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Intimates allege Walters was a heavy cocaine user. Mike, why in hell would I want to do a foolish thing like
1980s with the help of Drexel Burnham Lambert™s junk
One of his top executives considered leaving the company bonds. MDC is the parent company to Richmond Homes that? I™ve got better rates with my other lenders and I can™t
as the drug problem .began to get out of hand. Drugs and of Colorado, which sold a $550,000 home to Sharon Bush. see spending all that interest over the years on the ftve
famous people weren™t new to the Denver media. points.” He added, “But then, I never took out a loan 1.
Mizel suffered a brain tumor last year and was too
Westword, a Denver alternative newspaper, reported Neil sick to attend the Congressional Banking Committee™s didn™t intend to pay back.”
Bush being referred to as the “godfather” of a drug dealer John Madden, a national developer whose office
investigation of Silverado. However, he attended a
who kept Neil™s photograph among his personal belongings. luncheon a few weeks later, seated with Neil Bush and buildings and art collection are among Denver™s most
According to the Westward article, Neil let him know when notable, said it would have been easy to be a part of the
Ken Good.
“something was coming down”. Before his luck ran out, Neil™s income had risen to Silverado syndrome of easy money. “I™m thankful I never
Silverado borrower Ken Good was very proud of his fell for it.” Madden was stung by Silverado instead. At a
$250,000 per year. His JNB salary was $120,000 per
relationship with Neil. One of Good™s peers recalls him breakfast meeting of Denver businessmen, a Silverado-
year, he received $100,000 for serving on the board of
boasting, “Neil just called and I gave him another couple backed apartment renovation was proposed. Madden
Gulfstream and says he made “about $30,000 a year” for
hundred-thousand for some of his wells.” his duties at Silverado. A sharp drop in income could be consented to a $1.5 million line-of-credit that Silverado
Steven Pizzo, co-author of Inside Job: The Looting could draw on if needed: “Just six months later they
one of the reasons the Bushes™ neighbor, Fred Vierra,
of America™s Savings and Loans with Mary Fricker and cashed my letter of credit. The project was built but not
President of United Artists Entertainment (a subsidiary
Paul Muolo, views the Bush-Walters-Good triangle as of Telecommunications, Inc.) loaned Sharon $125$00 successful. It cost more to put up than it was worth. The
good business for Walters and Good. ˜Their theory was against the Bush property. developer left town and the project was left without enough
definitely ˜a Bush in the hand™. If they abuse a financial Brownstein is close to the Gouletas family of income to service the mortgage. I went to Silverado and
institution and get the President™s son to drive the met with the number-two man and asked him why in hell
Chicago, to junk-bond king Michael Milken, to Charles
getaway car, the Feds aren™t likely to shoot. Why else did he make a crazy loan like that? He looked me
Keating of failed Lincoln Savings and Loan and Ken
would those guys be doing business with someone who straight in the eye and said, ˜Because, Mr. Madden, you
Theygerson of the failed Imperial Savings of California.
poked 30 dry holes?™ A former Drexel official said, “Brownstein was the put up the $1.5 million and we figured you knew what
They considered my money an
you were doing.™
Neil™s relationships with Denver™s fast crowd concerned strong liaison between junk bonds and government.”
enforcement! It was my fault for not doing my due
Colorado Republican Committeeman Jim Nicholson so Brownstein, an acknowledged independent who
diligence. It was stupid. If you believe the hype you get
much that he went to Washington to warn George Bush. supports both political parties, is referred to by Senator
Meanwhile, Neil completed the Silverado conflicts-of- hooked. It was pure bullshit.”
Edward Kennedy as “the 531d Senator”. Kennedy told
Money was available in Denver during the mid-1980s
interest disclosure form in June 1986 and didn™t disclose his reporters in the fall of 1990 that he always stays “with
from Manufacturer™s Hanover Bank, Chase Manhattan
business relationship with Good or Walters. Bush neglected Norm when in Denver”.
to tell of his annual $120,000 salary from JNB or of Bank, Travelers Insurance and several Canadian lending
Brownstein vehemently denies ever subletting office
institutions. Ramsay said quality product with good
$100,000 that he owed to Walters, who could have put a space to Neil Bush or collecting any rent money from
hen on his business at any time. sponsorship could borrow at the normal lending rate at that
him. Carlos Lucero, an attorney from Alamosa,
time, which was one-half point over prime, with a half-
Neil admitted to being a go-between for Good and Colorado, who lost the Democratic bid for the U.S.
point origination fee: ˜The only people needing loans from
the Silverado board and that Good was his financial Senate, sent one of his campaign aides to Brownstein™s
backer. He said that although he failed to properly office in 1990. Workmen were feverishly scraping the Mike Wise and the Silverado boys were those who had fleas
disclose his relationships with Walters and Good, the on their projects.”
name Neil Bush off the door of Brownstein™s law office
board was aware they existed as “they were discussed at Ken Good says he is broke and working as a
in the 410 17” Building as the aide approached.
lunches and other occasions”. Bush and Brownstein remained on the board of commodities broker in New York. He still drives a
Maserati and is rumored to have assets in the mountain
The son of a minister, Good was known as the Gulfstream until February 1990, when Good threw in the
flimflam man when he left Texas and came to Denver. His counties of Colorado and in trust accounts and corporations:,
towel-more than two years after Silverado had been seized
ownership of water rights on key parcels of land in the He maintains a luxury home in Tampa and an apartment in
by regulators. Good surrendered title to Gulfstream after
Denver area was compared by many real-estate professionals the downside of Florida real estate. While riding the short- the Soho section of New York.
Walters has filed for bankruptcy and says althou,gh he
to legal blackmail. Good has 174 trust accounts in lived high, one Florida developer recalls seeing Good “with
Colorado ana 45 corporations in Florida. a drink in his hand all day and a different bimbo on his would like to repay the loans he™s defaulted on, he™s broke.
Ken Good was dynamic, ahead of the times and His wife Jackie and two small children live in a $1.9
arm every couple of hours”.
million estate in Newport Beach, California. He has
diversified in his business acumen. He lived in a $10 Guilt-free Neil told the Gflice of Thrift Supervision that
million, 24,000˜square-foot house. As real estate in Denver another home in Palm Springs and ocean-front property in
he didn™t see himself competing with Silverado for funds
began to stagnate, Good expanded to Florida in 1986. He that Good controlled. He said his disclosure and his Malibu. Both he and his wife drive Mercedes with
purchased Gulfstream Land and Development in Plantation Colorado license plates. Last year Walters bought a custom
abstention from voting on Good transactions was “much
with borrowed funds. Bentley. Walters says he put many of his assets in Jackie™s
more than necessary”.
Good brought Neil Bush and his attorney, Norman name before the marriage as part of the pre-nuptial
Neil doesn™t see that his loyalties to Silverado and
Brownstein, to the board of Gulfstream. Bush and taxpayers™ money could have been compromised when agreement.
Brownstein each collected $100,000 annually for serving. Neil Bush and his fellow officers and directors saw
voting loans to Walters and Good. Neil™s adamant self-
Silverado blaze-and-burn, leaving in its ashes a bad taste in
When Good purchased Gulfstream, the responsibilities to defense doesn™t sit well with seasoned Denver businessmen
provide capital to Neil™s oil company passed from Good the mouth of taxpayers who will have to pay plenty to put
who watched the Silverado story unfold.
to Gulfstream. Neil told the Gffice of Thrift Supervision Medill Barnes, owner of Straight Creek Company, out this fire. But so what? It won™t matter to members of
Court in Denver that Gulfstream had “the opportunity to the wealthy Bush family, who undoubtedly see this
said the sympathy vote for Neil Bush goes nowhere with
invest”. “The Silverado pirate ship had a willing shameful episode in American history as just one more
him:
The ubiquitous Brownstein of Brownstein, Farber, participant. Neil was no hostage. He was a bona fide, examnle of business as usual.
CONTACT: THE PHOENIX JOURNAL JANUARY 17,200O
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The Immaculde Deception
taxpayer-financed programs, helping to create the very
Iraq military machine the U.S. and its allies had to
subdue in the 1991 Gulf War.”
The newspaper reported the Atlanta branch of BNL



TheBushCrime
Fad-v Exposed
or Banca Nazionale de1 Lavoro, an Italian-controlled
bank, provided $4.5 billion in loans to Iraq between
1986 and August of 1989-some of which helped to
build its war machine. The Bush Administration has
sought to portray the loans as the isolated work of a


ChapterEleven few BNL officers in Atlanta.
But Rep. Henry Gonzalez, who is heading the BNL
investigation, tried to show in a recent speech that the
White House had intervened directly in the criminal
By Russell S. Bowen
probe.
The Texas Democrat quoted notes made by a
reason was the most popular Independent candidate in Treasury Department official who had talked with Gail
CHAPTER 11
many years-Ross Perot, whose candidacy at this McKenzie, the Assistant U.S. Attorney handling the
writing was officially unannounced. BNL case.
ANDTHEBEATGOESON
The immediate allure of Perot with the voters- One of the notes, which date from November 7,
“Excuse me, George Herbert, irregular heart- topping Bush in some polls-was bad enough. But 1989, reads:
beating, read-my-lying-lipping, slipping-in-the-polls, even worse, Bush had to be concerned particularly “McKenzie: She has been called by the White
do-nothing, deficit-raising, make less money than about this opponent because Perot knows a lot about House-got impression concerned about the
Millie the White House dog did last year, Quayle- Bush. embarrassment level.” This conversation occurred just
loving, sushi-puking Bush. I don™t™ remember inviting Perot had been intimately involved with Presidents as the Bush Administration was preparing to authorize
your ass to my show. Z don™t need you on my show. Nixon and Reagan in his search for missing Vietnam a $1 billion Commodity Credit Corp. loan for Iraq.
My ratings are higher than™ yours. “-Talk show host prisoners of war. In the course of those activities, BNL itself had earlier provided many U.S.-guaranteed
Arsenio Hall sources tell us, Perot had access to various secretive CCC.loans.
“George Bush, he™s on bad drugs, he™s sick acts in which Bush was a participant. So the questions Gonzalez also cited the notes of an Administration
mentally and physically, if he was a dog he™d be shot. official that showed the White House-including Bush
arise: What bombshells will Perot unleash on Bush
He™s a scumbag. That™s why he won™t be re-elected. himself-was directly involved in 1991 in trying to limit
during the course of the campaign? Or, rather than
He™s not morally, physically or mentally fit to be. the the information given to Congress about the
exposing Bush, will he just drop out and fade into the
President. “-Christopher Hitchens, columnist for The sunset leaving his supporters in the lurch? Administration™s policy toward Iraq. Typically, the
Nation, Washington Editor for Harpers, on CNBC Bush, already facing a defensive campaign in which Administration has used executive privilege to limit
talk show Live With Steve Edwards he will have to explain a lot to the Perot faction, congressional access to documents dealing with Iraqi
As 1992 began to unfold, Texan George Bush policy.
already is looking at a national inquiry into the myriad
should have been riding high. He was President of the But Gonzalez disclosed a CIA report dated
of intrigues he has concocted.
world™s most powerful country. He was the leader of November 6, 1989 that was sent to the State
Indeed, evidence of his misdeeds and his corrupt
the Western world. practices are so widespread that they are now recounted Department and the National Security Council. The
But he was an emperor with no clothes. As a only by dedicated reformers. Undoubtedly spurred by report indicated that Iraq was using BNL loans to
president, he was an abject failure, a fact that was accounts such as those told in these pages, even the finance its “clandestine missile and nuclear weapons
Just two days later, the
obvious to many. Even worse, perhaps, his ineptitude procurement program”.
conventional establishment news media have caught on
Administration approved $1 billion of Commodity
had made him a national joke, prime fodder for the late- to the elaborate Bush acts of intrigue.
Credit Corp. loans for Iraq, which had trouble raising
night talk-show hosts such as Arsenio Hall-whose The latest development, which was unfolding as we
depiction captured national attention because of its money elsewhere.
went to press, was the perjury indictment of former
The Journal reported that a probe by a special
obvious accuracy. cabinet member Caspar W. Weinberger in the Iran-
counsel would likely focus on the alleged doctoring of
In 1988, when Bush assumed the presidency, he Contra scandal.
had promised 30 million new jobs. He was about 29 information relating to exports to Iraq that was provided
Weinberger™s notes, which led to his indictment, are
million short, but that was far from the only failed to Congress by the Commerce Department. “Many
so explicit that they may lead to more charges of other
campaign promise. congressional Democrats maintain these allegations
ranking officials.
were designed to mislead Congress and are criminal,”
In 1992, he presided over a national economy in At press time, Clair George, former top spymaster,
said the newspaper.
ruins. Foreign policy, once seen as his strong suit, was was in court facing nine criminal counts of lying and
“Democrats believed that an investigation of the
in disarray. There was no policy. obstructing inquiries into the scandal.
BNL affair by a special counsel would also turn up
At some time during his four-year reign, Bush had In the latest chapter in the Bush-Noriega saga, at
hoped to glide into re-election on cruise control, press time, the former Panamanian dictator was more incriminating information of the Administration™s
presenting himself as the general at the helm of the use of taxpayer-financed government programs, or an
sentenced to 40 years in prison for racketeering and
attempted cover-up by the Administration once Iraq
once-popular Persian Gulf War. That was the strategy drug smuggling. In a three-hour speech, he angrily
became an adversary, or even of interference in the
his handlers recommended to him: Wrap yourself in a denounced Bush. “Panama was invaded because I was
judicial process to prevent information from coming to
patriotic mantle of a tough, no-nonsense commander. an obstacle to President Bush, who preferred me dead,”
light,” said the newspaper.
In typical elitist fashion, the Bush Administration he said.
was apparently so focused on that image that they did Meantihile, congressional Democrats were calling In addition to the serious issues of Bush™s
corruption-his effectiveness and direction have been
not even see the economic problems that caused so for another special counsel to investigate what they said
harshly criticized, not from partisan opponents, but
much suffering for millions of Americans. Those very were criminal acts by the Bush Administration in its
from all sides of the political spectrum.
problems came home to haunt Bush. policy toward Iraq and particularly in its handling of the
Pulitzer Prize-winning columnist David Broder, for
But 1992 was a troubling time for another reason. BNL affair.
example, castigated the President for his unconvincing
It was not a typical election year, when the two parties “Such an investigation, at the least, would be
embarrassing to the Administration,” wrote the Wall mixture of “blue-sky optimism and the scapegoating of
mount their candidates and hire their spin-control
Street Journal.
doctors to find the right prescription for winning. “It™would highlight how the White Congress”.
“The problem, very simply, is that whenever Bush
This time. the svstem was turned unside down. The House ageressivelv backed Saddam Hussein with
CONTACT: THE PHOENIX JOURNAL
JANUARY 17,200O Page 19

The victor of Desert Storm, reporters said, arrived in
is pushed out of the protective cocoon of the presidency have prospered. While the wealthiest families™ incomes
Newsweek
into some kind of direct communication with the have skyrocketed 67.3 percent, the income of the Rio “isolated and on the defensive”.
American people, the shallowness of his rhetoric and the average middle-class family has dropped 17 characterized Bush™s appearance there as the “grinch
thinness of his domestic program is exposed.” percent. ..This means that United States society is who stole the summit”.
So much for the emperor with no clothes. Another damning commentary on the President is
experiencing downward mobility and that poverty is
Newspaper columnist David Gergan described rising.” that he has allowed the U.S. to become the “black
Bush™s current tenure in the White House as a To Ide, the situation is similar to the Great knight of the environment”, despite the fact that it was
presidency “on the edge of a cliff™. He labeled Bush Depression. He compares George Walker Herbert Bush America which created an Environmental Protection
a “Mexican jumping bean” who traveled too much, to Herbert Hoover, finding “stat-ding similarities”. Both Agency as early as 1970-long before most countries
gave speeches about nothing, neglected to have any presidents were convinced the “good life” was here and were involved at all.
vision and frittered his time away on details. Bush, he In addition, it was in America where a tough clean -air
would stay here with little government intervention.
charged, knows nothing about being President. They idly and callously stood by while Americans bill was passed 22 years ago and a tougher one in 1990.
Bush the blueblood has never been in touch with Americans spent an estimated $800 billion over the
suffered great pain. Banks failed, farms were
the average American. His stay at the white House has foreclosed and vast numbers of unemployed Americans last ten years cleaning up our land, water and air. And yet,
further callused him from the problems of everyday stood in bread lines then and now. under the leadership of President Bush, America, tragically,
As seen in prior pages of this book, Bush has failed
people. now is perceived as the “black hat”.
Washington consultant Lynn Nofziger, a former Why in the world did the American people, over
miserably at every undertaking. Drugs? As we have
aide to Ronald Reagan, interviewed in Newsweek, said documented, the drug trade is going stronger than ever. several decades, allow the Bush-family clan to victimize
Bush is in serious trouble because: “These guys over Bush™s competence even in national defense has them through its greed-motivated search for raw power and
at the White House don™t understand the American been totally discredited. He™s the same President who high positions?
said, as quoted in Columbia Journalism Review, that
people. They never had to worry about a job. As a The answer is not entirely apparent but it is clear that
result, they came at this matter of the economy rather the “Patriot is proof positive that the missile defense American history has been fortunate to have produced
casually.” The Bush Administration, he charged, works.” He made that comment at a February speech families of great achievement who passed down their sense
viewed the recession as nothing more than another at Raytheon™s Andover, Massachusetts plant. Not of responsibility from generation to generation.
political issue that they could dismiss with a catchy These families have brought honor to themselves while
much later, a congressional committee was showing war
slogan. footage to illustrate how the Patriots had been highly greatly contributing to their nation. They brightened the
But continuing unemployment numbers show that ineffective. American dream and for this they will be rightly
Bush remains unable or unwilling to confront America™s Bush? The educational president? All hype. Bush? remembered by historians.
many problems. Mortimer Zuckerman, Editor-in-Chief But as this book has shown repeatedly, scandalous
The environmental president who was going to clean up
of U.S. News and World Report, wrote recently that this country? More hype. intrigues, outright deceptions and downright lying have
Bush has failed in every way-domestically been the continuing modi operandi of the Bush clan.
and in Tough on the environment was the “right” or
foreign policy. They have established an unmatched and unprecedented
politically-correct rhetoric when Bush was running for
Bush blames Congress, even though he has no fix- President. But it™s typical of Bush-in that his other history of self-aggrandizement. They have dimmed the
it political agenda of his own. “He says with face was exposed when he had to deliver. dream of their country. That will be their dubious legacy,
“President Bush saluted that law, the Clean Air
astonishing transparency, ˜I will do what I have to do not only for those Americans who will later chronicle and
Act, and said it would make the 1990s the era for clean
to be re-elected,“™ writes an incredulous Zuckerman. expand on these events, but also for those of us who have

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