Word: wises
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...going on. But as David Paul, Colorado's financial-services regulator, told a congressional panel, "Silverado spared no expense to convince the regulators of their prudence." Paul said Silverado had brought "enormous management, consulting, accounting and legal resources to bear to rebut regulators' concerns." And the fast-talking Wise had the ear of Mowbray, the chief regulator in Topeka, who seemed to give Silverado the benefit of every doubt...
...Wise was well connected, and so were the real estate honchos who were part of the Silverado juggernaut: Walters, Good and Mizel. Walters had his own bank and a high profile as an extravagant political contributor. Mizel and his M.D.C. Holdings dominated the Denver housing market. He reinforced his clout with hefty political contributions to local, state and national politicians. In 1986 he was host at a luncheon attended by President Reagan and raised $1 million for the Republican Party...
...despite the constant barrage of denials, inventive legal interpretations and outside expert opinions lofted by Wise and his officers, state and federal examiners had compiled a disturbing account of Silverado misdeeds. But Silverado seemed to be leading a charmed life: the thrift was merely warned about its wayward banking methods and allowed to keep operating...
...Wise was the fair-haired boy of the S&L industry, responsible for targeting political contributions and praised for his audacious and inventive methods of attracting deposits. Then too, the thrift's biggest customers were major political contributors. Good donated at least $100,000 to the Republican Party in 1988 after defaulting on his huge Silverado loans. "Good walked away from tens of millions of dollars in financial obligations, leaving taxpayers to clean up the mess, but he could find $100,000 to buy influence with the Bush Administration," complained Colorado lawyer Carlos Lucero, a former Democratic candidate...
...this time Silverado managers had little doubt about what was coming, even though their doors were still open. In January 1988 Wise asked the board of directors, including Bush, to sign a letter to the federal regulators asking that Silverado's charter be amended so they could take advantage of a state law under which corporate boards can exempt themselves from personal liability if they are found to have breached their fiduciary duties...