Word: harkens
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...company that manages Harvard’s endowment owned more than $28 million worth of stock in Harken Energy Corporation in 1990, leading some to speculate that the University is the unknown buyer of President Bush’s shares in the Texas-based oil and gas company, though Harvard Management Company (HMC) officials deny the purchase...
...June 1990, Bush sold 212,140 shares of Harken—about two-thirds of his holdings in the company—for $848,560. Bush, who at the time was serving as a director of Harken, used the proceeds from the sale to pay off loans that helped him purchase a minority stake in the Texas Rangers baseball franchise...
...Crimson reported in 1991 that Harvard owned $28 million worth of Harken common stock and contributed about $64 million worth of oil and gas properties to a limited partnership run by a Harken subsidiary...
...Bush's business dealings were legal but on the wrong side of the new corporate morality he is now preaching. How could the President chastise executives for doing the same kinds of things he did as a director, without apology? Bush received subsidized loans from Harken to buy company stock-a practice he now wants to ban. In 1989 Harken concealed losses by selling most of a subsidiary to an off-the-books entity controlled by company insiders. Bush was on the audit committee, which, at least in theory, approved the deal. It's the same tactic used by Enron...
...When Bush went into the oil business in Midland, Texas, he didn't discover enough of the stuff to strike it rich. He merged his first company, Arbusto (Spanish for "bush"), into one called Spectrum 7 in 1984 and then led the struggling firm into Harken's embrace in 1986. In exchange for his 15% stake in Spectrum, Bush got Harken stock worth some $320,000; he was also hired as an $80,000-a-year consultant. Harken founder Phil Kendrick explained it this way: "His name was George Bush," he told Time. "That was worth the money they paid...