No, Doug, Bush was NOT cleared of the charges, although he repeatedly says so. The investigation was never completed, and he was neither cleared nor disciplined. Insiders investigation the case have been saying since 1991 that they were prevented from pursuing the case by the SEC chairman -- Bush Sr.'s former lawyer. Oh wait, here's a link from CNN:

White House Defends Bush Handling of Stock Sale

You don't like it when people post links to political commentary that doesn't agree with your idealogy, so I gave you the opportunity to investigate for yourself. But you didn't bother -- instead you dismissed it based on someone else's heresay.

Which is exactly why I never bothered to bring this up before. I'm afraid it's beyond the scope of my day to give you a complete dossier on the Bush family investment history, as I could spend 4 or 5 months at the job. Then you wouldn't read it.

But here you go -- AGAIN -- anyway:

George Jr.'s (incomplete) Financial History in Brief

1978 Founded Arbusto Energy with $17,500 from his education trust fund and $3 million in funds from family friends and backers of Bush Sr's political aspirations. They made no money but got tax writeoffs so they were quite happy.
1979 James Bath, a close family friend, pays $50,000 for 5% of Arbusto. Bath was U.S. representative for Salem bin Laden, Osama's wealthy Saudi father.
1982 George W renames bankrupt company Bush Exploration, sells 10% to Philip Uzielli for $1,000,000, and takes company public to raise $1,400,00.
1984 Bush Exploration (broke again) merges with Spectrum 7 Energy Corporation, owned by William DeWitt and Mercer Reynolds. Bush becomes CEO, gets 16.3%, and a salary of $75K. Reynolds is now ambassador to Switzerland.
1986 Spectrum 7, nearly bankrupt, is acquired by Harken Energy Corp. Bush receives 227,000 shares of Harken stock and is made director and consultant to the company at up tp $120K salary, $600k in stock options and a couple of hundred thousand in free or forgiven loans.
1987 Union Bank of Switzerland (UBS) provides $25 million cash infusion. Saudi Sheik Abdullah Bakhsh joins the board with 17.6% ownership.
1989 Harken hides losses by selling Aloha Petroleum, a susidiary to insiders for 12 million, $12 million of which a loan held by Harken. The $8 million (supposed) profit on the sale is counted as Harken income by Arthur Andersen, the accountant.
1989 DeWitt and Reynolds help Bush buy the Texas Rangers for $86 million. Bush invests $500K (borrowed on his Harken stock), gets 10% and becomes the public half of a general management duo with Rusty Rose. A new $135M stadium is built with taxpayer money for the team which it eventually owns.
1989 At a December meeting of the Board of Directors of Harken, George W signs off on use of a recently created Cayman Island subsidiary to pursue company's $25 million contract to drill for oil off the coast of Bahrain.
1990 In January, Bahrain signs a exclusive oil drilling with Harken to the surprise of analysts. Harken stock shoot up in value.
1990 At March 14 Harken Board of Director's meeting, Bush is appointed as the chairman of a board committee to investigate the restructuring of $12 million in secured notes held by the group of Harken insiders who, in 1989, purchased the Aloha Petroleum subsidiary from Harken. Board also approves sale of Aloha.subsidiary from Harken. Board also approves sale of Aloha.
1990 June 22: W. sells his Harken stock for $848,560 - two weeks before $23 million in losses revealed. He pays the Rangers loan out of the proceeds.
1990 In July, Aloha Petroleum sold to Advance Petroleum Marketing which relieves the associated debt. Advance Petroleum was owned by David Halbert who had invited GWB to invest $10k or so in Allied Home Pharmacy several years earlier which yielded GWB up to a million in 96.
1990 Iraq invades Kuwait
1991 April: SEC investigates GWB for failing to report Insider Trading of Harken Energy stock. The investigation was led by James Doty, a friend and business lawyer for Bush in the past.   
1993 October: GWB asks for letter from the SEC regarding the investigation. The letter, signed by SEC Associate Director Bruce A. Hiler, specifically refuses to exonerate him or to preclude further SEC actions.
1998 GWB sells his Advance stock and his Rangers stock for 16 million.