I meant exactly what I said, Watson. If you don't understand why Bush isn't much different from an ENE exec, then it is you who is factually challenged, not me.
Harken was able to concealed its failure just long enough for Mr. Bush to sell most of his stake at a large profit. Insiders created a front organization that appears to be independent but is really under their control. This front buys some of the firm's assets,(with money borrowed from Harkin itself) in this case a subsidiary called Aloha Petroleum, at exhorbitant prices, creates a phantom profit($10 million) that inflates the stock price, allowing the executives to cash in their stock. Now that's exactly how Enron did it.
That $10 million phantom profit hid three-quarters of the company's losses in 1989. White House aides have played down the significance of this maneuver, saying $10 million isn't much, compared with recent scandals. But for Harken's stock price — and hence for Mr. Bush's personal wealth — this accounting trick made all the difference.
How could Bush, who was on the company's frikkin audit committee, not have known about the Aloha maneuver??? Especially when another director, E. Stuart Watson, assured reporters back in 1994 that he and Mr. Bush were constantly made aware of the company's finances.
Chew on that, Watson. But I know you'll never swallow. |
