George W. Bush - President.
During The So-Called Investigation:
Harvey L. Pitt - Former Arthur Andersen Attorney
"There is nothing rotten in the accounting profession."
Harvey Pitt, Chairman of the Securities and Exchange Commission - January, 2002 - SOURCE
Insider Trading and George W. Bush
A U S T I N, July 1-- The Securities and Exchange Commission defines insider trading as "Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments". Bush sold $848,560 worth of Harken Energy stock on June 22, 1990, just one week before the company posted spectacular losses and the stock plunged sharply. When the losses were reported to the public on August 20, 1990, the stock plummeted.
According to documents from a two year investigation by the SEC, Bush served on the board of directors of Harken Energy Corporation and his position on a special Harken committee gave him detailed knowledge of the company's deteriorating financial condition. The SEC received word of Bush's trade ten months late.
The SEC states, "Because insider trading undermines investor confidence in the fairness and integrity of the securities markets, the Commission has treated the detection and prosecution of insider trading violations as one of its enforcement priorities".
Bush supporters point out that the stock's value went back up, eventually, and if Bush had held the stock, it would have made him more money. But, knowing when to sell is the golden goose of stock trading and using inside information is insider trading. The SEC investigated but decided not to punish Bush. After all, his dad was President and all five SEC Commissioners are appointed by the President. Furthermore, the SEC's general counsel had actually represented George W. in the Texas Rangers negotiation. Any doubts?
Bush Administration Has Tight Ties to Arthur Andersen
George W. Bush and Ashcroft think Arthur Andersen is the firm to review and clean up the FBI.
Neil Bush
Jonathan Bush
Jeb Bush
George H.W. Bush
Bush Issues Warning On Hiring Andersen
That's a Winner! Worthy of it's own thread in the near future :-)
There's going to be a real market for "reinforced cubicle walls" from now on. All of the BushIdolators are gonna be bouncing off theirs.