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  • Wednesday, February 15, 2006

    A mother lost her son, Bush profited

    A reminder of a story from December 2000, courtesy of the Guardian. What exactly happened to any investigation of potential wrongdoing by Bush, regarding the Lone Star Trust?

    Charter went into free fall: the company sold 53 of its remaining hospitals; the Justice Department joined the regulatory authorities and opened a nationwide criminal investigation still in progress, alleging 'fraud and abuse...and false claims', to quote Magellan's own filing with the government. Magellan said it was co-operating with the investigations; no findings have been made. In February this year, Charter filed for bankruptcy. Crescent Operating took over what was left of the hollow empire. But how much did Bush know about his investment with Crescent? The Observer has opened one eye of the blind trust to question how much Bush knew about where his money was invested. Crescent's filing with the Securities and Exchange Commission shows that on 4 April 1997 - three months after Crescent bought into Charter - the Lone Star Trust owned 4,220 shares in Crescent; the documents are available to anyone taking trouble to examine them. A further document at the commission, dated December 1998, shows that the previous 29 January, one year after the Charter purchase, Lone Star Trust sold its shares in Crescent at a profit of $114,000. A reason for the sale was given: Bush was concerned about a conflict of interests involving Crescent's investments in the casino business, to which he was politically opposed. Crescent's gambling ambitions had dogged Bush during his election to the governorship in 1994 and returned to haunt him as Rainwater announced his intention to buy Station Casinos of Las Vegas. There is another twist to the Crescent stock sale: Bush's trust sold this 'blind' stock when shares were at their peak value of $40 each - for a total of $168,800. Shortly after the sale, Crescent's stock plunged to $21 per share.

    See all recent "A Logical Voice" posts


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