Seattle Press on Line - Why George W. Loves Harvey

Jim Hightower

Jim Hightower

Why George W. Loves Harvey

By Jim Hightower

Jul 26, 2002 -- Ol' Harvey Pitt is a real pit bull as top dog at the Securities and Exchange Commission. Not that he's keeping Wall Street bankers, brokers, and accountants in line, which is what a SEC chairman is supposed to do. No, no--he's been much more of a lapdog than a watchdog.

Indeed, for 23 years prior to being chosen by George W. as SEC chair, Pitt was a Wall Street lawyer representing the very manipulators and corner-cutters he's now charged with overseeing. He's been quite upfront about his bias--at his senate confirmation hearing last year, Pitt said that the SEC should ease up on the regulation of these poor put-upon giants, and he later told an industry group that he was going to make the agency "a kinder and gentler place" for them.

Because he's been such a toy poodle for corporations that now are proving to be systemically corrupt, Harvey's been taking heat, including bipartisan demands that he resign. But he says he won't quit because he has the "full support" of Bush. Why would the president keep such a weak regulator when the White House is trying to look tough on corporate crime? Because Harvey recently turned into Pitt the Ferocious Bulldog on another agency matter: Keeping the media and We the People away from SEC File No. MHO-3180. This is the file that contains the records of the agency's 1991 investigation into George W.'s own squirrelly stock sale when he was on the board of Harken Energy Inc.

That's old hat, snaps Pitt, asserting that Bush's insider deal "was thoroughly investigated a decade ago. It was meticulously done." Hogwash. In fact, the investigation was so cursory that George W. was never even interviewed. Why? Perhaps because, at the time, George's daddy was president and the head of the SEC was one of Daddy Bush's personal pals. Also, the agency's lead attorney had been George W.'s personal lawyer. Small world, huh?

This is Jim Hightower saying...So Pitt is protecting the file...and Bush is protecting Pitt. And 'round and 'round we go.

Jim Hightower's column appears courtesy of Alternet.

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Chris Barker	Oct 18, 2002	Bellevue, WA	System Engineer
The investigation into the Harken episode was cursory because it was crystal clear Bush had followed all legal procedures correctly. After he sold his stock, its price actually went up. The crash of the stock came about a year after Bush sold his shares. Its been tough for Bush's opponents to come up with dirt on him. I can understand why they would WANT to resort to lies. It's pretty depressing that they actually just go ahead and do it.