The AP recently carried a story tying US Senate Candidate and Former Governor Jim Gilmore to a failed Bear Sterns subsidiary. You’ll remember that Bearn Sterns was the multi-billion dollar investment bank that recently collapsed due to risky sub prime mortgage investments. According to the AP, Gilmore was the Chairman of a subsidiary called Everquest Financial. In doing some basic research, it became clear to me that Everquest was nothing more than a scam to move these risky investments off of Bear Sterns balance sheet and thus reduce their exposure. But, when their true intentions became clear, investors was forced to call off the Everquest IPO.
My first question is why on earth would Jim Gilmore, who as an attorney would have no financial market experience that I am aware of, be chairing something of this nature? I suppose even former Governors need to earn a paycheck. Clearly his leadership was a bit lacking. I read the statement by Gilmore campaign manager Dick Leggitt, defending Gilmore’s role in the subsidiary. Dick seems to know even less about the financial markets than his boss. The entire deal stinks and no amount of cologne will prevent people from smelling it on Gilmore. Is this who we want as our Republican candidate for the US Senate?
I have heard a lot of people say that Mark Warner will deliver Virginia to the Democrat Presidential nominee. As much as Warner would like to do this, I doubt he will be able to. With Gilmore’s negatives as high as they are, I feel certain that the Independent vote will flock to Warner and likely to the Democrat nominee for President. If Jim Gilmore is our nominee, he, not Mark Warner, will be able to claim the distinction of handing Virginia to Clinton or Obama and maybe even the Presidency itself. So after mismanaging our State finances and fracturing the Republican Party over the car tax, Gilmore is set to turn this red state blue. The Democrats may end up loving Gilmore after all.