Texas Attorney General Ken Paxton has launched an investigation into Powered by People, the political organization started by Beto O’Rourke. This inquiry stems from allegations that the group illegally financed Texas House Democrats who absconded to prevent a redistricting vote. According to Paxton, the organization may have breached state bribery laws by covering travel expenses for over 50 lawmakers. In defense, O’Rourke has characterized the actions as essential to counteract what he perceives as a move toward authoritarian rule.
The Investigation of Powered by People
Attorney General Ken Paxton announced the opening of an investigation into Powered by People, a political group founded by former Texas congressman Beto O’Rourke. The investigation focuses on allegations that the organization unlawfully funded Texas House Democrats who fled the state to block a crucial redistricting vote. Paxton claims that the group may have violated state bribery laws by covering airfare, lodging, and other expenses for over 50 lawmakers who left the state capital in an effort to stall legislative proceedings. O’Rourke has since defended his organization’s actions, asserting that they were necessary to challenge what he interprets as a consolidation of authoritarian power in Texas.
William Sanders: The Man Behind the Fortune
William Sanders, O’Rourke’s father-in-law, is a prominent figure in the real estate industry. A self-made billionaire, Sanders is widely recognized for founding and selling influential property investment companies during his extensive career. He played a crucial role in the development of the Real Estate Investment Trust (REIT) model, a framework that revolutionized real estate investment and trading.
Born in Minnesota in 1941 and raised in El Paso, Texas, Sanders studied at Cornell University, graduating in 1964 from the College of Agriculture and Life Sciences. His entrepreneurial journey began in 1968 when he established LaSalle Partners in Chicago. Although there is speculation about the reasons behind the name—possibly inspired by LaSalle Street, a significant financial location in Chicago—LaSalle Partners quickly evolved into a leading real estate advisory firm, assisting major corporations in managing and optimizing their property portfolios.
Career Milestones and Impact
In 1987, Sanders sold LaSalle Partners to Dai-ichi Life Insurance Company for approximately $65 million, a strategic move that occurred just before a downturn in the real estate market. Following this, he founded Security Capital Group, which specialized in developing various types of REITs and managed assets totaling more than $20 billion at its peak.
After selling Security Capital to GE Capital in 2002 for over $5 billion, Sanders continued to influence the industry by co-founding Verde Realty in 2003, which focused on logistics and industrial properties along the U.S.-Mexico border. His ventures have significantly shaped the landscape of real estate investment in America.
During this timeframe, he also became involved in the Paso del Norte Group, advocating for urban redevelopment in El Paso. This initiative aimed to revitalize the city’s downtown but faced criticism over potential gentrification due to plans that included eminent domain in historically significant neighborhoods.
Is Amy O’Rourke a Billionaire Heiress?
The question of whether Amy O’Rourke, Beto’s wife, is a billionaire heiress stems from Sanders’s wealth. While it is undisputed that William Sanders has accumulated a substantial fortune, estimates of his net worth range between $300 million and $600 million, marking him as extremely wealthy, but not necessarily a billionaire. Thus, the narrative portraying Beto O’Rourke as a candidate propped up by extreme family wealth appears to be oversimplified, reflecting broader themes of privilege in political discourse.
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