Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Moderate Forum -- Ignore unavailable to you. Want to Upgrade?

To: tsigprofit who wrote (1644)	5/28/2003 1:25:54 PM
From: tsigprofit	Read Replies (1) \| Respond to of 20773

Neil Bush - Silverado - cost US taxpayers $ 1 billion NEIL MALLON BUSH, Dubyah's brother and the former Chief Executive's third son, is known in the Bush family circle as Mr. Perfect, and his record of questionable financial dealings is said to be flawless. "The fact that he's the President's son probably hasn't simplified his life," explained George Bush Sr. in an attempt to minimize his third son's inability to distinguish right from wrong. "I did nothing wrong," insisted Neil Bush in response to the investigations of his self-described "incredibly sweet" deals as a director of the gutted Silverado Banking, Savings & Loan Association. The charges against him, Neil asserted, were "insignificant." Actually, taxpayers had to shell out a significant $1 billion to bail out Silverado. Neil received a $100,000 "loan" from high-roller Ken Good, of Good International, with no obligation to pay any of the money back. Good was a big-fish shareholder in JNB Explorations, Neil Bush's oil-exploration company, the one that "successfully" drilled 30 wells without ever striking oil. Neil forgot to mention that the money was to be used in joint venture with his own JNB. He later petitioned fellow Silverado board members to extend to Good International a $900,000 line of credit. Good reneged on $32 million in loans from Silverado, while Neil Bush kept quiet about Good's promise of $3 million for JNB. Good subsequently raised Bush's JNB salary from $75,000 to $125,000 and granted him a $22,500 bonus. These dealings presented no conflict of interest? At least not to the interests of Neil Bush. Neil approved $106 million in Silverado loans to another heavy JNB investor, Bill Walters. Neil never formally disclosed his relationship with Walters, who defaulted on the entire outlay. Neil, stung, after being told that he must agree not to violate thrift regulations in the future, is reported to have said, "I'm not going to be bullied by an overzealous agency of the United States government." "It's inconceivable Neil Bush did anything wrong," proclaimed Representative Jim Leach (R-Iowa), a member of the House Banking Committee.( Hmmmmmmmm!!!)