Stephens Inc. was founded by Witt Stephens, a state legislator's son who parlayed a Depression-era belt-buckle, Bible, and municipal-bond business into an immense personal fortune. After his retirement in 1973, the company was run by his shy younger brother, Jackson (a classmate of Jimmy Carter's at the Naval Academy). Witt Stephens and Stephens Inc. did much to create the economic paradox that is modern Arkansas: a desperately poor state with a scant 2.3 million inhabitants that is nonetheless home to a number of wealthy companies. Without the financial assistance of the Stephens brothers, Sam Walton might have ended his days as the most innovative merchant in Bentonville. Stephens money was also important to the fortunes of enterprises as various as Tyson Foods and Linda Bloodworth-Thomason, the television producer and reigning First Friend. Stephens Inc. is an important client of the Rose law firm, whose chairman, C. Joseph Giroir, made Hillary Rodham Clinton a partner. And back in 1977, Stephens assisted BCCI's infiltration of the American banking system by brokering the latter's purchase of National Bank of Georgia stock held by Bert Lance, former President Jimmy Carter's friend and disgraced budget director.
Jackson Stephens (who turned over the reins to his son, Warren, in the late eighties) and his firm were both substantial contributors to the campaigns of Presidents Reagan and Bush (to the tune of at least $100,000 in 1980 and 1989), but they have been closer still to Bill Clinton (whom Witt Stephens had been known to call "that boy").
On two occasions, once when Clinton was running for reelection in Arkansas in 1990 and again in March 1992, when his battered presidential campaign was broke, the Stephens family saved Clinton's bacon with an infusion of money. Indeed, it may not be too much to say that their Worthen Bank's emergency $3.5 million line of credit saved the presidential campaign from extinction. --L.J.D.
http://www.motherjones.com/news/feature/1993/11/davis.htmlStephens was also the biggest financial backer of the Clinton-Gore campaign. The Little Rock investment banker had supported Clinton in each of his campaigns for governor, raised $100,000 in contributions for the 1992 Clinton-Gore campaign, and extended a $3.5 million line of credit to the campaign through his bank. Hillary Rodham Clinton, while a partner at the Rose law firm in Little Rock, had represented a company controlled by the Stephens family.
Stephens' also had strong ties to previous presidents and was a major contributor to the Republican party. In 1991, Stephens had arranged a bail-out for a small Texas oil company on the verge of bankruptcy, according to the Wall Street Journal. One of the company's directors and stockholders was George W. Bush, now the leading Republican candidate for president. The Stephens family also contributed to the campaign that won him his current job, Governor of Texas.
On January 15, 1992, East Liverpool residents sought an injunction against the test burn. A federal judge in Cleveland ruled in March, 1993 that WTI could conduct the eight-day test burn but suspended further operation because of public health concerns raised at the hearing. Weeks later, an appeals court in Cincinnati overturned the decision, and the facility began operating.
WTI failed part of its test burn in 1993, releasing four times more mercury than allowed. Children at the elementary school were tested for mercury in their urine prior to WTI operation and again six months after the facility started burning as part of a state health study. In the first test, 69 percent of the children tested negative; the follow-up test found that nearly the same number tested positive.
http://www.ohiocitizen.org/campaigns/wti/jennl.htmlAsk Hillary About This Tonight. I Dare You.
by Zwoof
Thu Jan 31, 2008 at 03:40:46 AM PST
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While I was writing the original piece on the history of this foul project, a new ruling from the Ohio EPA allowed this incinerator, located 1,100 feet from an elementary school, to accept even more hazardous waste (anthrax, radioactive waste, infectious medical waste and mixed hazardous waste from Hurricane Katrina) than the original permit that was shrouded in corruption and approved by the Clinton Administration
Clinton and Al Gore promised the residents of East Liverpool, Ohio that they would not allow this incinerator originally approved by Bush '41 to operate. However, a Clinton EPA appointee, recommended by his classmate Hillary Clinton, approved the permit.
This is a tangled tale of corporatism, broken promises and an environmental disaster waiting to happen.
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Jackson Stephans seems to have had a knack for picking winners.
Stephens staked Sam Walton when he started Wal-Mart in 1970, financed Tyson Food's takeover of Holly Farms in 1988 and bankrolled Linda Bloodworth-Thomason, the television producer and Former First Friend.
Jackson Stephens hired the Rose Law Firm where Hillary Rodham Clinton was a partner.
In 1979, she became the first woman to be made a full partner of Rose Law Firm, hired by managing partner C. Joseph Goroir, Jr,.
Stephens later hired Goroir as director of his Worthen Bank in Little Rock.
In 1991, Jackson Stephens contributed $100,000 to the Republican Party for George Herbert Walker Bush's presidential campaign, and Stephens Inc. "kicked in another $100,000." Stephen’s wife was the Arkansas co-chairman of the Bush for President campaign. (Wall Street Journal, December 6, 1991.)
http://www.dailykos.com/story/2008/1/31/21045/9822/688/446786The Problem
The Waste Technologies Industry, Inc. incinerator is located in the floodplain of the Ohio River in East Liverpool, Ohio. The surrounding area is elevated on a bluff, such that incinerator's stack is level with the windows of local buildings. The incinerator is located about 300 feet from homes and just 1100 feet from an elementary school. The location of the facility has been intensely criticized by citizens, scientists, and government officials alike. East Liverpool is located at the juncture of Ohio, West Virginia, and Pennsylvania, approximately 35 miles from Pittsburgh.
Waste Technologies Industry, Inc. (WTI)
WTI has also gained significant political support, as one of the original partners in the corporation was Jackson Stephens. Stephens, an Arkansas investor, was known as a significant contributor to Reagan, Bush, and Clinton campaigns.
U.S. Environmental Protection Agency
The EPA has been accused of having bias in favor of WTI and carrying out decision-making activities without required public participation. The agency also violated rules established in RCRA during the WTI permit application process. EPA admitted such wrong-doing at a hearing before the House Judiciary Committee's subcommitteeon Administrative Law and Government Relations, as well as the Senate Environment and Public Works Committee.
-SNIP
http://www.umich.edu/~snre492/mcormick.html#Key%20Actors