Word: loaning
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...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...
...take advantange of that $100,000 insurance fast," says Hemming. Wise opened an office that did nothing more than generate new deposits by telephone solicitation. He advertised market- breaking high interest rates called the Silverado Prime. But paying those rates meant Silverado had to get a higher return on loans. To do this, Wise and Metz gradually moved Silverado out of the home-loan market, abandoning small local builders and buyers in favor of big depositors and even bigger developers...
...Silverado executive: "They began playing musical chairs with their auditors, and all kinds of things were going on between the federal regulators and management because of the dubious appraisals on property. Silverado would lend a developer $10 million, plus the money he needed to pay the interest on the loan, and then when the developer came back in a year after repaying nothing, they would roll the whole loan over and give him more money on top to pay new fees and interest. When inside auditors complained about irregularities, they ((the auditors)) were hushed...
...lavish parties, and they had become friends. Good opened a $750,000 line of credit for Bush, promised more and flashed visions of wealth before his new chum. He even lent Bush $100,000 to invest in a hot commodities tip. The tip fizzled, and Good forgave the loan, an arrangement Bush later acknowledged as "fishy...