Federal officials unconscionably delayed closing the troubled Silverado Savings and Loan in 1988 largely because Vice President Bush 's son Neil was on its board . Silverado 's loan portfolio was described as comparable to a type of pyramid investment fraud known as a pyramid scheme . Neil Bush resigned from Silverado 's board after his father won the Republican nomination in 1988 , four months before the S&L 's seizure . The bank was closed on Dec. 9 , 1988 . He said their presence was enough to cause Mowbray to take an extraordinary interest in Silverado and to proceed cautiously in the case. There was controversy among federal regulators over whether Bush 's presence on the board affected their decisions . Bush said he would cooperate in any way he was asked to .
Federal officials unconscionably delayed closing the troubled Silverado Savings and Loan in 1988 largely because Vice President Bush 's son Neil was on its board . Silverado 's loan portfolio was described as comparable to a type of pyramid investment fraud known as a pyramid scheme . Neil Bush resigned from Silverado 's board after his father won the Republican nomination in 1988 , four months before the S&L 's seizure . The bank was closed on Dec. 9 , 1988 . There was controversy among federal regulators over whether Bush 's presence on the board affected their decisions . Bush said he would cooperate in any way he was asked to .