Bush Family Saga

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Frauds-R-Us'

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

Source: http://www.campaignwatch.org/refs3.htm#jk

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

Source: http://www.campaignwatch.org/more1.htm

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

Source: http://www.thirdworldtraveler.com/Corporate_Welfare/S&L_Bailout.html

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

An excellent overview of the entire S&L debacle.

Source: http://home1.gte.net/res0k62m/savings.htm

"Who Watches the Watchers?" Franklin R. Mancuso

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

Source: http://www.netmagic.net/~franklin/SM4.html

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

Source: http://www.scu.edu/ethics/publications/ethicalperspectives/corporatefraud.html

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

Source: http://www.netmagic.net/~franklin/SS1.html

"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

Source: http://www.ncf.ca/coat/our_magazine/links/issue43/articles/mone_laundering_for_contras.htm

See also http://mediafilter.org/caq/BushFamilyPreys.html

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

Source: http://www.hcn.org/servlets/hcn.Article?article_id=2225

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

Source: http://www.totse.com/en/politics/central_intelligence_agency/ciaprop1.html

TRUST OR HUSTLE: The Bush Record David E. Scheim

Source: http://www.campaignwatch.org/more1.htm

Books

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.

Rolling Eyes

And this is just about Neil Bush. Wait until you read about Marvin.

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Marvelous Marvin
Marvin Bush:

Published on Tuesday, February 4, 2003 by the Prince George's Journal (Maryland)
Bush-Linked Company Handled Security for the WTC, Dulles and United
by Margie Burns

George W. Bush's brother was on the board of directors of a company providing electronic security for the World Trade Center, Dulles International Airport and United Airlines, according to public records. The company was backed by an investment firm, the Kuwait-American Corp., also linked for years to the Bush family. Cool

The security company, formerly named Securacom and now named Stratesec, is in Sterling, Va.. Its CEO, Barry McDaniel, said the company had a ``completion contract" to handle some of the security at the World Trade Center ``up to the day the buildings fell down."

It also had a three-year contract to maintain electronic security systems at Dulles Airport, according to a Dulles contracting official. Securacom/Stratesec also handled some security for United Airlines in the 1990s, according to McDaniel, but it had been completed before his arriving on the board in 1998.

McDaniel confirmed that the company has security contracts with the Department of Defense, including the U.S. Army, but did not detail the nature of the work, citing security concerns. It has an ongoing line with the General Services Administration - meaning that its bids for contracts are noncompetitive - and also did security work for the Los Alamos laboratory before 1998.

Marvin P. Bush, the president's youngest brother, was a director at Stratesec from 1993 to fiscal year 2000. But the White House has not publicly disclosed Bush connections in any of its responses to 9/11, nor has it mentioned that another Bush-linked business had done security work for the facilities attacked.

Marvin Bush joined Securacom when it was capitalized by the Kuwait-American Corporation, a private investment firm in D.C. that was the security company's major investor, sometimes holding a controlling interest. Marvin Bush has not responded to telephone calls and e-mails for comment.

KuwAm has been linked to the Bush family financially since the Gulf War. One of its principals and a member of the Kuwaiti royal family, Mishal Yousef Saud al Sabah, served on the board of Stratesec.

The managing director at KuwAm, Wirt D. Walker III, was also a principal at Stratesec, and Walker, Marvin Bush and al Sabah are listed in SEC filings as significant shareholders in both companies during that period.

Marvin Bush's last year on the board at Stratesec coincided with his first year on the board of HCC Insurance, formerly Houston Casualty Co., one of the insurance carriers for the WTC. He left the HCC board in November 2002.

But none of these connections has been looked at during the extensive investigations since 9/11. McDaniel says principals and other personnel at Stratesec have not been questioned or debriefed by the FBI or other investigators. Walker declined to answer the same question regarding KuwAm, referring to the public record.

Walker is also chairman and CEO of Aviation General, a Tulsa, Okla.-based aviation company with two subsidiaries. SEC filings also show al Sabah as a principal and shareholder in Aviation General, which was recently delisted by the Nasdaq. Stratesec was delisted by the American Stock Exchange in October 2002.

The suite in which Marvin Bush was annually re-elected, according to public records, is located in the Watergate in space leased to the Saudi government. The company now holds shareholder meetings in space leased by the Kuwaiti government there. The White House has not responded to various requests for comment.

Speaking of the Watergate, Riggs National Bank, where Saudi Princess Al-Faisal had her ``Saudi money trail" bank account, has as one of its executives Jonathan Bush, an uncle of the president. The public has not learned whether Riggs - which services 95 percent of Washington's foreign embassies - will be turning over records relating to Saudi finance.

Meanwhile, Bush has nominated William H. Donaldson to head the Securities and Exchange Commission. Donaldson, a longtime Bush family friend, was a Yale classmate of Jonathan Bush.

On the very day of the tragic space shuttle crash, the government appointed an independent investigative panel, and rightly so. Why didn't it do the same on Sept. 12, 2001?

Margie Burns, a teacher and writer, lives in Cheverly, Maryland.

###

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Jumpin' Johnny
In July 26, 1991, the Boston Globe's Frank Phillips reported "State Fines Bush's Brother in Stock Case."

(http://www.campaignwatch.org/refs3.htm)

"Massachusetts securities regulators have fined the stockbrokerage firm owned by President Bush's brother Jonathan $30,000 and barred it from trading with the general public for one year because the company and Bush violated state registration laws. "As part of a consent order worked out with Secretary of State Michael J. Connolly's securities division, the New York firm of J. Bush & Co., whose only principal is Jonathan J. Bush, also agreed that it would offer to reimburse its clients in Massachusetts for stocks it had sold them since January 1988. . . .
"Connolly's securities chief, Neal Sullivan, said yesterday that Bush's problems began in February when Bush informed his agency that he had never registered as a broker-dealer in Massachusetts. But Sullivan said Bush compounded his legal problem by taking a cavalier attitude toward the violation of the Uniform Securities Act when he continued to carry out transactions even as state regulators were negotiating a consent decree with him.
"'That created great concern for us. We were dismayed,' Sullivan said. 'Anyone who has been notified that he is violating state law and continues to do so certainly exemplifies a cavalier attitude toward the registration laws.'"
--------------------------------------------------------------------------------

Margie Burns reported in the February 4, 2003, Prince George's Journal (Maryland), that President George W. Bush "nominated William H. Donaldson to head the Securities and Exchange Commission. Donaldson, a longtime Bush family friend, was a Yale classmate of Jonathan Bush." [3] (http://www.infowars.com/print/Sept11/bush_security_link.htm)

Jonathan Bush is also the father of Access Hollywood's anchor Billy Bush and Jonathan Bush, Jr.,the President, CEO and Co-founder of athenahealth (www.athenahealth.com).

[edit]SourceWatch Resources
Bush Family Genealogy
Marvin Pierce Bush
William H.T. Bush
[edit]External Links
Yahoo! Groups

(http://groups.yahoo.com/group/WarOnFreedom/message/1081): "Uncle J. Bush, the hijackers' banker. Connecting The Dots Again. The Saudis, The Bush Family, And 9/11." Contains links to articles on both Jonathan J. Bush and Marvin Bush.

Kathleen Day, "Web Site Cites Bush-Riggs Link," (http://www.washingtonpost.com/wp-dyn/articles/A28396-2004May14.html) Washington Post, May 15, 2004.
Retrieved from "http://www.sourcewatch.org/index.php?title=Jonathan_Bush"

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