Missing the Point about "Silverado" Neil Bush

[UpInArms]

1. The news about Silverado savings broke on August 1 ...

I always thought that the initial invasion of Iraq was to crowd that off the front pages

https://www.history.com/this-day-in-history/bush-orders-operation-desert-shield

AUGUST | 7 1990

On August 7, 1990, President George Herbert Walker Bush orders the organization of Operation Desert Shield in response to Iraq’s invasion of Kuwait on August 2. The order prepared American troops to become part of an international coalition in the war against Iraq that would be launched as Operation Desert Storm in January 1991. To support Operation Desert Shield, Bush authorized a dramatic increase in U.S. troops and resources in the Persian Gulf.

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https://archive.seattletimes.com/archive/19900801/1085550/the-savings-and-loan-scandal----neil-bush-stands-in-shattered-ruins-of-denver-thrift

Aug 1, 1990

Five years later, Bush stands amid the wreckage of reputations and fortunes from one of the 10 biggest thrift failures in the country, battling efforts to transform him into a symbol of the entire savings-and-loan scandal. He faces administrative charges that he violated banking regulations in the way he handled Silverado's transactions with his business partners. The Federal Deposit Insurance Corp. (FDIC) yesterday said it will decide within the next two months whether to file suit against him and other directors to recover some of the estimated $1 billion cost of liquidating Silverado.

Even if Bush wins his case with the regulators - as he insists he will - the consequences of his Silverado days are still steep: a political embarrassment for President Bush and the Republican Party, a cloud of uncertainty over whatever political future he himself might have had, a year of his life lost to the controversy.