When John Connally became governor of Texas in 1963 he quickly sought to get his own man on the state Banking Board. He chose Robert Strauss, then a prominent Dallas lawyer and civic leader (and, not coincidentally, a close Connally ally). But Strauss didn’t want the job and demurred in his characteristic “aw shucks’’ manner, followed by a “why me?’’ protestation. He said he wasn’t qualified because he was completely unschooled in banking matters. When Connally insisted, his friend dutifully accepted the appointment.
Then he distinguished himself on the board while deftly protecting the governor’s interests. Following his departure, he also parlayed his newly developed expertise—and his now-strong connections with former board colleagues, who doled out bank charters—into a highly successful private venture. He helped found a Texas bank, served as its board chairman, then cashed out nicely when it was sold a decade later for nearly $13 million.
Read Full Article »