Thursday, March 7, 2013
Historical Tidbits from the History of Corrupt Americans
A Savings and Loan Bailout, Corrupt Prescott Bush's Grandson and Corrupt CIA Bush's Disgusting Corrupt Son Neil. How well it runs in the family.
Corrupt Neil became director of Silverado Savings and Loan at the age of 30 in 1985. Three years later the institution was belly up at a cost of $1.6 billion to tax payers to bail out. That is right, 1.6 Billion!!! Damn!! Neil should have gone to prison for for that Fraud and Scam, but since the family was into politics, he paid a fine and things were hush hushed.
So, here is what happened:
Neil received a totally free $100,000 "loan" from Ken Good, of Good International. In the Scam and Fraud world this is known as "Front Money" to get the scam rolling. It was insurance for Neil that if the scam failed, he would make some money.
Ken Good was a large shareholder in JNB Explorations, Neil Bush's oil-exploration company. I describe this as a "Friend of a Friend" in my book. There are a lot of these Friend of a Friend deals in the Republiscam world.
Neil Bush totally failed to disclose this ongoing "conflict-of-interest" when loans were given to Good from Silverado S&L, because the money was to be used in joint venture with his own JNB.
I guess you could call this corrupt action by Neil as giving himself a loan from Silverado via a third party. Corrupt as hell, but you can make lots of money this way.
Neil then helped Silverado S&L approve Good International for a $900,000 line of credit. Oh Boy!
Good then, as planned, defaulted on a total $32 million in loans from Silverado.
During this time Neil Bush did not disclose that $3 million of the $32 million that Good was defaulting on was actually for investment in JNB, his own company. Why report it, as you can go to jail for that?
Good as a major shareholder then raised Neil Bush's JNB salary from $75,000 to $125,000 and granted him a $22,500 bonus.
Conflict of Interest? Hell, Yes!
Neil approved $106 million in Silverado loans to another JNB investor, Bill Walters. Another "Friend of a Friend."
As before, Neil Bush also never formally disclosed his relationship with Walters, as he could go to jail for that. Walters also quickly defaulted on his loans for about $106 million. It would be foolish to pay back any of the money you are trying to scam.
When Neil Bush finally admitted that he and others who were in on the ongoing scams had bankrupted the S&L, Federal Auditors charged Neil with obvious criminal wrongdoing in the case. I mean, this is a Slam Dunk Case. Neil should have been in prison for life considering the severity of the crime. Of course, as we know, Republiscams who are convicted usually go to nine hole Federal golfing resort to spend only a couple of years in a "No lockup facility" with open family visitation and even a means to conduct business as usual from your "home away from home."
Of course, since Neil's father was CIA Bush, Neil only had to pay $50,000 to settle out of court. His net illegal profit was probably close to 60 Million Dollars if you consider that "Friends of Friends" usually split with you Fifty Fifty on any illegal profit gained. That money usually goes into Off Shore Bank Accounts and nobody is the wiser.