January 12, 2001
Dear Newswatch Magazine Listeners/Readers:
The former Governor of Texas and now President-elect George W. Bush is not very well known. WHY? The American people have entrusted the next four years to a man they know little to nothing about. Did he ride into the presidency on his father's coattail or is he really that good at what he says he has done in the past? Let's explore!
On January 30, 1990, Platt's Oilgram News, a respected trade journal of the petroleum industry, reported that a subsidiary of a small, Dallas-based independent oil company, Harken Energy Corporation, had just signed an agreement with the government of Bahrain. "Harken Bahrain Oil Company signed a production sharing contract today that gave the company exclusive rights to carry out exploration, development, production, transportation, and marketing of petroleum throughout most of Bahrain's Gulf offshore areas."
That the government of Bahrain, and its state-owned petroleum franchise, Bahrain National Oil Company [or Banoco], should choose tiny Harken Energy to explore for oil off its coast came as something of a surprise to industry experts. Amoco, the global oil giant, had also wanted the contract, and Chevron Corporation, another multinational, had advised the Bahraini government on choosing an American company for the venture.
Harken Energy had fewer than a thousand employees, and NO experience whatsoever in international oil production. The company had confined its operations entirely to the domestic production of oil, and to expanding itself through the acquisition of troubled U.S. oil producers at bargain-basement prices. And it was so cash poor that it didn't even have enough capital to drill for oil without bringing in well-financed partners to finance the exploration. Even more surprising, Harken hadn't even actively sought the deal.
Monte Swetnam, the president of Harken Exploration Company, told World Oil, another industry publication: "It was not our intention to seek out international opportunities. However, we were introduced to officials in Bahrain and were able to present credentials to them. And from that, a relationship developed … that has evolved into one of mutual respect, ultimately resulting in signing the production-sharing contract."
The relationship promised Harken more than respect. The off-shore fields bordered on one side by a Saudi Arabian deposit with proven reserves of about 7 billion barrels, and a field belonging to Qatar with 2 billion barrels. The Bahraini off-shore reserves had the potential to be enormous.
Harken Energy was in the right place at the right time. But it had something else - the right name. In January 1991, a global coalition led by President George Bush had mobilized an enormous military force to drive Saddam Hussein and the Iraqi army out of Kuwait. Another George Bush - the son of the President of the United States - was a director and shareholder of Harken Energy.
The few press reports about the deal questioned the motives of the government of Bahrain for making the deal with Harken Energy. Even the Wall Street Journal, customarily reserved on such matters, reported in a page-one analysis of the contract in December 1991 that it "raises the question of … an effort to cozy up to a presidential son."
Bush says that he pulled no strings to win the contract, and that he in fact opposed the deal, but his presence may have been enough. According to Swetnam, the Bahrainis knew that Bush was on the company's board of directors and "were clearly aware he was the President's son."
Alas for Harken, the Bush name wasn't magical enough to ensure a strike off the coast of Bahrain. The company drilled two dry holes. Bush fared better. He sold off two-thirds of his holdings in Harken for NEARLY a million dollars, and bought a small share of the Texas Rangers, a deal that ultimately netted him - WITH A HELPING HAND FROM TEXAS TAXPAYERS - some $15 million.
Which is all par for the course for the President-elect of the Republican Party. Whenever he's struck a dry hole, someone has always been willing to fill it with money for him. Throughout his long business career and in his six years as governor of Texas, Bush has relied on family connections, sweetheart deals, and the inside track of membership in Skull & Bones to build a fortune. And Bush, both in private life and since he became governor of Texas, HAS ALWAYS been willing to return the favors.
[Facts furnished by The Center for Public Integrity]
More in future editorials.
Sincerely,
David J. Smith
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