Bush uncle set to earn millions from company that profited from Iraq war
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Thursday March 23, 2006
An uncle of President Bush is set to collect close to three million dollars from the sale of a company that profited from the war in Iraq, according to a story slated for Thursday's edition of the LA Times, RAW STORY has found.
Excerpts from the article written by Walter F. Roche Jr.:
As President Bush embarks on a new effort to shore up public support for the war in Iraq, an uncle of the chief executive is collecting $2.7 million in cash and stock from the recent sale of a company that profited from the war.
A report filed with the U.S. Securities and Exchange Commission shows that William H.T. Bush collected a little less than $2.9 million in cash plus stock valued at more than $800,000 as a result of the sale of Engineered Support Systems Inc. to DRS Technologies of New Jersey.
The $2.7 billion deal closed Jan. 31. Both businesses have extensive military contracts.
The elder Bush was a director of Engineered Support Systems. Recent SEC filings show he was paid cash and DRS stock in exchange for shares and options he obtained as a director. Missouri-based ESSI experienced record growth prior to its purchase by DRS through expanded U.S. military contracts -- many to supply current U.S. efforts in Iraq and Afghanistan -- and an aggressive buyout strategy targeted at other defense contractors.
The rest of the article can be read at this link.