In 1978, Bush ran for the House of Representatives from Texas's 19th congressional district. His opponent, Kent Hance, portrayed him as out of touch with rural Texans; Bush lost by 6,000 votes (6%) of the 103,000 votes cast. He returned to the oil industry and began a series of small, independent oil exploration companies. He created Arbusto Energy, and later changed the name to Bush Exploration. In 1984, his company merged with the larger Spectrum 7, and Bush became chairman. The company was hurt by decreased oil prices, and it folded into Harken Energy. Bush served on the board of directors for Harken. Questions of possible insider trading involving Harken arose, but the Securities and Exchange Commission's (SEC) investigation concluded that the information Bush had at the time of his stock sale was not sufficient to constitute insider trading. Bush moved his family to Washington, D.C. in 1988 to work on his father's campaign for the U.S. presidency. He served as a campaign adviser and liaison to the media; he assisted his father by campaigning across the country. Returning to Texas after the successful campaign, he purchased a share in the Texas Rangers baseball franchise in April 1989, where he served as managing general partner for five years. He actively led the team's projects and regularly attended its games, often choosing to sit in the open stands with fans. The sale of Bush's shares in the Rangers in 1998 brought him over $15 million from his initial $800,000 investment.
In December 1991, Bush was one of seven people named by his father to run his father's 1992 Presidential re-election campaign as "campaign advisor". The prior month, his father asked him to tell White House chief of staff John H. Sununu that he should resign.
No comments:
Post a Comment