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The story was recounted by Paul Krugman in the July 2, 2002, NYT. In 1989 George had gotten on the board of Harken Energy when Harken bought his tiny, money-losing, highly indebted company elektra glide classic Spectrum 7 for $2 million ("because his name was George Bush"). Harken was elektra glide classic losing money too, but was able to hide elektra glide classic its losses with profits generated by the sale of an asset, its subsidiary Aloha Petroleum. Eventually the SEC ruled the transaction to be phony because the purchasers of Aloha were simply a group of Harken insiders (who had, in fact, borrowed much of the money from Harken itself).Before the stock tanked, Mr. Bush sold off two-thirds of his share, $848,000 worth, and in spite of insider trading laws requiring prompt disclosure, neglected to inform the SEC for 34 weeks. An internal SEC memorandum concluded that he had broken the law. No charges were filed. Daddy was president. The rest of Bush's business career reeks as well.
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