Word: silverado
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...collapse of Denver's Silverado Banking, Savings & Loan Association was expected to cost taxpayers more than $1 billion. That burden was eased ever so slightly last week when presidential son Neil Bush and 12 other former associates of Silverado agreed to cough up $49.5 million as part of a settlement of the Federal Government's $200 million civil suit alleging gross negligence and insider dealings...
Under the plan, former officers, directors and lawyers of the failed thrift will pay the Federal Deposit Insurance Corporation $26.5 million and turn over to the agency a $23 million executive-indemnity fund established by Silverado before it was seized by the government three years ago. For Neil Bush, 36, an outside director of Silverado from 1985 to 1988, the development marks the latest setback in his ill-starred business career. Last April, in a separate action, the Office of Thrift Supervision formally reprimanded him for engaging in "unsafe" and "unsound" practices involving conflicts of interest...
...collapse of Denver's Silverado Banking, Savings & Loan Association will cost taxpayers more than $1 billion. Last week a major figure in that disaster, presidential son Neil Bush, was judged to have engaged in "unsafe or unsound practices and breaches of his fiduciary duties involving multiple conflicts of interest." In making that pronouncement, Timothy Ryan, director of the Office of Thrift Supervision, ruled that if Bush again serves as director of a financial institution, he must seek legal advice on his responsibilities, disclose potential conflicts of interest and abstain from voting on matters in which he has a personal stake...
Ryan's action was the mildest penalty that could have been meted out. But Bush still faces potential trouble. The Federal Deposit Insurance Corporation has brought a $200 million gross-negligence suit against him and other former Silverado officials...
...derogatory leaks," Seidman recalls. "I told them, 'Every time you do that, I'll stay another month.' " Another reason for the White House misgivings about Seidman: it was his decision whether to sue Neil Bush, the President's son, for his part in the $1 billion collapse of the Silverado Bank in Denver. The FDIC filed suit against Neil Bush and 11 former colleagues for $200 million last September...