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July 19, 2002

Correction on Harken Stock Sale

A couple of days ago, I asked where was the victim in the Harken deal, since it was an inside sale among the Bush cronies. I added "(remember this wasn't a public company at this point)". This last parathetical comment is dead wrong, as Tim Francis Wright wrote me:

Here is Yahoo's stock price data from January 1990 to date:
The Harken Enrgy web site gives stock quotes going back to 2 January 1985.
What did happen in 1993 was that Harken merged with another oil
company, Chuska, and reissued stock at that time. But it was still
a public company before that.
So mea culpa. But the point remains that Bush did not sell the stock on the open market, which had a tiny monthly volume of sales at the time and could not have absorbed the sale. So Bush found some friendly mystery institutional buyer (some speculate on Harvard's institutional fund which had a close relationship with Harken).

Now if the Yale man Bush screwed Harvard, that may be amusing in the intermural rivalry of the schools, but the wretched of the earth hardly need to be particularly outraged. Which is still my original point.

Posted by Nathan at July 19, 2002 03:52 PM

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The extra money channeled to Bush came from somewhere and if he unduly profited then others were unduly screwed. It may be the the Harvard institutional fund. Or their pensioners. It may be the students not getting scholorships or a general devaluation of the institution.

It's likely the people who paid did not make the decision and the people who made the decision did not have to pay. This smells like influence money, otherwise why the secrecy?

That purchase is like Clintons turtle on the fence post. It didn't get there by itself.

Maybe its a little Bush family tax fraud, where Harvard channeled bucks to W and daddy Bush (or others) agreed to replace as a deductible "gift" to Harvard?

Posted by: CHuck Ward at July 31, 2002 05:14 PM

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