imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Tell the NSA: StopWatching.US

Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles
link:

Bush FAmily and the Savings and Loan Scandal

by rationairerevolution.net Wednesday, Jan. 07, 2004 at 10:41 AM

A very important unreported -by-major-press segment of Bush family criminal history, their involvement in the theft of 1.4 TRILLION dollars from US treasuries, that will cost American taxpayers 32 BILLION dollars a year for many years. And now, since they have elevated themselves and their cronies to positions of higher office ( Hey Arnold!), they are able to steal legally, and mete out millions and billions in no-bid contracts to their friends in oil, construction, drugs,in illegally using US military for their own profit, in manufacturing illegal, avoidable, unecessary wars, as with Afghan, Iraq, and benefiting Halliburton, Bechtel, ( of which the Bin-LAdens own 10%), , DOD goliath Carlyle Group, ( also serving CIA and Arab shareholders,of which the Bin-Ladens themselves were original shareholders along with Bush's, until just after 911), and who has now ventured into ownership of new, trackless, easily hackable, electronic voting machines,( Hey Arnold!) and Fluor, and Bayer, and Biport, ( the only manufacturer of Anthrax vaccine, also part Arab-owned)-and also the huge CIA mercenary front DynCorp. which is also involved in child-prostitution, women's sexual slave-trafficking, and drugs.- Can you spell New World Mafia? ( And by the way, I'm not just pickin' on Arabs, Jew-American mobster Alvin Malnik, friend of saudi Princes and the mob owner ( Hilliard's) of Jeb Bush associated CIA terrorist flight school in Venice, Florida, who has also provided M. Jackson with his own lawyers is also a party to the high-level criminal-poliical fraud bed, as seems the Rothschild's, who backed Arnie and who also just happen to own lion's share of new voting systems. - Yours in spirit of truth and Christ, and persecuted Christian threatened by the company-mob-Fed coalition with false arrest, imprisonment, "shipment", sales into slavery. Any attorneys out there can help an honest, capable,caring, lady in distress?V. Smith

The Bush family and the S&L Scandal



Neil, George Jr., George Sr., and Jeb Bush

The Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates.  Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.

In the early 1980s, under Reagan, regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.

A history of the S&L situation can be found here:

http://www.fdic.gov/bank/historical/s&l/

What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.

The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of funds became easy, rampant, and went unchecked.

Additional facts on the Savings and Loan Scandal can be found here:

http://www.inthe80s.com/sandl.shtml

There are several ways in which the Bush family plays into the Savings and Loan scandal, which involves not only many members of the Bush family but also many other politicians that are still in office and still part of the Bush Jr. administration today.  Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars (note that this is about one quarter of our national debt).

Between 1981 and 1989, when George Bush finally announced that there was a Savings and Loan Crisis to the world, the Reagan/Bush administration worked to cover up Savings and Loan problems by reducing the number and depth of examinations required of S&Ls as well as attacking political opponents who were sounding early alarms about the S&L industry.  Industry insiders were aware of significant S&L problems as early 1986 that they felt would require a bailout.  This information was kept from the media until after Bush had won the 1988 elections.

Jeb Bush defaulted on a $4.56 million loan from Broward Federal Savings in Sunrise, Florida. After federal regulators closed the S&L, the office building that Jeb used the $4.56 million to finance was reappraised by the regulators at  $500,000, which Bush and his partners paid. The taxpayers had to pay back the remaining 4 million plus dollars.

Neil Bush was the most widely targeted member of the Bush family by the press in the S&L scandal.  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.

The basic actions of Neil Bush in the S&L scandal are as follows:

Neil received a $100,000 "loan" from Ken Good, of Good International, with no obligation to pay any of the money back.

Good was a large shareholder in JNB Explorations, Neil Bush's oil-exploration company.

Neil failed to disclose this conflict-of-interest when loans were given to Good from Silverado, because the money was to be used in joint venture with his own JNB.  This was in essence giving himself a loan from Silverado through a third party.

Neil then helped Silverado S&L approve Good International for a $900,000 line of credit. 

Good 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.

Good subsequently raised Bush's JNB salary from $75,000 to $125,000 and granted him a $22,500 bonus. 

Neil Bush maintained that he did not see how this constituted a conflict of interest.

Neil approved $106 million in Silverado loans to another JNB investor, Bill Walters.  

Neil also never formally disclosed his relationship with Walters and Walters also defaulted on his loans, all $106 million of them.

Neil Bush was charged with criminal wrongdoing in the case and ended up paying $50,000 to settle out of court.  The chief of Silverado S&L was sentenced to 3.5 years in jail for pleading guilty to $8.7 million in theft. (Keep in mind that you can get more jail time for holding up a gas station for $50.)

Today Neil Bush is working on closing a deal in Florida, where his brother Jeb is governor, to sell a software package to schools with his startup company Ignite.

Update 11/28/2003: Some of Neil Bush's business deals have been exposed in his recent divorce case. For more on this see:

http://www.truthout.org/docs_03/112703A.shtml

It should also be noted that shortly after news of Neil Bush’s involvement in the S&L scandal hit the press his father, George Bush Sr., announced the Desert Storm campaign in Iraq, which subsequently had the result of making Neil’s name quickly fade from the headlines. In addition, while Neil Bush's divorce proceeding were exposing more backroom Bush dealings, America was once again bombarded war propaganda for Operation Iraq Freedom.

The S&L scandal is by no means the only incident of questionable, and actually illegal, financial activity that the Bush family has been involved in. The line of questionable, illegal, and unethical businesses practices goes back at least to Prescott Bush Sr., George Bush Sr.’s father.  Prescott Bush was a Senator from 1952 – 1963.  Previous to his time as a Senator Prescott was a banker and businessman.  Prior to the American entry into WWII Prescott Bush was director of Union Banking Corporation. Union Banking Corporation helped to finance Hitler’s regime. The Concentration Camps of Nazi Germany were labor camps that the Nazis used to make products for their regime as well as for sale to raise money.  Prescott profited directly from the Auschwitz labor camp.

In 1942, after Hitler declared war on America the United States government seized the Union Banking Corporation under the Trading with the Enemy Act as a front operation that was supporting the Nazis. Much of the profits from the operation were already pocketed by Prescott however, and $1.5 million was put in a trust fund for George Bush Sr.

For more on Prescott Bush's ties to the Nazis see:

http://www.nhgazette.com/cgi-bin/NHGstore.cgi?user_action=detail&catalogno=NN_Bush_Nazi_2

The issues of WWII will be revisited again later.

This is actually just the tip of the iceberg as far as the Bush family and business dealings are concerned, the topic is a book in itself.  In the interest of brevity I invite you to research the Bush family business ties yourself, including those in Saudi Arabia, where George Bush made millions as an oil well developer, and George Bush’s $14 million deal when he sold the Texas Rangers, while leaving tax payers footing the bill.

For more on the Bush family and financial scandal see:

http://www.campaignwatch.org/details.htm
Previous Next Contents

This page is a part of This War Is About So Much More. This document should be read in the order that it is presented. If you are coming to this page from an outside source, such as a search engine, and you are interested in how this information relates to Operation Iraqi Freedom, then please start at the Forward. In addition, if you have been directed here from an outside search engine then you may want to re-search this website with the same criteria because it is likely that this website contains additional information on the same topics.
Search
www rationalrevolution.net


Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

KPFK programmer writes subscribers & updates info: A31 4:31PM

KPFK is in double trouble, credit cards misused, and... A24 3:48PM

WW Broad & The War On Public Education In LA A19 8:05AM

KPFK= more. Tired of the turmoil? we are too. A18 4:22PM

KPFK Work Reductions ....signs of an ending now, so soon ? A18 10:30AM

kPFK under threatening duress - even to it's long-established staff by new Gen'l Mgr A16 8:46PM

Secretive Glonvec weapons manufacturer in town A13 9:21AM

KPFK in MeltDown.NOW. A11 11:31AM

KPFK RADIO is essential to Pacifica, who also umbrellas KPFA that may be falling away A07 7:26PM

More Local News...

Other/Breaking News

Eternity Warriors 4 Heros Call Hack S05 5:11AM

Low-Wage America S05 3:04AM

Over 100,000 Brits Want Netanyahu Arrested S05 2:48AM

False Reports of Russian Military Intervention in Syria S04 11:50AM

Western Support for Israeli State Terror S04 11:21AM

Suppernanny, Jo Frost Tour Casting S04 6:18AM

Bina Warren S04 6:14AM

Israel's Failed Anti-Iranian Nuclear Deal Campaign S04 5:43AM

Vladimir Putin Straight Talk S04 3:01AM

Probabilités de fin d'humanité S04 1:15AM

The Shortwave Report 09/04/15 Listen Globally! S03 5:21PM

Obama's Covert Drone War on Syria S03 11:23AM

Philippines: Bongbong’s whitewashing of Marcos name anathema to 2016 plans S03 5:30AM

Guatemalan President Resigns: Faces Corruption Charges S03 5:11AM

Veto-Proof Senate Margin Achieved for Iran Nuclear Deal S03 12:38AM

La pensée conditionnée S02 11:36PM

The truth of our time S02 7:12PM

Kurt cobains half brother hit and the mom of Kurt brown. Saint ram bone S02 2:09PM

Dollar As World's Reserve Currency Threatened S02 10:43AM

More Lawless US Sanctions on Russia S02 10:20AM

New Israeli Police State Measure S02 3:51AM

Gaza: A Socioeconomic Dead Zone S02 1:46AM

Dream ending for circus lions rescued in South America: Huge airlift to take 33 lions home S01 4:49PM

Crying for the USA disabled groups 2015 S01 1:00PM

fbi/cia dirty business S01 12:12PM

Puerto Rico’s Religious Leaders Call for Debt Relief and End to Austerity S01 11:55AM

Venezuela Reveals New Evidence Against Opposition Leader Leopoldo Lopez S01 4:29AM

Violence and Instability on Russia's Border S01 2:50AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy