Begin forwarded message:
Subject: Marvin Pierce Bush - Stock Options Scandal
HCC says it backdated stock options, CEO resigns
Fri Nov 17, 2006 6:37 PM ET
NEW YORK, Nov 17 (Reuters) - HCC Insurance Holdings Inc. <HCC.N>
said on Friday an investigation concluded that it used incorrect
dates for certain stock option grants covering a significant
number of employees from 1995 through 2006.
HCC said its advisors estimate the cumulative pretax financial
impact of additional non-cash charges associated with stock option
grants is not likely to exceed $37 million over the periods of the
options in question, but the errors will require an increased tax
provision.
HCC said Stephen Way has resigned as chief executive as of Friday.
Way will remain a director and serve as the non-executive
chairman. Frank Bramanti will be the new chief executive.
So why should anyone care? Because President George W. Bush's (S&B
1968) brother, Marvin Pierce Bush, is a former member of the HCC
Board of Directors, and cashed out almost a $1 million dollars
worth of options in 2005 alone.
HCC was also a major pre-9/11 insurer of the World Trade Center
complex in New York City.
http://finance.yahoo.com/q/ir?s=HCC
http://biz.yahoo.com/t/78/4086.html
Marvin Pierce Bush
Mr. Bush is the President of Winston Capital Management, LLC, a
registered investment adviser that specializes in hedge fund
investments, and the founder and a Managing Director of Winston
Partners, L.P. Mr. Bush served as a director of HCC from 1999
until 2002, when he became an advisory director. Mr. Bush is an
advisory member of the Investment and Finance Committee. Mr. Bush
is also a member of the Board of Trustees for the George H. W.
Bush (S&B 1947) Presidential Library.
http://en.wikipedia.org/wiki/Marvin_Bush
Additionally, HCC's EVP & CFO is Edward H. Ellis, Jr., who may
also be related George H. W. Bush through his former brother-in-
law Alexander "Sandy" Ellis (S&B 1944), or perhaps one of the
other five (5) Ellis Bonesmen.
Mr. Ellis is a director, Executive Vice President and Chief
Financial Officer of HCC. Mr. Ellis is a Certified Public
Accountant with over 35 years of public accounting experience.
Prior to joining us in 1997, Mr. Ellis served as a partner
specializing in the insurance industry with the international
accounting firm PricewaterhouseCoopers LLP from 1988 to 1997. Mr.
Ellis has served as a director of HCC since 2001. Mr. Ellis is a
member of the Investment and Finance Committee and is also a
director and officer of various of our subsidiaries.
http://yahoo.brand.edgar-online.com/FetchFilingFrameset.aspx?
FilingID=4346222&Type=HTML&PeopleFiling=true&FirstName=MARVIN%
20P&LastName=BUSH
Of course is also the brother of Neil Mallon Bush, who caused the
taxpayer to lose a billion dollars in the collapse of the
Silverado Savings & Loan.
http://en.wikipedia.org/wiki/Neil_Mallon_Bush
Dig Deeper on this one!!
Aaron E. Baldwin
San Francisco, CA 94114
(415) 377-8147
[EMAIL PROTECTED]
http://inaaronsopinion.blogspot.com/
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US President Abraham Lincoln
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