(Excerpted from Chapter 9: The Texas Oil Mafia: Big Oil & Their Bankers…)
While BCCI got some of its dough via Bank of America promotions, IMF rip-offs of Third World governments and global drug proceeds; the heavy financial lifting was left to the oil sheiks and merchants of Saudi Arabia and the GCC monarchies, who like their predecessor the Shah of Iran, were expected to keep oil flowing, finance the US debt and kick down petrodollars for CIA covert operations in return for unflagging US military support of their undemocratic regimes.
There were fringe benefits for GCC merchants in this arrangement. BCCI Black Network shippers were the Saudi Gokal brothers. Gokal Gulf Shipping & Trading came to be BCCI’s largest debtor, with loans outstanding of 290% of BCCI capital.  The two most influential Saudis at BCCI were Saudi Intelligence Chief Sheik Kamal Adham, who was busy laundering Medellin Cartel revenues through the ICCI version of BCCI in the Cayman Islands, and Sheik Khalid bin Mahfouz.
Bin Mahfouz, Texaco’s partner in Central Asia and an avid Taliban supporter, was a favorite of the Houston oil crowd. In the late 1970’s he worked with the Hunt Brothers in an unsuccessful attempt to corner the world’s silver market. He was a close friend of former Texas Governor John Connally, took a bullet while riding in the front seat of John F. Kennedy’s limousine the day JFK was assassinated in Dallas in 1963. 
In 1976, a decade before bin Mahfouz fronted the money for the CIA’s First American Bank to buy National Bank of Georgia from BCCI, bin Mahfouz joined Connally and Ghaith Pharaon in purchasing Houston-based Main Bank. The tiny bank began purchasing $100 million in hundred dollar bills from the Federal Reserve each month.
Bill White, a Houston businessman and CIA cutout, says the money was being flown to the Cayman Islands. White told Time magazine that he worked for the CIA as an aviation dealer. His job was to lease planes to wealthy Persian Gulf sheiks. White’s boss was James Bath, whose Skyway Aircrafts procured contracts to fly Main Bank’s $100 bills to the Caymans.
Bath, then under investigation by DEA, often borrowed money from bin Mahfouz and Saudi construction magnate Sheik bin Laden, father of Osama bin Laden. Bath shared business interests with Osama’s brother Salem, is a good friend of President George Bush Jr., and was recruited into the CIA in 1976 by George Bush Sr.- then CIA Director. In that capacity Bush Sr. would have overseen the Main Bank/Cayman Islands operation.
Bill White says Bath recruited him into the CIA after an introduction from Lloyd Bentsen Jr., son of Clinton Administration Treasury Secretary Lloyd Bentsen. White said Bath often bragged about having put up $50,000 to get Bush Jr. into the energy business via Arbusto Energy, which Bush ran with his later Vice-President Dick Cheney. Arbusto morphed into Harken Energy where Bush took the reins. Since Bath often borrowed money from Sheiks bin Mahfouz and bin Laden, the wealthy Saudis may have provided the $50,000 in seed money to launch what became Harken Energy.
Bin Mahfouz and bin Laden helped Harken sign an exclusive offshore oil drilling agreement just prior to the Gulf War.  In January 1990 President Bush Sr. had approved preferential trade status for the Iraqi regime. That very same month Harken Energy was awarded the biggest offshore oil concession ever in the Persian Gulf off the coast of Bahrain.
Notable Harken investors included the Ft. Worth-based Bass brothers, the South African Rupert family, the Harvard Endowment Fund, Bahraini Emir Sheik Isa al-Khalifa and Hungarian-born venture capitalist and Rothschild lieutenant George Soros. In 1989 the government of Bahrain abruptly cut off talks with Amoco concerning the same oil concession after Emir al-Khalifa decided to grant it instead to Harken Energy at the urging of Michael Ameen, Mobil’s Middle East operation’s chief. Financing for the project was arranged by Bush Jr. friend Jackson Stephens, the Arkansas owner of Worthen Bank, who was instrumental in bringing BCCI to the US and who donated $100,000 to the Bush Sr. 1988 Presidential Campaign. 
George W. Bush merged Harken with Spectrum 7 Energy, bringing in Saudi recluse billionaire Abdullah Taha Bakhsh, who bought 17.6% of Harken through a Netherlands Antilles holding company. Some say Baksch was a front man for Sheik Khalid bin Mahfouz.  Baksch was a major investor at the Bahrain-based Investcorp, which was launched by former Chase Manhattan executives. In 1988 he looted an Arab bank in London.
New York attorney Allen Quasha and his father William Quasha of Manila helped swing the Harken deal with Bahrain. In 1961 Bill Quasha helped George Bush Sr. secure rights to drill the first oil well in Kuwait for Bush’s Zapata Offshore Oil Company. Later Quasha served as legal counsel to Nugan Hand Bank in the Philippines. His son Allen became the biggest stockholder in Harken. The Quasha’s own 21% of a Swiss company controlled by the South African Rupert family, major backer’s of that country’s apartheid regime.
Just one month before Iraq invaded Kuwait, George W. Bush sold 66% of his stake in Harken Energy at a 200% profit. While stock analysts like Charlie Andrews of 13D Research were putting out “buy” recommendations on Harken, on June 22, 1990 Bush cashed in $840,000 in Harken stock, later saying he “sold into good news”. Bush knew that Harken had violated the terms of a loan package and was now on the ropes financially. Five weeks later Harken reported a $23 million loss and its stock price crashed.
Bush didn’t report his timely Harken Energy stock sale until March 1991. This was illegal, but Bush claimed the SEC had misplaced the forms and he was never prosecuted.  In 1993 Bush stepped down from Harken’s board. With heavy financial backing from Enron, he became Governor of Texas. Bush was defended during the Harken scam by Baker, Botts lawyer Robert Jordan, who now-President Bush paid back in 2000 with an appointment as US Ambassador to Saudi Arabia. The forgiving SEC chief during the Harken debacle was Richard Breeden, one of Bush Sr.’s biggest political supporters. SEC counsel was James Doty, another Bush supporter who helped George W. buy the Texas Rangers baseball team.
Dean Henderson is the author of five books:Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve, Stickin’ it to the Matrix & The Federal Reserve Cartel. You can subscribe free to his weekly Left Hook column @www.hendersonlefthook.wordpress.com