gullible twit
"...James R. Bath, a friend and neighbor, was used to funnel money from Osama bin Laden's brother, Salem bin Laden, to set up George W. Bush in the oil business, according to The Wall Street Journal and other reputable sources.
Through a tangled web of Saudi multi-millionaires, Texas oilmen, and the infamous Bank of Credit and Commerce International, Bush was financially linked with the bin Laden family until Salem met an untimely end in a freak flying accident near San Antonio in 1988.
The infamous BCCI was shut down in 1991 with some $10 billion in losses.
In June 1977, George W. Bush formed his own oil drilling company, Arbusto Energy, in Midland, Tex.
"Arbusto" actually means "shrub" in Spanish, but the Bush family interpreted it as "bush".
Salem bin Laden, a close friend of the Saudi King Fahd had "invested heavily in Bush's first business venture," according to The Daily Mail (U.K.).
Arbusto later became Bush Exploration, when Bush's father became vice president. As the company neared financial collapse in September 1984, it was merged with Spectrum 7 Energy Corp. in an effort to stay afloat.
The 50 investors who propped up the Bush company with $4.7 million were "mainly friends of my uncle" who "did pretty good" in Bush's words, although they lost most of the money they invested in the company. Jon Bush, George's uncle, raised money for Arbusto from political supporters of the Reagan-Bush administration.
"These were all the Bushs' pals," family friend Russell Reynolds told the Dallas Morning News in 1998. "This is the A-Team."
The "A-Team" limited partners contributed $4.67 million to various Bush funds through 1984 but got only $1.55 million back in profit distributions, and $3.9 million in tax write-offs.
William DeWitt and Mercer Reynolds, two staunch Reagan-Bush supporters, owned Spectrum 7.
Despite his poor track record, the owners made Bush president of the company and gave him 13.6 percent of the parent company's stock.
surprise deal
As the hard times continued, Spectrum merged with Harken Energy in 1986. In 1990, Harken received a contract from the government of Bahrain to drill for offshore oil although Harken Energy had never drilled a well overseas or anywhere in water.
"Knowledgeable oil company sources believe that the Bahrain oil concession was indeed an oblique favor to the president of the United States but say that Saudi Arabia (home of bin Laden) was behind the decision," according to The Outlaw Bank: A Wild Ride Into the Secret Heart of the BCCI, by Jonathan Beaty and S.C. Gwynne.
It raised oil-industry eyebrows when the Persian Gulf state announced it had chosen tiny Harken to explore an offshore site for gas and oil. Bahrain officials said they had no idea President Bush's son was associated with Harken, a claim oil-industry sources ridicule.
The Bahrain deal was brokered in part by Arkansas investment banker David Edwards, one of Bill Clinton's closest friends. The Bahrain oil project resulted in two dry holes and Harken energy abandoned the project.
Two months before Iraq invaded Kuwait, on June 20, 1990, the younger Bush sold two-thirds of his Harken stock, 212,140 shares at $4 a share-for a total of $848,560.
"That was $318,430 more than it was worth," Dr. Arthur F. Ide, author of George W. Bush: Portrait of a Compassionate Conservative, said. "George W. broke the law to do this since the transaction was an insider stock sale."
Eight days later, Harken finished the second quarter with losses of $23 million and the stock went "into a nosedive" losing 75 percent of its value, finishing the year at a little over $1 a share.
"Like his father who made his fortune in the oil business with the money of others, George W. founded Arbusto with the financial backing of investors, including James R. Bath," said the late James Howard Hatfield, author of a "controversial biography," Fortunate Son: George W. Bush and the Mak ing of an American President. ..."
americanfreepress.net |
