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Baker is a longtime Bush family associate, and served as secretary of state in the administration of President George H.W. Bush, the current president's father. He was a Bush campaign point person during the 2000 presidential election recount in Florida.
"Secretary Baker will report directly to me and will lead an effort to work with the world's governments at the highest levels, with international organizations and with the Iraqis in seeking the restructuring and reduction of Iraq's official debt," Bush said in the statement released by the White House.
you don't have to own the money or the oil, you just have to CONTROL the money and the oil.