Word: mccloy
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...Dorsey and his predecessor as chairman, retired E.D. Brockett, were not present.) With only a break for dinner, they listened to John J. McCloy, former World Bank chief. Though he had no direct connection with Gulf, he had been chosen by the directors to head a company self-investigation ordered by the SEC. Helping him were Gulf Directors Nathan W. Pearson, a key financial adviser to the Mellon family (owners of about 20% of Gulfs stock), and Beverley Matthews, a Toronto lawyer. The three formed a special review committee and produced a 298-page report. Slowly, cogently, McCloy reviewed...
...Scouts. The trouble, McCloy found, started in 1959, when Gulfs then chief executive officer W.K. Whiteford decided that his company needed more "political muscle." To get it, he ordered that a covert fund be set up. In 1960 the Bahamas Exploration Co. Ltd. in Nassau was transformed from an insignificant subsidiary into a firm that could "launder" Gulfs money and pass it along to politicians. Whiteford insisted that the fund be kept secret from the Mellon family and from the executives that he called the "Boy Scouts"-E.D. Brockett and Bob R. Dorsey. To the directors at last week...
...testimony before the McCloy committee, Dorsey maintained that he did not know of the fund or of the activities of its chief operative, Claude C. Wild Jr., Gulfs lobbyist in Washington...
After that, Dorsey instructed his employees to cooperate with further investigations of the slush fund. Unpleasant facts spilled out in an ugly torrent. According to the McCloy report, Gulf had slipped money to a host of prominent politicians over the years, starting with Lyndon Baines Johnson, who received $50,000 in 1961 when he was Vice President. Other alleged recipients included Oklahoma Senator Fred Harris, now a candidate for the Democratic presidential nomination; Senate Republican Leader Hugh Scott of Pennsylvania; New Mexico Republican Senator Edwin Mechem, now a federal judge; and Indiana Republican Representative Richard Roudebush, now chief...
...himself in 1966 and 1971 ordered payments totaling about $4 million to politicians in South Korea, where Gulf has sizable operations. The question of whether to pay was tricky, because the line was so fine between bribery on Gulfs part and extortion by the Koreans. Dorsey described for the McCloy committee a meeting with South Korean Politician S.K. Kim: "He dived straight into the matter and told me that we were doing exceedingly well out there, and that basically our continued prosperity depended on our coming up with a $10 million political contribution to the party." (Dorsey bargained him down...