Bush, George W. and Family Financial Misconduct, major media articles

Other Bush Kinfolk
Also Had Dealings
In Projects Abroad
By Jill Abramson and Peter Truell

12/06/1991
The Wall Street Journal
PAGE A4

Prescott Bush , 68, forged a lucrative but ill-fated alliance in 1989 with a company linked to the Japanese mob. Members of his family say he had no idea that West Tsusho Co. was part of the empire of Susumu Ishii, who headed Japan's second largest underworld syndicate before his death in September. Prescott Bush didn't return several messages left for him.

Mr. Bush set up a consulting business in 1984 after a long career with a New York insurance brokerage firm. In 1989 his Prescott Bush & Co. helped arrange two U.S. investments for West Tsusho . That firm paid $3.8 million for a stake in Quantum Access Inc., a Houston software firm headed by a nephew of Mr. Bush , Draper Kauffman; and it paid $5 million for a 38% stake in Assets Management International Financing & Settlement, a New York firm on whose advisory board Mr. Bush had served.

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Family Ties:
How Oil Firm Linked
To a Son of Bush Won
Bahrain Drilling Pact
---
Harken Energy Had a Web
Of Mideast Connections;
In the Background: BCCI
---
Entree at the White House
This article was prepared by Wall Street Journal staff reporters Thomas
Petzinger Jr., Peter Truell And Jill Abramson

12/06/1991
The Wall Street Journal
PAGE A1

. . . The mosaic of BCCI connections surrounding Harken Energy may prove nothing more than how ubiquitous the rogue bank's ties were. But the number of BCCI-connected people who had dealings with Harken -- all since George W. Bush came on board -- likewise raises the question of whether they mask an effort to cozy up to a presidential son.

Among those relationships:

-- Sheik Khalifah bin-Salman al-Khalifah, the prime minister of Bahrain and a brother of the country's ruling emir, is identified on an October 1990 shareholder list as one of the 45 investors who own parent company BCCI Holdings (Luxembourg) S.A. The emir played a role in approving the Harken transaction.

-- Sheik Abdullah Bakhsh, a major Harken shareholder represented by Mr. Othman on the company's board, has been a co-investor in Saudi Arabia with alleged BCCI front man Ghaith Pharaon, and used Khalid bin-Mahfouz, until recently a principal BCCI shareholder, as his banker. . . .

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Bush Brother's Firm to Pay
Settlement to Connecticut

03/11/1991
The Wall Street Journal
PAGE A6B

HARTFORD, Conn. -- A New York investment management firm owned by President Bush's brother agreed to pay a $4,000 settlement of charges that it did business in Connecticut without proper registration. . . .

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Bush 's Son Misses Deadline
For Reporting `Inside' Sale

04/04/1991
The Wall Street Journal
PAGE A4

George W. Bush , eldest son of the president, reported a large 1990 "insider" sale of stock last month, almost eight months after the federal deadline for disclosing such transactions. . . .

Under SEC regulations, the sale should have been reported by July 10 of last year. But according to a report released by the SEC, it wasn't reported until the first week of March.

Mr. Bush didn't return phone calls seeking comment, and the White House said it doesn't comment on the activities of the president's children.

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Miami Mystery:
Paid to Treat Elderly,
IMC Moved in Worlds
Of Spying and Politics
---
Medicare Money Flowed In;
Only Mr. Recarey Knows
Where It Flowed Next
---
Contras, 'Bugs' and the Mob
By Sydney P. Freedberg

08/09/1988
The Wall Street Journal

MIAMI -- Miguel Recarey Jr. was a big man in this town. An immigrant from Cuba, he built a firm called International Medical Centers into America's largest health-maintenance organization for the elderly. He knew people, important enough people to be invited at least three times to the White House.

But then last year Mr. Recarey started getting invitations to court. A grand jury accused him of conspiring to bribe union leaders to get patients for IMC. A second indictment charged him with running an illegal wiretapping operation. Finally came yet another indictment, charging him with defrauding the U.S. government.

By this time, Mr. Recarey had vanished. His company collapsed. And investigators found themselves puzzling over what had happened to nearly $1 billion in federal Medicare funds that had poured into IMC since 1981. . . .

-- Mr. Recarey had longstanding business ties to the late Santo Trafficante Jr., who prosecutors say was the Florida underworld boss -- and who told Congress he once was part of a botched Central Intelligence Agency plot to kill Fidel Castro. . . .

IMC also gained various waivers of HHS rules, among them lucrative waivers that let the HMO draw more than 50% of its revenue from Medicare. C. McClain Haddow, a top aide to HHS Secretary Margaret Heckler in 1985, testified to Congress that he approved such a waiver on her instructions -- after both he and Mrs. Heckler had received telephone
calls from Vice President Bush 's son, Jeb. . . .

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Vetting the Frontrunners I -- George W. Bush:
From Oil to Baseball to the Governor's Mansion
By Micah Morrison

09/28/1999
The Wall Street Journal
Page A26

. . . Mr. Bush's career with the Rangers baseball team, for example, is likely to come under intense scrutiny in the next 12 months. In 1989, when Mr. Bush brought together his investment group to buy the Rangers, the seller was Eddie Chiles, a longtime friend and supporter of President Bush. Mr. Chiles let the president's son and his group go to the head of the line. But in a pattern repeated through his business career, Mr. Bush's play did not quite make the grade. Baseball Commissioner Peter Ueberroth stepped in, brokering a deal that brought Fort Worth financier Richard Rainwater together with the Bush group. Mr. Ueberroth's pitch to Mr. Rainwater was that he join the deal partly "out of respect" for President Bush, a source close to the negotiations told the New York Times. . . .

A wide-ranging 1991 team report by Wall Street Journal reporters Thomas Petzinger Jr., Peter Truell and Jill Abramson revealed many of the BCCI links to Mr. Bush and Harken , but found no evidence of improbity by anyone connected to the company. "The mosaic of BCCI connections surrounding Harken Energy may prove nothing more than how ubiquitous the rogue bank's ties were," the article noted. "But the number of BCCI-connected people who had dealings with Harken -- all since George W. Bush came on board -- likewise raises the question of whether they mask an effort to cozy up to a presidential son."

Mr. Bush told the Journal in 1994 that he been "against the Bahrain deal" and he had "no idea that BCCI figured into" Harken 's financial dealings. Harken officials refuse to release any documents, such as board minutes, that might support Mr. Bush, though two company executives have publicly stated he opposed the Bahrain operation. . . .

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Prescott Bush Faces Inquiry Over Pay
Received in Arranging Investment Deal
By Jonathan M. Moses

09/09/1992
The Wall Street Journal
PAGE C15

NEW YORK -- A court-appointed bankruptcy trustee is investigating whether Prescott Bush Jr., the president's brother, was overcompensated for arranging an investment by a Japanese company in an international trading company of which he was a senior adviser and
shareholder.

In court papers, the trustee, Robert M. Fisher, has raised the possibility that in allegedly arranging for $1 million in payments in return for setting up a $5 million investment, Mr. Bush may have violated his fiduciary duties to Asset Management International Financing & Settlement Ltd. The company filed for bankrupcty-court protection last year and is
currently being liquidated. . . .

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Police Raid Sites
In Greater Tokyo
To Track Payments
By Masayoshi Kanabayashi

07/11/1991
The Wall Street Journal Europe
PAGE 12

TOKYO -- Police raided three companies and one country club in the Greater Tokyo area in connection with the alleged illegal remittance of investment money to the U.S. by two Japanese companies that police say are linked to a local gangster group.

The two allegedly gangster-affiliated firms suspected of the illegal remittance are West Tsusho Co., a real-estate and trading company, and Hokusho Sangyo Co., a real-estate concern. Police say they are affiliated with Susumu Ishii, a former chairman of Japan's Inagawakai gangster organization.

As reported, West Tsusho had retained Prescott Bush , the 68-year-old brother of President George Bush , as an investment consultant for its various share purchases in the U.S. . . .

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