-Caveat Lector- Foundation of Bush's Fortune Questioned
1991 SEC Memo Surfaces, Bush Not Cooperative It's a MAD, MAD World A new GOP/White House strategy went into effect today and it takes its tactics from the old Cold War - MAD (Mutually Assured Destruction). It worked to keep Soviet nukes holstered and it was Democrats who they hope to similarly intimidate. "GOP leaders warned us that if we dare use this stuff against them they would slam us with Global Crossing," a Democratic Congressional aide told us weeks ago. Those missiles have been launched. Indignant cries of "You should talk!" filled the Capitol today as well as our in-box. "What about Global Crossing? Huh, huh??" and "And Terry McAuliffe... Huh, what about that stuff?" Okay, You guys want to talk about Terry McAuliffe and Global Crossing? Fine. Let's talk. There's interesting stuff there to be sure. But, then let's talk about the Texas Rangers. The two deals have a lot in common. McAuliffe, now head of the Democratic National Committee, invested $100,000 in Global Crossing when the company was just forming. In 2000 he sold his Global stock for around $18 million. Yikes. A killing to be sure. McAuliffe did not hold a position on Global's board, or in the executive suite, and he sold his stock two years before any hint of trouble. His sale was public. Anyway, the implication now is that anyone who makes a great return on their investment must have known something the rest of us didn't know at the time. Well, maybe he did. Maybe he didn't. Investigations are underway, so we should find out at some point. Now, to the Texas Rangers. I was doing research about the "money" Bush used to buy the Texas Rangers. But I had to stop, because "money" would be entirely the wrong term. Actually, if you trace the source of the funds Bush used to purchase the team, you discover he did not have a cent of his own money involved. Here we go� let's follow the money and see how Bush parlayed zero into a fortune. In 1986 - Bush "sells" his bankrupt Spectrum 7 oil company to Harken. Harken does not give him cash but rather $600,000 worth of Harken stock. It is that stock, and few more shares he acquired with company loan money that he sells in 1989. He gets $848,000. That money goes to pay off some bills and the $600,000 bank loan he used to buy the ball team. When the team was later sold, Bush pocketed $14.9 million. Yowzer! Not bad. At least we can calculate McAuliffe's return on his $100,000 Global Crossing investment, but how do we calculate Bush's return? A $15 million return from zero? We all should be so lucky. So there you are. Two interesting cases, don't you agree? All we can hope is that the SEC and Department of Justice show as much curiosity about Harken (and Halliburton) as they have over Global Crossing. Oh, and they might want to get cracking on it, because now it's voters who are about to get MAD. Well, Did He or Didn't He? James Doty, SEC general counsel during the 1991 SEC investigation into Bush's Harken stock deals, denied today that Bush had been warned in writing by the SEC not to claim he had been exonerated. It proved to be a short-lived denial. In an interview this morning on NPR, Doty at first denied that the SEC's letter to Bush forbid him in writing to claim that by closing the investigation he had been exonerated. The NPR announcer was prepared with a copy of the letter. He read the 1991 SEC letter to Doty, including the line he denied was in it. Doty quickly explained that such statements are common language in all such letters. Unfortunately Doty's explanation may now cause Bush new problems. "That statement is put in the letters to warn people that the SEC can reopen the investigation at any time if new information surfaces," Doty tried to explain. "and to let them know that that they are forbidden from using the letter to claim they had been exonerated." If Doty's characterization is correct, it would appear that President Bush's contention that he was cleared of any wrongdoing violates SEC rules. Another contradiction between Bush's explanation of events surfaced today. Bush has maintained that he fully cooperated with the 1991 SEC investigation. That contention has now been contradicted by a memo from the very SEC officials who conducted - or tried to conduct - that investigation. Three months into the 1991 investigation, SEC rank and file investigators complained to their politically appointed bosses that Bush had provided little more than already public information to the SEC about his sale. The allegation was contained in a 1991 SEC memo released yesterday by the Center for Public Integrity. The 1991 investigation was closed without taking action. James A. Doty was the SEC's general counsel at the time. Doty had served as Bush's private attorney when he acquired the Texas Rangers. Doty now says that he took no part in the probe and that SEC investigators took no action because there was "no substantial change in Harken's stock price" after Bush's sale that would indicate he was dumping the stock on inside information. But Harken's historical stock chart says otherwise. A month after he sold his stock on June 22, 1989, Harken reported large losses and, from the end of August 1989 through the rest of 1990, the stock lost 70 percent of its value. Old Fox, New JobWhen President Bush unveiled his corporate crime swat team we were surprised to see whom he selected as its Elliot Ness. Heading the new team was Deputy Attorney General Lawrence Thompson. Before joining the administration, Thompson had served as an outside counsel for Enron. He was also partner in the Atlanta law firm of King & Spaulding. firm. Quote of the Day "Mr. Bush is not a real reformer; he just plays one on TV." Paul Krugman, NY Times Columnist ------------------------ "In little more than a year we have gone from enjoying peace and the most prosperous economy in our history, to a nation plunged into war, recession and fear. This is a nation being transformed before our very eyes." http://www.truthout.com Steve Wingate, Webmaster ANOMALOUS IMAGES AND UFO FILES http://www.anomalous-images.com <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. 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