Word: mutscher
(lookup in dictionary)
(lookup stats)
Dates: during 1971-1971
Sort By: most recent first
(reverse)
...Trusting. Within a few days after the bills were introduced, large purchases of shares in National Bankers Life Insurance Co. stock were made by Governor Smith; Gus Mutscher, speaker of the state house of representatives; Elmer Baum, head of the Democratic state executive committee; State Representative Tommy Shannon, who introduced the legislation; and W.S. Heatly, chairman of the state house appropriations committee. They and other influential Democrats bought the stock at between 11⅛ and 13¾ a share. Much of the buying was done with loans from the Sharp-controlled bank, with the stock itself as collateral...
Among the beneficiaries of that trust were Governor Smith and Baum, who, buying shares and selling them at the inflated price, netted $125,000 between them. Speaker Mutscher said that he eventually lost money because he bought back in, but on his original purchase he is said to have made between $50,000 and $100,000. Shannon cleared $30,000, and Heatly $34,000. The SEC documents did not list a specific profit for Sharp. But he benefited by having the use of some of the Jesuits' funds during the frequent dealings between them. Also, his enterprises would have...