"HARKEN, HARKEN, HARKEN, STUPID!" - TEXT OF BUSH'S NEWS CONFERENCE:
guardian.co.uk
After a meandering opening statement, reporters honed in on the important question: HARKEN.
Bush ineffectively sidestepped a lot of skepticism about his "story".
Bush bs-ing us on Harken:
Q: Mr. President, the Democrats have signaled that they are going to make your behavior while a director at Harken an election year issue. There's an ad out today, which is relatively new. I know you've said this has been vetted before. I mean, I've heard that. But would you take on the charge that you were eight months late with an $850,000 stock sale report?
BUSH: First, let me take on the notion that people love to play politics. You know, you said the Democrats are going to attack me based upon Harken. That's nothing new. That happened in 1994. I can't remember if it happened in 1998 or not. It happened in 2000. I mean, this is recycled stuff.
When I made the decision to sell I filed what's called a Form 144. I think you all have copies of the Form 144, it's an intention to sell, and I did sell. But, as you said, this has been fully vetted. It has been looked at by the SEC. You've got the documents. You've got the finding where the guy said there is no case here. And just the way I view it is it's old-style politics, and I guess that's the way it's going to be.
Q: On the question that the Form 4 was eight months late, why was it?
BUSH: You know, the important document was the 144, the intention to sell. That was the important document. I think you got a copy of it. If you don't, we'll be glad to get you one, that showed the intention to sell.
As to why the Form 4 was late, I still haven't figured it out completely. But nevertheless, the SEC fully looked into the matter, they looked at all aspects of it, and they did so in a very thorough way, and the people that looked into it said there is no case. And that was the case in the early '90s, it was the case in the '94 campaign, it was the case in the '98 campaign. Same thing happened in 2000 campaign. I guess we're going to have to go through this again in the 2002 campaign.
But nothing has changed. And the nothing that changed was the fact that this was fully looked into by the SEC and there's no there there.
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Bush remarkably supporting Harvey "the Snake" Pitt, backing the man who worked for as much chicanery as possible by the accounting profession:
Q: As a way to clean up the corporate way and start the reform, Sen. McCain is suggesting that you ask for the resignation of Harvey Pitt. And says that he's inept and had to recuse himself so many times in all these cases. What do you think? And are you 1,000 percent behind him?
BUSH: Very tricky. I support Harvey Pitt. Harvey Pitt has been fast to act. He's been in office less than 12 months, I think. I mean, he was - we sent him up to the Senate and was unanimously approved. I'm not exactly sure when the vote was. I guess it was about a year ago. And every senator said ``aye'' on Harvey Pitt, ``aye'' meaning that they thought he was the right man for the job. And I still think he is.
He has, in a quick period of time, he has taken 30 CEOs and directors to task by not allowing them to serve again on a board or serve in a CEO capacity of a company. He's encouraged what they call disgorgement. In other words, if somebody has profited based upon malicious reporting or whatever the lawyers call it, obviously trying to scam somebody, they have to give their money back. And he's been very active on that. So I think Pitt's doing a fine job.
HARKEN, HARKEN, HARKEN
Q: You asked about the SEC and the Harken Energy Company. Democrats are saying, would you have the SEC release all the papers in connection with that and end all the questions? Would you tell the SEC, release those papers?
BUSH: This is old politics, John. This has been around for a long time.
In the early '90s, key members of Congress asked for relevant documents from the SEC on this case. They were given the documents. You've seen the relevant documents.
And I want to remind you all that I sold the stock at $4, and 14 months later - the holding period for capital gains, I think, was 12 months in those days - the person who bought my stock could have sold it for $8 - could have doubled his or her money.
Q: ... know, when you sold your Harken stock, that the company was going to restate its earnings. As a member of its audit committee, how could you not know that its earnings had not been properly ...
BUSH: Because that fact came up after I sold the stock. And the SEC fully looked into this. All these questions that you're asking were looked into by the SEC. And I repeat to you the summary - which I think you've seen, I hope you've seen it; if not, we'll be glad to get it to you - said there was no case there. |
