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 - json 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

Water in California - info proliferated now is dubious J28 5:04PM

Pacifica clearly endangered. Reposting info here: J28 2:34PM

Video: Occupy Love (2013), 1 hr 19 min J28 4:43AM

Who declares themselves to be the ultimate-only-valid-authority here on current wars elsew J27 11:11AM

MDRC's Rent Reform Assault: Section 8 tenants vs. affordable housing industry J24 12:24AM

Obama at LA Trade Tech J23 3:23PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 6:33PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 5:48PM

Los Angeles Joins World Wide Protest Against Israeli Aggression J22 5:28PM

Protest Israeli Shelling of Gaza J21 1:58AM

#SaveTheInternet Rally J20 11:24AM

PACIFICA is shify-ing more J18 8:55PM

Radical Women Study Group J16 4:43PM

KIDS REPLANT WILSHIRE FRUIT TREES UPROOTED BY VANDALS J16 2:34PM

Emails Needed by Thursday, July 17 to Save the South Central Farm (Again) J15 4:40PM

Is AFT Pres Weingarten On The Take? J12 7:45AM

LA Living in Vehicle Law Found UnConstitutional J11 12:22PM

KPFK News covers the Che Cafe struggle J10 9:33PM

Public Comment on South Central Farm Site J07 10:44PM

Successful Protest at new Burbank Hobby Lobby on 4th J06 5:17PM

Protesters Violently Arrested in Murietta J05 12:44AM

Gallery Opening Highlights Journalist’s Creativity, Insights, and Passions J03 11:52AM

Indymedia On Air - Che Cafe show J02 10:27AM

Save the Che: Letter from Zack de la Rocha J29 8:47PM

Political Thriller Citizen Koch Premieres in Los Angeles J28 2:35AM

Veteran and Families of Military hold Press Conference J18 7:36AM

Furious Homeowners Occupy Lobby of Fannie Mae in Pasadena J16 4:15AM

Change Links Revival J12 12:09PM

More Local News...

Other/Breaking News

Our Land, Our Business J29 4:40PM

Argentina Braces For Default J29 12:09PM

Back To School Fair J29 11:43AM

Dirt Dog J29 11:19AM

Christian Zionism: The Heresy that Undermines Middle East Peace J29 7:53AM

Memorandum 2014 J29 4:01AM

Paraphysique de la violence J28 9:49AM

Philippine President told: Re-energize the campaign for reforms J28 3:23AM

Panthers in the Hole: French Angola 3 Book Illustrates US Prison Crisis J27 12:13PM

¡Abajo las nuevas exacciones criminales de Israel! J27 11:41AM

looks ok to me... J27 10:32AM

Down with the latest criminal abuses by the Israeli State! J27 10:21AM

THE BOOK OF JOSHUA | ZIONAZIS J26 9:52PM

Video: Left Forum on Thomas Paine 1 hr, 23 min J26 4:21PM

Surpopulation et paupérisation J26 9:13AM

AVAAZ_GAZA_war crimes J26 8:07AM

Israeli-Palestinian Science Organization (IPSO) Struggles for Peace J26 8:02AM

Snake Valley Festival in Baker NV fights SNWA ‘Water Grab’ J26 6:59AM

Nuclear Bomb LA 1983, Revelations tortured Witness Recovers from 14 year coma J25 7:52PM

The Shortwave Report 07/25/14 Listen Globally! J24 5:00PM

Come for the education, Stay for the fun at the OC Health & Wellness Fair J23 10:59PM

Philippine president signs law requiring tobacco companies to put graphic health warnings J23 3:55AM

Rockets found in Gaza school J22 10:57PM

Statement on the Gaza Genocide J22 8:32PM

Capitalism and War: Pope Francis J22 4:18AM

Geekouts Link's for June and July 2014 J22 1:14AM

ADI holds Week of Action Against Circus Suffering J21 11:41AM

phantom protests J21 7:35AM

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