Federal officials unconscionably delayed closing the troubled Silverado Savings and Loan in Denver 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 Ponzi 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. And he said, `The vice president's son. The administration also failed to close two other banks that were under investigation for their role in the savings and loan: There was disagreement among bank 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 Denver 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 Ponzi 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 administration also failed to close two other banks that were under investigation for their role in the savings and loan: There was disagreement among bank regulators over whether Bush's presence on the board affected their decisions. Bush said he would cooperate in any way he was asked to.