Bush' Texas Rangers' plot thickens into tax evasion and more

[RebelYell]

October 20, 2004—As if Bush's sale of his $606,000 share of Texas Rangers stock to owner Tom Hicks for $15 million wasn't enough, there's more from deep in the heart of Texas to nail the good old boy, namely the possibility of tax evasion. That is, Bush declared the proceeds as a long-term capital gain, which it wasn't, as opposed to ordinary income, which it was. This means Bush paid at the capital gains' rate of 20 percent as opposed to the ordinary income rate of 39.6 percent. Beating the IRS out of nearly 20 percent in additional taxes. But the fun doesn't stop there.

As reported by MakeThemAccountable.com, Bush had had prior business with Tom Hicks, who also was cofounder, with his brother R. Steven Hicks, of a radio company that merged in 1999 into AMFM, Inc. It was soon engulfed and devoured by Clear Channel Communications, of which old Tom became vice chair (I think the title is appropriate, don't you?).

Tom, a busy bee, is also chief corporate raider for the firm Hicks, Muse, Tate & Furst. In addition to being Bush's No. 4 career patron, Hicks, Muse wanted to dip into the $13 billion University of Texas (UT) endowment for takeover deals, sort of like Michael Milken's old corporate raider "treasure chests." And we all know what happened to Mike. Indicted in 1989 of 98 counts of fraud and racketeering. In 1990, banned from operating in the securities industry for life and sentenced to 10 years in prison for security fraud by then straight shooting New York D.A., Rudy Guiliani. Sentence later reduced to 22 months, served at a "Club Fed," a fenceless prison camp for low risk inmates. Ah well, life at the top. But let's move on . . .

Coincidentally, as Bush stepped into the Texas governor's office, Hicks was confirmed as a University of Texas regent, first chair no less. Hicks corralled some lobbyists to help pass a bill to create the UT Investment Management Co (UTIMCO). Love the acronyms. Then UTIMCO handed out contracts to private investment firms to "manage" pieces of the endowment—lots of foxes in the old hen house. When a media scandal (remember those) actually exposed UTIMCO's juicy contract deals with firms connected to Hicks and Bush, and even one that President Bush 1 reportedly had a piece of, well, folks weren't too happy. Nevertheless, the management fees to Hicks for "investing" the TU billions could easily have topped the $250 million he paid for the Texas Rangers. In so many words, Bush in his official duties as governor passed Hicks the money to buy the team.

~~~~~~~~

http://www.onlinejournal.com/Special_Reports/102404Mazza/102404mazza.html

[ncteechur]

1. Is this the October Surprise and wyy hasn't the msm carried it??

[Atman]

2. WOW! More scandal for BushCo Media Properties to ignore

This will go nowhere, but Kerry SHOULD bring it up, over and over, over the next few days. Make it a talking point. It will put on the defensive again, and force him off message. It will give just that much more dirt for the still-waffling to chew on.

But it won't happen. BushCo owns the media.

[aquart]

3. You might want to coordinate that with Harvard's investment management.

I can't remember, I can't, but wasn't there something about using that fund very usefully? Wait. Was it the Harvard fund that bailed out Harkin?

[RebelYell]

4. Sounds about right. I'll see what I can find n/t

[RebelYell]

5. Bingo!

Harvard role in Harken called deeper


By Michael Kranish
The Globe and Mail
October 9, 2002
WASHINGTON - Harvard University's financial relationship with President Bush's former oil company was deeper than previously understood, with the university's management fund creating a separate "off the books" partnership with Harken Energy Corp. that helped keep afloat the financially troubled company, according to a report to be released today.

HarvardWatch, a student-alumni group that monitors the school's investments, plans to issue the report and say that it has analyzed documents showing that the Harvard fund, an independent entity that manages the university's endowment, formed a partnership in 1990 with Bush's oil firm called the Harken Anadarko Partnership. The partnership effectively removed $20 million of debt from Harken's books, relieving the Texas company's short-term financial problems.

About the same time, the Harvard fund invested about $30 million in Harken, which also helped keep the firm afloat. The partnership has not been mentioned in recent accounts of Bush's financial dealings in the oil business.

William K. Black, a former federal banking regulator, said in a telephone interview that he has examined the Harken Anadarko Partnership and concluded the arrangement was a significant expansion of the Harvard fund's involvement in the company beyond the $30 million investment.

~~~~~~~~

http://foi.missouri.edu/usenergypolicies/harvardharkenglobe.html

[sharman]

6. I remember the tax fraud thing

from the 2000 election. Fried my ass, but the press gave Bushie a total pass. Now, let's talk about Gore's earth tones again...

[mediaman007]

7. I think the Bush* passed the money through Hicks to himself!

[Carla in Ca]

8. If I remember correctly, the money he used

to invest in the Rangers was borrowed. I wonder where he got it?

[leftofthedial]

9. these are conmen

how did they ever achieve such power

they are conmen, pure and simple

[KharmaTrain]

10. Hicks Is One Walking Enron...

Being involved in broadcasting, I'm very aware of Mr. Hick's activities, including the shady financing deals that built up his Chancellor and then AM/FM radio empires and the deal he struck with Lowery Mayes (another Ranger) to merge into the mega conglomerate known as Clear Channel.

Also, you won't have to look to far to see Mr. Hicks was very involved with the building up of Sinclair and several other right wing broadcast companies. Through his financing company (Hick, Tate, Muse, etc.) these companies were built up in a pyramid scheme that will soon unravel. Long story short, these companies bought up broadcast licenses, inflated the value of the property through their control of so many licenses and then borrowing money for even more acquisitions using the license value, not the real cash value of those licenses.

There's so much shady dealing that's gone on and Bunnypants is in bed with some of the biggest wheeler-dealers. It'd be nice to see someone really dig in and expose this ponzi scheme, and if it dirties the manchild, that's a bonus. I'll just settle with the asshole going back to Crawford and his ilk totally defanged.

[DeepModem Mom]

11. kick

[RebelYell]

12. kick

[Supersedeas]

13. like Bush's Military Record & Harkin, the Media grants a free pass

[quaoar]

14. Big yawn; Ho hum

That's how this will be greeted in the media.

This is far too complex to be reported in a 30-second sound bite on TV. Thus it goes right over the head of your average TV reporter.

Now, if there was a blowjob involved in this somehow, that would be different.