-Caveat Lector- >From http://www.guardian.co.uk/usa/story/0,12271,808933,00.html
Bush risks hypocrisy charge over Harken accounts David Teather in New York Thursday October 10, 2002 The Guardian President George Bush was yesterday laid open to further allegations of hypocrisy in his condemnation of the aggressive business practices of the 1990s when more details of his own dealings were published. Harken Energy, the oil and gas company behind the US president's wealth, used an off balance sheet entity to move poorly performing assets and debts off its books, according to a report which draws comparisons with Enron. The off balance sheet entity, a partnership with the investment arm of Harvard University, was formed in 1990 at a critical time for the company's finances. HarvardWatch, an alumni and student group which monitors the university's investments, likened the venture to those used at the disgraced energy firm Enron to disguise debts before it collapsed. Mr Bush was a director at Harken from 1986 to 1993 and at the time in question was a $100,000 a year consultant. Minutes show that he personally approved the deal. "The partnership bears strong resemblance to the widely-condemned Enron partnerships, controlled by insiders and disguising the dismal prospects of the company," the watchdog said. The venture enabled Harken to shift $20m (�13.1m) in debt and liabilities off the balance sheet. Harvard's venture capital division, Aeneas, contributed $64.5m of drilling assets to the partnership. In return Harken received a much-needed injection of cash - $100,000 a month in management fees, and drilling and services fees of more than $3m in the first year. The deals were disclosed at the time to the US regulator, the securities and exchange commission and complied with accounting rules. It is the kind of aggressive financial engineering that the president has strongly criticised. Over the summer political rivals made capital of a 1991 insider dealing investigation into the future president by the SEC. Mr Bush sold 212,140 shares for $849,000 two months before the company reported a $23.2m quarterly loss but the SEC closed the case without taking action. The White House dismissed any hint of wrongdoing. A spokesman said: "Independent reports note that [the partnership] complied with accounting rules, so there is no comparison with Enron." There were also reports yesterday that New York prosecutors are considering criminal charges against auditors at PricewaterhouseCoopers who failed to report the alleged looting of Tyco by its former chief executive officer, Dennis Kozlowski. Guardian Unlimited � Guardian Newspapers Limited 2002 ~~~~~~~~~~~~~~~ A<>E<>R + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + Forwarded as information only; I don't believe everything I read or send (but that doesn't stop me from considering it; obviously SOMEBODY thinks it's important) + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + In accordance with Title 17 U.S.C. section 107, this material is distributed without charge or profit to those who have expressed a prior interest in receiving this type of information for non-profit research and educational purposes only. + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + "Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut." --- Ernest Hemingway <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. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
