FDIC Sues Neil Bush in Silverado S&L's Failure
 09/23/1990
Los Angeles Times
Page 1

Federal regulators filed a $200-million suit against President Bush 's son Neil and other officers of the failed Silverado Banking, Savings & Loan Assn. on Friday, accusing them of "gross negligence" contributing to the institution's collapse.

The civil suit, filed by the Federal Deposit Insurance Corp. in U.S. District Court in Denver, said the defendants "repeatedly breached their duties" to the Denver-based institution and its depositors.

It said Bush and the other outside directors failed to properly monitor the affairs of Silverado and the conduct of its senior management.

"Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," FDIC Senior Deputy General Counsel Douglas H. Jones said in a statement.

"We are seeking in this case to recover every available dollar for the federal deposit insurance funds and the American taxpayers," Jones said.

Bush , 35, served from August, 1985, to August, 1988, on the board of Silverado , which was seized by federal regulators on Dec. 9, 1988. The failure cost taxpayers an estimated $1 billion.

 

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$200 million lawsuit accuses Neil Bush of S&L negligence FDIC vows to get `every available dollar'
Bob Dart Journal-Constitution Washington Bureau
 
09/22/1990
Atlanta Journal and Constitution
Page A/03

. . . The FDIC suit was filed in Denver, but also announced in Washington, D.C., shortly after President Bush ended a press conference on the White House lawn and left in a helicopter for a weekend at Camp David, Md. The case could have resounding political implications in November elections where S&L scandals and the looming $500 billion bailout have become volatile issues.

In identifying Neil Bush , 35, as a defendant, the lawsuit says he was a member of Silverado's board of directors from August 1985 to August 1988. It says he served on the S&L 's executive committee, audit committee and securities investment committee. Neil Bush was also a member of the Silverado-Elektra Management Committee, a joint venture involving the institution.

Silverado was closed by the Federal Home Loan Bank Board on Dec. 9, 1988. The FDIC acquired the Silverado receivership as a result of the 1989 savings and loan rescue law. The S&L 's failure cost taxpayers an estimated $1 billion.

 

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OPINION
Struck out
01/01/1990
The San Diego Union-Tribune UNION
Page B-8

Despite widespread objections from Congress and law-enforcement officials, Attorney General Richard Thornburgh is proceeding with his plan to disband the Justice Department's organized crime strike force .  Beginning today, the 14 regional strike forces will be folded into 23 U.S. Attorney's offices across the country.

Mr. Thornburgh rationalizes this bad idea by insisting that the strike - force consolidation will end jurisdictional disputes and provide numerous managerial benefits. To the contrary, we believe it will dilute the federal government's offensive against the mob in general and drug kingpins in particular.

During the last two decades, the regional strike forces, together with the FBI and other agencies, have racked up up an impressive record against organized crime . Since 1984, for example, these federal crime fighters have secured convictions of the leaders and other senior officials of Mafia families in Boston, Brooklyn, Buffalo, Chicago, Cleveland, Kansas City, Las Vegas, Milwaukee, Philadelphia and Providence. As a consequence, mob influence has been diminished in most of these cities. Conversely, when strike forces were abolished in New Orleans, New York City, Pittsburgh and St. Louis 13 years ago by then-assistant attorney general Thornburgh, mob-related crime increased in each city. Bowing to popular demand, the Carter administration re-established the New Orleans strike force . A variation of the strike force concept was established in New York City, which enabled U.S. Attorney Rudolph Giuliani in 1985 to indict and convict top mob bosses who are presently serving long prison sentences. . . .

Edward McDonald, who spent nearly 12 years prosecuting organized crime bosses as a member of the Brooklyn Strike Force , says the Thornburgh plan is ill-conceived and counterproductive. We agree.

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Japanese Wise Up to Gangsters Yakuza have long been tolerated and even romanticized. But with financial scandals and violent tactics, lawmakers and residents are saying enough is enough.
LESLIE HELM
08/01/1991
Los Angeles Times
Page 1

. . . The Japanese are awakening to the frightening reality that the yakuza have vastly expanded their activities. They now commit a majority of Japan's murders. They chase families from their homes. They push uncooperative businesses into bankruptcy.

In the last few weeks, Japanese have been stunned and embarrassed by revelations that the Inagawakai and the Yamaguchigumi, Japan's two largest crime syndicates, have borrowed hundreds of millions of dollars from major securities companies and banks in complex land and stock deals. The scandal has reached into the inner sanctums of Japan's business elite, contributing to the recent resignations of the presidents of Nikko Securities Co. and Nomura Securities Co. . . .

As for the Inagawakai, police investigations recently disclosed that their former leader, Susumi Ishii, had $250 million in such blue-chip holdings as Nomura Securities and Tokyu Corp., a private railway company.

Prescott Bush Helped

Local bosses also were impressed to learn that Hokusho Sangyo, one of Ishii's investment companies, borrowed more than $250 million from Nikko and Nomura finance subsidiaries and used part of the money to buy two companies and a large piece of land in the United States with the help of Prescott Bush , President Bush 's brother.

"This is like Godfather Part III," said Hiroshi Ishizuka, a chief superintendent in the National Police Agency's Criminal Investigation Bureau. "They (yakuza) are using money to get into the mergers and acquisitions business." . . .

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The Jeb Bush Connection Bush son steered funds to Miami businessman
By Knut Royce and Gaylord Shaw. Newsday Washington Bureau
 
10/03/1988
Newsday
NASSAU AND SUFFOLK
Page 04

- Vice President George Bush 's son Jeb helped steer millions of federal dollars to a Republican fund raiser who later became a fugitive from federal charges, while other GOP operatives provided similar help to a Jeb Bush associate now under FBI investigation, according to records and sources.

The federal dollars flowed to the two prominent Cuban-American businessmen at a time the Republican Party was openly courting Miami's Cuban-American community, a voting bloc viewed as critical to winning the state in presidential elections.

Jeb Bush , then-Dade County (Fla.) Republican chairman, held real estate contracts with the businessmen in 1986, when one was the biggest tenant and the other the landlord of a Miami office building built with the help of a federal grant, public and corporate records show. . . .

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Crisis at Bush 's Oil Company
By PETE YOST
09/07/2000
AP Online

WASHINGTON (AP) - George W. Bush , before he sold his stock in a Texas oil company, was fully aware that the firm was suffering from a severe cash crisis and was poised to lose millions, according to newly released records of a closed insider trading investigation of the sale.

"The full capacity of the company is dedicated toward resolving this liquidity crisis," Harken Energy Corp. President Mikel Faulkner told Bush and the other members of the board of directors two months before the $850,000 stock sale in June 1990.

Bush 's lawyer said Wednesday that the information, while new to the presidential campaign, was provided to the Securities and Exchange Commission as part of its investigation a decade ago and contributed to the agency's finding that Bush 's trading was appropriate.

At the time of the investigation, Bush 's father was president of the United States and the SEC was run by one of his biggest political supporters, Richard Breeden. The SEC's then-general counsel, James R. Doty, was another staunch presidential supporter who as a private attorney was the younger Bush 's lawyer when he purchased his share of the Texas Rangers baseball team. . . .

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09/15/1992
San Francisco Examiner
Page A-9
Failing firm paid Neil Bush big salary

New York President Bush's son Neil was drawing a $160,000 salary from a firm he founded at a time when the company, backed by government-guaranteed funds, was on the verge of failure, according to an NBC News report.

The salary, which NBC said was described by oil industry experts as "unusually generous," was paid to Bush by Denver-based Apex Energy, which Bush founded in 1989 while embroiled in a scandal surrounding his involvement with the failed Silverado Savings and Loan.

According to a confidential audit report to be revealed Tuesday night on the show "Dateline NBC," Apex auditors concluded there was "substantial doubt about the company's ability to continue as a going concern" when Bush was drawing the salary.

NBC said that despite Bush's string of business failures, including the Silverado failure for which he was censured by government regulators and banned from banking for life, Apex obtained $2.3 million in government-guaranteed funds from two investment companies backed by the Small Business Administration. . . .

 

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Bush Campaign Struggles with 'Rats' Ad

By Alan Elsner, Political Correspondent

Wednesday September 13 12:52 AM ET

Reuters English News Service

WASHINGTON (Reuters) - Republican George W. Bush's presidential campaign struggled to contain accusations on Tuesday that it ran a television advertisement in which the word "RATS" flashed across the screen for a split second -- a possible subliminal message attacking his opponent.

The Texas governor denied suggestions that his campaign was engaging in subtle psychological techniques and said the offending commercial, which has been screened for the past two weeks, would be off the air by Wednesday.

"I am convinced this is not intentional," Bush said after landing at the airport in Orlando, Florida for a day he hoped to devote to selling his $198 billion plan to reform Medicare.

But the controversy again swamped the Bush message of the day.

Scott Reed, a Republican strategist who ran Bob Dole's unsuccessful presidential campaign in 1996, which employed the same advertising firm that created the spot, said he could not believe the word was inserted accidentally or inadvertently.  "Someone ought to have the grace to resign," he said. . . .

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Ballard man saw ` RATS ' in GOP ad

Republicans say it wasn't intentional
Dionne Searcey
09/13/2000
The Seattle Times
Page A1

Republican presidential nominee George W. Bush and his campaign workers spent most of yesterday denying accusations that the commercial was intentionally designed to send a subliminal message attacking his opponent. The ad was paid for by the Republican National Committee (RNC).

"It sounds like happy hour over at the Gore campaign. It's a bizarre allegation. It's ridiculous and it's not true," said Ken Lisaius, a spokesman for the Bush campaign in Austin, Texas. . . .

Bush , who was joining Sen. Slade Gorton in Monroe this morning, noted that the word appears only fleetingly - for a tiny fraction of a second. Played at full speed, it's barely noticeable, particularly if the viewer isn't looking for the word.

"One frame out of 900 hardly in my judgment makes a conspiracy," Bush said earlier yesterday in Orlando, Fla. "I am convinced this is not intentional. You don't need to play, you know, cute politics." . . .

Scott Reed , a GOP strategist who ran Bob Dole's 1996 presidential campaign - which used the same advertising firm that created the Bush spot - said he could not believe the word was inserted accidentally or inadvertently.

"Someone ought to have the grace to resign," he said.

Dartmouth College political scientist Lynn Vavreck , who has studied campaign advertising, said there was no way the word was inserted into the spot accidentally.

"The word ` RATS ' was clearly put there intentionally. Somebody made this frame specifically. You can see the word is in a larger font and comes on top of the previous text," she said.

 

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USA: FCC to review broadcast of Republican " RATS " ad.
By Jeremy Pelofsky
09/13/2000
Reuters English News Service

WASHINGTON, Sept 13 (Reuters) - The Federal Communications Commission will probe whether the broadcast of a Republican Party television advertisement critical of Al Gore that flashed the word " RATS " violated agency rules against subliminal messages, a spokesman said on Wednesday. . . . .

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Democrats Smell a Rat in Republicans' Medicare Ad; FCC Is Asked to Investigate
09/14/2000
Los Angeles Times
Page A-22

WASHINGTON -- The FCC is reviewing a complaint about a Republican ad that subtly flashes the word " rats " across the screen as it criticizes Al Gore's Medicare plan.

The ad already is coming off the air, but Democratic Sens. Ron Wyden of Oregon and John B. Breaux of Louisiana on Wednesday wrote the Federal Communications Commission, asking for an investigation.

"We have reason to believe that broadcasters are airing television advertisements that contain subliminal messages in violation of the public interest," Wyden and Breaux wrote.

In 1974, the FCC adopted a policy that calls subliminal advertising contrary to the public interest. . . .

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