Formal Troubles
There are also questions about when federal regulators were informed of the sale, and whether Mr. Bush tried to hide this information. Newspapers (and internet pundits) have alleged that though the law requires prompt disclosure of insider sales, Mr. Bush neglected to inform the SEC about his transaction until 34 weeks had passed. Even though he had broken the law, no charges were filed. This, everyone links to the fact that his father was President.
The reality of the matter is somewhat different. Although these articles usually do not mention it, only one of the two disclosure forms Mr. Bush was required to file with the SEC were delayed in their filing. The "Notice of Proposed Sale of Securities" Form 144, was filed on the day of the sale, June 22, 1990, thereby clearing Mr. Bush of the intent to hide or not disclose. Mr. Bush filed the second form, Form 4, the following year, in 1991, due to "a mix up with the attorneys." Because the stock sale information had indeed been disclosed and duly filed in a timely manner via Form 144, the tardy filing of Form 4 was not viewed as a serious or punishable offense. It appears that the late filing of Form 4 was not considered serious by the SEC at the time.
Read more about this topic: Harken Energy Scandal
Famous quotes containing the words formal and/or troubles:
“That anger can be expressed through words and non-destructive activities; that promises are intended to be kept; that cleanliness and good eating habits are aspects of self-esteem; that compassion is an attribute to be prized—all these lessons are ones children can learn far more readily through the living example of their parents than they ever can through formal instruction.”
—Fred Rogers (20th century)
“Where troubles melt like lemon drops, away above the chimney tops.”
—E.Y. Harburg (1898–1981)