Hometown Glory

Houston CEOs make it rain: Two rank among the Top 10 wealth creators in America

Houston is basically overflowing with jobs, with more than its fair share of billionaires and a number of companies ranked among the Fortune 500 — two of which have CEOs ranked among ChiefExecutive.net's Top 10 wealth creators of 2012.

Cameron International, a Houston-based oil and gas services and equipment provider, took No. 5 in the overall rank, improving its economic margin by 20.5 points to 94.6 in 2012. CEO Jack B. Moore has worked with the company for 13 years, with four years at its helm.

Merrill A "Pete" Miller, Jr., CEO of National Oilwell Varco (NOV), ranked No. 9 with an economic margin score of 92.6 points. Miller joined the company in 1996 and rose to become president and chief executive officer in 2001.

ChiefExecutive.net notes that NOV has smartly acquired key companies to position itself as the "only source of rig equipment for many of the largest offshore drillers" with "a full-range offering" and low prices. The steady rise in oil prices over the past several years hasn't hurt the demand, either.

Taking the top spot on the list was Coach, the purveyor of luxury handbags and other accessories, which has been under the direction of CEO Lew Frankfort since 1995. The company took a hard hit during the recent recession, but snapped back quickly, with a meteoric rise from No. 84 on the list in 2011 to No. 1 this year.

Philip Morris' Louis C. Camilleri took No. 2, followed by Fastenal's Willard D. Oberton at No. 3 and ONEOK's John W. Gibson, Jr. at No. 4. See the full ranking of wealth generators — which includes Southwest Airlines' Gary Kelly in a not-so-hot-spot — here.

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no more trips to Colorado

Bill to legalize marijuana in Texas filed by Dallas Democrat

Photo courtesy of Texas Original

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Texas Rep. Jessica González (D-Dallas) has filed a bill to legalize recreational marijuana in Texas. House Bill 1208 would legalize the cultivation, manufacturing, transportation, and sale of cannabis.

The bill would allow adults 21 and older to use, possess, and transport up to 2.5 ounces of marijuana for personal use. Adults could also keep up to 10 ounces of cannabis in their residence, as long as it is stored in a secure location.

Smoking or consuming cannabis while in a public place or in a car on a public road would not be allowed.

Gonzalez filed the bill in mid-November, one in a suite of bills that also included expanding insurance coverage for in vitro fertilization for LGBTQ couples; and requiring landlords to disclose all fees before a rental lease is signed.

Her bill was filed prior to an initiative launched by Lt. Gov. Dan Patrick on December 4 to ban THC products in Texas entirely.

In addition to legalizing recreational use, the bill also makes provisions for its production and sale including requiring that the packaging be child-resistent and clearly labeled, so that it's not confused for candy.

Businesses looking to grow, transport, test, or sell cannabis would need to be licensed by the Texas Department of Licensing and Regulation. A 10 percent tax would be imposed on the sale of all cannabis and cannabis products. Some of the profits would go towards funding public schools.

If passed, the bill would take effect on September 1, 2025.

Medical cannabis is currently legal in Texas under the Texas Compassionate Use Program, which allows low-THC cannabis to be prescribed for conditions such as epilepsy, MS, autism, cancer, and post-traumatic stress disorder.

Some cities have also approved decriminalization for the possession of four ounces or less of marijuana, including Austin, Bastrop, Dallas, Denton, Elgin, Killeen, and Lockhart.

politics marijuana