Word: bentsen
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...Lloyd Bentsen U.S. Senator, Texas Washington...
...with no depletion repeal in it. Leading a successful floor fight to knock out the allowance for all but the smallest independent oil producers were Ernest ("Fritz") Rollings, a South Carolina Democrat with vice-presidential ambitions, and Massachusetts' Edward Kennedy. They were sharply opposed by Texas Democrat Lloyd Bentsen, an announced presidential candidate and friend of the oil producers. Certain that depletion was politically unsupportable in the face of soaring oil-company profits and that its repeal would eventually pass in some form. Long abandoned any prolonged fight to preserve this tax loophole. The Senate then cast preliminary votes...
With steel gray hair, impeccable tailoring and only the slightest trace of a Texas accent, Bentsen displays none of the back-slapping machismo associated with the stereotyped Texas politician. The more than $1 million in campaign donations he has collected so far places him third in the race for funds-behind Scoop Jackson, who has collected nearly $1.5 million, and Alabama Governor George Wallace, who has pulled in $1.8 million. Most of Bentsen's money has come from fellow Texans (including $365,000 from a single Texas dinner). He made a name for himself on the hustings with party...
...millionaire land speculator, Bentsen won election to Congress in 1948, but left after three terms when he became disheartened by his relative lack of influence. He also wanted to make some money. He returned to Texas in 1954, entered the insurance business, and eventually merged his small-volume company with a prospering insurance firm in Lincoln, Neb. The merged outfit grew to become a major holding company with interests ranging from funeral homes to savings and loans, and by 1971 Bentsen had accumulated a personal fortune of $2.3 million. As a seasoned manager, he was asked...
Since he re-entered politics by winning election to the Senate in 1970, Bentsen has tried to alter his reputation as a conservative. Once a firm booster of the aerospace industry and a staunch supporter of the Viet Nam War, he has moderated his stance in recent years by voting against the ssx and opposing additional military aid to South Viet Nam. In an unusual move for a Texan, he has proposed the elimination of the oil depletion allowance for the major oil producers. He insists, however, that the allowance should be continued "for the small, independent producers who drill...