Wednesday, June 04, 2003

Bonfire of the Vanities Reloaded

Martha Stewart indicted.
"The scandal surrounds Stewart’s sale of almost 4,000 shares of biotech drug maker ImClone Systems Inc. on Dec. 27, 2001 - the day before the government issued a disappointing report on ImClone, sending its stock price tumbling."


"One of Bush’s fishiest moves as a businessman who failed upward in the oil industry occurred in 1990, when Bush was on the board of directors and the audit committee of Dallas-based Harken Energy. Harken had bailed out Bush four years earlier by buying his own down-and-almost-out oil venture. In that deal Bush received a hefty dose of Harken shares. In June 1990, Bush dumped over 212,000 shares and bagged $848,000. He did so at a time when Harken was slipping but had hidden losses by selling a subsidiary, more or less, to itself in a deal the Securities and Exchange Commission later ruled a phony transaction. Moreover, Bush failed to disclose his stock sale right away, as the SEC required, and, instead, notified the SEC eight months after the federal deadline. "

Steal a little, and they put you in jail. Steal a lot, and they make you king.
- Bob Dylan