Oh man. The Bush family’s on a roll today.
President Bush’s uncle just picked up close to $3 million from the sale of a defense contracting company that’s currently under federal investigation.
William H.T. Bush — the family reportedly calls him “Uncle Bucky” — was a director of the company, Engineered Support Systems, Inc. When the company was bought by DRS Technologies in January, Uncle Bucky raked in $1.7 million in cash and $800,000 in stock, according to the LA Times, which broke the story.
The company has enjoyed several no-bid contracts with the Pentagon for Iraq war support equipment.
The SEC is currently probing questionable stock sales by several major shareholders in the company, including Uncle Bucky. Apparently the Pentagon cut short a major contract with ESSI for generators because they didn’t work right; some ESSI executives, including Uncle Bucky, cashed out holdings before alerting other shareholders — seven months later — that the deal had gone sour.
Always get your slice of the pie before it’s all gone. (Editor’s note: Thanks to reader CG for the tip.)