This article discusses the professional life of George W. Bush , the 43rd President of the United States. Before being elected President in 2000, Bush held various other positions, including being an oil executive, owner of the Texas Rangers baseball team, and the Governor of Texas. (Also see George W. Bush's Leadership.)
Video Professional life of George W. Bush
Business
Bush began his industrial career in 1979, when he founded Arbusto Energy, an oil and gas exploration company funded with trust fund fund funding and money from other investors, including Dorothy Bush, Lewis Lehrman, William Henry Draper III, Bill Gammell and James R. Bath, the latter representing Salem bin Laden, Osama bin Laden's half-brother and cousin. In 1984, Bush sold the company, wounded by the 1979 energy crisis, to Spectrum 7, another Texas gas exploration firm. Under the terms of the sale, Bush became CEO. Spectrum 7 lost revenue and merged into Harken Energy Corporation in 1986, with Bush becoming director of Harken.
Texas Rangers and alleged insider trading
After working on a successful presidential campaign in 1988, his father, Bush learned from fellow alumnus Yale William DeWitt, Jr., that family friend Eddie Chiles wanted to sell the Texas Rangers baseball franchise along with a new sports stadium; built on land acquired under a prominent domain law and built under funding that is funded through taxpayer funds backed by bonds issued to its debt. In April 1989, Bush gathered a group of investors from his father's close friends, including fraternal brothers Roland W. Betts; the group bought 86% of Rangers shares for $ 75 million. Bush received a 2% stake by investing $ 606,302, of which $ 500,000 was a bank loan. Against advice from his advice, Bush repaid the loan by selling $ 848,000 worth of shares in Harken Energy. Harken reported a significant financial loss in a year from this sale, sparking allegations of insider trading. On March 27, 1992, the Securities and Exchange Commission concluded that Bush had a "pre-existing plan" for sale, that Bush had "a relatively limited role in Harken's management", and that he saw no evidence of insider trading.
The subsequent SEC investigation ended in 1992 with a memo stating "it appears Bush was not involved in illegal trafficking," but noted that the memo "should not be interpreted as indicating that the party has been released or that no action can be taken. the end result ". Critics allege that this decision was strongly influenced by the SEC's arrangements at the time, which Bush greatly favored. The chairman at the time was Richard Breeden, a good friend of the Bush family who had been nominated for the SEC by President George H. W. Bush and who had been a lawyer at James Baker's Baker Botts. SEC's general advice at the time was James Doty, who had been appointed by President H.W. Bush and as a lawyer at James Baker's firm, Baker Botts has represented George W. Bush when arrangements were made to acquire the Texas Rangers baseball franchise (though Doty resigned from the investigation.). With Baker Botts representing W. Bush, the BinLaden Saudi family and W. James fund James R. Bath, Doty was involved in a vigorous litigation campaign launched in an effort to intimidate the BinLaden partners' business partner James R Bath [[Charles W. [ "Bill"] White]] collaborated with efforts to cover up BinLaden Family's secret funds from W. Bush's campaign and business. Mr Bush's own lawyer is Robert Jordan, who has "partnered with Doty and Breeden in Baker Botts and who later became George W. Bush's ambassador in Saudi Arabia".
In House of Bush House of Saud Craig Unger notes that at the time of Bush's sale, Harken Energy was "expected to run out of money in just three days" (page 123). In a last-ditch effort to save the company, Harken was advised by the endowment of Harvard University to separate the two lower-performing divisions. "According to Harken's memo, if the plan does not work, the company does not have other direct funding sources." Bush had taken a $ 500,000 loan and asked Harken for Hints for advice. The answer is explicit: "The action of trade, especially if it is close to the acceptance of insider information, is strong evidence that the insider investment decision is based on inside information... insiders should be advised not to sell". The memo was handed over by a Bush lawyer the day after the US Securities and Exchange Commission (SEC) ruled that it would not accuse Bush of insider trading. On June 22, Bush sold 212,140 shares, however, for a net profit of $ 848,560. In the following quarter, Harken announced a $ 23 million loss, which continued into the year-end when the stock "fell from $ 4 to $ 1.25".
As President, Bush refused to authorize the SEC to release its full report on Harken's investigation. When the Rangers franchise sold for $ 250 million in 1998, for a total gain of $ 170 million, Bush personally received $ 14.9 million for a $ 600,000 investment.
As Rangers' general partner manager, Bush assists team media relations and new stadium construction. A lot of people in Arlington are protesting that the stadium is paid for with public funds, and when the stadium is given to the Texas Rangers Organization, it effectively allows Bush to release public funds. His public role generates valuable goodwill and strengthens name recognition throughout Texas.
early political career
After the transfer of the US National Guard in 1972, he served as political director for the Alabama senate campaign. In 1978, Bush ran for the US House of Representatives but lost to Kent Hance. Bush emphasized his energy credentials and conservative values ​​in the campaign. However, Hance also holds many conservative views, opposes arms control and strict rules; he managed to portray Bush as a man who could not connect with rural Texas people. Hance later became a Republican and contributed money to Bush's campaign for the Governor of Texas in 1993.
Maps Professional life of George W. Bush
See also
- George W. Bush - main article
- George W. Bush's presidential campaign, 2000
References
Source of the article : Wikipedia
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