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.
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.
In the Spotlight
Bush military record video
TRUTH ABOUT BUSH'S MILITARY SERVICE RECORD
cannot understand the Bush crime family without learning about the Skull and
Order of Skull and Bones
George W. Bush, Jr. - The
family’s secret: President’s oil companies funded by bin Laden
the Rabbit Hole: Operation PaperClip
W. Bush is Becoming More Like Hitler Everyday
about Bush-Nazi connection
of the Tomb- Skull and Bones- The Ivy League and the Hidden Paths of Power
& Bones: the Illuminati Resurrected
rare look inside Skull and Bones
and Bones Society
Brotherhood of Death
& Bones Article from Esquire Magazine Sept. 1977
Journalist Introduction into Skull and Bones
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
scandal brought to light a similar scenario from Mr.
Bush's past with the
The year 1990 and Mr.
as head of that company sold his shares on
the end of the fiscal calendar being
Not only does Mr.
have a dismal record as a businessman he also has a record of filing late
(Security Exchange Commission)
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
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
Gulf War began.
incident yet again -- Enron
reports | How Bush firm used accounting scam
(Financial) - Alan Quasha Continues Harken Fraud Without Bush Jr
will punish the crimes of our enemies and reward the crimes of our friends"
for Research on Globalisation (CRG)
Scam News : SF Indymedia
Investigator Who Cleared Bush Gets WorldCom Job
Idler - A Web Periodical 7-23
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.
firms had donated $1,761,567 to George Bush’s presidential campaign making
the oil and gas industry one of
top 10 contributors in Election 2000.
Corporation–which proclaimed itself as "the world’s leading energy company"-
was one of President
top 10 donors, giving $113,800
to his 2000 presidential campaign. Enron was also Bush’s top career patron
Ken Lay and Bush friends - where is Ken Lay now?
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.
presidential recount fund shows
in donations from persons who work for oil and
Inaugural Committee has received
(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
$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.
These companies in 1984 merged with
was named chairman and CEO), which was later bought by out Harken Oil and
Gas in 1986.
How Ethical is the Bush Administration Anyway
We Knew There'd Be Scandals
We Knew There'd Be Scandals
Bush Crime Family Flow Chart
Fact Sheet – Enron, Haliburton And
Bush Harken Insider Trading Collection
Bush Harken Loans Raise Tax Questions
TIPS Program Extended to Corp.
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
family made its fortune from the Nazis
about the Thyssen/Bush Banking Connection—(Two 30-minute segments) (Sources
are noted in parentheses
book: Chapter -2-
HUGE BUSH SCANDAL!!!
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
was completing precisely the sort of stock-dump swindle which his
executive buddies allegedly pulled off
The Securities and Exchange Commission discovered aspects of Bush's rip-off
at the time.
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
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)
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
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
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
and the company's independent auditors - Arthur Andersen
- qualified the sale of Aloha Petroleum as a capital
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
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
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
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.
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
infusion of $38 million...
to maintain minimum operational flexibility' - meaning that even with the
credit agreement Harken still needed $12 million
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
In order to maintain 'minimum
operations' the company needed a "cash infusion of $38 million... to maintain minimum operational flexibility."
The SEC Investigates -- Then
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 of Harken stock in July 1990 two
months before Harken publicly announced its huge losses.
What then occurred remains something of a mystery.
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
failed to comply with
rules in reporting his June 1990 sale of
stock until March 1991.
Bush contended the SEC had misplaced the
According to SEC spokesman John Heine "As far as I know, nobody ever found the 'lost' filing."
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
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
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
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
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
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
Questions for Congress and the
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
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
But now - we have a corporate scandal involving by comparison vast amounts
of money - the foundation of George W Bush's multimillion-dollar personal
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
(D-MD), Chairman of the Senate Banking Committee
- Senator Max Baucus
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.
Time - 10/28/91 |
Wall Street Journal - 12/6/91 |
Dallas Morning News - 5/7/94 - 10/11/94
Washington Post -7/30/99 - 1/23/02 |
Associated Press - 9/6/00 |
SEC Proxy Statement - Harken Energy Corporation
- 5/1/91 |
Securities and Exchange Commission Division of Corporation
Finance - Correspondence with William R Hayes - 12/6/90 |
Securities and Exchange Commission - Enforcement Division
with Joseph A. Cialone - 7/25/91 |
Center for Public Integrity |