Bush's uncle loses arbitration case

[seemslikeadream]

Posted on Tue, Mar. 08, 2005
Associated Press


WASHINGTON - President Bush's uncle, money manager Jonathan J. Bush, has come out on the losing end of an arbitration hearing that two former clients launched against him.

Jonathan Bush, who runs the J. Bush & Co. money management subsidiary of Riggs National Corp., was accused of putting the two clients in unsuitable investments and misrepresenting the risk associated with his firm's stock portfolio recommendations.

The firm, which caters to wealthy investors, and Jonathan Bush himself were ordered to pay more than half a million dollars to the former clients by a National Association of Securities Dealers panel.

The former clients - Washington-based architect Warren J. Cox and his wife, Claire - claimed that when they approached Bush for portfolio advice in 2000, they told him that they wanted to maintain a conservative portfolio but to obtain a higher return than they had been able to achieve on their own.

Bush's firm, which at the time was focusing on technology, health care and telecommunications stocks, assured them that they could hold a conservative portfolio in these sectors through careful stock selection, and presented them with a written handout detailing the conservative model, according to the couple's attorney, Edward B. Lowry.
more
http://www.mercurynews.com/mld/mercurynews/business/financial_markets/11083486.htm

[GetTheRightVote]

1. So this is where * Jr. got his education on how to fail in business

:kick:

[purduejake]

2. This is no surprise...

Mike Malloy and the rest of us don't call it the Bush Crime Family for nothing.

[rodeodance]

3. any bush loss is SWEET

[Sanity Claws]

4. Sounds like a good reason not to take investment advice

on Social Security from the Resident in Chief

[Skip Intro]

5. Well he'll be a monkey's uncle

sorry, couldn't help it

[mom cat]

7. Bad, bad, bad!

:spank::spank::spank::spank::spank:

[Quakerfriend]

6. Interestingly enough the 'Riggs ' name has popped

up many times. Don't they own TRIAD??