The Austin American-Statesman reported it this way: “As the storm was walloping parts of Houston, [Bill] White helped line up private companies to provide goods and services as part of a massive relief effort. One of those companies was Btec Turbines, where White had served on the board of directors before he was mayor.”
Turns out Bill White made a million-dollar investment in the company after he handed them business during the hurricane. And what came of that one million dollar investment? Somehow, defying all but the Hillary Clinton cattle-futures market rules, Bill White turned that million into one-and-a-half-million.
Yes, it is evidence that Bill White may be competent investor. The only problem with his method of investing is that it’s a method you and I cannot use. The average American investor does not have the ability to hand no-bid emergency contracts to our friends, with whom we are tied at the hip, and then stick around to enjoy the profits made from the taxpayers’ money.
What’s wrong with Wall Street, in-part, is what’s wrong with Bill White: Too many tentacles of government and super-investors all tangled together for the mutual benefit of themselves at the expense of everyone else.
If elected governor, which firms will Bill White award business to, invest in, and then enjoy fifty-percent returns on investment from? Is this the behavior Texans want to install in Office of Governor?
Robert Pratt is host of the top-rated Pratt on Texas radio program which can be heard at www.PrattonTexas.com