Silverado Saving & Loan/Facts

[tallcal101]

Niel Bush was a member of the board of directors Denver based Silvarado Savings and Loan during the 1980's larger Savings and Loan crisis. As his Father was Vice president of the United States,his role in Silverado's failure was a focal point of publicity.
According to a piece in "Salon",Silverado's collapse cost taxpayers $1 billion.

The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous "breach's of his fiduciary duties involving multiple conflicts of interest". Although Bush was not indicted on criminal charges,a civil action was brought against him and other Silverado directors by the Federal Deposit Insurance Corporation: it was eventually settled out of court,with Bush paying $50,000.00 as part of the settlement,as reported in the style section of the Washington post.

A Republican fundraiser set up a fund to help defer costs Neil incurred in his S&L dealings.

 

[Rabbit]

That's I never voted for Neil Bush for any office. Just like I never voted for Billy Carter, either.

 

[tallcal101]

Here's who you did vote for:

In 1978 Bush started in the oil exploration business subsidised by federal funds made avaiable under a "small disadvantaged" loan program. Additonal financing was made available by the Bin Laudin family.
He created Airbusto Energy,and later changed the name to Bush Exploration.In 1984,his company merged with the larger Spectrum 7(a friend of his Fathers company) and became Chairman. The company then folded into Harkin Energy (another family friend) and Bush served on the Borad of Directors for Harkin.
Questions of possible insider trading involving Harken have arisen,though the Securities and Exchange Commions (SEC) investigation of Bush concluded that he did not have enough insider information before his stock sale to warrent a case.

Thats it Rabbit. He took the tax payers for a few hundred grand and then went on to become an Exec with the Texas Rangers (Daddy's friends) then Govenor then President.
Pretty ****ed impressive.

Should have voted for Billy or Neil,oh well. By the way,I never considered him anything more then what he is. Pays to look beyond the GOP smoke screen sometimes. Just a suggestion.

 

[bludragon13]

tallcal101, sorry i missed your locked post however it is interesting how the anti semetic anti dem , rascist hateathon as you called it is never,never to strong or opinionated to be locked down by those who mistakenly believe they are the true americans. in truth in 1775 they all would have been called torries and this country would never have been born . the neo-cons dont get it that the founding fathers were revolutionaries against the conservative system of their day,so it stands to reason they would have backed the british establishment .I don't payem to much attention but i do like messin with 'em when i'm bored. like i enjoy sayin, the republikan party points to the utter failure regans trickle down economics as their greatest achievment. that russian thing sure didnt last either.then their call to empty NO cause no one should live there,but not a word about permenant evacuation of galvaston,tx and its been wiped out at least twice and is getting the same fed funds as NO but they'er good ole southern boys in galvaston --the neocon are as you know total hiprocites-and this Palin dud-"im qualified to be vp cause you can see russia from a place in alaska-" a place she now admits she has never been to? well keep up the good work-dave

 

[Pilgrim]

Niel Bush was a member of the board of directors Denver based Silvarado Savings and Loan during the 1980's larger Savings and Loan crisis. As his Father was Vice president of the United States,his role in Silverado's failure was a focal point of publicity.
According to a piece in "Salon",Silverado's collapse cost taxpayers $1 billion.

The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous "breach's of his fiduciary duties involving multiple conflicts of interest". Although Bush was not indicted on criminal charges,a civil action was brought against him and other Silverado directors by the Federal Deposit Insurance Corporation: it was eventually settled out of court,with Bush paying $50,000.00 as part of the settlement,as reported in the style section of the Washington post.

A Republican fundraiser set up a fund to help defer costs Neil incurred in his S&L dealings.

Your obsessive hatred of the Bush family is obviously starting to wear thin, especially when you start digging up 20-something year old trivia about the President's then 29-year old brother. He was a minor player in this mess, and became involved well after Silverado was mired in financial quicksand. The main culprit you fail to mention was Michael Wise, Silverado's CEO. He, along with a couple of Denver high rollers named Bill Walters and Ken Good took this S&L into deep risk well before Neil Bush was invited into the fold to give them some prestige and "connections" that obviously didn't do them much good. Any time an organization like this goes down, the board of directors gets penalized with it and Neil Bush was just one of many. A $50K penalty is pretty minor when you look at the big picture. A reporter for the Denver Post named Steven Wilmsen has an excellent chronicle of this story as noted in the following link:

Silverado: Neil Bush and the Savings and Loan Scandal. | North America > United States from AllBusiness.com

By the way, I happened to read your hysterical vitriolic post before it was appropriately deleted and I applaud Dreamer for pulling the plug on tripe like that which had no merit whatsoever. It's a good thing that conservatives on this forum don't similarly obsess with the Clinton transgressions - they could occupy an entire website, and are certainly not worth revisiting since Hillary was defeated in the primary. Even if Bush was as bad as you say, he still beat the Democrats twice - get over it. If you want to discuss financial scandals, there's a real dandy going on at this very moment that dwarfs Silverado and Lincoln Financial; we should all be concentrating the current mess instead of worrying about the 1980s.

 

[LDB]

Along with Silverado we could also look back at Whitewater but may not want to since that can be a deadly preoccupation.

 

[tallcal101]

Since I'm now marked as lock down canidate for my distain of all things Bush,I dare not refer to my "vitrioloc" post that contained no reference to "broke down mountain barny" (obvious homophobic reference) ,"Osama Obama"(obvious anti Islamic reference) etc etc,too many to point out and too little time to give all posters their due attention.But leave those Bush boys alone!!! Got it Cal ?

Polls are not looking good for the Pitbull and the Hero,but tonight may turn things around.Perhaps the GOP can enlist The President of The United States of America to rally the country together behind this dynamic team of skilled politicians to help our country rise above the dire circumstances we find ouselves in.

Oh maybe we need new leadership,from top to bottom. I'm not going away.

 

[LDB]

We do need about a 90% replacement from top to bottom. We also need someone who will put in a term limits bill and see it through. What we don't need is the most liberal politician to come along in at least a full generation, especially when coupled with basically no experience other than earmarking. That isn't hate for an individual and it isn't hate for any group. That's just common sense not being drowned out by extremism or hate.

 

[tallcal101]

Perhaps the ability to work through this current mess as one governing body will crate an situation that will allow both sides to step back and consider the needs of the country and not the needs of investment bankers,lobbiests,corporate fundraisers etc. They,after all are really at the root of our tuimoil.The finger pointing should be directed to those of both parties that take advantage of the loop holes that protect the wealthiest among us and ignore the needs and dreams of the those who suffer the most when Wall Srteet use's greed as the driving force.

Hiding the most toxiic of the sub prime loans in off shore Cayman accounts thus not showing these loss's on their P & L's should not be allowed in the future. It allowed AIG to falsely report ot he rating groups that triple A bond ratings were accurate for the remianing bad mortgages that were on the books. The worst of the worst loans were just building up preasure as the banks collected the high interest in off shore accounts and eventually burst the dam when they all failed.The bankers kept all the interest collected before they went under,in tax free off shore accounts.And we are being asked to save them.And they get to keep the money.

Anyway,the history of our banking and financial markets and lending institutions,and the lack of oversight and regulation should be crystal clear to us all at this point. It's a global economy,and the weakest link in the system can break,or severly threaten,the world financial markets. A global melt down is no joke.It's really not a liberal or conservative question,it's about greed and the deception of those who have a been allowed to make up the rules and buy the ability to have regulators look the other way.

I'm hoping for better,but I will express my distates for business as usual regardless of the party in power if things don't change.