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June 23, 2010

Liberal trial lawyer Bill White is hiding the truth about his financial relationship with BTEC majority owner Wedge Group, just as he has hidden his taxes for his years in public service for 108 days and counting.

When White said, “I had no interest in a company called BTEC during the time of Hurricane Rita,” he is not being truthful, as he received more than $81,000 from BTEC majority owner Wedge Group the same year he steered a $2 million contract to BTEC. White was also CEO of Wedge Group in 2001 when the company acquired a controlling interest in BTEC. [1, 2, 3]

“Liberal Bill White had a continuing financial interest in BTEC’s majority owner the entire time he was Houston’s mayor, and he violated the public’s trust when he steered a $2 million contract to BTEC in the aftermath of Hurricane Rita,” said Texans for Rick Perry spokesman Mark Miner. “Bill White has reported compensation from BTEC’s majority owner to the IRS as earned income, and the respected nonpartisan Congressional Research Service has declared that compensation from a company represents a continuing financial interest.”

On Sept. 22, 2003, the Congressional Research Service (CRS) issued a report defining compensation from a corporation as a “continuing financial interest.” [4]

Here are key findings from the CRS report:

Deferred salary or compensation received from a private corporation in the reportable year is considered as among the “ties” retained in or “linkages to former employers” that may “represent a continuing financial interest in those employers, which makes them potential conflicts of interest,” and must be disclosed as employment relationships and outside earned income. As noted by the Office of Government Ethics:

An employee may have other benefits from a former employer, such as deferred compensation, profit-sharing, stock options, employee pension, medical and insurance plans. Most of these linkages to former employers represent a continuing financial interest in those employers, which makes them potential conflicts of interest.

Unexercised stock options in a private corporation, as well as deferred salary currently received in the reporting year from a private corporation by a reporting official, are thus clearly items which are required to be disclosed under the public financial disclosure provisions, and are among those benefits described by the Office of Government Ethics as “retained ties” or “linkages” to one’s former employer, such that these items are reportable “financial interests” in such private corporation for the purposes of the financial disclosure provisions of the Ethics in Government Act of 1978. The fact that a deferred salary or compensation from a private corporation may be “insured,” and thus “guaranteed” regardless of the corporation’s performance, and the fact that the after-tax profits from the exercise of outstanding stock options that the official currently holds in the corporation have been designated to various charities, does not, in any of the literature, explanations or express rulings of the ethics committee, take such official’s ties, interests and linkages to private corporations out of the realm of required financial disclosures for conflict of interest avoidance and identification purposes.

SOURCING

[1] “White fires back, calls Perry accusations ‘a lie,'” Houston Chronicle, 6/11/10

[2] Bill White finances, available online at http://www.billwhitefortexas.com/finances/

[3] “Houston investment groups pony up $20 million to acquire stake in BTEC,” Houston Business Journal, 12/28/01

[4] Congressional Research Service Report, 9/22/03, available online at http://lautenberg.senate.gov/documents/domestic/financialties.pdf

June 21, 2010

As the wait for liberal trial lawyer Bill White to release his income taxes for his years in public service reaches Day 106, it is important to note that each time White has released past income tax returns, scandals have been revealed.

White refuses to release tax returns he filed while Deputy Secretary of Energy (1993-1995) and Chairman of the Texas Democratic Party (1995-1998) despite being required by law to complete annual personal financial disclosures while serving in those public positions.

“Every time liberal Bill White releases some of his taxes, scandals are revealed,” said Texans for Rick Perry spokesman Mark Miner. “Bill White has a history of falsifying financial disclosures, and until he releases all of his taxes for his years in public service, the public will never know the truth about how he has profited from his public positions.”

After initially refusing to release his taxes because he said they contained proprietary information that would reveal information about his business partners, White begrudgingly released only his 2009 tax returns on March 19, 2010. [1]

White’s 2009 tax returns revealed that White received $83,677 in compensation from Wedge Group in 2009 that he did not report to the Texas Ethics Commission, and an ethics complaint was subsequently filed against White. White previously told the Houston Chronicle that he “took in no additional income” from Wedge Group after being elected mayor in 2003. [2, 3]

Also included in White’s 2009 tax returns were details of his lucrative relationship with BJ Services, an energy company under investigation by Congress for possibly polluting the groundwater in North Texas. White earned more than $2.6 million from the company while mayor, an arrangement described as “unusual,” “rare,” “ill-advised,” and “dangerous.” [4, 5]

On June 8, 2010, White released his 2004-2008 tax returns, and additional unethical behavior was immediately revealed. In 2005, White steered a $2 million contract in the aftermath of Hurricane Rita to BTEC, a company whose majority owner Wedge Group paid White more than $81,000 in 2005. White was CEO of Wedge Group from 1997-2003, and in 2001, Wedge Group purchased a controlling interest in BTEC and White became a manager and board member of BTEC. In 2006, after steering taxpayer dollars to BTEC, White was invited to make a private $1 million investment in BTEC unavailable to the public, and he made more than $500,000 in profit one year later. While still mayor, White wrote an op-ed promoting mandates for equipment sold by BTEC and soon made another $160,000 in profit. [6, 7]

The release of White’s 2004-2008 taxes revealed additional payments from Wedge Group that he never reported on his annual personal financial disclosures: $81,854.65 (2005), $83.626.09 (2006), $109,014.58 (2007), $103,497.67 (2008). White received a total of more than $460,000 in compensation from Wedge Group while Houston mayor. [8]

There are also discrepancies between White’s taxes and the personal financial disclosure he filed as a candidate for the U.S. Senate regarding his BTEC profits. White reported more than $500,000 in profit from BTEC on his 2007 taxes, yet his Senate financial disclosure includes another BTEC profit between $100,000 and $1,000,000 in 2008 that is not reported on his 2008 tax returns. [9]

White has ignored ethics laws dating back to his first campaign for mayor in 2003. On Oct. 15, 2003, White submitted an incomplete financial disclosure to the city of Houston. Despite being required to disclose investments made by Wedge Group, where White was CEO, White wrote, “It would be impractical to list the diverse real estate and other assets owned by WEDGE Group or its subsidiaries and affiliates.” [10]

On Oct. 22, 2003, during a mayoral debate, another candidate confronted White over his incomplete disclosure and White lied about his “impractical” response. According to an Oct. 23, 2003, article in the Houston Chronicle covering the debate, “White said he misread the disclosure document and will amend it today.” [11]

June 18, 2010

Liberal trial lawyer Bill White is hiding the rest of the 2010 Texas Democratic ticket just as he has hidden his income tax returns for his years in public service for 103 days and counting.

According to Capitol Inside: “Several Democrats who are running statewide including the party's nominees for agriculture commissioner and attorney general are upset with the Texas Democratic Party for rejecting their request for prime-time speaking slots on Friday night or Saturday morning before delegates start getting tired and heading for the exits at the American Bank Center. According to the current schedule, gubernatorial nominee Bill White is the only candidate who will speak during the convention's opening session next Friday while most if not all of the statewide contenders on the general election ballot below him will have to wait until after the lunch hour the following day before getting their opportunity to address the biennial gathering.” (SOURCE: “Democrats Play Family Feud in Dispute over Speaking Slots at State Convention,” Capitol Inside, 6/18/10, full article below)

“Liberal trial lawyer Bill White’s ego will not allow him to share the spotlight with anyone,” said Texans for Rick Perry spokesman Mark Miner. “Bill White is refusing to allow any other Democrats to speak at his party’s convention just like he refuses to release his income tax returns for his years in public service.”

In the aftermath of Hurricane Rita, Bill White steered a $2 million contract to BTEC, a company he had a financial relationship with.

Read the Related Story:

"Birthday Present For BTEC Bill – $2 Million Invoice From Texas Taxpayers"

June 15, 2010

Today marks 100 days of liberal trial lawyer Bill White refusing to release his tax returns for his years in public service. BTEC Bill continues to hide tax returns he filed during the years he served the public as Deputy Secretary of Energy and as Chairman of the Texas Democratic Party, both positions that required him to file annual personal financial disclosures.

June 14, 2010

Liberal trial lawyer Bill White is hiding the truth about actions he took as mayor to benefit BTEC, just as he has hidden his income tax returns for his years in public service for 99 days and counting.

In addition to directing a $2 million contract to BTEC in the aftermath of Hurricane Rita in 2005 while receiving compensation from BTEC’s majority owner, White wrote an op-ed in 2008 that promoted mandates for equipment sold by BTEC. Prior to writing this op-ed, White invested $1 million in BTEC, made more than $500,000 profit the next year, then made another $163,000 profit the year after writing the op-ed.

“Bill White abused his position as Houston’s mayor to benefit a company he had a financial relationship with,” said Texans for Rick Perry spokesman Mark Miner. “First he directed a $2 million contract to BTEC in the aftermath of Hurricane Rita while receiving compensation from the company’s majority owner. Then, after personally investing $1 million in BTEC, he publically promoted mandates that would benefit the company and made a $163,000 profit the next year. The release of some of Bill White’s tax returns revealed this unethical behavior, and he must come clean and release the remaining tax returns for his other years in public service.”

June 11, 2010

The wait continues ...

June 10, 2010

Liberal trial lawyer Bill White is hiding the truth about his financial relationship with BTEC owner Wedge Group, just like he has hidden his tax returns for his years in public service for 95 days and counting.

“After years of lies, the release of some tax returns proves that Bill White never severed his relationship with his former employer while he was mayor of Houston,” said Texans for Rick Perry spokesman Mark Miner. “There was an obvious quid pro quo between Bill White and Wedge Group, the majority owner of BTEC. Bill White received more than $460,000 in payments from Wedge Group while mayor, and BTEC received a $2 million contract in the aftermath of Hurricane Rita. What other sweetheart deals did Bill White provide to Wedge Group while mayor of Houston?”

The partial release of some of White’s tax returns (2004-2008) exposes two separate lies from White:

1. White says he did not perform services for Wedge Group while mayor. [1]

2. White says he did not receive income from Wedge Group after being elected mayor. [2]

June 9, 2010

For 94 days, liberal trial lawyer Bill White has refused to release his income taxes for his years in public service. Yesterday, following his partial release of tax returns from 2004-2008, it was revealed that White profiteered during Hurricane Rita by steering taxpayer dollars to a business he had a financial relationship with.

Reports of White’s unethical behavior are included in a new video from Texans for Rick Perry, “BTEC Bill,” available online at www.LiberalBill.com.

“For 94 days, liberal Bill White has refused to release his income tax returns for his years in public service, and now that evidence has emerged showing he profiteered during Hurricane Rita, it is apparent why he hides the truth,” said Texans for Rick Perry spokesman Mark Miner. “Bill White continues to hide his tax returns from his years in the Clinton Administration when he developed energy policy that he has profited from. How many more unethical scandals is Mr. Bill hiding?”