Thursday, March 10, 2016

O.M.G.

Brilliant. Just brilliant.

Tell me these people don't all work together to screw the general public and put taxpayer money in their own pockets.




Neil Bush. That other son nobody talks about ever since that S&L business.
Neil served as a director of Silverado Banking, Savings and Loan in Denver, Colorado, from 1985 until 1988. During that time, the now-dead thrift made over $200 million in loans to Neil's two partners in JNB Exploration, Neil's abysmally unsuccessful oil company. Silverado's failure was due at least in part to the fact that Neil's two partners welshed on $132 million in loans.

Federal regulators determined that, while Silverado was pumping loans to Neil's two associates, Neil was completely dependent on the two men for his income. The failure of Silverado -- its closure delayed until after the 1988 election -- cost taxpayers about $1 billion. After almost two years of hand-wringing had passed, an expert hired by regulators declared that Neil suffered from an "ethical disability," and he was required to pay a $50,000 fine for his ethical lapses at Silverado. Neil's estimated $250,000 in legal bills generated by the scandal are reportedly being paid for him by a banking-industry lobbyist who is fighting to get banks deregulated.

  Bush Family Values - Mother Jones 9/1/1992
But that's not his only financial qualification:
After Silverado failed, Neil started a new oil company, Apex Energy. This time, his money came from a $2.35 million loan through a Small Business Administration program, a loan arranged by an old family friend. When news of this reached the press in March 1991, the SBA discovered that the companies through which the loan was approved were technically insolvent, and it gave them up to thirty months to "self-liquidate." This meant that Apex would have to repay its SBA-guaranteed loans. Neil took this as his cue to move on, and he left Apex -- and its debts -- for others to worry about.
Bush Family Values.

...but hey, do what you want...you will anyway.

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