Suspicion of Bush’s Accounting Irregularity Involvement

Doubt about accounting irregularity involvement of George W. Bush, president of USA has not been gone down.

Bush and White House tried to give explanation for the suspicion for 2 days, but only suspicion has continuously been aroused.

President Bush prepared to make a major speech on Wall Street next week about corporate responsibility, the White House found itself on the defensive again over the kind of action for which Mr. Bush is assailing corporate executives. Hot disputes that Bush is qualified to say ‘reform’, have been spread. The Democratic Party is making use of this suspicion as a favorable factor before interim election in November.

As the most serious suspicion, there are Bush`s trades of Harken shares and a subsequent SEC insider-trading investigation. Harken Energy Corporation announced the modified results affecting the additional losses of USD 9 million. Mr. Bush sold his own stocks for $4 a share and earned $848,560 two months before stocks slumped to $1 in 1990. Mr. Bush who was on Harken`s board of directors, had to disclose the sale of stock to SEC but disclosed it after 34 weeks.

W. Bush insisted on July 2 “I had filed the form and the S.E.C. had lost it”. That is not the case. Ari Fleischer, the White House press secretary, said on July 3 “Because of a "mix-up" with his lawyers, Mr. Bush did not promptly disclose the sale of stock”.

If it is true, the key to solve the suspicion is handed by Robert Jordan who was the attorney of Mr. Bush. However, Jordan is now away from America, as Bush named Jordan ambassador of Saudi Arabia last year.

According to Washington Post, the general counsel of the SEC during the investigation of Bush`s Harken trades was James R. Doty, who earlier represented Bush in his purchase of the Texas Rangers, made with the proceeds of his sale of Harken shares. Bush was represented by Robert Jordan, who had been a law partner of Doty.

SEC exposed the illegality of Bush but ended without penalties or charges. Accordingly, it will be difficult to inquire into the truth of this suspicion. I was the son of a president and I am the president of USA. As confirmed in this case, there is a clique of Bush like a cobweb.

Eun-Taek Hong euntack@donga.com