Return-Path: <sentto-279987-4938-1025637785-fc=all.net@returns.groups.yahoo.com> Delivered-To: fc@all.net Received: from 204.181.12.215 [204.181.12.215] by localhost with POP3 (fetchmail-5.7.4) for fc@localhost (single-drop); Tue, 02 Jul 2002 12:24:08 -0700 (PDT) Received: (qmail 3065 invoked by uid 510); 2 Jul 2002 19:22:47 -0000 Received: from n18.grp.scd.yahoo.com (66.218.66.73) by all.net with SMTP; 2 Jul 2002 19:22:47 -0000 X-eGroups-Return: sentto-279987-4938-1025637785-fc=all.net@returns.groups.yahoo.com Received: from [66.218.67.195] by n18.grp.scd.yahoo.com with NNFMP; 02 Jul 2002 19:23:06 -0000 X-Sender: yangyun@metacrawler.com X-Apparently-To: iwar@yahoogroups.com Received: (EGP: mail-8_0_7_4); 2 Jul 2002 19:23:05 -0000 Received: (qmail 16968 invoked from network); 2 Jul 2002 19:23:05 -0000 Received: from unknown (66.218.66.216) by m2.grp.scd.yahoo.com with QMQP; 2 Jul 2002 19:23:05 -0000 Received: from unknown (HELO n8.grp.scd.yahoo.com) (66.218.66.92) by mta1.grp.scd.yahoo.com with SMTP; 2 Jul 2002 19:23:05 -0000 Received: from [66.218.67.167] by n8.grp.scd.yahoo.com with NNFMP; 02 Jul 2002 19:23:04 -0000 To: iwar@yahoogroups.com Message-ID: <afsuio+dt5a@eGroups.com> User-Agent: eGroups-EW/0.82 X-Mailer: Yahoo Groups Message Poster From: "televr" <yangyun@metacrawler.com> X-Originating-IP: 24.157.159.30 X-Yahoo-Profile: televr Mailing-List: list iwar@yahoogroups.com; contact iwar-owner@yahoogroups.com Delivered-To: mailing list iwar@yahoogroups.com Precedence: bulk List-Unsubscribe: <mailto:iwar-unsubscribe@yahoogroups.com> Date: Tue, 02 Jul 2002 19:23:04 -0000 Subject: [iwar] Bush broke insider-trading laws in 1989? Reply-To: iwar@yahoogroups.com Content-Type: text/plain; charset=US-ASCII Content-Transfer-Encoding: 7bit X-Spam-Status: No, hits=-0.1 required=5.0 tests=SUBJ_ENDS_IN_Q_MARK version=2.20 X-Spam-Level: Bush: Business Past 'Is Fully Disclosed' Last Updated: July 02, 2002 03:15 PM ET MILWAUKEE (Reuters) - President Bush brushed off a question on Tuesday about whether he may have benefited from a sweetheart deal as a Texas oil man more than a decade ago, saying "everything I do is fully disclosed." New York Times columnist Paul Krugman on Tuesday suggested that Bush's dealings may bear similarities to the accounting scandals at 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. ------------------ http://all.net/ Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
This archive was generated by hypermail 2.1.2 : 2002-10-01 06:44:31 PDT