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

To: stockman_scott who wrote (282534)	8/1/2002 2:56:56 AM
From: Karen Lawrence	Read Replies (3) \| Respond to of 769667

Stench Normally, Americans would look to their president for leadership in reforms. Unfortunately, Bush is hardly an inspiring example. Corporate scandals Tuesday July 30, 2002 MILLIONS of American families have lost much of their savings in the stock market decline that was caused partly by corporate scandals. President Bush is calling for a crackdown on boardroom crooks — but a Newsweek poll last week found that half of Americans think both Bush and Vice President Dick Cheney previously engaged in shady business tactics themselves. Federal investigators are probing Cheney’s tenure as CEO of Halliburton Co. The Washington Post noted that he made $18.5 million profit by dumping his Halliburton shares on unwary buyers just before bad news became public and sent the stock value plunging. As for Bush, many reports have been written about his similar, suspicious dumping of Harken stock. However, few national observers have noted a remarkable pattern: Almost the entire Bush family has been accused of various corporate schemes over the years. Here’s a family tree: Neil Bush, brother of the current president, was a director of Silverado Savings & Loan, which went bankrupt and cost taxpayers $1 billion. Federal officials said “sophisticated schemes and abuses” caused the collapse. Bush was cited for “multiple conflicts of interest” because he took a fat personal salary from two shady businessmen who looted $330 million from Silverado. Bush paid $50,000 to resolve a federal suit against him. Florida Gov. John “Jeb” Bush, another brother, and a partner failed to repay a $4.5 million loan, helping cause the collapse of Broward Federal Savings & Loan, which cost taxpayers $220 million. A federal suit was filed against him, but he eluded it by paying only $500,000. Also, Jeb Bush was an advocate for Miguel Recarey, a Florida HMO operator who fled the country after being indicted for embezzling millions from Medicare. Jonathan Bush, an uncle of the current president, was fined twice for violating securities laws in Massachusetts and Connecticut, and lost his stockbroker license. Prescott Bush Jr., another uncle of the president, was paid $500,000 in 1989 to help Japanese investors buy two US companies — but the investors turned out to be fronts for the Japanese mob, and both US firms went bankrupt. As for President George W. Bush, last week’s Village Voice published a scathing account of his Texas business dealings and called him a “failed corporate crook.” Reciting his much-publicized Harken Energy and Texas Rangers record, the Voice said he has a “history of stumbling in the corporate back alleys.” The new wave of boardroom fraud has damaged trust in corporate financial reports, which makes major investors hesitant to buy shares, which is depressing the stock market, which is ravaging the life savings of many middle-class American families. Normally, Americans would look to their president for leadership in reforms. Unfortunately, he’s hardly an inspiring example.