The Lucrative Business Climate of Texas: George W. Bush and Dick Cheney's Financial Affairs

Strategic Insights -

As the governors of Texas, both George W. Bush and Dick Cheney have benefited from the state's lucrative business climate. For Bush, the sale of his ownership stake in the Texas Rangers baseball team netted a significant profit of $14.9 million in 1999, from an initial investment of $606,000 in 1990. Additionally, with the guidance of investment advisor Richard E. Rainwater, Bush has earned more than $1 million in annual investment income over the past two years, in addition to his $115,345 salary as governor. Cheney, meanwhile, has enjoyed even greater financial success at Halliburton Company, where he earned an annual salary and bonus of $1.3 million to $3 million in 1995, along with stock options and shares.

Key Takeaways:

  • George W. Bush's sale of his Texas Rangers ownership stake netted a profit of $14.9 million in 1999, from an initial investment of $606,000 in 1990.
  • Bush's annual investment income with Richard E. Rainwater exceeded $1 million over the past two years, in addition to his $115,345 gubernatorial salary.
  • Dick Cheney's 1995 compensation at Halliburton Company included a salary and bonus of $1.3 million to $3 million, along with stock options and shares.
  • Cheney currently owns 1,089,000 shares of Halliburton, including shares he owns outright and 860,000 options to purchase shares.
  • The market value of Cheney's Halliburton stake is approximately $40 million, although he would net less due to financial terms of the options.
  • Cheney sold 100,000 shares of Halliburton stock on May 31 at $50.97 per share, realizing a profit just before the market began to decline.

Statistics:

  • Profit from sale of George W. Bush's Texas Rangers ownership stake: $14.9 million (1999)
  • Initial investment in Texas Rangers: $606,000 (1990)
  • George W. Bush's annual investment income with Richard E. Rainwater: exceeding $1 million (past two years)
  • Dick Cheney's 1995 compensation at Halliburton Company: $1.3 million to $3 million (salary and bonus)
  • Number of shares Dick Cheney owns in Halliburton Company: 1,089,000 (including shares and options)
  • Market value of Cheney's Halliburton stake: approximately $40 million
  • Price per share for Halliburton stock sold by Cheney: $50.97 (May 31)
  • Number of shares sold by Cheney: 100,000 (May 31)

Sources:

  • "The Lucrative Business Climate of Texas: George W. Bush and Dick Cheney's Financial Affairs" - New York Times (no date specified in original text)
  • Securities and Exchange Commission (SEC) documents regarding Halliburton Company
  • New York Times (no specific date mentioned, but mentions transaction on May 31)