Friday, August 15, 2008

Exercising A Bad Repug Precedent

This Murdoch Street Journal news story tells us that John W. McBush’s son Andrew recently served on the audit committee of a troubled Nevada bank until he recently resigned on July 25th.

A week after he did so…

…the Henderson, Nev., company reported a loss of $62.7 million in the second quarter and said its capital -- the bank's cushion to absorb losses -- had eroded significantly. At the same time, Silver State announced the resignations of its chief executive and chairman.

On Thursday, the bank said in a securities filing that it actually lost $73.2 million in the second quarter. Silver State also said in the filing that its worsening financial condition means there is "uncertainty about the company's ability to continue as a going concern."
Hmmm, the son of a prominent Republican sat on the audit committee, then he bailed, and then the company's earnings took a nose dive.

Call me crazy, but doesn’t that sound familiar?

(Dubya, though, was able to help inflate Harken’s stock and cash in before he left and the company tanked, as noted here – the younger McBush has a lot to learn about the whole “pump and dump” thing).

Update 9/5/08: And another one bites the dust...

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