When you can’t even get John Kasich’s hometown newspaper to unflinchingly peddle your crap, Game Over, man.
‘Member yesterday how DeWhine attacked the Strickland Administration for giving $6 billion in bond work to Lehman Brothers? Turns out that Lehman’s role in that bond was, well, as insignificant as Kasich’s and Lehman Brothers’ roles were in launching Google.
The Strickland administration also said Lehman Brothers and Barclays played a minor role in the bond deals highlighted by the GOP. For example, Lehman was one of 18 co-managers on a $5.5 billion bond sale in 2007, and the state opted not to hire Lehman for one of the two top positions on the deal, meaning Lehman earned about one-sixth what the senior managers did.
In other words, Lehman Brothers wasn’t alone in getting that $6 billion in work, which is what ORP Chairman and the House majority leaders’ falsely implied as they engaged in their kabuki theater of feigned outrage while, ironically, lecturing Strickland over the importance of political leaders needing to be honest and forthright. In reality, while it’s true Lehman Brothers got some of the work, they were only one of eighteen other financial services companies involved in the project, and they were paid 1/6th of what other companies were paid.
If you summed up the totality of the ORP’s criticism, you’re left with this:
“Ted Strickland awarded financial services work for the the State to private financial service companies.”
Kevin DeWhine, the chairman of the Party of Privatization, in order to help a GOP candidate running on a platform of privatization, essentially attacked Governor Strickland for giving State business out to be handled by qualified and competent specialists in the private market.
And let’s be perfectly clear, unlike Kasich’s personal involvement in pitching Lehman Brothers to the State pensions and introducing folks in Lehman Brothers who tried to get the State pensions to “invest” money in Lehman’s toxic assets in a futile attempt to keep the company from collapsing, there’s no evidence of wrongdoing here. The ORP did not even claim that the minor roles Lehman Brothers was permitted to play in the State’s bonds caused the State of Ohio to lose money, or even that it played any role in Lehman’s collapse and the resulting economic meltdown.
The GOP’s attack yesterday only makes sense if you’re an astroturfing out-of-state hack for the Kasich campaign or a person with no sense of proportionality and the GOP’s own inherent hypocrisy in making the charge.
I pray that the GOP continues to equate small business owners with the evils of Wall Street and highlight the support Ted Strickland has within the Ohio business community during this election cycle.