Uncle Bucky makes out like a…Bush

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George W. Bush’s Uncle Bucky (William H.T. Bush), brother of George H.W. Bush, has collected about $1.9 million in cash, plus $800,000 in stocks, from the recent sale of Engineered Support Systems, Inc. ESSI, of which Bush was a director, was sold to DRS Technologies for $1.7 billion at the end of January, after the company experienced record growth from expanded military contracts, most related to activity in Iraq and Afghanistan.

The contracts, some awarded on a no-bid basis, include a $77-million deal to refit military vehicles with armor for use in Iraq.

Securities and Exchange Commission filings indicate that there are two investigations of ESSI in progress. One involves a stop order from the U.S. government on field generator units. It seems ESSI did not tell its shareholders about the stop order until seven months after it was issued. During that seven month period, several of the company’s executives, including William Bush, cashed in millions of dollars worth of stock and stock options.

DRS is not commenting on the investigations (the second one involves an insurance contract), other than to say it is cooperating with SEC officials.

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Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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