February 09, 2007

Bush family members linked to options lawsuits

WASHINGTON - President Bush's uncle William H.T. "Bucky" Bush was among directors of a defense contractor who together reaped $6 million from what federal regulators say was an illegal five-year scheme by two company executives to manipulate the timing of stock option grants, court documents show.

The youngest brother of former President George H.W. Bush, he is the second Bush family member whose name has surfaced in stock options scandals this month. [....]

Last week in an unrelated case, Marvin Bush, the current president's youngest brother, was named as a defendant in a suit charging that officers and directors of HCC Insurance Holdings benefited from backdated options.

Marvin Bush, now an advisory director, was a director when some of the backdated options were issued. According to the complaint, Marvin Bush made $2.2 million on the questioned options. The class action was filed in U.S. District Court in Houston on behalf of HCC stockholders.

NOTE: I hesitated in adding this report to the blog. After all, it may be news but it's hardly surprising.

Honesty doesn't top the list of Bush family traits.

No comments: