Ask the Scholar
Document scope · 1 page
Scholar
Ask about this object, its catalog metadata, its source description, or the page inventory.
For page-specific OCR and visual context, open one of the page chats.
Scholar Source Context
Document identity
localId
66330200
label
British Petroleum Stock
core
doc
dtoType
document
citationUrl
pageCount
1
Source metadata
id
66330200
sourceUrl
contentType
document
title
British Petroleum Stock
citationUrl
collections
Records of the Office of the Chief of Staff (Reagan Administration)
Howard Baker's Subject Files
thumbnailUrl
largeImageUrl
imageCount
1
hasImages
yes
source
import
hasTranscription
no
Source extras
naId
66330200
coverageEndDate
logicalDate
1988-12-31
year
1988
coverageStartDate
logicalDate
1987-01-01
year
1987
levelOfDescription
fileUnit
recordType
description
ocrSource
nara-archive
Single page context
seq
1
pageIndex
0
type
document
mediaId
c8a22c653e4ed7ed
ocrText
Ronald Reagan Presidential Library
Digital Library Collections
This is a PDF of a folder from our textual
collections.
Collection: Baker, Howard H.
Folder Title: British Petroleum Stock
Box: 1
To see more digitized collections visit:
https://reaganlibrary.gov/archives/digital-library
To see all Ronald Reagan Presidential Library
inventories visit:
https://reaganlibrary.gov/document-collection
Contact a reference archivist at:
[email protected]
Citation Guidelines: https://reaganlibrary.gov/citing
Withdrawal/Redaction Sheet
Ronald Reagan Library
Case: 1078
Archivist: Kelly Barton
DOC
TYPE
DATE
PAGES
CLASS.
CLOSED
Memorandum
10/28/1987
01-15-2003
NSC #:
WHORM Subject #:
R
3/0/06
NLSF97
-
066/4
42
To: the President
From: Howard Baker
Subject: re phone call to Prime Minister Thatcher
Restriction : FOIA(b)1
2
Memorandum
ND
1
01-15-2003
NSC #:
WHORM Subject #:
R
s
"43
To: President
From: H. Baker
Subject: re phone call to Thatcher (draft of previous document)
Restriction : FOIA(b)1
Memorandum
10/27/1987
1
01-15-2003
NSC #:
WHORM Subject #:
R
n
To: James Baker
#44
From: David Mulford
Subject: re memo to President
Restriction : FOIA(b)1
COLLECTION:
Baker, Howard H. Jr.: Files
SERIES:
I. Subject File
TITLE:
British Petroleum Stock
OA/ID NUMBER: 1
BOX NUMBER: 1
Folder #: 8 of 17
Restriction Codes
Presidential Records Act [44 U.S.C. 2204(a)]
Freedom of Information Act [5] U.S.C. 552(b)]
PRA-1 -National Security Classified Information.
FOIA(b)(1) -National security classified information.
PRA-2 -Relating to the appointment to Federal Office.
FOIA(b)(2) -Release would disclose internal personnel rules
PRA-3 -Release would violate a Federal statute.
and practices of an agency.
PRA-4 -Release would disclose trade secrets or confidential
FOIA(b)(3) -Release would violate a Federal statute.
commercial or financial information.
FOIA(b)(4) -Release would disclose trade secrets
PRA-5 -Release would disclose confidential advice between the
or confidential or financial information.
President and his advisors, or between such advisors.
FOIA(b)(6)
-Release would constitute a clearly
PRA-6 -Release would constitute a clearly unwarranted invasion of
unwarranted invasion of personal privacy.
personal privacy.
FOIA(b)(7)
-Release would disclose information
C.
-Closed in accordance with restrictions contained
compiled for law enforcement purposes.
in donors' deed of gift.
FOIA(b)(8) -Release would disclose information concerning
PRM. -Closed as a personal record misfile.
the regulation of financial institutions.
FOIA(b)(9)
-Release would disclose geological of
geophysical information concerning wells.
Page 1
DOC
TYPE
DATE
PAGES
CLASS.
CLOSED
4
Talking Points/Briefing Paper
NSC #:
WHORM Subject #:
R ND 3/4/06 1 NLST 97 066/4 01-15-2003 45
To:
From:
Subject: for President's use with Prime Minister Thatcher
Restriction : FOIA(b)1
5
Memorandum
ND
01 15-2003
NSC #:
WHORM Subject #:
R
10/25/10
F97-066/4#46
To: President
From: James Baker
Subject: re phone call to Prime Minister Thatcher
Restriction : FOIA(b)1
6
Note/Notes
10/27/1987
01-15-2003
NSC #:
WHORM Subject #:
R
10/25/10
F97-066/4#47
To: Howard Baker
From: James Baker
Subject: note re attached revised memorandum
Restriction : FOIA(b)1
7
Note/Notes
ND
1
01-15-2003
NSC #:
WHORM Subject #:
R
10/25/10
F97-046/4#48
To: President
From: James Baker
Subject: re phone call to Prime Minister Thatcher (same document as
item 5 in folder)
Restriction : FOIA(b)1
COLLECTION: Baker, Howard H. Jr.: Files
SERIES:
I. Subject File
TITLE:
British Petroleum Stock
OA/ID NUMBER: 1
BOX NUMBER: 1
Folder #: 8 of 17
Restriction Codes
Presidential Records Act [44 U.S.C. 2204(a)]
Freedom of Information Act [5 U.S.C. 552(b)]
PRA-1 -National Security Classified Information.
FOIA(b)(1) -National security classified information.
PRA-2 -Relating to the appointment to Federal Office.
FOIA(b)(2) -Release would disclose internal personnel rules
PRA-3 -Release would violate a Federal statute.
and practices of an agency.
PRA-4 -Release would disclose trade secrets or confidential
FOIA(b)(3) -Release would violate a Federal statute.
commercial or financial information.
FOIA(b)(4) -Release would disclose trade secrets
PRA-5 -Release would disclose confidential advice between the
or confidential or financial information.
President and his advisors, or between such advisors.
FOIA(b)(6) -Release would constitute a clearly
PRA-6 -Release would constitute a clearly unwarranted invasion of
unwarranted invasion of personal privacy.
personal privacy.
FOIA(b)(7) -Release would disclose information
C.
-Closed in accordance with restrictions contained
compiled for law enforcement purposes.
in donors' deed of gift.
FOIA(b)(8) -Release would disclose information concerning
PRM. -Closed as a personal record misfile.
the regulation of financial institutions.
FOIA(b)(9) -Release would disclose geological of
geophysical information concerning wells.
Page 2
DOC
TYPE
DATE
PAGES
CLASS.
CLOSED
18
Talking Points/Briefing Paper
ND
1
01-15-2003
NSC #:
WHORM Subject #:
R
3/20/06
NLSE97 0 66/4 #49
To:
From:
Subject: for President's use with Thatcher (same as item 4 in folder)
Restriction : FOIA(b)1
9
Letter
10/22/1987
1
01-15-2003
NSC #: 7105 WHORM Subject #:
To: Reagan
From: Margaret Thatcher
Subject:
Restriction : FOIA(b)1
10
Letter
10-26-1987
05-01-2003
NSC #: 7105 WHORM Subject #:
R
3/2/06 NISF97-06614 #!
To: Frank Carlucci
From: Anthony Acland
Subject: re letters from Prime Minister to President
Restriction : FOIA(b)1
COLLECTION: Baker, Howard H. Jr.: Files
SERIES: I. Subject File
TITLE:
British Petroleum Stock
OA/ID NUMBER: 1
BOX NUMBER: 1
Folder #: 8 of 17
Restriction Codes
Presidential Records Act [44 U.S.C. 2204(a)]
Freedom of Information Act [5 U.S.C. 552(b)]
PRA-1 -National Security Classified Information.
FOIA(b)(1) -National security classified information.
PRA-2 -Relating to the appointment to Federal Office
FOIA(b)(2) -Release would disclose internal personnel rules
PRA-3 -Release would violate a Federal statute.
and practices of an agency.
PRA-4 -Release would disclose trade secrets or confidential
FOIA(b)(3) -Release would violate a Federal statute.
commercial or financial information.
FOIA(b)(4) -Release would disclose trade secrets
PRA-5 -Release would disclose confidential advice between the
or confidential or financial information.
President and his advisors, or between such advisors.
FOIA(b)(6) -Release would constitute a clearly
PRA-6 -Release would constitute a clearly unwarranted invasion of
unwarranted invasion of personal privacy.
personal privacy.
FOIA(b)(7) -Release would disclose information
C.
-Closed in accordance with restrictions contained
compiled for law enforcement purposes.
in donors' deed of gift.
FOIA(b)(8) -Release would disclose information concerning
PRM. -Closed as a personal record misfile.
the regulation of financial institutions.
FOIA(b)(9) -Release would disclose geological of
geophysical information concerning wells.
Page 3
PENDING REVIEW IN ACCORDANCE WITH E.O. 13233
Ronald Reagan Library
Collection Name BAKER, HOWARD: FILES
Withdrawer
SMF 4/24/2007
File Folder
BRITISH PETROLEUM STOCK
FOIA
F97-066/4
Box Number
1
ID Doc Type
Document Description
No of Doc Date
Pages
1 MEMO
BAKER TO RR RE PHONE CALL TO PM
1 10/28/1987
THATCHER (F97-066/4 #42)
2 MEMO
DRAFT OF #1 (F97-066/4 #43)
1
ND
4 TALKING
FOR PRESIDENT'S USE WITH PM
1
ND
POINTS
THATCHER (F97-066/4 #45)
8
TALKING
DUPLICATE OF #4 (F97-066/4 #49)
1
ND
POINTS
5/20/09 60 /3
THE WHITE HOUSE
WASHINGTON
October 28, 1987
Action
MEMORANDUM FOR THE PRESIDENT
FROM:
HOWARD H. BAKER, JR.
SUBJECT:
Phone Call to Prime Minister Thatcher
Regarding the Issue of British
Petroleum Stock
The British Government presently has a $12 billion issue of shares
of British Petroleum (BP) in international stock markets. This
issue is in connection with its privatization program and was
underwritten in all main markets at a price set before last week's
decline in stock markets. BP stock is now down over 25%.
I believe you should make a call to Prime Minister Thatcher asking
the UK government to withdraw the BP issue from the market. We
believe that if the issue is not withdrawn the effects on global
markets will be highly negative and add further to the lack of
confidence in international financial markets.
A memo from Jim Baker recommending that you call Prime Minister
Thatcher is attached. George Shultz has no objection. President
Ford has contacted me to urge that you telephone Prime Minister
Thatcher to seek withdrawal of the issue.
Attachment
DECLASSIFIED RE/EXSeD
NLS
NARA, DATE 3/2/06
THE WHITE HOUSE
WASHINGTON
Action
MEMORANDUM FOR:
THE PRESIDENT
FROM:
HOWARD H. BAKER
SUBJECT:
Phone Call to Prime Minister Thatcher
Regarding the Issue of British
Petroleum Stock
The British Government presently has a $12 billion issue of
shares of British Petroleum (BP) in international stock
markets. This issue is in connection with its privatization
program and was underwriten in all main markets at a price
set before last week's decline in stock markets. BP stock
is now down over 25%.
I believe you should make a call to Prime Minister Thatcher
asking the UK government to withdraw the BP issue from the
market. We believe that if the issue is not withdrawn the
effects on global markets will be highly negative and add
further to the lack of confidence in international financial
markets.
A memo from Jim Baker recommending that you call Prime
Minister Thatcher is attached. George Shultz has no objection.
reservations about making the call but you should know that E
President Ford has contacted me to urge that you telephone
Prime Minister Thatcher to seek withdrawal of the issue.
Attachment
DECLASSIFIED /RE/ORSC)
NLS F97+066/4 #43
3 NARA, DATE 3/2/06
Department
Secretary Baker
to
of the Treasury
Assistant Secretary
room
date 10/27/87 (Intemational Affairs)
Subject: Memo to President Reagan
Attached is a revised memorandum for
the President on the British Petroleum
issue.
It has been revised* to remove specific
references to U.S. losses, emphasizing
instead the global losses that would
result from this issue. We have revised
the talking points to reflect this broader
aspect of the problem.
*in light of George Gould's discussions
with the State Department
aread David C. Mulford
room 3432
phone 566-5363
DECLASSIFIED (Released
NLS f97 066/4 444
Cis NARA, DATE 3/6/06
Talking Points for the President's Use with
Prime Minister Thatcher
on British Petroleum Issue and
Possible Impact on World Financial Markets
Would like to urge your Government to withdraw the BP issue.
We believe it will have a major negative impact on world
financial markets.
The issue is already creating severe uncertainty in world
markets - in Asia, Europe and North America.
This is not the time to push forward with the largest equity
issue ($12 billion) ever brought to market. The issue cannot
be sold to final investors in the UK or elsewhere at prices
anywhere near the price established 10 days ago with the
underwriters.
Close to half the issue has been underwritten by non-UK
firms. If it goes forward, the issue will further damage
already fragile world financial markets and work against
restoration of confidence because of substantial losses
involved.
It will also reverberate in UK market for some time to come.
If issue does take place, it will be resold into your
secondary market, further depress prices.
It seems to me this has gone beyond being a matter of
underwriters standing up and accepting their commitments. We
face an unprecedented situation in world financial markets
which will also reverberate into the UK market.
I understand the political considerations you face in
withdrawing the issue, but it seems to me that forcing the
issue into the market under current conditions will gravely
damage the UK government's privatization program as well as
damage and impede recovery in world financial markets.
DECLASSIFIED /RE/EASIS)
NLS F97-066-4-45
Gs NARA, DATE 3/20/06
1811
THE SECRETARY OF THE TREASURY
WASHINGTON
thi
Action
MEMORANDUM FOR: THE PRESIDENT
FROM: JAMES A. BAKER, III
SUBJECT: Phone Call to Prime Minister Thatcher
regarding the issue of British
Petroleum Stock
The British government plans to issue shares in British
Petroleum (BP) linked to its denationalization program.
The price of these shares was fixed for underwriters
before the sharp decline in world stock prices. Today's
market price is 23 percent lower. If the shares are
actually issued, underwriters all over the world will
suffer very large losses estimated to be well over
$2 billion (about half the issue is being underwritten by
non-UK firms). The potential issue is creating heavy
negative pressure and lack of confidence in international
financial markets.
It creates an unnecessary problem;
-- It will result in unnecessary capital losses for
major firms who would otherwise be supporting the
market.
-- Underwriters have asked the U.K. government to
withdraw the issue under the force majeure
clause. The U.K. government's decision must be
made by October 29.
I have telephoned Chancellor Lawson seeking to have
the British Treasury stop the issue, which they have the
power to do. The Federal Reserve Board has made similar
efforts with the Bank of England. I recommend that you
telephone Prime Minister Thatcher to underline the gravity
and seriousness of issuing British Petroleum stock in the
current world financial market situation.
DECLASSIFIED
NLRR F97-0166/4#46
BY RW NARA DATE 25/10
OF
THE
THE TRANTMENT
The Secretary of the Treasury
October 27, 1987
1789
NOTE FOR HOWARD H. BAKER, JR.
Attached is a revised memorandum for
the President on the British Petroleum
issue.
In light of our discussions with the
State Department, it has been revised
to remove specific references to U.S.
losses, emphasizing instead the global
losses that would result from this
issue.
The talking points have also been
revised to reflect this broader aspect
of the problem.
We should touch base about this first
thing tomorrow morning.
JABIII
DECLASSIFIED
NLRR F97-066/4#47
BY RW NARA DATE 10/25/10
DEPARTMENT THE THE IREANIME
THE SECRETARY OF THE TREASURY
WASHINGTON
1789
Action
MEMORANDUM FOR: THE PRESIDENT
FROM: JAMES A. BAKER, III John
SUBJECT: Phone Call to Prime Minister Thatcher
regarding the issue of British
Petroleum Stock
The British government plans to issue shares in British
Petroleum (BP) linked to its denationalization program.
The price of these shares was fixed for underwriters
before the sharp decline in world stock prices. Today's
market price is 23 percent lower. If the shares are
actually issued, underwriters all over the world will
suffer very large losses estimated to be well over
$2 billion (about half the issue is being underwritten by
non-UK firms). The potential issue is creating heavy
negative pressure and lack of confidence in international
financial markets.
-- It creates an unnecessary problem;
-- It will result in unnecessary capital losses for
major firms who would otherwise be supporting the
market.
-- Underwriters have asked the U.K. government to
withdraw the issue under the force majeure
clause. The U.K. government's decision must be
made by October 29.
I have telephoned Chancellor Lawson seeking to have
the British Treasury stop the issue, which they have the
power to do. The Federal Reserve Board has made similar
efforts with the Bank of England. I recommend that you
telephone Prime Minister Thatcher to underline the gravity
and seriousness of issuing British Petroleum stock in the
current world financial market situation.
DECLASSIFIED
NLRR F97-062/4#48
BY RW NARA DATE 10/25/10
Talking Points for the President's Use with
Prime Minister Thatcher
on British Petroleum Issue and
Possible Impact on World Financial Markets
Would like to urge your Government to withdraw the BP issue.
We believe it will have a major negative impact on world
financial markets.
The issue is already creating severe uncertainty in world
markets - in Asia, Europe and North America.
This is not the time to push forward with the largest equity
issue ($12 billion) ever brought to market. The issue cannot
be sold to final investors in the UK or elsewhere at prices
anywhere near the price established 10 days ago with the
underwriters.
Close to half the issue has been underwritten by non-UK
firms. If it goes forward, the issue will further damage
already fragile world financial markets and work against
restoration of confidence because of substantial losses
involved.
It will also reverberate in UK market for some time to come.
If issue does take place, it will be resold into your
secondary market, further depress prices.
It seems to me this has gone beyond being a matter of
underwriters standing up and accepting their commitments. We
face an unprecedented situation in world financial markets
which will also reverberate into the UK market.
O
I understand the political considerations you face in
withdrawing the issue, but it seems to me that forcing the
issue into the market under current conditions will gravely
damage the UK government's privatization program as well as
damage and impede recovery in world financial markets.
DECLASSIFIED (RE/DASO)
NLS 97-066/4 #49
at Gs NARA, DATE 3/4/06
Case : 1078
Withdrawal/Redaction Sheet
Ronald Reagan Library
Document
Number: 9
Date: 10/22/1987
Classification:
Type: Letter
Total Pages: 1
Closed: 01-15-2003
NSC #: 7105
WHORM Subject #:
To: Reagan
From: Margaret Thatcher
Subject:
Folder
Collection: Baker, Howard H. Jr.: Files
Series: I. Subject File
Title: British Petroleum Stock
OA ID: 1
Box Number: 1
Folder #: 8 OF 17
Restrictions
FOIA(b)1 FOIA(b)1
Restriction Codes
Presidential Records Act [44 U.S.C. 2204(a)]
Freedom of Information Act [5 U.S.C. 552(b)]
PRA-1 -National Security Classified Information.
FOIA(b)(1) -National security classified information.
PRA-2 -Relating to the appointment to Federal Office.
FOIA(b)(2) -Release would disclose internal personnel rules
PRA-3 -Release would violate a Federal statute.
and practices of an agency.
PRA-4 -Release would disclose trade secrets or confidential
FOIA(b)(3) -Release would violate a Federal statute.
commercial or financial information.
FOIA(b)(4)
-Release would disclose trade secrets
PRA-5 -Release would disclose confidential advice between the
or confidential or financial information.
President and his advisors, or between such advisors.
FOIA(b)(6)
-Release would constitute a clearly
PRA-6 -Release would constitute a clearly unwarranted invasion of
unwarranted invasion of personal privacy.
personal privacy.
FOIA(b)(7)
-Release would disclose information
C.
-Closed in accordance with restrictions contained
compiled for law enforcement purposes.
in donors' deed of gift.
FOIA(b)(8) -Release would disclose information concerning
PRM. -Closed as a personal record misfile.
the regulation of financial institutions.
FOIA(b)(9)
-Release would disclose geological of
geophysical information concerning wells.
COVERING UK SECRET
7105
BRITISH EMBASSY.
WASHINGTON. D.C. 20008
TELEPHONE: (202) 462-1340
FROM THE AMBASSADOR
26 October 1987
The Honorable
Frank C Carlucci
Assistant to the President
for National Security Affairs
The White House G/WW
Washington DC 20503
Hea. I ank,
I have been asked to forward the enclosed letters from the
Prime Minister to the President. The text of the letter dated
22 October was sent to you by No 10 on their direct line. I
should be grateful for your help in transmitting them to the
President.
Autory
Antony Acland
DECLASSIFIED /RE/CASO)
NLS (97-066/4*51
CH NARA, DATE 3/10/06