in Houston, Texas
Dewhurst shines a little more light on his vast fortune
Monday, May 04, 2009, 07:09PM CST
By Jennifer Peebles
With the filing of his new ethics form covering calendar year 2008, Lt. Gov. David Dewhurst has given more details about his personal finances than ever before -- but there are still a lot of holes to be filled in.

The lieutenant governor is, according to published accounts, worth $200 million, making him the richest guy in Texas politics. But just about all anyone could learn about his income from his previous forms was that he got $25,000 or more in income from something called the David Dewhurst Trust.

That lack of disclosure rubbed some folks the wrong way. Travis County prosecutors still have an ongoing probe into whether Dewhurst broke the law by failing to disclose more of his vast wealth.

According to his new form, which was turned in to the state Ethics Commission last week:

+ He created a second trust -- a blind one -- on Dec. 30, 2008, and transferred several assets to it from his first, non-blind trust.

+ Dewhurst reported earning $25,000 ore more in income from the blind trust in 2008. The co-trustees of the blind trust are Martin H. Young Jr. and the lieutenant governor's brother, Gene Dewhurst.

+ He also reported receiving $25,000 or more in income from the non-blind trust, with a note that "definitive investment results are not available to the Trustees until Fall 2009."

+ Through his trust, er, trusts, he reported owning 5,000-9,999 shares in Falcon Seaboard Diversified. (Everyone knew he was the principal in Falcon, but the company is privately held, and he had not previously said little about what it did or how it operated.) Among Falcon's assets, according to the form, are an airplane, marketable investments (which would include stocks and bonds) and investments in ranching and land and oil and gas.

+ He also said he owns 100-499 shares in Bogan Inc.

+ He has an outstanding loan to a person named Kevin Moore, the amount of which was not listed.

He owns shares in four mutual funds, all types of "American Funds."

He received $500-$4,999 in income -- as interest, dividends, royalties or rents -- from Compass Bank of Houston. Likewise, he also got $500-$4,999 from TransOil Marketing of Abilene.

He owes $25,000 or more to Bank of America in San Antonio. The guarantor on the loan was the David Dewhurst Trust, but is now the David Dewhurst Blind Trust.

In real estate, he reported owning a condo in Austin.

He reported owning an interest in Bogan Aerotech Ltd. of Houston, and reported selling that interest for a net gain of $25,000 or more.

He reported owning an undisclosed amount share in Golf Associates Ltd. of Boerne, as well as in Golf Associates Group Ltd., based in Carefree, Ariz.

For gifts received during the year, he reported that Peter and Juliana Holt of Blanco gave him a Steuben glass horse head.

The lieutenant governor also reported being a trustee of the David Dewhurst Foundation, an honorary vice president of the American Quarter Horse Association, and a member of the board of the Jewish Institute for National Security Affairs.

And if you're still interested to know more about the lieutenant governor, Texas Watchdog published his complete 2008 calendar last week. Check it out at this link.

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