Tribpedia: Sharpstown Stock Scandal

Tribpedia

The Sharpstown stock fraud scandal rocked the Capitol in 1971 and 1972 and led to a purging of dozens of lawmakers and far-reaching legislative reform. The name comes from an area of Houston called Sharpstown.

The scandal involved banking legislation sought by Houston banker-developer Frank Sharp. It was approved in a special session in 1969, but vetoed by Governor Frank ...

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Texas Ethics Reform: A Long, Tortured History

A portrait of power in Texas in 1970: House Speaker Gus Mutscher, Governor Preston Smith, former president Lyndon Johnson, and Lieutenant Governor Ben Barnes, at "Gus Mutscher Day" in Brenham, August 17, 1970.
Enlarge photo by: Courtesy of Texas State Library & Archives Commission
A portrait of power in Texas in 1970: House Speaker Gus Mutscher, Governor Preston Smith, former president Lyndon Johnson, and Lieutenant Governor Ben Barnes, at "Gus Mutscher Day" in Brenham, August 17, 1970.

From Gov. James "Pa" Ferguson's impeachment to the Sharpstown scandal, Texas has weathered some mighty ethics controversies. While reforms were passed in the wake of Sharpstown, the Legislature still faces criticism over lax disclosure rules and cozy ties with lobbyists.