borrow $300 million at high interest rates to buy Darling-Delaware Co. and
other animal-fat rendering companies

****************************************************************************

Name: Edward W. Rose, III
Occupation: President, Cardinal Investment Co.
Industry: Finance
Home: Dallas, TX

 Political Contributions: Bush Gubernatorial Races:   $40,805
Republican Hard Money:  $2,000
Republican Soft Money:  $0
Democratic Hard Money:  $0
Democratic Soft Money:  $0
Federal PAC Hard Money: $0
Total Contributions: $42,805

Soft Money from Employer: $0
to Republicans: $0
to Democrats: $0

Rose is the founder and president of Cardinal Investments, which he now
operates with his Pioneer partner Marshall Payne. The company has major
stakes in Ace Cash Express (which cashes checks for the working poor for up
to 6 percent of face value) and aviation and defense electronics firm Sierra
Technologies. Rose was Cardinal's sole owner in '86, when he participated in
a sneaky deal with one of Bush's biggest donors. Richard Rainwater, an
ex-investment advisor to the oil-rich family of Pioneer Lee Bass, arranged
to borrow $300 million at high interest rates to buy Darling-Delaware Co.
and other animal-fat rendering companies. Darling-Delaware had been a
profitable, tax-paying company. After the takeover it was swamped with huge
debt payments. Meanwhile, its new owners rewarded themselves with $180
million in "special dividends." Suddenly, the company was operating at a
loss. It stopped paying taxes and even collected a multi-million-dollar
refund from the U.S. Treasury. Taxpayers got bilked while Rainwater, Rose
and their cronies divvied up the $180 million in "special-dividend" fat. In
a subsequent deal, Rainwater and Rose joined other investors and Bush in
buying the Texas Rangers. Rose was a general partner with Bush at the
Rangers, which made Bush a millionaire 15 times over. Much of this profit
derived from a large equity stake that other partners in the investment
gifted to Bush, as well as the $135 million that local taxpayers forked out
for the Rangers' new Ballpark in Arlington.