 Golden gimmick

The Golden Gimmick refers to a foreign tax credit deal enacted in November 1950 by the US Government under president Harry Truman between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco.King Ibn Saud was being influenced by Juan Pablo Pérez Alfonso of Venezuela who cut a similar 50/50 deal with New Jersey Standard Oil and Royal Dutch Shell.