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 Monday, February 08, 2010 |
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KASICH'S CORPORATE COLLAPSE
After a failed presidential run in 1999, John Kasich took a hiatus from political life and headed for the bright lights of
New York City. Taking a position with Lehman Brothers, Kasich enjoyed the corner office, plush leather seats and friends
in high places.
That is, until his bank went broke. Lehman Chairman And CEO Richard Fuld Made Kasich Post-Congress Job Offer. John Kasich met Lehman Brothers Chairman and CEO Richard Fuld at the tail end of his presidential run. Although his bid to receive the GOP nomination was coming to a close due to poor fundraising, the New York Observer reported that Kasich and Fuld "hit it off nevertheless." When Kasich ended his presidential bid, he "started a round of calls to people concerning his next move. ... So when Mr. Fuld made him an offer to come to Lehman Brothers, he jumped." Source: New York Observer, Wall Street Journal KASICH QUOTABLES  In 2001, Kasich spoke highly of Lehman Brothers CEO and Chairman Richard Fuld. "Fuld is an awesome guy. He is the kind of guy you want to go into battle with. He is a great leader. I like people who are really smart and really great leaders." Fuld "steered Lehman deep into the business of subprime mortgages, bankrolling lenders across the country that were making convoluted loans to questionable borrowers. [TIME, 2/12/09] |
Lehman Bros. Collapse Triggered Economic Turmoil NEW YORK - The fallout was fast and frightening, and will reach far into the future. Almost 6 million lost jobs. A 5,000-point Dow plunge. The government bailing out cash-starved banks. General Motors and Chrysler declaring Chapter 11. The unemployment rate doubling to almost 10%. Consumers getting $4,500 handouts from Uncle Sam to buy a car. Talk of a 1930s-style depression. To modern-day Wall Street historians, these bizarre events mimic the other-worldly feel of a Ripley's Believe It or Not episode. But all those unthinkable occurrences made news in the past year. They all tie back to Sept. 15, 2008, the day Wall Street titan Lehman Bros. filed for bankruptcy. The collapse of the investment bank was so shocking it triggered a financial tsunami of such size and scope that it was compared to the Great Depression. Kasich Worked at Lehman Brothers for Several Years Leading Up to Its Collapse 
The collapse of the giant investment bank, Lehman Brothers, kicked off the largest financial crisis since the Great Depression and John Kasich was a managing director when it all happened. Here’s how a New York Observer article on him back in 2001 starts:
"Lehman Brothers managing director John Kasich kicks back in the plush leather chair in his corner office high atop 3 World Financial Center and starts weighing in on his latest investment-banking deal. 'It's a small company in the health-care space,' he says. 'Today, we set up a call with the C.E.O. and C.F.O. Tomorrow, I'll be pitching them with our senior banker in Columbus. It's a private placement that will lead to an I.P.O. We are down to the eighth or ninth inning.' In his power blue suit, with a snappy little cell phone attached to his belt, the 49-year-old Mr. Kasich certainly looks like an investment banker." While Working for Lehman, Kasich Commuted From Columbus to New York City Regularly 
In 2001, the New York Observer interviewed John Kasich from his corner office at Lehman Brothers’ New York City headquarters. The Observer reported that Kasich "commutes a few times a month from Columbus, Ohio, where he lives . . . and tucks into Lehman Brother's corner office to talk about mergers and acquisitions in the health-care space." |
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