The Mafia, CIA and George Bush (Part 6)

Lloyd Millard Bentsen, Jr. (February 11, 1921 - May 23, 2006) was a four-term United States senator (1971 until 1993) from Texas and the Democratic Party nominee for Vice President in 1988 on the Michael Dukakis ticket. He also served in the House of Representatives from 1949 to 1955. In his later political life, he was Chairman of the Senate Finance Committee and the U.S. Treasury Secretary during the early years of the Clinton administration. For 16 years, Bentsen worked in the financial sector in Houston. He was successful and became very secure financially. By 1970, he had become president of Lincoln Consolidated, a financial holding institution. Following his successful primary campaign, which upset liberal incumbent Ralph Yarborough for the 1970 Democratic nomination for a Texas seat in the U.S. Senate, Bentsen resigned all management positions and directorships. Later that year, Bentsen went on to win the general election when he was pitted against Congressman and future President George H. W. Bush. On election night, Bentsen beat Bush convincingly. Beginning in 1974, Bentsen campaigned for the Democratic Party's 1976 presidential nomination. In 1974 he visited 30 states and raised $350,000 at a single fundraiser in Texas. Bentsen formally announced his candidacy on February 17, 1975, and in the early part of that year he had already raised over $1 million for his campaign; only George Wallace of Alabama and Henry M. "Scoop" Jackson of Washington had raised more money by that point. Bentsen did not organize effectively on a national level, and many observers believed the freshman senator was running without any real hope of winning the nomination, hoping instead to secure a vice-presidential nomination. Wallace and Jackson were considered to be the two main contenders for the moderate to conservative voters to whom Bentsen would appeal; early in the campaign few foresaw Jimmy Carter of Georgia also effectively appealing to that group. By October 1975 Bentsen, generating little national attention or significance in the polls, scaled back his campaign to a limited effort in areas of 8 to 10 states, hoping for a deadlocked convention. In the first state contest Bentsen vigorously contested, he managed only 1.6% of the vote in Mississippi. Two weeks later Bentsen staked the remainder of his campaign and resources in neighboring Oklahoma but finished third with only 12%. A few days later Bentsen shut down his national campaign, staying in the race only as a favorite son in Texas. However, in the May 1, 1976, primary Jimmy Carter won 92 of Texas' 98 delegates. The eventual nominee and president, Carter was later quoted as saying he had expected a much stronger showing by Bentsen but that Bentsen's failure to campaign nationally had ended his hopes. Firmly ensconced in Washington, Bentsen was overwhelmingly re-elected to the Senate in 1976, 1982, and 1988. He defeated sitting Republican congressmen from "safe" House seats in all four of his Senate elections, including Bush in 1970. In 1976, he ended the career of Alan Steelman of Dallas. In 1982, he defeated James M. Collins of Dallas. In 1988, he defeated Beau Boulter of Amarillo. Bentsen was also on the ballot as the Democratic vice presidential nominee that year; he could seek both offices under the 1960 "Johnson law." Bentsen was known as a moderate Democrat. His support for abortion rights, the Equal Rights Amendment, and civil rights was balanced by his endorsement of public school prayer, capital punishment, tax cuts, and deregulation of industry. He generally supported business interests in the arena of economic policy and swiftly rose to become a power to be reckoned with on the Senate Finance Committee. Bentsen's reputation as a moderate Democrat served to alienate him not only from supporters of Ralph Yarborough, but from prominent national liberals, as well. Indeed, during the 1970 Senate race, the Keynesian economist John Kenneth Galbraith endorsed George Bush, arguing that if Bentsen were elected to the Senate, he would invariably become the face of a new, more conservative Texas Democratic Party, and that the long-term interests of Texas liberalism demanded Bentsen's defeat.