Chimpy's "Uncle Bucky" profiting off of Iraq War – to the tune of $450K
Mo’ money, mo’ problems – NOT. “Uncle Bucky” and Neil are just two of the Bushes that made a killing on Chimpy’s (and the taxpayer’s) back.
It’s all a family affair after all. I mean wimpy Neil rolls in the dough with his Ignite! business venture after “No Child Left Behind” gets the thumbs up, so why should it surpise anyone that more Bush relatives are slobbering at the trough like big ol’ hungry hogs, cashing in on the family name. (LA Times):
The Iraq war helped bring record earnings to St. Louis-based defense contractor Engineered Support Systems Inc, and new financial data show that the firm’s war-related profits have trickled down to a familiar family name â€” Bush.
William H.T. “Bucky” Bush, uncle of the president and youngest brother of former President George H.W. Bush, cashed in ESSI stock options last month with a net value of nearly half a million dollars. “Uncle Bucky,” as he is known to the president, is on the board of the company, which supplies armor and other materials to U.S. troops. The company’s stock prices have soared to record heights since before the invasion, benefiting in part from contracts to rapidly refit fleets of military vehicles with extra armor.
William Bush exercised options on 8,438 shares of company stock Jan. 18, according to reports filed with the U.S. Securities and Exchange Commission. He acknowledged in an interview that the transaction was worth about $450,000. In an earnings report issued Tuesday, the firm disclosed that net earnings for the first quarter ending Jan. 31 reached a record $20.6 million, while quarterly revenue hit $233.5 million, up 20% from a year ago. As a result, the company boosted its projected annual revenue to between $990 million and $1 billion.
William Bush, 66, a onetime St. Louis bank executive and head of an investment firm, joined the board in 2000, eight months before his nephew won the White House. The president’s uncle said in an interview that he never used his family connections to help the company win contracts. “I don’t make any calls to the 202 area code,” he said, referring to the long-distance dialing code for Washington.