Birds of a feather flock together… even today: … Silverado Savings and Loan[edit] Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, the son of then Vice President of the United States George H. W. Bush, was on the Board of Directors of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.[29] The U.S. Office of Thrift Supervision investigated Silverados failure and determined that Neil 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, The Washington Post reported.[30] As a director of a failing thrift, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners.[31] Neil Bush paid a $50,000 fine, paid for him by Republican supporters,[32] and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. An RTC suit against Bush and other Silverado officers was settled in 1991 for $26.5 million. Scandals[edit] Jim Wright[edit] See also: Jim Wright On June 9, 1988, the House Committee on Standards of Official Conduct adopted a six-count preliminary inquiry resolution representing a determination by the committee that in 69 instances there was reason to believe that Rep. Jim Wright (D–TX) violated House rules on conduct unbecoming a Representative.[33] A report by special counsel implicated him in a number of influence peddling charges, such as Vernon Savings and Loan, and attempting to get William K. Black fired as deputy director of the Federal Savings and Loan Insurance Corporation (FSLIC) under Gray. Wright resigned on May 31, 1989, to avoid a full hearing after the Committee on Standards of Official Conduct unanimously approved a statement of alleged violation April 17.[33][34] Keating Five[edit] See also: Keating Five On November 17, 1989, the Senate Ethics Committee investigation began of the Keating Five, Alan Cranston (D–CA), Dennis DeConcini (D–AZ), John Glenn (D–OH), John McCain (R–AZ), and Donald W. Riegle, Jr. (D–MI), who were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., chairman of the Lincoln Savings and Loan Association….(read more at link posted below)
Posted on: Thu, 25 Dec 2014 16:33:12 +0000
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