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George W. Bush And Harken Oil - Recovered History

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Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 10:18 AM
Original message
George W. Bush And Harken Oil - Recovered History
Edited on Sat Sep-18-04 10:25 AM by Bandit
1986
George W. Bush and partners receive more than $2 million of Harken Energy stock in exchange for a failing oil well operation, which had lost $400,000 in the prior six months. After Bush joined Harken, the largest stock position and a seat on its board were acquired by Harvard Management Company. The Harken board gave Bush $600,000 worth of the company's publicly traded stock, plus a seat on the board plus a consultancy that paid him up to $120,000 a year. When Harken runs short of cash it hooks up with investment banker Jackson Stephens of Little Rock, Arkansas, who arranges a $25 million stock purchase by Union Bank of Switzerland. Sheik Abdullah Bakhsh, who joins the board as a part of the deal, is connected to the infamous BCCI.
1988
Bahrain officials suddenly break off offshore drilling negotiations with Amoco and decide to deal with Harken Energy, George Bush Jr.'s firm. Harken has had a series of failed ventures and no cash, so the Bass brothers are brought in to finance Harken's efforts at a cost of $50 million.
1990
January: Bahrain awards exclusive offshore drilling rights to Harken Oil. This is a surprise as Harken is in very shaky financial condition, has never drilled outside of Texas, Louisiana and Oklahoma and had never drilled undersea at all. The Bass brothers are brought in by Harken for sufficient equity to proceed with the effort. Harken's stock price increases from $4.50 to $5.50.
George W. Bush sells two-thirds of his Harken Energy stock at the top of the market for $850,000, a 200% profit, but makes no report to the SEC until March 1991. Bush Jr. says later the SEC misplaced the report. An SEC representative responds: "nobody ever found the 'lost' filing." One week after Bush's sale, Harken reports an earnings plunge. Harken stock falls more than 60%. Bush uses most of the proceeds to pay off the bank loan he had taken a year earlier to finance his portion of the Texas Rangers deal.
1992
First of Harken Energy's wells off Bahrain comes up dry. George W. Bush takes a leave of absence from the firm to work in his father's campaign, saying "I don't want to involve this company in any kind of allegations of conflicts or whatever may arise."
<snip>
The Financial Crimes Enforcement Network - known as FinCEN - and the FBI are reviewing accusations that entrepreneur James R. Bath guided money to Houston from Saudi investors who wanted to influence US policy under the Reagan and Bush administrations, sources close to the investigations say . . . The federal review stems in part from court documents obtained through litigation by Bill White, a former real estate business associate of Bath . . . White became entangled in a series of lawsuits and counter suits with Bath, who for some six years has prevailed in the courts. . . . In sworn depositions, Bath said he represented four prominent Saudis as a trustee and that he would use his name on their investments. In return, he said, he would receive a 5 percent interest in their deals. Tax documents and personal financial records show that Bath personally had a 5 percent interest in Arbusto '79 Ltd., and Arbusto '80 Ltd., limited partnerships controlled by George W. Bush, President Bush's eldest son. Arbusto means 'bush' in Spanish. Bath invested $ 50,000 in the limited partnerships, according to the documents. There is no available evidence to show whether the money came from Saudi interests. George W. Bush's company, Bush Exploration Co., general partner in the limited partnerships, went through several mergers, eventually evolving into Harken Energy Corp., a suburban Dallas-based company . . . Bush said that to his knowledge, Bath's investment was from personal funds, and no Saudi money was invested in Arbusto. Bath, 55, a former U.S. Air Force pilot, declined to comment for the record. Spokesmen for FinCEN and the FBI also declined to comment. According to a 1976 trust agreement, drawn shortly after Bush was appointed director of the Central Intelligence Agency, Saudi Sheik Salem M. Binladen appointed Bath as his business representative in Houston. Binladen, along with his brothers, owns Binladen Brothers Construction, one of the largest construction companies in the Middle East. According to White, Bath told him that he had assisted the CIA in a liaison role with Saudi Arabia since 1976. Bath has previously denied having worked for the CIA . . . Bath received a 5 percent interest in the companies that own and operate Houston Gulf Airport after purchasing it on behalf of Binladen in 1977.
http://www.scoop.co.nz/mason/stories/HL0203/S00035.htm
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Karenina Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 02:48 PM
Response to Original message
1. Erraaa...
:kick:
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Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 02:57 PM
Response to Reply #1
2. Kick
:kick:
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Trajan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 03:50 PM
Response to Original message
3. A worthy kick ....
Edited on Sat Sep-18-04 03:50 PM by Trajan
The foundations of George's amoral core are found here ....

EVERYTHING builds on Harken ...
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Ksec Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 04:00 PM
Response to Original message
4. I was trying to find
some info of how boosh ruined Texas's economy and was surprised how little info (accurate) there is on this.

I appreciate your Harken info. good job
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 04:19 PM
Response to Reply #4
6. Google Curtis-Mathes and baseball
He pulled some really shifty stuff to get the land for ENRON FIELD..:grr:
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toddaa Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-04 04:18 PM
Response to Original message
5. I don't get it
Why are people on the left going after the AWOL issue, when Harken has so much more going for it in bringing down the Bush regime. The AWOL issue has to many missing documents to ever be fully exploited, whereas BCCI and Harken has documentation up the wazoo. The biggest problem with the Harken Energy fiasco is how truly big it is. It's impossible to distill into a 30 second sound bite.

Next time a Republican brings up the stupid "John Kerry never accomplished much as Senator" talking point, counter with the BCCI investigations. Stunned silence is the typical response.
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