Harken Energy Scandal - Spectrum 7 Purchase

Spectrum 7 Purchase

George W. Bush ran an energy company called Spectrum 7 during the 1980s. In the mid 1980s the oil market was in a terrible slump, with prices going lower daily. The firm was in serious financial trouble until, that year, another company, a distressed oil properties specialist Harken Energy, purchased Spectrum 7. Part of the attraction for Harken's management to buy Spectrum 7 was having Mr. Bush on its team — his father was then Vice-President, he had extensive "connections," and knowledge of the oil and gas business. Harken Energy offered Mr. Bush a seat on the board of directors along with stock worth about $500,000 at the time. Additionally, Mr. Bush received a consulting contract worth between $80,000 and $120,000 annually.