BAILOUTS: $950 Million To Go: $950 Million To Go

$950 Million To Go

The 1988 collapse of Denver's Silverado Banking, Savings & Loan Association was expected to cost taxpayers more than $1 billion. That burden was eased ever so slightly last week when presidential son Neil Bush and 12 other former associates of Silverado agreed to cough up $49.5 million as part of a settlement of the Federal Government's $200 million civil suit alleging gross negligence and insider dealings.

Under the plan, former officers, directors and lawyers of the failed thrift will pay the Federal Deposit Insurance Corporation $26.5 million and turn over to the agency a $23 million executive-indemnity fund established by Silverado...

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