No outcry, no complaining. I must not be doing my job right. I might as well debunk another factoid and see if that helps.
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Originally Posted by Learning Newbie
* Bush failed at every financial anything he's tried, be it sports or oil prospecting. Luckily it's been on other people's money.
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ESPN provides a fairly decent time line of Bush's involvement in the Texas Rangers (Baseball team):
http://espn.go.com/mlb/bush/timeline.html
If you are reading what I read, it turns out George W. Bush (Dubya or Shrub) borrrows $500k from the bank in 1989 to buy a piece of the rangers. He puts together an investor group totalling $89million dollars to buy controlling interest, leverging himself in as managing partner($200k salary) with a built in 10% payout bonus should the team be sold and his investors meet a stated profit.
Over the course of the next nine years, uses another $106,302 of his own money to increase his stake in the rangers, investing in an enterprise he also manages.
In 1998, he sells the Rangers to Tom Hicks for $250 million. His investors are paid out as promised, and then some, and he successfully completes the conversion of $606,302.00(really $106,302, the 500k was borrowed) into $14.9 million. Now I aint had me much edjumucation in them there mathimatical thingies, but that sounds suspiciously like a financial success. Bank got it's money and interest, investors got their investment and interest, and Shrub made a killing. Where is all the "What a great American story" nonsense you like to give Bill Gates?
Quote:
Originally Posted by Learning Newbie
* Wasted Texas tax payer money buying a baseball team, only to trade Sammy Sosa.
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He traded steroid feind Sammy Sosa. Who cares? What has that got to do with the price of tea in china? If it put more butts in seats in that stadium, thereby increasing the estimated value of his team, he did the right thing. As you can see, the numbers above don't lie.
Regarding the waste of taxpayer money, Bush used no taxpayer money in his aquisition of the team. The voters wasted taxpayer money building that stadium, a bill signed into law by Democrat Ann Richards, then governor of Texas. Use of tax funds to construct stadiums is not uncommon, as they are considered an improvement to the City infrastructure and often generate new tax revenue from the businesses that pop up around them. Regardless, the statement is incorrect or irrelevant on every level.
By the way, you missed at least two other legitimate scandals surrounding this story which, though they don't stick to Shrub, do leave a fairly sick sense of the type of advantage the rich and connected get in business.