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Pastimes : THE SLIGHTLY MODERATED BOXING RING
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To: Lazarus_Long who wrote (16525)7/2/2002 11:54:52 PM
From: E   of 21057
 
Karen probably beat me to it, but I might as well post the link to the piece I just excerpted. It's very informative.

Here's an excerpt:

In 1989 Mr. Bush was on the board of directors and audit committee of Harken. He acquired that position, along with a lot of company stock, when Harken paid $2 million for Spectrum 7, a tiny, money-losing energy company with large debts of which Mr. Bush was C.E.O. Explaining what it was buying, Harken's founder said, "His name was George Bush."

Unfortunately, Harken was also losing money hand over fist. But in 1989 the company managed to hide most of those losses with the profits it reported from selling a subsidiary, Aloha Petroleum, at a high price. Who bought Aloha? A group of Harken insiders, who got most of the money for the purchase by borrowing from Harken itself. Eventually the Securities and Exchange Commission ruled that this was a phony transaction, and forced the company to restate its 1989 earnings.


nytimes.com
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