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. In mid-1985, Wise invited Bush to join the board of Silverado, which was at the zenith of its go-go period. Born 1980 , Bush moved to Silverado in 1980 and negotiated oil leases for Amoco . He and two partners then started an exploration company, into which developers Bush and Bill Walters invested money despite lack of results. 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 Silverado S&L. defaulted on $117 million in Silverado loans.
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 1980 , Bush moved to Silverado in 1980 and negotiated oil leases for Amoco . He and two partners then started an exploration company, into which developers Bush and Bill Walters invested money despite lack of results. 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 Silverado S&L. defaulted on $117 million in Silverado loans.