Silverado Savings & Loan
Neil Bush was a member of the board of directors of Denver-based Silverado Savings and Loan during the 1980s' larger Savings and Loan crisis. As his father, George H.W. Bush, 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 $1.3 billion.
The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous "breaches 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 the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement.
A Republican fundraiser set up a fund to help defer costs Neil incurred in his S&L dealings.
Read more about this topic: Neil Bush
Famous quotes containing the word loan:
“Slight was the thing I bought,
Small was the debt I thought,
Poor was the loan at best—
God! but the interest!”
—Paul Laurence Dunbar (1872–1906)