Posted on 02/09/2007 9:03:13 AM PST by ChuckShick
February 08, 2007
Bush Uncle Profits From Options Scheme
By MARCY GORDON
ASSOCIATED PRESS
WASHINGTON (AP) - President Bush's uncle William H.T. Bush was among a group of directors of a defense contractor who reaped $6 million from what federal regulators say was an illegal five-year scheme by two company executives to manipulate the timing of stock option grants, documents show.
Bush, known as "Bucky," is the youngest brother of former President George H.W. Bush. He was an outside, non-executive director of Engineered Support Systems Inc., a defense contractor whose profits were bolstered because of the Iraq war. The St. Louis-based company, a supplier of equipment and electronics to the military that was acquired last year by another defense contractor, has been under investigation by federal prosecutors and the Securities and Exchange Commission concerning the alleged options backdating scheme.
Bush and the others who sat on the board of Engineered Support Systems, known as ESSI, were not accused of any wrongdoing in the SEC's civil lawsuit filed Tuesday against the company's former chief financial officer and former controller, accusing them of enriching themselves and others with the backdating scheme. Bush made about $450,000 selling some of the stock in 2005.
It was the third case by the agency since last summer involving alleged improper options backdating, in a scandal in which more than 100 public companies are under investigation by the SEC and the Justice Department, more than $5 billion in profit has been erased by restatements and 18 CEOs have been swept out of office.
(Excerpt) Read more at lasvegassun.com ...
Is that Billy Bush's dad?
The by-line says it all. Trying to make something out of nothing.
Not illegal unlike Hitlery & her Live Hogs trading or Terry McAuliffe & his Global Crossing IPO trading.
That won't stop the media and the Dims from implying that not only was there impropriety by Bush's uncle, but that Bush himself personally benefitted from it as well. This may be the opening round in the payback for balking at Queen Nancy's demands for a huge private jet.
It is a non-scheme.
Maybe one day the AP will pick up on Gore's $600 MILLION from Google stock options.
That's right I said $600m
</s>
:)
Meanwhile media silence on Harry Reid and his sons...
"Maybe one day the AP will pick up on Gore's $600 MILLION from Google stock options.
That's right I said $600m"
To be fair though if he had not invented the internet Google would never have existed! They owe him a lot :)
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