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louis-t

(24,484 posts)
14. He ran 3 companies, none ever showed a profit.
Tue Apr 19, 2022, 06:18 PM
Apr 2022

He couldn't find oil in Texas, yet he became a millionaire after insider trading allowed him to sell his shares in the last company for $800,000. He took $200,000 and bought a house (that bought a lot of house in the '80s) and with the remaining $600,000, he was allowed to buy a 2% share of the Texas Rangers. His stated job there was in PR (bat day, etc) except that it was hoped that he could influence judges his father appointed while president to condemn property that would be used for a new stadium. Once he succeeded at that, he was given more stock. The value of teams was going up at the time especially if you had a new stadium (paid for by the taxpayers) and his take when he sold his interest in the team was $14 million.

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