Word: saud
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Dates: during 1940-1949
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...James A. Moffett, it was worth plenty. The jury awarded the onetime FHAdministrator a fat $1,150,000 judgment in his suit against Arabian American Oil Co., Inc. for certain "services rendered" (TIME, Feb. 28). The services, according to Moffett, were very special. Saudi Arabia's King Ibn Saud had demanded an extra $6,000,000 a year from Aramco in 1941, on the threat of tearing up its multi-billion-dollar concession in his country. Moffett claimed that he had persuaded Franklin D. Roosevelt to propose that Ibn Saud's sagging treasury be propped up with money...
Pacific Western Oil Corp.'s J. Paul Getty closed his big deal with King Ibn Saud of Saudi Arabia, for the oil concession in the King's half of the "neutral zone" between Arabia and Kuwait on the Persian Gulf (TIME, Feb. 21). Getty expects to start drilling in a few months, and will develop the zone with the American Independent...
...president of Standard Oil Co. (N.J.) and later of Standard Oil Co. of California, gregarious Jimmy Moffett knew the oil business inside & out. As onetime Federal Housing Administrator and an old friend of Franklin D. Roosevelt, he also knew politics and politicos. He soon fixed things so that Ibn Saud was taken care of. But Jimmy Moffett complained that nobody ever took care of him for being such an influential person. Six years later he sued Aramco for $6,000,000 for services rendered...
Moffett testified that when he went to Washington on his mission in 1941, he persuaded F.D.R. to help Aramco in its troubles with Ibn Saud. Moffett introduced a 1941 memo from President Roosevelt to Federal Loan Administrator Jesse Jones, which said: "Will you tell the British I hope they can take care of the King of Saudi Arabia-this is a little far afield...
...that Jones had sat up most of one night drinking "large quantities of whisky" and playing poker for $4,000 pots, Jones decided to appear. He testified that he had asked F.D.R. to write the memo, so that he could tell Moffett that RFC could not finance Ibn Saud. Nevertheless, Jones admitted that RFC had later advanced $425 million to Great Britain, which in turn gave Ibn Saud $51 million. This deal, Moffett claimed, saved Aramco at least $30 million...