Jeb and Armando Codina
Shortly after arriving in Miami, Jeb was hired by Cuban-American developer Armando Codina to work at his Miami development company as an agent leasing office space. A couple of years later, Jeb and Codina became business partners, and in 1985 they purchased an office building in a deal partly financed by a savings and loan that later failed.
The $4.56 million loan, from Broward Federal Savings in Sunrise, Florida, was granted in such a way that neither Codina's nor Bush's name appeared on the loan papers as the borrowers. A third man, J. Edward Houston, borrowed the $4.56 million from Broward and then re-lent it to the Bush partnership. When federal regulators closed Broward Savings in 1988, they found the loan, which had been secured by the Bush partnership, in default.
As Jeb's father was finishing his second term as vice-president and running for the presidency, federal regulators had two options: to get Jeb Bush and his partner to repay the loan, or to foreclose on their office building. But regulators came up with a third solution. After reappraising the building, regulators decided it wasn't worth as much as was owed for it. The regulators reduced the amount owed by Bush and his partner from $4.56 million to just $500,000. The pair paid that amount and were allowed to keep their office building. Taxpayers picked up the tab for the unpaid $4 million.
After the Broward Savings deal was revealed, Jeb described himself and his partner as "victims of circumstances."
http://www.motherjones.com/politics/1992/09/bush-family-value
= new reply since forum marked as read
Felt the need to post a photo of Jeb's good old "exile" friend, Armando Codina. Such a heavenly "exile".
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Article mentions the former life in Cuba of Jeb Bush's good "exile" friend, Camilo Padreda before he fled retribution after the Revolution, running to Miami to hide. From the article:
He had also been a counterintelligence officer for deposed Cuban dictator Fulgencio Batista.
Also important to check the information on Jeb Bush's friend, Cuban "exile" Miguel Recarey, who pulled off the largest Medicaid theft in US history himself, with Jeb Bush going to bat with his father in order to catch Recarey a break, who took off to hide eventually in Spain, after a quick duck into Venezuela.
The article reminds us that Miguel Recarey had, as an associate, "Miami Mafia godfather Santo Trafficante, Jr." It's all so dirty it could make a maggot gag.
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Miguel Recarey [/center]
Here's an article on Jeb Bush's associate, Camilo Padreda, showing him to be a real specimen resembling a blending of so many "exile" notables in South Florida public life. Ve-ry strange world with these people in it.
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Friends, enemies, and acquaintances (top row, left to right): Former Gov. Bob Martinez, Al Cardenas,
Jorge Valdes, Maurice Ferré, Sergio Pereira; (second row) Miami Mayor Manny Diaz, Hialeah Mayor
Raul Martinez, President Ronald Reagan; (bottom row) Gov. Jeb Bush, FBI head Hector Pesquera,
former Miami Police Chief Raul Martinez; (bottom right) Camilo Padreda [/font][/center]
Article from the Miami New Times On Jeb Bush's friend, Camilo Padreda:
A Friend Indeed
Meet Camilo Padreda, dynamic businessman, faithful Republican, patron of law enforcement, convicted felon
By Tristram Korten Thursday, Jan 30 2003
http://www.miaminewtimes.com/2003-01-30/news/a-friend-indeed/
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People need to know about these things, instead of allowing them all to stay deeply buried and out of sight.
Thank you, RandySF.
