Before Enron Houston, Texas had been the locus of a
stock scandal of a slightly different sort. Growing up in Houston in the 80s and 90s, I never associated the word "Sharpstown" with anything but a mall, but the area underwent a
development mired in scandal.
In the late 1960s Frank W. Sharp, a Houston businessman, negotiated a deal with a few Texas House Democrats; they would help pass a piece of legislation, and in turn, he would ensure that they would make a profit from his company's stock. In 1971, the dealings
came to light. Most of the public officials connected with the scandal were run out of office, but somehow
one man beat the resulting karma, even it was a a few decades later. But some good did come out of this, as the Texas
Open Records Act was expanded in the aftermath of the scandal.
posted by lychee
on May 15, 2004 -
3 comments
