ABSTRACT
In the 1969 regular session of the Texas legislature, the insiders, led by Speaker Gus Mutcher (D-Brenham), his floor leader Tommy Shannon (D-Fort Worth), and others were doing their insider thing. Houston financier Frank Sharp wanted legislation that would benefit his Sharpstown State Bank and National Bankers Life Insurance Corporation. Sharp offered several leading Texas politicians, including Mutcher and Shannon, but also Governor Preston Smith and Democratic State Party Chair Elmer Baum, loans from his bank to buy stock in his insurance company which he conspired to let them quickly sell at a profit in exchange for the legislation he wanted. What could be simpler-the insiders win again.
