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Wednesday, November 23, 2005 

Management Success A New Requirement For Republicans?

ALBANY, N.Y. (AP) -- Republican candidate for governor William Weld on Tuesday answered criticism that he's responsible for a failed Kentucky school at the center of a federal fraud investigation.

"Nobody feels worse about the school closing than I do," Weld said. "I felt a proprietary relationship with the students." Weld had until recently headed the financially troubled Decker College trade school in Louisville. The closed school is entering bankruptcy proceedings, despite efforts by Weld's New York-based management company to correct its finances.

Why should this matter for him to be governor? Bush became not only a governor, but President, and he tanked two companies:
  • Arbusto, an oil exploration company, lost money, but it got considerable investments (nearly $5 million) because even losing oil investments were useful as tax shelters.

  • Spectrum 7 Energy Corp. bought out Arbusto in 1984 and hired Mr. Bush to run the company's oil interests in Midland, Texas. The oil business collapsed as oil prices plummeted by 1986, and Spectrum 7 Energy was near failure.

(source: Alaric3rh.com)