Word: mallightco
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Betty Wright has a different -- and more serious -- problem. Although the wife of Speaker Jim Wright says she has a head for business, the House ethics committee could find little evidence that she used it in her $18,000-a-year job with Mallightco, the company founded by the Wrights and Fort Worth businessman George Mallick. Lawyers like a paper trail; they uncovered "no reports, no correspondence, no notes of telephone conversations, no investment ! analyses" by Mrs. Wright. The committee suspects Betty Wright's job of being a conduit for $145,000 in cash and gifts to the Speaker...
Moreover, the case against Wright may still be building. The committee last week dispatched two investigators to Texas to look further into an oil-well sale involving Wright. The story: Mallick and the Wrights were fifty-fifty partners in an investment company called Mallightco, but in 1987 Wright instructed the trustee of his blind trust to sell out. Mallick told the committee that he wanted to "bet the farm" on one more deal before the pullout...
...Mallightco bought a 4% interest in an oil-and-gas well known as Sabine Lake Prospect for $9,120. On the very day the purchase became final -- May 10, 1988 -- Mallightco resold the interest to Union Rheinische Petroleum Inc., a West German company, for $440,000. The well at the time showed some prospect of becoming a commercial producer but has since been plugged. Wright's trustee then sold the Speaker's interest in Mallightco for $350,000, less $80,000 to pay off debts to the firm -- a handsome profit from a hopeless dry hole. Wright insists he knew...
...some 30 years, hired Wright's wife Betty in 1979 as an adviser. The job description was hazy, but the salary was $18,000 a year. Perks included a rent-free apartment and a Cadillac. In 1981, for the same salary and benefits, Betty Wright went to work for Mallightco, an investment company that the Wrights had formed with Mallick and his wife. Betty Wright also borrowed $75,000 from Mallightco. After she stopped working for the company in 1984, the Wrights paid $21.67 per diem for the apartment when they used it and then purchased...
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