Pretty War

Typical Hypocrisy

From Billmon's Whiskey Bar ... which if it's not on your daily must read list, should be ... we have this example taken from the infinite file cabinet called "IOKIYAR".

"Bankruptcy should always be a last resort in our legal system. If someone does not pay his or her debts, the rest of society ends up paying them."
George W. Bush
Signing Ceremony for Bankruptcy "Reform" Bill
April 20, 2005

___________________________________

As world oil prices plummeted in the winter of 1985-86, George W. Bush faced the most serious crisis of his 11-year career as a West Texas oilman . . . Bush's company owed more than $3 million in bank loans and other debts with no hope of paying them off in time. . .
Bush's name, however, was to help rescue him . . . A big Dallas-based firm, Harken Oil and Gas, was looking to buy up troubled oil companies. After finding Spectrum, Harken's executives saw a bonus in their target's CEO, despite his spotty track record.

By the end of September 1986, the deal was done. Harken assumed $3.1 million in debts and swapped $2.2 million of its stock for a company that was hemorrhaging money, though it had oil and gas reserves projected to produce $4 million in future net revenue.

Harken, a firm that liked to attach itself to stars, had also acquired Bush, whom it used not as an operating manager but as a high-profile board member.

"One of the reasons Harken was so interested in merging was because of George," said Paul Rea, a geologist who had been president of Spectrum 7. "They believed having George's name there would be a big help to them. They wanted him on their board."

Washington Post
Bush Name Helps Fuel Oil Dealings
July 30, 1999

Par for the course, wouldn't you say? Are we becoming immune to the hypocrisy? Will our "liberal" media point this out? Will pigs fly out of my ass?

Posted by Tom at April 21, 2005 08:42 AM