Reply to Chelsea Clinton's husband closing Greek-focused hf after losing 90% of investors asstes

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[quote=Anonymous]S&L crisis in the 1980s...Neil Bush....George H. W. Bush used taxpayer money to bail him and the industry out.

Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush was on the Board of Directors of Silverado at the time. Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.

The U.S. Office of Thrift Supervision investigated Silverado's 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 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.

Neil Bush paid a $50,000 fine, paid for him by Republican supporters, 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.[/quote]

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