Word: harkens
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...WHAT BUSH AND CHENEY DID] Twice, in 1986 and 1988, Harken loaned BUSH money at low interest to buy company stock. The loans totaled $180,375. The company later sweetened the terms of the loans, freeing up some of Bush's stock that was being used as collateral. Bush sold those shares and used the proceeds--$848,000--to help finance his purchase of part of the Texas Rangers baseball team...
...clueless about the tricky accounting. "They gave discretion to the CEO," says communications director Dan Bartlett. He adds, "Audit committees were different then than they are now." Bush, who last week called on directors to "ask tough questions about accounting methods," doesn't hold himself to that standard. Harken's case, he told reporters, was one in which "the rules aren't as specific as one would expect, and therefore the accountants and the auditors make a decision." Hundreds of companies have restated their earnings in the past two years--one reason investors are so skittish...
Bush always came out of his business deals whole. He parlayed his Harken money into a piece of the Texas Rangers, which he later sold for a $15 million profit. But his political account has taken a loss. "His whole persona has been, 'I'm a straight shooter,'" says Steve Elmendorf, chief of staff to House minority leader Dick Gephardt. "He's not looking like such a straight shooter...
WHAT BUSH AND CHENEY DID While BUSH was on Harken Energy's board of directors and a member of its audit committee, the company hid losses by selling a subsidiary to itself. Harken officers bought Aloha Petroleum with a loan from the company. Harken labeled the sale a $7.9 million profit, shrinking its losses to just $3.3 million for the year. The SEC forced the company to restate its losses to $12.6 million...
Commissioner Bush. That Harken thing got a little out of hand. But hey--baseball was happy to have me. And what's important is: you're back...