This report was published in July 2000. It should be considered outdated and is kept online for historical purposes only.

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Pioneer Profiles: George W. Bush's $100,000 Club
Name: Edward W. Rose, III
Occupation: President, Cardinal Investment Co.
Industry: Finance
Home: Dallas, TX


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Rose is the founder and president of Cardinal Investments, which he now operates with his Pioneer partner Marshall Payne. The company has major stakes in Ace Cash Express (which cashes checks for the working poor for up to 6 percent of face value) and aviation and defense electronics firm Sierra Technologies. Rose was Cardinal’s sole owner in ’86, when he participated in a sneaky deal with one of Bush’s biggest donors. Richard Rainwater, an ex-investment advisor to the oil-rich family of Pioneer Lee Bass, arranged to borrow $300 million at high interest rates to buy Darling-Delaware Co. and other animal-fat rendering companies. Darling-Delaware had been a profitable, tax-paying company. After the takeover it was swamped with huge debt payments. Meanwhile, its new owners rewarded themselves with $180 million in “special dividends.” Suddenly, the company was operating at a loss. It stopped paying taxes and even collected a multi-million-dollar refund from the U.S. Treasury. Taxpayers got bilked while Rainwater, Rose and their cronies divvied up the $180 million in “special-dividend” fat. In a subsequent deal, Rainwater and Rose joined other investors and Bush in buying the Texas Rangers. Rose was a general partner with Bush at the Rangers, which made Bush a millionaire 15 times over. Much of this profit derived from a large equity stake that other partners in the investment gifted to Bush, as well as the $135 million that local taxpayers forked out for the Rangers’ new Ballpark in Arlington.

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