Bush's brother has US$400,000 contract with Chinese firm

People Daily ^ | 11.29.03

[Dr. Marten]

Bush's brother has US$400,000 contract with Chinese firm

Neil Bush, a younger brother of US President George W. Bush, has a 400,000-dollar-a-year consulting contract with a Chinese computer chip manufacturing firm, The Los Angeles Times has reported on its web site.

Citing court documents filed in the course of Neil Bush's divorce proceedings in Houston, Texas, the newspaper said the president's brother had agreed to strategize with China's Grace Semiconductor Manufacturing Corp at the same time the Bush administration is trying to help US firms compete more effectively against the Chinese.

Grace Semiconductor, based in Shanghai, was founded in 2000 by Winston Wong, the son of Taiwanese business magnate Wang Yung-ching, the Times said. Wong co-signed the contract with Bush.

There is no indication that Neil Bush has done anything improper, according to the report.

However, the arrangement could attract attention during a presidential election cycle in which Chinese business practices have become a hot button issue, The Times said.

"There's certainly the appearance of influence being sought," the paper quotes Charles McMillion, a Washington business consultant who advised a congressional commission on US-China policy as saying. "If nothing else, it doesn't look good."

Bush's divorce from Sharon Bush was finalized in April.

According to the consulting contract, Neil Bush was to receive two million dollars worth of Grace Semiconductor preferred stock over five years, issued in annual increments of 400,000 dollars, the paper said.

In return, Bush agreed to "provide GSMC from time to time with business strategies and policies; latest information and trends of the related industry, and other expertized advices," the report quotes the contract as saying.

Bush signed the contract on August 15, 2002, according to The Times.

The report said it was not clear how much compensation Neil Bush had received so far.

The contract said he would receive the first 400,000-dollar allotment within one month of the company's 2002 board meeting, "provided you have duly furnished GSMC with the information and details required for the issuance or transfer of the share certificate," according to the paper.

The company has said its goal is to become a leading manufacturer of integrated circuits and other semiconductor products, according to the report.

It has invested 1.6 billion dollars to build two manufacturing plants in Shanghai. Production from the first plant began in September, The Times said.

President Bush has three brothers -- Jeb, the current governor of Florida, Neil and Marvin -- as well as one sister, Dorothy.

[GatekeeperBookman]

There is more going on than a few obscure biz deals.

This transfer of poverty-intellectual & cultural, as well as economic-is the crux of our domestic crisis.

Forcing or allowing the lower classes North, to work & send some major portion of their funds back South, constitutes a form of slavery. This is no petty charge-it is a very large plan. Governments & corporations benefit. Taxpayers pay.

The two governments conspire to ship cheap labor across the border & the US taxpayers are burdened with fantastic charges for hospitals, medications, build & staff new schools all over the nation, build & staff new prisons to house the uncivilized, build new housing for 'poor', &etc.

We must not be distracted by the smaller issues ( though some require our constant attention ). The larger scheme is THE issue which I have never seen discussed in its true dimension, perceived as the genuine threat that it is.

This transfer of poverty-intellectual as well as economic-is the crux of our domestic crisis & it impinges on foreign conflict-as it weakens us, it threatens our national interests around the world. Entire states are bankrupt & we are satisfied only to remove the governor? I think we must shout about the larger issue.

When will W step forward to acknowledge & work to stop this-when our entire nation is bankrupt? When crime & social collapse are no longer restricted to inner-cities & remote factory towns, where criminal aliens are encamped to slaughter beef & poultry? When the the blue-bloods are so threatened by taxation & physical harm as to shake the power structure?

When W, WHEN?

The Chinese must laugh at us-we will collapse into their patient & ready hands. We may collapse tired & exhausted by taxation & distracted by confusing petty political squables.

The very election cycle hangs over us like a sword. The media can be patient-they look forward to having even more power-the corporations are assured of profits. Only the petty taxpayer will suffer under the burden. Our Mandarins are secure-the government bureacrats, educational administrators & teachers, even petty government employees ( including state & county ), are assured of full employment. Many of these groups will remain in unions & all are certain to vote in mass FOR the power structure which grows their legions, feeds their benefits & assures their positions in the multitude of governmental institutions. Alarming it is to see the only fresh, new structures in the most impoverished communities, are the schools ( in which almost no one is truly educated ), the hospitals ( filled by criminal aliens ), and the prisons ( which may conrtain populations of 30% or more criminal aliens ).

Only the few hundred thousand ( or perhaps a few million ) who seriously read the net, will KNOW what is happening. The matador holds forth a red cape of terror & the masses charge.

"The War does indeed have many facets; http://aztlan.net/ Look at your enemy."

[Pan_Yans Wife]

Doesn't G.H.W.Bush also have close ties with the Chinese, dating back to before his presidency?

[Willie Green]

The company has said its goal is to become a leading manufacturer of integrated circuits and other semiconductor products, according to the report.

Another area of the transcript deals with Bush's contract with one of China's major semiconductor firms, Grace Semiconductor Manufacturing Corp. of Shanghai. The giant conglomerate, one of mainland China's major firms, is backed by Jiang Mianheng, the son of former Chinese President Jiang Zemin. The contract is expected to bring Bush $2 million in stock over five years.

Brown seemed incredulous as to why Grace would retain Bush. "You have absolutely no educational background in semiconductors do you?" he asked in the March 4 deposition.

"That's correct, " Bush responded.

"And you have absolutely over the last 10, 15, 20 years not a lot of demonstrable business experience that would bring about a company investing $2 million in you, " Brown asked.

"I personally would object to the assumption that they're investing $2 million in me, " Bush answered.

source

[Trust but Verify]

Puh-leeze. China is not 'the enemy'.

[Dog Gone]

Perhaps Neil Bush will do for the Chinese what he did to Silverado Savings.

[Allegra]

I guess being the brother of a President means you aren't allowed to be a businessman. If there's nothing illegal, what's the problem?

Exactly. They're grasping at straws.

I managed logistics for the construction of three petrochemical plants in China a couple of years ago and had to go over there.

Does that mean I should be under suspicion too?

:eyeroll:

[chudogg]

Come on, owning one share of a company that is a subsidiary of German company, and being honory chairman of that subsidiary, and only connection to the Germans was a guy who turned on the Nazis and went to the Concentration camps because of it, IS NOT BEING IN BED WITH THE NAZIS!

HE OWNED ONE SHARE! HE DID NOT MAKE MILLIONS! STOP GETTING YOUR INFO FROM DU!

[Willie Green]

Plenty more available with doing a google search.

A FR archive search produces a lot of background information as well.

Bush, Silverado, MDC
Former Silverado executive pleads guilty in fraud case

[Consort]

If he's aiding and abetting capitalism in China, then....

[Trust but Verify]

Shame on you!

[Willie Green]

I guess being the brother of a President means you aren't allowed to be a businessman. If there's nothing illegal, what's the problem?

Well Neil has been banned from engaging in the banking industry, but that occurred before Dubya was POTUS.
Still, I find it disconcerting to think that perhaps the same sphere of influential cronies who were associated with Silverado are now chanting a mantra that our federal budget and trade deficits are "manageable" and nothing to worry about.

Sounds like the same snake oil to me. Only on a much larger scale.

[Trust but Verify]

And so you want Bush to tell all these 'cronies' who to be or not to be in business with?

[At _War_With_Liberals]

$400,000, twice the presidential compensation, for a "consulting" (aka-front for a no show job)?

Nah. Nothing suspicious. Move along.

[EGPWS]

If there's nothing illegal, what's the problem?

That's the problem....there isn't a problem, so one has to be generated, by some in the media, to the fullest extent.

[Willie Green]

Perhaps Neil Bush will do for the Chinese what he did to Silverado Savings.

Or perhaps Dubya will do to our own Treasury what Neil did for Silverado.
It's not as if their business contacts are totally independent and mutually exclusive, you know.

[LibertyAndJusticeForAll]

Apparently his uncle, Prescott Bush, is making money in China also.

http://www.usatoday.com/news/washington/2002/02/19/usat-prescott-bush.htm

[BlueNgold]

Go Pat Go

Your tag line tells me all I need to know, and therefore your comments do not warrant response. Don't sour grapes get to tasting pretty bad after a while? Or do you just get used to the permanent pucker?

[Willie Green]

And so you want Bush to tell all these 'cronies' who to be or not to be in business with?

I want Bush to pursue government policies that promote the peaceful, long term prosperity and national security of We the People of the United States of America.

I don't share his daddy's "vision" thing where "compassionate" global-corporatism is sovereign.

[Allegra]

Shame on you!

This was for an AMERICAN company.

I'm an unabashed capitalist. :-)

[CDHart]

"I for one do not shop at wall-mart"

Good for you. I avoid it as much as possible, but when Wal-Mart came into our rural area some years ago, they drove everybody else out. Then they raised their prices. Now they are the only option, unless we want to drive 40 miles. The only reason we have local grocery stores is that ours is not a super Wal-Mart -- not yet, anyway.

Carolyn