I read this article, and it seems damning to me.
The memo said Bush sold 212,140 shares of Harken stock on June 22, 1990, for $848,560, before Harken's announcement on Aug. 20, 1990, that it had lost $23.2 million in the quarter ending June 30. The SEC said the announcement caused Harken's stock to drop by more than 20 percent, and called Bush's stock sale a "matter under inquiry."
At the time, Bush was a member of Harken's audit committee. The stock sale was reported by Bush on March 4, 1991, about 34 weeks late, the memo said. Dan Bartlett, Bush's communications director, said that was the result of a miscommunication between Bush's lawyer and the Harken counsel's office. "These types of late filings are not out of the ordinary," Bartlett said.
That is ridiculous. He was in the audit committee and did NOT know the company would announce losses??? Sorry if I find that LAUGHABLE.
Besides, it is completely untrue that 34-week late filings are ordinary. Trust me, nobody gets away with such a thing. Nobody. An insider would be jailed before the 34-weeks are over. |
