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:
“The formal Washington dinner party has all the spontaneity of a Japanese imperial funeral.”
—Simon Hoggart (b. 1946)
“It is quite a common and vulgar thing among humans to understand, foresee, know and predict the troubles of others. But oh what a rare thing it is to predict, know, foresee and understand one’s own troubles.”
—François Rabelais (1494–1553)