They say it is a family disease...Harken back...

Discussion in 'Politics' started by ZZZzzzzzzz, Feb 7, 2007.

  1. Bush's uncle tangled in options probe: SEC
    Wed Feb 7, 2007 5:30 PM ET

    By Tim McLaughlin

    NEW YORK (Reuters) - President George W. Bush's uncle, William H.T. "Bucky" Bush, was part of a group of outside directors at a defense contractor who realized about $6 million in unauthorized pay from an options backdating scheme, according to U.S. securities investigators.

    Bush and other non-employee directors who served on the board of Engineered Support Systems Inc., now owned by DRS Technologies Inc., are not accused of any wrongdoing in a civil complaint filed on Tuesday by the U.S. Securities and Exchange Commission.

    The SEC complaint, however, says the non-employee directors benefited from stock options not approved by shareholders.

    "As a result, the company provided significant additional compensation to its outside directors beyond what shareholders had approved," the SEC complaint said. "These same directors later realized approximately $6 million from the exercise of their addtional stock options."

    The complaint did not break out how much Bush and the other outside directors received from a total of 132,000 shares of unauthorized shares.

    Bush, whose brother is former President George H.W. Bush, was unavailable for comment. He served on St. Louis-based ESSI's board from 2000 until the St. Louis defense contractor was acquired last year for nearly $2 billion by DRS, which sells engineering services to the U.S. military.

    Bush served on ESSI's audit committee and received $2,500 a month in consulting fees, an arrangement that later was ended for him and other outside directors. Bush also received a fixed amount of ESSI shares each year for his work on the board.

    Before the DRS deal was approved in January 2006, Bush held ESSI shares worth $3.8 million, SEC filings show.

    Between 1995 and early 2005, ESSI's stock climbed nearly 900 percent as the company sold cargo loaders, generators and trailers to the Pentagon. ESSI's board was politically connected and included several retired generals.

    The SEC on Tuesday accused ESSI's former chief financial officer, Gary C. Gerhardt, and former controller, Steven J. Landmann, of orchestrating a backdating scheme that spanned six years. In all, executives and directors netted $20 million in unauthorized pay, according to the complaint filed in U.S. District Court in St. Louis.

    Outside directors received backdated options issued in 1996, 1998, 1999 and 2001, the SEC complaint alleges.

    Landmann has agreed to give back about $519,000 in option-related compensation while paying $367,585 in penalties and interest. He did not admit or deny the SEC allegations, and will be permanently barred from serving as an officer of publicly-traded company.

    Records unsealed in federal court in St. Louis late last year show that the SEC is investigating Michael F. Shanahan Sr., who co-founded ESSI; his son, who served on the board's compensation committee; and Shanahan Sr.'s son-in-law, David Mattern, who was general counsel.

    The SEC wants the Shanahans and Mattern to produce e-mails, meeting notes, telephone logs and board meeting minutes related to the pricing of Engineered Support stock options, court papers show.

    The SEC's complaint against Gerhardt said nearly half of the unauthorized and undisclosed gains from options backdating, or about $8.6 million, went to Shanahan Sr. He has not been charged by the SEC.

    Court records also show there is an ongoing criminal investigation that mirrors, in part, the SEC's probe.
  2. Great, another worthless cut and paste article from ET's resident spammer.

    Nobody gives a shit about any of the countless threads and garbage that you post here everyday.
  3. Band leader plays Taiwan anthem at China event

    ST. GEORGE'S, Grenada — The leader of a Grenadian police band that performed Taiwan's national anthem at the inauguration of a China-financed stadium has been temporarily relieved of his music duties, an official said Tuesday.

  4. Hi Z

    I was just wondering - why do you think it is that so many people on this site think you're a lying troll whose words are worthless?

    It seems like every time you post, someone else who I've never heard of replies and basically tells you to fuck off and die. It's unreal how many people there are around here who share these feelings about you.

    Any comment at all about that?

    Thanks, Nik


    Member of the ET Anti-Troll Brigade

    iustus ignarus troll
  5. IMO
    It's because Zzzzzz hates Bush and the neocons. And he can usually spank their butts in the arguments on here. So instead of argueing the facts they resort to name calling and putdowns.
  6. It has more to do with the fact that in the past, he has never argued his point with any type of logic, and resorts more often than anyone else to the offenses he claims that they use.

    Go back and read some of the longer threads he is involved in. Once his argument breaks down around page 2-3, he will resort to circular logic, and trolling. That is why he is experiencing this backlash.
  7. Ahh, so I have never argued my point with any type of logic.


    Rarely, infrequently, hardly, NEVER!!! NEVER Dammit, NEVER!!!


    More all or nothing fallacy laced thinking from a neocon Bush denial of the reality of Bush and family.

    Once again, another neoklown acts the fool, likely unintentionally through force of habit.


    So, as is almost always the case, I go after Bush for being the worst president ever, approaching the approval level of Nixon...and the neoklowns go after me.

    Oh, Pavlov, you had no idea the dog brains in man's bodies we would see in the republklan party...

  8. drmarkan, as far as circular logic goes, no one can beat the Bush supporters or the religous fanatics in that area. I have read some of the post and arguements and Z is using more logic and in a lot of cases he is pretty funny too. Humor is something a neocon could never understand. But I'll admit I've read only a small sample of his posts so maybe ? in the rest he isn't using logic, but I doubt it from what I've read.
  9. You're right about one thing - ZZzzzzz hates Bush and neocons.

    However, he does not do any butt-spanking. He just obfuscates endlessly until people tire of responding to his inanities.

    Furthermore, those he accuses of being neocons, like myself, are not neocons. The definition of "neocon" for Zzzztroll is anyone who does not hate Bush as much as he does.

    Any reasonable person sees Zzztroll for what he is: A lonely alcoholic whose only joy in life is to argue with people who don't hate Bush as much as he does on an internet chat board.

    A good example of this is the "Another fine example of our justice system" thread when he was using his ARogueTrader alias. You'll note how once his arguments are utterly destroyed, he resorts to baiting and ad hominem. He's been doing this for least he's a consistent troll, you have to give him that.
  10. hahaha I'm going to make that my word of the day for tomorrow. I'll start working on it tonight on how to get in the conversation. Hope nobody kicks my butt thinking I'm showing off, I'm in redneck country you know.
    #10     Feb 8, 2007