Fred Mccallister News

Senator John Cornyn (R-TX) sent a letter to Admiral Thad Allen on June 22 supporting Allegiance Capital's request for a waiver of the Jones Act. For more than two weeks, Fred McCallister, Vice President of the Dallas-based investment bank, has been requesting a waiver of the Jones Act in order to bring boats from Europe to U.S. waters to assist in the Gulf oil spill clean-up. Allegiance Capital has available 12 to 25 oil skimming vessels as well as several ships for boom deployment and the housing of volunteers and rescue workers. The Coast Guard-compliant ships are currently sitting idle. According to Allegiance Capital Vice President Fred McCallister, bringing foreign vessels to help with the clean-up effort can provide American workers with jobs.

Fred McCallister, an investment banker with Allegiance Capital Corporation, sent a letter to Incident Commander Admiral Thad Allen on June 17 asking for a limited waiver of the Jones Act, to enable 12 to 25 foreign flagged skimmer ships to assist in clean-up efforts in the Gulf. "Many in the Gulf have been calling for this equipment, which can collect 3,500 gallons of oil per hour per vessel from Gulf waters. With estimates now at 2.5 million gallons of oil spilling into the Gulf every day, the urgency can't be overstated," said McCallister, a Vice President at Allegiance Capital.