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George W. Bush\'s Stock Sale
I have noticed that several posters in this topic are unaware of Bush's dealings in Harkin Energy. So maybe the following article will inform those who are unaware of these past Bush dealings.
Published on Saturday, March 13, 2004 by the Brattleboro Reformer (Vermont) Little Martha and Big George by Stephen F Minkin On March 6, 2004, the New York Times published an editorial entitled “Courtroom Tales of Martha’s Lies…”. It states that her persecution “was not about unfairly targeting a celebrity defendant but about enforcing the transparency of the financial markets.” The Times also commented on how “the trial depicted a cozy world where insiders routinely use their wealth and connections to benefit from insider information.” Isn’t that the American way? In June 1990, George W. Bush sold 200,000 shares of Harkin Energy stocks while he sat on the oil company’s board as a member of its audit committee. He unloaded his shares before the price plummeted and while outside investors were unaware of the company’s desperate situation. Mr. Bush later blamed his lawyers and the “loss of documents” by the Securities and Exchange Commission when it was discovered that he failed to disclose the $848,560 sale within the time required by law. He used most of the proceeds to pay off a loan he had taken out the previous year to buy a partnership interest in the Texas Rangers baseball team. The SEC, suspicious about the timing of these events, opened and then abruptly closed its investigation. A letter to his lawyers informed the future president that the decision to end the investigation should “in no way be construed” as exonerating him. George Bush Sr. was then president while the SEC Chairman was a family friend and sometime legal advisor. Martha Stewart was convicted of an attempted cover-up. She had taken for granted the fact that American aristocrats now and then bend the rules governing insider-trading. Her crime, however, pales in comparison with what we already know about the President’s and his Vice President’s abuses of privilege for self protection and the pursuit of wealth. Mr. Cheney ran the Halliburton Corporation when the company reportedly bribed Nigerian officials for lucrative oil-related contracts. He continues to hide the minutes of the so-called “Energy Taskforce”, a convocation of plugged in, insiders who have chosen to remain anonymous. It will be interesting to see if John Kerry and the media challenge Mr. Bush on Martha Stewart. Will they ask him to spell out how his activities at Harkin Energy differ legally and ethically from the insider-trading and attempted cover-up by the queen of image and good taste. Ms Stewart, according to the findings of a jury, attempted to conceal the truth about dumping ImClone stocks following an illegal tip from her broker that the president of the company was dumping his shares. If Mr. Bush as a board member knew the precarious nature of Harkin’s finances when he sold his shares, he would be guilty of defrauding clueless investors. Ms. Stewart’s misfortunes are focusing attention on insider-trading. This may help shed light on the murky abuses of those who are not only rich and famous but also truly powerful. It is clear that the President, an insider, profited from the sale of his Harkin shares while outsiders who invested in the company lost millions of dollars. Even a Dick Cheney cannot hide these well known facts. The burning question is, was George W. Bush also able to use the full force and power of the SEC chairman and/or his father’s presidency to save his own neck from prosecution? It is time for the SEC to release all documents pertaining to the agency’s decision to end the investigation of what the President knew before he unloaded his Harkin Energy shares. Otherwise we are left with a nearly palpable impression that, compared to the cover-up of the President’s insider-trading, Martha Stewart’s misdeeds are really small change. |
#2
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Re: George W. Bush\'s Stock Sale
We've seen Fahrenheit/911.
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#3
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Re: George W. Bush\'s Stock Sale
[ QUOTE ]
We've seen Fahrenheit/911. [/ QUOTE ] I haven't seen it. But thanks for letting me know that you have. I really appreciate the info. |
#4
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Re: George W. Bush\'s Stock Sale
[ QUOTE ]
In June 1990, George W. Bush sold 200,000 shares of Harkin Energy stocks while he sat on the oil company’s board as a member of its audit committee. He unloaded his shares before the price plummeted and while outside investors were unaware of the company’s desperate situation. [/ QUOTE ] This came up in another thread where I explained that his announced intention to sell was what the market keys on and his announcement that he was going to sell was well within the laws. The markets get their queue from the announcement to sell. The markets don't wait for 2 weeks after an announced sale to get get their queue on what an insider sales means. He announced that he was going to sell but didn't actually complete the report that he had completed the sale within the two week time frame required. The two week period I believe is right for the time period as I'm working from memory. I know you won't be convinced so I won't even try, I'll just refer you to the other thread if you care to search for it. |
#5
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Re: George W. Bush\'s Stock Sale
Obviously Georgie could hold up a liquor store with a gun and that would be okay with a certain segment of the population because he was just exercising his 2nd Admendment rights.
A Conservative Washington Think-Tank would then come out with a study supporting the armed robbery, pointing out that the liquor store sold a lot of white wine, and as we know, only gay liberals drink that foo-foo white wine stuff. |
#6
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Re: George W. Bush\'s Stock Sale
[ QUOTE ]
[ QUOTE ] In June 1990, George W. Bush sold 200,000 shares of Harkin Energy stocks while he sat on the oil company’s board as a member of its audit committee. He unloaded his shares before the price plummeted and while outside investors were unaware of the company’s desperate situation. [/ QUOTE ] This came up in another thread where I explained that his announced intention to sell was what the market keys on and his announcement that he was going to sell was well within the laws. The markets get their queue from the announcement to sell. The markets don't wait for 2 weeks after an announced sale to get get their queue on what an insider sales means. He announced that he was going to sell but didn't actually complete the report that he had completed the sale within the two week time frame required. The two week period I believe is right for the time period as I'm working from memory. I know you won't be convinced so I won't even try, I'll just refer you to the other thread if you care to search for it. [/ QUOTE ] So you're saying that he used his insider knowledge (he was on the audit committee) and legally announced his intention to sell. After he legally announced his intentions, the price miraculously held up until he sold his shares. Then only after he sold his shares, the price plummeted. Is this what you're saying? "The markets get their queue from the announcement to sell." The markets also get their queue from financial information, which Bush had, but common investors didn't have. |
#7
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Re: George W. Bush\'s Stock Sale
[ QUOTE ]
Obviously Georgie could hold up a liquor store with a gun and that would be okay with a certain segment of the population because he was just exercising his 2nd Admendment rights. A Conservative Washington Think-Tank would then come out with a study supporting the armed robbery, pointing out that the liquor store sold a lot of white wine, and as we know, only gay liberals drink that foo-foo white wine stuff. [/ QUOTE ] Then Limbaugh, Hannity and the rest of the conservative talking heads would tell everyone that if you are against Georgie holding up a liquor store you are unpatriotic un-American and full of hate towards conservatives and their "values". |
#8
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Re: George W. Bush\'s Stock Sale
Interesting post and it looks suspicious. However, it doesnt show he is guilty of anything.
People on boards sell stock all the time and the stock falls afterwards. The fact that he used the sale to pay off a loan tends to make one think the sale was neccessary. To show insider trading, you need to show that he had information that the public or investors did not. The case you presented in its current form is more guilt by association. I am not saying he is not guilty. However, a stronger case needs to be built. btw - almost everyone would sell their stock if they knew it was going to crash. You wont? I am not saying it is right. I am just saying everyone does it. Also note, Martha Stewart was not charged or convicted on any trading violation and she might not even have broken the law in regards to the trade if it happened as the government said. |
#9
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Re: George W. Bush\'s Stock Sale
[ QUOTE ]
So you're saying that he used his insider knowledge (he was on the audit committee) and legally announced his intention to sell. [/ QUOTE ] Yep. [ QUOTE ] After he legally announced his intentions, the price miraculously held up until he sold his shares. [/ QUOTE ] I wouldn't call it miraculous why should it be. The stock tanked months later. [ QUOTE ] Then only after he sold his shares, the price plummeted. Is this what you're saying? [/ QUOTE ] Yep, so what? [ QUOTE ] The markets also get their queue from financial information, which Bush had, but common investors didn't have. [/ QUOTE ] Do you know what a 10-Q is? As far as I know Harken filed all the 10-Q's and 10-K's required. There's was no specific financial information required in filing the paperwork announcing the sale. What I suggested in the other thread was going back to the Harken 10-Q's from the period (they should be available at Edgar.com) and review the financial statements of Harken to make a case that they defrauded investors with misleading information. You ought to try it, it should be a learning experience for you. Sarbanes-Oxley was not the law then so criminal culpability probably doesn't exist. I don't know what's in the 10-Q's but as far as the market getting their queue's from the announcement I'm right. |
#10
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Re: George W. Bush\'s Stock Sale
You are not full of hate towards conservatives and their values?
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