On 8/1/2015 3:50 AM, jmcquown wrote:
There are several ways in which the Bush family plays into the Savings
and Loan scandal, which involves not only many members of the Bush
family but also many other politicians that are still in office and
still part of the Bush Jr. administration today. Jeb Bush, George Bush
Sr., and his son Neil Bush have all been implicated in the Savings and
Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars
(note that this is about one quarter of our national debt).

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.