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Reply #40: Texas is a strange place. [View All]

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-20-05 10:10 PM
Response to Reply #9
40. Texas is a strange place.
Edited on Sat Aug-20-05 10:11 PM by Octafish
Lots of good people there --including many from my wife's family.

Too bad so many Bush supporters live there.

I bet if they knew the truth about the BFEE, they'd be the first to haul out the torches and pitchforks.

Here's one instance of what I mean about truth regarding Gov. Bush and Texas:

Edifice Complex

By Rick Henderson
Reason Magazine


The cost of obtaining professional sports franchises (or keeping them in place) is skyrocketing. Before the Ballpark in Arlington was constructed, for instance, the estimated value of the Rangers franchise was $101 million, the 16th most valuable Major League Baseball team. After the new stadium opened in 1994--even though the Rangers had never played a postseason game--the team's value had jumped to $157 million, making it even more valuable than the storied Los Angeles Dodgers.


Gee. That's not all Gov. Bush did for his sugar daddies...

How George W. Bush made his millions

By Joseph Kay
1 August 2002

Use this version to print | Send this link by email | Email the author

Much has been written over the past month about President George W. Bushs actions while at Harken Energy. This is, indeed, a significant history: in the early 1990s Bush made hundreds of thousands of dollars in a deal that reeks of the same insider trading and accounting fraud the president now claims to oppose. (See On eve of Wall Street speech: Bushs past business dealings come back to haunt him, 9 July, 2002).

However, the media has paid far less attention to what Bush did with the $850,000 he made through the sale of Harken stock options and the manner in which he transformed that windfall into the $15 million that now constitutes the larger part of his personal fortune. If anything, this story is even more revealing.


A free stadium, and some choice land on the side

The same factors that propelled Bush virtually overnight from failed oil man to wealthy corporate executivefamily connections and the desire of rich Texas businessmen to exploit the Bush nameopened the way for him to buy a stake in the professional baseball team. Bill DeWitt, part owner of Spectrum 7, which had bought Bushs own company several years earlier and then later sold out to Harken, offered the son of the then-US president a chance to join in a bid for the Rangers. In 1989 a deal was reached in which Richard Rainwater, a wealthy Texas financier, joined Bush and several other investors in buying the team.

Bush himself did not have a large fortune at the time, and only bought a two percent share, financed with a $500,000 loan from a bank on whose board of directors he had once served. Bush used the proceeds from his questionable sale of Harken stock to repay this loan.

Bushs formal title was managing partner. He served essentially as a public face, whose main responsibility was to attend the home baseball games. Edward Rose, another wealthy Texas investor and Rainwaters associate, was responsible for the actual business operations of the team.

The top priority for the new Rangers owners in increasing the value of their holdings was to acquire a new stadium. They had no intention of paying for the stadium themselves, so they threatened to move the team if the city of Arlington did not foot the bill. The city government readily agreed to a generous deal. Reached in the fall of 1990, it guaranteed that the city would pay $135 million of an estimated cost of $190 million. The remainder was raised through a ticket surcharge. Thus, local taxpayers and baseball fans financed the entire cost of the stadium.


Nothin' unusual. It's just good ol' Caligula Jr.
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