Yet another big Bush contributor has run afoul of the law. Sam and Charles Wyly are prominently featured in the Senate’s report on super rich tax abusers that cost Uncle Sam upwards of $40 to 70 billion a year. The Wyly’s complex schemes comprise almost 300 pages of the 400 page report. The news had this to say about their methods.
The subcommittee said the Wylys from 1992 to 2005 moved over 17 million stock options and warrants worth about $190 million into a web of 58 offshore trusts and shell companies. The Wylys used annuity payment agreements to avoid taxes on the options for years, the panel said.
The options involved came from companies linked to the Wylys -- retailer Michaels Stores Inc., Sterling Software Inc. and Sterling Commerce Inc., the panel said. Investment gains from the trusts went to loans, business ventures, real estate and "art, furnishings and jewelry for the personal use of Wyly family members," the report said.
William Brewer, a lawyer for the Wylys, said his clients relied on lawyers and accountants for advice and "continue to believe that their actions were entirely proper under law."
The brothers refused to testify before the Senate committee. Will the fact that Charles Wyly achieved Bush Pioneer status impact the application of the law in this case? Previous Bush high dollar fundraisers now in legal trouble include the infamous lobbyist Jack Abramoff and political consultant James Tobin.
If America provides the best justice money can buy, the Wyly’s are in luck. Their take from the sale of Michael’s Stores should be huge. With the buyout pegged at $44 per share, the brothers Wyly stand to rake it in!
Charles Wyly owns over 6 million shares of Michael’s Stores while his brother Sam owns over 4.8 million shares. At the agreed purchase price of $44 per share, this makes Charles’ holding worth $266 million and Sam’s $211 million. With those sales proceeds the Wyly’s will be able to continue to fund the Republican money machine and purchase the best justice America has to offer. Want to be there is no jail time?
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