Missing the Point about "Silverado" Neil Bush

[Kid Berwyn]

11. GHWBush DoJ did not prosecute Neil Bush's billion dollar fraud.

Which is a lot better for a billion dollar thief than a pardon.

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Neil Bush, others settle Silverado lawsuit for $49.5 million

By HENRY DAVID ROSSO
UPI

WASHINGTON -- President Bush's son Neil and 10 other former officials of the defunct Silverado Banking, Savings and Loan have tentatively agreed to pay nearly $50 million to settle a lawsuit stemming from the thrift's 1988 failure, an official said Thursday.

Alan Whitney, a spokesman for the Federal Deposit Insurance Corp., which had sued Silverado, said the settlement calls for the defendants to pay the FDIC $26.5 million. Additionally, he said, the FDIC will take over the $23 million Silverado Indemnity Fund. The $49.5 million total is less than a quarter of the $200 million in damages the FDIC had sought in its lawsuit, filed last fall.

Snip…

The government's suit was filed in Denver last September just days before Neil Bush was to appear before an administrative law judge to defend himself against charges he violated conflict-of-interest laws while serving as Silverado director.

The FDIC claimed the former officers and directors of Silverado breached their fiduciary duty and were grossly negligent in their duties. Douglas Jones, the FDIC's senior deputy general counsel, said at the time, 'Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals.'

The suit alleged that former Silverado officers made improper loans and investments that were approved by the directors.

Continues…

https://www.upi.com/Archives/1991/05/30/Neil-Bush-others-settle-Silverado-lawsuit-for-495-million/2631675576000/