P. M. BRIEFING : Government Delays Decision on Acting on Bush Son’s S&L; Role
Federal regulators said today they have postponed a decision on whether to take any action against Neil Bush, the President’s son, for his role as a director of the failed Silverado Banking, Savings and Loan Assn. in Denver.
Meanwhile, the Office of Thrift Supervision said in a statement that W. James Metz, majority stockholder of Silverado, became the fourth officer of the thrift to accept a lifetime ban from working for a federally insured financial institution.
The office, a bureau of the Treasury Department, said its Enforcement Review Committee met into the evening Thursday to review information about Neil Bush presented by agency investigators. The committee is scheduled to reconvene Tuesday.
Bush, 34, was a director of Silverado from 1985 until August, 1988, two weeks after his father accepted the Republican nomination for President.
The collapse of Silverado, now operating as part of Columbia Savings, the largest thrift in Colorado, is expected to cost taxpayers up to $1 billion.
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