Word: arbusto
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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...
...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...
Shortly after his graduation from Harvard, Bush decided to enter the family business, returning to Midland to form an independent oil and gas exploration company called Arbusto--the Spanish word for Bush...
...Bush's top adviser James A. Baker III, who later became Secretary of State. What raised eyebrows was the price Uzielli paid: $1 million in exchange for 10% of Bush's company, whose total worth at the time was $382,000. Bush says the infusion wasn't a bailout. Arbusto, he says, "wasn't in trouble. We were in growth mode." Bush says he met Uzielli through investors and at first didn't know of his ties to Baker. "Jim Baker didn't introduce me to him. Jim Baker didn't pick up the phone and say, 'Phil, you must...
...Bush merged his company with Spectrum 7, an oil-drilling firm run by two supporters of his father, Bill DeWitt and Mercer Reynolds. It was a good fit. Arbusto had oil prospects; Spectrum had a network of investors. The merger doubled the size of Bush's operation, and the Spectrum people wanted to upgrade his image with fancy furniture and a company car, but Bush wouldn't hear of it. "Those were the doodah days in Midland," says O'Neill's wife Jan, "and a lot of people couldn't resist--jets, boats, cars. George didn't go for that...