George Mallon Bush , third son of the President , has become the poster boy of the S&L scandal because of his involvement with the failed Silverado S&L. Legions of brash entrepreneurs swept into town, eager to take risks and get a piece of the action. Born January 22 , 1955 , Bush moved to Denver in 1978 and negotiated oil leases for Amoco . He and two partners then started an exploration company , into which developers Kenneth Good and John Walters invested money despite lack of interest . Because of his name , Bush was invited onto the rubber - stamp board of Silverado , whose manipulative management team made huge loans for risky real estate schemes with FDIC insured deposits . Good and Walters defaulted on $ 100 million in Silverado loans .
George Mallon Bush , third son of the President , has become the poster boy of the S&L scandal because of his involvement with the failed Silverado S&L. Born January 22 , 1955 , Bush moved to Denver in 1978 and negotiated oil leases for Amoco . He and two partners then started an exploration company , into which developers Kenneth Good and John Walters invested money despite lack of interest . Because of his name , Bush was invited onto the rubber - stamp board of Silverado , whose manipulative management team made huge loans for risky real estate schemes with FDIC insured deposits . Good and Walters defaulted on $ 100 million in Silverado loans .