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By George he's done it himself!!!

  1. 1,006 Posts.
    And they say theres no corruption in corporate USA, trust us & invest here. Using georges example the Enron & Worldcom boys were just utilising lesson 101 from the George Bush school of accounting & corporate deal making!

    Report: Bush in Enron-esque deal

    SEC reportedly found U.S. President broke securities law in energy deal, but no charges were filed.
    July 2, 2002: 3:58 PM EDT

    MILWAUKEE (Reuters) - U.S. President George W. Bush brushed off a question Tuesday about whether he may have benefited from a sweetheart deal, similar to the situation at Enron, as a Texas oil man more than a decade ago, saying "everything I do is fully disclosed."

    New York Times columnist Paul Krugman suggested Tuesday that Bush's dealings may bear similarities to Enron Corp. and other companies that have undermined faith in corporate America and dragged the stock market down.

    Enron has been accused of misleading investors about its accounts and there have been questions about whether executives may have benefited by selling shares inflated by the misleading financial information.

    Krugman cited a story in March in the Wall Street Journal reporting that Harken Energy paid $2 million for Spectrum 7, a small, money-losing energy company with large debts where Bush was chief executive officer.

    The columnist said Harken was losing money but hid most of these losses in 1989 with profits it reported by selling a subsidiary, Aloha Petroleum, to a group of Harken insiders who borrowed much of the money from Harken for the purchase.

    Krugman said the Securities and Exchange Commission (SEC) ultimately ruled that this was a phony transaction and forced the company to restate its 1989 earnings.

    Before this ruling, however, Krugman said Bush, who served as a Harken board member and on its audit committee, sold two-thirds of his stake for $848,000 and did not inform the SEC for 34 weeks despite laws requiring prompt disclosure of insider sales.

    The columnist said an internal SEC memorandum concluded that Bush had broken the law but no charges were filed.

    Asked by a reporter about the column and the possibility that his sale amounted to the corporate misbehavior that he himself is now criticizing, Bush curtly replied: "Everything I do is fully disclosed, it's been fully vetted."

    Bush, who has railed against corporate misdoing in recent weeks, is expected next week to unveil a proposal for tougher penalties for company executives that mislead investors about their company's accounts.


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