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>From http://www.washingtonpost.com/wp-dyn/articles/A15500-2002Jul2.html
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Bush Defends His Business Tenure
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The Associated Press
Tuesday, July 2, 2002; 6:03 PM
MILWAUKEE �� President Bush defended in a snappish tone Tuesday his own
business experience with a corporation accused of fishy accounting.
"Everything I do is fully disclosed; it's been fully vetted," the president said as he
paused to speak with reporters during a church appearance in Wisconsin. "Any
other questions?"
Bush was responding to a journalist who asked for his reaction to New York Times
columnist Paul Krugman, who said in Tuesday's newspaper that Bush's recent
campaign against corporate malfeasance draws on "firsthand experience of the
subject."
Bush, in 1989, was on the board of directors and audit committee of Harken Energy
when the company masked $10 million in losses by reporting a profit on the sale of
a subsidiary to a group of Harken insiders borrowing money from the company
itself.
The Securities and Exchange Commission ruled the transaction phony and forced
the company to restate its 1989 earnings. The SEC also investigated Bush for
insider trading after he sold nearly $850,000 of Harken stock shortly before its
mounting debt was publicly disclosed.
The SEC eventually closed its investigation of Bush without taking action against
him, although The Dallas Morning News has quoted a 1993 letter from the SEC to
Bush's lawyer emphasizing that its decision "must in no way be construed as
indicating that (Bush) has been exonerated."
Democrats said those investigations bear close similarities to current-day corporate
accounting scandals involving Enron, WorldCom and other business giants that
have shaken investor confidence.
Democratic National Committee spokeswoman Jennifer Palmieri called the 1989
transactions by Harken and Bush "very Enron-esque" and said they were symbolic
of how Bush and Vice President Dick Cheney, whose former employer Halliburton is
also now under SEC investigation, had helped create a business climate ripe for
accounting fraud.
Republicans say Democrats are just desperate to make political hay in an election
year.
� 2002 The Associated Press
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