Bush Family Business Oil Dynasty
Was the Bush Family Trump
Without the Rough Edges?

Source American Dynasty Aristocracy, Fortune, and the Politics of Deceit in the House of Bush 

By Kevin Phillips 
summarized by Walter Antoniotti

1. The Merger of Two Great Families   

2. The life and Times of George the First
3. The Revival of George II    
 

Part I The Merger of Two Great Families

Time

Subject2

End of 19th and
Early 20th Century

WW1

Between Wars

Family Samuel Bush-1863-1948
Bush 1's grandfather

Prescott Bush 1895-1972
Bush 1's father

George Herbert Walker,
1875-1953
 
Prescott's father-in - law
Became well-off running Buckeye Steel 1908-1927. Took over for Frank Rockefeller  p 21

Became wealthy owning G. H...Walker and Co, an investment company, did work for E. H. Harriman, owner of Union Pacific and did work
for J.P. Morgan  pp 21-22

Did not profit from military spending after the war.

First job was in St. Louis for fellow Yale Skull and Bones alumnus Wallace Simmons. Returned to Ohio, married Dorothy Walker, G.H. Walkers daughter, and managed a small rubber company. He eventually ended up in New York working for U.S. Rubber, a Harriman company. Two years later, at 31, he was made Vice President of W. A. Harriman Company.

Ran recently formed W. A.  Harriman Company set up by Rockefeller-headed National City Bank and Morgan connected Guaranty Trust  p 23
Oil 1898 Germans clandestine oil exploration operation discovered  in what is now Iraq.  p 249


S. Bush SR  worked closely with Rockefeller's Ohio based Standard Oil. p 151

Berlin to Baghdad railroad completed.  p 249
From Wikipedia3  Begun in 1903, completion was delayed for years by diplomatic obstructions from  Russia, France, and Britain.
Sykes-Picot Agreement of 1916
gave postwar sphere of  influence to Russia over the Bosporus and part of Anatolia, France got Lebanon, Syria, and oil rich Mosul, and Britain got Arabia, Palestine, and the Baghdad area. p 250
US has 2/3 of the worlds oil production
, much going for the war.  p 250

End of Hapsburg Empire caused European nations to seek control of Mid-East Oil. Russia lost her share of the Middle East pie because of revolution.  pp 250-251
Walker SR
served as director of Petroleum Bond and Share, was involved in with Harriman's 1922 Russian oil investment company which was the major developer on Baku oil field. Baku was close to modern-day Iraq so this is the time the Bush family pursuit of the region's oil began.  p 251

Harriman purchased Dresser Manufacturing, an oil service company which later became Dresser Industries.  Harriman's managing partner Prescott Bush rigorously supervised Yale classmate Neil Mallon, installed as Dresser's president. p 152
Business    Walker SR owned and sold Missouri based Laclede Gas Company. p 151
A Book entitled Merchants of Death
published in 1934 blamed munitions makers for WWI. A senate special committee went after  FDR's political enemies like the Du Pont's munitions empire. FDR chilled when the committee began looking to embarrass government officials.  p 260
W.A. Harriman and Co. merged with and became Brown Brothers Harriman (BBH).  p 24 

A. Harriman, G. Walker, Clarence Dillon John Foster Dulles, and Alan Dulles were very involved with $2 billion controversial investments made to German and Russian industries. They held these investments well into WW2. pp 37, 186, 192
 

WW2

Following WWII

Family   Prescott Bush, was elected to the U.S. Senate from Conn. in 1952, had an  10-year  undistinguished career though he did serve on the Armed Services Committee and golfed frequently with President Eisenhower and national security advisor Gordon Grey.  p28, p196
!959 Walker Jr. gave up directorship of  West Indies Sugar as Fidel Castro was about to nationalize
West Indies Sugar value dropped from about $53 million to almost nothing. Walker-Bush holding were not known. p205
Oil !942 Germany's drives were stopped 150 miles from Cairo and 300 miles from Soviet Baku oil fields. p 189
1943
FDR declared defense of Saudi Arabia as vital to defense of the United States. p 152
Japan got 80% of her oil from US and 10% from the Dutch East Indies. Seizing the most plausible substitute oil from Indochina, Borneo, the Dutch East Indies would have resulted in war with the United States. p 252
Dresser provided government with a number of highly specialized and highly classified products.  p153
US in 1940-45
produced about 65% of a doubled end of war world oil output.  p 254
Geologists
discovered Middle East capacity far surpasses that of the US. p 254
Dresser stepped up the globalization of its oil business. 254
Business The Neutrality Acts of 1935, p36, 37 stopped American business from profiting from the European arms buildup.  p186
Investigations under the 1941 Trading with the Enemy Act resulted in  assets being seized, some belonged to Harriman and Walker companies. p 38
 
1. This is page source from the 2004 paperback.
2 Table, column and row titles and name abbreviations are by Walter Antoniotti
3. Walter's addition
Please e-mail with thoughts and suggestions.

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2. The life and Times of George the First

               Time 
Subject
After WW 2 and the 50's The 60's,  70's, 80's President George the Firsts 1988-92
Family George 1 went to Andover Academy, Yale,  joined Skull and Bones, graduated in 1948, worked in Ohio as treasurer for  subsidiaries of Dresser Industries where his father was a long time board member.  pp 41-43
 
 
Unsuccessful U.S. Senate run,
1970  p 45
Undistinguished UN ambassador, 1971-72   p 30
Undistinguished Republican Party chairman, 1973-74   p 31
Chief of US China mission 1974-75   p 31
Director of CIA  December 1975-76   p 31
Executive chairman of Dallas's First Bancshares and its London merchant banking Subsidiary 1977-78.  p 279

George 1 was Vice President.

Oil  George 1 left Dresser in 1951 and started Zapata with $50,000 from dad and  $850,000 from friends of George Herbert Walker Jr. He was principally involved with the investment side of the business.  pp 43,125

Zapata Offshore is formed, operates close to Cuba, and some feel it was CIA supported.

Zapata became Pennzoil  and is later tied to Watergate money. 
pp 205, 207
After the 1973 Arab-Israel Wa
r, Arabs quadruple the price of oil, cut off deliveries to the US
Another Oil crisis hits in 1979

Ken Lay of Enron fame became involved with George 1 politically and in the oil business. p 155
By 1980 US produced under 20%
of the worlds oil and imports 30% of its needs. p 254

OPEC gave Enron a $56 million loan.
George 1 named Lay to organize G-7 Economic Summit in Huston and later to the President's Economic Council.  p 157

 

 

 

Business   U.S. foreign Military arms sale cross the billion dollar mark in 1968 and really jumped after the 1970 OPEC crisis when Washington decided arms sales would be a good way to get some of the dollars back that the Middle East oil producers.  263
Zapata
, which provided commercial supplies for the Bay of Pigs invasion, was a CIA part-time purchasing front. 204
Dresser formed Permargo, a Mexican company  with CIA ties. p 204

As VP, George 1 played a key role in U.S. supplying arms to Iraq.  p 264

Secretary of Defense Cheney hired Dallas-based Halliburton's Brown and Roots Services to study how private companies can provide logistics for U.S. military forces around the word. That same year, said company, now Kellogg, Brown and Root, received the first big five-year logistics government support contract. p 171
Since 1994, Kellogg, Brown and Root and Virginia-based management and technology consulting Booz, Allen and Hamilton received 75% of the 3,000 government support contracts worth $300 billion.    p 172

Part 3 The Revival of George II

Time 

The 70's

The 1980's, 1990's

2000 -

Family George 2 worked in father's unsuccessful senate bid in 1970-73, traveled for a business run by former Skull and Bonesman Richard Gow, helped in losing effort for a Alabama U.S. Senate seat, and worked for  Professionals United for Leadership League, which his dad chaired.
Graduated Harvard Business School in 1975 and moved to Midland, Texas, soon to be America's richest town.  p 45
George 1 was Vice President and then  President of the United States

George 2 was Governor of Texas

Bush 3 became Governor of Florida3

George 2 became President of the United States
Oil/
Energy
1977- Starts Arbusto Energy, Spanish for Bush, got married and didn't drill till 1979. Didn't go well despite $565,000 from Uncle Jonathan's investors.  p 46 Dad election win made money plentiful, but another 4.7 million from family and friends didn't help.  Arbusto referred to as Ar-Bust-o by investors took nominal losses of $3 million with George 2 ion salary. p 46

1986 Harken Energy
of Texas bought Arbusto and George 2 receives $500,000 in stock, a Harken directorship, and consecutive annual consulting salaries of $80,000 and $120,000. p 47 Over a Decade government agencies gave Enron $7.2 billion in financing. p 160

Enron President Kinder
 served on a committee that recommended Governor Bush ease taxes by $3 billion dollars on the capital intensive industries was accepted but the law failed. The tax  burden was not passed to services and professionals. 160
California opened it energy markets and 24 states follow by end of 2000. p 161

 

2001 VP Chaney's energy task force predicted a 12% decline in U.S. oil production by 2020 which would compel the U.S. to import two-thirds of its needs.  p 255
Enron had sales
$31 billion in 1998 and 139 billion in 2001.  p 164
California faced serious blackouts as prices spike to 50 times normal. p 167
Enron executive began quietly unloading Enron stock which hit $80 per share right after the Bush II's inaugural and was 50 by June. Stock fell to 20 in October as administration efforts like refusing to cap energy prices in California and pressure on India to pay Enron failed. p 168
The Enron scandal resulted in a late 2001 bankruptcy declaration. p 169
Business An Islamic Dodge City has been created in the Middle East by arms selling nations mostly from the West3. 265  1984-88 arms sales swollen by the Iraqi-Iranian war to Middle Eastern countries accounted for 48% of the third world total. 264   A Christian- Muslim civil war gutted Beirut. It killed forty-sixty thousand people which was more than the four Arab-Israeli wars combined. 265  $42 billion in arms sales from 1990-97 were made to the Gulf Cooperation Council countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates. 265  Why aren't they helping the US fight? 3 War in Afghanistan killed 1.5 million people and caused another 5 million to flee as refugees to India and Pakistan.
Life in the Middle East Corruption increased
because of oil money, covert operations, and commissions from arms deals.
Ballooning Drug Business
for Afghanistan and Pakistan developed.

Rise of Islamic Fundamentalism
occurred after the U.S. and  Brittan foster a
cope to the democratically elected government and put the Shaw of Iran in charge.
Success of Islamic Revolution
caused the overthrow of the shah of Iran, ascent of the  Taliban in Afghanistan, and Saudi support for Al Qaeda.
  Pakistan Frontier Religious Party was successful.  
Islamic Victories
occurred in Nearby Turkey  p 266
Secretary of Defense Donald Rumsfeld failed to follow the long believed military practices when managing an occupied country.
See
The War  On Terror: Who Are We Fighting.