Tag Archives: James Baker

S&L Crooks

Johnny Depp step aside!  This character had his character down-pat!  Korat, Thailand.

Johnny Depp step aside! Korat, Thailand.

(Excerpted from Chapter 9: The Texas Oil Mafia: Big Oil & Their Bankers…)

A decline in oil prices, which caused Texas Commerce Bank Tower to plummet in value along with the entire Houston commercial real estate market, combined with deregulation of the banking industry, exacerbated the Savings & Loan (S&L) crisis of the 1980’s which cost US taxpayers more than $500 billion. [361]  But the cause of the S&L fiasco was more sinister, involving actors from the CIA, the mafia, the drug cartels and the Texas oil business.  Houston Chronicle reporter Pete Brewton tracked the S&L crooks better than anyone and later delivered the bombshell book, The Mafia, CIA and George Bush: The Untold Story of America’s Greatest Financial Debacle. Continue reading

Baker Family Tumbleweed

1988-sd-before-trip-to-hawaii_002(Excerpted from Chapter 9: The Texas Oil Mafia: Big Oil & Their Bankers…)

In the mid-1980’s Texas oil crash, when Houston office space could hardly be given away, Sheik Khalid bin Mahfouz assumed his familiar sugar daddy role when he teamed up with another Saudi billionaire, Rafik Hariri, to bail his Texas oil buddies out of their overpriced Houston office property. Continue reading