Selling out to China: Did Ken Paxton Follow in the Footsteps of His Financiers?
Recently, it was revealed that Ken Paxton, the suspended attorney general of Texas, embarked on a secret trip to China in 2019 against the advice of his staff. This trip, which included meetings with Chinese government officials, raised concerns among Paxton's staff about potential influence from the Chinese Communist Party (CCP). In this blog post, we will delve into the reasons why these fears were justified, shedding light on the connections between Texas Scorecard's axis of allies and China's CCP.
Texas Scorecard's axis of allies and CCP Influence
To understand the underlying concerns about Paxton's trip, it is crucial to examine the ties between Texas Scorecard's axis of allies and the CCP. Farris Wilks and his brother Dan Wilks, co-founders of Frac Tech, a hydraulic fracturing company, have significant connections to China. Frac Tech Holdings LLC, founded by the Wilks brothers, was later sold to investors, including Temasek Holdings and RRJ Capital in 2011.
The Wilks brothers' lucrative transaction involving the sale of Frac Tech to an investment firm with significant ties to the CCP played a crucial role in their accumulation of wealth, ultimately leading to their billionaire status.
From Businesswire:
A consortium of investors, including Maju Investments (Mauritius) Pte Ltd., a wholly-owned investment holding company of Temasek Holdings (Private) Limited (Temasek), and RRJ Capital, has reached an agreement to purchase Frac Tech Holdings, LLC, the majority shareholder of Frac Tech Services, LLC (“Frac Tech”).
Temasek Holdings
Temasek Holdings, a global investment company based in Singapore, has holdings in various industries, including financial services, telecommunications, and energy. Until 2011, Temasek held substantial stakes in China's two largest banks, Bank of China and China Construction Bank.
From Reuters:
“This sale is part of our portfolio rebalancing, which we do from time to time,” said Temasek spokesman Jeffrey Fang. “Temasek continues to hold substantial positions in Chinese banks.”
Furthermore, Temasek's assets in China surpassed those in its home country in 2020, making it a key player in the Chinese market.
Temasek Holdings, Singapore’s state investment company, has more assets in China than in its home country for the first time since it was set up in 1974.
China accounted for 29 percent of Temasek’s holdings as of March 31, according to its annual report published yesterday. Singapore accounted for 24 percent, North America for 17 percent, and Europe for 10 percent.
RRJ Capital
RRJ Capital, co-founded by Richard and Charles Ong, also has ties to China. Richard Ong, a former Goldman Sachs dealmaker, established RRJ Capital in 2011. The company invests in various sectors, including property and consumer-related businesses in China. It runs operations based out of offices in Hong Kong and Singapore.
From South China Morning Post:
Ong, a graduate of Cornell University, founded the company in 2011. He named it after his three daughters – Renee, Rachael and Jessica.
In May 2008 Ong founded and served as CEO for HOPU Fund, a US$2.5 billion private equity fund in Beijing. Before that he had a 15 year career with Goldman Sachs.
“Property represents about 20 per cent of what we have invested in,” said Ong"
The company also invests in consumer-related businesses in China.
In 2013, RRJ Capitol invested in China Everbright International, the flagship company of industrial conglomerate China Everbright Holdings. The company mainly invests in environmental energy, environmental water and alternative energy, having developed around 70 projects in over 20 cities in China.
The Significance
The significance of these connections becomes evident when considering the far-right's support for banning Chinese nationals from purchasing land in Texas. While the bill did not extend to businesses, the entities promoting the ban are funded by the Wilks brothers, who sold their business to investment firms with strong ties to China and the CCP.
It is worth noting that Texas Scorecard, a vocal critic of China, receives financial support from Chinese investors by way of the Wilks Brothers sale of Frac Tech. This contradiction leads to the question of whether they are aware of their backers' ties to China or if they are exploiting the ignorance of their audience yet again.
It is intriguing that nowhere on Texas Scorecard's website do they mention the financial backers of the publication and media studio, which garners an astounding 877 views per episode in the last two months. This omission goes against the ethical standards of journalism and is reminiscent of the behavior exhibited by the DailyWire, another media entity owned by one of the Wilks brothers, who sold their stake to investment firms with strong ties to China and the Chinese Communist Party, further underscore the significance of this omission.
Ken Paxton's Secret Trip and Concerns about CCP Influence
Reports indicate that Paxton's staff expressed genuine concern about his potential susceptibility to CCP influence during his secret trip to China.
"My first thought was this is a terrible decision to have made," said one individual with knowledge of the trip, speaking on condition of anonymity in order to avoid retribution. "Under no set of circumstances as a U.S. law enforcement official should you willingly go to China."
Paxton — accompanied on the trip by his wife Angela, a Texas state senator — was not required to report the trip and ultimately attended against wishes from staffers who raised potential government influence and surveillance concerns, officials familiar with the matter said.
The fact that Ken Paxton's major financiers and benefactors, who hold direct ties to China and the CCP further underscores these concerns. It is intriguing that those who decry the alleged "hidden" impeachment of Ken Paxton have remained silent about Ken Paxton's hidden trip to China.
The disclosure of Ken Paxton's secret travel to China and the associations between Texas Scorecard's axis of allies and Chinese investors linked to the CCP bring forth legitimate concerns regarding their ability to influence Ken Paxton. The apprehensions expressed by Paxton's staff were well-founded, particularly in light of Paxton's acceptance of a bribe worth $20,000 in countertops in exchange for extremely sensitive federal investigation documents.
Ken Paxton's Shopping Spree After His Secret Trip to China
This curious shopping spree raises further concerns, particularly due to its timing occurring after Ken Paxton's secret trip to China. According to real estate records reviewed by The Wall Street Journal, Paxton, his wife, and a family trust collectively spent nearly $3.5 million on six properties across the United States in less than 10 months, spanning from July 2021 to April 2022. The properties acquired include a luxurious five-bedroom lodge in Oklahoma, a townhouse, and two rental homes in Florida, as well as parcels of land in a Utah ski town and on the picturesque island of Maui in Hawaii.
The rapid acquisition of multiple properties in different states within such a short timeframe raises questions about the source of funds and the motives behind these investments. Given the earlier revelations of Paxton's secret trip to China and the concerns surrounding potential influence from the CCP, the timing of these property purchases becomes all the more alarming.
Every Accusation Texas Scorecard's Axis of Allies Makes Is Actually a Confession
The repeated accusations made by Texas Scorecard's axis of allies against individuals and organizations reveal a troubling pattern: every accusation they level is, in fact, a confession of their own actions and motives. Behind their vehement finger-pointing lies a web of hypocrisy and deceit that further erodes their credibility.
One of the most concerning aspects of their approach is the deliberate targeting of the uninformed or less-informed members of the conservative community. Texas Scorecard understands that individuals who may lack access to comprehensive information or critical analysis are more susceptible to manipulation. They take advantage of this vulnerability by presenting a skewed version of events, carefully tailored to elicit emotional responses and reinforce existing biases.
Instead of fostering informed debate and encouraging a thoughtful exchange of ideas, Texas Scorecard perpetuates a dangerous cycle of misinformation and echo chambers. They exploit the genuine concerns and fears of conservatives, offering oversimplified and misleading explanations that appeal to emotions rather than reason. In doing so, they stifle the intellectual growth and critical thinking of their audience, hindering the development of well-rounded perspectives.
Their deceptive tactics not only hinder the progress of conservative ideology but also undermine the democratic process itself. By promoting a distorted narrative and manipulating their followers, they contribute to a toxic political environment where honest dialogue becomes increasingly difficult. This divisive approach ultimately weakens the conservative movement in Texas by discouraging cooperation, compromise, and the pursuit of common goals.