Spectrum 7 was an oil company started by William DeWitt and Mercer Reynolds.
In 1984, Spectrum 7 merged with George W. Bush's Arbusto Energy. After the merger, Bush became the Chairman and CEO of Spectrum 7.
In 1986, after reporting a net loss of $1.5 million the previous year, Spectrum 7 was purchased by Harken Oil and Gas for $2.2 million, at the time one-third owned by noted investor George Soros.
Years later Soros, who then, as now, was one o...
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Spectrum 7 was an oil company started by William DeWitt and Mercer Reynolds.
In 1984, Spectrum 7 merged with George W. Bush's Arbusto Energy. After the merger, Bush became the Chairman and CEO of Spectrum 7.
In 1986, after reporting a net loss of $1.5 million the previous year, Spectrum 7 was purchased by Harken Oil and Gas for $2.2 million, at the time one-third owned by noted investor George Soros.
Years later Soros, who then, as now, was one of the world's most powerful financial market players, offered a reason why Harken bought the failing Spectrum 7. According to The Nation's Washington editor David Corn, who happened to run into Mr. Soros at a party recently and asked him why Harken had bought Mr Bush's company.
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