Word: bunker
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...kind eccentric, a penny pincher who brought his lunch to work in a brown paper bag, a health faddist who crawled on all fours as a form of exercise, a gambler who sometimes had $50,000 riding on a single afternoon's sports events. Says Bunker of his father: "We never disagreed on anything much...
...student, he was the teacher and I never argued much." Bunker says the main lesson that he learned from his father was "in business, you should risk a little with the potential to make a lot, not vice versa...
...Bunker, the leader of the six children of H.L.'s first marriage, they feud incessantly with the four children of the second marriage, seems to have inherited some of his father's traits. Like H.L., Bunker is a zealot for far-right causes. He is on the national council of the John Birch Society and is said to have angrily quit the University of Texas after one semester because one of his professors suggested that the Government should control all natural resources. Like H.L., Bunker has a penchant for controversy; he is almost constantly enmeshed in lawsuits. In 1975 Bunker...
...Bunker started in the 1950s with an oil-drilling program in Pakistan that yielded nothing but dry holes, more than $11 million worth. Undaunted, he sank $250 million into exploration ventures in the Middle East and North Africa. In 1961 he discovered the Sarir field in Libya, one of the biggest single oil finds ever. But in 1973 Libya nationalized his holdings, depriving Hunt of potential future profits that could have run into the billions. For a while, one biographer believes, he was not even a billionaire...
There were other factors: world demand for silver, spurred largely by its use in photographic materials, regularly exceeds new production from mines, and Hunt believed silver was greatly undervalued in relation to gold. Bunker and his brother Herbert bought in 1973 an astonishing 35 million oz. in futures contracts. Their buying drove prices up for a while, but when the brothers stopped their purchases, prices fell again. The Hunts lost an estimated $25 million to $50 million on paper. Undeterred, Bunker called for actual delivery of the metal, a rare occurrence in commodity markets, and just kept...