Bush uncle set to earn millions from company that profited from Iraq war

Bush uncle set to earn millions from company that profited from Iraq war

RAW STORY
Published: Thursday March 23, 2006

An uncle of President Bush is set to collect close to three million dollars from the sale of a company that profited from the war in Iraq, according to a story slated for Thursday's edition of the LA Times, RAW STORY has found.

Excerpts from the article written by Walter F. Roche Jr.:


As President Bush embarks on a new effort to shore up public support for the war in Iraq, an uncle of the chief executive is collecting $2.7 million in cash and stock from the recent sale of a company that profited from the war.

A report filed with the U.S. Securities and Exchange Commission shows that William H.T. Bush collected a little less than $1.9 million in cash plus stock valued at more than $800,000 as a result of the sale of Engineered Support Systems Inc. to DRS Technologies of New Jersey.

The $1.7 billion deal closed Jan. 31. Both businesses have extensive military contracts.

The elder Bush was a director of Engineered Support Systems. Recent SEC filings show he was paid cash and DRS stock in exchange for shares and options he obtained as a director. Missouri-based ESSI experienced record growth prior to its purchase by DRS through expanded U.S. military contracts -- many to supply current U.S. efforts in Iraq and Afghanistan -- and an aggressive buyout strategy targeted at other defense contractors.

http://www.rawstory.com/news/2006/Bushs_uncle_earns_millions_from_company_0323.html

NGU.

that Helen Thomas asked, what is the real reason we're fighting this war?

:eyes: