WHAT WERE GEORGE W. BUSH's ETHICAL LAPSES?

"There ought to be limits
to freedom..."

— George W. Bush,
commenting on the website
www.gwbush.com

QUOTE OF THE MONTH: "If you don't think it's a gamble to put a man in the White House who believes we should have guns in church, who thinks the Taliban is a rock band, who was such a failure as a businessman that his company was nicknamed "El-Busto," who wants to turn our Social Security system into a Wall Street boiler room, who can't name a single thing he disagrees with Jerry Falwell and Pat Robertson on, who smeared a bona fide hero named John McCain, and whose principle policy proposal is to give America's surplus to the idle rich in the form of a $1.3 trillion tax cut, you're either nuts or a Republican."

... Equal Time co-host Paul Begala, shooting the bull.

WAS GEORGE "DUBYA" INVOLVED IN INSIDER TRADING AND  OTHER ETHICAL LAPSES? 

The Securities and Exchange Commission defines insider trading as "Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments".  On June 22, 1990, George sold $848,560 worth of Harken Energy stock, just one week before the company posted spectacular losses and the stock plunged sharply.  When the losses were reported to the public on August 20, 1990, the stock plummeted.

According to documents from a two year investigation by the SEC, Bush served on the board of directors of Harken Energy Corporation and his position on a special Harken committee gave him detailed knowledge of the company's deteriorating financial condition.  The SEC received word of Bush's trade ten months after the fact.

The SEC states, "Because insider trading undermines investor confidence in the fairness and integrity of the securities markets, the Commission has treated the detection and prosecution of insider trading violations as one of its enforcement priorities".

Although the stock went back up, eventually, and if Bush had held the stock, it would have made him more money, knowing when to sell is the golden goose of stock trading and using inside information is insider trading.  The SEC investigated but decided not to punish Bush.

After all, his dad was President and all five SEC Commissioners are appointed by the President.  Furthermore, the SEC's general counsel had actually represented George W. in the Texas Rangers negotiation as reported in Rolling Stone magazine's August 5, 1999 issue. 

What do you think?

NEXT SEE BUSH AND THE ENVIRONMENT

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