he denied all wrongdoing. With the collapse in world oil prices beginning on 13 September 1985 when Saudi Arabia's Minister of Petroleum Sheikh Yamani announced a new oil policy and that Saudi Arabia would increase its production and which, over the next six months, oil production in Saudi Arabia rose tremendously, Neil Bush's Denver based J.N.B. Exploration Company and George W. Bush's Midland based Spectrum 7 Energy Corporation encountered enormous financial difficulties. The U.S. Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest". Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, The Washington Post reported. According to journalist Pete Brewton, the Federal Government knew Silverado was ready to collapse in September 1988 but was ordered not to take action until two weeks after the November 1988 Presidential election. As a director of a failing thrift, Neil Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners. Neil Bush paid a $50,000 fine, paid for him by Republican supporters, and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. An RTC suit against Bush and other Silverado officers was settled in 1991 for $26.5 million. Scandals Jim Wright On June 9, 1988, the House Committee on Standards of Official Conduct adopted a six-count preliminary inquiry resolution representing a determination by the committee that in 69 instances there was reason to believe that Rep. Jim Wright (D–TX) violated House rules on conduct unbecoming a Representative. A report by special counsel implicated him in a number of influence peddling charges, such as Vernon Savings and Loan, and attempting to get William K. Black fired as deputy director of the Federal Savings and Loan Insurance Corporation (FSLIC) under Gray. Wright resigned on May 31, 1989, to avoid a full hearing after the Committee on Standards of Official Conduct unanimously approved a statement of alleged violation April 17. Keating Five On November