Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
2016 Postmortem
In reply to the discussion: Guess who works for Phil Gramm at UBS? [View all]Octafish
(55,745 posts)55. Thank you, 2banon! That's why the Infodump: to Clog the Memory Hole.
The Panama Papers are the tip of the iceberg. These cats have been moving mountains offshore for over a century.
The Family That Preys Together
by Jack Colhoun, Covert Action Quarterly, Summer 1992
"This is an incredible deal, unbelievable for this small company," energy analyst Charles Strain told Forbes magazine, describing the oil production sharing agreement the Harken Energy Corporation signed in January 1990 with Bahrain.
Under the terms of the deal, Harken was given the exclusive right to explore for gas and oil off the shores of the Gulf island nation. If gas or oil were found in waters near two of the world's largest gas and oil fields, Harken would have exclusive marketing and transportation rights for the energy resources. Truly an "incredible deal" for a company that had never drilled an offshore well.
Strain failed to point out, however, the one fact that puts the Harken deal in focus: George Bush, Jr., the eldest son of George and Barbara Bush of 1600 Pennsylvania Avenue, Washington, DC, is a member of Harken's board of directors, a consultant, and a stockholder in the Texas-based company. In light of this connection, the deal makes more sense. The involvement of Junior-George Walker Bush's childhood nickname-with Harken is a walking conflict of interest. His relationship to President Bush, rather than any business acumen, made him a valuable asset for Harken, the Republican Party benefactors, Middle East oil sheikhs and covert operators who played a part in Harken's Bahrain deal.
In fact, Junior's track record as an oilman is pretty dismal. He began his career in Midland, Texas, in the mid-1970s when he founded Arbusto Energy, Inc. When oil prices dropped in the early 1980s, Arbusto fell upon hard times. Junior was only rescued from business failure when his company was purchased by Spectrum 7 Energy Corporation, a small oil firm owned by William DeWitt and Mercer Reynolds. As part of the September 1984 deal, Bush became Spectrum 7's president and was given a 13.6 percent share in the company's stock. Oil prices stayed low and within two years, Spectrum 7 was in trouble.
In the six months before Spectrum 7 was acquired by Harken in 1986, it had lost $400,000. In the buyout deal, George "Jr." and his partners were given more than $2 million worth of Harken stock for the 180-well operation. Made a director and hired as a "consultant" to Harken, Junior received another $600,000 of Harken stock, and has been paid between $42,000 and $120,000 a year since 1986.
Junior's value to Harken soon became apparent when the company needed an infusion of cash in the spring of 1987. Junior and other Harken officials met with Jackson Stephens, head of Stephens, Inc., a large investment bank in Little Rock, Arkansas (Stephens made a $100,000 contribution to the Reagan-Bush campaign in 1980 and gave another $100,000 to the Bush dinner committee in 1990.)
CONTINUED for a Must-Download article:
http://www.afrocubaweb.com/bushes.htm
by Jack Colhoun, Covert Action Quarterly, Summer 1992
"This is an incredible deal, unbelievable for this small company," energy analyst Charles Strain told Forbes magazine, describing the oil production sharing agreement the Harken Energy Corporation signed in January 1990 with Bahrain.
Under the terms of the deal, Harken was given the exclusive right to explore for gas and oil off the shores of the Gulf island nation. If gas or oil were found in waters near two of the world's largest gas and oil fields, Harken would have exclusive marketing and transportation rights for the energy resources. Truly an "incredible deal" for a company that had never drilled an offshore well.
Strain failed to point out, however, the one fact that puts the Harken deal in focus: George Bush, Jr., the eldest son of George and Barbara Bush of 1600 Pennsylvania Avenue, Washington, DC, is a member of Harken's board of directors, a consultant, and a stockholder in the Texas-based company. In light of this connection, the deal makes more sense. The involvement of Junior-George Walker Bush's childhood nickname-with Harken is a walking conflict of interest. His relationship to President Bush, rather than any business acumen, made him a valuable asset for Harken, the Republican Party benefactors, Middle East oil sheikhs and covert operators who played a part in Harken's Bahrain deal.
In fact, Junior's track record as an oilman is pretty dismal. He began his career in Midland, Texas, in the mid-1970s when he founded Arbusto Energy, Inc. When oil prices dropped in the early 1980s, Arbusto fell upon hard times. Junior was only rescued from business failure when his company was purchased by Spectrum 7 Energy Corporation, a small oil firm owned by William DeWitt and Mercer Reynolds. As part of the September 1984 deal, Bush became Spectrum 7's president and was given a 13.6 percent share in the company's stock. Oil prices stayed low and within two years, Spectrum 7 was in trouble.
In the six months before Spectrum 7 was acquired by Harken in 1986, it had lost $400,000. In the buyout deal, George "Jr." and his partners were given more than $2 million worth of Harken stock for the 180-well operation. Made a director and hired as a "consultant" to Harken, Junior received another $600,000 of Harken stock, and has been paid between $42,000 and $120,000 a year since 1986.
Junior's value to Harken soon became apparent when the company needed an infusion of cash in the spring of 1987. Junior and other Harken officials met with Jackson Stephens, head of Stephens, Inc., a large investment bank in Little Rock, Arkansas (Stephens made a $100,000 contribution to the Reagan-Bush campaign in 1980 and gave another $100,000 to the Bush dinner committee in 1990.)
CONTINUED for a Must-Download article:
http://www.afrocubaweb.com/bushes.htm
From his association with a former president, Frank got a great deal in Kazakhstan:
After Mining Deal, Financier Donated to Clinton
By JO BECKER and DON VAN NATTA Jr.
The New York Times, JAN. 31, 2008
EXCERPT...
Upon landing on the first stop of a three-country philanthropic tour, the two men were whisked off to share a sumptuous midnight banquet with Kazakhstans president, Nursultan A. Nazarbayev, whose 19-year stranglehold on the country has all but quashed political dissent.
Mr. Nazarbayev walked away from the table with a propaganda coup, after Mr. Clinton expressed enthusiastic support for the Kazakh leaders bid to head an international organization that monitors elections and supports democracy. Mr. Clintons public declaration undercut both American foreign policy and sharp criticism of Kazakhstans poor human rights record by, among others, Mr. Clintons wife, Senator Hillary Rodham Clinton of New York.
Within two days, corporate records show that Mr. Giustra also came up a winner when his company signed preliminary agreements giving it the right to buy into three uranium projects controlled by Kazakhstans state-owned uranium agency, Kazatomprom.
The monster deal stunned the mining industry, turning an unknown shell company into one of the worlds largest uranium producers in a transaction ultimately worth tens of millions of dollars to Mr. Giustra, analysts said.
SNIP...
Mr. Giustra foresaw a bull market in gold and began investing in mines in Argentina, Australia and Mexico. He turned a $20 million shell company into a powerhouse that, after a $2.4 billion merger with Goldcorp Inc., became Canadas second-largest gold company.
CONTINUED...
http://www.nytimes.com/2008/01/31/us/politics/31donor.html
By JO BECKER and DON VAN NATTA Jr.
The New York Times, JAN. 31, 2008
EXCERPT...
Upon landing on the first stop of a three-country philanthropic tour, the two men were whisked off to share a sumptuous midnight banquet with Kazakhstans president, Nursultan A. Nazarbayev, whose 19-year stranglehold on the country has all but quashed political dissent.
Mr. Nazarbayev walked away from the table with a propaganda coup, after Mr. Clinton expressed enthusiastic support for the Kazakh leaders bid to head an international organization that monitors elections and supports democracy. Mr. Clintons public declaration undercut both American foreign policy and sharp criticism of Kazakhstans poor human rights record by, among others, Mr. Clintons wife, Senator Hillary Rodham Clinton of New York.
Within two days, corporate records show that Mr. Giustra also came up a winner when his company signed preliminary agreements giving it the right to buy into three uranium projects controlled by Kazakhstans state-owned uranium agency, Kazatomprom.
The monster deal stunned the mining industry, turning an unknown shell company into one of the worlds largest uranium producers in a transaction ultimately worth tens of millions of dollars to Mr. Giustra, analysts said.
SNIP...
Mr. Giustra foresaw a bull market in gold and began investing in mines in Argentina, Australia and Mexico. He turned a $20 million shell company into a powerhouse that, after a $2.4 billion merger with Goldcorp Inc., became Canadas second-largest gold company.
CONTINUED...
http://www.nytimes.com/2008/01/31/us/politics/31donor.html
From his association with a future president, George got a great deal in Bahrain.
Harken Energy And Insider Trading
by Stephen Pizzo
Mother Jones, September / October 1992
EXCERPT...
Harken Energy was formed in l973 by two oilmen who would benefit from a successful covert effort to destabilize Australia's Labor Party government (which had attempted to shut out foreign oil exploration). A decade later, Harken was sold to a new investment group headed by New York attorney Alan G. Quasha, a partner in the firm of Quasha, Wessely & Schneider. Quasha's father, a powerful attorney in the Philippines, had been a staunch supporter of then-president Ferdinand Marcos. William Quasha had also given legal advice to two top officials of the notorious Nugan Hand Bank in Australia, a CIA operation.
After the sale of Harken Energy in 1983, Alan Quasha became a director and chairman of the board. Under Quasha, Harken suddenly absorbed Junior's struggling Spectrum 7 in 1986. The merger immediately opened a financial horn of plenty and reversed Junior's fortunes. But like his brother Jeb, Junior seemed unconcerned about the characters who were becoming his benefactors. Harken's $25 million stock offering in 1987, for example, was underwritten by a Little Rock, Arkansas, brokerage house, Stephens, Inc., which placed the Harken stock offering with the London subsidiary of Union Bank -- a bank that had surfaced in the scandal that resulted in the downfall of the Australian Labor government in 1976 and, later, in the Nugan Hand Bank scandal. (It was also Union Bank, according to congressional hearings on international money laundering, that helped the now-notorious Bank of Credit and Commerce International skirt Panamanian money-laundering laws by flying cash out of the country in private jets, and that was used by Ferdinand Marcos to stash 325 tons of Philippine gold around the world.)
SNIP...
Suddenly, in January 1990, Harken Energy became the talk of the Texas oil industry. The company with no offshore-oil-drilling experience beat out a more-established international conglomerate, Amoco, in bagging the exclusive contract to drill in a promising new offshore oil field for the Persian Gulf nation of Bahrain. The deal had been arranged for Harken by two former Stephens, Inc., brokers. A company insider claims the president's son did not initiate the deal -- but feels that his presence in the firm helped with the Bahrainis. "Hell, that's why he's on the damn board," the insider says. "...You say, 'By the way, the president's son sits on our board.' You use that. There's nothing wrong with that."
Junior has told acquaintances conflicting stories about his own involvement in the deal. He first claimed that he had "recused" himself from the deal; "George said he left the room when Bahrain was being discussed 'because we can't even have the appearance of having anything to do with the government.' He was into a big rant about how unfair it was to be the president's son. He said, 'I was so scrupulous I was never in the room when it was discussed.'"
Junior alternately claimed, to reporters for the Wall Street Journal and D Magazine, that he had opposed the arrangement. But the company insider says, to the contrary, that Junior was excited about the Bahrain deal. "Like any member of the board, he was thrilled," the associate says. "His attitude was, 'Holy shit, what a great deal!'"
CONTINUED...
http://www.georgewalkerbush.net/harkenenergyandinsidertrading.htm
That's why I mean by keeping Wall Street and private business out of Washington and the public's business. What a coincidence.
Edit history
Please sign in to view edit histories.
55 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
IT IS... ALL ABOUT THE GD MONEY! Carvilee is A POS Corporatist as Well
CorporatistNation
Apr 2016
#48
Really Scary: UBS received $287 Billion bailout...and Phil Gramm still talks slow.
Octafish
Apr 2016
#24
They're all just one big happy family aren't they? We were so scammed! But not anymore thankfully.
sabrina 1
Apr 2016
#37
Mere mention of its existence brings out anguished (and now paid) cries of ''CONSPIRACY THEORY!''
Octafish
Apr 2016
#42
They are all Cronies Octafish, you know this...Bernie- has a minor in cronyism LOL
snooper2
Apr 2016
#17
Except wrt to the Panama Papers, a lot of us were painfully aware of this back in the day...
2banon
Apr 2016
#18
I like the way your thinking...I want them to feel the Bern...fuckers. Evil! nt
haikugal
Apr 2016
#29