Profile-GW Bush

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This page was last updated 07/16/09

ON THE ENVIRONMENT:
George Bush: "[My] Clear Skies legislation...mandates a 70% cut in air pollution from power plants over the next 15 years."

The Truth: The Bush plan will allow more than 100,000 additional premature deaths by 2020 than alternative legislation developed by the Environmental Protection Agency. The plan does not regulate carbon emissions and allows far more sulfur and mercury emissions.

ON EDUCATION:
George Bush: "[W]e achieved historic education reform - which must now be carried out in every school and in every classroom."

The Truth: Bush cut $8 billion from the promised funds for education.

Misleader.org: In the Spotlight

"TOP GUN?"
Bush military record video

documents

index.html

THE TRUTH ABOUT BUSH'S MILITARY SERVICE RECORD
You cannot understand the Bush crime family without learning about the Skull and Bones society.

Bush Family Value$

The Order of Skull and Bones
George W. Bush, Jr. - The Dark Side
Bush Goes AWOL
Bush family’s secret: President’s oil companies funded by bin Laden family
Down the Rabbit Hole: Operation PaperClip
George W. Bush is Becoming More Like Hitler Everyday
More about Bush-Nazi connection
Secrets of the Tomb- Skull and Bones- The Ivy League and the Hidden Paths of Power
Skull & Bones: the Illuminati Resurrected

A rare look inside Skull and Bones
Skull and Bones Society
The Brotherhood of Death
Skull & Bones Article from Esquire Magazine Sept. 1977
A Journalist Introduction into Skull and Bones
George W. Knight of Eulogia - 00.05

To my surprise I discovered GW has a lengthy history of being involved as the head of oil companies and his track record is one of ill fated ventures where he left the company in financial ruin but with money in his pocket.

The summer of 2002 Enron scandal brought to light a similar scenario from Mr. Bush's past with the energy company Harken Oil.

The year 1990 and Mr. Bush as head of that company sold his shares on June 22nd, the end of the fiscal calendar being June 30th.

Not only does Mr. Bush have a dismal record as a businessman he also has a record of filing late with the SEC. (Security Exchange Commission)

The SEC investigated Mr. Bush related to the Harken irregularities and he was found to have a habit of filing late with four separate companies in which he was director.

Another 'eyebrow raiser' for me is his father as president used executive privilege to seal the SEC investigation records assuring we will never know what really happened.

Of course the response from Mr. Bush is the SEC found nothing illegal or irregular, but what perplexes me is, if there was no wrong doing why seal the investigation records?

Within months after the Harken incident the Gulf War began.

A similar incident yet again -- Enron and Iraq

© March 2003

Special reports | How Bush firm used accounting scam

Fraud (Financial) - Alan Quasha Continues Harken Fraud Without Bush Jr
"we will punish the crimes of our enemies and reward the crimes of our friends"
Centre for Research on Globalisation (CRG)
Energy Scam News : SF Indymedia
Scoop: Investigator Who Cleared Bush Gets WorldCom Job
The Idler - A Web Periodical 7-23
The Harken Shuffle
Merck and Harken
HUGE BUSH  STOCK SLEAZE  SCANDAL

It was when I began tracking and piecing together his business and personal associations that a pattern emerged. I became quite curious how these events were not publicized and many of the people I talked to were not aware.

Gas firms had donated $1,761,567 to George Bush’s presidential campaign making the oil and gas industry one of Bush’s top 10 contributors in Election 2000.

Enron Corporation–which proclaimed itself as "the world’s leading energy company"- was one of President Bush’s top 10 donors, giving $113,800 to his 2000 presidential campaign. Enron was also Bush’s top career patron giving $555,275 throughout Bush’s political career.

Ken Lay and Bush friends - where is Ken Lay now?

POWER SCAM
George W. Bush in the Oil Industry

The second greatest Bush career patron–donating $322,400 -was the Sanchez family of Laredo, Texas owners of Sanchez-O’Brien Oil and Gas.
 

Mr. Bush’s presidential recount fund shows $85,500 in donations from persons who work for oil and oil-affiliated industries.

The Presidential Inaugural Committee has received
$1,000,000 (that's one million dollars) in funding from the oil and gas industries.
 
Oil and gas companies have contributed at least
$556,700 to Bush’s 1994 and 1998 gubernatorial campaigns and an additional $944,733 in large contributions came from individuals affiliated with oil companies.
 
George Bush is a former oil man himself, having owned the fairly unsuccessful Arbusto Energy Inc. and Bush Exploration.

These companies in 1984 merged with Spectrum 7 (Bush was named chairman and CEO), which was later bought by out Harken Oil and Gas in 1986.

Fourth Reich

How Ethical is the Bush Administration Anyway
The Enron Bubble
We Knew There'd Be Scandals
We Knew There'd Be Scandals
Bush Crime Family Flow Chart
Fact Sheet – Enron, Haliburton And Harken
The Bush Harken Insider Trading Collection
Bush Harken Loans Raise Tax Questions
TIPS Program Extended to Corp. Evildoers?
Bush/Harken Did Deals With Enron Business Funds GOP Ad Push
Bush's Harken Mistakes Blamed on Clinton's Penis
excerpts; Al Martin's book about Bush's Harken Energy Fraud
Bush, Harken, and the Public’s Right to Know
The Dubya Report - More Foreign Policy Lies

Bush family made its fortune from the Nazis

More about the Thyssen/Bush Banking Connection—(Two 30-minute segments) (Sources are noted in parentheses

Bush book: Chapter -2-

 

HUGE BUSH
STOCK SLEAZE
SCANDAL!!!

LAWBREAKER-IN-CHIEF!

Dubya Broke Law Often, Reaped Big $$$

But Poppy's SEC Shut Down Probe

Cover Up Completed to Protect Dubya?

The Full Story Of Dubya's Rip-Off Scam


(WASHINGTON, D.C., July 2, 2002: Special to MWO)

In a shocking new development in the mounting corporate corruption scandals, it has been revealed that George W Bush violated securities regulations at least four times in the 1980s and 1990s - including one violation that occurred while Bush was completing precisely the sort of stock-dump swindle which his Enron executive buddies allegedly pulled off last year.

The Securities and Exchange Commission discovered aspects of Bush's rip-off at the time.

An internal SEC report, dated April 9, 1991 and later obtained and released by the Center for Public Integrity noted that Dubya had established a pattern of violating SEC reporting regulations.

The report also announced that SEC investigators had opened an investigation into Bush's insider stock dumping the year before. 

But suddenly under then-President George HW Bush's hand-picked SEC chairman the agency halted its probe of Dubya, brought no charges and deep-sixed the case.

Now - in light of George W Bush's denunciation of exactly the sort of practices that he himself used to build his fortune the Bush Administration is in deep crisis.

Washington political observers are saying that only a full-scale probe of Bush's past corporate criminal activities - and the possible cover-up of those activities by his fathers' appointees - can restore confidence in Dubya's shaken administration.

The case goes back to the younger Bush's involvement with the Harken Energy Corporation twelve years ago.

Here's the full story -

Dubya and Harken Energy - The SEC Cites First Wrongdoing

In 1990 Bush was a member of Harken's board of directors and one of two members of its audit - fairness and special committees. (Harken had bought Bush's failing oil company - Spectrum 7, for $2 million in stock even though Spectrum was a big money loser) 

Bush and another director - E. Stuart Watson served on Harken's "fairness committee" to determine whether a restructuring of the company would adversely affect ordinary shareholders

Harken's annual report for 1989 showed a profit of $8 million on the sale of its subsidiary Aloha Petroleum 

Aloha was sold to a partnership of Harken 'insiders' called International Marketing & Resources (IMR) for $12 million - $11 million of which was financed through a note held by Harken

When SEC accountants eventually discovered that Harken had concealed its 1989 losses by claiming a profit on the sale (despite the fact that Harken held the note on the sale) the Commission objected, saying that the income could only be recognized when the principal on the loan was paid.

The Arthur Andersen Connection

According to their SEC Proxy statement on May 1, 1991, Harken Energy Corporation had employed Arthur Andersen & Co. for accounting services since 1976 and the Harken audit committee including Bush met with auditors from Arthur Andersen

The Proxy statement stated "Arthur Andersen & Co has  continuously served Harken as independent auditors since 1976."

A July 25, 1991 letter from the Securities and Exchange Commission asked for Harken to "Identify the representatives of Arthur Andersen & Co Inc. present at the June 11, 1990 meeting of Harken's Audit Committee."

In a December 6, 1990 letter to Harken Energy Corporation the SEC asked why Harken and the company's independent auditors - Arthur Andersen - qualified  the sale of Aloha Petroleum as a capital gain. 

The SEC letter asked Harken to provide additional information about "The financial statement of IMR which were relied upon in the Aloha transaction that enabled the Company and its  independent auditors to reach the conclusion that the collection of the note from IMR was reasonably assured at the time of sale." 

The SEC also asked for Harken to "Describe any plans, arrangements or understandings which obligated Harken to provide financial support to Aloha on an ongoing basis and the consideration that was given by Harken and its independent accountants in determining that full gain recognition was appropriate."

After the SEC discovered Harken's concealment of real losses Harken was forced to amend its 1989 annual report. 

The amended filing declared that Harken's 1989 losses were actually $12,566,000, rather than the $3,300,000 loss it had earlier declared.

What Did Dubya Know?  Everything.

When Did He Know It?  In Plenty of Time.

Harken director E. Stuart Watson said both he and Bush were aware of Harken's finances. "You bet we were ... We were both trying to keep that company on the straight and narrow" Watson said. 

According to the Dallas Morning News - Watson said, "they [Watson and Bush] were kept current on the companys' finances and knew that losses were to be announced."  Watson added that earnings reports at Harken "were never a surprise to us."  Watson said that, as members of the audit committee he and Bush were briefed by the company treasurer and the inside and outside auditors.

Bush the Inside Trader - Dubya Dumps His Harken Stock

On June 22, 1990 Bush sold 212,140 shares (66%) of Harken stock, which was valued at $4 per share; two months before Harken announced losses in its results for the June 30 quarter. 

The value of Harken's stock fell to $2.37 per share immediately following the announcement of losses and was trading at only $1 by the end of the year

Before selling his stock, Bush was informed that the firm was suffering a cash "crisis." 

According to the Associated Press, "As a Harken director, he [Bush] received memos in spring 1990 that referred in stark terms to the company's cash-strapped condition as banks demanded it pay down its debts. 

One document said the company was in the midst of a 'liquidity crisis' and another told Bush the company was 'in a state of noncompliance' with its lenders.'

Dubya Tries To Hide Big Rip-Off Profit

Bush's sale of Harken stock returned nearly $850,000  - a 200% profit but he failed to report the transaction until March of 1991 a violation of SEC rules. 

Bush contended the SEC had misplaced the report.  According to SEC spokesman John Heine "As far as I know nobody ever found the 'lost' filing." [Time, 10/28/91]

Responding to new documents that show Bush was aware of Harken's financial "crisis," Bush lawyer Robert Jordan said "By the time Bush sold his stock the cash crisis had been largely resolved... By May 21, 1990 the major shareholders had agreed to a credit agreement which put $26 million into the company immediately." 

But Harken needed a 'cash infusion of $38 million... to maintain minimum operational flexibility' - meaning that even with the $26 million credit agreement Harken still needed $12 million

Internal Harken Energy documents noted that the company's immediate cash needs [were] at a crisis "survivor" level in May 1990 - just weeks before Bush dumped 212,000 shares of Harken stock. 

An internal Harken Energy Corporation "Analysis of Cash Needs" dated May 4, 1990 and covering May 1 - July 31 indicated that Harken needed a cash infusion of $30 million to "maintain survivor status, pay past due payables of $2 million and rebuild working capital of $3 million" 

In order to maintain 'minimum operations' the company needed a "cash infusion of $38 million... to maintain minimum operational flexibility."

The SEC Investigates -- Then Stops

On April 9, 1991 SEC officials Herbert F. Jannick III - Lewis J. Mendelson and James B. Adelman filed a report exposing Bush's failure to comply with SEC disclosure requirements not once but on at least four occasions in the 1980s and 1990s.

The officials also announced that the SEC staff had undertaken an investigation into Bush's windfall profit insider sale of 212,000 shares o
f Harken stock in July 1990 two months before Harken publicly announced its huge losses.

What then occurred remains something of a mystery.

Commonly the SEC seeks court injunctions against repeat disclosure violators barring them from repeating the offense.

And the stock dump sale could have lead to more serious criminal charges along the lines currently being discussed with regard to the directors of Enron and WorldCom

But the SEC then overseen by a George HW Bush appointee neither issued an injunction - nor - it appears followed up on the stock-dumping probe. 

The entire matter was deep-sixed until the Center for Public Integrity rediscovered it during the 2000 campaign.

George W Bush Lawbreaker

Before and After the Enron Scandal

Before 

Bush failed to comply with SEC rules in reporting his June 1990 sale of Harken stock until March 1991.

Bush contended the SEC had misplaced the report. 

According to SEC spokesman John Heine "As far as I know, nobody ever found the 'lost' filing."

After 

In March 2000 Bush outlines a ten point plan on corporate reform. Bush said "Corporate officers should not be allowed to secretly trade their company's stock.

Every time they buy or sell they should be required to tell the public within two days" Bush said.

Before 

Harken director E. Stuart Watson, a former executive for oil giant Atlantic Richfield calls Harkens' deals 'convoluted' and difficult even for industry veterans to grasp. 

Says Harken founder Phil Kendrick still a small shareholder: 'Their annual reports and press releases get me totally befuddled. There's been so much promotion - manipulation and inside deal making. It's been a fast numbers game.' 

Some former executives charge the firm with routinely inflating its assets to make its balance sheets look better. 

Harken's longtime chief executive Mikel Faulkner insists the operation is 'clean.' 

But - Faulkner an accountant offers this advice for those trying to decipher Harken's financial statements - 'Good luck.'  'They're a mess' according to Time magazine

After  

In a statement further detailing his plan for corporate responsibility Bush said "The SEC should ensure that public companies are responsible for providing investors a true and fair picture of themselves and that this information is provided in 'plain English." 

"A company should disclose information in its control that a reasonable investor would find necessary to assess the company's value without compromising competitive secrets." 

"Today's disclosure practices have fallen behind the advanced techniques of corporate finance allowing some firms to conceal the true risks faced by investors."

In short - Bush and Harken look as if they were guilty of precisely the irresponsible and possibly illegal activities that Bush now says he wants to eliminate.

As a result of those activities Bush parlayed his Harken profits in order to buy the Texas Rangers baseball team - an acquisition that eventually made him a multi-millionaire. 

All of which would have been impossible without his apparent participation in the insider Harken pump-and-dump scheme.

The Bottom Line

-In 1991, the SEC found a pattern of repeated securities laws violations by George W Bush in the 1980's and 1990's.

-The SEC also began an investigation into Bush's insider "pump-and-dump" Harken scheme, which eventually made Bush a multi-millionaire.

-The SEC for reasons still unknown sought no injunction against Bush for the disclosure violations and shut down its probe about his Harken stock sale.

Questions for Congress and the Press

As a result of these revelations a number of monumental questions have arisen about the possible stock crimes of George W Bush - and the possible cover-up of those crimes by his father's administration.

But the really big question at the moment is - will Congress and the press pursue these grave and disturbing questions?

In 1994 Congress and the press jumped into an alleged scandal known as Whitewater involving a relatively piddling amount of cash - a story instigated by the accounts of a disgraced Bill Clinton hater named Hale and a drug-addicted con-man and former Clinton associate named McDougal.

The land deal in question dated back to the late 1970s - more than fifteen years prior to the investigation's start.

When the 'scandal' was proved to be an utter phony in the Resolution Trust Corporation report in 1996 the press led by the Washington Post suppressed the news and the Whitewater investigation continued. 

After tens of millions more of the taxpayers dollars were wasted after a partisan-led impeachment drive after countless thousands of fake news stories (many based on leaks from Clinton's chief persecutor Kenneth Starr) the final report on Whitewater proved the entire affair was baseless.

But now - we have a corporate scandal involving by comparison vast amounts of money - the foundation of George W Bush's multimillion-dollar personal fortune.

Now we have evidence of truly illegal dealings that date back barely a decade. 

Now we have evidence provided not by grifters - con men and political partisans but by the members of the staff of the Securities and Exchange Commission in 1991 as well as by former executives of the Harken Energy Corporation. 

Now we have the possibility that a cover-up of those findings took place in order to protect the then - President's son.

It's not simply a matter of hypocrisy as an excellent report by Anthony York in Salon asserts in light of Dubya's sanctimonious reaction to the Enron and WorldCom fiascos and related scandals.

It's a matter of  corporate immorality and lawbreaking by the current resident of the White House - and of possible efforts by that resident's father former President Bush to hide and then bury his sons' crimes.

Until and unless the proper authorities along with the press investigate these serious matters with the same zeal that they investigated the patently phony Whitewater allegations the public can have no confidence either in them or in the Bush Administration.

Accordingly - MWO demanded that SEC Chairman Harvey Pitt be compelled to re-open immediately the SEC's investigation into George W Bushs' violations of disclosure requirements in the 1980s and 1990s and his involvement in the Harken stock-dumping scheme of 1990.

We also demand that the Senate Banking Committee and the Senate Finance Committee immediately undertake investigations into the allegations about Bush's Harken dealings his non-disclosure problem and the possible cover-up of these charges by members of the first Bush Administration.

Finally, we demand that the news media independently investigate all of these matters committing at least as many resources (and here the Washington Post and New York Times should take special note) as they did to the phony Whitewater scandal.

Email -Senator Paul Sarbanes
(D-MD), Chairman of the Senate Banking Committee


Email - Senator Max Baucus
Ranking Member on the influential U.S. Senate Finance Committee.


Politely but firmly demand that their respective committees begin an official inquiry with public hearings on George W Bush's infractions and possible infractions of securities laws while he was a director of Harken Energy Corporation as well as of the possible cover-up of those infractions and improper cessation of the SEC's original investigation into these matters in 1991.

Sources

bullet Time - 10/28/91
bullet Wall Street Journal - 12/6/91
bullet Dallas Morning News - 5/7/94 - 10/11/94
bullet Washington Post -7/30/99 - 1/23/02
bullet Associated Press - 9/6/00
bullet SEC Proxy Statement - Harken Energy Corporation - 5/1/91
bullet Securities and Exchange Commission Division of Corporation Finance - Correspondence with William R Hayes - 12/6/90
bullet Securities and Exchange Commission - Enforcement Division -  Correspondence with Joseph A. Cialone - 7/25/91
bullet Center for Public Integrity
bullet Salon

 

 

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