Friday, February 09, 2007

Bush Profits From Iraq War

No, not GeeDub - Uncle Bucky!
One of President Bush's uncles, William H.T. Bush, was among directors of a defense contractor who reaped $6 million from what federal regulators say was an illegal scheme by two executives to manipulate the timing of stock option grants, documents show.

The uncle, known as "Bucky," is the youngest brother of former President George H.W. Bush. William H.T. Bush was an outside, nonexecutive director of Engineered Support Systems Inc., a defense contractor whose profits were bolstered because of the Iraq war.

St. Louis-based ESSI supplied equipment and electronics to the military. It was acquired last year by a defense contractor, DRS Technologies Inc. ESSI has been under investigation by federal prosecutors and the Security and Exchange Commission concerning the alleged options backdating scheme.

I'm shocked! Shocked that this happened under a system of no-bid contracts that is heavily protected by the cabal of moneychangers.

No comments: