How did Bobby Baldwin become CEO of MGM/Mirage? - Page 4 - Poker News

And even more truth to the first part. Aside from the rangers, I'm not sure he's ever been involved with a successful business venture, but he always got sweetheard deals, probably because of his Daddy's connections.

In the West Texas energy business, Bush started out researching who owned mineral rights. He later traded mineral and royalty interests and invested in drilling prospects. He had started his own oil and gas company by 1978, taking $17,000 from his education trust fund to set up Arbusto Energy (arbusto means Bush in Spanish). The company fell on hard times when oil prices fell. He made several attempts to revive the business, first by changing the company's name and later by merging with other companies. In 1983, Bush’s company was rescued from failure when Spectrum 7 Energy Corporation, a small oil firm owned by William DeWitt and Mercer Reynolds, bought it. Bush became chief executive officer. Harken Energy Corporation acquired Spectrum 7 in 1986, after Spectrum had lost $400,000. In the buyout deal, Bush and his partners were given more than $2 million worth of Harken stock for the 180-well operation. Bush became a director and was hired as a "consultant" to Harken. He received another $600,000 of Harken stock, and has been paid between $42,000 and $120,000 a year. By the spring of 1987, Harken was in need of cash. So Bush and his fellow Harken officials met with Jackson Stephens, head of Stephens, Inc., an investment bank in Little Rock, Arkansas (Stephens contributed $100,000 to the Reagan-Bush campaign in 1980 and gave another $100,000 to the Bush dinner committee in 1990.) Stephens arranged for Union Bank of Switzerland (UBS) to provide $25 million to Bush’s company in return for a stock interest in Harken. As part of the deal, Sheikh Abdullah Bakhsh, a Saudi real estate tycoon and financier, joined Harken's board as a major investor. Stephens, UBS, and Bakhsh each had ties to the infamous, scandal-ridden Bank of Credit and Commerce International (BCCI). In 1990, Bush sold his remaining stock options and left the oil business

On June 22, 1990, George Jr. sold two-thirds of his Harken stock for $848,560-a cool 200 percent profit. The move was well timed. One week after Bush sold his stock, Harken announced a $23.2 million loss in quarterly earnings and Harken stock dropped sharply, losing 60 percent of its value over the next six months.

Both Arbusto/Bush Exploration and Spectrum 7 failed with Bush as chairman and CEO. At Harken, Mr. Bush was relieved of day-to-day management responsibilities but still served on the board of directors.

For what its worth.

ty for that- knew the gist of the story but that gives some perspective- very suspect indeed- not even sure if theres a crime in there tho :P

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08-11-2012 , 09:29 PM

#78

LancyHoward

grinder

Join Date: Jun 2012 Posts: 427

Quote:

Originally Posted by vaJAZzled

Such a successful family these Baldwins

Kinda like the Kardashians, or Kennedys.

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08-11-2012 , 10:13 PM

#79

Milo013

adept

Join Date: Jan 2010 Posts: 910

Quote:

Originally Posted by kerze

No Russ can't prove anything. He's an idiot.

Proof is highly over-rated . . . much like college.

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08-11-2012 , 10:16 PM

#80

Alzke

temp-banned

Join Date: May 2007 Posts: 566

saw him do a masonic grip handshake with 1 Drop dealer (the black guy)

join a secret society and profit!

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08-11-2012 , 10:17 PM

#81

DangTheRiver

journeyman

Join Date: Jun 2008 Posts: 334

OP just likes the sound of his own keystrokes.

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08-11-2012 , 10:38 PM

#82

SumNewb

banned

Join Date: Mar 2006 Posts: 820

Quote:

Originally Posted by dereksaintjames

Bobby Baldwin is just one of these 'kool hand Lukes'; smart and able to hold his own, in any situation, he made good moves, took his game to the best level he could; all one can do in life - be the best you can. Bobby's 'kool' plain and simple.

sick bump

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08-11-2012 , 11:12 PM

#83

Samiow

stranger

Join Date: Aug 2012 Posts: 13

His nickname is "The Owl" - hint hint

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08-11-2012 , 11:30 PM

#84

cardking303

journeyman

Join Date: May 2012 Posts: 225

Quote:

Originally Posted by SumNewb

sick bump

This, solid 5 yr bump OP

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08-12-2012 , 05:57 AM

#85

chytry

Pooh-Bah

Join Date: Feb 2010 Posts: 4,338

lots of hustling

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08-12-2012 , 05:58 AM

#86

ScreaminAsian

For President

Join Date: Oct 2008 Posts: 33,333

Quote:

Originally Posted by Alzke

saw him do a masonic grip handshake with 1 Drop dealer (the black guy)

join a secret society and profit!

I've seen him in the grand underground hall in Vegas, this is actually true lol

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08-12-2012 , 09:24 AM

#87

DayTripping

old hand

Join Date: Sep 2005 Posts: 1,799

He was walking through Aria last night with some tall blonde arm candy. Looked like they were going to dinner or a show.

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08-12-2012 , 04:05 PM

#88

rivercitybirdie

Pooh-Bah

Join Date: May 2012 Posts: 4,710

good thread and as mentioned bobby has a degree.. vegas is alot more corporate with much more concentrated ownership than it was back in the day

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08-12-2012 , 05:03 PM

#89

KajunKenny

adept

Join Date: Oct 2006 Posts: 863

Quote:

Originally Posted by Zetack

Is this from the book on GW? I read that a couple years ago and he got handouts his whole life. He was basically a connector in the Rangers deal. His Daddy and grandfather were beast...

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08-12-2012 , 11:37 PM

#90

andyg2001

veteran

Join Date: Mar 2009 Posts: 2,905

Quote:

Originally Posted by stigmata

Alan Sugar & Richard Branson spring to mind. But yeah point taken.

I think they both started there own company, so that's not the same as just being hired.

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08-20-2012 , 02:13 AM

#91

bigtonyk1234

grinder

Join Date: Jul 2009 Posts: 554

theres a back story only a few know about.......

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08-20-2012 , 03:41 AM

#92

poofinger

adept

Join Date: Jan 2009 Posts: 912

I thought this was about him,

not this dude.

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08-20-2012 , 03:44 AM

#93

poofinger

adept

Join Date: Jan 2009 Posts: 912

Quote:

Originally Posted by bigtonyk1234

theres a back story only a few know about.......

Did you ever have to slap him. or Loveman for that matter, at the table?

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08-20-2012 , 04:29 AM

#94

TouchOfEVil

veteran

Join Date: Aug 2012 Posts: 3,134

well, didnt george bush just finish college because he was a bush and not by his own doings? isnt this pretty common? i remember watching a documentary that slandered him quite a bit, his college years were pretty much only booze and women according to that. He seems awesome imo, and im sure most of us would want to use their time as he did in the college years, being a bush and all. Youre set, why be so try-hard? Look at dan bilzerian, hes set, hes not tryharding life, hes enjoying. Ballerstyle also.

Bush is not a smart man in a educated way, but he sure seems like fun to be around.

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08-20-2012 , 05:24 AM

#95

Deuces McKracken

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 9,335

Quote:

Originally Posted by The Hiro

College is pretty much overrated as far as job progression goes - if you can get on the bottom rung of the ladder it is how you perform there which will help you move up - but a degree certainly helps you get on that ladder (and often a couple rungs higher than if you didnt have it).

I suspect mostly he was in the right place at the right time when he became a consultant in 82 - helped by him being a 4 time WSOP bracelet so in that regard im sure as he will have been around the culture of Vegas and everything that comes with it and it seems this led to him meeting and becoming friends with Steve Wynn.

Remember kids, its not necessarily a degree that counts (though it seems he had it) - it is what you know as well as who you know that is key

The unemployment rate for those with a high school degree is about twice as high as those with a college degree, a little more than twice for white males. This is one of the better interactive graphs I have seen out there for some data on that:

http://www.nytimes.com/interactive/2...ent-lines.html

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08-20-2012 , 11:47 AM

#96

Donk Quixote

old hand

Join Date: May 2012 Posts: 1,311

Quote:

Originally Posted by TouchOfEVil

No doubt that's true...Bush got to where he is by being well-liked by the right people, and that doesn't happen by being a miserable prick, you've got to have some charm and personality.

Coincidentally, ugly, miserable, tortured pricks do in fact make the best leaders though. (See: Abraham Lincoln)