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

Raw Story
Mar. 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.:

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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.

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The rest of the article can be read at this link.