more tax games

[/ dave /]

[More on the Bush Sr./Global Crossing share sale...]

http://www.businessweek.com/bwdaily/dnflash/feb2002/nf20020222_2866.htm

President Bush may complain that his mother-in-law took a hit on her 
Enron stock, but it seems his dad made a tidy profit on that other 
notorious bankruptcy, Global Crossing. In 1999 and 2000, the elder Bush 
pocketed more than $4.5 million by selling Global Crossing stock, 
according to Securities & Exchange Commission documents obtained by 
BusinessWeek. His last sale came just weeks before the once high-flying 
telecom's stock started tanking.

The elder Bush and his wife, Barbara, sold 100,000 Global Crossing 
shares on Nov. 16, 1999, for $4.45 million, according to the documents. 
Then, the Bushes notified the SEC they were selling an additional 1,000 
shares on Mar. 13, 2000, for $55,000. The former First Family had 
acquired at least 100,000 shares of Global Crossing stock as a private 
investment on Apr. 21, 1998, the documents say.

METEORIC TRAJECTORY.  The shares listed in the documents may have been 
payment for appearances the elder Bush, whose normal speaking fee ran 
$80,000, made at Global Crossing conferences. In the months before he 
acquired the stock in April, 1998, Bush made speeches on behalf of 
Global Crossing in Tokyo in February and in Barcelona in April. Jean 
Becker, spokeswoman for the former President, says Bush also addressed 
Global Crossing audiences in June, 1999, in Virginia and in June, 2000, 
in Rochester, N.Y. The Bushes acquired the 100,000 shares four months 
before Global Crossing went public at $19 a share (the stock split 
two-for-one six months later).

(...)

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/  dave  /