You are absolutely correct that the Harkin situation was a mirror image of the Enron strategy. Company sets up management in a company that it loans money to and then sells it some assets, then books the sale as revenue. Aside from the paperwork chicanery it was nothing more than a sale to itself. Bush sat on the audit comm. that approved this crap and now he wants to lecture execs about "moral" behavior????
Bush is a total and complete joke! He gives his speech yesterday and the DJI is up 60pts before he starts. Since that time its down nearly 350 points. The market is voting with it money and the vote is that the Shrub is a moron, has engaged in exactly the same kind of behavior that he now finds so reprehensible, that he has a V.P. that will need to be protected from scandal or will end up in jail.
This administration is unwinding so fast its amazing. Look at what we've got:
1)Shrub: country club republican put into business by his father's pals, fails at that, gets bailed out by other of dad's pals and he happily engages in "cooked books" and insider trading. Finally, gets set up in a baseball franchise by other of Dad's friends where he makes almost no investment and gets rich. Republican operatives decide he is the perfect stooge to put up as a politician front man for their agenda, too stupid, ignorant and lazy to ever figure out what's really going on...
2)Dick Cheney: another country club republican who was a draft dodger who gorged at the public trough as long as he could, used his gov't connections to get a CEO job and raped that company using the standard Republican cooked books strategy to make himself rich and leave his company in a shambles.
3)Harvey Pitt-Bush appoints new SEC commissioner who comes into office declaring that the SEC needs to be cut down, make more friendly to business. Good call Harvey!!! This former lobbyist for the accounting firms is now in charge of straightening out the accounting scandals these firms have created.
Crooks, losers, morons... Thank you America!! |
