Word: silverado
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...mounting public fury that have made him a symbol of the $1 trillion savings and loan disaster, Neil Bush faced his accusers last week. In three hours of defiant testimony, President Bush's son denied that he was guilty of conflicts of interest as a director of Denver's Silverado S&L, which collapsed in 1988 at a $1 billion cost to the U.S. Bush insisted that he had done nothing wrong when he and the board committed more than $100 million in loans -- which later went sour -- to developer Bill Walters, one of Bush's business partners...
Even as he proclaimed his innocence, Bush grudgingly conceded that he had stood to benefit from a $900,000 line of credit that Silverado granted in 1986 to another Denver developer, Kenneth Good, the main backer of JNB Exploration, Bush's unprofitable oil and gas company. While Bush abstained from a vote on the credit, he failed to disclose the full extent of his ties with Good, who sought the credit for an oil-drilling venture that the two men planned in Argentina. Bush testified that the line of credit was never tapped...
Neil Bush explained that he had joined the Silverado board for the "learning experience." But just what he learned is not clear. After he folded JNB, he opened yet another oil-exploration firm, Apex Energy. That firm too is underwritten by silent backers. And although he has found no gushers yet, Bush was able to purchase a $550,000 house in one of Denver's best neighborhoods last October...
...impact contributed to the budget deadlock in Washington and aggravated the slump in real estate prices in cities glutted with condominiums and office towers. In Denver federal regulators filed a $200 million lawsuit against the President's son Neil Bush and 10 other officials of the failed Silverado S&L, charging them with "gross negligence." Meanwhile, Neil Bush prepared to respond this week to previous federal charges that he abused his role as a Silverado director. In Congress, L. William Seidman, chairman of the Resolution Trust Corporation, asked for at least $100 billion for fiscal 1991 to keep...
...glare focuses on thrift honchos, the economy worsens and Washington dithers. -- The Silverado story: how Neil Bush threw in with hustlers who cost taxpayers $1 billion. -- With voters sicker than usual of politics-as-usual, it's a tricky year for incumbents. -- Former Klansman David Duke taps a rich vein of resentment. -- The tangled tale of the Menendez murders...