Word: silverado
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...collapse of Denver's Silverado Banking has exposed much more than just the questionable business relationships of President Bush's son Neil. The fall of Colorado's No. 3 savings and loan has put the spotlight on a group of go-go bankers and developers who, with access to Silverado's money, built political influence in Colorado and even Washington...
Congressional investigators are just beginning to probe the way in which Silverado was entwined in dubious deals with M.D.C. Holdings, the state's largest home builder. Former employees of Silverado and M.D.C. have told TIME that the home builder made improper campaign contributions to local and national politicians. Among those donations were payments made to the 1987 re- election campaign of Denver Mayor Federico Pena in the hope of ensuring that key portions of a huge new $2.9 billion airport, then still on the drawing board, would be located on land owned by Silverado and M.D.C...
...office in 1983, he opposed the new airport, advocating instead an expansion of Denver's Stapleton International Airport. But after he was elected, Pena became a supporter of the popular project. Throughout 1984, as Denver secretly negotiated with neighboring Adams County for a new site, M.D.C. and Silverado quietly began buying up farmland that would eventually be selected as part of the development corridor leading to the airport. "Despite all the millions of profits they were showing on paper, M.D.C. and Silverado had been running on empty for a long time, and they looked at potential profits from...
...Colorado developer told Congress he is broke and unable to pay back any of his $100 million in defaulted loans from Silverado, the spectacularly busted Denver S&L. But he's living in a $2 million house in California replete with swimming pool and tennis court...
...father and the Republican Party may wish he had cut a deal and signed the cease-and-desist order when the OTS was willing. With all the publicity surrounding young Bush, the FDIC may feel pressure to push its suit to partially recover from the directors and officers of Silverado the $1 billion loss to taxpayers. On Friday Democratic members of the House Judiciary Committee asked the Justice Department to appoint a special prosecutor to handle the Silverado case; but at least one of the members, Edward F. Feighan of Ohio, abruptly withdrew from the effort after G.O.P. leaders threatened...