Word: loaned
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Dates: during 1990-1999
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...Neil Bush a guileless victim of Denver's hard-charging financial sharpies or a willing accomplice? In the view of government regulators, Bush and 10 other former directors and officers of Denver's failed Silverado Banking, Savings and Loan are guilty of "gross negligence" and should pay $200 million in restitution for contributing to the S&L's collapse. As the President's outgoing, personable third son faces a separate disciplinary hearing this week in a Denver courthouse, federal investigators will accuse him of violating conflict-of-interest regulations while serving as a $12,000- a-year Silverado director...
...crafty moneymen not only bought stock in Bush's company and gave him a $100,000 loan he did not have to repay but also consented to lavish compensation that Bush awarded himself from his failing company. According to thrift and real estate sources, Bush drew a salary of $120,000 a year, earned undisclosed bonuses and had a comfortable expense account...
These operators were not on the scene in 1956 when Denver builder Franklin Burns, cashing in on the postwar housing boom made possible by the GI Bill, set up a friendly little thrift that eventually became Mile High Savings and Loan. He was doing just what Congress had envisioned when it carved out a role for S&Ls in the early 1930s. Limited by law to making home loans and earning the narrow profit margins provided by a relatively stable real estate market, Mile High was helping propel the great American Dream of home ownership for everyone...
...public relations firm to burnish his image and put a speechwriter on the Silverado payroll. "I remember him standing up in white tie and tails and pledging $100,000 of Silverado's money to the Denver Symphony," recalls an associate. Chuck Henning, former executive director of the Colorado Savings & Loan League, notes that "Wise was image-conscious and was going through all the proper steps; he was close to ((federal regulator)) Kermit Mowbray, head of the Home Loan Bank Board in Topeka, and everybody figured he was being groomed to become president of the U.S. League of Savings and Loan...
...self-assured Wise, who contributed handsomely to political campaigns, enjoyed the support of such influential officeholders as Colorado's Democratic Congressman Timothy Wirth, who later graduated to the Senate. Wise served two terms on the board of the Federal Home Loan Bank of Topeka, which regulates thrifts in the region. He even served as chairman of the regulatory policy committee for the U.S. League, the most influential S&L lobbying group. Openly, the League poured millions of dollars into political campaigns through its PAC. Says Edwin Gray, former chairman of the Federal Home Loan Bank Board: "I don't think...