The Bush Family Saga

Part II - Part I Here

The Silverado Savings and Loan Scandal

By William Bowles

05/11/03: (Information Clearing House) The savings and loans crashes of the 1980s, themselves directly the result of Reagan’s deregulation of the banking industry, is more interesting because of how it reflects the rapacious nature of unbridled capitalism than of Neil Bush himself. Who by the way, is now embroiled in another scam with his latest venture, educational software, Ignite (turnover $20 million, much of it from educational subsidies obtained in the state of Florida ,where, ‘coincidentally’ of course, his bro Jeb, is governor).

Altogether, it’s been calculated that bailing out the failed S&Ls countrywide cost the US taxpayer around $1.4 trillion!

There are nowhere as many digital sources on the S&L debacle because it predates the Web. Much of it is contained in pages that refer to the numerous scandals and malfeasances of the Bush clan at large. Even so ,I’ve managed to uncover a number of dedicated sources.

"Bush sons’ ventures expose him to scrutiny" Michael K. Frisby 05/17/1992 

Austin American-Statesman

Contains information on a range of the siblings nefarious dealings


"TRUST OR HUSTLE: The Bush Record" David E. Scheim


"The S & L Bailout: $32 billion every year for 30 years" by Mark Zepezauer and Arthur Naiman Thirdworldtraveler


"The Savings and Loan Scandal and Public Accounting" By Wade Frazier

An excellent overview of the entire S&L debacle.


"Who Watches the Watchers?" Franklin R. Mancuso

Also contains links to information on the various S&Ls that went belly up.


"Bush's Role in Corporate Fraud" By Bill Black and James Galbraith


"Silverado Savings and Loan The Cover Up of a Cover Up"


"1980s, USA: Money Laundering for Contras, the Mob and the CIA"

By Gary W.Potter, Eastern Kentucky University.

An extremely good overview not only of the S&L ripoff, but also the criminal connections between banks, money laundering, the Mafia and the CIA


See also

"Denver International Airport: A monument to the S&L scandal" High Country News -- May 03, 1993 (Vol. 25 No. 9)


CIA Proprietaries, CIA Infiltrated or Influenced Organizations, and CIA Contractors by Michael Sweeney Updated 1/15/97


TRUST OR HUSTLE: The Bush Record David E. Scheim



And for those of you who still read books (remember them?), below is quite a decent reading list.

Criminal Activity Associated with S&L Failures : A Bibliography

Black, William, The Incidence and Cost of Fraud and Insider Abuse, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 13, 1993.

Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.: University of California Press, 1997.

Ettleson, Sherry and Thomas Hilliard, Crime and Punishment in the S&L Industry: The Bush Administration's Anemic War on S&L Fraud, Washington, DC: Public Citizen's Congress Watch, 1990.

Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices, Washington, DC: U.S. General Accounting Office, 1989. T-AFMD-90-4.

Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, Rolling Meadows, IL: Bankers Publishing Co., 1990.

Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, New York: Charles Scribner's Sons, 1990.

O'Shea, James, The Daisy Chain: How Borrowed Billions Sank a Texas S&L, New York: Pocket Books, 1991.

Pilzer, Paul Z. and Robert Deitz, Other People's Money: The Inside Story of the S&L Mess, New York: Simon and Schuster, 1989.

Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New York: McGraw-Hill Publishing Co., 1989.

The U.S Government's War Against Fraud, Abuse, and Misconduct in Financial Institutions: Winning Some Battles but Losing the War: Twenty-Ninth Report, Washington, DC: U.S. House of Representatives. Committee on Government Operations, Committee Report 101-982, 1990.

Whiteford, Taylor & Preston, Issues Regarding the Role of Fraud and Other Criminal Misconduct in Causing Failures in the Thrift Industry, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 14, 1993.

Why S&L Crooks Have Failed to Pay Millions of Dollars in Court-Ordered Restitution: Nineteen Case Studies, Washington, DC: U.S. House of Representatives. Committee on Banking, Finance and Urban Affairs, Committee Print 102-11, 1992.

"William Black Tackles the Savings and Loan Debacle," in Unsung Heroes: Federal Execucrats Making a Difference, pp. 22-63 by Norma M. Riccucci, Washington, DC, Georgetown University Press, 1995.

Wilmsen, Steven K., Silverado: Neil Bush and the Savings and Loan Scandal, Washington, DC: National Press Books, 1991.


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