Thursday, January 22, 2009
Let's investigate every former president.
Since the Clinton Library seems to be the conservative topic du jour, let's talk about the Clinton's predecessor:
He sold the shares:
That's when the other George Bush, the president's father, was appearing on Global Crossing's behalf at an event in the Japanese capital. His normal fee for such gigs was $100,000.
...
he even accepted a cut in pay, taking $80,000 worth of shares instead of the full $100,000 he was owed.
...
And in short order, Bush's $80,000 stake was worth more than $14 million.
Of course, that's no longer the case. Bush's stake in the now-bankrupt company is today worth little more than $2,000 -- but that assumes he's still a Global Crossing shareholder. It's hard to say whether he is or not.
He sold the shares:
President Bush may complain that his mother-in-law took a hit on her Enron stock, but it seems his dad made a tidy profit on that other notorious bankruptcy, Global Crossing. In 1999 and 2000, the elder Bush pocketed more than $4.5 million by selling Global Crossing stock, according to Securities & Exchange Commission documents obtained by BusinessWeek. His last sale came just weeks before the once high-flying telecom's stock started tanking.
