WDBJ7 Roanoke News and Weather NRV Lynchburg Danville | Former VA governor in charge of a risky Bear Stearns subsidiary
Member Center:
One of Virginia's former governors was in charge of a risky Bear Stearns subsidiary.
Jim Gilmore was chairman of a hedge fund that was set up to market some of Bear Stearns highest risk securities.
Last year, Bear Stearns admitted that two of its funds, which specialize in sub-prime mortgages, were worthless.
Those two funds owned a 60% share of the subsidiary that Gilmore was in charge of.
Gilmore has been criticized in the past for poorly managing Virginia's budget while governor and is hoping to replace U.S. Senator John Warner.
