Daily Kos

President's Uncle Named in SEC Investigation

by RobertInWisconsin

Wed Feb 07, 2007 at 03:05:36 PM PDT

What a shock this will come to most of us. The President's uncle William 'Bucky' Bush - the brother of the 41st president of the U S, George H W Bush - is named in an SEC investigation into millions of dollars of profiteering at a defense contractor.

More tears to be forthcoming from '41', no doubt.

After all the criticism and making-fun of Jimmy Carter's brother Billy, and Bill Clinton's brother Roger, let's see if the national media shoves aside the 24/7 story about NASA's version of Tonya Harding for THIS one.

( Story after the jump )

Bush's uncle tangled in options probe: SEC
By Tim McLaughlin
( Feb 7 2007 )
24 minutes ago

NEW YORK (Reuters) - President George W. Bush's uncle, William H.T. "Bucky" Bush, was part of a group of outside directors at a defense contractor who realized about $6 million in unauthorized pay from an options backdating scheme, according to U.S. securities investigators.

Bush and other non-employee directors who served on the board of Engineered Support Systems Inc., now owned by DRS Technologies Inc., are not accused of any wrongdoing in a civil complaint filed on Tuesday by the U.S.        Securities and Exchange Commission.  The SEC complaint, however, says the non-employee directors benefited from stock options not approved by shareholders.

< snip >

Bush, whose brother is former President George H.W. Bush, was unavailable for comment. He served on St. Louis-based ESSI's board from 2000 until the St. Louis defense contractor was acquired last year for nearly $2 billion by DRS, which sells engineering services to the U.S. military.

<snip>

Before the DRS deal was approved in January 2006, Bush held ESSI shares worth $3.8 million, SEC filings show.  Between 1995 and early 2005, ESSI's stock climbed nearly 900 percent as the company sold cargo loaders, generators and trailers to the Pentagon. ESSI's board was politically connected and included several retired generals.

FULL STORY

War profiteering by the Bush family ?  Horrors !  I am shocked, I say, shocked.  Who else in what either Bartcop.com and/or Mike Malloy calls the Bush Crime Family is profiting from Bush's wars and 'Iraq surges' ?

As they say . . . 'DEVELOPING' . . .

Tags: war profiteering, defense contractors, george w. bush, george h. w. bush, william bush (all tags) :: Previous Tag Versions

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Permalink | 19 comments