Hicks is a Dallas billionaire and investment banker
who began raiding the University's public funds
after the University refused to invest in his
dental company in the early 90's. Hicks first
appeared on the public scene when he donated $17,500
to Ann Richards, Texas governor at the time. He
was subsequently appointed to the Board of Regents
by Governor Richards in 1994.
Ann Richards was defeated in 1994 by George W.
Bush, Hicks shifted his heavy donations to Bush.
Hicks gave $146,000 to Bush in both of his
gubernatorial campaigns. In return for the gratitude,
Bush approved legislation to form UTIMCO
in 1995. Hicks had used a full-court press strategy,
spending between $50,000 to $110,0001
in lobbying and using with the powerful lobbying
and Elkins, who represents several Texas business
interests, to achieve this dream.
for both men, Bush appointed Hicks as the first
chair to UTIMCO, which began the tradition of
tit-for-tat management and good-ol' boy favoritism
that has defined the relationship between UTIMCO
and Texas politics since. In 1998, Hicks would
make Bush a multi-millionaire by purchasing the
In addition, Hicks' company, Hicks, Muse, Tate,
& Furst, Inc., is now Bush's number 4 career
patron. The company is still donating to the GOP;
Perry has received $283,481 from Hicks
Muse, with another $176,500 coming from Charles
Tate [Hicks, Muse, Tate, & Furst, Inc.].
Hicks's brother Steven has also thrown in $138,516.
several years, UTIMCO acted in secrecy under the
protection of the Texas Attorney General, which
facilitated the process of questionable investments
in return for political favors. UTIMCO invested
some $525 million in assets run by Hicks associates
and other major GOP donors. After the Houston
Chronicle exposed such insider dealings in
a 1999 article, Tom Hicks resigned from the board.
made by UTIMCO under the watch of Tom Hicks include
the following, as reported by the Multinational
for Public Justice, and
Carlyle Group: the Group's partners include
Bush Sr. and ex-Secretary of State James Baker
Capital Fund: Major project of the Wyly
Brothers Enterprises: The Bass
family donated $210,000 to Bush's campaign
through PAC's, with $273,000 from themselves,
and they invested $25 million in Bush's
Harken Oil venture.
Kravis Roberts: This corporate buyout firm would
soon join Hicks Muse in a $1.5 billion takeover
of Regal Cinemas.
Partners: Evercore and Hicks joined forces for
a $900 million television buyout.
Security Partners: Landed a contract with UTIMCO
months after selling several radio stations
to Tom Hicks.
Partners and Inverness Management: Firms run
by friends of Tom Hicks, such as former frat
notable company not covered by the Multinational
Monitor was an investment in Capstar Broadcasting,
run by R. Steven Hicks- Tom's brother. The brothers
have had strong interests in national communications
companies, and some deals that have been proposed
sought after by trustbusters) have reached
the billions. Clear
Channel Communications/AMFM (owned by Hicks
Muse with Tom Hicks as the vice-chair) is the
largest chain of radio stations in the U.S. Hicks
Muse also owns the second largest chain in the
U.S., Chancellor Media.
is also known as the power behind the revitalization
of Dr. Pepper and he gained 1,477 percent when
he sold to Cadbury Schweppes in 1995.2
and Ross Perot, Jr.
Hicks and Ross Perot, Jr. (chairman, CEO and director
of Perot Systems Corp. and son of the former presidential
candidate) created the most expensive hockey and
basketball arena in U.S. history. The American
Airlines Center cost $420 million; $125
million of that came from Dallas's taxpayers.
This was soon after the Ballpark in Arlington
was constructed and partially funded from tax-payer
dollars. As an added incentive for constructing
new arenas, franchise owners received $10
million bonuses. Hicks did see some money of this
money from building the American Airlines Center
for his Dallas Starts although he did not receive
it from the newly constructed ballpark that houses
Rangers (it was built before he made the purchase).
Hicks also has interests in minor league baseball;
he just built a new stadium in Frisco, and three
filed a lawsuit against him for "freezing
them" out of their interests in bringing a minor
league team to Frisco.
Hicks and Perot, Jr. are working together in another
business venture that coincides with this new
arena. Hicks's company, Hicks, Muse, Tate, &
Furst, Inc., and Perot's company, Hillwood Development
Corporation, have joined forces to develop the
land around the arena. In the private sector,
Hicks frequently combines his corporate dealings
with his personal relationships. As chairman of
UTIMCO, Hicks continued this practice, leading
to numerous conflicts of interest. For example,
UTIMCO has $988,080 invested in Perot Systems
Corporation as of March 2002 and $109,309
in Electronic Data Systems Corporation (which
Perot Sr. founded) as of June 2003.
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