Reply #10: BIG MISTAKE: Should've written: ''JONATHAN Bush.'' [View All]

[Octafish]

Truly sorry about the mistake and any confusion it might have caused. Habit...

Here's the skinny:

Web Site Cites Bush-Riggs Link

By Kathleen Day
Washington Post Staff Writer
Saturday, May 15, 2004; Page E02

A political Web site written by a Democratic operative drew attention yesterday to the fact that President Bush's uncle, Jonathan J. Bush, is a top executive at Riggs Bank, which this week agreed to pay a record $25 million in civil fines for violations of law intended to thwart money laundering.

Jonathan Bush, who is a major fundraiser for his nephew, was appointed in 2000 to run Riggs Investment Management Co. His association with Riggs began when he headed J. Bush & Co., a New Haven, Conn., company he created in 1970 and built to offer advice on money management.

Riggs bought J. Bush & Co. in 1997 to help create a one-stop financial outlet offering a range of services, from insurance to securities trading and investment advice. News reports at the time said investment bankers estimated the purchase price, which was not disclosed, as $5.5 million.

The headline posted yesterday on the Web site, www.davidsirota.com, reads, "Bush's Uncle Is Executive At Bank Fined for Laundering Saudi Money."

Regulators have not charged the bank with money laundering, but they have charged that Riggs failed to comply with laws that require banks to report to law enforcement officials any suspicious transactions. Regulators have also said the bank didn't take the required steps to prevent money laundering.

CONTINUED...

http://www.washingtonpost.com/wp-dyn/articles/A28396-2004May14.html

More connections:

http://www.politicalfriendster.com/showPerson.php?id=2851&name=Jonathan-J-Bush

Still, Prescott Jr's done a lot of, um, business in China:

President's uncle shares Bush family ties to China