Word: harkens
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...Harken Stock Speculation
...answer is that Bush doesn't really see the problems of 2002 in the same stark terms as he does the problems of 2001. Asked in July about the accounting procedures at Harken Energy, a Texas oil company on whose board he once served, Bush said, "In the corporate world, sometimes things aren't exactly black and white when it comes to accounting procedures." It may be that this is where you can see and hear the workings of Bush's mental circuitry: where he has experience and knowledge and a sense of the players and the pressures they live...
...House Energy and Commerce Committee in particular is contemplating more hearings this fall, with an invitation list that might include everyone from Global Crossing to ImClone, a committee source told Time. And as Democratic opponents seize on the White House's cozy links to corporate America--and especially to Harken Energy and Halliburton--the Bush Administration seems to believe that the best defense is a full-scale offensive...
...theory compliance with GAAP (generally accepted accounting principles) "cannot be used as a cover," says retired Judge Stanley Sporkin, prosecutors have generally ceded the territory to the SEC for civil action, if any at all. As the President himself said in defending his tenure as a director at Harken Energy, "In the corporate world, sometimes things aren't exactly black and white when it comes to accounting procedures." Expect to hear those words echoed by defense lawyers many times...
Bush came right out of this--the sweetheart loans, dumping the Harken stock before it tanked even though he was on the audit committee. Maybe he can stand up and say it takes one to know one, but he's not going to do that...