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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (272730)	7/10/2002 3:34:49 PM
From: Arthur Radley	Respond to of 769670

Just love these lying RWE...perfect example is the lie about Harken being such a wonderful company and NEVER being cited by the SEC...... "The sale of the Harken subsidiary, Aloha Energy, was just a complicated deal, not a fraud: Actually there was nothing complicated about it. Here is how it worked: In 1989, Harken was facing the unpleasant prospect of having to report a $23 million loss. In an attempt to soften that news, the company loaned Harken insiders $10 million so they could "purchase" the Harken subsidiary and the company could book a profit on the deal. The only thing that made this deal "complicated" is that was not a "sale" under any accounting rules known to man. Anyone who has taken Accounting 101 knows why. The deal violated accounting rules on so many levels it's hard to know where to begin. First, it was hardly an "arms-length" transaction. Everyone involved was, well, involved. Who set the fair market value? Who retained all the risk? (The answer is Harken did because it held the loan, which might or might not be repaid.) The Aloha transaction calls to mind the abuses of Enron - but, in fact, it predated that scandal by more than a decade. And it's not that Harken's top executives did not know they were manufacturing a phony profit. The top layer of Harken management - including its CEO - had served as senior auditors for Arthur Andersen before joining Harken. Once the SEC learned the inner workings of the sale, they forced the company to remove the $10 million and revise their financial statements." I guess $10million dollars in their SEC forced revisal doesn't count...Makes one wonder...why do the RWE have to lie to protect their idiot.