Arbusto, an oil exploration company, lost money, but it got considerable investments (nearly $5 million) because even losing oil investments were useful as tax shelters.
Spectrum 7 Energy Corp. bought out Arbusto in 1984 and hired Mr. Bush to run the company's oil interests in Midland, Texas. The oil business collapsed as oil prices plummeted by 1986, and Spectrum 7 Energy was near failure.
Harken Energy acquired Mr. Bush's Spectrum 7 Energy shares, and he got Harken shares, a directorship, and a consulting arrangement in return. Harken, under Bush, brought in Saudi real estate tycoon Sheikh Abdullah Bakhsh as a board member and a major investor. Over the next few years, Harken would turn out to have links to: Saudi money, CIA-connected Filipinos, the Harvard Endowment, the emir of Bahrain, and the shadowy Bank of Credit and Commerce International
2007-11-17
03:45:59
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11 answers
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asked by
Anonymous
in
Politics & Government
➔ Politics
A 1991 internal SEC document suggested George W. Bush violated federal securities law at least 4 times in the late 1980s and early 1990s in selling Harken stock while serving as a director of Harken. This is essentially the same kind of activity that Martha Stewart went to prison over. Except at the time of the investigation, Mr. Bush's father was president and the case was quietly dropped
2007-11-17
03:46:32 ·
update #1