Remember SILVERADO Neil Bush next time you hear 'laptop' mentioned.

[Kid Berwyn]

A billion dollars from the taxpayers to make whole a federally insured S&L looted by the son of the Vice President at the time, George Herbert Walker Bush. Let off scot-free, as they say, to go on to bigger and better things.



From the Best Way to Rob a Bank Department:

Silverado collapse cost taxpayers $1 billion

By SPECIAL TO THE DENVER POST
PUBLISHED: September 29, 2008 at 5:43 p.m. | UPDATED: May 7, 2016 at 3:23 a.m.

Colorado had front-row seats to the last U.S. financial crisis that led to a multibillion-dollar bailout.

During the savings-and-loan debacle that began in the mid-1980s, federal authorities took over 18 Colorado thrifts, more than in any state except Texas and California.

Snip…

The failure of one of Colorado’s thrifts, Silverado Banking Savings and Loan, was legendary. Its collapse in 1988 cost taxpayers $1 billion and entangled prominent Denver businessmen, including Neil Bush.

The son of then-President George H.W. Bush and a brother of the current president, Neil Bush was on Silverado’s board of directors. Silverado made loans to developers who owned shares in the thrift and who had bankrolled Neil Bush’s oil company.

In what was considered a largely symbolic ruling, Neil Bush was barred by an administrative judge from having conflicts of interest at a savings and loan again.

Continues…

https://www.denverpost.com/2008/09/29/silverado-collapse-cost-taxpayers-1-billion/

But no one brings that up, at all. But they do talk about a certain laptop, without asking, “How did it get in possession of the GOP?”, let alone, “Who stole it?”

[UTUSN]

1. Poppy said, "My boys have a right to make a living!1"

[Kid Berwyn]

5. 'A Continuing Criminal Enterprise'

Old news to you, UTUSN.



The Bush Family: A Continuing Criminal Enterprise?

Gary W. Potter, PhD.
Professor, Criminal Justice
Eastern Kentucky University

The S&Ls, the Mob and the Bushs

During the 1980's hundred of Savings and Loan Banks failed. Those bank failures cost U.S. taxpayers over $500 billion to cover federally insured losses, and much more to investigate the bank failures (Pizzo, Fricker, and Muolo, 1989; Brewton, 1992; Johnston, 1990). More than 75% of the Savings and Loan insolvencies where directly linked to serious and often criminal misconduct by senior financial insiders (Pizzo, Fricker and Muolo, 1989: 305). In fact, less than 10 percent of bank failures are related to economic conditions, the rest are caused by mismanagement or criminal conduct (Pizzo, Fricker and Muolo, 1989: 305).

A good example of the Savings and Loan failures can be found in the activities of Mario Renda, a Savings and Loan insider who often worked in close collaboration with organized crime (Pizzo, Fricker and Muolo, 1989: 123-126;302). Renda served as a middle man in arranging about $5 billion a year in deposits into 130 Savings and Loans, all of which failed (Kwitny, 1992: 27). Many of these deposits were made contingent on an agreement that the Savings and Loan involved would lend money to borrowers recommended by Renda, many of whom were organized crime figures or people entirely unknown to the banking institution involved (Kwitny, 1992: 27).

SNIP...

Prescott Bush: The Yakuza’s Frontman

Finally, and perhaps most seriously, the Bush family pioneered the practice which has now become commonplace of collaboration between corporate and organized criminals. Prescott Bush, uncle of the current President and brother of the former President, played a key role in helping the Japanese Yakuza extend their financial and real estate holdings to the United States. In 1989, Prescott Bush made arrangements for a front company for Japanese organized crime groups to buy into two U.S. corporations and to make a sizeable real investment in the U.S. (Helm, 1991a: 1; Isikoff, 1992: A1). West Tsusho, a Japanese corporation, was identified by Japanese police officials as a front company for one of that country’s largest organized crime syndicates. Prescott Bush was paid a fee of $500,000 for his help in negotiating West Tsusho’s purchase of controlling interest in Assets Management, a U.S. corporation (Helm, 1991a: 1; Isikoff, 1992: A1). Bush also assisted the Japanese mob in investing in Quantam Access, a U.S. software company, which was ultimately taken over by the Japanese (Helm, 1991b: 10; Isikoff, 1992: A1). Both companies ultimately went into bankruptcy (Isikoff, 1992: A1; Moses, 1992).

George Bush Sr.: Shutting Down the Organize Crime Strike Forces

Despite assessments from senior law enforcement officers and experts on organized crime that efforts to control organized crime would be crippled, in December 1989, the administration of George Bush, Sr. abolished all 14 regional organized crime strike forces (McAlister, 1989: A 21; Struck out, 1990). The organized crime strike had been created as independent entities so they would not be subject to political influences or bureaucratic wrangling within federal law enforcement. In the two decades of their operation the strike forces had secured convictions of major organized crime figures in several U.S. cities (Struck out, 1990). It is at the very least curious to note that the federal strike force in Miami had been responsible for indicting Miguel Recarey, the man for whom Jeb Bush had intervened with regulators. Organized crime strike forces had similarly indicted Mario Renda, the organized crime liaison to the S& L’s, as well as several other key figures in the Savings and Loan Fiasco (Pizzo, Fricker, and Mulolo, 1989: 112, 120-123, 303, 337).

CONTINUED...

http://critcrim.org/critpapers/potter.htm

[UTUSN]

7. But i never scratched the surface of your cache!

[gldstwmn]

2. Neilsie was into some dirty business.

He spent a lot of time in Thailand IIRC. The distinctive Silverado building still sits at I-25 and Colorado Boulevard but it's called something else now.

[Kid Berwyn]

6. Paraguay, too, right next door to Rev. Moon's.

Lots of water there, among other things.



Here's Neil outside the presidential palace
with his (then) new friend, (then) current Paraguayan President Nicanor Duarte.
The president wanted to change Paraguay's constitution
to allow him to run for a second term.
It's never too late, for friends of the Bush network.
With help from Rev Moon's Swiss bank account and
Poppy Bush's swell Cuban friends,
that could easily be arranged.

Details:

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3183814

[gldstwmn]

9. God only knows what he was really up to there.

Meanwhile here's the lowdown on Thailand:
(snip)

When you're Neil Bush, you'll be sitting in a hotel room in Thailand or Hong Kong, minding your own business, when suddenly there's a knock at the door. You answer it and a comely woman strolls in and has sex with you.

Life sure is fun when you're Neil Bush, son of one president, brother of another.

Just how much fun was revealed in a deposition taken last March, during Bush's very nasty divorce battle. Asked by his wife's attorney whether he'd had any extramarital affairs, Bush told the story of his Asian hotel room escapades.

"Mr. Bush," said the attorney, Marshall Davis Brown, "you have to admit that it's a pretty remarkable thing for a man just to go to a hotel room door and open it and have a woman standing there and have sex with her."

(snip)

In 2002, for instance, Bush signed a consulting contract with Grace Semiconductor -- a Shanghai-based company managed in part by the son of former Chinese president Jiang Zemin. Bush's contractual duties consist solely of attending board meetings and discussing "business strategies." For this, he is to be paid $2 million in company stock over five years, plus $10,000 for every board meeting he attends.

"Now, you have absolutely no educational background in semiconductors, do you Mr. Bush?" Brown asked.
https://www.washingtonpost.com/archive/lifestyle/2003/12/28/the-relatively-charmed-life-of-neil-bush/388db316-f6b9-456e-8720-b4b2bf60a8ab/

[LetMyPeopleVote]

3. I remember Siverado and Neil Bush

[Kid Berwyn]

8. S&L deregulation, the dry run for the Banksters

From Sept. 28, 2008 — as the Great Bank Crisis began...

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

The Sting

In the best rip-off, the mark never knows that he or she was set up for fleecing.
In the case of the great financial meltdown of 2008, the victim is the U.S. taxpayer.
Going by the lack of analysis in Corporate McPravda, We the People are in for a royal fleecing.



Don’t just take my word about the current situation between giant criminality and the politically connected.

You see, there is evidence of conspiracy. An honest FBI agent warned us in 2004 about the coming financial meltdown and the powers-that-be stiffed him, too.

The story’s below. And it’s not fiction. It is true to life.

https://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4055207

[LetMyPeopleVote]

12. I represented a S&L that went into receivership and then represented one of buyer of these S&Ls

[louis-t]

4. I believe Neil loaned Jeb $3 million on a building that was worth

$500,000. He only had to pay back the $500,000 the building was worth. Am I getting that right?

[Kid Berwyn]

13. Thanks for the reminder: Jeb Bush got his beak wet.

From the handy summary by RationalRevolution:

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.

Source: http://www.rationalrevolution.net/war/bush_family_and_the_s.htm

The New York Times has a more complete, and forgiving, IMO, report:

A Savings and Loan Bailout, and Bush's Son Jeb

By Jeff Gerth, Special To the New York Times
Oct. 14, 1990

After Jeb Bush, a son of the President, and a partner bought a Miami office building using money an associate had borrowed from a local savings and loan, the Federal Government wound up repaying most of the loan.

The savings institution became insolvent, and the Government paid more than $4 million to make good the loan as part of the bailout of the savings industry. Mr. Bush and his partner negotiated a settlement with regulators in which they repaid $505,000 and retained control of the building. While they still have a $7 million mortgage to pay on that property, the settlement with the Government lifted from their backs a $4.565 million second mortgage.

There is no evidence that Mr. Bush or his partner improperly influenced the settlement process. Mr. Bush, in an interview, said he was a ''victim of circumstance'' and had no involvement in the settlement talks.

Mr. Bush invited a reporter to come to Miami to review the partnership's records. ''We have nothing to fear or hide about the transaction,'' he said.

Continues…

https://www.nytimes.com/1990/10/14/us/a-savings-and-loan-bailout-and-bush-s-son-jeb.html

Deregulated S&Ls became opportunities for legalized fraud for the selected few.

[JHB]

10. Hell, remember Dubya's entire business career

Every venture failed, but he kept failing upward thanks to a moderate ability to schmooze and a golden Rolodex.

It's good to be the son of the RNC chair/CIA director/Vice President.

[louis-t]

14. He ran 3 companies, none ever showed a profit.

He couldn't find oil in Texas, yet he became a millionaire after insider trading allowed him to sell his shares in the last company for $800,000. He took $200,000 and bought a house (that bought a lot of house in the '80s) and with the remaining $600,000, he was allowed to buy a 2% share of the Texas Rangers. His stated job there was in PR (bat day, etc) except that it was hoped that he could influence judges his father appointed while president to condemn property that would be used for a new stadium. Once he succeeded at that, he was given more stock. The value of teams was going up at the time especially if you had a new stadium (paid for by the taxpayers) and his take when he sold his interest in the team was $14 million.

[Duppers]

11. K & R

I remember and sometimes think about.

We shouldn't let the country forget all the horrible things the rethugs have done.