Word: silverado
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...December 1986 Larry Mizel held a glitzy black-tie New Year's Eve party for his staff that was dubbed "resurrection night." Milken had raised more than $500 million for M.D.C. that year by floating a junk issue; a series of tricky swaps of land and debt with Silverado had swelled the apparent assets and profits of both companies; and Bush had been brought aboard at Silverado. The future seemed bright...
...private lawsuits, one on behalf of M.D.C. shareholders, claim that the company's apparent worth had been improperly inflated by the phony transactions with Silverado. After this sale, M.D.C. shares fell from $22 to below $1 for a time. Many M.D.C. officers and board members, including Brownstein, mysteriously managed to sell much of their personal M.D.C. stock at its peak price. The lawsuits also contend that Milken was the architect of a scheme in which M.D.C. sold junk bonds to San Diego's Imperial S&L, which eventually produced huge losses for the California thrift...
...despite the constant barrage of denials, inventive legal interpretations and outside expert opinions lofted by Wise and his officers, state and federal examiners had compiled a disturbing account of Silverado misdeeds. But Silverado seemed to be leading a charmed life: the thrift was merely warned about its wayward banking methods and allowed to keep operating...
...industry, responsible for targeting political contributions and praised for his audacious and inventive methods of attracting deposits. Then too, the thrift's biggest customers were major political contributors. Good donated at least $100,000 to the Republican Party in 1988 after defaulting on his huge Silverado loans. "Good walked away from tens of millions of dollars in financial obligations, leaving taxpayers to clean up the mess, but he could find $100,000 to buy influence with the Bush Administration," complained Colorado lawyer Carlos Lucero, a former Democratic candidate for the U.S. Senate...
...arranged a Denver fund raiser in 1987 for Michigan Senator Don Riegle; Riegle is one of the Senators called the Keating Five for having received sizable contributions from the scandal-tarred head of Lincoln Savings. Of $37,000 raised for Riegle, $10,000 came from 16 people connected to Silverado and M.D.C...