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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-18-05 02:26 PM
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8. Richard Rainwater?
Just a thought

Richard E. Rainwater, the mastermind of it all, the guy who allowed George W. to buy into the Rangers in the first place. Rainwater, rated by Fortune magazine as one of the 400 richest men in America, is the sorcerer who devised the investment strategy that elevated the Bass family from millionaires in the 1970s to billionaires in the 1990s. He probably owns the U.S. Treasury. And yet Texans are paying a sales tax to make him richer? Unbelievable."

For more than a decade, George W. Bush - the sitting Texas governor, son of the ex-president, and possibly the Republican nominee for president in 2000 - has not made a move without consulting The Man and I don't mean his father.

Down here in Texas we call him Shrub, as in little bush, and a shrub needs watering to grow up, right? So, in steps a man by the name of - we kid you not - Richard Rainwater. The national media has yet to probe into Bush's business dealings, but if and when they do, they'll find this man Rainwater. He's a billionaire speculator and money manager who ranks among the wealthiest 100 Americans. It's well known that Rainwater has been a major financial backer of Bush's political career, but it's a little-known fact that he's also largely responsible for Bush's personal wealth.


Bush is nothing if not loyal to Rainwater, who has done very nicely while his pal has been governor. Among the favors Rainwater has enjoyed:

State buildings sold to Rainwater's real estate company at bargain basement rates;

State college and public school funds invested in Rainwater's company;

A Bush-sponsored tax cut that failed, but would have cut millions in annual taxes for Rainwater; and

A stadium-financing bill backed by Bush that gave a $10 million bonus payment to a Rainwater company.

America's President-elect, George W. Bush, held an investment in a company that leased a chain of psychiatric hospitals where patients died and the conditions were so appalling that many were shut down, The Observer reveals today.

The hospital chain - Charter Behavioral Health Systems - was exposed by a CBS television documentary last year after the deaths were reported. CBS had filmed widespread malpractices, acknowledged by government regulators. This led to a criminal investigation of Charter, which continues.


The Charter connection leads to the heart of Bush's business network in Texas. Crescent was founded by his closest business partner and the man who made him rich: genius investor and Texas billionaire Richard Rainwater. Rainwater was the major investor with whom Bush bought into the Texas Rangers baseball team in 1989 during his father's presidency. The investment was the source of Bush's biggest windfall and his folk hero status in Texas. He sold the baseball stock for a profit of $14.9 million, and Rainwater became part of the Bush circle.

Rose is the founder and president of Cardinal Investments, which he now operates with his Pioneer partner Marshall Payne. The company has major stakes in Ace Cash Express (which cashes checks for the working poor for up to 6 percent of face value) and aviation and defense electronics firm Sierra Technologies. Rose was Cardinals sole owner in 86, when he participated in a sneaky deal with one of Bushs biggest donors. Richard Rainwater, an ex-investment advisor to the oil-rich family of Pioneer Lee Bass, arranged to borrow $300 million at high interest rates to buy Darling-Delaware Co. and other animal-fat rendering companies. Darling-Delaware had been a profitable, tax-paying company. After the takeover it was swamped with huge debt payments. Meanwhile, its new owners rewarded themselves with $180 million in special dividends. Suddenly, the company was operating at a loss. It stopped paying taxes and even collected a multi-million-dollar refund from the U.S. Treasury. Taxpayers got bilked while Rainwater, Rose and their cronies divvied up the $180 million in special-dividend fat.
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