December 10, 2012

The Bush League

Since I have always regarded the Bush family as a bunch of upper crust confidence men, this news doesn't surprise me. It seems that a high-profile Miami businessman just got busted for running a big scam. Part of his MO was recruiting high profile guys for his board of directors.

Chris Korge, a shrewd Miami developer and lawyer, said Osorio assured him that his company had about $40 million in cash and a lucrative deal with Middle Eastern investors to purchase $500 million in company stock. Korge invested $4 million before he began to suspect that something didn’t add up.

“Jeb Bush was on the board, there were a lot of successful people convincing me. We went out and we met and I just began to realize that the cost-effectiveness of building with the materials would never work,” Korge said. By that time, however, it was too late.

Some guys like to treat these board positions as free money, but that money comes with real legal liability. Will this affect Bush's credibility as a Presidential candidate in 2016? TBD.