Word: apex
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Dates: during 1990-1999
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...trail led them to Louis Marx Jr., a New York City financier. Marx, an heir to a toymaking fortune, supplied Bush with $2.3 million in government- guaranteed financing to bankroll Apex Energy, an oil exploration firm the President's son started in May 1989. Marx's venture-capital firms were declared insolvent a year later, triggering a $25 million federal bailout. As a result, taxpayers may once again have to underwrite a Neil Bush venture. Bush financed his earlier firm, JNB Exploration, with loans from two Silverado customers whose $130 million in defaults helped escalate the cost...
Bush folded the money-losing JNB in 1989 and immediately launched Apex with financing from two Small Business Investment Corporations that Marx controlled, Wood River Capital and one of its subsidiaries. Marx started Wood River in 1979 with $15 million in private capital and a $30 million line of credit from the Small Business Administration. The Marx companies bought a 49% stake in Apex for $1.5 million and loaned it an additional $850,000 in SBA- guaranteed money...
Wood River defends its financing of Bush, which was handled personally by Marx. "The investment in Apex was made for good business reasons, and not because Bush was the President's son," says Wood River spokesman Don Dwight. Yet Marx also contributed more than $100,000 to the senior Bush's presidential campaign...
...views the Bush financing as legitimate, but the House Small Business Committee has launched an investigation. "We want to know how much money of their own Neil Bush and his partner, Brant Morse, invested in Apex," says a senior staff member of the committee. Wood River's failure is just one in a long list of Small Business Investment Corporation insolvencies totaling $500 million in the past five years, a record that has prompted the agency to overhaul the rules for such guarantees...
...women. For them, the Army represents not only a job and a training opportunity but also a better chance to rise to positions of authority than they usually find in the civilian world. Colin Powell, the African-American Chairman of the Joint Chiefs of Staff, stands at the apex of a military hierarchy in which 26 of the Army's 407 generals are black -- including two of its three female generals...