Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Link: A Brief History of Bush, Harken and the SEC

Primary Sources

A Brief History of Bush, Harken and the SEC


By John Dunbar

WASHINGTON – In 1976, George W. Bush was a freshly minted graduate of the Harvard Business School looking for a job.

He had $20,000 left over from his education trust fund, a well-known last name and some great connections. He decided to follow in his father’s footsteps by getting into the oil business, and moved back to his childhood home of Midland, Texas.

The early years

In 1977, Bush organized his first company, Arbusto Energy Inc. (Spanish for bush), an oil exploration venture. After an unsuccessful 1978 run for the House of Representatives, Bush returned to the oil business, attempting to take Arbusto public in 1982 with disappointing results. Bush changed the name of the company to Bush Exploration that same year and struggled on.

By 1984, Bush Exploration was in dire need of capital. In stepped Spectrum 7 Energy Corp. of Ohio, owned by William DeWitt Jr. The two companies merged and Bush was made CEO with a $75,000 salary. As part of the deal, he received 1.1 million shares of stock, or 16.3 percent of the company.

An April 1986 New York Times story described Spectrum 7 as “less concerned with recovering oil than in creating tax shelters.” The company specialized in selling limited partnerships, which generated generous write-offs before the tax laws were revised in 1986.

Spectrum 7 did not fare much better than Bush Exploration – in the 1980s, with the end of the Arab oil embargoes, a flood of cheap, imported crude oil drove many small, domestic producers out of business. Bush was at the helm of another struggling company seeking a bailout. Spectrum 7 was teetering on the brink of bankruptcy, and this time the white knight was Harken Oil.

Full Story....
http://www.public-i.org/dtaweb/report.asp?ReportID=464&L1=10&L2=10&L3=0&L4=0&L5=0

© Scoop Media

 
 
 
Top Scoops Headlines

 

27-29 Sept: Social Enterprise World Forum Live Blog

1600+ delegates from more than 45 countries have came together to share wisdom, build networks and discuss how to create a more sustainable future using social enterprise as a vehicle. Attending the Forum were social enterprise practitioners, social entrepreneurs, policy makers, community leaders, investors, activists, academics and more from across the globe... More>>

HiveMind Report: A Universal Basic Income For Aotearoa NZ

Results from this HiveMind suggests that an overwhelming majority of Kiwis believe that due to changing circumstances and inefficiencies in the current system, we need a better system to take care of welfare of struggling members in our society. More>>

ALSO:

Scoop Hivemind: Medical Cannabis - Co-Creating A Policy For Aotearoa

Welcome to the fourth and final HiveMind for Scoop’s Opening the Election campaign for 2017. This HiveMind explores the question: what would a fair, humane and safe Medical Cannabis policy look like for Aotearoa, NZ in 2018? More>>

ALSO:

Lyndon Hood: Notes On National’s Election Campaign, In Poem Form

Nationyl’s bitumen-ing / As they du du / Seed groweth / River floweth / Then ‘dozer drives thru / Highway ensu. More>>