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Everyone is getting in on the cash, except the American tax payers, they get the debt.
As President Bush embarks on a new effort to shore up public support for the war in Iraq, an uncle of the commander in chief 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 just under $1.9 million in cash plus stock valued at more than $800,000 from the sale of Engineered Support Systems Inc. to DRS Technologies of New Jersey.
The $1.7-billion deal closed Jan. 31. Both firms have extensive military contracts.
William 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.
Before DRS purchased it, Missouri-based ESSI experienced record growth as a result of expanded U.S. military contracts — many to supply U.S. efforts 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.
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