Word: silverado
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...Sometimes it appears that guys like Walters and Good used Silverado like their personal piggy bank...
...Well, there is a record of so-called quid pro quo deals, in which borrowers allegedly received favorable treatment from Silverado on loans in exchange for using extra cash to buy Silverado stock and other business interests...
With the release of government documents spelling out the conflict-of- interes t allegations, and reports that the Federal Deposit Insurance Corporation (FDIC) might file a $200 million civil suit against him and the other officers and directors of Denver's Silverado Banking, Savings and Loan Association, Neil Bush replaced Charles Keating as the S&L poster boy. His father interrupted his final press conference at the Houston economic summit to defend the besieged 35-year-old Denver businessman. "What father wouldn't express a certain confidence in the honor of his son?" asked the President as his voice cracked...
Despite his lack of success as a wildcatter, Bush became an outside director of Silverado in 1985. Although he says the officers and other directors of the bank were aware of his connections to Walters and Good, the knowledge seems to have been spotty. The Office of Thrift Supervision has accused Bush of "one of the worst kinds of conflict of interest" for not disclosing that he would benefit from extending a $900,000 line of credit to Good for an Argentine oil- exploration deal. Bush argues -- and has documents to corroborate the claim -- that everyone knew...
...conflict-of-interest violation when Good in 1986 asked the board to restructure $14 million in loans on troubled real estate projects. According to the agency, Bush should have told the board that Good had just signed an agreement with JNB contemplating a further cash infusion of $3 million. Silverado lost at least $13 million on the restructuring. Bush argues in response that the directors of Silverado knew more about Good's liquidity than he did. The OTS also cites Bush for not abstaining from voting on transactions involving Walters. But Bush claims the law did not require...