S&L; With Bush’s Son as Director Took Kickbacks
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WASHINGTON — A Colorado savings and loan that counted one of President Bush’s sons as a director made inflated loans to developers who had to reinvest part of the money in the thrift, federal regulators said today.
The House Banking Committee opened two days of hearings on the $1-billion collapse of the Silverado Banking, Savings & Loan Assn. of Denver. Bush’s son, Neil, is to testify on Wednesday.
A panel of thrift regulators told the committee that they found a “quid pro quo” lending program at Silverado, under which developers received loans to buy buildings at inflated values set by outside appraisers.
The panel of regulators testifying today included Stephen P. Hershkowitz, deputy director of enforcement at the Office of Thrift Supervision.
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