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Old 29-07-2015, 07:23 PM posted to
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Default Mesquite Pod Flour

Between 1981 and 1989, when George Bush finally announced that there was
a Savings and Loan Crisis to the world, the Reagan/Bush administration
worked to cover up Savings and Loan problems by reducing the number and
depth of examinations required of S&Ls as well as attacking political
opponents who were sounding early alarms about the S&L industry.
Industry insiders were aware of significant S&L problems as early 1986
that they felt would require a bailout. This information was kept from
the media until after Bush had won the 1988 elections.

Jeb Bush defaulted on a $4.56 million loan from Broward Federal Savings
in Sunrise, Florida. After federal regulators closed the S&L, the office
building that Jeb used the $4.56 million to finance was reappraised by
the regulators at $500,000, which Bush and his partners paid. The
taxpayers had to pay back the remaining 4 million plus dollars.

Neil Bush was the most widely targeted member of the Bush family by the
press in the S&L scandal. Neil became director of Silverado Savings and
Loan at the age of 30 in 1985. Three years later the institution was
belly up at a cost of $1.6 billion to tax payers to bail out.

The basic actions of Neil Bush in the S&L scandal are as follows:

Neil received a $100,000 "loan" from Ken Good, of Good International,
with no obligation to pay any of the money back.

Good was a large shareholder in JNB Explorations, Neil Bush's
oil-exploration company.

Neil failed to disclose this conflict-of-interest when loans were given
to Good from Silverado, because the money was to be used in joint
venture with his own JNB. This was in essence giving himself a loan
from Silverado through a third party.

Neil then helped Silverado S&L approve Good International for a $900,000
line of credit.

Good defaulted on a total $32 million in loans from Silverado.

During this time Neil Bush did not disclose that $3 million of the $32
million that Good was defaulting on was actually for investment in JNB,
his own company.

Good subsequently raised Bush's JNB salary from $75,000 to $125,000 and
granted him a $22,500 bonus.

Neil Bush maintained that he did not see how this constituted a conflict
of interest.

Neil approved $106 million in Silverado loans to another JNB investor,
Bill Walters.

Neil also never formally disclosed his relationship with Walters and
Walters also defaulted on his loans, all $106 million of them.

Neil Bush was charged with criminal wrongdoing in the case and ended up
paying $50,000 to settle out of court. The chief of Silverado S&L was
sentenced to 3.5 years in jail for pleading guilty to $8.7 million in
theft. (Keep in mind that you can get more jail time for holding up a
gas station for $50.)

Today Neil Bush is working on closing a deal in Florida, where his
brother Jeb is governor, to sell a software package to schools with his
startup company Ignite.

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