But, was it a "mistake" with a purpose? Timely reporting of the stock sale might have raised some potentially embarrassing questions at the time:

Reason #2 - Yes, Bush had served at the time on both Harken's board and its audit committee, but he was out of the loop. He was not aware that consultants at Smith Barney, who had been hired by the audit committee and were working for them, had discovered that the company was $150 million in debt and would lose $23 million that year.

What is missing is testimony under oath - what did Bush know, and when did he know it before dumping his stock?

Reason #3 - The SEC investigated the whole Harken matter in 1990 and found no reason to pursue it.

True, as far as it goes. But take a closer look and this reason loses all its luster.

At the time of the SEC investigation, Richard Breeden was SEC Commissioner. Breeden was appointed to his pposition by President George H. Bush. Then he was asked to investigate the boss's son. (Previously Breeden had served in the Reagan/Bush administration as deputy White House counsel for Vice President Bush.)

Breeden passed this hot potato to his deputy, James R. Doty, to investigate. In private life Doty had been the accused's attorney.Among other things, Doty had negotiated Bush's acquisition of the Texas Rangers baseball team.

Doty quickly slammed the coffin lid shut on the investigation - without interviewing a single Harken board member. And there it has lain buried ever since - case closed.
  12:38:39 PM  Google It!  comment