Bush's corporate fraud SWAT team boss profited before Providian stock fell.

[Harry Hope]

In 1999, banking regulators and officials in several states alleged
that Providian misled customers by inadequately disclosing the terms
and fees of its cards.

Providian has since paid more than $400 million to settle the
allegations without admitting or denying wrongdoing.

Providian employees also have filed suit against the company since its
September disclosure, claiming it misled employees holding Providian
stock in their 401(k) plans.

Thompson, a former partner at the Atlanta law firm King & Spalding,
was a director of Providian from 1997 until his Department of Justice
appointment was confirmed.

From The Washington Post, 8/2/02:
http://www.washingtonpost.com/wp-dyn/articles/A33804-2002Aug1.html

Deputy AG Profited Before Stock Fell

By Anitha Reddy
Washington Post Staff Writer

Friday, August 2, 2002; Page E01

Larry D. Thompson, head of the federal task force on corporate fraud
and former director of Providian Financial Corp., made a profit of
between $1 million and $5 million when he exercised his Providian
stock options in July 2001, according to his annual financial
disclosure statement released yesterday.

Thompson, who was also chairman of the troubled credit card firm's
audit committee until his resignation to become U.S. deputy attorney
general in May 2001, exercised his options and sold Providian stock
worth nearly $5 million in a series of transactions in early July last
year, according to the disclosure statement.

His total profit from the transactions remained uncertain, however,
because Thompson is not required to disclose exactly how much his gain
was, but only a range.

The value of Providian's stock plummeted in early September, about two
months after Thompson exercised his options, when the company
surprised investors with more problem loans than expected.

In July 2001, when Thompson divested his Providian assets, other
former insiders sold their stock as well.

Then-chief executive Shailesh J. Mehta sold 75,000 shares for $3.7
million and the then-president of the company's credit card unit,
David R. Alvarez, exercised options to realize a $10.7 million profit.

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Just the kinda guy you'd want heading up a "corporate fraud SWAT team"
eh?

Harry