Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
 
RebelYell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 09:42 PM
Original message
Bush' Texas Rangers' plot thickens into tax evasion and more
October 20, 2004As 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 endowmentlots 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/102404Mazz...
Printer Friendly | Permalink |  | Top
 
ncteechur Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 09:46 PM
Response to Original message
1. Is this the October Surprise and wyy hasn't the msm carried it??
Printer Friendly | Permalink |  | Top
 
Atman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 09:47 PM
Response to Original message
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.
Printer Friendly | Permalink |  | Top
 
aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 10:01 PM
Response to Original message
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?
Printer Friendly | Permalink |  | Top
 
RebelYell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 10:07 PM
Response to Reply #3
4. Sounds about right. I'll see what I can find n/t
Printer Friendly | Permalink |  | Top
 
RebelYell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 10:09 PM
Response to Reply #3
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/harvardharkeng...
Printer Friendly | Permalink |  | Top
 
sharman Donating Member (143 posts) Send PM | Profile | Ignore Wed Oct-20-04 11:34 PM
Response to Original message
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...
Printer Friendly | Permalink |  | Top
 
mediaman007 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 11:38 PM
Response to Original message
7. I think the Bush* passed the money through Hicks to himself!
Printer Friendly | Permalink |  | Top
 
Carla in Ca Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 11:49 PM
Response to Reply #7
8. If I remember correctly, the money he used
to invest in the Rangers was borrowed. I wonder where he got it?
Printer Friendly | Permalink |  | Top
 
leftofthedial Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 11:51 PM
Response to Original message
9. these are conmen
how did they ever achieve such power

they are conmen, pure and simple
Printer Friendly | Permalink |  | Top
 
KharmaTrain Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-20-04 11:57 PM
Response to Original message
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.
Printer Friendly | Permalink |  | Top
 
DeepModem Mom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-21-04 03:33 AM
Response to Original message
11. kick
Printer Friendly | Permalink |  | Top
 
RebelYell Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-21-04 09:22 AM
Response to Original message
12. kick
Printer Friendly | Permalink |  | Top
 
Supersedeas Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-21-04 10:19 AM
Response to Original message
13. like Bush's Military Record & Harkin, the Media grants a free pass
Printer Friendly | Permalink |  | Top
 
quaoar Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-21-04 10:25 AM
Response to Original message
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.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 19th 2017, 11:15 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC