Company's Work in Iraq Profited Bush's Uncle (Bucky)

http://story.news.yahoo.com/news?tmpl=story&u=/latimests/20050223/ts_latimes/companysworkiniraqprofitedbushsuncle&cid=2026&ncid=1480


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 (news - web sites). 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 100,000+ dead Iraqis are, of course, nothing.

There isn't a cancer in this presidency; there's a cancer in this country.

<snip>

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.


:puke:

Just a co-inkydink that bush's uncle is war-profiteering off dead Americans then. Amazing how many bush family & friends are war-profiteering off dead Americans...and all just a co-inkydink.

Those are Houston (HW Bush) and Crawford's area codes.

As if he has no contact with the "Family".

investigating the so-called scandal of Whitewater and the Clintons.

Morphs into "Uncle Bucky, the Safety Armor Chimp".

I liked him better as a buffalo (old National Lampoon reference, from the days before P.J. O'Roarke went Republican).

maybe this means that * really is thinking of pulling out...why else would his family member pull his money out now?

http://www.latimes.com/news/nationworld/iraq/la-na-bucky23feb23,0,2285985.story?coll=la-home-headlines

Company's Work in Iraq Profited Bush's Uncle
William H.T. 'Bucky' Bush earned $450,000 on stock options with defense contractor ESSI.

By Walter F. Roche Jr., Times Staff Writer

WASHINGTON — 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.

Or is it thinning? I can't tell if it's harder or easier to see the wrongdoings of this war anymore.

Family money and a square to george bush's honor in baghdad. Is it just me or is anyone reminded of the italian mafia, beating up your protected 'employers' when they can't pay up, ruining their title and eventually selling them to the authorities or killing them? Saddam couldn't pay the bush family anymore, so he was dealt with....hmmm

:puke:

Somebody PLEASE stop this man!

The Iraq (news - web sites) 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.

http://story.news.yahoo.com/news?tmpl=story&cid=2026&ncid=2026&e=2&u=/latimests/20050223/ts_latimes/companysworkiniraqprofitedbushsuncle


I'm shocked. SO very, very shocked.

Company's work in Iraq profited Bush's uncle
William H.T. 'Bucky' Bush earned $450,000 on stock options with defense contractor ESSI.

Quote

'I don't make any calls to the 202 area code.'
William H.T. "Bucky" Bush, referring to the long-distance dialing code for Washington, D.C.

By Walter F. Roche Jr.
Times Staff Writer

WASHINGTON, February 23, 2005 -- 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.

Other company contracts have raised questions.

Last week, Defense Department officials disclosed that ESSI contracts issued in 2002 with a cumulative value of $158 million had been referred to the Pentagon inspector general's office for investigation. The contracts were supervised by a former Defense official who was sentenced to prison for improperly aiding another contractor, Boeing Co.

Pentagon Acting Undersecretary Michael Wynne said he had referred the contracts "that appear to have anomalies in them." Wynne and his aides would not elaborate on those anomalies. Other contracts referred for review included pacts with Accenture (formerly called Andersen Consulting), Boeing and Lockheed Martin.

Company officials acknowledge the war is an economic boon to the firm.

In its quarterly earnings report a year ago, then-Vice Chairman and Chief Executive Gerald L. Daniels said: "The increasing likelihood for a prolonged military involvement in Southwest Asia by U.S. forces well into 2006 has created a fertile environment for the type of support … products and services that we offer."

Other ESSI products that have seen use in the current conflicts include radar and detection services, field medical stations and field electric generator units.

The company's record growth has come from increased orders coupled with an aggressive buyout strategy. William Bush's company, Bush-O'Donnell, was paid $125,000 to serve as a consultant in ESSI's buyout of a military contractor three years ago.
<snip>

Bush exercised the expiring options shortly after a series of announcements that the company had won additional orders totaling about $77 million to supply kits to re-armor and refurbish military equipment being used by U.S. forces in Iraq. The company has 35 employees stationed in Iraq to install the protective gear.

The company estimates the refurbishing work in Iraq ultimately could bring revenues of $200 million or more.

News of the armoring and refurbishment contracts boosted ESSI's stock to a record $60.39 per share earlier this year. The stock closed Tuesday at $54.34.

In the conference call with analysts Tuesday, ESSI's Potthoff expressed optimism that the Bush administration's proposed $82-billion supplemental defense budget submitted last week could mean substantial additional opportunities for the company in Iraq and elsewhere.

"Personally, I could not be more happy about our company's prospects," Potthoff told stock analysts.

http://www.newsday.com/news/nationworld/nation/ny-usbuck0224,0,5780095.story?coll=ny-leadnationalnews-headlines

(the boat that * uses on his artificial fishpond in Crawford)

Does anyone remember, when metal shops offered to make pre-cut steel plate kits for up-armoring US military vehicles, and those up-top REFUSED the offers (even removing plates that had already been installed by concerned friends and family)? I really hope there isn't a connection -- and that someone wasn't hoping to make money off the situation.


http://www.usatoday.com/news/nation/2004-01-28-makeshift-armor_x.htm?csp=14

as long as they move to Suadi Arabia and stay there? At least there would be less blood shed and lives destroyed. The economy might have a chance to recover, too.

http://news.independent.co.uk/world/americas/story.jsp?story=614127

The Iraq war has produced many winners and many losers. And one small but significant winner is a certain William "Bucky" Bush, brother of one president and uncle to the current occupant of the White House.

The good fortune of Uncle Bucky, as he is known within America's ruling family, has been to hold a seat on the board of Engineered Support Systems Incorporated (ESSI), a St Louis-based company that has flourished mightily as a military contractor to the Pentagon.

Last month, ESSI shares hit a record $60.39 (£31.64) apiece ­ more or less exactly the moment the presidential uncle chose to sell 8,438 options worth around $450,000, according to obligatory reports filed with the US Securities and Exchange Commission (SEC) and disclosed by the Los Angeles Times yesterday. William Bush denies that his presence on the board has had anything to do with the company's success in boosting expected revenues to an estimated $1bn in 2005, in good part reflecting no-bid contracts relating to the war.

Noting that he joined it in 2000, before his nephew was elected, "Bucky" Bush says he has not lobbied anyone in Washington to send contracts ESSI's way. "I don't make any calls to the 202 area code," he told the LA Times. In fact Mr Bush, aged 66 and 14 years the junior of his brother, the first president George Bush, has long been a prominent member of the St Louis business community and was state chairman in Missouri for the 2004 Bush/Cheney re-election campaign. "Having a Bush doesn't hurt," Dan Kreher, a senior ESSI executive, says.

every time Roger Clinton got a gig for being the Presidents brother? How ridiculous does that seem in the wake of this outrage?

Uncle Bush was a very, very small fish. He made only 500K.

Here is the complete list of insiders who made money from stock option exercises with this particular company:
http://finance.yahoo.com/q/it?s=EASI

The total stock option exercise amount is over $1 billion.

So, let's see we have 100K Iraqi citizens in collateral damage. Since 48% of Iraq is less than 18 years old, then that means approximate 50,000 Iraqi children are dead due to the war.

Therefore, compassionate conservatives from this company made $20,000.00 off of each Iraqi kid's head.

http://www.clickondetroit.com/money/4227385/detail.html

<snip>

WASHINGTON -- President George W. Bush's uncle made more than $450,000 last month by selling stock in a defense contractor whose profits are growing because of the Iraq war, records show.

William H.T. Bush made the money by exercising stock options in St. Louis-based Engineered Support Systems, Inc. Bush is a member of ESSI's board of directors and therefore had to report the sale to the Securities and Exchange Commission.

<snip>

The Pentagon's inspector general is investigating whether an ESSI subsidiary improperly got a contract to make equipment from the Air Force. That contract was overseen by Darleen Druyun, a former Air Force contracting official serving a nine-month prison term for contract fraud involving Boeing.