Filed in archive executive pay by leon on November 26, 2006

Interesting connections coming out of the announcement by Houston-based HCC Insurance Holdings that it had been backdating stock option grants from 1995.

The President's youngest brother Marvin was a director of the company from 1999 to 2002 and would have been very close to the action, as he was on its compensation committee, reports Alistair Barr at MarketWatch.

Since then he has been advisory director, and adviser to the chairman and chief executive, Stephen Way. That's the same Stephen Way who resigned after an independent investigation uncovered the options issue and concluded that some of Way's option grants were incorrect.

Sure sounds like someone close to the action.

Related Entries:

SOX spending for 2006 - 30 November 2005
Stock option tremors in Silicon Valley - 03 July 2006
The widespread practice of option timing - 17 July 2006
Stock options backdating jigsaw - 25 January 2007
Bush backdating - all in the family - 09 February 2007
SOX and backdating - 11 April 2008

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Permalink: Bush's kid brother and backdating

Tags: Marvin Bush HCC Insurance Holdings stock option backdating business bush+brother

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Response from: IndianPad

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The President's youngest brother Marvin was a director of HCC Insurance Holdings which is now being investigated for backdating stock options. He is now a advisory director to the company and has been an adviser to its chairman Stephen Way who was forc...

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Response from: Securities

President George W. Bush's uncle, William H.T. "Bucky" Bush, is under investigation for having been a part of outside directors at a defense contractor who were given about $6 million in unauthorized pay from an options backdating scheme. Bush and...