Letter: Former corporate wrongdoer Bush is weak on crime

Friday, July 12, 2002 | 4:22 a.m.

President Bush forgot something when he gave his speech on corporate responsibility. He forgot to mention that he did many of the same things he's now railing against. When he was on the board of directors of Harken Energy he sold his stock shortly before a decision by the Securities and Exchange Commission caused the stock to tank. He also gave three different excuses as to why he failed to inform the SEC even though insider stock sales are required to be promptly disclosed.

Bush says he did nothing wrong. But columnist Paul Krugman of The New York Times begs to differ. Krugman says an internal SEC memo concluded Bush broke the law. It was suspected no charges were filed because his father was president.

Bush's speech was an exercise in C.Y.A. and a transparent attempt at coming down more strongly on the side of public opinion than on corporate crime. His pretense at outrage rings hollow since after Enron he remained adamantly against the kind of accounting reforms that might have prevented Enron from happening. He also appointed someone to head the SEC who would be "kinder and gentler" than his predecessor. So much for being tough on corporate fraud and abuse.

New investigations have been called for. I know Republicans will acquiesce when they recall how much they enjoyed themselves investigating Clinton for everything from jaywalking to murder.

If Bush doesn't cooperate he'll prove himself just another hypocritical pot calling all the other kettles black.

JOYCE SEGAL