Word: thrifts
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Dates: during 1990-1999
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...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...
...bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush contends he is innocent of the charges, in which he is accused of failing to disclose his business relationships with developers who sought...
...among S&Ls and their biggest customers, the possible impact of political contributions in delaying crackdowns by regulators, even the deceptive lure of junk bonds and their king, Michael Milken. It is not a case history of nice guys being caught innocently in an oil bust, as the defunct thrift's managers often claim. It is a study in greed, deceit and profiteering...
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...
When the small thrift ran into trouble during the inflationary climate of the mid-1970s, it was taken over by Denver businessman James Metz, who saw the sleepy S&L as the future flagship of a financial empire. He named himself chairman and hired Wise, an S&L marketing whiz from Columbia Savings in Kansas, to run the company. The nattily dressed Wise wasted no time in transforming Mile High's small-town image. He launched an ambitious expansion drive, unveiled plans for a glass-and-steel headquarters downtown, and renamed the company Silverado, evoking the dreams of prospectors...