CAMPAIGN ’88 : Oil Deal Reported
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Bush helped form an oil-drilling operation in Mexico in 1960 using local front men in an apparent attempt to circumvent Mexican law, a weekly newspaper said Saturday.
The financial newspaper Barron’s said Bush and associates at the Houston-based Zapata Off-Shore Co. teamed up with a prominent Mexican named Jorge Diaz Serrano to hide the 50% American involvement in Perforaciones Marinas del Golfo (Permargo) from the Mexican government.
The report, written from Mexico City, also said the U.S. Securities and Exchange Commission destroyed some documents relating to the deal a few months after Bush became vice president in 1981.
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