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Politics : PRESIDENT GEORGE W. BUSH
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To: jlallen who wrote (272631)7/10/2002 2:23:58 PM
From: DuckTapeSunroof  Read Replies (4) of 769670
 
JL, apparently you failed accounting 101.

Re: "The fact is the insiders got the loan and paid it off no matter how the books were restated for accounting purposes. The profit was actual because Harken received the funds whatever the timing. Its not a situation in any way comparable to ENRON or Worldcom which has caused a collapse of those companies...."

>>> The SEC forced a restatement of earnings by Harken - ordering them to back-out the phony 'profit' supposedly generated by the proto-Enron shell partnership technique used by Harken to cook the books. So the 'profit' was not 'actual' according to the Feds (and Harken did not dispute this.)

>>> The SEC disallowed the transaction, ruling it violated GAAP. (Wheither the partners 'paid back' the loan or not doesn't in any way affect the illegality of the transaction.)

>>> The technique used by Harken was EXACTLY the same technique used by Enron... only Enron used *hundreds* of partnerships to hide losses, while Harken used this one.

>>> And, as to Bush's failure to file the correct form with the government for months, the official letter that the SEC enforcement staff sent to Bush when they closed the investigation said that he should not believe that he was 'exonerated' by the SEC.

>>> Charges were not brought, but he was not 'cleared' of anything.
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