The ENRON Scandal Message Board

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Non-Tech : The ENRON Scandal

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To: Mephisto who wrote (2016)	1/31/2002 4:45:41 PM
From: Bill	Read Replies (1) of 5185

At least Bush41 earned his money. On the other hand, for DNC chief Terry McAuliffe to have turned $100k of GX into $18 million, he would have had to purchase the stock for $0.30 or less per share. He admits to buying his shares in early 1998. GX went public in August 1998 at $12 per share. The highest it ever achieved was in the $60s. Bottom line. He was invited to buy into a "Friends and Family" pre-IPO round for less than 30 cents/share and sold his shares after it rose on the public markets. Anyone who looks up the stock history and does the arithmetic can figure out he lied about buying it "on the open market". He's not the great investor he claims to be, he's just a political insider who was offered a lucrative opportunity as a quid pro quo. FWIW, IRS regulations require him to report the difference between his price and the fair market value of the securities as income because of the proximity of his transaction to the IPO. Wonder if he did...

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