The ‘Jeb Bush Doctrine’ makes debut

[UpInArms]

12. It was actually Broward Savings and Loan in Florida

Thrift Failed After a Loan to Bush's Son Jeb

October 15, 1990|From Associated Press

NEW YORK — A savings and loan became insolvent after lending President Bush's son Jeb and a partner about half the money toward purchase of a $9-million office building, and the federal government ended up repaying most of the loan, the New York Times reported.

Although it involved no criminal behavior, the loan is an example of the kind of poor lending practices that led to the thrift industry's troubles, the newspaper said.

California Federal Bank of Los Angeles ending up buying the failed thrift, Broward Federal Savings and Loan of Sunrise, Fla., from federal regulators two years ago.

The Jeb Bush transaction was unrelated to civil charges that the president's youngest son, Neil, 35, acted improperly in his role as a director of Silverado Banking, Savings and Loan Association of Denver. That S&L failed in 1988 after making questionable loans.

The Miami deal involves Jeb Bush, 37, and his partner, Armando Codina, who own a partnership called 1390 Brickell.