General Question

fireside's avatar

Wasn't there a Bush in the middle of the Savings and Loan scandal in the 80s?

Asked by fireside (12302points) September 20th, 2008

I just read that Jeb Bush was hired by Lehman Brothers a year ago

Does it seem highly coincidental to anyone else? Any one know more details about the last big fallout?

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10 Answers

JackAdams's avatar

There has been a BUSH responsible for pretty much everything that has gone wrong in this country, since the 1950s.

PupnTaco's avatar

Was it Neil?

dalepetrie's avatar

W’s brother Neil was the Director of the Silverado Savings and Loan which collapsed in 1988 amid the Savings and Loan crisis, costing taxpayers $1.3 billion. Neil was accused of giving himself a loan from Silverado but denied all wrongdoing. He was investigated by the US Office of Thrift Supervision as part of their inspection of Silverado, and ultimately was found to have committed numerous breaches of his fiduciary duties involving multiple conflicting interests. He was not indicted on criminal charges, but did settle a civil suit with the FDIC wherein he had to pay $50k of a settlement levied against him and other directors of Silverado. He paid a $50k fine and was banned from banking activities for approving $100 million in bad loans to a couple business partners, wherein he signed off on the loans and did not inform fellow board members that these were his business partners. In 1991, he and other Silverado directors settled a suit with the Resolution Trust Corporation (the corporation charged with fixing the S&L mess) to the tune of $26.5 million.

Long and short, the banking crisis that happened under the watch of Bush Sr., involving one of Bush’s sons and the current Republican nominee for President only cost the taxpayers a mere $160 billion…the banking crisis happening under the watch of Bush Jr. involving another of Bush Sr.‘s sons is going to cost us $700 billion.

tWrex's avatar

I don’t know if there was a bush, but it appears there is some type of shrubbery in front of Lehman Brothers. It very well be in the middle of the savings and loan, but without a blueprint or street level view I can’t be sure. HTH.

shrubbery's avatar

tWrex, that happens to be my cousin, thankyouverymuch, and I’m not sure she’d want you posting pictures of her on the internet without her permission.

tWrex's avatar

@shrubbery LoL My bad. I blame google! I found her there!

shrubbery's avatar

It’s all good. I hadn’t seen her for a while so it was a nice surprise to see her flowers there :P

jballou's avatar

Gotta love scapegoating.

MarshallO's avatar

@dalepetrie: You’ll notice that the Bush family hasn’t acknowledged Neil’s existence in years!

dalepetrie's avatar

So Marshall, you don’t think they’re readying him for a 2012 run? Or will Jeb have to have his 8 years first?

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