Poole’s Star Losing Its Luster

By Gloria Way

  It’s all about transparency, or lack of, conflicts of interest, and nepotism all wrapped up in a single entity, the Barbers Hill Education Foundation (BHEF). Does BHEF invest money for the kids, or a means of self-enrichment for friends and family?

  The Texas House Select Committee on Governmental Oversight held a hearing Wednesday, August 26^th, with specific focus on the Barbers Hill Education Foundation (BHEF) which boasts the largest education foundation holdings in the nation. The foundation claims $200-$250 million in its coffers. Conflicts of interest was a major talking point among the committee members. The members questioned the makeup of the BHEF board, the conflicts of interest of board member(s) in partnering with Americus Holdings, and conflict of interest of Greg Poole’s daughter working for the investment management firm that manages BHEF’s $200 million fund.   

  Barbers Hill Independent School District (BHISD) superintendent Greg Poole is the executive director of BHEF. The BHISD and BHEF are supposed to be separate entities, but BHISD maintains the foundation’s accounting records and charges the foundation for its services. Scrutiny has been drawn to BHEF because three elected BHISD officials sit on the BHEF board as does BHISD’s assistant superintendent of finance. Nathan Watkins, former Mont Belvieu city manager, and vice president of Americus Holdings, a company from which BHEF purchases real estate and partners with, in real estate developments (The Brickyard Apartments) is also a BHEF board member. And Greg Poole, the BHISD superintendent is the paid Executive Director of the foundation.

  During the hearing, several lawmakers brought up the issue of “conflict of interest”. State Representative Ellen Troxclair asked Poole how he handled Watkin’s apparent conflict of interest (being on the BHEF board and working for Americus from whom BHEF purchased land). Poole replied, “It was his responsibility to disclose a conflict of interest,” Poole said. “He did not disclose that. If he didn’t, then he doesn’t have one.” Poole added, “Watkins told me he does not work for Americus Holdings. He never has. That’s what he told me. So, there is no conflict.” Poole donated $25,000 to Watkins campaign which is a lot of money to not know where your candidate of choice works.

  Americus Holdings has Watkins listed as Vice President. He joined Americus in 2022 while he was also a BHEF board member.

  Is Poole throwing Watkins under the bus? Poole said it was Watkins’s job to inform Poole and the BHEF board that he worked for Americus, not his (Poole). Poole was one of Watkin’s loudest and most fervent supporters when Watkins attempted to unseat incumbent Terri Leo Wilson in the State Representative (D23) primary this past March. So much so that Poole (in the name of the foundation) filed a lawsuit against Leo Wilson claiming she “slandered and defamed” the foundation when she asked questions about the financial accountings of BHEF. The case is currently being appealed. But, again, Poole was leaving conflict of interest disclosure to candidate Watkins. Poole, BHEF executive director, also stated that he does not recall and doesn’t know if Watkins had participated in BHEF’s vote to file the lawsuit against Leo Wilson.

  Poole is suffering from multiple memory lapses. State Rep. Troxclair also asked Poole if anyone in his family worked for Commerce Street Holdings. Commerce Street Holdings handled $250 million in investments for BHEF. He said “no”. After a long, awkward pause, Troxclair asked if he was related to Hillary Poole, who is currently listed as the vice president of institutional business development at Commerce Street Holdings. “You’re asking if she did, but you asked if she does. She does not,” Poole answered. “If you are asking, did she? Yes, ma’am. She did.”

  Poole was asked by Rep. Shelby Slawson whether his daughter worked for Commerce Street when Commerce Street was hired to manage BHEF’s education funds. Poole said that he did not remember. Slawson also asked Poole if he signed a form before testifying before the committee swearing to tell the complete truth in testimony before the committee. Poole said he did sign the form.

  Coincidentally, according to several websites, Hillary Poole began working for Commerce Street Holdings in January 2023. In April 2023, the BHEF partnered with Americus Holdings for 50% of The Brickyard Apartments Complex in Mont Belvieu. Several months later, BHEF also purchased an additional tract of land worth $6.45 million. Did Commerce Street with Hillary Poole, advise BHEF to become 50% partners in the development deal? Did Commerce Street advise BHEF to buy more land? Was Poole at the time approving real estate development investments for BHEF? Who profits from this partnership?

  Greg Poole, as BHEF executive director, needs to disclose how Commerce Street Holdings became the investment manager for BHEF.  When was Commerce Street selected to handle BHEF’s funds? Was it an open bid?  Was there an RFP or competitive selection? What was Greg Poole’s role in selecting Commerce Street? Who signed the agreement? Was any father-daughter relationship disclosed between Commerce Street and BHEF? Was Commerce Street Holdings already BHEF’s investment manager before Hillary Poole joined the company, or did the relationship arise after she was there?

  The conflicts arise when transparency does not exist, when friends and family members are involved with companies making deals, and taxpayer money, no matter how you analyze it, enriches someone other than teachers and students.

  What is the common denominator – lack of transparency, conflicts of interest, nepotism? It’s not a what but a who … Greg Poole.