February 23, 2005
No surprise: Bush family directly profits from war
Company's Work in Iraq Profited Bush's Uncle
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 — 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.
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village voice > news > Bush Sr. Could Profit From War
CorpWatch: Bechtel Wins Iraq War Contracts
Posted by Norwood at February 23, 2005 08:00 AM