Factoid: Bush has a History Of Saying One Thing and Doing Another.

[The Lone Liberal]

Poll question: Factoid: Bush has a History Of Saying One Thing and Doing Another.

During the 2000 campaign and since Bush loves to point to Texas Rangers as an example of his business acumen. It was a good deal, he invested some $500 thousand and reaped a cool $ 14 million.

However, there is the “rest of the story.” Seems like the major thing that contributed to the $ 14 million was a gift from the citizens of Arlington, Texas, a new stadium.

In order to talk the citizens of the City of Arlington into increasing their taxes, one-half a cent sales tax increase, by $135 million, the Owners of the Rangers agreed to put up $30 million in front money. Well, here is where the old Bush “bait and switch “ goes into operation. It seems that the owners of the Ranger reneged once the citizens of Arlington had voted to increase their taxes. Instead the Bush and his partners would produce the $30 million over time by adding a one dollar surcharge to the cost of a ticket.

To top off the screwing of the citizens of Arlington, Bush and his band of owners would pay the city of Arlington a grand total of $ 5 million for twelve years ($60 million for a $165 million stadium) and then would own it outright.

The Mayor of Arlington who aided Bush in this great deal was Richard Greene.

Do you know where Richard Greene ended up.

[knight_of_the_star]

1. Wouldn't be surprised

If he got somewhere that is a position of authority. The Bushies have no particular issue with scratching eachother's backs.

[unblock]

2. bush: tax evasion?

my understanding is that bush 'bought' 1% of the team with borrowed funds, but as part of teh deal for selling the team, he got a 'performance bonus' that increased his share to 10% of the team. then of course the team was sold and bush cashed out for millions.

he reported all of that money as a capital gain -- stock value went up. clearly the 1% stake went from something like $600,000 to $1,400,000. the $800,000 profit is certainly capital gains.

but what about the rest? the 9% ownership grant was clearly performance-related, i.e., ordinary income, to be taxed at a higher rate.


yet another thing bush gets away with that will never even get investigated....

[gristy]

4. I believe you are right.

Do you have a link that backs up the assertions you make in your post? I don't think one is allowed to tie the receipt of any % of corporate ownership (whether stock or options) to performance. I learned this when setting up my own corporation two years ago and was issuing stock options to some folks.

More specifically,

1) A corporation can't grant "options" to an individual at some price (usually set equal to whatever those putting up cash are willing to pay per share for their stock), and then qualify those options according to any "performance" goals, and

2) If one receives options OR stock at a price BELOW what is the current fair valuation one must count that as INCOME. You can NOT count it as capital gains.

That's my current understanding, anyways. Though the devil is in the details, and the only scant details I have of this deal is from this thread,...

This sounds like it could be tax evasion, big time.

[1monster]

3. Regional Administrator for the U. S. Environmental Protection Agency

http://www.epa.gov/region6/6xa/greene2.htm

Richard E. Greene -
Regional Administrator

Richard Greene was appointed by President Bush in March, 2003, as Regional Administrator for the U. S. Environmental Protection Agency responsible for overseeing federal environmental programs throughout Arkansas, Louisiana, New Mexico, Oklahoma and Texas.

Prior to this position, he served an unprecedented five terms as mayor of Arlington, Texas, during which time his city achieved more progress in the field of environmental protection than at any time in its history. At the same time, Arlington was recognized for its innovative economic development programs producing significant gains in building the commercial tax base of the city while creating thousands of jobs for the people of the community.

His business career includes work in the fields of higher education, the media, the Olympic movement as well as senior management roles in the automobile and banking industries.

He holds a B. S. degree in business administration and is a graduate of the School of Mortgage Banking at Northwestern University in Chicago.


Current as of June 2003


For more information, please contact the EPA Region 6 Office of External Affairs at 214 665-2200

[RedSock]

6. BFEE land grab

my numbers may be off, but not by much:

when the rangers took over the land via eminent domain, they took 270+ acrees.

the ball park needed only about 17.

the rest was given to bush cronies.

pure BFEE $$$$$$

[greatauntoftriplets]

5. Case of you scratch my back....

I'll scratch yours. Typical in politics.

On edit: I live in Chicago, cannot help being a lifetime cynic.