Word: silverado
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Lawyers for the federal Office of Thrift Supervision made that veiled reference last month to persuade an administrative-law judge to take a tough line in reprimanding the President's 35-year-old son for his performance as a director of Denver's Silverado S&L, which collapsed in 1988 at a cost of $1 billion to the U.S. When Judge Daniel Davidson issued his decision, he declared that Bush had broken conflict-of-interest rules. The judge ordered Bush to avoid future conflicts, a mild sanction. But the OTS lawyers' cryptic reference to a potential new problem intrigued congressional...
...President's son started in May 1989. Marx's venture-capital firms were declared insolvent a year later, triggering a $25 million federal bailout. As a result, taxpayers may once again have to underwrite a Neil Bush venture. Bush financed his earlier firm, JNB Exploration, with loans from two Silverado customers whose $130 million in defaults helped escalate the cost of the S&L's bailout...
Most Unnecessary Confession by a Presidential Relative "I didn't pretend to be an expert on the savings and loan business," said Neil Bush. The President's son served as a director of Silverado, the Denver S&L, just before the thrift collapsed in a $1 billion heap in 1988. A judge later urged that Bush be disciplined for not disclosing business deals with two Silverado borrowers...
Bush also defended his failure to disclose his financial dependence on Good when the Silverado board forgave $11 million worth of loans to the developer, who pleaded hardship. Bush said he saw no reason to mention that Good planned to invest $3 million in JNB after the vote, since the investment was only tentative...
...administrative law judge will rule in January on whether Bush should be ordered to avoid conflict-of-interest violations, a mild sanction. Last month federal regulators brought a $200 million suit that charged Bush and 11 former Silverado officials with gross negligence in the S&L's collapse. The cost of defending himself against that suit could bankrupt Bush...