About George and the Rangers
....The third unusually easy deal for George Bush Junior was his involvement in the Texas Rangers baseball team. In a nutshell, he was offered a piece of this valuable franchise for only $600,000, by supporters of his dad who also bailed out his failing oil company. He sold his stake for $14 million - while Texas governor -- to a Texas millionaire with lots of businesses regulated by his administration. "When all it is all said and done, I will have made more money than I ever dreamed I would make," Bush told the Forth Worth Star-Telegram.
Bush was allowed to buy 1.8% of the team for $600,000 of borrowed money, and was even made one of the two general managers. His qualifications for partial ownership? Several years working at failing oil companies, and his political connections through his father. It's hard to be sure, but we're guessing that latter was probably more important.
Junior tripled his investment, like the other owners, with the help of massive government intervention and subsidies. But his real wealth came from simply being given 10% of the team as a "bonus" for "putting together the investment team."
I never thought I'd say this, but I miss Anonymous John's insightful comments about posts like this.
ReplyDeleteAnon John made comments. I wasn't aware they were insightful.
ReplyDeleteI guess you also didn't know I was being sarcastic.
ReplyDeleteI fanned on that one
ReplyDeletejimmie,
ReplyDeleteyou are not the first person not to realize that something I said was meant to be sarcastic.
My tendency to make my sarcasm too subtle sometimes gets me into trouble.
JDP