Wednesday, October 26, 2005
Four weeks after a controversial landfill here reopened, Page County taxpayers are on the hook for $13 million - so far - after a company owned in part by President Bush’s youngest brother ran afoul of Virginia environmental regulations and then declared bankruptcy.Brother Neil:
A citizens group is crusading to recover nearly $8.2 million it alleges was defrauded from taxpayers . . . .
In addition to several environmental violations, the landfill took in six times the amount of garbage allowed by its permit - revenues that went straight to an investment firm owned by Marvin Bush and A. Scott Andrews, one of President Bush’s largest campaign contributors.
In 1990, [Neil] Bush paid a $50,000 fine and was banned from banking activities for his role in taking down Silverado [Banking, Savings and Loan], which actually cost taxpayers $1.3 billion. A Resolution Trust Corporation Suit against Bush and other officers of Silverado was settled in 1991 for $26.5 million. And the fine wasn't exactly paid by Neil Bush. A Republican fundraiser set up a fund to help defer costs Neil incurred in his S&L dealings . . . .(For purposes of comparison: the total property damage in Los Angeles County from the 1992 riots following the Rodney King verdict came to $1 billion, or slightly over three-quarters of what Neil's shady dealings cost the American taxpayer.)
Bush wasn't just an average S&L exec drawing a big salary and recklessly pushing a federally insured institution beyond its lending limits. As a director of a failing thrift in Denver, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners. Federal banking regulators later followed the trail of defaulted loans to Neil Bush oil ventures.
Additional war spending this year will push the federal deficit to a record $427 billion for fiscal 2005, effectively thwarting President Bush's pledge to begin stanching the flow of government red ink, according to new administration budget forecasts unveiled yesterday.(Thanks to our distinguished colleague Cookie Jill at Skippy the Bush Kangaroo for the link.)