Spectrum 7
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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[citation needed], at the time one-third owned[citation needed] 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 Spectrum7. 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.
- "I didn't know him," Corn quoted Mr Soros as saying in an article posted on The Nation's website. "He was supposed to bring in the Gulf connection. But it didn't come to anything. We were buying political influence. That was it. He was not much of a businessman."[1]
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