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Part #1--Enron and the Bushes

posted 2/15/2012 5:12:44 PM |
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  Kentuck

Most people want to hide this in the closet as if it was not the start of the Energy run away. It has nothing to do with a political party, but just plain old corrupt CEOS

Bush's Enron Deal
David Corn March 7, 2002 | This article appeared in the March 25, 2002 edition of The Nation. Share |
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Subscribe Now.Did George W. Bush once have a financial relationship with Enron? In 1986, according to a publicly available record, the two drilled for oil together--at a time when Bush was a none-too-successful oil man in Texas, and his oil venture was in dire need of help. (In early March The Nation broke the story on its website; two days later the New York Times covered this Bush-Enron deal.)

About the AuthorDavid CornDavid Corn is Mother Jones' Washington bureau chief. Until 2007, he was Washington editor of The Nation. He has written...Also by the AuthorObama's Copenhagen Deal (Barack Obama, Environmental Issues, Global Warming and Climate Change, Environment)How the deal at the Copenhagen climate change summit came about--and why it may not be a real deal.
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David Corn 290 comments Related TopicsAbdullah Taha Baksh Bill Minutaglio Bush Exploration Company Dallas Enron Corp. Enron Oil and Gas Company Entertainment George Soros George W. Bush Harken Harvard Harvard Management Corporation Person Career Technology Texas The New York Times businessman chief executive and director oil
In 1986 Spectrum 7, a privately owned oil company chaired by Bush, faced serious trouble. Two years earlier Bush had merged his failing Bush Exploration Company with the profitable Spectrum 7, where he was named the company's chief executive and director. Bush was paid $75,000 a year and handed 1.1 million shares, according to First Son, Bill Minutaglio's biography of Bush. Bush ended up owning about 15 percent of Spectrum 7. By the end of 1985 Spectrum's fortunes had reversed. With oil prices falling, the company was losing money and on the verge of collapse. To save the firm, Bush began negotiations to sell Spectrum 7 to Harken Energy, a large Dallas-based energy company mostly owned by billionaire George Soros, Saudi businessman Abdullah Taha Baksh and the Harvard Management Corporation.

In September 1986 Spectrum 7 and Harken announced a plan under which Spectrum 7 shareholders would receive Harken stock. Bush said publicly that Spectrum 7 would continue to operate in Midland, Texas, as a wholly owned subsidiary of Harken and that he would become an active member of Harken's board of directors. As Minutaglio reports, the deal would give Bush about $600,000 in Harken shares and $50,000 to $120,000 a year in consultant's fees. It also would provide $2.25 million in Harken stock for a company with a net value of close to $1.8 million.

As the details of the Spectrum-Harken acquisition--which Bush badly needed--were being finalized, Enron Oil and Gas Company, a subsidiary of Enron Corporation, announced on October 16, 1986, a new well producing both oil and natural gas. A press release reported that the well was producing 24,000 cubic feet of natural gas and 411 barrels of oil per day in the Belspec Fusselman Field, fifteen miles northeast of Midland. Enron held a 52 percent interest in the well. According to the announcement, 10 percent belonged to Spectrum 7. At that point, Spectrum 7 was still Bush's company. Harken's completion of the Spectrum 7 acquisition was announced in early November.

To spell it out: George W. Bush and Enron Oil and Gas were in business together in 1986--when Ken Lay was head of Enron. (Lay was named Enron chairman in February of that year.) How did this deal come about? Was this the only project in which Bush and Enron were partners? The White House did not respond to a request for information but later was quoted as saying there had been nothing unusual about the arrangement. Spokeswomen for Enron and EOG Resources (formerly Enron Oil and Gas) said they could not provide information on the well or on other possible Bush-Enron ventures.

Does the relationship between the younger Bush and Lay go back further than heretofore reported--to the mid-1980s? The deal could have happened with no contact between Lay and Bush. But most company heads would be quite interested to know that the son of a sitting Vice President had invested in one of their enterprises. Is it possible that Bush and Spectrum 7 received undue consideration from Enron? Given Enron's penchant for using political ties to win and protect business opportunities, it's tough not to wonder whether this Bush-Enron venture involved special arrangements. This is one more Enron partnership that deserves scrutiny--especially since George W. Bush failed to acknowledge it before the details became public. The Spectrum-Enron deal is either an odd historical coincidence or an indication that there's more to learn about the Bush-Enron association.

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Comments:
alivenwell351

Feb 15 @ 5:29PM  
Hmmmm....Sounds suspiciously like bamasiah's relationship with Jeffrey Immelt....

You do know who Jeffrey Immelt is, right??

He's the head of bamasiah's Jobs Council (whatever that's supposed to be!!) He's also the CEO of General Electric. You know, General Electric, the American company that paid ZERO in income tax last year.

And why didn't they pay any tax?? Because they had so much write off from overseas investments, because General Electric, under the guidance of Jeffrey Immelt (remember??...the head of bamasiahs Jobs Council), is the largest employer of overseas labor. By a long shot...

You can read all about it HERE

I bet you'd believe it if someone told you that if you let a democrat sh*t on your lawn, the grass would actually grow greener!!
Dillweed

Feb 15 @ 6:58PM  
Yep, and there's plenty more where that came from. All the more reason we should all stop bickering about which party is more to blame...and see it all for what it is.

A big fraudulent love fest, and we ain't invited. Someone's gotta represent the collateral.
ManAlive47

Feb 15 @ 7:06PM  
In regards to GE and taxes :

Most Companies Pay No Federal Income Tax
lamearsesite

Feb 16 @ 6:42PM  
What did this have to do with bushes? All I got was some typical political corruption stuff that might have involved the former President Bush but not one damn thing about bushes, shrubs, hedges or other greenery.

Please be honest with the titles of your posts if you expect us to read them much less take them seriously.

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